Coin overview
J
Ended--
Last price (USDT)
491.27K
24h total (USDT)
1.05M
Total vol (USDT)
2025-01-15 15:00:00 ~ 2025-01-22 09:30:00
Trading time (UTC+0)
2025-01-22 11:00:00 ~ 2025-01-22 23:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
Jambo is building a global on-chain mobile network, powered by the JamboPhone — a crypto-native mobile device starting at just $99. Jambo has onboarded millions on-chain, particularly in emerging markets, through earn opportunities, its dApp store, a multi-chain wallet, and more. Jambo’s hardware network, with 700,000+ mobile nodes across 120+ countries, enables the platform to launch new products that achieve instant decentralization and network effects. With this distributed hardware infrastructure, the next phase of Jambo encompasses next-generation DePIN use cases, including satellite connectivity, P2P networking, and more. At the heart of the Jambo economy is the Jambo Token ($J), a utility token that powers rewards, discounts, and payouts.
Bitdeer achieves 9.7 J/TH efficiency with Sealminer A3 chip
Bitdeer Technologies Group has announced a breakthrough in energy efficiency for Bitcoin (CRYPTO:BTC) mining with its SEAL03 chip, achieving 9.7 joules per terahash (J/TH) during prototype testing. The chip, designed for the upcoming Sealminer A3 mining rigs, was tested under low-voltage, ultra power-saving conditions. Mass production of the Sealminer A3 is scheduled to begin in late 2025, as Bitdeer aims to compete in the high-efficiency mining hardware market. The company is also advancing its Sealminer A4 development, targeting an unprecedented efficiency of 5 J/TH. Initial tape-out for the A4 chip is expected by Q3 2025. These advancements come as Bitdeer continues to expand its infrastructure globally to support next-generation mining technologies. Bitdeer’s infrastructure projects include the phased energisation of a 100 MW hydro-cooling facility in Rockdale, Texas, which began operations in March 2025. Over 500 Sealminer AI units are already operational at this site, with additional units expected to be delivered throughout the month. In Norway, the company’s 40 MW Tydal Phase 1 project is nearing final regulatory approval, while construction of the 500 MW Jigmeling site in Bhutan remains on track for substation completion by the end of March. Bitdeer management highlighted its focus on leveraging its global power portfolio of 2.6 GW to scale high-performance computing and artificial intelligence ventures. Ongoing discussions with U.S.-based partners aim to establish large-scale projects that align with its chip roadmap and infrastructure plans. The firm plans to present updates on these developments at several investor conferences through May 2025, including the ROTH Growth Conference and Bitcoin 2025. “Efficient mining technology is key to sustaining profitability as margins tighten,” stated Bitdeer’s CEO Jihan Wu, emphasising the importance of these innovations in addressing industry challenges.
JP Morgan cuts price target on Tesla shares
After weeks of downturns on Tesla J.P. Morgan has lowered its price target on Tesla’s stock. This is mainly because the company thinks that fewer cars will be delivered for the second year in a row. Analysts also say that current and possibly new customers are feeling differently about the electric vehicle maker. JP Morgan also lowered its price target for the electric car company’s shares from $135 to $120. Data shows that the middle price goal for the stock is $370. In addition, the firm said that Tesla will deliver about 1.78 million cars this year, which is about 1% less than in 2024. TSLA one-hour price chart. Source/TradingView There have been reactions toward the brand such as protests at Tesla stores across the U.S. and around the world, sales boycotts, and jettisoning already purchased vehicles in the second-hand market. Protesters have recently held what they call “Tesla Takedown” events to show their displeasure with Elon Musk’s role in cutting the size of the U.S. government workforce and canceling contracts that would have helped fund humanitarian efforts around the world. Tesla’s stock has dropped since December when it hit an all-time high. This took away most of the gains the stock made after Trump won the election in November. Since Monday, when it fell 15.4%, the stock has gone up 10%. See also Wall Street selloff deepens, White House pushes back against recession talk Trump is blaming protestors for Tesla’s fall, but analysts think otherwise Trump asked in front of the White House whether such protesters should be labeled as domestic terrorists. He said, “You do it to Tesla, and you do it to any company, we’re going to catch you and you’re going to go through hell.” Trump also sat in the driver’s seat of a brand new red Tesla that he said he planned to buy, with Musk in the passenger seat, but did not test drive it. On his social media platform, Truth Social, Trump blamed Tesla’s share price falls on “radical left lunatics,” who he said were trying to illegally and collusively boycott the company. However, stock analysts said the main reason for the shares’ poor performance was fear about Tesla meeting production targets and a drop in sales over the past year. An investment strategist at Quilter Investors named Lindsay James said that the drop in share price had more than one cause. She said that Elon Musk’s political views had an element of a brand impact. She said that the drop was ultimately caused by hard numbers. Tesla is not the only one affected. When you look at new orders, for example, in Europe and China, you can see that they’ve effectively halved over the last year. See also Fed chair Jerome Powell takes a jab at president Trump and his economic policies This year, sales have dropped a lot in Europe. The European Automobile Manufacturers’ Association (ACEA) says that sales were 45% lower in January than the same month in 2024 across the whole continent. In addition, China, which is a key market, and Australia have also seen sharp drops. Some experts say Tesla is overvalued and that the drop is just a correction. Others say that some Chinese electric car companies are becoming more of a threat. Not to forget that people are certainly getting more worried about an economic slowdown too, so the richest-valued companies like Tesla have been hit hardest in recent days. People have also said they think Musk doesn’t pay enough attention to his businesses. On Tuesday, he said about how “with great difficulty” he was running his businesses and being DOGE at the same time. In addition to Tesla, he also runs the social media network X and the company SpaceX, whose last two launches of its huge Starship rocket have failed horribly. On Monday, X went down. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
Congress Torches IRS Crypto Rules in Major Win for Digital Assets
