Coin overview
MAJOR
Mapped
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Last price (USDT)
27.44K
24h total (USDT)
338.41K
Total vol (USDT)
2024-08-08 11:00:00 ~ 2024-11-14 06:00:00
Trading time (UTC+0)
-
Delivery time (UTC+0)
Introduction
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Major insurance company Allianz Insurance bought 25% of MicroStrategy bonds
Europe's second-largest insurer Allianz Insurance now owns 25% of convertible bonds in the largest corporate Bitcoin holder, MicroStrategy, for $750 million. Allianz is the largest buyer of MicroStrategy's convertible bonds, ahead of other companies Calamos Investments, Context Capital Management, State Street, Fidelity Investments and BlackRock, according to Bloomberg data. Many in the crypto community see the deal as a sign that the insurance company supports Michael Saylor's strategy of investing in bitcoin. This is the only way the insurance company can access BTC, as they are not allowed to directly buy securities or cryptocurrency, one trader wrote on social media. MicroStrategy is the largest corporate holder of Bitcoin. Its latest purchase of 51 BTC increased Bitcoin - the company's assets are up to 331 coins, which at the current price of the flagship asset are valued at approximately $200 billion. MicroStrategy Stock Chart for the Year According to TradingView, MicroStrategy shares have risen more than 30% in 430 hours to $22,13. Despite this, the company's securities have grown by 96% over the past five days, by 510% over the past month, and by XNUMX% since the beginning of the year. EN @happycoinnews EN @happycoinnews_en
Cardano Jumps 215% After Major Breakout and Sets Sights on Higher Targets
Cardano broke out of a two-year pattern and surged past critical resistance levels with strong market interest. The cryptocurrency has reached $2.20 and could climb to $3.75 as analysts monitor its sustained growth potential. Traders see new opportunities while investors focus on Cardano’s strong blockchain fundamentals and its growing market relevance. Cardano (ADA) has surged by 215% after breaking a two-year resistance, marking one of its strongest rallies to date. The cryptocurrency breached the $0.75 level, flipping it into support, and climbed past $2.20 with significant trading volume backing the breakout. $Ada #Ada Cardano Flying After Breakout 215% Profit So Far https://t.co/iSbl6SqAiE pic.twitter.com/WWSgw0M5tm — World Of Charts (@WorldOfCharts1) November 23, 2024 The Technical Breakout and Rally The breakout followed two years of consolidation in a descending triangle pattern, a setup defined by steady support at $0.30. The triangle’s upper boundary was breached, signaling a bullish reversal. Consequently, this move drew significant attention from traders and analysts. Moreover, the $0.75 resistance zone flipped into a strong support level, boosting confidence in the ongoing rally. This support provides a base for potential consolidation and further gains. Additionally, trading volume surged during the breakout, confirming the bullish sentiment driving the price higher. The next target for Cardano, based on the measured height of the triangle, is projected at $3.75. If ADA sustains this momentum, it could reach this level soon. However, short-term corrections remain possible due to rapid price increases. Opportunities and downsides for Investors The rally offers opportunities for both quick-term traders and prospective investors. Traders benefit from ADA’s clear upward trend, creating multiple entry points for possible profits. Besides, the $0.75 support level enables safer stop-loss placements. For potential shareholders, this breakout validates Cardano’s fundamentals, including its focus on scalability and smart contracts. Consequently, many investors view this rally as the beginning of a new bullish phase. Furthermore, ADA’s performance positions it as a strong contender in the blockchain ecosystem. However, market risks cannot be ignored. Overbought conditions, typical in rapid price surges, may result in short-term corrections. Additionally, general digital assets market volatility and macroeconomic uncertainties could affect ADA’s price trajectory. What’s Next for Cardano? Will the token maintain its momentum and challenge its previous all-time highs? The breakout’s strength and market sentiment suggest further upside potential. Significantly, the parabolic rally aligns with optimistic projections, but sustaining this pace will require consistent support from trading volume and market fundamentals. As ADA pushes toward its next target of $3.75, traders and investors will closely monitor its performance. Besides, external market factors and price consolidation will determine whether this rally can evolve into a long-term trend. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Ripple’s vs SEC to End Soon?—XRP Surges on Settlement Rumors
Ripple’s legal battle has sparked settlement rumors, boosting XRP. Gary Gensler’s resignation has fueled market speculation. Garlinghouse has expressed optimism amid recent developments. The XRP community is abuzz with excitement as fresh rumors of a potential “emergency settlement” in Ripple’s lawsuit with the SEC circulate. Whispers of a behind-the-scenes resolution have traders and investors on the edge of their seats. Adding to the frenzy, SEC Chair Gary Gensler’s unexpected resignation announcement has sent shockwaves through the crypto market. With XRP’s price surging and optimism running high, could this be the turning point Ripple enthusiasts have been waiting for? Ripple Settlement Talk Gains Momentum Crypto influencer Ben Armstrong, known as BitBoy, recently addressed the swirling rumors about a possible settlement between Ripple and the SEC. In a YouTube video, BitBoy acknowledged the speculation but admitted, “I can’t verify the claims, but I’ll look into them further.” His comments have only intensified the buzz within the community. Sponsored The speculation stems from the SEC’s closed-door meetings, where ongoing cases and injunctions are discussed. Notably, such a meeting occurred on November 21—the same day Gensler announced his resignation, effective January 20, 2025. This coincidence has led many to believe that a settlement might be on the horizon. Former SEC attorney Marc Fagel weighed in on the matter, stating that while previous reports about Ripple settlement talks were unfounded, the latest rumors seem more credible. He noted that any resolution would take time, especially with a new SEC Chair needing appointment and confirmation before major decisions are made. “We might not see clarity until important deadlines, like the January 15 brief filing, are reached,” Fagel explained. The idea of a settlement has fueled a significant surge in XRP’s price . The cryptocurrency has seen an almost 200% increase, reaching highs of $1.60 in recent days. Market experts are optimistic, with some suggesting that XRP could hit $2 soon, and potentially even $10 in the next bull run. XRP Soars 60% After Trump Appoints Treasury Head Adding another layer to the unfolding story, Ripple CEO Brad Garlinghouse shared what he called “good news” with the XRP community. Garlinghouse announced that Donald Trump has elected Scott Bessent , a prominent hedge fund manager