Ethereum is in big trouble, big investors showing interest but expert saying stay away

Some data showing that big investors like whales, have been buying more Ethereum around this price range because they think its value might go up soon

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Grayscales withdrew Ethereum futures ETF application, to create pressure on SEC

Grayscale's withdrawal of its Ether futures ETF application, this move has sparked speculation among investors and analysts about the future of Ethereum ETFs in the US

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A person lost $71 million on Crypto scam, an unbelievable trick surprise the world

The cryptocurrency communities are really surprised by hearing about this type of tricks to make scam, also demanded the urgent need for increased awareness and education on the risks associated with digital asset transactions.

Crypto scams continue to evolve alongside the growing popularity of cryptocurrencies, attracting attention from both regulators and investors. With modern technology constantly advancing, scammers are finding new ways to deceive investors and regulators alike.

A recent incident posted on X where the victim has shared about his bad experience to lost $71 million to a scammer. Earlier today, a person made a new address and sent 0.05 Ethereum (ETH) to it. Unfortunately A scammer generated an address with the same starting and ending letters and transferred 0 $ETH to him, so the transfer appears in his transaction history. This trick works because many wallet apps only show the first and last parts of an address, hiding the middle part.

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Shiba Inu plans to use $12 million to develop a Layer-3 blockchain

Shiba Inu allocated $12 million funds by token sale, which will used for the development of Layer-3 blockchain named Shibarium.

In April 2024, the Shiba Inu team achieved a remarkable milestone by raising $12 million through a token sale. This funding is earmarked for the development of Shibarium, a groundbreaking Layer-3 blockchain.

Shibarium envisioned as a Layer-3 blockchain sitting atop the Ethereum network. Layer-3 solutions aim to tackle the scalability challenges of Ethereum by processing transactions off-chain and settling them on the main chain. Shibarium boasts key features like privacy, utilizing fully homomorphic encryption (FHE) technology for enhanced transaction privacy, and security, with support from cryptography experts at Zama. Moreover, it aims to boost regulatory compliance to attract institutional investors.

The $12 million was raised through the sale of a new token named TREAT. Notably, the investors were non-US strategic partners, including big names like Polygon Ventures, Mechanism Capital, and Animoca Brands.

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Crypto mining firms are facing $90 million substantial tax bill in Sweden

In Sweden, a significant development has occurred in the cryptocurrency mining sector. 21 Crypto mining firms are facing a substantial tax bill totaling $90 million (approximately 900 million SEK) following a meticulous audit by the Swedish Tax Agency. This audit scrutinized the tax reporting practices of crypto mining businesses, potentially uncovering discrepancies in how income and expenses have been declared.The reasons behind this hefty tax bill could be multifaceted. Firstly, the Swedish Tax Agency likely views crypto mining as a business activity, which would make earnings from mining subject to corporate income tax. Additionally, there may have been instances where miners underreported their earnings or failed to declare them altogether. Another factor could be the application of Value Added Tax (VAT) on the electricity used for mining operations, which adds another layer of financial obligation for the miners.

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Ve Chain price to increase 6900%, will history be repeated itself to gain all time high !!!

In June 2020, Ve Chain hovered around $0.004, and by April 2021, it was reached a new high of around $0.280, reflecting a roughly 6900% increase. Crypto experts thought that Ve Chain potentially setting the stage for continued bull run as so far it has crossed upper boundary level at $0.032.

Ve Chain experienced notable price movements from June to December on 2020. During this period, Ve Chain's price exhibited a significant upward trend, reflecting investor optimism and market dynamics. So some traders and market experts are suggesting that this Ve Chain might have a chance to experience it again.

In June 2020, Ve Chain's price hovered around $0.004, remaining relatively stable with minor fluctuations until July. However, starting from August, a gradual uptrend emerged, with Ve Chain reaching $0.007 by September. This increase could be attributed to renewed interest in blockchain technology and positive project developments, such as partnerships or technological advancements.

The most significant price growth occurred between October and November 2020, with Ve Chain surging from $0.007 to $0.02, marking a nearly 200% increase. This surge aligned with a broader bull run in the cryptocurrency market and increased media attention on Ve Chain's potential applications.

