Traders are observing a potential reversal in the SOL/ETH ratio as sentiment on the Solana network declines due to recent memecoin scandals, with the ratio dropping from over 0.08 to around 0.06 SOL per ETH. The fallout from the LIBRA memecoin launch, which lost $4.4 billion in market cap, has led to a 15% drop in SOL’s price, raising concerns about the integrity of Solana applications. Meanwhile, Ethereum is gaining strength, recovering nearly 30% in February and benefiting from increased development activity, particularly in real-world assets and AI.
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0 posts last weekUS Senator Proposes Bill to Criminalize Downloading DeepSeek AI Technology
US Senator Josh Hawley has introduced the Decoupling America’s Artificial Intelligence Capabilities from China Act, aiming to ban the import and export of AI technology to China, including the DeepSeek AI chatbot. Violators could face fines up to $1 million for individuals and $100 million for companies, along with potential jail time.Critics argue the bill could hinder US AI research and innovation, with experts warning it may “kill open-source” efforts and slow Western progress in AI development.
read moreVenga App Aims to Simplify Access to Cryptocurrency and DeFi
Venga is a user-friendly crypto app designed to simplify access to Web3 and decentralized finance, offering competitive exchange rates and lower fees. Fully registered as a Virtual Asset Service Provider in Spain and Poland, it emphasizes security and compliance, aiming to enhance user trust in the crypto space. With plans for future features like staking and its own token, Venga seeks to educate users and expand its offerings, including a cryptocurrency exchange by 2025.
read moreGlobal Bitcoin ATM Shutdowns Surge Amid Rising Scam Concerns
Over 600 Bitcoin ATMs went offline globally in July and August 2024, with the US experiencing the highest shutdowns amid increased scrutiny from law enforcement due to rising scams. The Federal Trade Commission reported over $110 million lost to Bitcoin ATM scams in 2023, particularly affecting individuals aged 60 and older. In response, regulatory measures are being proposed, including treating Bitcoin ATMs like banks, while countries like Germany and Singapore are tightening controls on crypto ATMs to prevent criminal activity.
read moreSurge in Bitcoin ATM Scams Highlights Need for Consumer Protection Measures
Scams involving Bitcoin ATMs have surged by 1,000% since 2020, with losses exceeding $110 million in 2023, particularly affecting consumers aged 60 and older. The FTC warns that no legitimate entity will demand payment in cryptocurrency via ATMs, urging users to verify transactions and avoid sending funds to unknown wallets. In response, Bitcoin Depot emphasizes consumer protection measures, including scam warnings at kiosks and cooperation with regulators.
read moreSwiss Business Travel Sees Significant Growth and Changing Trends in 2024
Swiss companies are ramping up business travel, with a 10% increase in airline tickets sold in the first half of the year, outpacing the European average. Notably, travel patterns are shifting towards combining business and leisure, with more weekend departures and earlier bookings for greater planning security. Ticket prices have slightly decreased across all classes, while the trend for longer flights continues amid sustainability efforts.
read moreRipple Tests New Stablecoin Amid Growing Market Competition and Regulatory Changes
Ripple is testing its U.S. dollar-pegged stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Ethereum, aiming for a launch backed by U.S. Treasuries and cash equivalents. As the stablecoin market, valued at $153 billion, is projected to grow significantly, Ripple faces stiff competition from established players like Tether and Circle, who dominate over 90% of the market. Despite the challenges, the potential for high yields from U.S. Treasuries could make Ripple’s entry into stablecoins strategically beneficial.
read moreCrypto Exchange Tokens Rally Amid Regulatory Challenges
Binance’s BNB token has rebounded by 32% from the FTX bankruptcy, surpassing its previous highs despite ongoing legal issues. OKX’s OKB token has surged by 132% from its lows, experiencing a flash crash but recovering to reach new all-time highs. Meanwhile, FTX’s FTT token has plummeted by over 90% and the exchange will not restart despite efforts to repay customers. The crypto exchange landscape continues to evolve amidst regulatory changes and significant investments. (Characters: 498)
read moreFTX Bankruptcy Raises Concerns Over Legal Team’s Profits
A former SEC official has suggested that the legal team handling the bankruptcy of FTX may be profiting substantially from the process. The bankrupt crypto exchange’s lawyers and restructuring team have billed over $200 million in fees, with the court deeming the amount reasonable. FTX has also submitted a request to sell its $175 million claim against bankrupt Genesis Global Capital.
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