The U.S. House of Representatives approved H.J. Res. 25 on March 11, aiming to overturn the previous administration’s “Broker Rule,” which critics argue imposes excessive burdens on digital asset transactions and stifles innovation. This follows the Senate’s passage of S.J. Res. 28 on March 5. The measure seeks to nullify an Internal Revenue Service (IRS) regulation that requires certain brokers, including decentralized finance (DeFi) entities, to report transaction details. Supporters of the resolution contend that the rule imposes unnecessary compliance costs and threatens to drive cryptocurrency development overseas. House Financial Services Committee Chairman French Hill (R-AR) praised the decision, stating: The previous Administration’s controversial ‘Broker Rule’ is a clear example of government overreach that threatens to push American digital asset development overseas. The lawmaker added: “I was proud to protect America’s leadership in the digital asset ecosystem and vote to overturn this harmful, anti-innovation midnight rulemaking.” Hill also underscored the need for bipartisan action to refine cryptocurrency regulations: “I look forward to working in a bipartisan manner to ensure the digital asset reporting requirements from the Infrastructure Investment and Jobs Act match the technology’s operation. We must bring legal and regulatory certainty to ensure these technologies and entrepreneurs can flourish here in the United States.” House Republican Conference Chairwoman Lisa McClain (R-MI) commented: We voted to reverse another burdensome regulation that created unnecessary bureaucracy in our digital asset sales. House Republicans are easing restrictions, spurring innovation, and making America more competitive. President Donald Trump must sign the resolution for it to become law. The White House has expressed support for the measure, aligning with its broader strategy to ease regulatory constraints and foster innovation in the digital asset sector. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
Trump's Crypto Summit Disappoints, Signals Frustrations in Cryptocurrency Industry
Trump promises but delivers little at Crypto Summit. Frustration grows in the cryptocurrency community. Limited impact of the event on future regulations. Saturday, March 8, 2025 – At the time of publication, the price of BTC is quoted at $86.233,66 with a drop of 3% in the last 24 hours. The recent White House “Crypto Summit” hosted by President Donald Trump was marked more by dissatisfaction than expected enthusiasm, leaving the cryptocurrency community with little reason to celebrate. With expectations high for new favorable regulatory guidelines, the gathering appeared to fail to deliver on any significant promises, resulting in a slight drop in the price of Bitcoin. "Welcome to the first-ever White House Digital Asset Summit. Last year, I promised to make America the Bitcoin superpower of the world, AND WE'RE TAKING HISTORIC ACTION TO DELIVER ON THAT PROMISE." –President Donald J. Trump 🇺🇸 pic.twitter.com/nqUrHQ1xLl — President Donald J. Trump (@POTUS) March 8, 2025 During the event, Trump expressed his intentions to transform the United States into the “Bitcoin capital of the world,” a statement that was met with initial applause but that soon dissipated. “Welcome to the first-ever White House Digital Assets Summit. I know many of you have been fighting for this for years, and it’s an honor to be here with you. Last year, I promised to make America the Bitcoin capital of the world… and we’re taking historic steps to deliver on that promise,” the president said. However, the brief duration of the event and the superficial discussions about future regulations were not enough to sustain optimism. Trump’s attempts to limit the authority of federal regulators were praised by crypto executives such as Coinbase CEO Brian Armstrong. However, the limited focus and lack of detail in the proposals left a negative impression. The summit, which lasted just over 20 minutes on television, generated more criticism than praise. Peter Schiff, financial commentator and cryptocurrency critic, was harsh in his words: “The Crypto Summit is a disgrace. It is a national embarrassment. The crypto faction that has captured the White House is precisely what our Founding Fathers warned us about. It will be a blight on any legacy Trump leaves and will mark a low point for the presidency and the United States.” On the cryptocurrencies XRP, SOL and ADA, David Sacks clarified Some statements by President Trump in a post on Truth Social. The coins were mentioned in relation to their market value, but he did not state that a reserve would be created for these cryptos. “I think people are just reading a little bit too much into it. He just mentioned the top five,” Sacks said. Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss. Tags: Bitcoin (BTC) Donald Trump EUA
“Many of You Have Been Fighting for This,” Trump at Crypto Summit
In a landmark moment for the cryptocurrency industry, President Donald J. Trump hosted the first-ever White House Digital Asset Summit on Friday, marking a pivotal shift in the U.S. government’s stance on crypto. Addressing an audience filled with industry leaders, Trump reaffirmed his commitment to making America the dominant force in the crypto space. “Welcome to the first-ever White House Digital Asset Summit. Last year, I promised to make America the Bitcoin superpower of the world, AND WE’RE TAKING HISTORIC ACTION TO DELIVER ON THAT PROMISE,” declared President Trump, setting the tone for the high-stakes meeting. "Welcome to the first-ever White House Digital Asset Summit. Last year, I promised to make America the Bitcoin superpower of the world, AND WE'RE TAKING HISTORIC ACTION TO DELIVER ON THAT PROMISE." –President Donald J. Trump 🇺🇸 pic.twitter.com/nqUrHQ1xLl — President Donald J. Trump (@POTUS) March 8, 2025 Trump further emphasized the U.S.’s ambition to lead in the digital asset sphere, stating, “Last year, I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet, and we’re taking historic action to deliver on that promise.” A major takeaway from the summit was Trump’s revelation about the U.S. government’s strategic Bitcoin holdings. He confirmed that none of the estimated 200,000 bitcoins currently in the government’s Special Bitcoin Reserve (SBR) would be sold off. However, he clarified that assets within the Treasury’s Digital Asset Stockpile remain eligible for liquidation. “The Treasury and Commerce Departments will also explore new pathways to accumulate additional bitcoin holdings for the reserve,” Trump added, signaling a proactive approach toward strengthening the nation’s digital asset reserves. The summit reinforced the administration’s commitment to fostering a crypto-friendly environment, with Treasury Secretary Scott Bessent stating he is a “big proponent of the