known for his pro-cryptocurrency stance, to serve as the next Secretary of the Treasury. “Scott Bessent is the perfect choice for pushing forward innovation and supporting cryptocurrency,” Garlinghouse tweeted. “He could be the most crypto-friendly Treasury Secretary the U.S. has had.” Bessent’s appointment has been met with enthusiasm from crypto enthusiasts. His background as the founder of Key Square Group and his experience working with George Soros position him as a strong advocate for digital assets. With his pro-crypto stance, many believe Bessent could help shape policies that promote growth within the industry. The market reacted swiftly to the news. XRP’s price surged by over 60%, reaching $1.56. Analysts believe that Bessent’s appointment could signal the end of the long-running Ripple vs. SEC battle and open new doors for the industry. On the Flipside Gary Gensler’s resignation may not immediately impact ongoing SEC cases, including Ripple’s. A new Treasury Secretary’s influence on the SEC is indirect, and policy changes could take time. Market volatility remains high; investors should exercise caution amid speculation. Why This Matters A potential settlement with the SEC would remove a major cloud hanging over XRP, potentially leading to widespread adoption and institutional investment. As Ripple’s ecosystem evolves and regulatory clarity improves, XRP could be poised for substantial gains, potentially reaching new all-time highs. Discover what Ripple and Cardano’s latest developments mean for the market and what’s potentially on the horizon: Ripple & Cardano Tease Major Move—Here’s What to Expect Learn how XRP’s price action, legal battles, and recent news could shape its future trajectory: XRP Tags $1.26 Amid SEC Battle, Trump’s Win, and What’s Next
Major Cryptocurrency Platform to Airdrop Tokens Gets French Crackdown – What Happens Now?
Polymarket, a leading blockchain-based prediction market platform, has banned French traders from its services as part of an investigation launched by France’s national gaming authority, the ANJ, over potential violations of gambling laws. The restriction, which was implemented today, had not yet been reflected in Polymarket’s terms of service at the time of publication. However, a reporter who used a VPN to access the platform from a French server encountered a digital blockade that suggested the ban was in place. The move comes after reports that a French trader had caught ANJ’s attention by placing significant bets on former US President Donald Trump’s potential victory in the 2024 presidential election. The ban first appeared on social media and was reported by French crypto news outlet The Big Whale. Related News As Bitcoin Hits $100,000, Analyst il Capo Still Not Convinced: 5 Reasons Why Polymarket has raised $74 million from venture capital firms and notable crypto figures, including Ethereum co-founder Vitalik Buterin, since its founding in 2020. Despite its blockchain-centric approach, critics argue that Polymarket’s operations align with traditional definitions of games of chance. “While Polymarket uses cryptocurrencies, it remains a gambling activity that is illegal in France,” a source close to ANJ said. William O’Rorke, a partner at ORWL Avocats, also supported this view: “Polymarket involves betting on uncertain events. ANJ has the authority to block such platforms, even if they do not specifically target French users.” *This is not investment advice.
Payday for FTX Creditors Nears as Fresh Dates Roll Out
Awaiting FTX creditors have received positive updates. The exchange will soon commence repayments. Important deadlines to watch out for have been outlined. Over two years have passed since the downfall of FTX , a turbulent chapter that marked one of the biggest financial implosions in industry history. With a whopping $10 billion hole left to be filled, repayment efforts have dragged out for months , leaving impacted customers in a state of uncertainty. As the wait continues, recent updates now hint that the long-awaited resolution may finally be drawing near. FTX Payouts on the Horizon The FTX bankruptcy estate has been on a year-long mission to reimburse the customer funds mismanaged by the exchange’s former executives, and the ongoing efforts are gaining traction. Sponsored The exchange has announced progress in finalizing the prerequisites for its Court-approved reorganization plan, brightening the roadmap for creditor and customer distributions. FTX’s updates come on the heels of its successful recovery of billions necessary for creditors’ repayments, following a series of wins in some of its boldest litigations . Commenting on the payout plan, CEO and Chief Restructuring Officer John J. Ray III confirmed the progress, asserting the focus on expediting distributions. “We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who have already recovered billions of dollars on behalf of FTX's creditors and customers,” stated the CEO. The film has now outlined the timeline for the upcoming payouts. Key Dates for FTX Creditor Distributions While no specific dates have been provided, FTX has outlined a schedule for creditors to watch out for. Early December 2024: The FTX bankruptcy estate expects to finalize all arrangements for distribution by early December 2024, including the selection of distribution agents which will assist in distributing the reimbursements to customers globally. Impacted customers will also receive guidance to set up accounts on the FTX portal during this period. End of December 2024: Creditors can expect more concise details by the last days of the year, as the exchange will confirm the Plan’s effective date following Court approval. January 2025: By this time, FTX’s reorganization plan is expected to take effect, officially launching the payout timeline. The first set of payouts will commence within 60 days of the plan coming into effect, and the firm added that customers and creditors must meet all eligibility requirements before distributions commence. What FTX Creditors Must Do in Preparation In order to be eligible for distributions and ensure smooth and timely receipt of funds, customers must: Set Up an Approved Account: When required, awaiting creditors must register with a designated Distribution Agent via the FTX customer portal. Complete KYC Verification: Following account set-ups, creditors must proceed to fulfill the necessary Know Your Customer (KYC) requirements as mandated by regulatory guidelines. Submit Required Tax Documents: Additionally, all necessary tax forms must be provided before the distribution record date. On the Flipside The former CEO and mastermind of the FTX fraud SBF is attempting to get out of jail . FTX recently filed a $1.8 billion lawsuit against Binance and its founder Changpeng Zhao. Why This Matters The latest updates by FTX offer a glimmer of hope creditors may soon see light at the end of a long and tumultuous tunnel. Read more on the recent twists in consequences for the FTX fraudsters: One FTX Fraudster Isn’t Going to Jail: Here’s Why The impressive track record of the Sui blockchain was recently disrupted by an outage, find out more here: Sui Network Suffers First Major Outage in 2-Hour Blackout
Ripple’s SEC Legal Battle: What’s Next After Gensler’s Exit?
