Cryptocurrencies To Watch

Author: Chris Lion

  • Nigeria Drops Money Laundering Charges Against Binance Exec

    Nigeria Drops Money Laundering Charges Against Binance Exec

    The Nigerian authorities have dropped all charges against Tigran Gambaryan, head of financial crime compliance at leading crypto exchange Binance.

    Gambaryan’s Free at Last

    After months of deliberation, the charges against the senior executive were dropped due to his poor health, according to sources familiar with the court’s ruling.

    Gambaryan had been detained in Nigeria since February for money laundering and currency manipulation. 

    During the court hearing, a lawyer representing the Economic and Financial Crimes Commission (EFCC) noted that Gambaryan was simply a Binance employee and was being prosecuted for actions related to the company’s operations.

    Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Gambaryan, also agreed with the EFCC lawyer. He further noted that the executive had no involvement in Binance’s broader financial decision-making processes. 

    An Unjust Arrest?

    Before the case was dropped, Gambaryan requested bail because he was down with severe malaria. However, the court denied his request twice despite his deteriorating health condition. 

    During a hearing on October 11, Gambaryan was noticeably missing from the courtroom due to his health challenges.

    Mordi then asked the court to adjourn the hearing to a later date. The attorney noted that this would allow parties to take necessary steps to ensure the defendant received the required medical care.  

    In the last nine months, the Binance executive has witnessed challenging phases in Nigerian custody, during which time the Nigerian government accused the company of currency manipulation and money laundering.

    Nigeria Goes After Binance

    Earlier this year, Nigeria’s currency lost a lot of value, which revealed that Binance allowed Nigerian peer-to-peer (P2P) traders to manipulate the exchange rate. As a result, the crypto exchange had to stop P2P trading for Nigerian users.   

    In addition, the Nigerian government also requested information on Binance’s top 100 users in Nigeria, alleging that unidentified individuals conducted around $26 billion in transactions on the platform, which purportedly contributed to the decline of the naira.  

    In late February, Binance sent two senior executives to discuss the issue with the Nigerian government. Shortly after the talks, Nigerian law enforcement detained both of them.  

    One of the executives, Nadeem Anjarwalla, a British-Kenyan in charge of Binance Africa, escaped custody and left for another country. However, Gambaryan has stayed in the government’s custody and has faced trials. With the latest ruling, he will be freed and go back to his family

  • Pump.fun Fee Account Sells 40,000 SOL Valued at $6.68M

    Pump.fun Fee Account Sells 40,000 SOL Valued at $6.68M

    The Solana-based platform Pump.fun fee wallet recently offloaded 40,000 SOL tokens worth $6.68 million.

    Pump.fun is a user-friendly memecoin generator on the Solana blockchain that allows anyone to create and distribute tokens, primarily memecoins.

    According to blockchain analytics tool Lookonchain, the Solana-based memecoin platform has generated total revenue of 969,945 SOL ($162 million), selling 503,343 SOL ($78.7 million) at an average price of $156.4, making it one of the most profitable protocols this year.

    Pump.fun’s success has helped boost its reputation in the Solana ecosystem, attracting interest for its memecoin launch strategy.

    While SOL has been one of the top-performing altcoins over the past year, the asset has experienced market declines.

    The price of SOL has increased by over 9.3% on the weekly chart. The world’s fifth-largest cryptocurrency rose 0.34%, changing hands at $166.20.

    Is Pump.fun Pressuring Solana’s Price?

    According to data from Solscan, the memecoin launch platform could introduce selling pressure, as its fee account currently holds an additional $47.9 million worth of SOL. Although, the sales did not affect the price of the crypto asset.

    Popular crypto trader and podcast host Luke Martin noted that the rally of the Solana token stalled and became stagnant once users began launching meme tokens on Pump.fun.

    According to a chart shared by crypto trader Satoshi Flipper in an X post, Solana’s next significant target may be the $200 level.

    Kendrick Predicts a 5X Solana

    In recent times, analysts have predicted the price of SOL. For instance, Geoffrey Kendrick, Global Head of Digital Assets Research at the British multinational Standard Chartered, says Solana could increase by 5X by the end of 2025 if Donald Trump wins the United States presidential election.

    Kendrick further noted that Solana could also outperform Bitcoin and Ethereum upon Trump’s emergence as president of the U.S. since his economic policies and administration will create a conducive environment for Solana’s expansion, potentially leading to a significant price increase.

