Author: Teererai Mukonavanhu

Article written by Teererai Mukonavanhu

The FOMC’s decision to keep interest rates steady causes over $400 million crypto sell-off

June 13, 2024 2 mins read

The Federal Open Market Committee (FOMC) convened its fourth policy meeting of the year on June 12 and opted to maintain interest rates at a range of 5.25% to 5.5%. The unforeseen resolution resulted in substantial upheaval in the cryptocurrency market, precipitating steep falls in the value of Bitcoin and Ethereum. The price of Bitcoin sharply declined from $70,000 to $66,000, while Ethereum also saw a comparable drop, leading to

US SEC Chairman hints that the agency may be dragging its feet in approving spot Ether ETFs

June 6, 2024 1 min read

Chair Gary Gensler of the US Securities and Exchange Commission (SEC) has suggested that the final authorizations for asset managers to provide Ethereum exchange-traded funds (ETFs) for immediate purchase and sale on exchanges could experience a delay. Gensler said that the SEC may be delaying the approval of spot Ether ETFs, maybe because the commission is taking its time to approve S-1 registration statements. Although the SEC authorized the 19b-4

MicroStrategy Settles $40M Tax Fraud Case

June 4, 2024 1 min read

Michael Saylor, a supporter of Bitcoin and the creator of MicroStrategy, has successfully reached a $40 million agreement with the District of Columbia. This settlement stands as the greatest ever recovery for cases involving income tax evasion in the district. The settlement was reached using the district’s updated False Claims Act, which provides incentives for whistleblowers to uncover instances of tax evasion. Saylor was accused of avoiding more than $25

BlackRock Flips Grayscale: Becomes World’s Largest Institutional Holder of Bitcoin

May 29, 2024 1 min read

BlackRock, the world’s largest asset manager, has surpassed Grayscale’s Bitcoin Trust (GBTC) in its Bitcoin holdings. BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF launched just three months ago, has accumulated over 288,670 Bitcoins, according to on-chain data. This outpaces GBTC’s holdings, which currently sit at around 287,450 Bitcoins. Rapid Growth for BlackRock’s Bitcoin ETF The rapid growth of IBIT has surprised many analysts. Launched in March 2024, the

Bybit CEO Ben Zhou denies hack and insolvency rumors

May 24, 2024 2 mins read

Speculation that a major exchange was insolvent concerned the crypto world this week. With mounting worry, users identified Bybit as the exchange in peril. Bybit CEO Ben Zhou denied any hack or insolvency issues on X on Wednesday, assuring investors that the exchange was working regularly. This followed Tuesday claims of imminent bankruptcy, raising concerns of another FTX-like collapse. Arkham Intelligence’s Proof-of-Reserves (PoR) graph dropped from $11 billion to $6

Bitcoin (BTC) To Reach $90K Soon? Emerging Altcoins to Explode During the Bull Run

May 20, 2024 1 min read

Bitcoin (BTC) did not rise as projected following its halving. History suggested us BTC will achieve an all-time high shortly after the event, but earlier this year’s all-time pricing may have warped its odds. Bitcoin then lost ground and shivered about $60-$62k. Bitcoin has resumed its surge and is now over $66k. This has analysts wondering what’s next for Bitcoin. In an intriguing article, a crypto writer suggests bulls might

Fed maintains current interest rates, citing inflation concerns and a strong job market

May 3, 2024 1 min read

Following its biennial policy meeting, the Federal Reserve maintained interest rates at their current level on Wednesday. This is the sixth instance in which the central bank has paused its rate adjustments since it began increasing rates in March 2022. The Federal Reserve decided to maintain interest rates due to a combination of significant inflation and a stable job market. Authorities expressed their need for more data indicating a consistent

Solana rolls out crucial update to tackle network slowdowns, enhancing validator performance

April 16, 2024 1 min read

Solana Labs has launched version 1.17.31, a software update specifically developed to resolve congestion problems resulting from spam transactions. The update implements a stake-weighted quality of service (SWQOS) mechanism that gives priority to transactions from validators who have staked their tokens. It allocates 80% of network connections to these validators. Anza strongly encouraged MainnetBeta validators to execute the update whenever their overdue stake falls below 5% and to closely monitor

Ripple moves to sell 100 million XRP tokens on Sunday, following Iran-Israel conflict escalation news

April 14, 2024 1 min read

Ripple, the company behind XRP tokens, plans to sell 100 million tokens on Sunday in response to the recent escalation of the Iran-Israel conflict and a significant decline in the crypto market. The corporation, which regularly engages in monthly sell-offs, has been exerting a substantial influence on the price of the asset. In April, Ripple released 1 billion XRP and sent 200 million tokens to its Treasury account, designated as

Ripple’s CEO eyes a $5T crypto market by 2024, banking on regulatory clarity and Bitcoin ETFs

April 9, 2024 1 min read

Brad Garlinghouse, the CEO of Ripple, forecasts that the cryptocurrency market will reach a value of $5 trillion by 2024. He bases this prediction on the expectation of clear regulations and the introduction of Bitcoin exchange-traded funds (ETFs). The market is anticipated to expand as a result of the Bitcoin halving and the likely introduction of U.S. Bitcoin exchange-traded funds (ETFs). Garlinghouse thinks that well-defined legislation regarding crypto in the

Solana (SOL) has had a 6.25% surge in value over the last three days

April 1, 2024 1 min read

The native crypto of Solana, SOL, has had a 6.25% surge in value over the last three days, rising from about $180 to beyond $210. Although it has not surpassed its previous low of $162.74, the cryptocurrency, which is presently ranked 5th in the crypto market and has a total supply of 441 million, along with a market value over $88 billion, continues to demonstrate relentless momentum. The price is

This Bitcoin whale moves $6 billion in BTC

March 28, 2024 1 min read

A Bitcoin whale has transferred more than $6 billion worth of BTC to three newly created addresses, arousing interest among the crypto community. The transaction, first reported by the blockchain research site Arkham Intelligence, consisted of $5.03 billion worth of BTC being sent to one address (bc1q8yj), followed by $561.46 million and $488.40 million for the other two addresses (bc1q6m5 and bc1q592). The wallet responsible for transferring the $6 billion