Gary Gensler’s resignation as SEC Chair sparks fresh debate on Ripple’s legal future. Speculation swirls on potential shifts in the SEC’s crypto litigation strategy. Ripple’s case becomes a bellwether for digital asset regulation in the U.S. The resignation of SEC Chair Gary Gensler has sent shockwaves through the cryptocurrency world, with Ripple’s ongoing legal saga now thrust into the spotlight. Gensler’s tenure was marked by a stringent regulatory approach that many saw as stifling innovation, particularly in the case of Ripple Labs and its native token, XRP . While Ripple achieved a partial victory in its legal battle earlier this year, Gensler’s exit adds an unexpected twist to an already complex case. Will new leadership at the SEC adopt a more collaborative approach, or will Ripple continue to face the agency’s aggressive enforcement policies? XRP’s Legal Future in Doubt as SEC’s Leadership Shifts Ripple’s legal journey with the SEC has been nothing short of dramatic. Initiated in December 2020, the lawsuit accuses Ripple of conducting an unregistered securities offering, raising over $1.3 billion through XRP token sales. Sponsored While the court ruled in July 2023 that XRP sales to retail investors did not constitute securities transactions, it also found Ripple guilty of violating securities laws in institutional sales, leading to a $125 million fine. The SEC has since appealed the ruling, seeking clarity on XRP’s status. This leaves Ripple in legal limbo, with the potential for years of litigation ahead. However, Gensler’s resignation injects new uncertainty into the case’s trajectory. His successor’s stance on cryptocurrency regulation could reshape the SEC’s approach and even open the door for a settlement . On January 20, 2025 I will be stepping down as @SECGov Chair. A thread 🧵⬇️ — Gary Gensler (@GaryGensler) November 21, 2024 A settlement, if reached, could mark a turning point for Ripple. Analysts suggest the SEC might opt to resolve the case rather than risk further legal battles under new leadership. Such an outcome would not only benefit Ripple but also establish a clearer regulatory framework for digital assets across the industry. Ripple’s Case Reignited? Gensler’s departure has fueled speculation about a shift in the SEC’s regulatory philosophy. Under his leadership, the agency adopted a “regulation by enforcement” strategy, targeting major crypto firms like Binance and Coinbase. While effective in some cases, this approach drew widespread criticism for its lack of clear guidelines. Market watchers are now closely monitoring the appointment of the next SEC Chair. A leader with a more collaborative mindset could prioritize defining clear rules over litigating high-profile cases. This potential change could influence Ripple’s legal battle, as well as the agency’s broader stance on crypto innovation. Legal experts have floated the possibility of the SEC re-evaluating its case against Ripple, potentially leading to a settlement or a less aggressive approach. A favorable resolution could serve as a precedent for other crypto firms, signaling a more constructive relationship between regulators and the industry. On the Flipside The SEC’s appeal could extend Ripple’s legal battle for years, maintaining uncertainty for XRP holders. A new SEC Chair may continue aggressive regulatory actions, keeping Ripple under scrutiny. Market volatility may persist as investors react to leadership changes and ongoing litigation. Why This Matters As the crypto world awaits the appointment of a new SEC Chair, the decisions made in this critical period will shape the future of digital assets, influencing everything from innovation to market stability. For Ripple, the stakes couldn’t be higher, with the potential to not only secure a win but also redefine the rules of the game for the entire industry. To learn more about Ripple and Cardano’s teased moves and their potential impact on the crypto market, read here: Ripple & Cardano Tease Major Move—Here’s What to Expect Discover how XRP hit $1.26 amid SEC battles and a Trump-related market reaction, and what this means for its future, here: XRP Tags $1.26 Amid SEC Battle, Trump’s Win, and What’s Next
8,100 Banks and Financial Institutions Brace for Fallout As Hackers Reveal Major Data Breach on Dark Web: Report
Thousands of banks and financial institutions around the world are bracing for new developments on a third-party data breach. The financial services giant Finastra has confirmed it detected “suspicious activity” in an internal file transfer system. The breach, which was first reported by cybersecurity journalist Brian Krebs, was discovered after someone on the dark web claimed to have 400 gigabytes of compressed information from the firm. Finastra works with 8,100 financial institutions including 45 of the world’s 50 largest banks and according to Forbes , early findings suggest the breach may involve sensitive data from major banking clients, including financial records and transaction details. Confidential information on Finastra’s operations and services may also be at risk. Finastra has sent a letter to its clients alerting them to its ongoing investigation. “The affected system remains isolated while the investigation continues. We believe that this incident was limited to the system in question and there is no further evidence at this time to suggest any lateral movement beyond it. We are continuing to investigate root cause, but thus far, initial evidence points to credentials that were compromised. The source of the compromise is a priority aspect of the investigation… At this time, as a priority we are also curating a list of the customers potentially affected and are currently reviewing all information. Should we determine that files associated with your organization were exfiltrated, we will notify you.” Finastra provides software solutions to help banks and financial institutions manage their operations. The firm’s banking platforms offer core functions like account management, transactions and reporting, with cloud options for scalability and modernization. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Generated Image: Midjourney
Major takeaways from this week’s BTC ETF options launch
