WiseBit.AI Review – Is WiseBit.AI Scam or a Legit Crypto Broker?

WiseBit.AI Review

Convenience is the top priority in today’s fast-paced world and this is also applicable in the case of online trading. Gone are the days when you had to visit a brokerage physically to engage in trading; today, your trading floor is the comfort of your home. But, you should remember that the level of convenience you can enjoy hinges on the broker you choose for your journey. It should be a user-friendly and flexible platform for you to be able to trade conveniently. Enter the WiseBit.AI broker that can be a haven for anyone looking for an adaptable and seamless trading experience. Before you sign up, you can check out this WiseBit.AI review to know just what it can offer.

Log In from Anywhere, and At Anytime

With the WiseBit.AI trading platform, temporal and geographical constraints can become a thing of the past. You do not have to worry about clunky software downloads either because the web-based algorithm offered here can be used on any device, no matter where you are. The best part is that the layout remains consistent across all devices, which means you do not have to adapt to new interfaces every time you use a different device. It saves you considerable time and precious mental energy.

The user-friendly and minimal design of the platform also makes it a breeze to navigate, even if you are a fresh-faced newbie. You can log in from your PC, or laptop at home, or your smartphone on the go and trade on your terms.

Test The Waters with The Demo Account

Not everyone who jumps onto the online trading bandwagon is a pro. Some are completely green and need some experience and polish. The WiseBit.AI broker has offered a demo account for this purpose, which functions as a virtual playground that allows traders to test the waters without having to risk their hard-earned money. The account offers a realistic simulation of the market, which allows traders to gain the confidence and experience they need before jumping into the world of live trading. You do not have to worry about any surprises awaiting you when you start trading through a live account because you will know what to expect.

The purpose of the demo account is to prepare you for the real deal. But, the value of the demo account on the WiseBit.AI trading platform is not only reserved for beginners; even experienced traders will find it valuable because it can function as a testing ground for new strategies. Since it mimics real market conditions, they can refine their trading approach without incurring any losses. The demo account is equipped with virtual currency and this enables you to experiment freely, thereby ensuring that your live trades are done perfectly.

A World of Assets at Your Fingertips

Diversity is the key to balancing the risks in the financial markets and the WiseBit.AI trading platform has an asset index that has not forgotten this important fact. You will discover that there is a huge variety of assets you can explore on the platform. From popular stocks, commodities and indices to leading cryptocurrencies and top forex currency pairs, the platform is capable of catering to different risk appetites and trading styles.

Thanks to this abundance, traders do not have any trouble in crafting a diversified portfolio, which is a vital strategy for maximizing returns and mitigating the risks in the financial markets. You can select the assets that resonate with you and build your portfolio gradually, one asset at a time.

A Guiding Hand at Every Turn

The customer support that the WiseBit.AI broker has incorporated on its platform is yet another feature that has made it a standout in the crowds of platforms that exist. Without support, even the most experienced traders will be left floundering because it can hamper their trading capabilities. Support is not only for basic and general queries; there are technical issues and complex problems that require attention. You can find 24/5 support at your disposal through phone, email and live chat. On the other end of the channel, the staff is friendly, responsive and knowledgeable and eager to provide you a solution.

Is WiseBit.AI Scam or Legit?

Since the internet is rife with scams, I evaluated the WiseBit.AI platform with the utmost caution. But, throughout my investigation, I did not come across anything that would seem dubious and it just appeared to be a legit platform that has prioritized security and transparency in its services. Its aim is to ensure its clients can trade with confidence due to which its policies are clear and its security measures are robust.

Final Verdict

The details highlighted in this WiseBit.AI review solidify the position of this platform as a suitable one for anyone who wants to explore the lucrative opportunities that the financial markets have to offer.

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CanaBit.AI Review – Is Canabit.AI Scam or a Legit Crypto Broker?

CanaBit.AI Review

The thrill of exploring the online trading opportunities always clashes with the anxieties about platform reliability and security. While there are stories of people who have achieved success in the financial markets, you will also hear accounts of people who have suffered losses due to cyber breaches and other illegal activities. Therefore, potential traders are often plagued by fear of their data being compromised in cyberattacks and the quality of trading services they might be provided. Not every platform is capable of assuaging your concerns, but there are some that can and do accomplish this feat. This CanaBit.AI review can offer insight into such a broker that can fit your requirements. Let’s take a look.

Diversification Made Possible

A wise trader will know that diversification is essential when you want to achieve your goals of high profits and keep your losses low. It is true that losses are inevitable, but they do not have to be huge and the key to ensuring this is through diversification. This principle has been prioritized on the CanaBit.AI trading platform because you will find a comprehensive selection of assets from different markets at your fingertips. This eliminates the need for setting up multiple accounts on various platforms to keep a diversified portfolio.

You can use a single account with the CanaBit.AI broker to trade stocks, commodities, indices, forex currency pairs and even cryptocurrencies. A number of options are provided from each of these markets to help traders with different risk tolerances and appetites to find assets in accordance with their interests. Thanks to this diversity, every trader can build a diversified and robust portfolio, which aligns with their investment goals and helps them mitigate risks.

Secure data with SSL encryption

Data privacy and safety is paramount. The use of robust measures on the CanaBit.AI trading platform ensures that security is not neglected in any way. All data shared on the platform, including your personal and financial information, is shielded through the use of SSL (Secure Socket Layer) encryption. Even if there is a cyberattack, the encrypted data cannot be seen by outsiders, which protects you from financial loss and identity theft. Furthermore, the broker does not share your sensitive data with any third parties without your consent, which strengthens your privacy further and gives you peace of mind.

No Complex Registration Requirements

Frustrating registration procedures of trading platforms can often be a turn off for traders. This is where the CanaBit.AI broker shows its dedication to its clients because it has streamlined the registration process with a one-page and simple form that requires minimal information. You do not have to put up with any lengthy approvals or unnecessary details. It only asks for your name, email, country of residence and phone number. You can get started quickly and focus on what is most important i.e. trading.

