Ethereum ETFs Get Final Go-Ahead From The SEC: What Happen’s Next? – Benzinga

In a landmark development, the SEC has approved the commencement of trading for spot Ethereum ETF/USD exchange-traded funds Monday, exposing mainstream investors to the price moves of the worlds second-largest cryptocurrency.

What Happened: Bloomberg senior ETF analyst Eric Balchunas confirmed the news, as the 424(b) forms are now available on the SEC site, meaning the regulator has cleared them for trading from tomorrow.

The SEC has given its approval to registration forms from 21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, VanEck and Invesco Galaxy. The only funds that dont have effective documents from the SEC are Grayscales Trust and Mini Trust, which analysts expected to come tomorrow morning before trading commences.

Coinbase Global Inc. COIN, which happens to be the custodian for 8 of the 9 newly approved ETFs,also announced the clearance, describing it as an important milestone for cryptocurrencies.

The websites of the new investment products, including Blackrocks ishares Ethereum Trust, also went live, unlocking a new era of trading for cryptocurrency-based funds.

See Also: Elon Musk Jokes Hes An Alien Scientist With A Japanese Pseudonym, But Dogecoin Designer Clarifies Tesla CEO Is Not Satoshi Nakamoto

Why It Matters: Despite an initial lack of engagement between the SEC and issuers, the approvals were granted unexpectedly. Firms had received approval of 19b-4 forms in May but needed their registration statements to go effective before launching.

Prior to the anticipated launch of spot Ethereum ETFs in the U.S., Citi projected up to $5.4 billion in inflows within the first six months. The bank cautioned that actual inflows and returns could be lower than projected.

Analysts led by Alex Saunders noted that Ethereum offers long-term diversification benefits due to its varied use-cases. However, these benefits are not currently reflected in the market.

Furthermore, Michal van de Poppe, a widely-followed cryptocurrency analyst, anticipated a surge in activity and value of tokens in the Ethereum ecosystem after the approval.

Price Action: At the time of writing, Ethereum was exchanging hands at $3,470.06, down 1.42% in the last 24 hours, according to data from Benzinga Pro.Shares of Coinbase closed 2.86% higher at $265.15 during Mondays regular trading session.

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Ethereum ETFs Get Final Go-Ahead From The SEC: What Happen's Next? - Benzinga

Spot Ether ETFs will begin trading soon. Here’s why it can surpass Bitcoin – Quartz

This week, the cryptocurrency world will see the launch of spot Ether exchange-traded funds (ETFs), which will let investors put their bets on Ether the second largest cryptocurrency by market capitalization in the form of stocks.

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In May, the Securities and Exchange Commission approved the listing of eight spot Ether ETFs, marking a highly anticipated decision for the crypto industry. These eight spot Ether ETFs will be offered by financial giants, including BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital.

The Chicago Board Options Exchange has confirmed five spot Ether ETF products, and the New York Stock Exchange has confirmed two other spot Ether ETFs that will begin trading on Tuesday, July 23. These include:

The launch of the spot Ether ETF follows the SECs approval for spot Bitcoin ETFs earlier this year, which pushed Bitcoin to an all-time high. In just a month, the flagship cryptocurrency soared over 50%, lifting the entire crypto market out of a prolonged winter.

Crypto analysts are expecting that Ether will see the same or more rise as Bitcoin after the launch of spot Ether ETFs. Earlier this year, crypto asset trading firm QCP Capital predicted that there could be a potential 60% increase in the price of Ether.

More recently, Matt Hougan, Bitwises Chief Investment Officer, predicted that exchange-traded products would have even more impact on Ethereum than they had on Bitcoin. Ether ETF trading will boost Ethers price, and it may surpass $5,000, he added.

Ether is the native token of the Ethereum blockchain network. The network is home to thousands of decentralized applications and financial services, where investors trade, borrow, and lend via automated software protocols rather than traditional banks or financial institutions.

Ethereum has some unique features that Bitcoin lacks that bolster its usability. For instance, Bitcoins blockchain network cannot be used as a platform for decentralized applications because it was not originally designed for applications to be built directly on its base layer.

This is part of the reason why financial giants such as BlackRock and Fidelity are eager to launch Ether funds, as they see Ether ETFs as a means to expand cryptos investor base. In March, BlackRock launched its first tokenized fund on the Ethereum blockchain. BlackRock has consistently mentioned that its digital asset strategy involves launching ETFs and tokenizing financial assets.

The launch of crypto ETFs by financial institutions is a big step in establishing crypto as a legitimate asset class. BlackRock CEO Larry Fink has consistently expressed optimism about Bitcoin, stating that BlackRocks iShares Bitcoin Trust, or IBIT is the fastest-growing ETF in history and has accumulated assets at an unprecedented pace. Fink is optimistic about Ether ETFs, too. He said earlier this year an ETH ETF is possible even if the SEC treats Ether like a security.

By 2025, cryptocurrency exchange-traded funds (ETF) will form 5% of hedge fund and pension fund portfolios, predicts leading blockchain expert Fiorenzo Manganiello. Manganiello, who also serves as a professor of blockchain technologies at Geneva Business School and co-founder and managing partner of investment firm LIAN Group, believes that regulatory greenlights will soon lead institutional investors, such as hedge funds and pension funds, to view cryptocurrency as a viable asset.

With BlackRock stepping in and growing its own spot ETF so quickly, it wont be long until other institutions take the leap and invest in crypto. The Ether ETF approval will only be a catalyst, he said in an email.

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Spot Ether ETFs will begin trading soon. Here's why it can surpass Bitcoin - Quartz

Atomic Swap: Definition, How It Works With Cryptocurrency Trade – Investopedia

What Is an Atomic Swap?

An atomic swap is an exchange of cryptocurrencies from separate blockchains. The idea is to remove centralized intermediaries like exchanges and reduce the steps needed to trade tokens, but many exchanges and businesses have created swap solutions to make the process easier.