This week I had the pleasure of interviewing Jeff Park, head of alpha strategies at Bitwise Asset Management, to unpack the BTC ETF options launch this week. Here are the main takeaways from our interview that I learned: Volatility Smile Typically with risk assets, puts demand a higher premium than calls. This is because most people use options to hedge their longs, creating skewed demand for puts over calls. This typically creates a half smile in the volatility structure as seen below: Something very unique about crypto, however, is that it has a persistent smile to its volatility surface — where calls are equally as juiced as puts, creating a “smile” in the volatility surface: Often this smile only occurs in commodity assets during supply shocks, where demand outpaces available supply and prices surge. However, since supply can then increase to a new equilibrium with demand, the price will then revert and the volatility smile ends. What is unique about Bitcoin, however, is due to the difficulty adjustment that makes that supply adjustment like you see in traditional commodities impossible, the smile remains persistent and permanent. This is extremely unique. Newsletter Subscribe to Forward Guidance Newsletter Subscribe Call Heavy Flow The vast majority of the options activity has been in out-of-the-money calls. As we can see in the chart below from Bloomberg Intelligence’s Eric Balchunas, most of the activity has been in either marginally OTM calls or as far out as the strikes are currently available: Further, we can see that 82% of the first day options volume on IBIT was from calls: Deribit vs TradFi options One interesting takeaway I learned from Jeff is that Deribit, a crypto options exchange that is open 24/7, should have BTC options that are priced differently from the ETF options. The key reason for this is that because of theta, otherwise known as the time to expiry. Since Deribit options are constantly live for trading, the theta — and therefore the volatility — should sit at a premium to the ETF options, which only trade during standard market hours. Most on IBIT Finally, despite yesterday being the launch day for all the other ETF’s options, we’ve seen the vast majority of the notional exposure reside within BlackRock’s iShares Bitcoin Trust (IBIT): This makes for much wider spreads on the other ETFs given there’s much less liquidity available. Overall, the market structure has changed significantly this week with the launch of ETF options . Whereas traditionally short-term market structure was largely a function of perpetual futures, options flow dynamics will increasingly play a larger role in the price action. For a deeper dive into other implications of this major market regime change, check out my interview with Jeff Park . Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus. Tags bitcoin ETFs Bitwise BTC ETFs
Bitcoin and Ethereum Options Expiration Sparks Potential Market Fluctuations Amid Diverging Sentiments
The impending expiration of $3.42 billion in Bitcoin and Ethereum options is set to influence market dynamics significantly, particularly at critical price levels. With Bitcoin’s put-to-call ratio hovering at 1.09 reflecting a bearish sentiment, while Ethereum’s at 0.66 indicates a bullish outlook, traders are positioning themselves accordingly. As noted by experts from Greeks.live, “A majority of traders betting on declines for Bitcoin contrasts sharply with the optimism surrounding Ethereum, underscoring the divergent market sentiments.” The expiration of $3.42 billion in Bitcoin and Ethereum options could trigger significant volatility, with traders positioning based on contrasting market sentiments. Traders Await Market Impact from Major Option Expirations The crypto market is on high alert as $3.42 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts are set to expire today. This expiration is significant, as it may lead to notable volatility and potential price shifts, particularly as Bitcoin approaches the psychological milestone of $100,000. Traders are keenly watching the market to gauge the effects that these expirations may have on price trajectories. Divergence in Market Sentiment: A Put-to-Call Analysis Recent data from options exchanges reveals that today’s expiring contracts include around 28,905 Bitcoin options, accompanied by a put-to-call ratio of 1.09, indicating a stronger bearish sentiment among traders. In contrast, Ethereum sees a markedly different outlook with 164,687 contracts set to expire and a put-to-call ratio of 0.66, suggesting that traders are anticipating price rises for the second-largest cryptocurrency. This divergence in sentiment is indicative of broader trends within the respective markets, showing how traders are adjusting their strategies in anticipation of the expirations. The implications of these expirations may significantly shape price movements across the cryptocurrencies. Understanding the Max Pain Theory and Its Consequences Traders are increasingly paying attention to the Max Pain Theory, which suggests that the prices of both Bitcoin and Ethereum could gravitate towards their respective max pain points of $86,000 for BTC and $3,050 for ETH as options contracts reach expiration. The theory posits that at these price levels, the maximum number of options will expire worthless, which can create strategic pressures on market makers and influence price directions. Despite the potential short-term volatility, the consensus among analysts indicates that long-term bullish trends remain intact, particularly for Ethereum, bolstered by increasing institutional interest and inflows. This backdrop provides a solid base for its price movements post-expiration. Market Outlook Post-Expiration As the expiration of these contracts concludes, it’s pertinent for traders to remain vigilant. Analysts foresee that fluctuations may stabilize soon after the contracts are settled, particularly with major firms like BlackRock entering the ETF landscape, which has had a notable impact on market sentiment. This could influence how prices adjust following today’s events. Conclusion In summary, the expiration of $3.42 billion in Bitcoin and Ethereum options highlights a crucial moment for traders. With the current market conditions and diverging sentiments, participants should be prepared for potential volatility that could redefine short-term price trends. Understanding the dynamics of put-to-call ratios and the Max Pain Theory will be instrumental in navigating the forthcoming market shifts. In Case You Missed It: Bitcoin Surges Past $90,000 Amid Potential Synergy with Nuclear Energy and Increasing Mining Profitability
Bitcoin Price Approaches $100K: The Countdown Is On
Bitcoin price is rising steadily above the $95,000 zone. BTC is showing positive signs and might soon hit the $100,000 milestone level. Bitcoin started a fresh increase above the $95,000 zone. The price is trading above $95,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it clears the $100,000 resistance zone. Bitcoin Price Sets Another ATH Bitcoin price remained supported above the $92,000 level. BTC formed a base and started a fresh increase above the $95,000 level. It cleared the $96,500 level and traded to a new high at $98,999 before there was a pullback. There was a move below the $98,000 level. However, the price remained stable above the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. There is also a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. Bitcoin price is now trading above $96,000 and the 100 hourly Simple moving average . On the upside, the price could face resistance near the $98,880 level. The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000. Source: BTCUSD on TradingView.com A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,000 resistance level. Any more gains might send the price toward the $104,500 resistance level. Downside Correction In BTC? If Bitcoin fails to rise above the $100,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $98,000 level. The first major support is near the $96,800 level. The next support is now near the $95,500 zone and the trend line. Any more losses might send the price toward the $92,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $96,800, followed by $95,500. Major Resistance Levels – $99,000, and $100,000.
