Daily Crypto News by CoinMinutes

[cmnews]

Solana Soars Nearly 20% Following Praise from 'Stock Queen' Cathie Wood


Riding the positive wave in the cryptocurrency market, SOL experiences impressive gains after remarks from Ark Invest's CEO.


In an interview with CNBC on November 14, Cathie Wood lauded Solana, emphasizing its speed, practical applications, and cost efficiency within its network. According to the CEO, Ethereum and Solana are crucial components of the blockchain ecosystem, labeling them as essential infrastructure layers with more practical applications than Bitcoin.


In terms of performance, Solana has outshined other major coins, especially in recent times. SOL has surged over 53% in the past week, with monthly and yearly gains of 197% and 350%, respectively. Meanwhile, BTC and ETH have adjusted with fluctuations of 32% and 28% in the month.


During the interview, Cathie Wood also discussed the current market expectations for a series of Bitcoin spot ETF products awaiting SEC approval. According to her, the focus should be on the fundamental role of Bitcoin as a "monetary revolution," rather than placing too much emphasis on short-term price volatility. Instead of choosing gold or cash, Cathie Wood has previously declared her bet on Bitcoin for the next decade on Bloomberg's podcast.


In conclusion, she does not rule out the possibility of a "sell the news" scenario, as the anticipation for spot ETFs far exceeds the current demand. This could potentially trigger a significant market sell-off.


Read our news: SOL Price “Jumps” 20% Following Positive Remarks From Ark Invest CEO

 

[cmnews]

Analysts Forecast Bitcoin Surging to $45,000 by Year-End 2023

Markus Thielen, Head of Research at Matrixport, notes a rising demand for bullish bets, particularly appealing to market makers, potentially driving significant Bitcoin growth. Decreasing U.S. inflation and expectations of Fed interest rate cuts further support a bullish outlook. Recent indications show a notable slowdown in inflation from the peak of 9.1% in June last year, leading UBS to suggest a potential halving of the benchmark interest rate to 2.75% by the Fed.

Additionally, Wall Street's positive stance on spot ETFs could bolster Bitcoin. Bloomberg researchers estimate a 90% likelihood of SEC approval for one or more spot ETFs before January 10, potentially acting as a market catalyst.

Read the full article here: Analysts Forecast Bitcoin Surging To $45,000 By Year-End 2023

 

[cmnews]

Bitcoin Surges Nearly 3% as Javier Milei Emerges Victorious in Argentina's Presidential Runoff

In a surprising turn, Javier Milei, a fervent Bitcoin advocate, secured victory in Argentina's presidential election on November 19 with over 55% of the votes.


Milei, critical of Argentina's central bank and its role in the inflation crisis, will assume office on December 10.


Known for championing the elimination of central banks and supporting Bitcoin, Milei sees it as a means to restore control of money to the private sector.


Despite endorsing cryptocurrencies, he advocates for "dollarization" over Bitcoin as legal tender, aiming to address triple-digit inflation.


Following the election news, Bitcoin experienced a 3% surge in 24 hours, reaching $37,350.

Read the full article here: Javier Milei Wins Argentina’s Presidential Runoff, Leading To Almost 3% Increase In Bitcoin

 

[cmnews]

Binance founder Changpeng Zhao pleaded guilty to money laundering charges, stepping down as CEO. In a Seattle court on Nov 21, he admitted to violating anti-money laundering regulations. Despite potential 18 months in prison, he's released on $175 million bond, agreeing to return from the UAE for sentencing.


Binance, facing criminal charges, plans to pay a $4.3 billion fine, addressing civil allegations. Zhao retains ownership despite stepping down. The situation parallels BitMEX's CEO case. Born in 1977, Zhao, a Chinese-Canadian billionaire, founded Binance in 2017, raising $15 million during the ICO. Under his leadership, it became the largest global cryptocurrency ecosystem, with Zhao joining the billionaire club in 2021. Regulatory scrutiny led to leadership departures, and CFTC investigated Binance, marking significant legal challenges.


This the full article: Binance Founder And Ex-CEO Changpeng “CZ” Zhao Has Been Freed On A $175 Million Bond

 

[cmnews]

Former FTX CEO Sam Bankman-Fried had to resort to using mackerel as currency to obtain essentials in prison, as well as offering crypto to the guards.


Since the conclusion of his trial regarding his role in the collapse of the cryptocurrency exchange FTX, the former CEO, Sam Bankman-Fried (SBF), has been held at an MDC prison in New York City, awaiting sentencing on March 28, 2023.


According to the Wall Street Journal, the former FTX CEO has "quickly adapted" to life in prison, immersing himself in the underground economy. Specifically, Sam Bankman-Fried began using pre-packaged mackerel pouches to fulfill various needs during his detention, including getting a haircut.


Mackerel, also known as mack, has become an unofficial form of currency within the U.S. federal prison system since cigarettes were banned, being accepted for bartering goods. Some former inmates interviewed by the Wall Street Journal even claim that the "mack currency system is more stable than crypto." However, there are times when the mack prices experience "inflation," with the current rate at $1.3, a 30% increase from 2020.


Moreover, WSJ's sources revealed that Sam Bankman-Fried proposed a "crypto boa" to the guards as a form of payment.


Currently, the former FTX CEO is allowed one visitor per week, as well as the use of a laptop to review legal documents. He also meets the requirement for a vegetarian diet and is permitted to take Adderall under a doctor's prescription.


However, the conditions at the MDC prison are reported to be deteriorating, lacking personnel, with inmates restricted to their cells most of the time, receiving meals at their doors. Some experts believe that Sam Bankman-Fried's living conditions may improve once he is sentenced and transferred to a more specialized facility for economic crimes.


Read our news: Sam Bankman-Fried’s Challenging Prison Life: Paying For Haircuts With Fish

 

[cmnews]

Football superstar Cristiano Ronaldo is facing a lawsuit from a group of investors for promoting Binance. The lawsuit alleges that Ronaldo actively participated in the unregistered securities offerings alongside Binance. Despite the positive attention from global sports fans, Binance has been grappling with legal issues in the U.S., including a $4.3 billion fine and the resignation of CEO CZ. The investors claim Ronaldo's endorsement of NFT promotion on the platform could lead users to engage in other potentially unlawful activities on Binance. The lawsuit seeks compensation for damages and legal expenses incurred.

Read the full article: Cristiano Ronaldo Sued For Promoting The Crypto Exchange Binance