Lưu trữ cho từ khóa: CryptoCurrency

Bitcoin

Australia implements sweeping ban on credit and crypto for online betting

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The Australian government is banning the use of credit cards and cryptocurrencies for online betting in its latest bid to mitigate gambling problems troubling the nation.

According to a local report on June 11, the ban extends to credit cards linked to digital wallets, cryptocurrencies like Bitcoin, and any other novel forms of credit. This means Australians can no longer place bets through borrowed funds or anonymous digital currencies.

The latest regulation for online betting aligns with that of physical casinos, which have also banned the use of credit cards. However, the regulations do not apply to online lotteries, which still allow credit card payments.

Kai Cantwell, CEO of Responsible Wagering Australia, is urging the government to expand this ban to include forms of gambling that are currently exempted.

“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior,” said Cantwell.

Last year, lawmakers voted to approve the amendment to the Interactive Gambling Act 2001. The act prohibits gambling providers from offering certain online services to people in Australia.

Following this, gambling service providers were given a six-month transition period to comply with the changing regulations. Companies that fail to comply with the ban risk fines of up to AU4,750 (around 5,000).

The communications regulator has also been granted greater authority to enforce these restrictions.

Additionally, the federal government is mulling over a proposal that will see the elimination of gambling advertisements over three years. This suggestion was one of 31 recommendations floated during a parliamentary inquiry on gambling issues plaguing the nation.

Communications Minister Michelle Rowland mentioned that the government would announce more rules it plans to implement to prevent gambling in the future.

“Australians should not be gambling with money they do not have,” she said.

In the past, Australia had a flourishing market for online casinos accepting payments via digital currencies like Bitcoin. The fast and anonymous transactions offered by these cryptocurrencies were appealing to gamblers.

One study even revealed that in 2019, a substantial 30.7% of Australian gamblers engaged in online gaming using cryptocurrencies.

Recently, tax officials from the land Down Under have been targeting millions of crypto investors, seeking their personal information and details from crypto exchanges.

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Theo Crypto News

Bitcoin

Spot BTC ETFs record first day of outflows in 4 weeks

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The constant inflows of the spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have come to an end after four weeks.

According to data provided by Farside Investors, spot BTC ETFs in the U.S. recorded .9 million in net outflows on June 10 — ending their four-week winning streak. The majority of the outflows belong to Grayscale Bitcoin Trust (GBTC) — registering .5 million in outflows.

The Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR) and Fidelity Wise Origin Bitcoin Fund (FBTC) each saw .5 million, .8 million and million in outflows, respectively. 

On the other hand, only Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) recorded inflows of .6 million and .3 million, respectively. 

It’s important to note that the total net inflows of spot BTC ETFs in the U.S. have surpassed the .6 billion mark, thanks to the four weeks of constant inflows — recorded over billion in net inflows between May 13 and June 7.

The bearish sentiment comes as investors take a cautious approach ahead of the U.S. CPI data release, scheduled for June 12. Last month, the CPI came at 3.4%, as expected, which eventually brought market-wide bullish sentiment.

Consequently, the global crypto market capitalization declined by 2.8% in the past 24 hours and is hovering at .59 trillion, according to data from CoinGecko.

Bitcoin plunged to ,600 and Ethereum (ETH) is closing down to the ,500 mark. At this point, 94 of the leading 100 cryptocurrencies are wandering in the red zone.

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Theo Crypto News

DeFi

Mantra (OM) hits all-time high amid strategic expansion in UAE

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OM, the native token of defi solutions platform Mantra, has risen as the top gainer among the leading 100 cryptocurrencies as it attained its all-time high of .0924.

At the time of writing, OM is still up 13% in the last 24 hours, exchanging hands at a price of .06. The token also experienced a 234% surge in its trading volume, bringing it to 8 million within the same timeframe.

OM 24-hour price chart | Source: CoinMarketCap

Moreover, the token’s market cap also surpassed 0 million, marking it as the 90th largest cryptocurrency at the time of reporting.