Ethereum Price Survives Dip: Rallies 10% and Targets More Upside
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance. Ethereum started a fresh increase above the $3,220 and $3,300 levels. The price is trading above $3,250 and the 100-hourly Simple Moving Average. There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it clears the $3,385 resistance zone. Ethereum Price Regains Traction Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin . ETH gained pace for a move above the $3,150 and $3,220 resistance levels. The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880. Another Decline In ETH? If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone. A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,250 Major Resistance Level – $3,385
XRP Price 25% Rally: Breaking Barriers and Surpassing Odds
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance. XRP price started a fresh surge above the $1.20 resistance level. The price is now trading above $1.250 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is up over 25% and it seems like the bulls are not done yet. XRP Price Eyes Steady Increase XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions. There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high. The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450. Source: XRPUSD on TradingView.com A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80. Are Dips Supported? If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level. If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $1.3350 and $1.2850. Major Resistance Levels – $1.4000 and $1.4200.
Dogecoin (DOGE) Shows Renewed Energy: Rally Incoming?
Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400. DOGE price started a fresh increase above the $0.3750 resistance level. The price is trading above the $0.3800 level and the 100-hourly simple moving average. There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could continue to rally if it clears the $0.400 and $0.4080 resistance levels. Dogecoin Price Eyes More Upsides Dogecoin price remained supported above the $0.350 level and recently started a fresh increase like Bitcoin and Ethereum . DOGE was able to clear the $0.3650 and $0.3750 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3950 level or the 61.8% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Source: DOGEUSD on TradingView.com The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance might send the price toward the $0.4200 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.500. Are Dips Supported In DOGE? If DOGE’s price fails to climb above the $0.400 level, it could start a downside correction. Initial support on the downside is near the $0.3850 level. The next major support is near the $0.3750 level. The main support sits at $0.3550. If there is a downside break below the $0.3550 support, the price could decline further. In the stated case, the price might decline toward the $0.3200 level or even $0.300 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level. Major Support Levels – $0.3850 and $0.3750. Major Resistance Levels – $0.4000 and $0.4200.
MetaMask’s Gas Station Eliminates Ethereum (ETH) Fees for Smoother DeFi Swaps
MetaMask, a leading Ethereum wallet, launched its new Gas Station feature, enabling users to conduct token swaps without needing ETH for gas fees. This feature, also known as gas-included swaps, is now live for MetaMask Extension users on the Ethereum mainnet, with a mobile rollout planned soon. The initiative aims to simplify transactions, removing a longstanding barrier for users within the decentralized finance (DeFi) ecosystem. Metamask Addresses a Major Pain Point For many web3 users, running out of ETH to cover gas fees has been a frustrating hurdle. Traditional solutions involve purchasing ETH on centralized exchanges and transferring it to on-chain wallets. However, this process is often time-consuming and costly. MetaMask’s initiative Gas Station eliminates this step by integrating network fees into the quoted swap price. This improvement allows users to proceed with transactions without additional on-ramping delays. MetaMask’s Smart Transactions power the feature, optimizing gas usage and providing reliable execution. Popular tokens supported for gas-included swaps are USDT, USDC, DAI, ETH, wETH, wBTC, and others. By aggregating liquidity from decentralized exchanges, market makers, and aggregators, MetaMask ensures competitive pricing while streamlining user experience. Metamask Gas Station The launch has drawn widespread praise from industry experts and enthusiasts. Michael Khekoian, Senior Business Development Manager at ConsenSys, lauded the update. “Swaps in MetaMask no longer require ETH for gas… No more insufficient funds on swaps,” wrote Khekoian. Another crypto advocate emphasized how the feature simplifies DeFi interactions, urging users to update to version 12.6.0 or higher to benefit from gas-included swaps. However, skeptics, like a prominent member of the SHIB community, Lola, questioned the mechanics behind the feature. “…perhaps they are using another native cheap ERC-20 token at the backend on the Ethereum blockchain and masking it for the public not to see. Gas is needed no matter what, but the type of native token can be replaced or can have options via access list scripting. Hard fork they said …,” the prominent Shiba Inu community figure said. Potential Impact on Ethereum Demand A critical question is how this innovation could affect demand for ETH, especially as the cryptocurrency has underperformed in the current market cycle. ETH Price Performance. Source: BeInCrypto While Metamask’s solution reduces reliance on ETH for gas fees in swaps, broader Ethereum ecosystem activities, such as staking and DeFi participation, still heavily rely on the token. Nevertheless, the net effect on ETH’s demand remains to be seen. Meanwhile, the swap feature is part of MetaMask’s broader push to enhance its offerings. In August 2024, the wallet introduced a crypto debit card in partnership with Mastercard and Baanx, available in the EU and UK. This card allows users to spend crypto directly, further bridging the gap between traditional finance (TradFi) and blockchain. In July, MetaMask also launched a Delegation Toolkit, making it easier for developers and users to participate in governance within web3 projects. Despite its advancements, MetaMask has faced significant challenges. In August, a macOS malware targeted MetaMask and other wallets, stealing user funds. Furthermore, regulatory scrutiny has mounted, with the SEC (Securities and Exchange Commission) suing ConsenSys, MetaMask’s parent company, over its staking services. These hurdles highlight the need for enhanced security and compliance measures as MetaMask continues to scale.