U.S. taking the worldwide lead in crypto.” Despite widespread speculation, discussions regarding the potential removal of capital gains taxes on crypto were not publicly addressed during the event. Industry executives present at the summit lauded Trump’s shift in policy, which they argued corrected the restrictive stance of the previous administration. “I thought it was very important that we stay in the front of this one,” Trump remarked, underscoring the significance of positioning the U.S. at the forefront of the crypto revolution. In a lighthearted moment, Trump echoed a popular mantra among Bitcoin enthusiasts: “From this day on, America will follow the rule that every bitcoin knows very well—never sell your bitcoin. That’s a little phrase that they have. I don’t know if that’s right or not. Who the hell knows, right? Who knows? Who knows, but so far, it’s been right, and well, let’s keep it that way.” The summit, held in the ornate State Dining Room, took place under the gaze of a portrait of Abraham Lincoln, adding a historic gravitas to the gathering. More than two dozen of the most influential figures in the U.S. cryptocurrency sector, representing billions in assets, assembled to discuss the future of digital finance with the president. As Trump entered the room, the executives rose in applause. “Many of you have been fighting for years for this,” Trump acknowledged, before adding, “It’s an honor to be with you at the White House.” The event, scheduled to last four hours, was largely conducted behind closed doors, with only a brief portion publicly broadcasted. However, the message was clear: Trump has fully embraced cryptocurrency, aligning the White House’s vision with the industry’s push for regulatory clarity and growth. The summit marked a defining moment in U.S. crypto policy, solidifying America’s intent to dominate the digital asset space. Whether these declarations translate into legislative action remains to be seen, but one thing is certain—the crypto industry has found an ally in President Trump. Follow The Crypto Times on Google News to Stay Updated!
Crypto Assets Conference (CAC25A) on March 26 in Frankfurt am Main
On March 26, 2025, the Frankfurt School Blockchain Center will host the 11th edition of the Crypto Assets Conference (CAC25A) at the Frankfurt School of Finance & Management in Frankfurt am Main. The conference offers in-depth insights into current topics shaping the financial world. Industry experts, leading financial players, and regulatory decision-makers will discuss the latest developments in blockchain , digital assets, and the German and European regulatory frameworks. Additionally, the focus will be on the European Central Bank's DLT projects (ECB Trials), the impact of MiCAR, and the potential of stablecoins for future capital markets. For the first time, the transformative influence of artificial intelligence will also be explored – including its opportunities and risks for the financial sector. Since 2018, the conference has established itself as one of the leading events for digital assets and cryptocurrencies in Europe, featuring speakers from international banks such as J.P. Morgan, Goldman Sachs, Deutsche Bank, and Morgan Stanley, as well as representatives from regulatory bodies including the Bundestag, BaFin, and the European Commission. Hence, the conference attracts an international audience. In addition to over 4,000 online participants, we expect around 500 attendees on-site in Frankfurt, including more than 100 speakers. They will share their perspectives through keynotes, panel discussions, and fireside chats on two stages. Please find further information here: www.crypto-assets-conference.de Crypto Asset Conference Promo Code: How to Attend We at CryptoTicker are pleased to invite you Crypto Asset Conference, as we believe it will be highly beneficial for you to network with like-minded crypto and blockchain enthusiasts. That's why are are giving you, our loyal readers, a 10% discount if you happen to be in Germany so you don't miss out. If you're not in Germany but still would like to watch online, we are also giving you a free pass. Simply click on this link .
SUI Sees Major Boost as Canary Capital Files for ETF – Is a Breakout Ahead?
Date: Fri, March 07, 2025 | 07:14 AM GMT In the cryptocurrency market with in the past 24 hours, Sui (SUI) the prominent Layer-1 blockchain token, is making headlines with a series of bullish catalysts. Following yesterday’s partnership announcement with World Liberty Financial , a Donald J. Trump-inspired DeFi protocol, SUI has once again grabbed investor attention as fresh ETF-related developments surface today. Despite the broader market downturn, SUI remains resilient, trading in green as excitement builds around its future prospects. Source: Coinmarketcap Canary Capital Registers a SUI ETF In a major development, Canary Capital has registered a Sui-based Exchange-Traded Fund (ETF) by filing a trust in Delaware today. This marks the first official step toward an SEC filing for a U.S.-based SUI ETF, a move that could significantly boost institutional demand. Source: @angelodotsui (X) Sources indicate that this Delaware registration is a precursor to submitting an S-1 registration statement, the first step required in the two-stage process for launching a crypto ETF in the United States. If the SEC filing goes through, Canary Capital would become the first asset manager to propose a Sui ETF, potentially opening the door for large-scale adoption and investment in SUI. Is a Breakout Ahead? From a technical perspective, SUI is at a crucial inflection point. Following the major announcements, SUI surged to $2.80, inching closer to the upper resistance of its falling wedge pattern, a structure that historically signals potential bullish breakouts. SUI Daily Chart/Coinsprobe (Source: Tradingview) The price is also testing the 200-day moving average (200MA), a key level that often determines long-term trend reversals. If bullish momentum continues and SUI manages to break above the falling wedge resistance with a retest, it could lead to a strong rally. The next key resistance levels are at $3.48 and $3.78, aligning with the 50-day moving average (50MA). This could result in a 28% upside from current levels. However, if the breakout attempt fails, SUI may retest lower support levels before making another move to the upside. Final Thoughts With both the ETF narrative gaining traction and the strategic partnership with World Liberty Financial, SUI is positioned for significant growth in the coming weeks. The ETF filing by Canary Capital could open doors for institutional investment, while the WLFI partnership strengthens SUI’s presence in the DeFi ecosystem. If both catalysts align with a technical breakout, SUI could see a major rally, further solidifying its standing in the blockchain space. Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
