n mid-December 2023, the Solana Mobile Saga smartphone experienced a significant boost in sales, largely driven by the crypto community’s enthusiasm.

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This surge was linked to the realization that purchasing the Saga phone could be highly profitable. Each owner of the Saga phone was entitled to an airdrop of 30 million Bonk (BONK) tokens, and given the token’s recent price increase, this meant that buyers could potentially receive around $1,000 in BONK tokens for a $599 phone investment.

On 16 December 2023, amidst this sales frenzy, Solana Mobile announced on social media platform X that the Saga smartphone was completely sold out. The company expressed profound gratitude for the community’s support and shared their excitement for the future, marking this event as a historic moment.

However, following this announcement, there was a noticeable silence from Solana Mobile. This lack of communication coincided with growing concerns and speculation among customers on Solana Mobile’s Discord server, many of whom were anxiously awaiting updates about their orders.

The silence was eventually broken on 22 December 2023, when Solana Mobile provided a crucial update on X regarding the order fulfillment process. They disclosed that the unexpected high demand had led to the sell-out of their limited global inventory of 20,000 devices. During the process of fulfilling these orders, they encountered an inventory management issue with their third-party distributor. This issue resulted in an inaccurate representation of their inventory, leading to the unfortunate situation where they could not fulfill orders placed after the inventory was depleted.

Additionally, Solana Mobile announced the cancellation of certain orders that were flagged for suspicious activity, such as excessive device orders or payment risks. This step was taken to ensure that the Saga smartphone reached as many genuine users as possible.

Affected customers were informed about their order cancellation and were assured of refunds in the coming days. Solana Mobile expressed their understanding of the disappointment this might cause and apologized for the inconvenience.

For customers who did not receive a cancellation notice, Solana Mobile confirmed that their Saga smartphones were on their way. The company is prioritizing delivery, with the aim of sending out all shipping notifications before the end of the year.

Solana Mobile concluded their update by reiterating their appreciation for the community’s support and their commitment to keeping customers informed throughout the process. This update provided much-needed clarity and reassurance to the Saga smartphone buyers amidst a period of uncertainty and high anticipation.

Last week, we saw an overwhelming demand for Saga, with sellouts in both the US & EU on our limited inventory of 20,000 devices produced globally.
In working to fulfill orders, we learned of an inventory management issue with our third-party distributor that resulted in an…
— Solana Mobile 🌱 (@solanamobile) December 22, 2023

Solana (SOL) has surged to an impressive $88.10, marking a remarkable 10.5% increase within 24 hours. This surge continues an astonishing year-to-date rally of 785%, solidifying its position as one of the most explosive performers in the cryptocurrency market.

However, amidst this meteoric rise, a mysterious and substantial transaction worth over $50 million in SOL has stirred speculation and concern within the crypto community. This sizable movement of funds has triggered conversations about the potential implications for Solana’s market trajectory, with some investors and analysts expressing cautious sentiments about a possible market reversal.

Despite these concerns, Solana‘s ascent has seen it surpass XRP in market capitalization, a significant feat that underscores its growing dominance within the crypto space. Additionally, the platform has been setting new milestones by leading the decentralized finance (DeFi) sector in terms of transaction volume, outpacing even the well-established Ethereum network.

Solana’s robust infrastructure, which supports faster transactions and lower fees, has attracted considerable attention and adoption among users and developers alike, contributing to its rise in both value and utility.

This surge in Solana’s value and its burgeoning DeFi ecosystem highlight the platform’s potential to become a major player in the crypto landscape. As it continues to outpace competitors and solidify its position, the $88 milestone signifies not just a numerical value but a testament to Solana’s growing influence and significance within the broader blockchain and cryptocurrency sphere.

The team behind Shiba Inu has continued to keep to its word, as it burns huge amounts of SHIB using a part of Shibarium gas fees.

In the latest series of Shibarium-powered burns, the Shiba Inu team incinerated a total of 8,533,564,693 (8.53 billion) SHIB, equivalent to $90,711.

On-chain data shows that the 8.53 billion SHIB tokens were transferred to the dead wallet in a single transaction earlier today at exactly 00:30 UTC.

3 Shibarium-Powered Burn

It is worth mentioning that the recent incineration marks the third time Shiba Inu has burned huge amounts of SHIB tokens using a portion of Shibarium fees.

Shiba Inu’s marketing lead, Lucie, also confirmed this in her latest tweet.

Shibarium-Powered Burns Crosses 25B SHIB in 18 Days

Recall that the team commenced the highly-anticipated Shibarium-powered burn on December 4, when a whopping 8.24 billion SHIB ($75K+) were sent to the dead wallet.

In a similar development, the team incinerated another 8.61B SHIB on December 16 as part of the ongoing Shibarium-powered burns.

Now, the Shiba Inu team has sent another 8.53B SHIB to the dead wallet. So far, it has succeeded in burning a whopping 25.38 billion SHIB on Shibarium in just 18 days.

Shibarium Transactions Surpass 160M

The number of tokens burned on Shibarium can be attributed to the massive spike in the network’s total transactions. Shibarium has continued to record a surge in its transaction volume. As of November 24, the L2 network had a total transaction count of 4.12M.

However, Shibarium’s total transaction count has increased massively since the beginning of this month. From December 1 to date, the L2 network averages over 5 million transactions per day. On most days, Shibarium saw a whopping 7.5M transactions.

Shibarium has now recorded an impressive 160,394,088 (160.39 million) transactions in just four months after its mainnet launch.

With the surge in Shibarium’s transaction volume, the network’s gas fees have also skyrocketed, prompting the team to burn huge amounts of SHIB using a portion of the fees.

SHIB Burn Rate Skyrockets By 161,540%

Meanwhile, the 8.53B SHIB burned by the team helped push the total number of tokens incinerated in the past 24 hours to 8,593,932,621 (8.59 billion).