The term atomic derives from the term "atomic state" in which a state has no substates. This refers to a cryptocurrency transaction between two people using different blockchains that either happens or it doesn'tthere are no alternatives.

Most atomic swap-enabled wallets and blockchains use smart contracts. Smart contracts are programs within blockchains that execute when certain conditions are met. In this case, the conditions are that each party agrees to the transaction before a timer runs out. Using a smart contract in the trade prevents either party from stealing a cryptocurrency from the other.

Atomic swaps are also called cross-chain atomic swaps.

Each cryptocurrency is supported by a blockchain, designed only to accept transactions in specific tokens. For example, the Bitcoin and Ethereum blockchains each have a native token that cannot be transferred to the other. You first need to convert them to fiat currency and then buy the other using other cryptocurrencies and exchanges to get the one you want. Depending on the cryptocurrency, this can take several trades. Atomic swaps allow you to exchange tokens from different blockchains in one trade.

Some decentralized exchanges can conduct atomic swaps for you. A decentralized exchange (DEX) has no central authority regulating it; it is a platform you can trade on without third parties. You can also choose from cross-chain swap providers, where you transfer your digital assets into another wallet, conduct the swap, and transfer them back out.

Atomic swaps rely on each party to provide proof through key encryption and acceptance of both parties through the encrypted key.

The concept was conceived shortly after altcoinscryptocurrencies other than Bitcoinmaterialized. The creation of altcoins meant some cryptocurrency owners became interested in moving capital between coins. This type of token swap first appeared in September 2017, when an atomic swap between Decred and Litecoin was conducted.

Since then, startups and decentralized exchanges have created ways to facilitate swaps and given users the same ability. For example, Lightning Labs, a startup that created the Lightning Network for Bitcoin transactions, has conducted off-chain swaps utilizing the technology.

Special cryptocurrency wallets have also been developed that are capable of cross-chain atomic swapsLiquality has developed a wallet that will swap Bitcoin, ETH, and more by connecting to swap providers like 1inch, Jupiter, and Sovryn.

In an atomic swap, two token owners agree to exchange their tokens. A smart contract is programmed to lock the tokens of both owners, and redeem them in the tokens desired. For instance, if Alice wanted to trade one bitcoin (BTC) for an equal amount of Bob's monero (XMR), the smart contract would lock both amounts on their respective blockchains. Once Alice and Bob agree on the trade, the smart contract would redeem Bob's BTC on the Bitcoin network and Alice's XMR on the Monero network.

Atomic swaps use Hash Timelock Contracts (HTLC) to automate the exchange of tokens. As its name denotes, HTLC is a time-bound smart contract between parties that involves generating one cryptographic hash on each end.

A cryptographic hash function is an algorithm that converts data of variable length, such as a person's wallet address and transaction information. It converts it to a hexadecimal number with a fixed length. In general, the number that is generated is called the hash.

HTLC requires both parties to acknowledge receipt of funds within a specified timeframe. If one party fails to confirm the transaction within the timeframe, the entire transaction is voided, and funds are not transferred. This eliminates counterparty risk, or the risk that one party will accept the offered coins and decline the transfer of their coins.

Atomic swaps sound complicated, but for most users, they can be very simple. Atomic swap-enabled wallets or decentralized exchanges like Atomic Swap or Uniswap let you choose from your cryptocurrency to swap for another token. The swap might be labeled "Exchange" or "Swap" in the wallet's interface.

Once you've selected the appropriate action, you choose the tokens you want to swap; you'll see the amount you'll receive in the token you're swapping. The interface should tell you the swap rate and network fees, let you double-check the transaction, and give you a button to press to initiate the trade.

Depending on the network, whether you're using an exchange or trading with another user, the swap can take several minutes to complete. For example, Atomic Wallet's instructions state that a swap should take about 20 minutes, but other wallets or decentralized exchanges might take less or more time.

Atomic swaps are generally initiated by users and executed by a smart contract. The smart contract can be programmed in many ways, but most tend to lock up the tokens being swapped or burn them, then issue the new tokens to the transferees.

When two entities want to trade tokens, they can use an atomic swap to ensure no third parties are involved. This technique is faster and generally cheaper than going through exchanges or other token swap service providers.

In most cases, the only publicly available information is the token amounts and the users' public addresses. However, if other information has been made available, these addresses can be traced back to their owners, so they are realistically pseudonymous.

The term atomic swap is used to refer to two users trading tokens from incompatible blockchains. The swaps are generally executed by smart contracts, which lock or burn the original tokens and issue new ones on the corresponding blockchains.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read ourwarranty and liability disclaimerfor more info.

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Atomic Swap: Definition, How It Works With Cryptocurrency Trade - Investopedia

The Beginners Guide To Investing In Cryptocurrency – Forbes

Cryptocurrency markets are renowned for their high volatility, with prices often experiencing dramatic swings in short periods. This characteristic volatility stems from a combination of factors unique to the crypto ecosystem.

At its core, the cryptocurrency markets volatility is largely due to its relatively small size compared to traditional financial markets. Despite its growth, the total cryptocurrency market cap hovers around $US2.4 trillion, a mere fraction of the global stock markets value. This smaller size means that even modest capital movements can significantly impact prices, with large buy or sell orders capable of triggering substantial market shifts.

Adding to this volatility is the 24/7 nature of cryptocurrency trading. Unlike traditional stock markets with set trading hours, crypto never sleeps. This continuous trading can lead to increased price fluctuations, especially during off-hours when liquidity might be lower. News and events can impact the market at any time, potentially causing rapid price changes that might have been tempered in a market with set trading hours.

The cryptocurrency space is also characterised by its remarkably low barrier to entry. With over 2.4 million cryptocurrencies in existence, its relatively easy for anyone to create a new token or coin. This accessibility is a double-edged sword. On one hand, it encourages innovation and allows anyone to participate in the crypto ecosystem, enabling diverse projects and use cases to emerge. On the other hand, it can lead to market saturation and confusion for investors, increasing the risk of encountering projects with little to no fundamental value and making the market more susceptible to manipulative practices like pump-and-dump schemes.