VanEck and 21Shares File for Solana ETF Listing on Cboe as Momentum Builds
VanEck and 21Shares are intensifying efforts to introduce Solana-focused ETFs (exchange-traded funds) in the US. The firms filed their proposals with the Chicago Board Options Exchange (Cboe) following earlier applications with the Securities and Exchange Commission (SEC). Filing with the Cboe signals progress, as the exchange plays a crucial role in ensuring these ETFs meet regulatory and operational standards before market listing. Solana ETF Momentum Grows Despite Challenges VanEck and 21Shares, prominent asset management firms, have joined Bitwise and Canary Capital in filing for Solana ETFs on the Cboe BZX Exchange. Bloomberg ETF analyst James Seyffart confirmed the development in an early Friday post on X (formerly Twitter). “In total CBOE just filed for 4 Solana ETFs. One for VanEck, 21Shares Canary Capital, and Bitwise. The ball is in SEC’s court now,” Seyffart noted. It marks a significant development in cryptocurrency investment offerings, with the proposed ETFs classified as “commodity-based trust shares” under Rule 14.11 (e)(4). The filings now await the SEC’s formal acceptance. Cboe’s move to list four Solana ETFs highlights its commitment to expanding cryptocurrency product offerings. The proposal aligns with the exchange’s efforts to integrate digital assets into traditional markets. With VanEck, 21Shares, Bitwise, and Canary Capital at the forefront, the introduction of Solana ETFs could enhance the blockchain’s visibility and adoption. If successful, these filings could bolster Solana’s standing in the crypto ecosystem, potentially driving liquidity and influencing broader market trends. According to BeInCrypto data, Solana’s powering token is up by almost 10% amid ETF optimism. As of this writing, SOL was trading for $259.20 SOL Price Performance. Source: BeInCrypto VanEck and 21Shares had previously filed applications for Solana ETFs with the SEC in June 2024, one after the other. These initial filings laid the groundwork for their recent Cboe applications, signaling a progression toward regulatory approval. Filing with the Cboe BZX Exchange represents a critical step as the exchange reviews compliance and operational standards before any potential listing. Solana ETF Hopes Now Rest With US SEC If the SEC formally accepts the proposals, a decision could come as early as August 2025. Approval would provide investors with new opportunities to access Solana-related assets through ETFs, potentially increasing the blockchain’s market influence. “…if the SEC acknowledges it — will be around early August,” Seyffart added. Meanwhile, Solana continues to draw attention to its speed and scalability as a high-performance blockchain. Major institutional interest from firms such as VanEck, 21Shares, Bitwise, and Canary Capital reflects growing confidence in its potential. Bitwise recently filed its S-1 registration form with the SEC, coming a day after the firm filed to establish a trust entity for the proposed fund in Delaware. The resurgence of crypto enthusiasm, partly attributed to Donald Trump’s political comeback, has fueled optimism in the sector. The incoming Trump administration’s focus on deregulation has sparked hopes for a more favorable environment for cryptocurrency innovations, including ETFs. While negotiations with the SEC are reportedly “progressing” and approval seems within reach, challenges remain. Earlier this year, forms related to Solana ETF filings briefly disappeared from the Cboe website, raising concerns about procedural or regulatory hurdles. However, the reappearance of these filings has reassured market watchers. The SEC’s decision will likely set a precedent for future cryptocurrency-related ETFs. The approval process involves rigorous scrutiny to ensure investor protection and regulatory compliance. If granted, these ETFs could democratize access to Solana investments, appealing to institutional and retail investors alike. Elsewhere, the securities regulator has postponed its decision on Franklin Templeton’s proposed crypto index ETF. The deadline was reportedly moved to January 6, 2025, with the SEC citing the need for additional review time.