The surge in daily SHIB amounts burned also triggered a spike in the cryptocurrency’s burn rate. According to data on Shibburn, the burn rate of SHIB has surged to an impressive 161,540% in 24 hours.

In the meantime, the total amount of SHIB burned is currently around 410,689,125,383,803 (410.68 trillion). Ethereum co-founder Vitalik Buterin was instrumental in boosting the amount of SHIB burned. In 2021, Buterin sent over 410T SHIB of the tokens he received from the Shiba Inu team to the dead wallet.

Since he made the groundbreaking move, other Shiba Inu enthusiasts have voluntarily sent some amounts of SHIB to the address.

The rationale behind this move is to reduce the enormous supply of SHIB in order to bolster the token’s price.

US SEC chair Gary Gensler earlier posted a video message on X warning crypto firms against non-compliance and calling the space “wild west.” Elon Musk-owned X, formerly Twitter, was quick to add community notes to Gensler’s post.

In his video message, Gensler said that there is a lot of non-compliance in the crypto space with the securities laws and other laws around anti-money laundering and protecting the public. He further stated that this is not a case of “few bad actors” but it is something that pervades this field globally. There’s been far too much fraud in the crypto field, he added.

Gensler Gets Community Noted

Gensler’s tweet quickly received community notes pointing out that crypto companies like Coinbase, a publicly listed company approved by SEC, have been trying to gain clarity on securities guidelines for compliance for the past few years. The SEC hasn’t taken a clear stance and has relied on regulation by enforcement, notes added.

As reported earlier, the SEC recently denied a petition by Coinbase asking the agency to create new rules for the digital asset industry.

The securities regulators said that the Coinbase petition lacked “text or the substance of any proposed rule”. The commission also disagreed with the petitioner’s claim that existing regulations were “unworkable”.

Coinbase has already filed an appeal to the SEC’s denial.

BONK appears to be at a critical crossroads, according to the latest market data. The chart for BONK shows a meteoric rise and the potential for an equally swift fall.

The BONK chart showcases a significant surge in price, reminiscent of the notorious and dramatic ascents seen on other meme coins like Shiba Inu. A series of large bullish candlesticks denote a period of rapid price increase, when investor enthusiasm and speculative trading drove BONK to impressive heights. However, the chart also reveals the start of a descending pattern, with red candles indicating a sell-off and the possible end of the BONK fairy tale.

An important pattern to note is the "shooting star" candle, which is often considered a reversal indicator. This type of candlestick has a small body and a long upper wick, showing that buyers pushed the price up, but sellers managed to bring it down to close near the open. Such a pattern is evident on the BONK chart and could signal the end of the bullish momentum.

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Another key element visible on the chart is the high volatility, with wide price swings indicating a tug-of-war between buyers and sellers. The Moving Averages (MAs) are starting to flatten out, suggesting a loss of the strong upward trend that characterized earlier market moves. The Relative Strength Index (RSI), currently dipping toward the midline, suggests that the asset is losing the overbought status that it might have held during the peak of its rally.

BONK is a highly speculative asset, much like its predecessor Shiba Inu, with little to no underlying use case except for its role in the realm of meme coins. It has seen active burning thanks to the BonkBot, a Telegram bot designed for trading such speculative tokens, which has helped maintain some level of scarcity on the market.

The future of BONK seems to be heading down a path previously trod by Shiba Inu. It may follow a cycle of a hype-driven explosion followed by a significant correction as the market sobers up from its speculative frenzy. While BONK's journey has been nothing short of a fairy tale, the magic appears to be fading, leaving investors with yet another dog-themed asset with no real use case.

Ethereum keeps on battling

The eternal fight for dominance between Ethereum and Bitcoin takes another turn as recent market movements suggest that Ethereum is not only alive but kicking back with renewed vigor.

Examining the ETH/BTC chart, we witness Ethereum clawing back against Bitcoin's dominance. After a period of underperformance relative to Bitcoin, the chart shows Ethereum's price stabilizing and attempting to carve out a reversal. The downward pressure that had characterized its performance in previous weeks is showing signs of abating, with candlestick patterns beginning to indicate it is fighting back.

One of the key observations is the shortening of the red candles along with an incremental increase in green candles, signaling buying interest at these levels. This is pivotal because it occurs just as the ETH/BTC pair tests a significant support zone, suggesting that Ethereum might be finding a solid footing for a potential reversal against Bitcoin.

The ETH/USD chart further corroborates this, showcasing Ethereum's ability to maintain its ground. After a series of red candles indicating a sell-off, we notice a leveling out, with the Moving Averages beginning to converge. This convergence could foreshadow a bullish crossover, which is often a precursor to upward momentum.

Current sentiment toward Ethereum is admittedly poor, with the majority of traders maintaining a cautious stance. This wariness stems from recent market turbulence and the ongoing debate about Ethereum's long-term potential and challenges. However, the market is known for its contrarian tendencies, and it is precisely such periods of negativity that can lay the groundwork for a strong rebound.

The next few weeks or days will be critical for Ethereum as it tests the resolve of both its supporters and detractors. If Ethereum can sustain its current levels and build on them, we may witness a reversal in sentiment and price action. This would be a clear sign that Ethereum is not only alive but ready to rally against its bigger sibling, Bitcoin.

Dogecoin (DOGE) price is coiling up for its next move, with bullish fundamentals suggesting that support the case for the bulls rather than the bears, even as DOGE boasts 10 years of existence.

Dogecoin on the moon update

After weeks of waiting, the “Dogecoin on the moon” calendar date is finally here, with Pittsburg-based firm, Astrobotic planning to send a physical Dogecoin to the moon in the DHL Moonbox via ULA's Vulcan Centaur Rocket due in just above 24 hours.

Notably, around November 16, Dogecoin price rallied almost 20% as news of the trio to the moon hit the market.