Mantra’s OM token serves two main purposes within the blockchain platform, which is focused on real-world assets:

OM holders can use their tokens to engage in various defi activities on the Mantra platform, including lending, borrowing, and earning rewards. Additionally, they have the right to vote on proposals that influence the platform’s future direction.

The latest OM surge comes after Mantra has signed a Memorandum of Understanding (MOU) with UAE-based bank Zand.

Under this agreement, both entities will work closely together to frame clear rules for RWA tokenization to ensure compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).

The strategic initiative will promote the seamless tokenization of real-world assets in the UAE, hence improving the efficiency and transparency of asset management procedures.

Michael Chan, CEO of Zand, disclosed that the collaboration marks a crucial step in their journey to integrate blockchain technology with their robust financial offerings.

Through the integration, the bank aims to provide its clients with greater control over their investments, enhanced security, and clearer insights into the lifecycle of their transactions.

“We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market,” added Chan.

Earlier in March, Mantra completed an m funding round led by Shorooq Partners. The round also saw participation from strategic investors such as Three Point Capital, Forte Securities, and Virtuzone.

The funds will be used to double down on Mantra’s efforts to promote large-scale RWA tokenization.

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Theo Crypto News

DeFi

South Korea to classify some NFTs as Virtual Assets ahead of new crypto regulations

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South Korea’s Financial Services Commission (FSC) is changing its stance regarding nonfungible tokens (NFTs), looking to classify some of them as Virtual assets.

NFTs are primarily unique assets that cannot be replicated, traits that differentiate them from cryptocurrencies would be treated as virtual assets, a June 10 report by South Korea’s FSC noted.

Specifically, the report that NFTs are divisible, can be produced in masses, or can be used as a means of payment, all of which are now classified under South Korea’s newest framework.

Businesses that issue NFTs classified as virtual assets are now obliged to report it to the South Korean watchdog.

The new directive comes ahead of the nation’s first crypto regulatory framework set to be implemented on July 19.

According to Jeon Yo-seop, the FSC’s Financial Innovation Planning head,  NFT collections minted in huge quantities are most likely to be used as payment.

As an example, the official stated that if one million NFTs were issued in a collection, they could be traded and used as payment, just like cryptocurrencies.

He suggested that there wouldn’t be one single standard to classify NFTs as virtual assets. Rather, the FSC will make the distinction via a case-by-case review approach.

Further, if an NFT possesses characteristics of financial security as detailed in the country’s Capital Markets Act, they may be classified as securities.

With the implementation of the new guidelines, some NFTs may even be eligible to receive interest when deposited in an exchange. This is per a notice from the FSC, issued late last year, that mandates virtual assets deposited on crypto exchanges to be eligible for interest generation.

However, regular NFTs and CBDCs are excluded from this benefit.

The new framework is a part of South Korea’s crypto legislation dubbed the Virtual Asset User Protection Act. Set to come into force a week later, it seeks to criminalize malpractices such as using undisclosed information for crypto investments, manipulating market prices, and engaging in fraudulent transactions.

The bill was passed in 2023 by the nation’s National Assembly. Cryptocurrency-focused entities were subsequently given a one-year grace period to comply with the regulations.

To complement these efforts, South Korean regulators have also launched a crypto crimes unit. Dubbed the Joint Virtual Asset Crime Investigation Unit, the entity comprised 30 experts from seven national agencies. 

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Theo Crypto News

DeFi

Notcoin (NOT) price jumps 12% amid user surge and new incentives

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Notcoin (NOT), a TON-based clicker game on Telegram, has seen its price climb by 12% in the past 24 hours to reach .01957.

At the time of writing, NOT has a 24-hour trading volume of 3 million per data from CoinMarketCap. The crypto asset has also witnessed a 12% rise in its total market cap to push it past the billion mark.

NOT 24-hour price chart | Source: CoinMarketCap

Notcoin’s recent surge follows on the heels of an announcement from the Notcoin team, which outlined a major surge in user adoption and new incentives offered to further boost their user engagement.

