Bitcoin

Trump wants Bitcoin monopoly | Billions of CZ double in prison

Published

10 months ago

17 June, 2024

SatoshiTimes Staff

Trump wants Bitcoin monopoly | Billions of CZ double in prison

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Binance Co-Founder Changpeng Zhao (Photo by Ben McShane/Sportsfile for Web Summit via Getty Images)

Sports archive for Web Summit via Getty Images

CZ’s Net Worth Doubles While He Serves Prison Time

It was clear at the time of his verdict in April that Changpeng Zhao’s four-month prison sentence was a slap in the face and that he would walk away with most of his fortune intact. But the silver lining for the founder of cryptocurrency exchange Binance and admitted criminal is that when he hits the streets in September, what appeared to be a net worth of $33 billion will likely be about double that amount.

Much of the additional profit is the result of Forbes research that uncovered Zhao’s stake in BNB
BNB
the cryptocurrency owned by Binance amounts to 94 million tokens, or 64% of the 147.5 million in circulation. BNB is on the rise this year, nearly doubling to $596. The BNB credited to Zhao – widely known by his initials CZ – due to his 90% ownership of Binance comes in two parts: nearly 42 million that were part of the 80 million awarded to the founding team in 2017 and over 52 million that were left with the exchange as a result of a 100 million token initial coin offering which attracted purchases of less than 11 million tokens.

On paper, CZ’s stake in BNB is worth $56 billion, but if that supply were dumped onto the market all at once, it would almost certainly depress the price. Valuing the tokens at half the market price makes them worth US$28 billion and added to the US$33 billion valuation of CZ’s equity stake in the Binance exchange itself puts his estimated wealth at around US$61 billion. This would take him to 24th place on Forbes list of billionaires from the 50th.

It can go even higher. In the six months since Zhao pleaded guilty to a violation of US anti-money laundering law and agreed to pay a $50 million fine, Binance has gained market share among cryptocurrency exchanges. The valuation of CZ’s 90% stake remains unchanged and will likely increase if the company’s results improve.

Full story: How Crypto’s Richest Billionaire Doubled His Net Worth Behind Bars

Trump calls for US monopoly on Bitcoin

Bitcoin
Mining

“We want all remaining Bitcoin to be MADE IN THE USA!!!”, Donald Trump he said on a publish on his social media platform Truth Social. The former president and presumptive Republican nominee, who embraced cryptocurrency after years of skepticism, is using digital assets to score points with voters. Incumbent Joe Biden has been less enthusiastic about the sector, although the Bloc has reported that his re-election campaign could accept crypto donations.

Trump said bitcoin “could be our last line of defense against” a central bank digital currency (CBDC), reiterating opposition to the so-called digital dollar issued by the Federal Reserve. The Fed has explored the concept but has not expressed an opinion on whether it is a good idea. Trump classified the CBDC as a “dangerous threat to freedom” and promised to block its creation if he is re-elected.

Mining remaining bitcoins in the US will also help the country be “ENERGY DOMINANT,” Trump wrote. Bitcoin mining consumes significant amounts of energy, but can be shut down during periods of peak demand and restricted at other times, rewarding electricity generators that add capacity with stable use.

Meanwhile, bitcoin mining company Core Scientific is on the rise as it redirects some of its power-hungry hardware to the high-performance computing (HPC) that underpins artificial intelligence operations. Core has revealed new details about the 300 megawatts of available HPC infrastructure that will be in addition to the 200 megawatts committed in a recent deal with AI hyperscaler CoreWeave. CoreWeave liked the company so much that it tried to buy it, offering $5.75 per share or $1 billion on June 3. Three days later, Core Scientific’s board rejected the offer for undervaluing its company, and shares ended Friday at $10.33a 33% increase over the week.

Sources: Forbes Digital Assets, CoinGecko. Prices from 4pm on June 14, 2024.

Some creditors refuse FTX’s generous bankruptcy payout

Lawyers overseeing FTX’s bankruptcy have come up with a reorganization plan that would not only fully reimburse nearly all of the bankrupt cryptocurrency exchange’s customers but also give them 18% interest for the period their investments were tied up. By typical bankruptcy standards, this is a great deal. But not all lenders are jumping for joy.

One important issue is that the exchange’s former customers are receiving full compensation for the dollar value of their cryptocurrency holdings at the time FTX filed for bankruptcy protection in November 2021. Unfortunately, this was close to the nadir of digital asset values because of an industry crisis that was exacerbated by the company’s failure. Bankruptcy cases typically work this way, but a chorus of creditors, commentators and academics claim that clients have been unfairly deprived of their properties, and that’s not the only thing that concerns them.

They also claim that FTX’s current management is failing to maximize the company’s value, neglecting the best interests of former clients and other creditors. Recurrent complaints have been made against Sullivan & Cromwell, the main law firm representing the current FTX and also its counsel for various pre-bankruptcy matters.

In another place

Ether ETFs Likely Approved in September, SEC Chairman Gensler Tells Senators [Crypto News Flash]

The State of Crypto: The Fortune 500 Moving Up the Chain [Coinbase]

SEC reaches $4.47 billion settlement with now-bankrupt crypto firm Terraform Labs [Reuters]

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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