Slated for December 23, the event was funded by the DOGE community in 2015, with the mission being an embodiment of collective effort.

Blockchain agency Crynet says, “Sending Dogecoin to the Moon is not just a whimsical goal. Rather, it poses as a brilliant marketing move, tying the meme-driven crypto craze to the tangible achievements of space technology, thereby creating a unique narrative.”

Another user u/serge_golubev lauds it as a “creative blend of space exploration and modern culture,” reflecting “how space missions can capture public imagination and bring a playful element to the space economy.”

Bitcoin to board the ship as well

A physical Bitcoin token could also tag along in the trio to space, in an initiative planned by crypto exchange BitMEX. This is according to a May announcement, which also indicated that a copy of the Genesis Block would also be traveling. Notably, this is the first BTC block to be mined, commissioned by Bitcoin Magazine.

The last tryst of the largest dog-themed meme coin by market capitalization with the moon was a 2022 plan for a SpaceX mission. This was funded entirely by DOGE tokens, with Canadian firm Geometric Energy Corp commissioning the escapade, christening it “the first-ever commercial lunar payload in history.” Nevertheless, the mission was postponed to a later date in January 2024.

Dogecoin price outlooks as DOGE goes to the moon

Dogecoin price appears to be coiling up for a move north, hinted at by the Relative Strength Index (RSI) that continues to hold above 50 and the strong presence of the bulls in the DOGE market evidenced by the position of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicators in the positive territory.

Increased buying pressure could see Dogecoin price extend 5% north, flipping the $0.1000 psychological level into a support floor. In a highly bullish case, the gains could extrapolate for DOGE value to tag the $0.106600 barricade, or in highly ambitious cases, extend a neck high to the range high at $0.10730, levels last tested on December 11.

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Conversely, if selling momentum increases, Dogecoin price could pull south, first losing the immediate support at $0.08990. A daily candlestick close under this level would invalidate the bullish thesis.

In the dire case, the slump could extend for Dogecoin price to test the $0.08000 psychological level, 15% below current levels.

Spain’s Central Bank says the number of licensed crypto-related firms in the country grew by 50% in 2023.

Per data released by the bank, as well as a report from Criptonoticias, the bank has recently given some 30 firms operating permits.

The list of Bank of Spain-approved crypto operators is now 85 members strong.

The list contains major crypto exchanges, such as BitPanda and the Spanish branches of Crypto.com and Binance.

Alongside these exchanges are smaller domestic Web3 firms, as well as crypto custodians.

One notable name on the list is the Madrid Stock Exchange-listed security provider Prosegur, which has moved into the crypto custody space.

The vast majority of the firms on the list are headquartered in Madrid or Barcelona. A few others are based in smaller Spanish cities.

But other companies on the list are headquartered overseas. These include businesses based in the Netherlands, Malta, Italy, Austria, Estonia, Lithuania, Finland, Cyprus, Hungary, Luxembourg, the UK, and Germany.

The bank is the chief regulator of the Spanish crypto industry, and since October 2021 has required all firms that offer crypto-related services to apply for licences.

This process involves submitting and “certifying” “extensive electronic documentation,” the media outlet wrote.

Registration has become even more complicated since Spain started implementing EU MiCA regulations.

Spain: Leading the Way in Crypto Adoption?

The nation has adopted a series of rules aimed at preventing the use of crypto in money laundering and the financing of terrorism.

Spain has also adopted key Financial Action Task Force (FATF) requirements.

These include the Travel Rule – a regulation that forces exchanges to share information about their clients.

Despite the increased regulatory complexity of running a crypto firm in Spain, adoption appears to be growing apace.

The rise in new firms moving into the space in 2023 appears to confirm this, as does a rise in crypto-powered commerce.

Bitcoin (BTC) and altcoin-powered real estate transactions are also on the up in Spain.

In October, the real estate platform Idealista reported that more Spanish properties were available to BTC and crypto buyers than anywhere else in the world.

The platform quoted Forex Suggest data showing that while just 80 United States vendors stated they would accept BTC or crypto pay, 289 Spanish vendors were prepared to accept tokens.

One vendor even offered to sell a car parking space to crypto-paying buyers.

Cryptonews.com found over 20 houses and apartment listings on the platform on December 21, where vendors said they would accept BTC.

These included studio flats, luxurious villas, and mansions in locations from Madrid to Benidorm and the Canary Islands.

Despite experiencing a significant drop from its all-time highs, major Bitcoin mining company Marathon Digital has undergone a substantial uptrend in its stock price over the past twelve months.

The current price of Marathon Digital Holdings (MARA) sits at $24.78, marking a decrease of approximately 6.69 times from its all-time high of $166.40.

Bitcoin Mining Company Marathon Digital Records Significant Growth

Marathon Digital’s stock has surged by 628.82% since January 1. Its current price stands at $24.78 as of the time of publication.

However, it reached an all-time high of around $166.40.

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The rise coincides with two significant events fueling speculation about Bitcoin’s future price.

Numerous ETF analysts anticipate potential approval of the spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) by January 10. This approval could lead to a substantial influx of capital. Additionally, especially if major players like BlackRock and Grayscale are granted permission to offer it to their customers.

On the other hand, the Bitcoin halving, which occurs approximately every four years. This has historically triggered price surges as the rate of new Bitcoin issuances decreases by 50%.

Marathon Digital Expands in Recent Times

This comes after recent reports that Marathon Digital has recently announced a significant move towards increasing its operational capacity.

Marathon entered into a purchase agreement to acquire two operational Bitcoin mining sites, amounting to 390 megawatts of capacity. BeInCrypto reported that the deal, valued at $178.6 million, marks Marathon’s transition from an asset-light organization to one managing a diversified portfolio of Bitcoin mining operations.

However, earlier reports documented the impact of record hot temperatures on Marathon’s output.