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Crypto crash: Cryptocurrency market lost over $400 billion in two days, indicates Iran Israel issue

Total market capital of all cryptocurrencies dropped by over $400 billion within a two-day period as BTC leading the charge by dropping $10,000. 

In a sudden and sharp downturn, the cryptocurrency market lost over $400 billion in just two days, with Bitcoin (BTC) leading the charge by dropping $10,000. This drastic decrease not only impacted Bitcoin but also sent a ripple effect across other altcoins, which experienced even steeper falls. This event marked one of the more severe losses in recent times, highlighting the volatile nature of the crypto market. By the end of the two-day period, the total market capitalization of all cryptocurrencies fall from nearly $2.8 trillion to approximately $2.330 trillion.

The reasons behind this steep decline are multifaceted. Rising geopolitical tensions between Iran and Israel were noted as a possible catalyst for the drop. Additionally, other factors such as profit-taking by investors after a period of price appreciation, a natural market correction, or negative news and regulatory uncertainties could also have played significant roles. These elements combine to create an unpredictable environment, typical of the cryptocurrency markets, where prices can swing dramatically in short periods.

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Biden’s 30% tax is not welcomed by crypto industry

Biden administration proposed DAME tax on Tuesday, which would charge Bitcoin miners a 30 % tax on the cost of the electricity, but crypto industries are not happy with this proposal, have shared negative opinion against this decision.

The Bitcoin mining community is facing a new challenge that could change its future in the United States. The White House has proposed a tax called the Digital Asset Mining Energy (DAME) tax, which would make it more expensive for companies to mine Bitcoin and other digital currencies.

On Tuesday, this proposal was brought back into the spotlight as part of the government’s budget plan for the next fiscal year. The DAME tax would charge Bitcoin miners a 30% tax on the cost of the electricity they use. This tax would be introduced gradually: starting at 10% in the first year, then increasing to 20% in the second year, and finally reaching 30% in the third year.

The idea behind the tax, according to the White House, is to make sure that crypto miners contribute to covering the costs they impose on local communities and the environment. They expect that the tax could bring in $3.5 billion over the next ten years.

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Why Ve Chain price fall down suddenly ?

During the last month, the price of Ve Chain went up and down a lot. It started as low as $0.03673 and went as high as $0.05261. That means if you had bought Ve Chain at its lowest point and sold it at its highest, you could have made a nice profit.

Ve Chain (VET) investors have noticed a huge fluctuation in its price. During the last month, the price of Ve Chain went up and as usually down a lot. It started as low as $0.03673 and went as high as $0.05261. That means if you had bought Ve Chain at its lowest point and sold it at its highest, you could have made a nice profit. Out of the 30 days in the month, Ve chain had 16 days where its price went up. Market experts indicate several factors could be contributing to this price change.

Firstly, it's essential to understand that the entire cryptocurrency market sometimes goes through corrections. Similar to other financial markets, prices can fall after a period of significant growth. Bitcoin's recent price changes might be affecting the overall market sentiment, which could be influencing Ve Chain's price too.

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Ripple plans to launch USD stablecoin, it shakes Tether and USD coin

Ripple aims to enter the stablecoin market, which is currently dominated by Tether (USDT) and USD Coin (USDC), by offering its own U.S. dollar-backed stablecoin. 

Ripple, known for its XRP cryptocurrency and financial blockchain solutions, is gearing up to introduce a U.S. dollar-backed stablecoin. This move aims to shake up the stablecoin market dominated by giants like Tether (USDT) and USD Coin (USDC).

The stablecoin serves multiple purposes. Firstly, it's a strategic move to compete in the thriving stablecoin market. Additionally, by tethering to the USD, Ripple hopes to attract more users and liquidity to its XRP Ledger blockchain platform. Moreover, the stablecoin could bridge the gap between traditional finance and the crypto world, facilitating quicker and cheaper cross-border payments.

The stablecoin will be fully backed by US dollar deposits and similar assets. It's designed to be compatible across multiple blockchain platforms, starting with XRP Ledger and Ethereum. Regular audits and attestations by third-party firms will ensure transparency and trust in the reserve backing.