White House Supports Resolution to Overturn IRS “Broker DeFi Rule”
Key Points: The White House has announced support for S.J. Res. 3, a resolution introduced by Sen. Ted Cruz and Rep. Mike Carey to rescind the IRS “Broker DeFi Rule.” The rule, issued on December 30, 2024, expands the definition of “broker” to include software that provides access to decentralized finance (DeFi) protocols. The administration argues that the rule threatens innovation, creates privacy concerns, and increases compliance burdens on DeFi companies. The White House has formally expressed its support for a congressional resolution aimed at overturning a controversial IRS regulation on digital asset reporting. In a Statement of Administration Policy issued on March 4, 2025, the administration endorsed S.J. Res. 3, a joint resolution introduced by Senator Ted Cruz (R-TX) and Representative Mike Carey (R-OH). The White House is pleased to announce its support for the CRA introduced by @SenTedCruz and @RepMikeCarey to rescind the so-called Broker DeFi Rule, an 11th hour attack on the crypto community by the Biden administration. pic.twitter.com/T7Hxasb4aC — David Sacks (@davidsacks47) March 4, 2025 The resolution seeks to invalidate the IRS rule requiring certain DeFi participants to report gross proceeds from cryptocurrency transactions. The IRS rule, which was finalized on December 30, 2024, expanded the definition of “broker” to include software that allows access to decentralized finance (DeFi) protocols. Critics argue that this change would force DeFi platforms and developers to collect and report financial data on users, even if they do not directly facilitate transactions. The rule also raises privacy concerns, as it would require DeFi participants to report details on digital asset transactions and taxpayer information. The administration described the regulation as a “midnight rule” issued in the final days of the previous administration, arguing that it would stifle financial innovation, compromise user privacy, and impose excessive compliance burdens on DeFi companies. The White House stated that supporting S.J. Res. 3 aligns with its commitment to fostering regulatory policies that encourage innovation, create jobs, and promote economic growth. If passed by Congress and presented to the President, the White House has confirmed that senior advisors would recommend he sign the resolution into law, effectively nullifying the IRS rule. The administration’s stance marks a major policy shift on crypto regulation, reinforcing its support for DeFi innovation and privacy protections in the U.S. financial sector.
U.S. House Panel Votes 26-16 to Repeal DeFi Broker Tax Rule
The House panel voted 26-16 to repeal the DeFi broker tax rule, moving it forward. Critics say DeFi platforms lack user data, making the IRS rule unfair and impractical. Supporters state that the rule prevents activities like tax fraud and money laundering. The U.S. House Ways and Means Committee, an arm of the U.S. House of Representatives, has supported the resolution to repeal the ‘DeFi broker rule’, stating that it is unfair and impractical. Notably, the rule requires users to report their digital asset transactions to the Internal Revenue Service (IRS). The rule was earlier approved in 2024 under the Joe Biden administration. Posting an official announcement on X, the Ways and Means Committee passed the resolution in a 26-16 vote. The resolution has now passed to the House floor, following which it would be sent to the Senate and if it passes there, it would be directed to President Donald Trump, who can either oppose it or bring it to action. If approved, the resolution would be initiated in the year 2027, following which it would expand the tax rules to include decentralized exchanges, forcing them to disclose earnings from crypto sales and share taxpayer information. The Ways and Means Committee just passed H.J.Res. 25 – a resolution that repeals an unfair and unworkable cryptocurrency rule that would hamper cryptocurrency holders and the IRS with additional, burdensome paperwork. pic.twitter.com/HRJ1yWJSZA — Ways and Means Committee (@WaysandMeansGOP) February 26, 2025 However, the decision was met with criticism as many stated that the DeFi platforms do not collect personal information from users, unlike banks. Further, it added that the platforms run on smart contracts, allowing them to handle transactions without intermediaries. Since DeFi platforms do not track users’ information, critics emphasized that it is unnecessary to follow the IRS rule. Related: Trump Moves to Make U.S. a Crypto Hub and Ends Crypto Curbs Further, those who repelled the rule stated that if the rule came to pass, it would affect not only blockchain projects but also be a hurdle to innovation. Also, industry leaders and advocacy groups had warned against applying traditional tax rules to DeFi, as it creates uncertainty and limits growth. In a statement, Miller Whitehouse-Levine, the CEO of the DeFi advocacy group, stated that the rule needs to be overturned to protect Americans’ freedom in their transactions. He also said, We urge all members —and all who want to establish the United States as a hub for financial innovation—to act swiftly to uphold Congress’s original intent by supporting the motion to overturn this misguided rule Meanwhile, the supporters of the resolution strongly believed that the rule would not only prevent tax evasion in the industry but also enhance the IRS’s function in improving tax compliance. This will further prevent activities like money laundering and tax fraud. With ongoing political debates about cryptocurrency regulation, the outcome remains uncertain. However, strong opposition from the crypto industry and lawmakers worried about overregulation suggests this issue is far from settled. The post U.S. House Panel Votes 26-16 to Repeal DeFi Broker Tax Rule appeared first on Cryptotale.
ECB Adviser Warns Against Nation-State Bitcoin Reserves
An advisor to the European Central Bank (ECB) has restated the bank's negative view on Bitcoin as the US considers establishing a strategic Bitcoin reserve. ECB advisor Jürgen Schaaf expressed concerns about nation-state Bitcoin reserves, stating that there is no real economic necessity for Bitcoin due to its lack of relevant usage. Schaaf's stance is in line with ECB President Christine Lagarde's recent comments, where she expressed confidence that Bitcoin would not be included in European central bank reserves. Schaaf emphasized that adding Bitcoin to the ECB reserves would not stabilize the single currency but rather fuel speculation and wealth redistribution. He also rejected the idea of central banks holding multiple cryptocurrencies as reserve assets, citing the risks of increased volatility and exposure to speculative assets.