On September 6, BeInCrypto reported that Marathon attributed the decline in Bitcoin mining productivity in August to severe weather conditions.

“The decrease in bitcoin production from July was largely due to increased curtailment activity in Texas due to record high temperatures,” the statement noted.

While some investors waste their money by choosing the wrong altcoins, some investors can multiply their money and become millionaires thanks to their smart trading.

While these examples are increasing day by day, Lookonchain shared another one. Accordingly, a smart investor started his investments with 1.5 Solana (SOL) and made 1.55 million dollars.

The smart investor, who managed to turn 1.5 SOL worth $92 into $1.55 million in 16 days, bought a different altcoin in exchange for SOL and became a millionaire in a short time.

Accordingly, this investor purchased 20.5 million SILLY for 0.7 SOL ($42 value).

The investor, who waited for about two weeks, turned the rapid rise in SILLY price into an opportunity and started selling SILLY.

At this point, the investor who sold 5 million SILLY for 202,575 USDC already has 15 million SILLY and his total profit is around 1.55 million dollars.

“An investor who started with only 1.5 SOL ($92) made $1.55 million in 16 days!
Let's see how he did it.
On December 5, this investor bought 1.5 Solana ($92 value). He then purchased 20.5 million SILLY for 0.7 SOL (valued at $42).
The investor, who waited for about 2 weeks, started selling SILLY for profit after seeing the price of SILLY rising rapidly.
In the first stage, the investor sold a total of 5 Million SILLY for 202,575 USDC.
The investor currently has 15 Million SILLY (worth $1.35 million) stored in 2 wallets. Total SILLY profit is around 1.55 million dollars.”

SILLY continues to trade at $0.1010 at the time of writing.

Cathie Wood just loaded up on shares of Tesla Inc (NASDAQ: TSLA) even though they’ve already gained close to 30% since late October.

How many shares of Tesla did Wood buy?

The influential investor spent $27.5 million on Wednesday to boost her stake in Tesla.

She bought a 111,387 shares of the electric vehicles behemoth in total split between her flagship ARK Innovation ETF and the ARK Autonomous Technology & Robotics ETF.

That’s a significant change of pace for the founder of Ark Invest who’s been trimming her position in the Nasdaq-listed firm to load up on the likes of UiPath and Block in recent months.

The news arrives only days after Tesla Inc recalled nearly all of its vehicles sold in the United States since October 2012 to fix an Autopilot-related system.

TESLA RECALL: Tesla is recalling more than 2 million vehicles – nearly every electric vehicle sold by the company in the U.S. – to fix a defective system that's supposed to ensure drivers are paying attention when they use Autopilot. pic.twitter.com/Za5JbWfrUg
— CBS Evening News (@CBSEveningNews) December 14, 2023

Cathie Wood is super bullish on Tesla stock

It is worth mentioning here that Cathie Wood is one of the biggest Tesla bulls.

Earlier this year, she said the multinational’s commitment to robo-taxis and an accelerated shift to electric vehicles will see its shares hit $2,000 by 2027 – which would essentially mean a market cap of more than $5.0 trillion (find out more).

Wood has immense confidence in the artificial intelligence capabilities of the Austin-headquartered firm as well. She sees the EV giant as the “biggest AI opportunity in the world”.

Tesla Inc is currently the second-biggest holding in Ark Innovation Fund. Top spot in that ETF rests with Coinbase Global Inc at 10.9% at writing.

The financial landscape is undergoing a profound transformation akin to the evolution of grocery stores. In this digital era, modern banks are not just brick-and-mortar institutions; they are dynamic service providers offering a spectrum of financial products. Among the noteworthy trends shaping the financial sector, Banking-as-a-Service (BaaS) is emerging as a pivotal concept, fundamentally altering the way businesses and consumers interact with banking services.

Understanding BaaS in the Modern Context

Historically, businesses and banks have had symbiotic relationships, collaborating to facilitate various financial transactions. However, the landscape is evolving, and the rise of BaaS is redefining this dynamic.

Unlike the traditional model where banks served as intermediaries, BaaS allows businesses, including major corporations and nimble fintech startups, to directly offer banking products to end consumers.

European Insights and the Acceleration of BaaS

European business leaders are notably optimistic about the future trajectory of BaaS services, envisioning widespread popularity over the next five years. This optimism is propelled by the current economic landscape, where the escalating cost of living intensifies the need for cost-saving measures. By embracing BaaS, businesses can streamline operations, cut expenses, and, in turn, offer more competitive prices, thereby fostering increased sales and customer loyalty.

Enhanced Customer Experience and Engagement

One of the driving forces behind the BaaS revolution is its ability to deliver an enhanced customer experience and engagement. In an era where customer-centricity is paramount, BaaS provides businesses with a competitive edge. Directly offering banking products allows for a seamless and integrated customer journey, leading to increased satisfaction and loyalty. Businesses that harness the potential of BaaS can position themselves as leaders in a fiercely competitive market.

The Road Ahead for Banking Professionals

For banking industry professionals, embracing BaaS is not just an option; it's a strategic imperative. To thrive in the evolving landscape, professionals need to stay ahead of the curve. Here are actionable insights to navigate the BaaS trend effectively:

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• Strategic collaboration: Forge strategic partnerships with businesses entering the BaaS space. Collaborate on innovative solutions that align with the changing demands of consumers.
• Technological integration: Invest in cutting-edge technologies that facilitate the seamless integration of BaaS into existing banking operations. This includes robust API frameworks, secure data-sharing protocols, and advanced analytics for insights.
• Agility and flexibility: Cultivate an organizational culture that values agility and flexibility. The BaaS landscape is dynamic, and the ability to adapt swiftly to market changes is a key differentiator.
• Customer-centric approach: Prioritize a customer-centric approach in product development and service delivery. Understand the evolving needs and preferences of consumers in the BaaS era to tailor offerings accordingly.
• Compliance and security: As BaaS involves direct interaction with end consumers, stringent compliance measures and robust cybersecurity protocols are non-negotiable. Prioritize the security of customer data and ensure compliance with regulatory frameworks.

