The biggest crypto news and ideas of the day |
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Would the Real Trump Coin Please Stand Up? |
A newly launched cryptocurrency on Solana called Restore the Republic, or RTR, which was rumored to be the official token of Donald Trump, ballooned to $155 million market value before cratering 95% Thursday after the former president's son warned that his father doesn't yet have an official token. Hopes for Donald Trump's crypto aspirations were kindled earlier this week when Eric Trump, his son, tweeted that he has "fallen in love with Crypto / DeFi. Stay tuned for a big announcement." Then on Thursday, Restore the Republic began trading, soaring to a $155 million market capitalization just hours after launch. Ryan Fournier, conservative activist and chair of Students for Trump, amplified the hearsay, saying that "rumor has it that the official trump coin is out...called Restore the Republic." That post on X has since been deleted. Subsequently, Eric Trump popped the bubble and chaos ensued. He warned users of "fake tokens" and said that the "only official Trump project has not been announced." The post sent RTR spiraling. It fell 95% from its peak price. |
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Bitcoin briefly spiked over $62,000 before retreating during the Asian morning hours on Friday as the broader market rallied to reverse a steep rout from earlier in the week. The recovery has some bitcoin bulls revisiting their $100,000 year-end target. "Now that the Bank of Japan has indicated they will not raise interest rates further — and Jump Trading will run out of coins to sell, just like Germany did a few weeks ago — I do not see the price going much below $50,000 (other than a quick wick), perhaps ever again,” Transform Ventures founder Michael Terpin told CoinDesk in an email Friday. “Regardless of the next 60 days, the bull market will continue along traditional four-year cycle lines with solid gains in October and November,” he added. “If Trump wins, a rush of new buyers could take the bitcoin price over $100,000,” Terpin said, adding that the six months after the halving have had pullbacks — and this fifth bitcoin cycle is no exception. “October and November are historically strong months for bitcoin, especially in the year of the halving and the year after,” he said. |
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Catizen: Cultivating TONs of NextGen Web3 Users The future of crypto is being built on The Open Network (TON) and Catizen is creating the playbook for engaging gamers through web3. According to TONStat, TON has more than 10.78 million activated wallets (i.e. wallets with at least one outgoing transaction)—a +1400% increase in just the last year—and a peak of over 5 million monthly active wallets over the past six months. Through its unique integrations with Telegram, TON projects gain access to Telegram’s over 900 million users, making the TON ecosystem one of the most visible blockchain ecosystems to date. Continue reading. |
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Coinbase Weighs in on Prediction Markets |
Proposed rules by the Commodities Futures Trading Commission (CFTC) regarding prediction markets should be withdrawn because they exceed the commission's statutory authority and ignore the positive impact of prediction markets on the economy, Nasdaq-listed crypto exchange Coinbase wrote Thursday in a letter to Commissioners. "We firmly believe that this all-or-nothing approach to the treatment of event contracts is not consistent with the promotion of responsible innovation and growth in regulated, transparent markets with appropriate safeguards to protect market integrity and protect customers," Coinbase's Chief Legal Officer, Paul Grewal, wrote in the letter. In May, the CFTC published a proposal on event contracts (prediction markets) that defined "gaming" as betting on outcomes of political contests, awards, or athletic events. (By law, gaming contracts are impermissible for CFTC-regulated entities.) This proposal had the support of three Democratic commissioners, CoinDesk reported at the time, who cited concerns over market integrity and the agency's role. In Thursday's letter, Coinbase wrote that it objects to the CFTC's broad definition of "gaming," arguing that it unfairly restricts valuable event contracts by categorically banning them without considering their individual public interest merits. |
XRP Whales ❤️ U.S. Exchanges |
XRP is having its moment not just in terms of price rally but also enhanced liquidity on U.S. exchanges, a positive development for whales looking to trade large quantities at stable prices stateside. As of Thursday, U.S. exchanges, including Nasdaq-listed Coinbase (COIN) and Kraken, boasted a 1% market depth of $1.12 million, offering 30% greater order book liquidity than offshore exchanges like Binance and OKX, according to data tracked by CCData. In other words, a trade would have to be worth at least $1.12 million on U.S. exchanges to move the spot price by 1% in either direction. A relatively smaller amount could do the same on offshore exchanges. The 1% market depth on U.S. venues has increased 53% since July last year, outpacing the 43.2% improvement on offshore platforms. Market depth refers to the market's capacity to handle large buy and sell orders without causing significant fluctuation in the concerned asset's going market price. The depth is quantified by analyzing the number of active buy and sell orders at various price levels. The greater the depth, the easier it is to execute large orders with minimal slippage. |
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