A Feature-rich Platform

One of the best things about this broker is that it goes beyond the basic concerns and works on providing a smooth and flawless trading experience. This is evident when you check out the CanaBit.AI trading platform because it has been packed with features aimed at enhancing your overall trading experience. You can access technical indicators and advanced charting tools for analyzing market trends, thereby making smart and informed decisions. Moreover, you can also get real-time market updates on the platform, along with news alerts, which help you in staying ahead of the curve. This is because you will always be aware of market-moving events and make quick and timely decisions that help your bottom line.

Always at Your Service

Are you facing a trading hurdle? It is inevitable for traders to encounter an issue during the course of trading and this is where the broker can make a big difference. If it provides good and quality support, it can transform your trading experience completely and this is exactly what the CanaBit.AI broker does. Their support team is readily available for helping round the clock. The representatives are well-trained and highly knowledgeable and they are just an email or phone call away. In fact, you can also visit the website and schedule a callback for personalized assistance, which ensures that you are not left stranded when you have a concern, or a question.

Is CanaBit.AI scam or Legit?

Trust and transparency are vital between a trader and broker. The CanaBit.AI platform is user-friendly, secure, offers a diverse asset selection and has robust support, all of which speak volumes about its integrity and legitimacy. I tested their offerings for an extended duration to ensure there were no red flags of any kind.

Wrapping Up

This CanaBit.AI review has showcased a platform that has prioritized the trading success of its clients and has crafted an all-in-one package to do so. No matter what level you are at, the trading solution offered here can meet your criteria.  

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Crypto Liquidations Hit Record $1.7 Billion: What to Know

Some top crypto assets liquidated in the past day included more than $1.53 billion in longs and $155 million in shorts. These record crypto liquidations prove that the crypto market has become so volatile.

There were $235 million in Ethereum liquidations, while it was $182 million for Bitcoin. Following the liquidations, Ether price dropped by 7% in the last 24 hours to trade at $3,686

Similarly, BTC price slipped below the psychological $100,000 level to $96,652, reflecting bearish investor sentiment.

Small-Cap Tokens Top Crypto Liquidations

Small-cap cryptocurrencies led the crypto liquidation wave, recording $564 million. Out of this amount, $543 million came from long positions, indicating traders’ overconfidence in price increases.

Small-cap tokens emerged as the biggest losers, revealing their vulnerability during market instability. Most of these liquidations were long positions, underscoring the inherent risks of trading lesser-known assets, especially when market sentiment shifts quickly and dramatically.

Crypto Liquidations, Market Cap, and Trading Volume

The sharp surge in liquidations immediately impacted the entire market. In 24 hours, the global cryptocurrency market cap fell 6.62% to $3.44 trillion. However, trading volume jumped an impressive 113% to $313 billion in the same period.

The contrast of declining market capitalization with increasing trading activity suggests a heightened fear and speculation. In such situations, traders mitigate their losses or use such opportunities to expand their holdings.

Major exchanges such as Binance, OKX, and Bybit noted significant crypto liquidations. Binance accounted for $739 million (the highest among the exchanges), followed by OKX and Bybit with $422 million and $369 million, respectively.

The largest single liquidation was Ethereum-USDT pairs on Binance at $19.69 million.

XRP and Meme Coins Liquidations Soar

Like the leading cryptocurrencies and small-cap ones, XRP and meme coins also experienced notable declines during this crypto liquidation frenzy. For instance, XRP’s price tumbled 9.6% to $2.15, while Dogecoin shed 7.8% to trade at $0.398.

Similarly, Shiba Inu’s (SHIB) price and Dogifwhat (WIF) declined by 11.3% and 14.9%, respectively. On-chain data indicated that XRP liquidations reached $72.85 million within this period, with $56.82 million in long positions.

Similarly, Dogecoin liquidations included $90.15 million in long positions against the total liquidations of $100.55 million. Following these crypto liquidations, the meme coin’s crypto market cap dipped by 15.4% to $126.99 billion at the time of writing, representing a 3-week low.

A Ray of Hope

Amidst such turmoil, market pullbacks create buy opportunities for seasoned traders and investors. According to history, such sharp declines have often been followed by strong recoveries.

For instance, Bitcoin’s recent performance has shown signs of possible recovery. After testing critical support levels, it shows signs of resilience. Analysts predict a reversal in the short term, although technical indicators suggest some consolidation may occur first.

Consequently, traders seeking to capitalize on this opportunity should closely monitor key resistance levels, such as $101,171, for a bullish breakout.

Investors Show Strong Appetite to Buy the Dip – Santiment

Amid this market correction, data from the on-chain analytics platform Santiment suggests that retail investors consider the recent downturn a prime opportunity to “buy the dip.” The platform noted that investor sentiment has surged, driven by a significant increase in social media activity related to “buy” and “cryptocurrency.”

Santiment remarked that during the last four correction events, social media volumes spiked, indicating a willingness among retail investors to accumulate assets during market pullbacks. Meanwhile, this current pullback has seen the highest social volume in recent history, suggesting strong investor confidence.

Crypto Liquidations: Memecoins’ OI Drops Sharply

Memecoins have come under particular pressure during this market downturn. This is evident in one key indicator of market strength – open interest (OI).

This indicator dropped significantly for popular meme coins, signaling bearish momentum. Open interest is the number of outstanding derivative contracts (futures or options) that have not yet been settled.

A decline in open interest usually suggests less market activity with a close of most positions. The sharp decline in open interest across meme coins, especially PNUT, DOGE, WIF, and PEPE, demonstrates that leveraged traders are closing their positions to mitigate risk.

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Crypto ETFs Note Record Inflows as BTC and ETH’s Prices Surge

The broader digital asset market had a historic week, with rising investor interest in Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs). With positive regulatory developments and increasing market confidence, crypto ETFs recorded new milestones that signified the continuation of a bullish market momentum before the year ends.

Bitcoin ETFs Dominates

US spot Bitcoin ETFs saw a massive turnaround over the past week as they noted inflows of $2.73 billion. The week started cautiously, with the market experiencing outflows of $435.5 million and $122.8 million on December 2 and 3, which observers believe were influenced by the national holiday.

However, the flow momentum changed during the midweek as the sector saw significant daily inflows of $353.6 million, $676 million, $788.7 million, and $376.6 million on Wednesday, Thursday, Friday, and Saturday, respectively. BlackRock’s IBIT accounted for over $2.6 billion of the funds flow. This achievement reflects BlackRock’s dominance in the ETF space.