In a June 9 X thread, the Notcoin team shared their feat of attaining 40 million users across the globe.

The team also noted that users referred to as “Explorers”, have earned over .5 million USD from 20 campaigns. Notcoin introduced the new mission type, “Explore,” in May, allowing players to passively earn crypto token rewards. These “earning missions” differ from previous tasks, as they enable players to earn NOT tokens passively rather than receiving a one-time reward.

While the Explore feature is still in its beta phase, the Notcoin team expects a tenfold rise in campaigns and Notcoins earned per month once automated campaigns are launched.

Further elaborating on their future plans, Notcoin announced several additional features and incentives. These include the introduction of levels for new users and a referral system where users earn a percentage of their referred friends’ earnings.

Gold and Platinum users will also gain exclusive access to top-tier token launches. The highest level, Platinum, provides the most NOT tokens as rewards.

Additionally, the automation of “Explore campaigns” will allow projects to launch their own campaigns. This, in turn, would lead to an overall surge in user engagement and rewards.

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Theo Crypto News

Bitcoin

Crypto market plunges $96b following strong US jobs report

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In the last 24 hours, the crypto market lost more than billion as major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), faced corrections.

Bitcoin, the leading cryptocurrency, saw a sharp drop to an intraday low of ,507. At the time of going to press, the cryptocurrency was priced at ,321 — a 2.57% dip from the previous 24 hours.

Additionally, Bitcoin’s 24-hour trading volume went down by more than 4% to .1 billion.

The correction came on the back of Bitcoin hitting a multi-week high of ,000 on June 7, after staying above ,000 for several days. 

Bitcoin 24-hour price chart | Source: CoinMarketCap

Following the dip, Bitcoin’s market capitalization fell to .366 trillion, though its dominance over altcoins increased to 53.8% as they took much bigger hits. 

Altcoins in the red

Among the top 100 cryptocurrencies, there were no notable gainers, with most of them registering losses between 1.03% and 14.52%.

Ethereum is down 3.11% to below ,700. BNB, the fourth-largest crypto by market cap, has dropped from over 0 to just above 3, and Solana (SOL) has fallen by more than 6%. 

The number one meme coin by market value:

  • Dogecoin (DOGE), is down 8.85%
  • Avalanche (AVAX) is down by 9.95%
  • Chainlink (LINK) lost 9.16% from its price.
  • Polkadot (DOT) dropped 10.24%
  • NEAR Protocol (NEAR) shaved 9.01%
  • Uniswap (UNI) went down 5.31%
  • Polygon (MATIC) dropped by 9.01%.

Overall, the cumulative market cap of all crypto assets has shed over billion since yesterday’s peak. It’s now sitting at .54 trillion on CoinMarketCap.

Analysts have suggested the drop may have been influenced by a stronger-than-expected U.S. non-farm payroll (NFP) report for May, which added 272,000 new jobs and strengthened the U.S. dollar.

The report reduced hopes for a Federal Reserve interest rate cut, negatively impacting Bitcoin’s price and overall market sentiment.

Double bullish thesis for BTC

Elsewhere, Bitcoin advocate Samson Mow took to X to suggest a new bullish scenario for Bitcoin.

He proposed that gaming merchandise retailer GameStop should add Bitcoin to its corporate treasury, which, in his opinion, could create a “double bullish thesis” that could lead to significant price increases for both Bitcoin and GameStop shares.

Mow’s sentiment coincided with analyst and social media personality Keith Gill, also known as “Roaring Kitty,” hosting his first livestream in three years, focusing on GameStop’s future.

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Theo Crypto News

Altcoin

ProShares seeks SEC nod for spot Ethereum ETF listing on NYSE

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ProShares, a prominent issuer of exchange-traded funds (ETFs), has filed a proposal to list and trade spot Ethereum (ETH) ETF shares on the New York Stock Exchange (NYSE).

According to the filing with the United States Securities Exchange Commission (SEC), the ProShares Ethereum ETF will use Coinbase Custody Trust Company for ETH custody.