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Crypto news today: Cryptocurrencies recently have experienced price fall

Major cryptocurrencies like Bitcoin (BTC) are experiencing some price volatility. After reaching record highs recently, Bitcoin dipped slightly below $70,000

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Solana-based meme coin Dogwifhat continues its surge, reaching a new all-time high. This rally in meme coins might be a temporary trend within the broader crypto market.

CFTC's recent classification on Litecoin create impact on price rise

The implications of the CFTC's position are significant for Litecoin, recognizing Litecoin as a commodity

The Commodity Futures Trading Commission (CFTC), which is in charge of regulating markets for futures and derivatives in the United States, took legal action against KuCoin. The reason for this lawsuit, KuCoin was offering its users the option to engage in leveraged trading with several cryptocurrencies, such as Litecoin (LTC), Bitcoin (BTC), and Ether (ETH), without the legal approval to do so. This event is catching a lot of attention because it involves a major player in the crypto exchange world and several popular cryptocurrencies.

One key point in the lawsuit is the CFTC's view on Litecoin. The regulatory body argues that Litecoin should be considered a commodity. This classification is crucial because it brings Litecoin within the CFTC's area of oversight, which mainly covers commodities futures trading. This means that, according to the CFTC, any future or options trading that involves Litecoin is something they can regulate. This is a big deal because it puts Litecoin on a similar footing with traditional commodities like gold or oil, at least in the eyes of this regulatory body.

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Beware of Crypto scams, everyone must need to know

Protecting yourself from fraudulent calls claiming to be government officials

In today's world of computers and phones, crypto or other digital scams are getting smarter. One common trick is when people pretend to be police or government workers. These tricksters use different methods to scare and trick people into giving them important information or doing things that could hurt their money.

The scam typically begins with a phone call, as someone claiming to be from a government agency or law enforcement department. They may inform you of alleged fraudulent activities or criminal behavior associated with one of your accounts. To further convince you of the urgency of the situation, they create a sense of imminent danger and pressure you to act quickly.

Once they have your attention, the scammers present a solution to the fabricated problem they've just described. They tell you to keep your money safe by putting it in a place they say is secure, like a Bitcoin ATM. They might say that moving your money to cryptocurrency will protect it from the danger they mentioned.

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Crypto analysis: XRP Price Shows Signs of Recovery, Yet Meets Resistance Ahead

XRP chart analysis:

XRP has shown signs of recovery by surpassing the crucial price mark of $0.60 recently. This increase comes after a period of decline. Now, it's aiming to challenge the resistance level at $0.6561. This resistance point is calculated by Fibonacci retracement, which helps to predict potential price movements based on past trends.

The journey ahead for XRP may encounter further hurdles at $0.7025 and $0.7440. These are considered as resistance levels, which means they could slow down or halt the upward movement of XRP's price. The Fair Value Gap (FVG), an area where the price might face significant challenges between $0.7527 and $0.7609.

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How to adjust your digital currency plan with new crypto tax proposal

Cryptocurrency taxes in the US could soon change, affecting how people use digital money. The government wants to make crypto rules more like those for regular money. This could change how you manage your digital assets.

Right now, if you sell crypto for less than you bought it and then quickly buy it back, you can claim a tax break. But new rules might stop this trick. If you buy the same crypto again too soon, you might not get the tax benefit. This could make it harder to make quick profits from trading crypto.

Another proposed change involves taxing the electricity used for mining crypto. This could make mining less profitable. Miners might need to adjust where they operate or how they set up their equipment to deal with the extra costs.

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Former CEO of FTX Sam Bankman faces serious charges, between 40 and 50 years in prison

In November 2023, Sam Bankman-Fried the CEO of FTX (cryptocurrency exchange), was found guilty of some really serious stuff. The charges against him was fraud, conspiracy, and money laundering. It's a big deal because the prosecutors say these crimes involved a ton of money and hurt lots of people, over a million, in fact.

The prosecutors think that Bankman-Fried came up with a plan to trick investors, customers, and lenders. They say this plan caused FTX to fall apart. That's a big accusation!

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