In addition, these robust inflows coincided with Bitcoin’s price rise above $100,000 for the first time. BTC’s ascent to its all-time high signifies a psychological victory for the crypto industry, reinforcing the token’s reputation as a hedge against inflation.

Ethereum ETFs Take Center Stage

Like their Bitcoin counterparts, Ether ETFs also saw a notable increase in inflows. The US spot Ether ETFs saw net inflows of about $2 billion this past week.

The favorable regulatory climate in the US and the incoming administration’s pro-crypto position contribute to Ether ETFs’ rising appeal.

It has encouraged investors to diversify their investment portfolios beyond BTC and contributed to Ether’s strong performance. Many institutional investors prefer Ethereum because, in contrast to Bitcoin, it provides use cases through its smart contract features.

Argentina’s Bold Move into Crypto ETFs

Even though the United States still leads the crypto ETF narrative, other nations are making significant strides. One of those nations is Argentina, which has incorporated cryptocurrency exchange-traded funds into its financial markets with President Javier Milei’s approval.

The issuance of ETF CEDEARs (Argentine deposit certificates), which give local investors access to overseas crypto-linked assets, was recently approved by the CNV, the country’s securities regulator. Although ETF CEDEARs have been legal for six years, this is the first time they have been issued, making it a significant development for Argentina.

This product offers various investment options, including Bitcoin, Ethereum, gold, and the Chinese stock market index. Argentina hopes to use these tools to increase international investment and boost its financial sector. It is worth noting that the South American nation has previously acknowledged the legitimacy of smart contracts and welcomed cryptocurrency-backed funding for businesses.

These crypto funds establish the country as a pioneer in digital asset adoption in the region.

Market Outlook for Crypto ETFs

The global financial landscape is rapidly changing due to the explosive rise of crypto ETFs, which link traditional and digital finance. With inflows from leading players like BlackRock and Fidelity Investments, the total assets under management for Bitcoin ETFs in the US have increased to almost $113 billion.

This inflow spike results from increased trust in cryptocurrencies as an asset class. Another notable contributor is Donald Trump’s election win and supportive stance on digital assets.

The incoming administration’s supportive legislation will lay the groundwork for a wider acceptance of cryptocurrency exchange-traded funds. Steps like appointing a pro-crypto chair of the US Securities and Exchange Commission (SEC) and establishing a unique White House position for digital assets demonstrate a strong commitment to promoting innovation in the industry.

Nevertheless, ongoing regulatory clarity, technological advancement, and investor education will be critical to the success of crypto ETFs. For instance, market confidence alone won’t be enough to sustain a push for Bitcoin above $100,000.

Other external factors like macroeconomic stability and greater institutional engagement are also necessary. Meanwhile, regions such as Argentina and El Salvador demonstrate how cryptocurrency exchange-traded funds can help cushion economic instability.

Countries can open new investment opportunities and attract foreign capital by establishing crypto ETFs like ETF CEDEARs.

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How a Smart Contract Security Audit Protects Your Crypto Project

Protecting investment and data becomes increasingly crucial as decentralized finance (DeFi) and other blockchain-based solutions expand. Therefore, you should consider including a smart contract security audit for your crypto initiative.

This guide will detail smart contract security audit components, importance, and execution.

What Is A Smart Contract Security Audit?

A smart contract security audit is a comprehensive analysis of the source code of a smart contract to find any weaknesses, mistakes, or minor vulnerabilities a third party could exploit. A smart contract is an agreement term that self-executes on a decentralized network.

Smart contracts perform transactions and manage money transfers. Consequently, even the slightest programming mistake may have significant effects.

Meanwhile, a security audit reviews a smart contract code by security personnel or specialized companies to find and fix any vulnerabilities, damages, weaknesses, or parts of the code that can be exploited. The objective is to ensure the contract functions as intended, with no vulnerabilities that an attacker could exploit, and that the contract has no undesired effects.

Why Is a Smart Contract Security Audit Important?

More people use blockchain applications for various purposes, including managing valuable assets. Once registered on the blockchain, a smart contract can operate autonomously, allowing any user to assume its intended functionality.

Hence, discoveries of vulnerabilities can have disastrous consequences, including:

• Hacks: Some people with malicious intent can exploit these weaknesses to hack the contract and steal funds.

• Financial Losses: Bugs or code logic flaws can lead to unintended consequences, such as incorrect fund transfers.

• Reputation Damage: Any security breach can tarnish the affected project’s image, making it hard to restore user trust.

• Legal and Regulatory Problems: For projects operating in regulated markets, using security audits helps them avoid legal issues and ensure compliance.

Thus, a smart contract audit is compulsory for crypto and blockchain professionals.

How Does a Smart Contract Security Audit Work?

A smart contract security audit follows these five stages.

• Initial Assessment

The audit process begins with knowledge about the goal and problem the smart contract is meant to address. Thus, auditors examine the contract’s functionality, scope, and intended behavior.

Hence, they can concentrate on possible weaknesses of the contract’s logic.

• Tool-based Analysis

In this phase, auditors apply automated methods to detect and understand problems in smart contract source code. The focus is on grammatical problems, paradoxical function calls, and other vulnerabilities and faults.

However, these tools have limitations; they cannot identify every issue.

• Code Examination or Manual Review

After identifying red flags, the auditor will manually evaluate the contract. This stage involves reviewing the smart contract line by line for logical faults, security threats, and general shortcomings that automated tools may have missed.

• Report Generation

Auditors submit a reporting form that concisely summarizes their findings, such as the potential damages or effects of evaluating vulnerabilities. The recommendation outlines the necessary actions and steps to address each problem.

•   Remediation and Re-audit

This stage is necessary only if the audit identifies any additional vulnerabilities that need to be fixed.

Key Vulnerabilities Identified During Audits

Almost all smart contracts are prone to one or a few vulnerabilities at a time, but mitigation must be employed long enough length to eliminate them. Possible vulnerabilities often identified during audits include:

• Integer Overflows/Underflows: They occur when a contract’s arithmetic operations exceed the authorized range, resulting in unexpected outcomes or vulnerabilities.