Regulatory uncertainty further contributes to the markets volatility. The legal and regulatory landscape for cryptocurrencies is still evolving in many jurisdictions, and news about potential regulations or changes in government stance can cause significant market reactions.

While this volatility can present opportunities for traders, it also poses significant risks. Investors must understand these factors and approach cryptocurrency investments cautiously, conducting thorough research and only investing what they can afford to lose. As the market matures and adoption increases, some experts predict that volatility may decrease over time, but for now, it remains a defining characteristic of the cryptocurrency landscape.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class. Cryptocurrency is unregulated in Australia and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.

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Bitcoin ETFs In Australia: The Complete Guide – Forbes

The landscape of bitcoin ETFs has evolved significantly in recent years, with a options available in many countries, including the United States and Australia.

When the US Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs earlier this year, it opened the floodgates for institutional and retail investors seeking bitcoin exposure through traditional investment vehicles.

Within a day of listing, these bitcoin ETFs collectively saw over $US4 billion in inflows, shattering previous records for ETF debuts. As the weeks progressed, many individual funds continued to break records. For context, over the last 30 years, 5,535 ETFs have been launched. None have seen numbers as impressive as those offered by companies like BlackRock and Fidelity.

Within one month of trading, Fidelitys FBTC had gathered almost $US3.5 billion in assets under management (AUM), while BlackRocks IBIT had attracted over $US4 billion. To put this in perspective, the first gold ETF accumulated $US1.2 billion in its first month, and the previous record holder for fastest inflows was BlackRocks Climate Conscious Fund, launched in August 2023, which collected $2.2 billion in its first month.

These figures underscore the appetite for bitcoin exposure through regulated, traditional investment vehicles. While these US-based ETFs are not directly accessible to Australian retail investors, they signify a global shift towards mainstream acceptance of bitcoin as an investment asset.

The global wave of bitcoin ETF approvals has reached Australian shores, with two notable offerings now available to local investors.

On July 13, 2024, the Australian Securities Exchange (ASX) listed its first spot-bitcoin ETF, marking a significant milestone for cryptocurrency investment in Australia. The VanEck bitcoin ETF (VBTC) allows Australians to invest in bitcoin through exposure to the companys US equivalent.

VBTC is structured as a feeder fund that provides exposure to bitcoin by investing in VanEcks bitcoin Trust (HODL), a US ETF listed on Cboe.

Australias first bitcoin spot ETF, Global X 21shares bitcoin ETF (EBTC), launched on Cboe Australia (formerly Chi-X) in May 2022.

Its worth noting that while the ASX has only recently listed its first bitcoin ETF, Cboe Australia has been hosting such products for over two years. Monochrome bitcoin ETF (IBTC) also recently went live on June 4, 2024, and holds bitcoin directly.

The introduction of these ETFs in Australia on the ASX and Cboe provides Australian investors with multiple options for gaining exposure to bitcoin through regulated, exchange-traded products that cater to different investment preferences and strategies.

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Bitcoin ETFs In Australia: The Complete Guide - Forbes

Cryptocurrency Price Movements Today: Bitcoin Tests $65K, Ether ETF Expected Next Week – Investopedia

Key Takeaways

The price of bitcoin (BTC) turned slightly lower early Tuesday afternoon after crossing the $65,000 level in late trading Monday.

Bitcoin was trading above $64,000 Tuesday after crypto exchange Kraken received more than $3 billion worth of bitcoin for distribution over the next few weeks to Mt. Gox customers, according to a report in The Block.

Two major developments in the past 24 hoursRepublican presidential nominee Donald Trump's pick to be his running mate and a potential spot ether ETF approval next weekmay have driven bitcoin higher and brought gains to cryto-related stocks as well.

Shares of Riot Platforms (RIOT) gained more than 5%, Marathon Digital (MARA) was up 4%, MicroStrategy (MSTR) added 2%, and Coinbase (COIN) was up more than 1% as of 1:15 p.m. ET Tuesday.

Former President Donald Trump is making efforts to get the attention of crypto industry. Even as the rising odds of his victory sent bitcoin higher yesterday, Trump announced J.D. Vance as his running mate for the 2024 U.S. presidential election.

A Republican senator from Ohio, Vance is also a bitcoin investor. He previously disclosed holding up between $100,000-$250,000 worth of bitcoin in 2022, and more recently, drafted industry-friendly crypto legislation, according to Politico.

And some in the crypto industry were quick to throw their weight behind that nomination.

"Trump - Vance is a phenomenal ticket period," Riot Platforms' Head of Public Policy Brian Morgenstern posted on X. "But its an absolute dream come true for #Bitcoin & Bitcoiners, and the broader crypto community."

The demand created by spot bitcoin exchange-traded funds (ETFs) is credited for fueling a rally in bitcoin prices in the first half of the year. While spot ether ETFs may not inspire a similar rush to invest, the optimism around their approval may be pushing bitcoin prices higher.

According to Bloomberg Senior ETF Analyst Eric Balchunas, discussions between the U.S. Securities and Exchange Commission (SEC) and prospective spot ether ETF issuers regarding the related S-1 filings have progressed to the point where the launch of this new financial instrument is now expected next week.

"Hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH," Balchunas posted on X. "This is provided no unforeseeable last min issues of course!"

The price of ether (ETH), which is the underlying cryptocurrency of the Ethereum network, is roughly flat since Balchunas's post. However, it's worth noting that the approval of various spot ether ETFs this summer was already expected.

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Cryptocurrency Price Movements Today: Bitcoin Tests $65K, Ether ETF Expected Next Week - Investopedia

Experts predict $10 price target for this viral new cryptocurrency; AVAX price and VET struggle to find bullish momentum – Crypto News Flash

Risk warning and disclaimer: The contents of this website are intended solely for the entertainment and information of readers and do not provide investment advice or a recommendation within the context of the Securities Trading Act. The content of this website solely reflects the subjective and personal opinion of the authors. Readers are requested to form their own opinions on the contents of this website and to seek professional and independent advice before making concrete investment decisions. The information found on this site does not contain any information or messages, but is intended solely for information and personal use. None of the information shown constitutes an offer to buy or sell futures contracts, securities, options, CFDs, other derivatives or cryptocurrencies. Any opinions provided, including e-mails, live chat, SMS or other forms of communication across social media networks do not constitute a suitable basis for an investment decision. You alone bear the risk for your investment decisions.