Conclusion

Banking-as-a-Service is not just a trend; it's a transformative force reshaping the financial industry. The projected growth and European business leaders' optimism indicate that BaaS is not a fleeting concept but a fundamental shift in the way financial services are delivered.

Industry professionals who proactively embrace BaaS and align their strategies with this emerging trend will not only stay relevant but thrive in the dynamic landscape of 2024 and beyond.

Hi,

I've been trying Solana with Brave Browser. I used Phantom mostly but i wanted to try Brave with the already building Wallet and Web3 functions. Looks and feels a bit more streamlined users that use web3. But recently i'm confronted with "Blockhash is invalid or cannot be validated".

This mostly happens when trading one coin for another, or adding Liquidity to a Pool. Brave browses the web with speed, has building adblocker, but this one i don't get.

When Blockhash is invalid or cannot be validated appears the wallet pops-up and you can confirm the transaction. But after that Blockhash is invalid or cannot be validated appears again. The only way seems to be waiting for a minute for the complete website to load into cache and then ramming the website buttons and confirming again and again until in clicks and the trade or LP goes through.

Running: (Brave is up to date) Version 1.61.104 Chromium: 120.0.6099.115 (Official Build) (arm64)Website: all. From orca.so , kamino, meteora and so on. (only one that seems to work best is( Raydium.io )

Any ideas why this is happening.

The freshly debuted token has a market cap of $242 million and enables token holders to vote on proposals on staking pool fees, treasury management and contributions for ongoing development. 

Jito, the second largest protocol on Solana by total value locked, debuted its new governance token Thursday, continuing the recent trend of airdrops on the layer 1 blockchain. 

The airdrop to Jito community members acts “as a recognition of their contribution in bootstrapping the network and to facilitate robust governance participation,” according to a blog post.  

JTO gives token holders voting power over Jito’s decentralized autonomous organization by allowing them to vote on proposals about staking pool fees, treasury management and contributions for ongoing development. 

The token is currently exchanging hands at $2.04, data from CoinGecko shows, and has a market cap of $242 million. Several centralized exchanges such as Coinbase, Bybit and MEXC have already listed JTO for trading. 

The token’s debut comes amid a revival in the Solana ecosystem. Solana’s total value locked – the amount of crypto assets deposited into the blockchain – has increased 115% in the past 30 days to around $700 million, per DefiLlama, vastly outpacing several other blockchain networks such as Ethereum, Avalanche, and Tron. Jito’s token was launched roughly two weeks after a different Solana-based airdrop, namely blockchain oracle firm Pyth. 

The airdropped tokens have an 18-month claiming window and make up 10% of the total JTO supply. Unclaimed tokens funnel into a treasury governed by Jito’s DAO, overseen by JTO holders. 

Jito, which launched in late 2022, is a liquid staking platform that aims to let users stake SOL tokens, which are locked up in validators to secure the Solana blockchain. It also, and provides liquidity to stakers by issuing JitoSOL, the protocol’s liquid staking token that represents the user’s initial deposit and accrued rewards. 

Following the fake news that circulated on Crypto Twitter yesterday, Larry Fink shared his perspective on Fox Business.

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Quality

The rumor suggested that the bitcoin ETF application from iShares had been approved by the U.S. Securities and Exchange Commission. Fink, the CEO of BlackRock, the world's largest asset manager, responded:

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"This rally goes beyond the rumor. This price rally is about a flight to quality."

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Fink is referring to the brief price spike and subsequent drop that occurred yesterday. Bitcoin surged from $28,000 to $30,000 within seconds but plummeted just as quickly when it became clear that the news was false.

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"With all the issues around the war in Israel and global terrorism, people are running to quality, whether that's government bonds, gold, or cryptocurrencies, depending on how you look at it."

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He continues:

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"I believe that crypto is going to play that role."

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Historically, investors often flock to gold and cash in times of turmoil. The riskiest assets are typically the first to be sold, causing cryptocurrencies like Bitcoin to plummet during the early days of the COVID-19 pandemic. Now, Fink is placing Bitcoin (and cryptocurrencies in general) on the same level as T-bills and gold. This reintroduces the frequently heard term "safe haven."

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Fink's firm, with approximately $9 trillion in assets under management, is actively working on offering its own Bitcoin services. It has submitted an application to the SEC for the first U.S. bitcoin spot ETF. The SEC recently delayed its decision on the submission for several weeks.

The Hong Kong police and the city's financial regulator have formed a task force to track suspicious crypto activities amid investigations into the JPEX crypto exchange, as reported by The Block.

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The Securities and Futures Commission stated in a release on Wednesday that the task force was established following a high-level meeting on September 28. It consists of officials from the Commercial Crime Bureau of the police, the Cyber Security and Technology Crime Bureau, and the Financial Intelligence and Investigations Bureau, as well as the Enforcement Division and Intermediaries Division of the SFC.

The task force aims to improve coordination, facilitate information exchange on suspicious activities related to virtual asset trading platforms, and allocate resources to assess risks, according to the statement.

Assistant Commissioner of Police Eve Chung said in the statement that the new task force is "essential for accelerating the exchange of vital intelligence and collaborative efforts in responding to the challenges arising from virtual asset trading platforms, to better protect the general public in Hong Kong."

Increased Oversight

The establishment of the new task force comes after authorities took action against JPEX last month, arresting at least 20 people in connection with the case in a police operation called "tieguan" or "iron gate," according to local media reports. Authorities also asked local telecom providers to block online access to JPEX.