  • Payment Company Stripe Acquires Stablecoin Platform Bridge in $1.1B Deal

    Payment Company Stripe Acquires Stablecoin Platform Bridge in $1.1B Deal

    Payment processing giant Stripe is planning to acquire the stablecoin platform Bridge for a staggering $1.1 billion, according to a Forbes report on Monday.

    The report revealed that the deal was in “advanced stages,” although representatives from both organizations have not yet commented.

    Stripe’s Largest Deal 

    The report also noted that if the $1.1 billion deal with Strip goes through, it would be a huge jump from Bridge’s $200 million valuation and Stripe’s largest acquisition to date.

    Stripe is a payment processing platform that enables businesses to accept credit and debit card payments and various other online payment methods.

    According to the report, Stripe has emphasized that crypto is a massive priority for the company. In July, the company enabled crypto purchases in the EU, and earlier this month, Stripe introduced a “Pay with Crypto” feature that allows merchants to accept stablecoins.  

    In March, Stripe announced that it had surpassed the $1 trillion milestone in total payment volume for 2023, with the transactions from businesses using its platform accounting for approximately 1% of global gross domestic product (GDP).  

    The announced deal followed just six months after co-founder John Collison revealed that the company would start supporting global stablecoin payments.  

    It also came less than two weeks after Stripe launched stablecoin payments on its main payments user interface by integrating the Circle USD (USDC) stablecoin.  

    Over $58M in Funding

    Co-founded by former Coinbase employees Zach Abrams and Sean Yu, Bridge is a stablecoin orchestration platform that facilitates the transferring and payments of stablecoins through its APIs.  

    Abrams served as the head of consumer at Coinbase and founded Evenly, a peer-to-peer payments company that Square eventually acquired. Yu also held engineering positions at Coinbase, Square, DoorDash, and Airbnb.

    Bridge enables businesses to create, store, send, and accept stablecoins. This year, the company secured $58 million in funding from investors, including Sequoia, Ribbit, Index, and others. 

    The executives aim to make stablecoin more widely used by creating a global payment network. The technology is geared towards making global money transfers faster and cheaper. 

    Before the deal, Bridge boasted of reputable investors and high-profile customers. The startup established partnerships with clients like SpaceX and Coinbase.

  • Tether’s USDT Reaches New Record of $120B Market Cap

    Tether’s USDT Reaches New Record of $120B Market Cap

    The world’s largest stablecoin issuer, Tether, has recorded a new milestone for its flagship stablecoin, USDT. According to the firm’s website, the US dollar-pegged stablecoin has surpassed $120 billion in market capitalization for the first time.

    A stablecoin is a type of cryptocurrency that aims to maintain a stable value over time by pegging its value to a reference asset, such as a fiat currency, commodity, or another crypto asset.

    Launched on October 6, 2014, Tether’s USDT was designed to provide traders and investors with a digital asset pegged to the US dollar, offering a safe haven from the typical price swings in the crypto world.

    What Drove USDT’s Growth?

    Tether has had its fair share of successes in the crypto industry over the past months. For example, the stablecoin issuer minted $1.3 billion worth of USDT after a severe market downturn in early August. An increasing supply of stablecoins is frequently seen as an indicator of a potential bull market, which implies that investors are accumulating stablecoins before investing in crypto assets.

    By August 9, the minted USDT stablecoins contributed to BTC’s more than 21% rebound, increasing its price from its low value on August 5 to over $60,300.

    Recently, a large share has been transferred to major centralized exchanges (CEXs), indicating potential buying pressure from investors.

    Data from Arkham Intelligence revealed that in the past 48 hours, Tether’s treasury transferred more than $66 million in stablecoins to Binance and over $20 million in USDT to the Kraken exchange.

    Can $120B USDT Trigger the “Uptober” Bitcoin Rally?

    The increasing supply of Tether’s stablecoins could spark the next “Uptober” rally, a term used in crypto for October, as the month has traditionally been bullish for bitcoin prices.

    In contrast, declining stablecoin inflows frequently result in a correction in the crypto market. On August 12, BTC price dropped below the crucial $60,000 threshold, undergoing a nearly 4% correction as institutional buying of USDT temporarily halted.

    According to data from CoinGlass, October has historically been the second-best month for the leading cryptocurrency, yielding average returns of 21%. This follows November, which boasts an average monthly return of over 46% for Bitcoin.

    In the last Bitcoin halving year of 2020, the price increased by more than 27% in October and over 42% in November, part of a six-month rally that continued until March 2021.