ECB Adviser Questions Viability of Bitcoin Reserves Amid Market Volatility and Economic Concerns
The skepticism surrounding Bitcoin as a reserve asset has been revived as European Central Bank adviser Jürgen Schaaf articulates concerns over its economic utility. With Bitcoin recently trading below $88,000 amid widespread market liquidations, the ECB’s position underscores a critical stance on cryptocurrency reserves. “Adding Bitcoin to the ECB reserves would not stabilize the single currency. It would merely fuel speculation and wealth redistribution,” Schaaf explained. ECB adviser Jürgen Schaaf critiques Bitcoin’s viability as a reserve asset, emphasizing economic instability and volatility amid recent market turbulence. Skeptical Views on Bitcoin Reserves from the ECB As Bitcoin continues to experience significant price fluctuations, Jürgen Schaaf, an adviser to the European Central Bank (ECB), has reiterated the institution’s cautious stance on cryptocurrencies. He emphasized that the move towards establishing Bitcoin reserves at a federal level might not only lack economic necessity but could also lead to increased volatility in financial markets. Schaaf’s comments align with ECB President Christine Lagarde‘s earlier assertions regarding the unlikelihood of Bitcoin being adopted into European central bank reserves. The Risks of Speculation Schaaf articulated that the adoption of Bitcoin would primarily fuel speculation rather than provide stability to the European economy. He highlighted the fundamental differences between Bitcoin and traditional reserve assets such as oil and gas, which serve critical economic functions. “Different types of strategic reserves, such as stockpiling raw materials, can be advantageous during crises, but Bitcoin does not fit this model.” He cautioned that central bank investments in Bitcoin might lead to wealth redistribution without enhancing monetary stability. Central Banking and Cryptocurrency: A Mismatch The caller for central banks to diversify into cryptocurrency appears to be misguided, according to Schaaf. He argued vehemently against the notion of adding cryptocurrencies like Bitcoin into official reserves, stating that doing so would only amplify volatility and the risks associated with speculative investments. Moreover, he noted that the lack of fundamental economic utility for Bitcoin makes it an unsuitable asset for central banks seeking stability and risk mitigation. Current Market Trends: Liquidations and Volatility The crypto market is experiencing severe turbulence, with analysts reporting over $1.5 billion in liquidations within just 24 hours, intensifying the already prevalent uncertainty. Bitcoin’s recent drop below $88,000 marks a notable decline, emphasizing the extreme price volatility that continues to plague the cryptocurrency space. This environment creates further disincentives for the ECB to consider Bitcoin as a viable reserve option. Can Bitcoin Address National Debt? A contested Debate Despite the skepticism articulated by ECB officials, some proponents of Bitcoin argue it holds potential for national debt management. VanEck’s estimations suggested that the U.S. might reduce its national debt by up to 35% with a strategic reserve of 1 million Bitcoin, thereby raining new discussions on the role of BTC in the financial ecosystem. Senator Cynthia Lummis has been a leading voice advocating for Bitcoin’s incorporation into public finance policy, hoping to alleviate burgeoning national debt concerns. Critiques and Counterarguments Skeptics remain, arguing that accumulating Bitcoin may not fix overarching fiscal challenges—it represents only one front in the ongoing national debt debate. The staggering reality of the U.S. debt, approaching $35 trillion, raises questions of whether Bitcoin’s intrinsic value could adequately support such substantial liabilities. This perspective underscores the distinct separation between speculative financial assets and essential economic stability. Conclusion In conclusion, the skepticism toward Bitcoin’s role as a central bank asset appears to be deeply rooted in concerns over volatility and the absence of economic necessity. Despite contrasting views from cryptocurrency advocates, the prevailing sentiment among European central banking authorities like Jürgen Schaaf stresses the potential risks of fueled speculation over practical financial utility. As discussions continue around Bitcoin’s viability for addressing national debt, the landscape remains evolving, yet underscored by caution and scrutiny. In Case You Missed It: Evaluating Potential Buying Opportunities for Dogecoin Amid Current Market Trends
Blockchain Association Urges Congress to Repeal IRS DeFi Broker Rule
The Blockchain Association urges Congress to repeal an IRS rule that expands DeFi broker definitions and imposes strict reporting. Critics argue the rule forces software providers to collect user data, stifling U.S. innovation and driving DeFi projects offshore. A congressional vote in March will decide if DeFi platforms must comply with tough IRS mandates or continue growing freely. A new IRS rule that targets decentralized finance (DeFi) brokers is being pushed by the Blockchain Association to be repealed by U.S. lawmakers. The definition of a “broker” is broadened by this rule, which was completed in the last days of President Joe Biden’s administration, to include software companies that make DeFi protocols accessible. Like traditional financial brokers, decentralized exchanges are subject to stringent reporting obligations under the rules. The crypto industry is backing my efforts to undo the Biden IRS rule that labels decentralized finance participants as 'brokers.' Crytpo is meant to be free from government control—the IRS doesn’t have the right to intrude on your personal privacy. pic.twitter.com/eouoahqDMg — Senator Ted Cruz (@SenTedCruz) February 19, 2025 The Blockchain Association addressed congressional leaders on February 19, requesting support for the resolution S.J.Res. 3 introduced by Senator Ted Cruz. It seeks to nullify the rule before it comes into effect in 2027. The letter presented by 76 crypto organizations expresses concerns about the costs involved in compliance, privacy threats, and threats to innovations. DeFi Regulation Faces Heavy Industry Opposition The IRS announced on December 27, 2024, that nearly 875 DeFi brokers in the U.S. could be affected by the rule. The Blockchain Association strongly opposes the regulation , arguing that it unfairly impacts American crypto firms and undermines financial technology growth. Besides, industry leaders argue that the rule is overreaching and forces software providers to collect personal data from millions of users. These companies do not take custody of assets, yet they would need to modify their operations drastically. Consequently, critics warn that such requirements could hinder DeFi development in the U.S. while driving innovation offshore. Moreover, the association calls the rule a “midnight rulemaking” effort that bypasses Congress. They argue that lawmakers, not regulatory agencies, should decide on policies with broad economic implications. The letter insists that repealing the rule would preserve financial privacy, protect innovation, and support job growth in the sector. Congressional Vote Expected in Early March Senator Cruz’s measure must secure majority approval in both chambers of Congress to overturn the IRS rule. Lawmakers are expected to vote on the resolution by early March 2025. If the rule remains in place, it could impact DeFi platforms, forcing them to comply with stringent reporting mandates. However, if repealed, DeFi innovation in the U.S. could continue growing without excessive regulatory constraints.