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Experts predict $10 price target for this viral new cryptocurrency; AVAX price and VET struggle to find bullish momentum - Crypto News Flash

Cryptocurrency: 3 New Meme Coins To Watch Out For In August – Watcher Guru

The cryptocurrency world is dubbed a magnetic realm, the one that keeps on experimenting to birth new coins. Similarity: an array of new meme coins have now taken over the realm, with some of them showing powerful new metrics to woo consumers and users from across the globe. Keeping the legacy of new crypto coins alive, here are the three new meme coins to keep an eye out for in August, as they continue to perform well, leaving behind leading crypto contenders out of the race.

Also Read: Shiba Inu: SHIB Eyes Fresh Gains Amid Massive Burn and Whale Moves

Popcat is another leading crypto meme token that has just entered the world of cryptocurrencies. Per the latest data released by Santiment, Popcat has noted a 117% spike in its price since July 11. The token has recently been receiving a lot of mainstream attention, which makes it a lucrative crypto token to watch out for.

POPCAT has drawn attention from mainstream traders after the Solana-based asset has surged +117% since July 11th. Historically, this level of sudden interest as a result of a price surge has a high chance of leading to a correction, where better entry points are likely.

POPCAT has drawn attention from mainstream traders after the Solana-based asset has surged +117% since July 11th. Historically, this level of sudden interest as a result of a price surge has a high chance of leading to a correction, where better entry points are likely. pic.twitter.com/Skpkn8Utu6

Per CoinCodex, Popcat may surge by 225% in August to trade at a $3 price pedestal.

According to our current Popcat price prediction, the price of Popcat is predicted to rise by 225.42% and reach $3.00 by August 21, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 70 (greed). Popcat recorded 19/30 (63%) green days with 31.23% price volatility over the last 30 days.

Mew is another Solana-based crypto token that has been drawing in a sizable pool of customers. The popularity quotient of the token has also been spiking, with its price catapulting to new price thresholds. Recently, the token led the top gainer rally on CoinMarketCap, defeating 200 tokens in its wake.

NEW: Solana-based memecoin $MEW (@MewsWorld) becomes the biggest 24-hour gainer amongst the Top 200 tokens by Market Cap.

As per CoinCodex, MEW is expected to surge 225% in August to trade at $0.023845.

According to our current cat in a dog world price prediction, the price of the cat in a dog world is predicted to rise by 225.08% and reach $0.023845 by August 21, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 70 (greed). Cats in a Dog World recorded 19/30 (63%) green days with 15.05% price volatility over the last 30 days.

Solana-based BONK has recently added a new medal to its name. The token has been dubbed the top gainer among the 100 crypto coins pooled on CoinMarketCap. This comes at a time when BONK continues to forge new milestones while keeping its momentum steady amid occasional market volatility.

NEW: Solana memecoin $BONK (@bonk_inu) becomes the biggest 24-hour gainer amongst the Top 100 tokens by Market Cap.

Also Read: ASEAN May Join GCC To Boost Global Trade Prospects

According to CoinCodex, BONK may spike 237% to trade at a new high of $0.0001.

According to our current Bonk price prediction, the price of Bonk is predicted to rise by 222.39% and reach $0.0001 by August 21, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 70 (greed). Bonk recorded 18/30 (60%) green days with 11.72% price volatility over the last 30 days.

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Cryptocurrency: 3 New Meme Coins To Watch Out For In August - Watcher Guru

BRICS Issues Major Cryptocurrency Warning – Watcher Guru

BRICS is issuing a new warning regarding cryptocurrency and the mining process. According to Russian President Vladimir Putin, unregulated cryptocurrency mining can cause several blackouts and power outages. The BRICS member says that there needs to be more regulation in mining to protect Russias power grids from these outages.

An uncontrolled increase in electricity consumption for mining cryptocurrencies can lead to power shortages in certain regions, Putin told senior government officials at a recent meeting. According to Russias Energy Ministry, crypto mining consumes an average of 16 billion kilowatt-hours per year. This equates to almost 1.5% of Russias total electricity consumption, which Putin believes will rise without regulation. The figure continues to go up, Putin said.

Also Read: BRICS: 19 Countries Enter Advanced Stages of CBDC Testing

Russia houses very strict cryptocurrency laws. In 2020, Putin signed a law that legalized cryptocurrencies as digital financial assets but banned their use from paying for goods and services. However, crypto mining remains popular in the country, in part due to the cheap cost of electricity in Russia and access to equipment. Russia sat only second behind the United States in terms of the largest crypto-mining countries in the world. Fellow BRICS nation China used to occupy a top spot in the list but has since restricted crypto mining.

Russian President Putin on Wednesday shared the concerns of regional authorities that mining farms could leave new businesses, residential areas, and social facilities with supply disruptions, and put on hold promising investment and infrastructure projects. Putin ordered tax and tariff regulations for miners and called for a federal law to address the issue.

Also Read: Trump Says US Must Lead Crypto to Avoid BRICS Takeover

BRICS and Russia are looking to incorporate cryptocurrency and digital assets in their new world of finance. The bloc believes that these assets could aid in the development of their new currency to abandon the US Dollar. On the other hand, they would like to regulate how this crypto is used and mined to avoid the blackouts that Russia suggests will continue.

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BRICS Issues Major Cryptocurrency Warning - Watcher Guru

Here’s how Bitcoin, Ethereum, Solana, and other tokens are performing today – NewsBytes

Home / News / Business News / Cryptocurrency prices: Check today's rates of Bitcoin, Ethereum, Dogecoin, Solana

Cryptocurrency prices are fluctuating with BNB, XRP, Cardano, Dogecoin, Solana, Polka Dot, Shiba Inu, and Polygon seeing varied changes.