  • Here’s Why Litecoin (LTC) Unlocked a Local High of Over $73

    Here’s Why Litecoin (LTC) Unlocked a Local High of Over $73

    Litecoin (LTC) has recently achieved a significant breakthrough. This new high marks its highest price for the first time since July 2024.

    According to a recent post by blockchain analytics platform Santiment, LTC surged past $73, hitting a new high. This is the first time since July that Litecoin has experienced a moderate breakout.

    Litecoin is a decentralized peer-to-peer cryptocurrency. Due to its shorter block time, it is often regarded as a faster and more cost-effective alternative to Bitcoin for smaller transactions. However, they both employ the proof-of-work (PoW) consensus mechanism.

    Why Litecoin Soared this Week

    Santiment noted that LTC’s current price is primarily influenced by a significant increase in on-chain transaction volume, with daily transactions nearly crossing $4 billion, and a recent application for a Litecoin exchange-traded fund (ETF) in the United States.

    Earlier this week, the crypto investment company Canary Capital filed for the first-ever spot Litecoin ETF with the United States and Exchange Commission (SEC). The firm would offer U.S. investors an investment vehicle linked to LTC if approved.

    Even though Canary Capital’s ETF application has yet to be decided on, the announcement fueled excitement among the Litecoin community. An ETF backed by the coin could pave the way for increased institutional investment and enhance Litecoin’s acceptance in mainstream finance.

    A Litecoin ETF would represent more than new investment opportunities; it would signal approval from financial regulators, indicating that the crypto asset has matured past its speculative days.

    The crypto asset has surged 1.46% over the past 24 hours, changing hands at over $72.60. As of the time of writing, its market cap is over $5.4 billion.

    Litecoin’s Performance YTD

    Over a year-to-date (YTD) record, Litecoin has had its fair share of market growth. The L1 network processed over 6.3 million transactions early this year, suggesting renewed interest and on-chain activities.

    Data from Glassnode also showed that since January 4, the daily count of unique addresses active on Litecoin, either as a sender or receiver, rose by 17%.

    The rise in activity boosted that network’s hashrate to its second-highest level of 885.09 TH/s, according to data from CoinWarz.

    Due to the rise in user activity, the year was also marked by a jump in transaction fees on Litecoin. Since January 4, the total fees paid daily to process transactions on the chain have grown by 38%.

  • Ethereum, L2s to Exceed 100K Transactions Per Second, Says Vitalik Buterin

    Ethereum, L2s to Exceed 100K Transactions Per Second, Says Vitalik Buterin

    Ethereum’s co-founder Vitalik Buterin has recently highlighted his vision for the next phase of the blockchain’s roadmap, known as the “Surge.”

    In a recent blog post, Buterin outlined his primary objectives for the Surge, focusing on surpassing 100,000 transactions per second (TPS) on Ethereum’s mainnet and layer 2 solutions while enhancing interoperability between L2 networks.

    Buterin praised the success of Ethereum’s rollup-centric roadmap, strengthened by the Dencun upgrade in March, though he acknowledged that this strategy had brought some unique challenges along with it.

    Rollup-Centric Roadmap Proposes Division of Roles

    He noted that the rollup-centric roadmap had faced criticism, with some detractors arguing that extractive L2s are diverting users and revenue away from Ethereum’s mainnet, introducing new security risks, and making Ether, the network’s native token, inflationary.

    The rollup-centric roadmap also proposes a simple division of roles, where Ethereum’s Layer 1 serves as a secure and decentralized foundation, and the L2 solutions handle scaling for the ecosystem.

    According to Buterin, for Ethereum to advance, it must innovate in areas like data availability sampling, enhancing data compression, ensuring L2 networks are fully trustless, and streamlining the user experience across different blockchains.

    He also mentioned that progress on making Ethereum rollups fully trustless, similar to the Ethereum mainnet, had been slow due to concerns about potential bugs in the code.

    Buterin further emphasized that Ethereum requires trustless rollups, which enable certain L2s to inherit Ethereum’s core attributes and support more sustainable scaling in the long term.

    Increasing Ethereum’s Gas Limit

    While focusing on bugs in the code, Ethereum’s co-founder highlighted the importance of scaling Ethereum’s base layer to meet growing demand.

    “If L2s become very scalable and successful but L1 remains capable of processing only a very low volume of transactions, there are many risks to Ethereum that might arise.”