SafeMoon CTO Thomas Smith Pleads Guilty to Massive Crypto Fraud Scheme
Last updated: February 21, 2025 17:43 EST Key Takeaways: SafeMoon CTO Thomas Smith is attempting to reverse his non-guilty plea on criminal charges related the company’s crypto fraud scheme. Smith and co-defendants Kyle Nagy and Braden John Karony were indicted back in November 2023. Karony’s trial is slated to begin at the end of the next month. SafeMoon LLC’s Chief Technology Officer (CTO), Thomas Smith, pleaded guilty to two criminal charges related to the SafeMoon token fraud scheme, according to a court filing on Thursday. The charges, which include securities fraud conspiracy and wire fraud conspiracy, stem from an investigation into the company’s alleged misappropriation of investor funds. SafeMoon CTO Thomas Smith Reverses Original Plea According to reports , Smith agreed to plead guilty to securities fraud conspiracy and wire fraud conspiracy, reversing his 2023 decision to plead not guilty to both charges. 3 years ago we exposed SAFEMOON's fraud. They told their community it was just "FUD". Today their CTO Thomas Smith pled guilty. pic.twitter.com/MgUK6R0FcC — Coffeezilla (@coffeebreak_YT) February 20, 2025 Smith, initially indicted in November 2023 alongside SafeMoon co-founder Kyle Nagy and CEO Braden John Karony, now faces charges of securities fraud conspiracy and wire fraud conspiracy. The indictment also accused the executives of money laundering. According to the U.S. Department of Justice , the defendants misled investors by claiming that SafeMoon’s liquidity pools were locked to prevent a “rug pull.” However, prosecutors say they retained access to the funds and diverted millions of dollars for personal use. SafeMoon Executives Under Legal Scrutiny for Fraudulent Scheme Nagy, Karony, and Smith allegedly concealed the origin of misappropriated funds through unhosted crypto wallets, complex transaction routing, and pseudonymous centralized exchange accounts. Authorities claim the trio used proceeds from the fraudulent scheme to finance extravagant purchases, including luxury cars and real estate. Smith, in particular, used back-channel transactions to acquire a custom Porsche 911 sports car and a non-fungible token (NFT) using investor funds from the liquidity pool. “SafeMoon’s executives grew their company value to over $8 billion, but instead of rewarding their clients as promised, their insatiable greed led them to spend millions of dollars on their own lavish desires,” said Ivan J. Arvelo, Special Agent in Charge of HSI, New York. “Today, no luxury vehicles or sprawling real estate can protect them from the consequences of such crimes,” he added. Karony is set to stand trial later this month. His request to delay proceedings until April was denied by a judge, despite his argument that evolving U.S. cryptocurrency regulations warranted a postponement. While Karony awaits trial, the situation surrounding Nagy remains unresolved. Reports suggest that the former SafeMoon co-founder is in Russia, avoiding legal action. Investor Awareness and Consequences This case reinforces the importance of maintaining vigilance for anyone investing in new financial opportunities. It encourages investors to evaluate both the potential returns and the ethical standing of those leading the project. When funds are misdirected, the effects can ripple across investment communities, sparking a critical review of risk management strategies . A well-informed approach to crypto investments can help mitigate losses while insisting on higher accountability from market participants. As legal decisions unfold, the narrative calls on investors to engage thoughtfully and proactively with emerging opportunities .