• Oracle Manipulation: Many smart contracts refer to outside information (like price feeds) through Oracle. An attacker could fully benefit from the contract if a particular Oracle is compromised.

• Denial of Service (DoS): Attackers can initiate scenarios that exceed the contract and stop its use by its legitimate users.

• Logic Flaws: Some basic business logic or a small programming error can create gaps via contracts that work differently than expected.

Benefits of Smart Contract Security Audits

A smart contract security audit has many benefits beyond focusing on a protocol’s weaknesses.

• Elimination of Risks

Regular audits reduce the likelihood of exploits by addressing and fixing issues before they become exploitable. Therefore, your smart contract will operate as intended, mitigating any risk.

• Saves Money

Although audits can be expensive, they are worth it in the long run. A breach or hack’s price is higher than an audit’s cost.

Any hack or exploitable smart contract brings catastrophe.

• Enhanced Productivity

Auditors can also spot areas in the smart contract’s code that can be optimized for better performance. This process can minimize transaction costs and improve speed and user experience.

• Creating Confidence

A successful audit of a project demonstrates the project team’s commitment to security, attracting users and investors who trust its effectiveness and transparency.

• Legal Framework Violation Avoidance

Security audits help to avoid legal violations. Thus, such projects earn the respect of regulators and other stakeholders.

Conclusion

Smart contract security audit in blockchain development dramatically improves project reliability. It reduces risks and boosts user confidence.

Regular audits improve a smart contract’s safety and project performance. Whether your project develops a DeFi protocol or a decentralized app (DApp), its long-term success depends on a reliable and regular security assessment.

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Bitcoin ETFs See Record $6.4B Inflows in November

BlackRock’s IBIT Leads Other Bitcoin ETFs With $5.6B Inflow

Bitcoin ETFs saw a record $6.46 billion in inflows in November 2024, as Bitcoin (BTC) surged 45% this month, hitting $99,000 for the first time in history. The inflow marks a significant milestone for the crypto market, signaling strong institutional interest and bullish investor sentiment.

According to data from Farside Investors, BlackRock’s iShares Bitcoin Trust ETF led the charge, bringing in an impressive $5.6 billion, accounting for nearly 87% of the total inflows. This investment surge highlights the growing institutional confidence in its future price trajectory.

Fidelity’s Wise Origin Bitcoin Fund also attracted $962 million during the same period. Meanwhile, Grayscale’s Bitcoin Mini Trust ETF and the VanEck Bitcoin ETF secured $211.5 million and $71.2 million, respectively.

These figures underscore the growing interest from private and institutional investors, who increasingly turn to Bitcoin ETFs to gain exposure to the leading cryptocurrency.

Outflows from Bitcoin ETFs Do Not Dampen Bullish Sentiment

Despite the bullish sentiment, the Bitcoin ETF market also saw outflows in November. The Grayscale Bitcoin Trust ETF, Bitwise Bitcoin ETF, and Valkyrie Bitcoin Fund contributed to a combined outflow of $411 million.

Grayscale recorded a substantial outflow of $364 million, although the overall market sentiment remained positive. Nevertheless, analysts suggest that the continued inflows into Bitcoin ETFs could sustain the ongoing bull run.

Analysts note that BTC is entering its price discovery phase, which will provide insanely profitable opportunities in the coming months. The Crypto Fear & Greed Index, which tracks investor sentiment, reached a yearly high of 92 on November 22, indicating extreme bullishness.

While the index has dipped slightly since then, it still suggests that investor confidence in BTC remains robust. Since the start of this month, the BTC price has settled into a sideways trading pattern, hovering around $96,000.

However, analysts remain optimistic about BTC’s future performance, particularly as Bitcoin ETFs attract significant capital inflows. The growing role of Bitcoin ETFs in institutional portfolios is a key driver for the cryptocurrency’s price action in the coming months.

Bitcoin Hits 129% Gains Since Halving

Meanwhile, on-chain data shows that Bitcoin has recorded a 129% gain since the April 2024 halving and the recent US Presidential election. According to data from ICO Analytics, BTC’s November 2024 performance was one of its best-performing months ever.

Only three years in the past have noted higher percentage gains: 2013, with 459%; 2017, with 54%; and 2020, with 42%. These figures highlight the token’s potential to continue rising post-halving, a pattern consistently observed in previous cycles.

The Road to $100,000

BTC’s post-halving momentum aligns with its past behavior. Its price tends to climb roughly six months after the halving event. BTC has continued with this pattern, with analysts predicting it could trade at $100,000 before the year ends.

While the cryptocurrency surpassed $99,000 on 22 November, it has since retraced to the $96,000-$98,000 range. Raoul Pal, CEO of Global Macro Investor, has predicted that Bitcoin could top out at $110,000 before January 2025.

Nevertheless, Bitcoin’s dominance has declined. As of November 30, the dominance index fell to 56.1%, indicating that investors may divert their profits into altcoins. This shift could signal the onset of altcoin season.

Bitcoin Futures, Bitcoin ETFs and BTC Price

Besides the rising interest in Bitcoin ETFs, the rise of Bitcoin futures also contributes to the growing anticipation regarding the coin’s price rally. Over the weekend, Bitcoin futures on the Chicago Mercantile Exchange (CME) traded at $100.2K for the second time in seven days.

This has led some analysts to speculate that the spot price may soon follow suit, pushing BTC closer to the coveted $100,000 level. For instance, a prominent Bitcoin advocate, Samson Mow, argued that once Bitcoin hits $100,000, it could experience a rapid price rise, potentially reaching $1 million per coin.

During this period, Mow suggests that BTC could rise by as much as $10,000 per day as institutional investors, nations, and retail traders seek to increase their holdings.

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Meme Coins Market Surge: Binance CMO Speaks on Growth and Challenges

The digital asset industry has long been a hotbed of innovation and speculation, with meme coins being the latest. Despite skepticism over their utility, these meme-themed tokens continue to attract investors.

According to Rachel Conlan, Binance’s chief marketing officer (CMO), the world’s largest crypto exchange has taken a strategic approach to meme coin listings. She discussed Binance’s selective listing procedure for cryptocurrencies, including meme coins, during her speech at the Aus Crypto Con 2024.