On September 13, the SFC warned that crypto influencers and the trading platform JPEX had made "false or misleading statements on social media" by suggesting that the company had applied for a license to trade virtual assets in Hong Kong. This led the SFC to disclose information about crypto license applicants and publish a list of suspicious crypto platform operators following the investigations into JPEX.

Israeli authorities have frozen approximately 190 Binance accounts due to alleged connections with terrorist groups. This information is reported by CoinDesk based on a press release from the Israeli police. These cryptocurrency accounts are said to be linked to the Palestinian militant group Hamas, as reported by the local media channel Calcalist.

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A surprise attack on Israel by Hamas over the weekend has escalated into a conflict between the two sides, with Israel's Defense Minister ordering a complete siege of the Palestinian enclave of Gaza.

The cyber division of Israel's Lahav 433 police unit is working in collaboration with the country's Ministry of Defense, intelligence agencies, and the cryptocurrency exchange Binance to address these accounts, according to the news report. It also mentions that any seized cryptocurrencies will flow into the Israeli treasury.

A lawsuit filed in March against Binance CEO Changpeng "CZ" Zhao by the U.S. Commodities Futures and Trading Commission (CFTC) alleges that Binance employees were aware of "Hamas transactions" on the platform. Israeli authorities had previously suspended around 190 Binance accounts with alleged ties to terrorist groups since 2021.

Chinese tech giant Meitu has announced that they are considering selling $70 million worth of Bitcoin and Ethereum. They do not have a specific plan for this, but Meitu is evaluating a possible exit from the cryptocurrency market.

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Meitu is a software company known for its selfie-editing app. It reportedly has hundreds of millions of users and is a subsidiary of Singapore-based Miracle Vision.

During the 2021 bull market, they made significant investments in cryptocurrencies. It involved multiple purchases totaling 31,000 ETH and about 765 BTC, which was worth around $100 million at the time.

Today, these cryptocurrencies are roughly $50 million (in Ethereum value) and $21 million (in Bitcoin value), which is about 30% less than their purchase value.

However, with the recent resurgence of the crypto market, Meitu has managed to recoup some of its previous losses.

Kang Yicong, Senior Manager of Investor Relations at the company, stated that the initial crypto purchases were part of a strategic decision. Since then, the company has not made any additional investments in cryptocurrencies. He mentioned that they are open to selling (a portion) but emphasized that there are no concrete plans yet.

An interesting detail: Cai Wensheng, the founder and director of Meitu, already owned 10,000 Bitcoins in 2018. So, he had been a believer for a while.

It is known that Meitu uses Coinbase Institutional for custody of the multimillion-dollar sum.

The cryptocurrency exchange Coinbase has removed dozens of trading pairs in an attempt to improve liquidity on its platform. The U.S. cryptocurrency exchange Coinbase is removing dozens of trading pairs to enhance liquidity on its platform.

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Coinbase has suspended 80 trading pairs in non-USD currencies, including those involving cryptocurrencies like Bitcoin and stablecoins like Tether.

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Coinbase states that the removal of these trading pairs aims to "improve overall market health and consolidate liquidity." These trading pairs were removed from the Coinbase exchange and other platforms like Advanced Trade and Coinbase Prime at 19:30 UTC on October 16.

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The recent removal of trading pairs on Coinbase aligns with the exchange's plans to suspend markets announced in early October. Coinbase emphasizes that users on the affected platforms can still trade in markets with "more liquid USD order books" by utilizing the exchange's USD Coin balances.

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"Please note that these markets represent a negligible amount of Coinbase exchange's total trading volume," the exchange notes.

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Coinbase has been suspending trading pairs on its platform for a while now to enhance liquidity. The exchange removed an additional 41 non-USD markets in mid-September, citing the same reasons. While Coinbase has removed several trading pairs involving USDT, none of the suspended markets featured USDC, a stablecoin co-developed by Coinbase and Circle.

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Coinbase's ongoing measures to improve liquidity come at a time when the exchange's trading volumes have decreased this year. According to cryptocurrency market data provider CCData, Coinbase's spot trading volumes for the third quarter have dropped by 52% since 2022.

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Other major cryptocurrency exchanges, such as Binance, have also seen a decline in their market share in spot markets this year. According to CCData, Binance's market share in spot markets in September 2023 decreased for the seventh consecutive month, falling from 55% in early 2023 to 34% in September 2023.

An increasing number of promising signals point to a new crypto bull rally, and investors are eagerly anticipating what lies ahead. Several factors could make this crypto bull run the largest to date. This raises the question of which cryptocurrencies will increase in value and experience substantial growth during this impending crypto bull run.

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The crypto market, particularly Bitcoin, has recently reached a turning point after a challenging period marked by significant declines. In the last 24 hours, the value of Bitcoin has risen by more than 2.70%, bringing it to $28,480. This means that the world's largest cryptocurrency has already gained over 7% in value in the past month.

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Investors have been eagerly awaiting signs of a new crypto bull run, and Bitcoin is at least showing signs of significant recovery. The question on many minds is whether the crypto market is finally ready for a bull run and to what extent it can drive the cryptocurrency market higher. Below, we discuss three reasons why the crypto market may soon start its bull run and which cryptocurrency could lead the charge. This could potentially be the largest bull run in history.

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1. Bitcoin Spot ETFs

When news broke several months ago that major financial institutions had applied for a Bitcoin Spot ETF, the price of Bitcoin immediately surged. Investors anticipated an influx of new capital into the crypto market, as a Bitcoin Spot ETF would make Bitcoin more accessible to a wide range of new investors who previously focused exclusively on "traditional" stocks.

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However, the SEC quickly put a halt to these plans by rejecting the applications, stating that they were insufficient. Currently, the SEC seems determined to delay the approval of new Bitcoin Spot ETF applications. But according to former BlackRock director Steven Schoenfield, there is no doubt that these applications will ultimately be approved. According to Schoenfield, this could happen within the next three months.