Eurosystem Expands DLT Settlement Initiative with Central Bank Money
The European Central Bank (ECB) is advancing its initiative to settle transactions recorded on distributed ledger technology (DLT) in central bank money, marking a significant step in institutional blockchain adoption. The move is aimed at enhancing financial market efficiency while ensuring interoperability with existing infrastructures. Two-Track Approach to DLT Settlement The ECB’s Governing Council has adopted a two-track approach to facilitate DLT-based transactions. In the short term, the Eurosystem will develop a platform that enables seamless settlement of these transactions in central bank money through an interoperability link with TARGET Services. A timeline for implementation is expected soon. The long-term plan involves an integrated solution for DLT transactions, including foreign exchange settlements. This initiative aligns with the ECB’s broader efforts to modernize financial infrastructure while maintaining stability. “We are embracing innovation without compromising on safety and stability,” said ECB Executive Board member Piero Cipollone, who oversees the project. “This is an important contribution to enhancing European financial market efficiency through innovation.” Leading Financial Institutions Join Eurosystem’s DLT Trials To support the initiative, the ECB launched exploratory work between May and November 2024, bringing together key financial institutions, market participants, and DLT operators. Notable stakeholders in the first wave of trials include: BNP Paribas SA (both market participant and DLT operator) Deutsche Bank AG DZ Bank AG European Investment Bank J.P. Morgan SE Eurex Clearing AG DekaBank Deutsche Girozentrale (both market participant and DLT operator) Clearstream Banking AG Oesterreichische Nationalbank Their participation highlights the growing institutional interest in blockchain-powered infrastructure. By conducting over 50 trials and experiments, the ECB and its partners have tested the feasibility of integrating DLT within existing financial frameworks. Implications for Digital Assets and Web3 The ECB’s commitment to DLT settlement in central bank money supports broader efforts to integrate blockchain into traditional finance. This initiative could significantly impact stablecoins, tokenized assets, and digital securities by establishing a regulatory-compliant framework for institutional adoption. For Web3 innovators, this development signals that regulators and central banks are taking blockchain’s potential seriously. The Eurosystem’s approach aligns with the goal of a unified European digital asset market, reinforcing the drive toward a digital capital markets union, as outlined in the ECB’s March 2024 statement. As regulatory frameworks evolve, the ECB’s initiative could set a precedent for central banks worldwide. Successful implementation may lead to increased liquidity and confidence in tokenized financial instruments, fostering greater institutional adoption. With global regulators engaging more actively with blockchain technology, the Eurosystem’s expanded initiative marks a pivotal moment for financial infrastructure modernization. The coming months will reveal how this project shapes the future of digital asset settlement and blockchain’s role in institutional finance. * Read our disclaimer
76 crypto firms oppose IRS DeFi broker rule
The Blockchain Association, representing 76 cryptocurrency organisations, is urging Congress to support Senator Ted Cruz in repealing the IRS’s DeFi broker rule, arguing that it threatens U.S. crypto innovation and imposes excessive burdens on blockchain firms. In a letter dated Feb. 19, the association called on Senate Majority Leader John Thune, Senate Minority Leader Chuck Schumer, House Speaker Mike Johnson, and House Minority Leader Hakeem Jeffries to repeal the regulation. The rule, finalised near the end of the Biden administration, has drawn opposition from major crypto organisations, including 0x Labs, a16z Crypto, Crypto.com, and Grayscale. The letter backs Senator Cruz’s Congressional Review Act resolution, S.J.Res. 3, which seeks to overturn a regulation that broadens the definition of a "broker" under U.S. law to include software providers facilitating access to DeFi protocols. The IRS disclosed on Dec. 27, 2024, that the DeFi broker rules could impact up to 875 DeFi brokers in the U.S. if implemented in 2027. The Blockchain Association argues that the rule could stifle American DeFi companies, weaken innovation, and reduce U.S. competitiveness in financial technology. CEO Kristin Smith stated that while the group has launched a legal challenge against the rule, congressional repeal would be a faster solution. The association also contends that the regulation unfairly targets domestic DeFi firms, potentially driving projects offshore. It warns that the rule expands the definition of a “broker” to include software through which users interact with DeFi protocols, creating additional pressure on developers working in the space.
ECB advances CBDC platform amid US ban
The European Central Bank (ECB) is expanding the development of a wholesale central bank digital currency (CBDC) payment system to settle transactions between institutions. The announcement, made on February 20, outlines a phased approach to establishing the new system. According to the ECB, the first phase involves developing the CBDC settlement platform. The second phase includes deeper integration into existing ECB systems, such as foreign currency exchange markets. ECB executive board member Piero Cipollone, who oversees the wholesale CBDC initiative, stated that the program aims to achieve “a more harmonised and integrated European financial ecosystem.” Since 2020, the ECB has been exploring CBDCs in different capacities, including a consumer-facing retail digital euro and wholesale cross-border settlement between central banks. CBDCs have faced criticism regarding privacy concerns, potential threats to individual autonomy by centralised state entities, and the lack of fundamental change in the inflationary mechanics of digitised fiat currency. Meanwhile, in the United States, President Donald Trump signed an executive order on January 23 prohibiting the development of a CBDC and commissioning a working group on digital assets. Yifan He, founder of blockchain firm Red Date Technology, told that Trump’s order likely impeded all CBDC projects worldwide. Following Trump’s ban, Cipollone reinforced the EU’s need for a digital euro to compete with privately issued stablecoins. He added that the growth of privately issued cryptocurrencies and stablecoins could further disintermediate commercial banking institutions and central banks. During a press conference on January 30, ECB president Christine Lagarde expressed confidence that central banks under the eurozone system would not adopt Bitcoin as a reserve asset. Lagarde suggested Bitcoin (CRYPTO:BTC) was too volatile, illiquid, and unsafe for Europe’s banking institutions. The ECB is also exploring ways to settle blockchain-based transactions in central bank money. Jürgen Schaaf, Adviser for Market Infrastructure and Payments at the ECB, discussed timelines, goals, and the role of banks in the new ecosystem in a Deutsche Bank Research webinar. The BIS now sees the likelihood that central banks will issue wholesale CBDCs by 2030 exceeding the likelihood of retail CBDC issuances.
FTX announces May repayment round after initial payouts
FTX (CRYPTO:FTT), the bankrupt cryptocurrency exchange, is set to continue repayments to its creditors, with the next distribution scheduled for May 30, 2025. This follows the initial round of reimbursements that commenced on February 18, 2025. The upcoming repayment round will cater to holders of allowed "Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims," which include customers who had assets on the platform during its collapse, as well as vendors and trading partners. To qualify for this distribution, creditors must have their claims verified by April 11, 2025. According to FTX creditor and advocate Sunil Kavuri, the May repayments will encompass claims exceeding $50,000. These creditors are required to select a distribution agent by April 11. Under FTX’s recovery plan, it is anticipated that 98% of creditors will receive at least 118% of their claim value in cash. In May 2024, the exchange estimated the total distribution value to be between $14.5 billion and $16.3 billion. The initial repayments, which began on February 18, 2025, focused on "Convenience Class" creditors with claims of $50,000 or less. These creditors are expected to receive their repayments within one to three business days. The repayments are facilitated by crypto exchanges Kraken and BitGo. Creditors are required to complete Know Your Customer (KYC) verification, submit necessary tax forms, and onboard with either BitGo or Kraken to participate. FTX has cautioned users about potential phishing emails impersonating official communications. John J. Ray III, plan administrator of the FTX Recovery Trust, acknowledged the patience and collaboration of customers and creditors throughout the process, adding that recovery efforts will continue to return funds to additional claim classes.