    Buterin noted that the most direct solution would be to raise Ethereum’s gas limit; however, he pointed out that this could lead to centralization risks because of the higher costs for stakers.

    Enhancing the User Experience on Ethereum

    Buterin stated the significance of enhancing user experience among Ethereum’s upcoming layer-2 networks, a concern that numerous Ethereum users have voiced in recent months.

    “If we are serious about the idea that L2s are part of Ethereum, we need to make using the L2 ecosystem feel like using a unified Ethereum ecosystem,” he said.

    In addition, Buterin noted that enabling L2 networks to communicate more seamlessly in the back end would ease users’ technical burden.

  • Italy to Increase Bitcoin Capital Gains Tax from 26% to 42%

    Italy to Increase Bitcoin Capital Gains Tax from 26% to 42%

    The Italian government plans to significantly increase the capital gain tax on Bitcoin (BTC) from 26% to 42% to help the country to boost its public services funding.  

    The increase in taxation is part of a broader plan in Italy’s 2025 budget proposal, currently awaiting parliamentary approval.  

    The country’s Deputy Minister of Economy, Maurizio Leo, revealed the proposed changes at a press briefing on October 16. Leo noted that the withholding tax on Bitcoin capital gains should rise to 42% according to the budget bill. 

    Italy Plans to Eliminate the Minimum Revenue for DST

    Leo further noted that the bill would eliminate the minimum revenue threshold for Italy’s web tax, also known as the Digital Services Tax (DST), implemented as part of the nation’s budget in 2019.

    According to the Deputy Minister, the DST currently applies to businesses that earned a minimum of €750 million ($817 million) in the previous calendar year and at least €5.5 million ($5.9 million) in revenue from providing digital services in Italy.

    “On capital gains from Bitcoin, the withholding tax increases from 26% to 42%. On web tax revenues, we are working to eliminate the ceiling of 750 million euros and 5 million in Italy. Therefore, we are eliminating the thresholds,” Leo said.

    While the tax mainly targets large-scale investors, its overall effect on Italy’s growing crypto market has yet to be determined. If approved, the proposal may position the European nation among those with the highest capital gains tax rates on digital assets, possibly preventing and discouraging some investors.

    Countries Increasing Crypto Tax Rates

    Meanwhile, countries like Luxembourg, Denmark, Finland, Netherlands, Germany, and Ireland demand the highest tax rates on crypto. 

    On the other hand, there are numerous crypto friendly countries that have more relaxed policies for individuals who decide to move there, such as El Salvador, Malaysia, Georgia, Puerto Rico, and Belarus.

  • Donald Trump Receives $7.5M in Crypto Donations Within Three Months

    Donald Trump Receives $7.5M in Crypto Donations Within Three Months

    A political action committee backing Donald Trump’s presidential campaign has raised approximately $7.5 million in crypto donations, according to a Federal Election Commission (FEC) filing.

    The contribution occurred briefly from July to September 2024, covering major crypto such as Bitcoin (BTC), Ethereum (ETH), XRP, and the United States  dollar-pegged stablecoins Tether and USDC. 

    With the 2024 election only three weeks away and the race nearly tied based on polling averages, Trump relies on significant financial support from the crypto community. The influx of donations has elevated the former president as a key cryptocurrency supporter in the upcoming election, a shift from his earlier position while in office. 

    In May, Trump made history as the first major presidential candidate to receive donations in crypto assets.  

    50% of Corporate Funds Come From the Crypto Community

    According to a recent Public Citizen report, almost 50% of all corporate funds flowing into the election have originated from the crypto sector. 

    Among the contributors, notable companies like Coinbase, Ripple, and the venture capital firm Andreessen Horowitz were recognized for their donations, highlighting the significant backing from the crypto sector for the Republican candidate.   

    David Bailey, CEO of media group BTC Inc., donated more than $498,000 in bitcoin.

    The report noted that at least 18 donors contributed over $5.5 million in BTC, and another 7 donated about $1.5 million in ETH.   

    Harris Accepts Crypto Donations

    Similarly, Kamala Harris, Trump’s rival, has welcomed crypto donations as well. Ripple Chairman Chris Larsen made a major contribution, donating $1 million worth of XRP to Harris’ campaign.  

    The vice president also unveiled a new crypto plan and major financial opportunities for black men.  

    Harris noted that 20% of black Americans have owned crypto assets, and she promised regulatory protections to help safeguard their participation in the evolving financial landscape.

