Market
WazirX Recovery, Nvidia Robots, and More
This week, the crypto market saw major developments, including Donald Trump’s Bitcoin plan announced at the Bitcoin 2024 Conference, WazirX’s controversial hack recovery strategy, and Nvidia’s advancements in humanoid robotics.
These events showcase the ever-changing nature of the crypto industry, eliciting diverse responses from global experts and stakeholders.
Donald Trump’s Bitcoin Strategy: A Game-Changer or Economic Gamble?
During the Bitcoin 2024 Conference in Nashville, former President Donald Trump announced his intention to prevent the US government from selling its Bitcoin (BTC) holdings. This policy plan has sparked diverse reactions from industry experts.
For instance, Anthony Scaramucci, founder of SkyBridge Capital, praised Trump for pushing Bitcoin into the political spotlight and emphasized the need for bipartisan support for cryptocurrency. However, Scaramucci also raised concerns about the broader implications of Trump’s approach. He acknowledged the risks associated with Trump’s policies despite his agreement on the crypto front.
Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading
Meanwhile, renowned economist Peter Schiff criticized the ‘never sell your Bitcoin’ ideology. Schiff questioned the practicality of retaining Bitcoin without ever selling it. He argued that such a strategy could be economically flawed.
“If that’s true and no one who buys Bitcoin ever sells any, what’s the point of owning it? What’s the appeal of living in poverty, dying with a big stack of Bitcoin, with successive generations of heirs repeating the process?” he said.
Trump’s statement also prompted reactions from outside the US. Hong Kong legislator Johnny Ng said he would explore the feasibility of adding Bitcoin to the city’s financial reserves.
Ng noted that integrating Bitcoin into national or regional financial reserves is worth exploring, given BTC’s increasing global acceptance and its perception as “digital gold.” However, he pointed out that such measures needed to comply with regulatory standards.
Crypto Exchange WazirX’s Recovery Plan Faces Backlash
WazirX, one of the prominent Indian crypto exchanges, shared a controversial plan to distribute a $230 million loss among its users following a major security breach. Earlier in July, the Mumbai-based company witnessed a cyberattack that compromised nearly half of its reserves, marking India’s largest crypto heist to date.
To handle the aftermath, WazirX intends to re-establish operations within a week and introduce a “fair and transparent socialized loss strategy.” This strategy involves adjusting customer portfolios, returning 55% of holdings, and locking the remaining 45% in USDT-equivalent tokens. Importantly, this impacts all users, even those whose assets were not directly stolen.
WazirX provides two recovery options. Option A prioritizes trading and holding assets and restricts withdrawals, while Option B allows trading and withdrawals but places users at a lower priority for recovery. Users can switch between these options before making any trades or withdrawals.
The exchange founder, Nishal Shetty, addressed the community, stating the firm did not insure customer funds as viable options were unavailable. He warned that recovery could take years and might only partially restore losses.
Critics, including policy expert Nikhil Pahwa, argue that WazirX’s actions exceed typical exchange responsibilities, essentially redistributing assets among users. Customers have also questioned why the company isn’t using its profit reserves to mitigate losses.
SEC Removes Solana, Cardano, and Filecoin from the Security Tokens List
On July 30, the US Securities and Exchange Commission (SEC) modified its lawsuit against crypto exchange Binance. The revision notably removes Solana (SOL), Cardano (ADA), and Filecoin (FIL) from being classified as securities. These tokens are among the 67 the SEC has previously categorized as securities.
This legal adjustment is part of a case initially filed in June 2023. The recent response to the court’s order, dated July 9, 2024, outlines the SEC’s intention to modify its stance regarding the “Third Party Crypto Asset Securities” in its opposition to Binance’s dismissal motion.
This change in the SEC’s approach eliminates the immediate need for the court to determine if the tokens in question meet the criteria for being classified as securities. This decision could indicate a significant shift in how certain cryptocurrencies are perceived and regulated in the US. It may clarify the regulatory status of many altcoins, which exist in a gray area between utility and security. Additionally, it could pave the way for the approval of the next exchange-traded fund (ETF).
The crypto community members have also reacted positively to the SEC’s revisions, especially regarding optimistic price targets for Solana.
Nvidia’s Robotic Innovations: What’s Next?
Technology company Nvidia announced it provides infrastructure for the next generation of humanoid robotics. It will serve global leaders in robot manufacturing, AI model development, and software-making industries.
The next generation of humanoid robots will redefine human-machine interaction possibilities, paving the way for a future where intelligent machines work alongside humans seamlessly. The American multinational corporation offers services, models, and computing platforms to accelerate global-scale humanoid development, empowering developers to train robots using human demonstration data.
“The next wave of AI is robotics, and one of the most exciting developments is humanoid robots. We’re advancing the entire Nvidia robotics stack, opening access for worldwide humanoid developers and companies to use the platforms, acceleration libraries, and AI models best suited for their needs,” Jensen Huang, CEO of Nvidia, stated.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
Nvidia positions itself to catalyze transformative changes in various sectors as humanoid robots become increasingly prevalent in healthcare, manufacturing, and service industries. The firm will play a pivotal role in shaping the future of AI, introducing a new era of innovation.
Although indirectly related, Nvidia’s innovation and development often catalyze AI-related cryptocurrencies. However, the recent announcement failed to push the broader AI-related tokens, such as NEAR, FET, and RNDR, due to the larger influence of Bitcoin’s price at that time, which caused the wider crypto market to decline.
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
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
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 Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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