Binance’s Rigorous Listing Process for Meme Coins

Conlan underlined that several criteria affect the decision-making process. She explained that the listing team at Binance carefully assesses businesses according to their founders, essential employees, and long-term goals.

This close examination is critical given the rise in popularity of meme coins and the growing danger of fraudulent initiatives. The exchange’s CMO further noted that trends and feedback from the community are vital elements in Binance’s decision.

However, the CMO acknowledged that meme coins are frequently criticized for their lack of usefulness. Although many meme coins lack built-in functionality, she pointed out that the new ones are starting to incorporate practical use cases.

Meme Coins: A Mixed Bag of Popularity and Skepticism

Meme-based tokens have proven resilient and growing despite their contentious nature. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) led the sector’s 4.4% value growth over the last day.

Dogecoin, the first meme coin, rose 6.8% and approached the $0.50 barrier, with a $63.29 billion market valuation. Likewise, Pepe had a 4.6% increase, while Shiba Inu surged 3% to become the 14th largest cryptocurrency.

Due to their impressive results, the spotlight has also been drawn to lesser-known meme currencies. Recently released tokens like GOUT, MEMEAI, and AI16Z recorded gains ranging from 47% to 64%, while Solana-built Bonk (BONK) reported a 10% daily increase.

Challenges and Opportunities

While meme tokens flourish on community engagement and viral trends, they often face skepticism over their utility and regulatory scrutiny. Conlan noted that a lack of knowledge and misconceptions are two factors that lead to the erosion of consumer confidence in cryptocurrency products.

Therefore, Binance wants to increase customer confidence by promoting transparency and providing the necessary education for its users.

Analyzing Top Performers

Besides the popular meme-themed tokens, lesser-known ones such as Goatseus Maximus (GOAT) and SPX6900 (SPX) have experienced price gains of 11,917% and 6,992% during the last three months. Act I: The AI Prophecy (ACT) and Neiro (NEIRO) are two other notable performers, with gains of over 4,000% within the same period.

These rapid increases demonstrate the speculative attraction of meme coins, which present investors with high-risk, high-reward options. Meanwhile, Dogecoin (DOGE) is leading other meme-themed tokens in price surge after the Thanksgiving holiday in the United States,

In addition, the spike in the price of several meme coins coincides with Bitcoin’s return to the $99,000 mark after days of hovering below that threshold. Notably, DOGE jumped by 149% in price over the last 30 days amid Elon Musk’s support of Donald Trump’s presidential move.

In the past 24 hours, the global cryptocurrency market saw $228.21 billion in trading activity, with meme coins accounting for $25.6 billion. This data highlights the sector’s increasing force in the broader crypto market.

Resolving Issues with Meme Coins

Once dismissed as fads, meme currencies continue to demonstrate their durability in this market. These coins continue to draw interest from exchanges and investors because of their notable gains and growing community involvement.

However, resolving issues with trust and usefulness is crucial to their future. Binance’s strategy for listing meme coins reflects an attempt to maintain the integrity of the cryptocurrency ecosystem.

The platform establishes the standard for other exchanges by prioritizing community feedback, thorough assessment, and education before listing any meme coin. Nevertheless, analysts noted that projects that blend practical uses with community appeal will succeed over the long term.

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How to Protect Your Data Against Known Plaintext Attacks

While encryption is critical in protecting sensitive digital information, it has limitations, as no system is perfect. One possible threat is the known plaintext attack (KPA). This guide highlights the most essential aspects regarding KPA attacks, their mechanisms, and how to thwart them.

What Are Known Plaintext Attacks?

Known plaintext Attacks are situations in which the hacker knows particular bits of data about plaintext and ciphertext. There are many types of KPAs; what makes them different is that there are other models in which the adversary can construct a linear relation.

Each of the different models has its properties or parameters and additional security modes that must be accounted for before proceeding to an attack towards encryption. For example, in transforming the word “crypto” to the string “ftszxu,” a hacker familiar with both can utilize that knowledge to fabricate an attack.

Therefore, a known plaintext attack exposes details about encrypted data many hackers use to break encryption.

How Does a Known Plaintext Attack Work?

Usually, a KPA can be any of the following forms.

• Gathering Known Pairs: The attackers acquire a specific pair of plaintext and ciphertext from communication intercepts or a leaked database.

• Identifying Patterns: The attackers cross-examine the plaintext with the ciphertext to obtain identical patterns.

• Diabolical Guesswork: The attackers make informed guesses about how the text has been encrypted. For example, they could see that all the uppercase letters are substituted with ‘X.’ 

• Break Code: Once the attacking team has figured out the encryption algorithm and its decryption key, they can break the code of other encrypted messages using the same technique. 

Techniques Used in Known Plaintext Attacks

Two approaches that are widely used by hackers in KPAs are frequency analysis and pattern matching. 

• Frequency Analysis involves extensively analyzing the average frequency of the letters or symbols appearing in plaintext. This type of attack is very effective against the most basic encrypted algorithms. For example, in the English language, the letter “G” appears the most frequently, so this could act as a lead in the encryption.

• Pattern Matching: When the same piece of plaintext leads to the same piece of ciphertext, it helps attackers identify repetitive sequences. Such patterns can indicate the encryption algorithm or key, allowing intruders to decrypt other messages.

Real-World Example of a Known Plaintext Attack

A well-known encryption method, the Caesar cypher, demonstrates how KPAs work. In this technique, every letter of the plaintext is replaced by a letter at a certain number of shifts in the alphabet.

For instance, if an intruder finds the plaintext crypto teamed with ftszxu ciphertext, then that intruder can make shifts and decrypt other messages that use that key.

How do Known Plaintext Attacks Differ From Chosen-Plaintext Attacks (CPAs)?

KPAs depend on the availability of plaintext and ciphertext pairs, which has been known previously; CPAs do not. Instead, CPAs involve the attacker actively choosing the piece of plaintext to encode.

Thus, specific pieces of plaintext are enciphered into a ciphertext, and the attacker gets to analyze the transformation.