Ethereum Name Service, XRP, UNUS SED LEO, and Bitget Token are the top gainers, while Mog Coin, Bonk, Ethena, Worldcoin, and Jupiter are the biggest losers.

The global crypto market cap is $2.44 trillion, marking a 1.68% increase over the last day, and a 31.7% increase in total crypto market volume over the last 24 hours.

Was a long read? Making it simpler...

What's the story

Bitcoin has shed 1.12% over the last 24 hours, trading at $67,122.96. It is 3.91% higher than previous week. The second most popular token, Ethereum, has dropped 1.72% from yesterday to trade at $3,455.38. It has fallen 0.23% from last week. Bitcoin and Ethereum currently have a market capitalization of $1,325 billion and $415 billion, respectively.

BNB is trading at $585.09, which is 2.61% less than yesterday and 1.24% higher from previous week. XRP's price today is $0.66 after moving up 2% in the last 24 hours. Compared to last week, it is 9.17% up. Cardano and Dogecoin are trading at $0.44 (down 3.19%) and $0.11 (down 3.52%), respectively.

Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $175.99 (down 3.01%), $6.06 (down 4.68%), $0.000011 (down 3.66%), and $0.55 (down 2.48%), respectively. On the basis of the weekly chart, Solana has moved up by 11.13% while Polka Dot has slipped by 5.81%. In the last seven days, Shiba Inu has lost 11.97% of its value whereas Polygon has declined 3.02%.

The top four gainers based on the 24 hour movement are Ethereum Name Service, XRP, UNUS SED LEO, and Bitget Token. They are trading at $26.98 (up 2.75%), $0.66 (up 2.20%), $5.78 (up 0.88%), and $1.18 (up 0.39%), respectively.

The biggest losers of the day are Mog Coin, Bonk, Ethena, Worldcoin, and Jupiter. They are trading at $0.0000022 (down 13.84%), $0.000022 (down 11.02%), $0.44 (down 9.43%), $2.31 (down 8.17%), and $0.99 (down 7.85%), respectively.

DeFi or decentralized finance is an umbrella term for global, peer-to-peer financial services on public blockchains. Some of the popular DeFi tokens are Avalanche, Chainlink, Dai, Uniswap, and Internet Computer. They are trading at $31.57 (down 3.69%), $13.88 (down 3.99%), $1 (up 0.03%), $7.80 (down 2.33%), and $9.89 (down 5.71%), respectively.

Non-fungible tokens (NFTs) are cryptocurrencies that lack the attribute of fungibility, which means they cannot be exchanged for one another like other tokens. Internet Computer, Artificial Superintelligence Alliance, Render, Stacks, and Immutable are among the prominent NFT tokens. They are currently trading at $9.87 (down 6.16%), $1.36 (down 6.50%), $6.81 (down 2.91%), $1.81 (down 5.85%), and $1.53 (down 5.23%), respectively.

The current global crypto market cap is $2.44 trillion, a 1.68% increase over the last day. The total crypto market volume over the last 24 hours is $87.25 billion, which marks a 31.7% increase. Last month, the global crypto market cap was $2.34 trillion, compared to $2.45 trillion three months ago.

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Here's how Bitcoin, Ethereum, Solana, and other tokens are performing today - NewsBytes

Cryptocurrency Injective Down More Than 3% Within 24 hours – Benzinga

Injective's INJ/USD price has decreased 3.09% over the past 24 hours to $26.29. This is contrary to the coins performance over the past week where it has experienced an up-trend of 17.0%, moving from $22.51 to its current price.

The chart below compares the price movement and volatility for Injective over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has risen 37.0% over the past week diverging from the circulating supply of the coin, which has decreased 0.25%. This brings the circulating supply to 97.15 million. According to our data, the current market cap ranking for INJ is #42 at $2.55 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency Injective Down More Than 3% Within 24 hours - Benzinga

Hong Kong to get first bitcoin inverse investment product, adding to crypto ETFs – South China Morning Post

Hong Kongs first bitcoin inverse investment product, which offers returns based on declines in the price of the worlds largest cryptocurrency token, debuts on the citys stock exchange on Tuesday, as the Asian financial hub continues to expand its virtual asset product offerings to draw investors. The exchanges move to list CSOP Asset Managements new Bitcoin Futures Daily Inverse Product, the first of its kind in Hong Kong, reflects the citys ongoing efforts to diversify its offerings of cryptocurrency-related financial products and to become a centre for such business. Hong Kong Exchanges and Clearing (HKEX) announced approval of the product in a statement last week. The offering comes three months after the city approved the launch of six exchange-traded funds (ETFs) that invest directly into bitcoin and ether, the worlds two largest cryptocurrency tokens. The Hong Kong stock exchange was open to listing leveraged and inverse crypto products, HKEXs head of exchange-traded products Brian Roberts told Bloomberg in April.

Inverse products are structured as ETFs but seek short-term investment results and target professional, trade-oriented investors.

Instead of investing directly in bitcoin, CSOPs new product, denominated in US dollars, invests primarily in short positions of bitcoin futures traded on the Chicago Mercantile Exchange, the company said in regulatory filings last week. The strategy aims to allow traders to profit from declines in market prices.

These products face extreme price volatility that could wipe out investments, CSOP warned, and values may drop by more than 20 per cent in a single day.

Hong Kong has charged forward with initiatives aimed at boosting its virtual asset sector, part of the citys broader efforts to maintain its financial hub status that has taken a blow in recent years.

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Hong Kong to get first bitcoin inverse investment product, adding to crypto ETFs - South China Morning Post

Pro-Bitcoin Senator Cynthia Lummis Stirs Crypto Community With ‘Big Things Are In Store This Week’ Message – Benzinga

Sen.Cynthia Lummis(R-Wyo.), a known cryptocurrency and Bitcoin BTC/USD advocate, piqued the interest of the broader community with a cryptic post.