The asset manager noted that the firm and its associated parties will not engage in activities related to Ethereum staking.

Crypto.news reported that potential spot Ethereum ETF issuers have revised their 19b-4 and S-1 filings to exclude staking components. These revisions aim to address the SEC’s position on staking for spot Ethereum ETFs.

However, the approval of these ETFs without staking capabilities may discourage investors who seek additional yield from staking rewards.

Typically, individuals who buy, hold, and stake ETH can earn staking rewards, resulting in extra yield. Excluding the staking feature means spot Ethereum ETFs will not offer these additional benefits to investors.

The SEC has 45 days, extendable to 90 days, from the notice publication date to respond to the filing. Since ProShares’ spot ETH ETF has been filed on June 6, 2024, approval could be expected by late July 2024.

This proposal follows ProShares’ recent introduction of two Ethereum-linked ETFs: ProShares Ultra Ether ETF (ETHT) and ProShares UltraShort Ether ETF (ETHD), targeting 2x and -2x daily ETH returns, respectively.

Both ETFs are set to be listed on the NYSE on Friday, June 7.

ProShares is renowned for launching the first Bitcoin-linked ETF in 2021, the Bitcoin Strategy ETF (BITO), which invests in futures contracts. However, ProShares has not pursued a spot Bitcoin (BTC) ETF, unlike some major asset management firms like Blackrock, Grayscale, and Fidelity.

It is crucial to note that the spot Ethereum ETFs require approval for both filings to be officially traded in the market. The approval in May was solely for the 19b-4.

Analysts anticipate that the final approval for these ETFs might occur in July 2024.

These products are expected to provide investors with new levels of flexibility and strategy, enabling more precise navigation of the volatile crypto market.

Meanwhile, the Bitcoin ETF has attracted .4 billion after noting consecutive inflows for the last 15 days, as reported by Senior Bloomberg ETF analyst Eric Balchunas in a recent X post.

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Theo Crypto News

DeFi

Wormhole unveils new governance staking feature, W token rises 12%

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Wormhole’s governance token, W, has experienced a significant surge of 12% following the introduction of a new staking feature. 

At the time of writing, the W token was exchanging hands at .7113, up 12% in the last 24 hours. In the same timeframe, the crypto asset also witnessed a trading volume of 5 million, per data from CoinMarketCap. Its market cap stood at .25 billion.

W 24-hour price chart | Source: CoinMarketCap

Wormhole (W) is a cross-chain messaging protocol that facilitates the transfer of assets and data across different blockchain networks.

In a June 6 X post, the Wormhole team revealed the launch of the “Stake for Governance” feature for W token holders. The new functionality allows W token holders to stake their tokens to participate in governance decisions. This helps in promoting a more decentralized and community-driven management structure.

Dan Reecer, co-founder of Wormhole Foundation, also took to X on the same day to provide additional details on the significance of this launch. He explained that of the staking feature marks the first step in the W staking roadmap, introducing the industry’s first multichain governance system, MultiGov.

W token holders can now delegate their tokens either to themselves or to a chosen delegate, enabling a seamless multichain experience for voting and delegating in any DAO.

Reecer also noted that MultiGov, developed in collaboration with Tally and ScopeLift, allows users to delegate and vote from any connected Layer 2 network and, soon, Solana.

Tally is a governance platform that helps DAOs manage their proposals and voting. On the other hand, ScopeLift is a development team that focuses on building tools for decentralized governance.

Unlike other protocols, such as Uniswap, which hosts its governance on the Ethereum mainnet, MultiGov offers a more convenient and cost-effective solution for users across different chains. The innovation aims to provide a truly multichain experience and chain abstraction.

For those looking to stake for governance, users can head to the Tally Governance Portal. There, they can transfer their W tokens from Solana to a supported EVM chain, such as Ethereum, Arbitrum, Optimism, or Base.

Once transferred, users can choose a delegate and stake their W tokens for governance.