The difference is in how the attackers get access to the plaintext:

• In KPAs, attackers are passive and use the already available data.
• In CPAs, the attackers are active and use whatever data they need.

These differences are critical for designing effective countermeasures.

Protecting Against Known Plaintext Attacks

Organizations and individuals trying to defend against known plaintext attacks must strategize around the focus of the following strategies.

Cryptographic Algorithms

Modern algorithms like Advanced Encryption Standard (AES) resist KPAs by deleting ciphertext patterns. AES’s complicated data makes it hard for attackers to find plaintext-ciphertext links.

Key Management

Encryption is only as strong as its keys. Store keys securely, change them periodically, and generate them using powerful methods.

Focusing on Session-Based Keys

Never use the same key for more than one session. By producing distinct keys for each encryption session, you limit the impact of an attacker’s access to a single key to that specific session.

Using More Randomization While Encrypting Data

Even for the same plaintext inputs, techniques like adding a cryptographic salt—a random value attached to plaintext—make each encryption different. This prevents attackers from discovering trends in the ciphertext.

Avoid Predictable Data Structures

Encrypt whole communications or files. Predictable structures simplify pattern analysis in plaintext-ciphertext couples for attackers.

Engagement in Security Audits

Systems encryption must be subject to penetration testing and a code review to find weaknesses in a given instance and ways to strengthen the system.

Conclusion

Encryption, while essential to cybersecurity, is not a risk mitigation panacea. Strategies of known plaintext attacks often subvert encryption systems and demonstrate the need for up-to-the-minute algorithms and robust key management systems.

Therefore, it’s crucial to understand how known plaintext attacks work, which can help negate their damaging impact. Remember, your algorithm’s security strength relies not solely on the algorithm itself but on how the entire encryption is structured and secured.

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Crypto Tax Discussion Takes Center Stage in Russia and India

Crypto tax regulations are changing dramatically worldwide, and recent events in Russia and India have sparked discussions about their legal frameworks and how they affect adoption. India is still dealing with the consequences of its strict tax system, while Russia is shifting toward a more organized approach to cryptocurrency taxation.

These diverse situations demonstrate countries’ methods of controlling the rapidly expanding cryptocurrency industry.

Russia Moves Closer to Adopting Crypto Tax

Russia has made significant progress in formalizing its crypto tax system. Thanks to recent legislation enacted by the Federation Council, the nation’s highest chamber of parliament, digital currencies are now considered property.

This historic ruling brings cryptocurrency transactions and mining operations into compliance with Russia’s more comprehensive tax laws. The proposed law’s exemption of Bitcoin transactions from value-added tax (VAT) is among its most noteworthy features.

With a 15% personal income tax rate cap, profits from cryptocurrency trading will be taxed at rates similar to those for securities transactions. Operators of crypto mining infrastructure will also be required to notify tax authorities with client information.

The market value of the revenue at the time of receipt will determine how the digital asset is taxed. Meanwhile, President Vladimir Putin’s signature is now required for the bill to become law after the Federation Council and the State Duma approved it.

Implementing this bill would close the regulatory gaps that have long afflicted the cryptocurrency industry and give users and businesses a more transparent framework. Additionally, Russia has restricted unregistered companies or entities that mine cryptocurrencies.

The government is monitoring unregistered mining operations closely since they overburden its energy resources. Hence, it has imposed a monthly power consumption cap of 6,000 kilowatt-hours for miners.

These actions demonstrate Russia’s intention to balance innovation and regulatory oversight in the rapidly changing cryptocurrency market.

India’s Crypto Sector Thrives Despite Harsh Taxation

India contrasts with Russia, whose strategy promotes adoption through simplified taxation. Despite significant taxes levied by the Indian government on cryptocurrency trading and profits in 2022, the local cryptocurrency community has remained resilient.

In addition to a 1% tax deducted at source (TDS) on all transactions, India presently imposes a 30% tax on cryptocurrency gains. The government included these policies in the Union Budget 2022 to improve crypto tax compliance and deter speculative trading,

Despite these obstacles, India is still one of the world’s top markets for Bitcoin adoption. With an estimated 100 million crypto asset owners, India leads the world in crypto adoption in 2023, according to Chainalysis.

The country’s young, tech-savvy populace, reasonably priced internet service subscriptions, and extensive smartphone use significantly contribute to this feat. Additionally, local exchanges have been essential to keeping the market afloat.

Users can now more efficiently manage the high tax environment because platforms like CoinSwitch and ZebPay have made fiat-to-crypto transactions more straightforward.

Two Crypto Tax Regulatory Framework

Russia and India have differing interests, as seen by their divergent approaches to crypto taxation. Russia’s desire to legitimize the cryptocurrency industry while maintaining government monitoring is reflected in its decision to exempt cryptocurrency transactions from VAT.

Russia wants to incorporate cryptocurrency into its economy without impeding growth by taxing mining profits according to market value and mining firms’ reporting. Rather than encouraging innovation, India’s strict crypto tax system is more concerned with preventing speculative trading.

This strategy has discouraged some traders and investors even if it has produced a sizable amount of tax money. Nevertheless, the Indian government has expressed interest in working with players in the cryptocurrency sector for a favorable tax system.

For example, the Financial Intelligence Unit authorized regulatory frameworks for significant international exchanges such as Binance and KuCoin earlier this year. The two nations’ approach to establishing favorable crypto tax laws could set the tone for other countries looking to do the same soon.

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Binance Expands Offerings with Thena Airdrop Campaign

Binance, the world’s leading crypto exchange by trading volume, has made significant strides to improve its ecosystem with two innovations. These include the introduction of BFUSD, a reward-bearing margin asset, and the inclusion of Thena (THE) in its HODLer Airdrops program.

These programs reflect Binance’s continuous attempts to improve user interaction and offer traders cutting-edge solutions on its platform.

Thena Joins Binance’s HODLer Airdrops

Thena (THE), a decentralized exchange (DEX) and liquidity layer on the BNB Chain and opBNB, has become the second project in Binance’s HODLer Airdrops campaign. Thena, a community-driven platform focusing on SocialFi and decentralized finance (DeFi), was founded in 2022.