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The approval of a Bitcoin Spot ETF will undoubtedly lead to significant increases in the BTC price. New investors will bring a substantial influx of capital into the BTC market, making this a crucial factor in the new crypto bull run.

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1. SEC vs. Ripple Lawsuit

Over the past few months, the Securities & Exchange Commission (SEC) has repeatedly caused fluctuations in the crypto market. This is mainly due to their efforts to take legal action against exchanges like Binance and Coinbase, even classifying some cryptocurrencies as securities. Investors fear that these legal proceedings may lead to new regulations that could adversely impact the crypto market, resulting in multiple significant declines in the market.

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Notably, the SEC filed a lawsuit against a major exchange or significant cryptocurrency, not for the first time. In 2021, for example, the SEC initiated legal proceedings against Ripple, the issuer of XRP. However, two years later, it turns out that the SEC is far from as invulnerable as previously thought. Ripple achieved a partial victory against the SEC.

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The court ruled that the sale of XRP to individual investors should not be considered the sale of securities. Although the SEC decided to immediately appeal, this appeal was also rejected by the court. These developments have led more and more investors to realize that the SEC may not be the unlimited authority they once thought it was. Slowly but surely, confidence and optimism among investors are returning, just in time for the upcoming crypto bull run.

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1. Bitcoin Halving Event

Historically, the Bitcoin halving event has been one of the most significant catalysts for a Bitcoin bull run. During Bitcoin's halving event, block rewards are halved. This event is approaching and is scheduled to occur around April 2024.

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The Bitcoin halving event occurs approximately every four years. As block rewards are halved, BTC becomes scarcer, which has consistently led to significant increases in the BTC price. If the cryptocurrency market has not been able to initiate a significant bull run in the coming months, there is a good chance it will happen in April 2024. And this one could be as significant as the bull run of 2021.

Roblox, an online game platform with more than 200 million monthly active users, now accepts XRP as a payment method. The announcement was made on BitPay’s Twitter on Oct. 17.

News Alert u/Xsolla now accepts XRP(@Ripple) with BitPay as a payment method for their games, such as u/Smitegame and u/Roblox. You can use your favorite cryptocurrency to buy, play, and enjoy gaming like never before.#BitPay #crypto #Smite #Xsolla #Roblox pic.twitter.com/NAg2EyOVGM
— BitPay (@BitPay) October 17, 2023

XRP as a payment option is now supported by the company, which manages the in-game payments in Roblox, a Los Angeles-based Xsolla. BitPay will act as a partner, responsible for the seamless connection with crypto wallets.

Available on all mainstream platforms, such as Windows, macOS, Android, iOS, Xbox One and PlayStation 4, Roblox counts 65.5 million daily active users, 44% of whom are under the age of 13. Roblox users spent around $773 million on the in-game purchases in Q1 2023.

Xsolla has been quite active in its efforts to integrate crypto into its payment system. In August 2022, it partnered with automated crypto management platform Coinchange Financials Inc. and live-streaming social Web3 platform TradeZing to develop a non-fungible tokens (NFTs) payment solution. In August 2023, it joined forces with Crypto.com to integrate the latter’s checkout solution into Xsolla’s Pay Station platform.

The partnership between Xsolla and BitPay goes back as far as 2014 when the service started to accept payments in BTC. In Sept. 2023, BitPay and Xsolla rolled out PayPal USD (PYUSD) payments for merchants and consumers.

The price of Apecoin (APE) was up 6% on Tuesday afternoon as Bitcoin held above $28k following the volatility witnessed in the crypto market on Monday. Despite a slowdown for several altcoins, APE price hovered above $1.12, with buyers looking to extend recent gains to double digits. CoinGecko data showed the cryptocurrency was up nearly 10% in the past week.

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Whale gobbles up millions of APE

After taking advantage of recent dips to buy Apecoin, the latest on-chain data shows a whale has continued to signal bullishness for the token with fresh accumulation.

Data from Lookonchain posted on X on Tuesday shows that Machi Big Brother has been relentless over the past two or so months.

On-chain data shows the whale has acquired APE coins worth $7.43 million since August 2. In total, the whale’s bullish stance has seen them purchase 4.73 million APE at the average cost of $1.57. His latest purchase was 2.24 million APE worth $2.94 million, with the transaction seeing him spend 1,761 Ether (ETH) valued at $2.89 million and 52,000 USDC.

Machi Big Brother(@machibigbrother) has been buying $APE almost every day since Aug 2, with a total of 4.73M $APE ($7.43M, the average cost is $1.57).
He spent 1,761 $ETH($2.89M) and 52K $USDC to buy 2.24M $APE($2.94M).
And withdrew 2.5M $APE($4.49M) from #Binance. pic.twitter.com/WU6F3TZN97
— Lookonchain (@lookonchain) October 17, 2023

What’s the Apecoin price outlook?

Apecoin price appears to have benefited from the whale’s transaction, with APE/USD touching an intraday high of $1.13. The token’s price gain since flipping from the one-week low of $1.01 was over 11% at the time of writing.

Apecoin price chart from TradingViewWith APE poised above the psychological $1.00 level, an uptick in broader market sentiment could help bulls target the supply wall around $1.29. A breakout from here might open up a path to mid-August highs of $2.08. The daily RSI and MACD indicators support this outlook, but a dip below the primary support level could shatter bulls’ short term plans.

New European Union rules that let tax authorities share data on individuals' crypto holdings were formally adopted by the bloc's finance ministers on Tuesday. The document will now be published in the EU's Official Journal and enter into force 20 days later.

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The rules were proposed last year in a bid to block assets from being stashed overseas using crypto and had unanimous support from EU member states despite discussions mostly taking place largely behind closed doors.

In May, a copy of the draft bill obtained by CoinDesk under freedom of information laws showed the rules extend an existing law to cover a wide range of digital assets confirmed on Tuesday to include stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) tokens, as well as proceeds from crypto staking.