What Happened: On Monday, Senator Lummis took to X to say, Big things are in store this week. Stay tuned! What grabbed everyones attention was the way in which the first letter of the sentence, was written, symbolizing Bitcoin.

See Also: Mark Cuban Says Trumps Re-Election Wont Impact Bitcoins Price, Dogecoin Killer Shiba Inus Burn Rate

In no time, Lummis comment feed was flooded with maximalists who interpreted the signal as a hint about Republican nominee Donald Trumps potential proclamation of Bitcoin as a strategic reserve asset if he returns to power. Rumors of such a possibility are already floating around.

Why It Matters: The senators mysterious post comes days after she praised Bitcoins resilience amid the global IT outage that paralyzed many systems. She said, Do you know what form of currency hasn't been affected by widespread cyber outages? Bitcoin.

Previously, Lummis had applauded state-led Bitcoin rights laws, emphasizing the importance of states rights in the cryptocurrency landscape. She had lauded the passing of a law aimed at defending Bitcoin rights and banning Central Bank Digital Currencies in Louisiana.

Price Action: At the time of writing, Bitcoin was exchanging hands at $66,457.77, down 1.66% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Wikimedia Commons

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Pro-Bitcoin Senator Cynthia Lummis Stirs Crypto Community With 'Big Things Are In Store This Week' Message - Benzinga

Cryptocurrency: 3 Meme Coins Poised To Note 200% Spike This June – Watcher Guru

This cryptocurrency world is ever-evolving and surprising. With new meme coins entering the space, the crypto realm is now basking in the meme coin mania surge, helping investors get a taste of its eccentricity and unique approach.

With a bullish surge captivating the sphere as of now, several altcoins and meme coins are now sitting on the verge of a massive price push, which can make investors millionaires only if they know how to carefully maneuver the rising crypto realm.

Here are the three top meme coins that are poised to peak at 200% this June.

Also Read: Pepe Price Prediction: How High Can It Surge This Week?

Shiba Inu has been dubbed the OG, or the original crypto meme coin, ruling the space for a long time. The token boasts a robust and dedicated crypto community with a thriving ecosystem that is ready to expand and explore to the fullest. Per CoinMarketcap, SHIB is currently trading at $0.0000262, up 12% in the last month. With the impending altcoin surge, the token has the potential to attract a large influx of investors this June.

According to CoinCodex, Shiba Inu may spike nearly 226% by June 29, thereby establishing a new price ATH in the process.

According to our current Shiba Inu price prediction, the price of Shiba Inu may rise by 226.80% and reach $0.00009127 by June 29, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 73 (greed). Shiba Inu recorded 15/30 (50%) green days with 5.12% price volatility over the last 30 days.

Another solid meme coin to have ruled the current bullish phase of the season, DogWifHat has outperformed several new meme coins to establish its supremacy in the space. The token is trading at the $3.41 price level at press time and is up 34% in the last month.

According to CoinCodex, WIF may surge by nearly 230% in June 2024, quadrupling its price to ascend to a new price threshold.

According to our current Dogwifhat price prediction, the price of Dogwifhat may rise by 229.78% and reach $12.37 by June 29, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 73 (greed). Dogwifhat recorded 14/30 (47%) green days with 9.91% price volatility over the last 30 days.

Banking on the recent GME price surge, Pepe is now basking in its recent price action glory. The token has already established a new price, ATH, this month, and it seems like its already out on a roll to ascend even higher than before. Per CMC, Pepe is currently trading at $0.00001341, up 90% in the last month.

Also Read: 3 Reasons Why Cardano (ADA) Is Bound For A Future Breakthrough

According to CoinCodex, the green frog-themed token can ascend higher to trade at the $0.00004829 price threshold.

The price of Pepe Coin may rise by 226.32% and reach $0.00004829 by June 29, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 73 (greed). Pepe Coin recorded 17/30 (57%) green days with 28.16% price volatility over the last 30 days.

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Why Are Ethereum Classic And Ethereum Name Service Shooting Up On Spot ETH Approval Day? – Benzinga

The first-ever Ethereum ETH/USD spot ETFs have been greenlighted by the SEC and are set to begin trading tomorrow morning. Interestingly, two relatively lesser-known Ethereum-branded coins seem to have outperformed the marquee asset in 24-hour gains.

What Happened: Ethereum Name Service popped more than 5%, emerging as the best-performing cryptocurrency in the last 24 hours. The coin's trading volume jumped 66% to $191 million, signaling significant buying activity.

Similarly, Ethereum Classic popped 3% to hit a monthly high. ETC's trading volume nearly exploded 184% to $452 million in the last 24 hours.

These increases come despite a drop in Ethereum, which has lost 1.47% in the last 24 hours.

Ethereum Classic was created as a hard fork of the original Ethereum chain back in 2016 over disagreements within the community following a hack. The new chain inherited the name Ethereum as we know it, while the original one functions as Ethereum Classic.

Additionally, ENS is a token associated with Ethereum Name Service, a decentralized naming system that converts complex, machine-readable names to ones easily understandable by humans.

See Also: Dogecoin Up 15% In 7 Days And One Indicator Shows It May Be Primed For An Aggressive Up Move

Why It Matters: ENS and ETC are fundamentally different from Ethereum, but many retail investors see them as cheaper alternatives.

It is worth noting that both ENS and ETC have much lower unit prices than ETH. So, while ETH gains popularity among institutions, individual investors may be tempted to shift their focus to lower-cap Ethereum coins

Price Action: At the time of writing, Bitcoin was exchanging hands at $67,503 trading mostly flat in the last 24 hours, according to data from Benzinga Pro.

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Why Are Ethereum Classic And Ethereum Name Service Shooting Up On Spot ETH Approval Day? - Benzinga

We Asked ChatGPT if Ripple (XRP) Can Become a Top 3 Cryptocurrency This Year – TradingView

Key points:

TL;DR

The Necessary Conditions

Ripples XRP has been among the top-performing cryptocurrencies lately, with its price jumping above the $0.60 mark for the first time in more than three months. Its market capitalization exceeded $34 billion, thuspositioningthe asset as the sixth-biggest in the entire realm.