On September 26, the project received funding from the BNB Chain to create THENA ARENA, a SocialFi platform that combines social interactions and blockchain technology. Binance’s addition of Thena to its airdrop program has marked a significant turning point in the project.

It is also part of the crypto platform’s larger effort to compensate long-term token holders. According to the official announcement, eligible users who subscribed to BNB items on Binance’s Simple Earn platform would receive 7% of Thena’s total token supply (310,000,000 THE).

To be eligible for the airdrop, users had to lock their BNB tokens in flexible or fixed-term products during the subscription period from November 6 to 13.

Airdrop Eligibility and Trading Launch

Only users who live in approved jurisdictions and have finished their Know Your Customer (KYC) verification are eligible airdrop participants. According to Binance, local regulatory constraints prevent its customers in the United States, Canada, the United Kingdom, and Australia from being eligible.

The airdropped tokens will be automatically moved to the beneficiaries’ spot wallets. Notably, the THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY trading pairs will be available for traders starting on 27 November.

THE tokens are helpful for yield farming, liquidity provision, and accessing DeFi applications within the BNB Chain ecosystem. The airdrop program encourages loyalty within Binance’s user base by rewarding users appropriately based on snapshots of their BNB holdings.

BFUSD: A Reward-Bearing Margin Asset

On 27 November, Binance will introduce BFUSD, a unique margin asset intended to rejuvenate the trading experience for futures market players. Unlike conventional stablecoins, BFUSD functions as a unique margin asset designed to provide profits for its investors.

Although fees are involved, this cutting-edge margin asset can be bought or redeemed at 1:1 with USDT. With its almost 100% collateralization value, BFUSD is a desirable choice for traders looking for dependable leverage options.

Two forms of Annual Percentage Yield (APY) will be available for BFUSD holders – the Boosted and Base APYs. The former offers higher returns for active trading in USD-margined futures, while the latter pays customers for merely holding the asset.

Rewards are credited daily, guaranteeing all users a steady passive income.

Binance Sustains Returns through Innovative Strategies

Binance stated that its platform keeps its members’ BFUSD returns pool consistent by combining staking and delta hedging techniques. While staking activities bring extra revenue to the reward pool, delta hedging balances holdings between the spot and futures markets.

Binance has also created a Reserve Fund seeded with one million USDT to offset potential negative financing rates. This protection guarantees that the APY for BFUSD stays above zero even during market volatility.

Binance Founder Knocks Meme Coins

Meanwhile, Binance founder and former CEO Changpeng Zhao has stated that he is not against memes, but these coins are not what the industry currently needs. According to him, the crypto ecosystem should use blockchain to create practical applications that solve real-world problems.

His comment reflects growing concerns about the spread of low-utility tokens in the cryptocurrency market. Despite being created for entertainment, meme coins’ popularity has raised questions about their long-term worth.

Claims of market manipulation further complicate the debate around these meme-themed cryptocurrencies. Despite concerns over the impact of meme coins, a sizable segment of the crypto community still prefers this asset class.

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How to Use BscScan for Blockchain Insights: A Beginner’s Guide

BscScan offers tools for analyzing blockchain education, development, and finance. This BNB Smart Chain (BSC) block explorer displays transactions, wallet balances, coins, and blockchain smart contract processes.

This guide describes how to use BscScan, including the BSC network, since its operations are comparable to those of other BSC blockchains.

What is BscScan?

BscScan is a web tool for viewing transactions, tokens, wallets, and smart contracts on the BNB Smart Chain. It was developed by the same team that created Etherscan.

Like Etherscan for Ethereum, BscScan allows users to monitor blockchain data easily. Whether you’re confirming a transaction, investigating wallet activity, or evaluating tokens, BscScan makes on-chain data available without technical knowledge.

Its simple interface allows anyone to verify data and engage with any network effectively.

Key Features of BSC Scan

BscScan provides several tools for simplifying blockchain exploration. Here’s a rundown of its key features:

• Transaction Tracking

• Check using a transaction ID (TxHash).

• Status: Indicates whether the transaction is pending, successful, or unsuccessful.

• Confirmations: indicates how many blocks have verified the transaction.

Details include sender and destination addresses, sums transferred, and Gas fees paid.

• Wallet Exploration

BscScan allows you to view the activities of any wallet on the BSC network. Entering a wallet address will enable you to see:

• Balances: The total number of BNB and BEP-20 tokens possessed.

• Transaction History: Details about previous transfers.

• Token Holdings: All tokens, including their quantities, are connected to the address.

These features help track your assets and study public wallet activity.

• Smart Contract Interaction

BscScan allows for direct interaction with smart contracts without requiring specific tools.

• Read Contracts: You can read contracts and understand their functions before interacting.

• Execute Functions: Interact with decentralized apps (DApps) by initiating particular contract activities.

This functionality is appropriate for users who wish to interact with BSC’s decentralized applications.

• Token Analytics

BscScan offers information on BEP-20 tokens, including price trends and trade volumes.

• Holder Distribution: How the tokens are distributed between wallets.

• Contract details: Contract addresses can be used to verify the authenticity of tokens.

You can track token activity to determine community interest or discover anomalous conduct.

• Gas Fee Monitoring

The BscScan Gas tracker shows real-time Gas prices for various transaction speeds (slow, average, and quick). Users can save money by scheduling transactions during less congested hours.

• Development Tools

Developers can access additional capabilities, such as;

• APIs: Integrate live data into their apps.

• Smart Contract Verification: Upload and validate contract source codes to increase transparency.

How to Get Started with BscScan 

The platform’s intuitive design makes it simple to use. Here’s a step-by-step instruction:

Step 1: Visit the Homepage

The homepage provides vital statistics such as the BNB price, recent transactions, and the most recent blocks. The search box at the top gives you access to all blockchain data.

Step 2: Search for Data

For Transactions: enter the transaction hash (TxHash).

Step 3: Understand the Results

Transactional Details: Displays the status, block number, sender/receiver, Gas taxes, and the amount transferred.

Address overview: Shows wallet balances, transaction logs, and token holdings.

Step 4: Interact with Contracts

Navigate to the smart contract page and either the “Read” or “Write” tabs to interact directly with DApps.

Token Tracking

If you are monitoring tokens, BscScan offers detailed insights:

• Search for the Token: Use its name or contract address.