Sui Network Suffers First Major Outage in 2-Hour Blackout
The Sui network recently suffered an outage. The downtime triggered user frustration and a token price dip. Sui has addressed its community. Layer-1 blockchain Sui has emerged as one of the year’s rising stars, celebrated for its strong performance and fast- expanding ecosystem. Just over a year since its launch, the network has established itself among the top-performing blockchains, maintaining a solid streak of growth throughout the year. However, a recent glitch on the network has put a damper on its track record. Lights Out on Sui The Sui blockchain experienced a significant disruption on Thursday, November 21, 2024, when block production abruptly ceased, plunging the network into a blackout. Sponsored Sui’s outage, which marked the first major one on the network since launch, commenced around 9:15 am UTC, lasting nearly two hours. This sparked widespread frustration across the community, with several users voicing concerns that the incident undermines the network’s reliability. The blockchain’s native token took a hit in the immediate aftermath of the disruption, suffering a 5% price slip within a brief period. Additionally, the blackout led to service disruptions on various platforms, including the South Korean exchange Upbit, which temporarily halted deposits and withdrawals due to the downtime. In response to mounting concerns, Sui’s team issued a public address to provide clarity and updates on the situation. Sui Network Addresses Outage About an hour after the issue began, the Sui network took to X (formerly Twitter) to address the situation. The team acknowledged the problem, assuring the community that they had identified the issue and deployed a fix. Explaining the root cause of the two-hour long downtime, the network stated that the outage was caused by a bug in transaction scheduling logic, which triggered a crash in its validators. The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved. https://t.co/TJh2zwvQcD — Sui (@SuiNetwork) November 21, 2024 Following the fix, the Sui network announced the full resumption of services, emphasizing that the chain was is again operational and processing transactions as normal. On the Flipside Sui has been touted as a better version of Solana , a blockchain known for notorious outages . Ironically, this recent glitch now puts both blockchains in the same boat. The native token SUI has managed to slightly recover, trading at $3.58 at press time. Why This Matters Network outages can cause significant disruptions, undermining trust among users who rely on the system. Sui’s outage serves as a reminder that stability and reliability are non-negotiable in blockchain networks to ensure a secure and dependable experience for users. Read this article for more about recent declines in the SUI token: SUI Struggles to Grip $3 in 10% Retreat from Record High U.S. President-elect Donald Trump is still on his crypto agenda, find out more about his latest moves here: Crypto in Trump’s White House? Whispers Grow of New Pro-Web3 Role
Trump’s Crypto Council: Ripple, Coinbase, and Circle Vie for Seats
Major crypto firms like Ripple, Coinbase, and Kraken are vying for positions on Trump’s new crypto advisory council. The council will focus on digital asset legislation, regulatory coordination, and Trump’s proposed national Bitcoin reserve. Critics warn about potential conflicts of interest while industry leaders push for clearer regulations. As President-elect Donald Trump prepares for office, many top crypto companies are jockeying for positions on his much-anticipated cryptocurrency advisory council. First announced at a July Bitcoin conference in Nashville, the council aims to shape the future of U.S. crypto policy. Industry insiders say discussions are already underway about how the council will be structured, who will lead it, and which firms will be included. Council for Crypto Policy Among the firms seeking a seat at the table are major players like Ripple , Kraken, and Circle, along with venture capital firms such as Paradigm and Andreessen Horowitz (a16z). Coinbase is also reportedly eager to participate, with CEO Brian Armstrong recently meeting with Trump to discuss the council, according to sources familiar with the situation. David Bailey, CEO of Bitcoin Magazine, expects the council to feature top executives from the U.S. crypto industry. “People are eager to advise and contribute their expertise,” Bailey said. Circle CEO Jeremy Allaire has also expressed interest, highlighting Circle’s expertise in stablecoins and blockchain as critical to crafting effective policies. Goals and Structure The crypto advisory council will likely be housed within the White House’s National Economic Council (NEC), which oversees economic policy, or potentially under a separate White House office. Its agenda includes shaping legislation for digital assets, aligning regulatory oversight between the SEC and CFTC, and advancing Trump’s proposal for a national Bitcoin reserve. Some sources have suggested the council may appoint a “crypto tzar” to lead the initiative, with potential candidates being former CFTC Chair Heath Tarbert and Brian Quintenz of Andreessen Horowitz. The formation of the advisory council has generated excitement within the cryptocurrency industry. Many hope the Trump administration will foster a more favorable regulatory environment. However, not everyone is supportive of the crypto industry’s growing influence. Consumer advocacy groups have expressed concerns about potential conflicts of interest, warning that allowing crypto companies to help shape policy could result in a regulatory environment skewed in their favor. Despite these concerns, many argue that industry experts with deep knowledge of blockchain and cryptocurrency are essential to ensuring regulations are well-informed, effective, and future-oriented. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
FIFA Partners with Mythical Games to Launch Blockchain-Powered Mobile Game ‘FIFA Rivals’
FIFA and Mythical Games , a company that develops cutting-edge gaming technology, today announced their partnership to release FIFA Rivals, a revolutionary mobile football video game with official licensing. FIFA Rivals, which is slated for release on iOS and Android mobile platforms, will concentrate on thrilling arcade gameplay to provide gamers anywhere with an unmatched gaming experience. The partnership with Mythical Games, which will mark the next stage of FIFA’s gaming and esports portfolio, will be a crucial component of the non-simulation category and open up exciting new avenues for interaction within the football community. The deal also demonstrates FIFA’s dedication to developing new, internationally accessible digital frontiers and boosting fan interaction with cutting-edge technology. With more than 5 million downloads of their highly acclaimed mobile Rivals game, Mythical Games is now ready to apply its experience to the football industry. Recognized by Forbes’ Best Startup Employers (2024) and Fast firm’s World Changing Ideas 2021, Mythical Games is a cutting-edge gaming firm that uses blockchain technology to create top-notch games and give players control over their in-game assets. Major titles including Call of Duty, Call of Duty Mobile, World of Warcraft, Diablo, Overwatch, Magic: The Gathering, EA Madden, Harry Potter Hogwarts Mystery, Marvel Strike Force, Modern Warfare 3, and Skylanders are among the ones the team has contributed to the development of. Millions of players worldwide have already played Mythical’s current games, NFL Rivals and Blankos Block Party, which provide users access to a new economy that enables them to interact with games in new ways while also securely trading and transacting with other players across the globe. Players will have the exceptional chance to establish and run their own football team in FIFA Rivals. In real-time PvP arcade action, users will be able to construct, level up, and improve their lineups before using their teams to take on other players. Players will be able to own, purchase, sell, and trade their favorite football players using in-game and online marketplaces that make use of the Mythos blockchain. The game will be free to play. Mattias Grafström, FIFA Secretary General said: “We’re thrilled to partner with Mythical Games to launch FIFA Rivals, bringing football fans a mobile-first gaming experience that deepens their connection to the sport. The game is an innovative and accessible addition to our expanding gaming and esports portfolio.” John Linden, CEO and Founder of Mythical Games said: “We are excited to partner with FIFA and leverage our expertise to create an unparalleled football gaming experience. Our goal is to replicate our success with previous Rivals game and set new benchmarks in the web3 gaming sector. The combination of officially licensed football stars (past and present), prestigious clubs from around the world, and globally competitive esports gameplay will take sports gameplay to a new level. Through this long-term partnership with FIFA, there are major plans to integrate into the FIFA esports platform to give players in every country the ability to become a participant or fan.” FIFA Rivals will premiere on mobile devices worldwide. Players that are interested in joining the community and keeping up with the game’s development may follow on X, @FifaRivals.