We decided to ask ChatGPT whether the progress can continue in the following months and whether XRP has any chance of reaching cryptos top 3 club.

The AI-powered chatbot estimated that such a scenario relies on five essential factors. The first (and probably most important) is a resolution of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).

The entities have been confronting for over three and a half years, with the companysecuringthree partial court wins throughout 2023. XRPs price reacted positively to each triumph, meaning a potential decisive Ripple win could act as a catalyst for another rally.

The second element depicted by ChatGPT includes market adoption and inking strategic partnerships that could enhance the assets utility and demand. Over the past few years, Ripple has shaken hands with numerous leading financial institutions, including one of the biggest banks in Egypt Commercial International Bank (CIB), Thailands oldest bank Siam Commercial Bank (SCB), and MoroccosAttijariwafa Bank.

Favorable market conditions, technological developments, and regulatory clarity are other vital factors that could boost XRPs ranking in the crypto sector.

While these factors can contribute to XRPs rise, predicting its exact position in the cryptocurrency rankings remains speculative and dependent on various market dynamics, ChatGPT warned.

Currently, the top 3 spots belong to Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The stablecoin has a market capitalization of over $110 billion, meaning XRP has a long way before flipping it.Ripple v SEC: The Latest Developments

The lawsuit dates back to December 2020 when the regulator sued the company and some of its executives, accusing them of conducting an unregistered securities offering via XRP sales. It entered its trial phase in April, with some experts suggesting a resolution could occur in the near future.

The American lawyer Fred Rispoli envisioned an agreement as early as this month, while Jeremy Hogan believes the case could be wrapped up before the end of summer. It is worth noting, though, that the case may be prolonged indefinitely due to possible appeals from both sides.

One major issue potentially preventing the outcome is the size of Ripples penalty. The SEC initially sought a whopping $2 billion fine, while the firm insisted the sum should not exceed $10 million. The regulator later softened its tone, lowering the demand to $102.6 million.

Those curious to learn more about the specifics of the legal battle and its impact on XRPs price, please check our dedicated video below:

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We Asked ChatGPT if Ripple (XRP) Can Become a Top 3 Cryptocurrency This Year - TradingView

Cryptocurrency case against Utah DEBT Box dismissed, SEC ordered to pay attorney fees – Salt Lake Tribune

(AP Andrew Harnik, File) A federal judge in Utah dismissed a case against a cryptocurrency company after ruling attorneys for the SEC misled him early on.

| May 31, 2024, 12:00 p.m.

| Updated: 4:12 p.m.

A judge has dismissed the Securities and Exchange Commissions fraud case against crypto brokers based in Utah and ordered the agency to pay their attorneys fees, which hands the $1.8 million tab to taxpayers.

In March, Chief District Court Judge Robert J. Shelby had formally sanctioned SEC attorneys in the case for presenting misleading evidence during their bid to freeze the assets of DEBT Box.

Shelby on Tuesday dismissed the case, as the SEC had requested, without prejudice. That means the agency can try again to prosecute DEBT Box, but the judge added the condition that any future charges must be filed in his court.

The SEC declined to comment any part of the ruling, including whether attorneys would bring a new case. The dismissal, the government attorneys said in court documents, will allow them to regroup, conduct a proper investigation and decide on the appropriate next steps.

DEBT Box celebrated the ruling on X (formerly Twitter) and called it a monumental victory, not just for D.E.B.T. Box but for the entire industry and our dedicated community.

DEBT Box was once based in Draper and now operates overseas. Nearly 30 defendants associated with the company were charged, and the $1.8 million in defense fees will be split between eight attorneys offices.

My clients are relieved that its over, for now, said Richard Hong, lead attorney for DEBT Box, in a phone call Wednesday. We are gratified by the judges rulings and the full attorney fee awarding.

The SEC charged last July that DEBT Box and its associates had lied to investors about virtually every aspect of the business and pocketed millions in fraudulent earnings. Attorneys asked Shelby for a temporary restraining order and asset freeze, which he granted in August 2023.

Shelby later determined that some of the SECs key evidence was incorrect or misleading. He reversed the restraining order that fall and sanctioned the agency in an 80-page March ruling that called the SECs conduct a gross misuse of power.

Hongs office, New York-based Morrison Cohen LLP, is owed the most in fees around $565,500 and was granted the full amount it requested. Shelby ruled that a straight fee based on actual cost accrued, and not adjusted for local markets was an appropriate sanction for bad faith conduct on the part of Commission attorneys.

Defendants have already been the victim of this misconduct and they should not be revictimized by being required to establish the prevailing local rates for this type of litigation, Shelby wrote.

DEBT Box was co-founded by Utah brothers Jason R. Anderson and Jacob S. Anderson, according to court documents. Its associates and co-defendants include several executives from Utah and Utah-registered businesses. The company now conducts limited operations overseas, according to an attorney.

An earlier motion to dismiss from SEC attorneys said the agency would refile its case against DEBT Box, and argued there is still evidence that retail investors have been and are being harmed.

The most recent motion, which Shelby approved, said the SEC has replaced the entire legal and investigative team handling the case in the last few months, and argued a dismissal would allow the new team to reinvestigate and determine whether to refile.

The SEC wants to ensure that its allegations are fully supported by the record before proceeding with the litigation, the motion said.

Hong said his team and his clients will wait and see if the agency brings a new case against them. A new investigation will take time, and once it is done, it could take an additional eight weeks to present a recommendation to the commission if investigators decide another case is warranted, according to the agencys motion to dismiss.

Well see what happens next, Hong said. But if the SEC brings further action, we will be ready for it.

Shannon Sollitt is a Report for America corps member covering business accountability and sustainability for The Salt Lake Tribune. Your donation to match our RFA grant helps keep her writing stories like this one; please consider making a tax-deductible gift of any amount today by clicking here.

