Author: Godfrey Benjamin

Galaxy Digital executive Mike Novogratz is convinced that Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, and other memecoins will be around for a long time. Memecoins as  Cornerstone of Crypto Economy Novogratz acknowledged memecoin’s position in the broader cryptocurrency sector, describing it as a cornerstone in the economy. He delved into how memecoins feature as one of the most powerful narratives in the markets amidst other financial assets. According to Galaxy Digital, this category of digital assets on permissionless blockchains have an aggregate market capitalization of more than $60 billion. Zack Pokorny, a research analyst at Galaxy Digital described memecoins as…

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Against the general expectation of the broader financial ecosystem, the United States Federal Reserve has held its interest rate intact, a move that holds a crucial sway on the price of Bitcoin (BTC). Bitcoin Price and Fed Stance After the conclusion of the Federal Open Market Committee (FOMC), the US banking officials decided to keep rates between 5.25% – 5.50%. This is against the projections that the Feds might follow in the footsteps of other G7 central banks that cut rates by 25 basis points. Last week, the Bank of Canada broke the stalemate and lowered interest rate by 0.25%…

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Charles Hoskinson, the founder of Cardano has spoken out about his yet-to-materialize working relationship with Tesla CEO Elon Musk. In an interview with Tony Edward, the host and founder of Thinking Crypto, Hoskinson highlighted the similarities in interests with Elon Musk. Cardano Founder and Elon Musk have Shared Interests In his moment of truth, the Cardano Founder expressed his confusion and disappointment over the lack of collaboration response from Elon Musk, despite several areas of potential collaboration. One avenue that X, another Elon Musk company can benefit from Cardano is through the integration of Midnight Protocol for the much-needed privacy…

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Embattled blockchain startup Terraform Labs has agreed to settle charges levied against it by the United States Securities and Exchange Commission (SEC) for $4.47 billion. Terraform Labs To Finally Gain Freedom The news of the settlement was first shared by Reuters in what will come as the next high-profile case in the crypto ecosystem to pay over $4 billion in settlement. Months ago, Binance Exchange settled with the Department of Justice (DOJ) for a long-standing probe into the exchange. The trading platform agreed to pay $4.3 billion that went to the DoJ, the Financial Crimes Enforcement Network (FinCEN) and the…

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Citron Research, a popular short seller has announced the removal of the shares of American video game retailer GameStop (GME) as a potential short. “Citron is no longer short GME,” says Citron  Research in a post on social media platform X. Citron Research Closes GameStop (GME) Short Position Citron Research delved into the current market enthusiasm surrounding GameStop and acknowledged its lack of faith in the company’s fundamentals. Citron is no longer short $GME. It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with $4 billion in the bank, they have enough runway…

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There is an ongoing petition for the introduction of a Shiba Inu (SHIB) Exchange Traded Fund (ETF) and so far it has received 10,596 signatures. The Shiba Inu ETF Push The petition was launched on Change.org, requesting that Grayscale Investments’ former CEO Michael Sonnenshein consider pursuing a SHIB ETF. Notably, July 10 will mark the two-month anniversary of the growing petition and within this time, it has registered intense traction from members of the Shiba Inu ecosystem. Also, the large number of signatures that have been appended suggest a strong demand for the proposed rule change. “We represent a collective…

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The world’s largest bank, the Industrial and Commercial Bank of China (ICBC) recently tagged Ethereum (ETH), the second largest cryptocurrency by market capitalization “digital oil.” ETH Supports Smart Contracts and DApps The top financial institution commended the growth and advancement that both Ethereum and Bitcoin (BTC) has registered over the years. It compared BTC to gold, citing that it “retains the scarcity similar to gold through mathematical consensus while solving [gold’s] problem of being difficult to divide, difficult to identify authenticity, and inconvenient to carry.” Next, ICBC named Ethereum as digital oil, citing its crucial role in serving as a…

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Optimism (OP) has achieved a recent milestone that has led Vitalik Buterin to tout the wins that Layer 2 protocols on Ethereum have recorded in recent years. Vitalik Buterin Lauds Victories Over Criticisms According to OP Labs, Ethereum L2 Optimism recently implemented fault proofs into its smart contracts. The development team behind Optimism noted that it has now reached “Stage 1” of decentralization. Before coming to this conclusion, Optimism was placed side-by-side with a list of milestones articulated by Vitalik Buterin, Ethereum co-founder. The implementation makes it possible for users to independently initiate withdrawals “without involvement from any trusted third parties.”…

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An old Bitcoin (BTC) address that has been dormant for 5 and a half years recently resurfaced. According to data from Lookonchain, a popular on-chain analytical platform, the once-dormant address recently transferred 8,000 BTC, valued at about $535 million to the Binance crypto exchange. History of the Bitcoin Dormant Address The dormant address first resurfaced in 2018, receiving 8,000 BTC from 6 different transactions on December 5. A wallet that had been dormant for 5.5 years transferred 8K $BTC($535.64M) to #Binance 40 mins ago. The wallet received 8K $BTC on Dec 6, 2018, when the $BTC price was $3,810.https://t.co/zvxAKbHKi6 pic.twitter.com/ZKZHdm4JkR…

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Legendary trader Peter Brandt has once again shone the spotlight on Ethereum (ETH) with what seem like another prospective bearish call for the coin. More Ethereum Drawdown In View? Ethereum is currently not in a good place per on-chain metrics. At the time of writing, the coin is down by 3.96% to $3,520.37 on a broader market slip. In the past week, the losses has further extended to 6.81% with only the past month maintaining its relative luster for the month with a 20% surge. In a chart shared by Peter Brandt, he noted that the monthly chart depicts an…

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