    Trump Launched WLFI Token

    The recent development came after the Republican candidate launched World Liberty Financial’s WLFI token public sale. The initiative sold over 220 million WLFI tokens in the first twenty minutes.

    Meanwhile, with 20 days left before the upcoming election, Trump is leading Harris by 14 percentage points, according to American financial exchange and prediction market Kalshi Inc.

  • Tesla Transfers $765M Bitcoin Stash to Unknown Wallets

    Tesla Transfers $765M Bitcoin Stash to Unknown Wallets

    Electronic vehicle manufacturer Tesla has transferred its Bitcoin (BTC) stash valued at approximately $765 million to several unknown wallets.

    According to data from the blockchain intelligence platform Arkham, Tesla executed roughly 26 transactions, including test transfers.

    Tesla Wallet Inactive Since 2022

    Arkham also showed that the first transfer occurred on October 15. Before the massive transfers, the electronic vehicle company’s Bitcoin wallet had remained inactive since June 17, 2022.

    There is also no indication that the crypto asset has been transferred to crypto exchanges, and Tesla has not made any public statements about plans to sell its holdings. Therefore, this reduces the possibility that the firm wants to shed part or the entirety of its BTC holdings.

    Tesla Invests $1.5B in BTC

    Tesla first entered the crypto market in February 2021, investing approximately $1.5 billion in bitcoin. The company then sold 4,320 BTC the next month, followed by a larger sale of 29,160 BTC in 2022.

    According to BitcoinTreasuries data, Tesla is currently the fourth-biggest holder of bitcoin among publicly traded companies. Only software company MicroStrategy and bitcoin mining firms MARA Holdings and Riot Platforms have larger heaps of the leading crypto asset.

    Musk’s BTC Payment Plan

    Tesla CEO and tech billionaire Elon Musk planned to accept Bitcoin payments when Tesla first acquired its stash. However, the plan was quickly dropped due to environmental concerns.

    SpaceX, a spacecraft manufacturing business also owned by the billionaire, still holds approximately 8,285 bitcoins worth over $553 million.

    Further information about Tesla’s bitcoin transfers and whether the company has sold its holdings could be revealed when it releases its third-quarter financial results after markets close on October 23, 2024.

    Meanwhile, Tesla’s recent transfers have had no effect on the price of BTC. As of the time of writing, the leading cryptocurrency is currently trading at over $67,400, up 2.66% over the last 24 hours.

  • Ripple Unveils Partners for its RLUSD Stablecoin

    Ripple Unveils Partners for its RLUSD Stablecoin

    Ripple, the global payment company behind the Ripple blockchain, has announced exchange partners and customers for its upcoming dollar-denominated stablecoin, Ripple USD (RLUSD).

    The blockchain infrastructure provider has partnered with crypto exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, to facilitate the distribution of the stablecoin.

    Ripple Ventures Into the Stablecoin Market

    Ripple first announced plans to launch the RLUSD stablecoin on April 4. On August 9, the digital currency was deployed for testing on the XRP ledger (XRPL) and the Ethereum mainnets.

    Although Ripple has not announced the official launch date for RLUSD, the company noted that the stablecoin is developed with trust, liquidity, and compliance at its core.

    The firm further stated that RLUSD combines the stability of conventional fiat currencies with the speed and efficiency of blockchain technology, making it well-suited for various financial applications.

    According to Ripple CEO Brad Garlinghouse, the company’s upcoming stablecoin aims to become a leading standard for enterprise-level stablecoins.

    “Customers and partners have been asking for high-quality stablecoins like RLUSD to use across various financial use cases, such as payments, tokenization of real-world assets, and decentralized finance,” Garlinghouse said.

    The CEO further noted that Ripple’s payment solution will utilize RLUSD, XRP, and other digital assets to facilitate faster, more reliable, and cost-effective cross-border payments.

    RLUSD’s Regulatory Compliance

    Ripple’s RLUSD is one of the few stablecoins issued under a New York Trust Company Charter, ensuring it is subject to stringent regulatory supervision.

    With significant regulatory adherence, Ripple’s advisory board includes Sheila Bair, the former Chair of the United States Federal Deposit Insurance Corporation (FDIC).

    “Stablecoins will play a key role in modernizing our financial infrastructure and broadening financial inclusion. I am honored to join Ripple’s advisory board as they launch their stablecoin with a compliance-first approach,” Bair said.

    She added that as the digital asset sector expands, ensuring responsible innovation will be crucial for its adoption, focusing on safeguarding consumers and maintaining financial stability.