BREAKING: Following Today’s Distributions, FTX Sets Date for Next Major Creditor Repayments
According to the latest information, FTX plans to make the next distribution on April 11, 2025 for customers with a balance over $50,000. “Today, we are pleased to begin the initial distributions and determine the timeline for our next distribution,” said John J. Ray III, plan administrator for the FTX recovery trust and CEO of FTX Debtors. “FTX appreciates the patience and cooperation of our customers and creditors throughout this complex process. Our work is not over, and we intend to continue our recovery efforts and return funds to additional claim classes.” The funds will be distributed through BitGo and Kraken, which provide withdrawals to customers. *This is not investment advice.
FTX begins initial fund distributions to customers as its bankruptcy recovery forges on
An initial batch of customers of bankrupt exchange FTX are beginning to receive their funds over the next few days, with others set to get their share in the coming months. Convenience class customers, those claiming up to $50,000 will begin seeing their funds in the next one to three business days, according to a statement released Tuesday by FTX. The next round of distributions will take place on April 11, FTX said. "We are pleased to commence initial distributions today and set the timeline for our next distribution," said John J. Ray lll, the plan administrator of the FTX recovery trust and FTX Debtors CEO. "FTX appreciates our customers and creditors' patience and collaboration throughout this complicated process. Our work is not over – we intend to continue our recovery efforts and returning funds to additional claim classes." Funds will be available through BitGo and Kraken, FTX said. FTX's bankruptcy plan was approved by a Delaware judge in October 2024, two years after the exchange filed for bankruptcy. Under the plan , 98% of creditors will receive at least 118% of their claim value in cash. The plan garnered criticism from some, including Sunil Kavuri, a representative of the largest FTX creditor group. Kavuri said the estate should pay out cryptocurrencies in kind rather than the dollar value when the exchange filed for bankruptcy back in 2022. FTX's former CEO, Sam Bankman-Fried, was found guilty in November 2023 of seven criminal counts, including two counts each of wire fraud and conspiracy to commit wire fraud, and was sentenced to nearly 25 years in prison. Sister trading firm Alameda also subsequently fell, and its CEO Caroline Ellison was sentenced to two years for her role in the downfall of FTX.
Bitcoin’s Inter-Exchange Flow Metric Suggests Potential Shift to Bearish Phase as Risk Appetite Declines
The recent trend in Bitcoin exchange flows is raising concerns among investors, suggesting a potential shift towards bearish market conditions. CryptoQuant’s analysis indicates that a notable decrease in Bitcoin moving into derivatives exchanges could signal a cautious investor sentiment. “When Bitcoin leaves derivatives for spot exchanges, it points towards market participants minimizing their risk exposure,” commented J. A. Maartunn from CryptoQuant. This article examines the recent Bitcoin exchange flow metrics suggesting bearish trends, offering insights into market dynamics and investor behavior. Analyzing the Shift in Bitcoin Exchange Flows The latest data on Bitcoin exchange flows reveals critical indicators that have caught the attention of market analysts. As reported by CryptoQuant, Bitcoin is showing a noticeable trend of leaving derivatives exchanges, which historically correlates with reduced bullish sentiment among traders. Understanding the Inter-Exchange Flow Pulse (IFP) is essential to grasp the current market dynamics. This metric highlights the interaction between derivative and spot exchanges. The recent decline in Bitcoin’s movement towards derivatives could signify that investors are becoming risk-averse, opting to take profits or close long positions. Implications of Reduced Risk Exposure The observations from CryptoQuant outline a potential bearish phase for Bitcoin as the market enters a period of decreased risk appetite. The data illustrates that as long positions get closed, many investors, particularly large stakeholders or whales, are retreating from the market. Moreover, historical evidence suggests that when Bitcoin begins to flow toward spot exchanges, it often precedes significant drops in price. The analysis shows that this pattern has repeated in past market cycles, acting as a bearish signal for traders looking to forecast future price movements. Market Sentiment: A Bullish Underpinning? Despite the bearish signals indicated by the flow metrics, some analysts believe that the overall market sentiment for Bitcoin remains robust. Reports from various financial experts suggest that while short-term fluctuations may indicate hesitancy, the broader outlook for Bitcoin continues to lean towards recovery and growth in the long run. Factors such as anticipated increases in global liquidity and macroeconomic adjustments in policy could play pivotal roles in influencing market trends. Several analysts also maintain that unless there is a severe withdrawal in market support, the current correction should not derail the foundational bullish optimism still held by many in the crypto community. Looking Ahead: Financial Strategies During Uncertainty As the market grapples with uncertain conditions, it becomes increasingly vital for investors to maintain vigilance and adapt their strategies based on the evolving trends indicated by metrics like the IFP. Establishing robust support levels by monitoring whale activity and trading volumes continually could help traders navigate through volatility effectively. Moreover, strategic decision-making that includes diversifying portfolios and staying informed about macroeconomic developments can empower investors to better manage risks associated with crypto trading. Conclusion In summary, the current trend in Bitcoin exchange flows highlights a significant shift towards caution among investors, potentially signaling the onset of a bearish phase. However, with the overall sentiment remaining bullish, it is essential for traders to be proactive in considering both short-term tactics and long-term strategies. By remaining attentive to market signals and economic indicators, investors can position themselves to take advantage of future opportunities in the crypto landscape. In Case You Missed It: Polkadot (DOT) Shows Potential for Growth Amid Bullish Indicators and Accumulation Strategies
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