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Coinbase Denies Bombshell Claim it Fueled Trump-Binance Hit Piece

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Tensions in the crypto sector escalated over the weekend following allegations that Coinbase was the unnamed source behind a Bloomberg report scrutinizing Donald Trump’s crypto project, World Liberty Financial, and Binance.

Coinbase exec, however, has denied the allegations.

Allegations Stir Crypto Rivalries

Crypto commentator Matt Wallace claimed on X that Coinbase executives were concerned that a potential pardon for Binance’s former CEO Changpeng ‘CZ’ Zhao could clear the way for his return. He alleged they attempted to undermine the crypto exchange out of fear that its re-entry into the US market would threaten Coinbase’s market share.

Wallace described Coinbase’s alleged targeting of Trump as “anti-American,” and added that the company’s leadership viewed Binance’s legal return as a direct threat to their business. The post was later reshared by Zhao, who neither confirmed nor denied the claims but indicated that he may consider legal action against Bloomberg for defamation.

Bloomberg’s report had detailed Binance’s involvement in creating the smart contract for USD1, a stablecoin issued by World Liberty Financial, while linking Zhao to a request for a presidential pardon shortly after the token featured in a multibillion-dollar UAE investment deal with Binance. The report further stated that a significant share of USD1 tokens remains in Binance wallets, which suggests potential interest earnings for the exchange.

Coinbase’s chief legal officer, Paul Grewal, responded directly to Wallace’s accusations on X and called them “pure misinformation.” He also asserted that Coinbase had no involvement in providing information to Bloomberg.

“We don’t attack competitors, and we welcome any businesses that share our goal of growing the crypto pie. You should keep looking for an actual source.”

“Standard Collaboration, Not Corruption”

The episode has drawn significant attention from industry players. Blockchain advisor Anndy Lian also criticized Bloomberg’s report on Binance and Trump. In a post on X, Lian noted the article relied on anonymous sources without concrete evidence of payments or explicit coordination between Trump and CZ.

He argued the piece exploited a national tragedy for political narratives and lacked a factual basis. He also added that the crypto exchange’s activities align with industry norms and that no direct evidence links Trump’s business interests to policy decisions.

CZ had stepped down as Binance’s CEO last year following legal settlements with US authorities, and has kept a relatively low profile ever since. In May, CZ confirmed applying for a presidential pardon from Trump after reports linked him to such efforts.

Citing Trump’s past BitMEX pardons, the Binance co-founder said that he’s the only person jailed solely for a BSA violation. Despite seeking clemency, CZ said that he won’t return to Binance leadership.

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Cryptocurrency

Arthur Hayes Rebuys ETH Amid Price Rally and Swears Off Profit-Taking

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The cryptocurrency space is a compelling industry that tends to prove many doubters wrong, even veterans and seasoned participants such as BitMEX’s co-founder, Arthur Hayes.

As reported last week, the current Maelstrom exec sold a big portion of his portfolio as he envisioned a more profound market-wide correction was in the making.

At the time, Hayes disposed of more than $8 million worth of ETH, alongside some PEPE and ENA holdings. Later on, he owned up to the move, saying that the US Federal Reserve had decided once again not to lower the key interest rates, which was a bearish sign for the crypto market.

Also, he noted that Trump’s foreign policy will result in more turbulence in the ever-volatile crypto market, which is why he preferred to be on the sidelines.

Although that made a lot of sense at the time (which was just a week ago), as many cryptocurrencies were in the red after Trump’s latest actions and nuclear submarine movements, the market typically tends to move in the opposite direction of what people expect.

In the past few days alone, many digital assets have posted notable price gains, including ETH. In fact, the second-largest cryptocurrency just broke past $4,000 and marked a new multi-year high of $4,200. This means that it has gained 20% in a week, which is in stark contrast to Hayes’s expectations of a price drop to $3,000.

As such, Hayes took it to X again to say that he had to “buy it all back.” Evidently, he was referring to ETH since he posted an Ethereum chart and asked for forgiveness from one of the biggest ether proponents – Tom Lee. Oh, and he also promised not to take profits again.