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Cryptocurrency case against Utah DEBT Box dismissed, SEC ordered to pay attorney fees - Salt Lake Tribune

Cryptocurrency prices: Check today’s rates of Bitcoin, Ethereum, Dogecoin, Solana – NewsBytes

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What's the story

Bitcoin has climbed 0.91% over the last 24 hours, trading at $68,394.45. It is 0.58% lower than the previous week. The second most popular token, Ethereum, has dropped 0.15% from yesterday to trade at $3,803.74. It has fallen 3.04% from last week. The market capitalization of Bitcoin and Ethereum now stands at $1,330.14 billion and $457.15 billion, respectively.

BNB is trading at $609.33, which is 0.79% up from yesterday and a 0.84% rise from last week. XRP is currently trading at $0.55 after falling down 0.43% in the last 24 hours. It is 2.85% down from last week. Cardano and Dogecoin are trading at $0.44 (down 0.69%) and $0.11 (down 0.26%), respectively.

Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $162.92 (down 1.81%), $7.04 (down 0.66%), $0.000022 (down 2.09%), and $0.66 (down 1.01%), respectively. Looking at the weekly chart, Solana has fallen 1.6%, while Polka Dot is down 5.89%. Shiba Inu has lost 0.11% of its value in the last seven days, whereas Polygon has declined 3.78%.

The top five gainers based on the 24 hour movement are Notcoin, Toncoin, Flare, Kaspa, and Gala. They are trading at $0.022 (up 19.52%), $6.80 (up 7.69%), $0.022 (up 6.44%), $0.11 (up 5.58%), and $0.044 (up 4.44%), respectively.

A stablecoin is a cryptocurrency with extremely low volatility. Its value is linked to a physical asset such as fiat currency or gold. Talking about some of the prominent tokens, Tether and USD Coin are trading at $0.99 (up 0.02%) and $1 (down 0.01%), respectively.

The biggest losers of the day are Synthetix, Bonk, ORDI, Beam, and BOOK OF MEME. They are trading at $2.65 (down 8.40%), $0.000033 (down 6.66%), $45.35 (down 6.59%), $0.022 (down 6.31%), and $0.011 (down 5.54%), respectively.

DeFi, short for decentralized finance, is an umbrella term for global, peer-to-peer financial services on public blockchains. Some of the popular DeFi tokens are Avalanche, Chainlink, Uniswap, Internet Computer, and Dai. They are trading at $35.02 (down 2.88%), $18.02 (down 1.96%), $9.59 (down 2.97%), $11.93 (down 1.38%), and $0.99 (up 0%), respectively.

Non-fungible tokens (NFTs) are cryptocurrencies that lack the attribute of fungibility, due to which they cannot be exchanged for one another. Some of the popular NFT tokens are Internet Computer, Render, Immutable, Stacks, and Theta Network. They are currently trading at $11.90 (down 1.63%), $9.93 (down 0.80%), $2.18 (down 1.80%), $1.85 (down 0.35%), and $2.10 (down 0.94%), respectively.

The current global crypto market cap is $2.53 trillion, a 0.27% increase over the last day. The total crypto market volume over the last 24 hours is $60.22 billion, which marks a 36.84% increase. Last month, the global crypto market cap was $2.21 trillion while three months back, the total capitalization stood at $2.35 trillion.

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Cryptocurrency prices: Check today's rates of Bitcoin, Ethereum, Dogecoin, Solana - NewsBytes

Cryptocurrency Scams Are Still a Threat: 3 Safe Ways to Invest in Crypto – sharewise

Bitcoin (CRYPTO: BTC) may be on the cusp of truly going mainstream, but the crypto market continues to see no shortage of new scams. And it doesn't matter how big or sophisticated of an investor you might be. Even billionaires and longtime savvy investors can get duped by crypto scammers.

The good news is that you can take several basic steps to safeguard your crypto investments and steer clear of most crypto scams. Let's take a closer look.

Arguably, the safest way to invest in crypto is by investing only in exchange-traded funds (ETFs) for specific cryptocurrencies. You can buy and trade these ETFs the same way you would a tech stock, so there's no learning curve involved. You don't have to open any new accounts. Plus, you can sleep easy at night, knowing that every ETF has a seal of approval from the Securities and Exchange Commission (SEC). That helps to explain why the new spot Bitcoin ETFs have been so popular.

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Cryptocurrency Scams Are Still a Threat: 3 Safe Ways to Invest in Crypto - sharewise

Max Keiser Reveals Epic Bitcoin Prediction for Old ‘New’ El Salvador President By U.Today – Investing.com

U.Today - Nayib Bukele started his second term as President of El Salvador yesterday, continuing his administration's pioneering efforts in cryptocurrency adoption. Since September 2021, has been the official legal tender in the South American country.

As a reminder, in his first term, Bukele has reaffirmed his commitment to purchasing one BTC daily into a cold wallet until the cryptocurrency can no longer be technically acquired.

Max Keiser, a big supporter of Bitcoin and advisor to the President, has come up with an ambitious plan for El Salvador during Bukele's second term. Keiser thinks that the countrys wealth will be more and more controlled by its citizens through decentralized Bitcoin nodes.

In this scenario, the President will propose initiatives that the public can fund through crowd-sourcing, effectively reinventing the social contract and operating the nation on a circular BTC-focused economy.

He also sees El Salvador becoming debt-free and using its geothermal and volcanic energy to power Bitcoin mining, aiming to control 10% of the global hash rate.

The country has already made significant progress in this direction, using geothermal energy from the Tecapa volcano to mine 473.5 BTC, which is worth about $29 million. Of the 102 MW generated by the countrys power plants, 1.5 MW is dedicated to Bitcoin mining.

According to data from Arkham, El Salvador currently holds 5,718 BTC, worth about $400.26 million. Keiser thinks this innovative approach will reduce the influence of central banks and make international financial institutions like the IMF irrelevant in the countrys economic policies.

This article was originally published on U.Today

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