Additionally, Wormhole has implemented a daily transfer limit of 100 million W tokens from Solana (SOL) to EVM chains to ensure security.

The next steps for Wormhole governance include completing and auditing the Solana integration into MultiGov. After that, the acceptance of proposals and the beginning of voting will follow.

Wormhole’s efforts to expand the reach of the W token are evident in its recent listing on Robinhood, a major cryptocurrency exchange. The W token is now available to trade with European customers on the platform. Additionally, investment firm Multicoin Capital revealed in an April 3 blog post that it had co-led a 5 million funding round in Wormhole last year.

According to analysts at Invezz, the Wormhole token has surged from .513 on May 14 to over .718, breaking past key resistance at .70.

Despite trading above the 50-period and 25-period moving averages, it has formed a rising broadening wedge, a bearish pattern. This puts the token at risk of a reversal down to .60, the analysts noted.

Meanwhile, a trader known as Degen_Maximum sees the potential for the W token to double in value in the short term, adding an optimistic twist to its recent performance.

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Theo Crypto News

Bitcoin

Unstoppable Domains bring .blockchain domains to propel web3 expansion

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Unstoppable Domains and Blockchain.com have announced a partnership to launch and promote a DNS-enabled web3 domain under the “.blockchain” extension.

According to a statement shared with crypto.news, the two companies have joined forces to register the .blockchain web3 domain with the Internet Corporation for Assigned Names and Numbers (ICANN), the global authority overseeing IP addresses and domain names.

ICANN is set to implement new generic top-level domains (gTLDs) by 2026. 

The application process begins with the launch of ICANN’s Applicant’s Guidebook next year. As such, the firms have a year to prepare for the new domain’s application.

“The agreement between Blockchain.com and Unstoppable Domains is focused on preparing for this upcoming ICANN application,” a spokesperson told crypto.news.

Upon approval by ICANN, the .blockchain domain would join existing top-level domains (TLD) like .com and .net, providing a dedicated space for blockchain-related businesses.

“Once accredited by ICANN, the .blockchain gTLD will serve as both a web2 domain and a web3 domain […] It will integrate web3 and traditional web2 browsing capabilities, enhance accessibility, and allow users to utilize “.blockchain” domains seamlessly across both ecosystems. For Web2 capabilities, this would include email, website resolution, etc.,” the spokesperson added.

Founded in 2018, Unstoppable Domains has been leveraging blockchain technology to provide users with control over their digital identities. It plans to offer specialized domain names for individuals, brands, and companies, expanding the use of blockchain-based domains.

Unstoppable Domains’ collaboration with Blockchain.com aims to bridge the gap between web2 and web3. similar to Ethereum Name Service’s recent integration of browser-compatible “.box” web domains.

The .box domain is recognized as an ICANN-approved top-level domain and is the first on-chain gTLD included in the ENS manager app alongside .eth. Domains hosted on .box are searchable and indexable on major browsers such as Google Chrome and Safari, making them compatible with popular email services as well.

The rise of web3 domain names

Web3 domains are new web extensions, similar to .com or .in, launched as smart contracts on public blockchains such as Ethereum, Polygon, and Solana.

Extensions such as .sol or .crypto can replace lengthy wallet addresses for cryptocurrency transactions. They can also be used for website hosting and single sign-on methods for various web3 applications.

The appeal of web3 domain names lies in their simplicity. Users can send funds to an easy-to-remember wallet address like “jack.eth” instead of a 42-character crypto wallet address, making it simpler for consumers to interact with a named address rather than a complex string of characters.

“.blockchain” and other web3 domains take the form of unique, non-fungible tokens (NFT). They’re hosted on a public, immutable blockchain, and so can’t be altered or deleted; they also provide users full ownership of their data and can serve as a user’s digital identity,” the spokesperson added.

Recently, FIDA, the token governing Solana-based infrastructure developer Bonfida, saw a notable surge following the launch of its Solana Name Service (SNS) in China.

Currently, users are purchasing popular domain names through these platforms, anticipating that corporations will soon register their respective brands.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News