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Cryptocurrency

Crypto Market Cap Adds $200B in Days as Ethereum (ETH) Taps $4.2K: Weekend Watch

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Bitcoin’s price gained a few grand over the past days but was stopped ahead of $118,000 and now stands around $117,000.

Many altcoins have significantly outperformed the market leader, which has reduced its dominance by 2% to 58%.

BTC Dominance Drops

August started on the wrong foot for bitcoin, which started to lose value rapidly due to overall global economic uncertainty and Trump’s controversial actions that had a few nuclear submarines move close to Russia’s borders. The culmination took place on August 3 when BTC slumped to a multi-week low of just under $112,000.

Nevertheless, the bulls stepped up in the following days and didn’t allow a breakdown below $110,000. Just the opposite, the cryptocurrency started to recover and bounced to almost $118,000 yesterday, which became a 9-day high.

It failed there and now stands at around $117,000. Its market capitalization has calmed at approximately $2.330 trillion, while its dominance over the altcoins has taken a major hit. The metric is down to 58% on CoinGecko, which means that it has declined by 2% in just a few days.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Take Main Stage

Altseason speculations are running rampant once again as many alts have produced impressive gains over the past days. Ethereum is leading the pack, with a massive surge to a three-and-a-half-year high of $4,200.

DOGE, LINK, and HYPE are the other notable gainers from the larger-cap alts, with price pumps of up to 8%. CRO, UNI, XMR, and many other mid-cap alts have also performed incredibly since yesterday. ENA has taken the spotlight, with a mindblowing 20% surge that has taken it to $0.73. PEPE follows suits, with an 11% pump.

Pi Network’s token has reacted well to the recent declines and is up by 10% to $0.4.

The cumulative market cap of all crypto assets has gained almost $200 billion since Thursday and is beyond $4 trillion once again.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

Could XRP Hit $25 in Months? This Indicator and History Say It’s Possible

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TL;DR

  • Ripple’s cross-border token has joined the altcoin pack by marking substantial gains over the past few days, now trading close to its previous all-time high.
  • One indicator suggests that the asset could experience another massive double or even triple-digit rally, given its historical performance.

MVRV Golden Cross

It was just a week or so ago when XRP struggled below $2.8 after losing the critical $3 support. The asset had plunged by over 20% since its new all-time high marked in mid-July and analysts were quick to warn about another crash that can take it to and below $2.4.

However, this isn’t what transpired. Perhaps driven by the overall market resurgance and the much-anticipated conclusion of Ripple’s legal battle against the US SEC, XRP went on a tear in the past few days and soared past $3.3 earlier today, thus proving the doubters wrong.

XRP is now 11% up weekly, and has added nearly 40% of value in the past month, standing just 9% away from its $3.65 all-time high. What’s perhaps even more bullish is the formation of an MVRV golden cross, as pointed out by Ali Martinez.

When this happened in late 2024, Ripple’s token went on a tear and skyrocketed from $0.5 to $3.4 within months, gaining roughly 600%. Then, the signal appeared once again in July and XRP broke out of its consolidation range at around $2.2 and jumped to the aforementioned ATH of $3.65 (approximately 60% surge).

If history repeats now and XRP mimics the triple-digit pump, it could go well beyond $20 and up to $25. Even if the less bullish scenario materializes, it would still put the asset’s price at $5, which would mean a new all-time high.

Other Predictions

It’s worth repeating again and again, history is no indicator of future price performances. However, it does tend to rhyme occasionally.

Still, the XRP Army is among the most vocal parts of the cryptocurrency community and often posts big price predictions. One of the loudest, John Squire, recently envisioned another 6x price surge for XRP, which would make it a trillion-dollar asset. Although that does sound tempting, it’s a bit unrealistic given the current situation where XRP’s market cap stands around $200 billion.

Nevertheless, the cryptocurrency market is highly unpredictible, which has been proven over and over again, and XRP has indeed posted some massive gains in the past, so I wouldn’t count it out completely.

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