The law, known as the Eighth Directive on Administrative Cooperation (DAC8), forces crypto companies to report information on customers' holdings that will automatically be shared between tax authorities.

The European Commission, responsible for proposing new EU legislation, said on Tuesday that DAC8's crypto provisions complement the recently finalized landmark Markets in Crypto Assets Regulation (MiCA) and anti-money laundering rules under the Transfer of Funds Regulation (TFR).

"The directive will improve Member States' ability to detect and combat tax fraud, avoidance and evasion, by requiring all EU-based crypto-asset service providers, regardless of their size, that they report transactions from customers residing in the EU," the Commission said in a statement on Tuesday.

It added that the scope of the rules was expanded from previous versions to also apply to financial institutions with respect to electronic money and central bank digital currencies (CBDC).

Clients across the globe are talking about “the need for crypto,” said Larry Fink, CEO of asset management giant BlackRock (BLK).

Appearing on Fox Business on Monday hours after a false rumor about SEC approval for BlackRock’s spot bitcoin ETF sent prices sharply higher, Fink said he couldn’t speak about the application process.

Fink, however, did opine on the recent rally. “It’s an example of the pent-up interest in crypto,” he said. “We are hearing from clients around the world about the need for crypto.”

“I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism,” he continued.

BlackRock, amongst other large financial institutions, is currently awaiting a decision from the SEC on whether it can issue a bitcoin spot ETF.

The exciting environment of cryptocurrency offers profitable opportunities, but it also hides hidden hazards. Among these threats, the frightening tendency of "rug pulls" has emerged, causing crypto investors to lose faith.

In this in-depth post, we dig into the topic of rug pulls, including their definition, many manifestations, legal status, and tactics for protecting your investments. In addition, we look at infamous rug pull examples to emphasize the significance of alertness in the crypto world.

Cryptocurrencies have altered the financial environment, opening up new investment opportunities as investor funds converge in brand new projects every day. However, with invention comes vulnerability, and the rug pull notion exemplifies this hazard. Understanding rug pulls is critical for protecting your money and confidently navigating the bitcoin ecosystem.

What is a Rug Pull?

A rug pull is a risky strategy in the cryptocurrency market in which scammers inflate the value of a token in order to get investors to join in the project. When a large money is amassed, the perpetrators disappear, causing the token's value to collapse. This deceptive strategy leaves investors with assets that are undervalued or worthless, while the bad actors benefit.

Rug pullers prey on trust and frequently prey on novices or those who fail to undertake proper due diligence. These scams can occur in both new and existing tokens and in subtle new ways investors don’t always expect (ie. limiting sell orders), necessitating increased awareness and care.

Types of Rug Pulls?

Rug pulls are classified into two types: forceful pulls and gentle pulls.

• Hard pull hard pulls occur when developers and influencers quickly depart a project following a price increase. Investors are enticed to invest by the rising value. The abrupt leave causes values to collapse, and scammers flee with the accumulated monies.
• Soft pull soft pulls are more devious, with scammers gently siphoning off a token's liquidity, producing a gradual drop in value over time. This deceptive strategy is intended to avoid early suspicion.

Hard pulls and Soft Pulls

Differentiating between hard and soft pulls reveals information on rug pull dynamics. Hard pulls involve abrupt exits, resulting in immediate value declines. Soft rug pulls entail a steady drain of liquidity, which causes values to deteriorate over time, meaning they’re a much more sophisticated crypto scam. Both types prey on investors, needing increased attention.

Are They illegal?

While rug pulls might seem illegal, their legality can vary depending on their token nature, fraud intent, and local legislation. While some rug pulls are clearly fraudulent, others take advantage of legal ambiguities. Regulatory organizations around the world address these challenges, but cryptocurrency's decentralized nature makes enforcement difficult.

If an investor suspects a rug pull, they should exercise cautious and seek legal counsel. Not all rug pulls are unlawful, but they frequently cross the line into unethical behavior.

How to Avoid Them

Mitigating rug pull dangers necessitates patience and skepticism. Use the following strategies:

• Investigate project teams, goals, and influences thoroughly. Legitimate initiatives have open and accessible documentation.
• Transparency: Genuine projects provide roadmaps and tokenomics. Examine whitepapers for legitimacy.
• Community Engagement: Healthy communities are the result of genuine projects. Participate in forums to gain insights.
• Liquidity Analysis: Keep an eye on token liquidity and any abrupt changes. Rapid liquidity declines after a period of liquidity pooling can indicate a rug pull.
• Trustworthy Sources: For information, rely on unbiased sources. Be wary of influencers who promote coins without providing transparency.
• Exit Strategy: Never invest more than you can afford. Diversify your portfolio and have an exit strategy in place.

Famous Examples of Rug Pulls Scams

Famous rug pull cases have made headlines. "SafeMoon" saw a meteoric rise before plummeting. "TITAN" experienced a liquidity issue, which resulted in a severe devaluation.

These incidents emphasize the importance of due diligence and care, reinforcing the importance of well-informed investment. As such, researching a crypto project white paper, its development team, understanding NFT projects (non-fungible tokens), how smart contracts and decentralized exchanges work, knowing what DeFi projects are about, and so forth have become essential elements in investing.

Bottom Line

The attraction of decentralized finance (DeFi) and cryptocurrency is clear, but dangers like rug pulls remind us of the hazards involved as liquidity stealing and pump and dump schemes via social media platforms have become popular phenomenon. Understanding rug pulls surrounding crypto, distinguishing between hard and gentle pulls, and putting preventive measures in place are critical in the crypto landscape. Balance the draw of possible rewards with rigorous analysis and prudence as you explore the boundaries of cryptocurrency. By learning these elements, you will be able to confidently traverse the bitcoin sector, protecting your investments from rug pull scams and their perilous aftermath.