Crypto industry reacts to Gary Gensler's departure as SEC Chairman
Major web3 players largely celebrated Securities and Exchange Commission Chair Gary Gensler's forthcoming departure, noting how bitcoin and the broader crypto industry might flourish under new SEC leadership. Gensler has long criticized cryptocurrency. He has previously said that much of the industry is " non-compliant " with securities law and that crypto has hurt millions of investors. However, key crypto players, such as billionaire Mark Cuban, slammed the SEC's attempts to reign in the industry under Gensler, calling its enforcement "regulation by litigation" that hinders firms. "For the crypto industry, it's clear that the 'regulation by enforcement' regime that cost American companies over $400 million in litigation costs is over and an new era of regulatory normalization has begun," said Chris Perkins, president and managing partner at the crypto investment firm CoinFund, in a statement to The Block. "This will have a profound impact on the growth and success of the industry as institutions re-enter the space and entrepreneurs and developers are free to built the new internet without fear of reprisal or personal liability. A dark cloud has been lifted; it's a very exciting time." Data from the Blockchain Association shows that the SEC brought 104 enforcement actions against crypto firms through 2023, with defensive litigation fees totaling $429 million. Others noted how Gensler's anti-crypto position may have hurt Democrats amid this year's election season. Sam Lyman, director of public policy at the bitcoin mining firm Riot Platforms , said on X , "Gensler’s overreach arguably cost Harris the election, ushering in the most pro-Bitcoin administration the country has ever seen." Others, such as Coinbase's Chief Legal Officer Paul Grewal, chose to remain coy about Gensler's departure. "My mom always told me if I didn't have anything nice to say, don't say anything at all," Grewal said on X. "So I'm just gonna sit this one out." Gensler steps down Gensler announced Thursday that he plans to leave as SEC Chair on Jan. 20, 2025, the day of Trump's inauguration as the 47th president of the United States. "The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike," Gensler said in a Nov. 21 statement . "I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor." Trump vowed to fire Gensler as SEC Chair if he became president, among other promises to strengthen America's cryptocurrency industry, such as creating a bitcoin reserve and forging the first-ever crypto-specific role in the White House, The Block previously reported.
ECB’s Witlox Urges Swift Action on Digital Euro Development
ECB urges faster digital euro rollout as global powers advance in CBDC development. The digital euro CBDC project faces legislative hurdles while the UK and China push ahead. Several banks voice concerns over costs as ECB plans privacy-focused payment solution. The European Central Bank’s digital euro project manager, Evelien Witlox, has emphasized the urgent need to accelerate the development of Europe’s central bank digital currency (CBDC). Her statement to Euronews comes as global competitors advance their own digital currency initiatives. “We are still at the forefront of the development [of a CBDC],” Witlox stated, highlighting concerns about falling behind other major economies. With the UK and China making major progress in their CBDC development, the ECB faces mounting pressure to maintain its competitive edge in the digital currency space. Fragmentation of Payment Solutions The urgency stems from the current fragmentation of payment solutions across the Eurozone. Notably, 13 of the 20 eurozone countries lack national card schemes, relying heavily on international providers like Visa and Mastercard. This dependency on foreign players, combined with declining cash usage and rising cryptocurrency adoption, has accelerated the need for a European digital payment solution. Since its proposal in 2021, the digital euro project has progressed through several development phases. However, the legislative framework remains pending, with neither the Parliament nor the Council taking a position on the Commission’s proposal. “Discussions have progressed, and I can only reiterate the urgency to keep sufficient pace in this process,” Witlox emphasized, addressing the ongoing legislative process in Brussels. Global Adoption of CBDCs The ECB’s push comes as 134 countries, representing 98% of the global economy, explore CBDC implementation. Major economies like China have already launched pilot programs, while the UK advances its own digital currency research. The ECB has addressed key stakeholder concerns regarding the digital euro’s implementation. The proposed framework includes no interest earnings on deposits, holding limits for financial stability, enhanced privacy features for offline transactions, competitive fees for merchants, and measures ensuring financial inclusion. While no concrete deadline exists for the digital euro’s launch, the ECB continues to emphasize the importance of maintaining momentum in its development. The project manager also stated that banks and non-banks will be key players in the roll-out of their CBDC. The post ECB’s Witlox Urges Swift Action on Digital Euro Development appeared first on CryptoTale.
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