• Analyze Metrics: Examine the price, trading volume, holder distribution, and transaction history.

• Contract Verification: Review the contract source code to ensure the token is valid.

This tool is handy for investors who want to track their portfolios or learn about new tokens.

Tips for Developers Using BScScan

For developers, this tool provides powerful tools for streamlining blockchain projects:

API Integration: Register on BscScan to obtain an API key. Use the API to get live data on transactions, tokens, and smart contracts.

Smart Contract Verification: Deploy your contract to BSC and send the source code to BscScan for public verification.

Why Use BscScan?

Its transparency and ease of use make it essential for anyone working with BSC. Here are a few benefits:

• Investors can verify transactions, track wallets, and study coins.

• Developers can create apps with real data and maintain contract transparency.

• Enthusiasts can Investigate blockchain data and learn about on-chain operations.

Common Terms

Here are crucial terms to understand:

• TxHash: A unique identifier for each transaction.

• Block: A container that holds many transactions.

• Gas fee: The cost of processing a transaction.

• Nonce: A sequential number that prevents repeated transactions.

Conclusion

BscScan is more than just a transaction tracker; it serves as a doorway to the BNB Smart Chain’s extensive ecosystem. The platform simplifies blockchain discovery for users of all skill levels.

Whether you’re an investor, developer, or blockchain enthusiast, understanding the BscScan platform gives you the tools you need to explore BSC successfully.  

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Solana Price Hits A New Peak Two Years After FTX’s Collapse

Solana Price Surges to All-Time High

The Solana price soared to $264.31 on Coinbase on Nov. 22, breaking its 2021  all-time high. The token surged 11% within 24 hours, cementing its position as one of the best-performing assets in 2024.

This recovery is remarkable, given that the crypto experienced a tumultuous period after the collapse of FTX, which significantly impacted the value of the Solana token. The token’s resurgence has been fueled by increased market optimism, with the Solana price experiencing a 160% gain since the beginning of 2024.

Its recovery began after it hit a cycle low of under $10 in December 2022, a stark contrast to its current bullish trajectory. In the week of the US election, Solana noted 172 million transactions, highlighting a notable surge in network usage.

Recent market activity has provided further support for the Solana price momentum. Filings from VanEck, Bitwise, Canary Capital, and 21Shares to launch spot Solana exchange-traded funds (ETFs) have boosted investor confidence in the token.

These filings position the token for institutional adoption, driving significant interest.

DeFi Growth and Meme Coins Launch Drive Demand

A notable factor in the token’s rally is the resurgence of decentralized finance (DeFi) on the Solana blockchain. According to DefiLlama, the Solana network’s total value locked in DeFi has grown by over 500% this year, reaching $8.8 billion.

This rapid expansion reflects the blockchain’s ability to attract projects and users due to its scalability and low transaction costs. All the blockchain’s top decentralized finance (DeFi) platforms have recorded gains, with daily increases ranging from 3.90% to 11.50%.

Moreover, Binance-staked SOL (BNSOL) soared by 333% over the past month. Market analysts point to the renewed interest in speculative meme coins as another driver of demand for the Solana token.

The ease and affordability of minting such tokens on the Solana network have made it a hub for this activity, further amplifying its appeal.

Broader Market Optimism Fuels Rally

Bitcoin’s price surged by 5% on Thursday, reaching $98,988 and marking a record high for the fourth day. IntoTheBlock data reports a massive spike in the net flow of deposits and withdrawals among wallets holding a minimum of 19,000 BTC ($1.9 billion).

This increase in transaction flow has extended to other market participants, with Ethereum surging 8% to a peak at $3,412. Other altcoins have mirrored Solana price gains. XRP soared by 27% to $1.40, Cardano at $0.86, and Avalanche rose to $36.67.

Solana ETF Filings and Solana Price Surge

The submission of multiple spot Solana ETF filings on Nov. 21 marked a significant development in the cryptocurrency market. Fund managers VanEck, Bitwise, Canary Capital, and 21Shares lodged four separate 19b-4 filings with the Cboe BZX Exchange.

These applications aim to list spot Solana exchange-traded funds in the US, potentially marking a new chapter for the digital asset industry. These filings coincided with SEC Chair Gary Gensler confirming his resignation effective January.

This timing has sparked optimism for a shift in crypto regulations once a new leadership is in place. The potential approval of these Solana ETFs would represent a milestone for alternative digital assets beyond Bitcoin.

Bitwise joined the Solana ETF race after registering a statutory trust in Delaware on Nov. 20. The next day, it followed up with an S-1 registration statement.

Canary Capital entered the scene with its submission on Oct. 30, after VanEck and 21Shares had already submitted their S-1 filings in June. The 19b-4 filings now inform the SEC of proposed rule changes to facilitate listing these ETFs.

SEC Leadership Changes Fuel Optimism

Industry experts suggest fresh SEC leadership could bring much-needed regulatory clarity to the US crypto scene. A representative from 21Shares expressed confidence that Solana’s token, SOL, qualifies as a commodity and not a security.

The sentiment aligns with recent legal decisions, strengthening the case for its inclusion in an ETF. This optimism extends to the broader market, with some anticipating additional ETF filings for other assets like XRP and Litecoin.

Despite Solana’s strong price performance, analysts project that investor inflows into spot Solana ETFs may not reach the scale seen with Bitcoin and Ether ETFs.

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Stablecoin Bill Faces Regulatory Hurdles – Former Senator

Federal Reserve’s Concerns in Stablecoin Oversight

The stablecoin market continues to expand, with its total capitalization surpassing $174 billion as of November 2024. Despite the sector’s growth, former US Senator Pat Toomey has flagged key challenges delaying comprehensive regulations for issuers in the United States.

In a recent interview, Toomey outlined areas requiring clarity, particularly reserve requirements, bankruptcy handling, and regulatory oversight. He stated that the central bank’s approach to the technology is “fundamentally not friendly.”

“I think the Fed is not supportive of this innovation,” Toomey said, adding that unresolved complexities have hindered legislative progress. Such complexities include insurance coverage on reserves and establishing jurisdictional authority for stablecoin regulation.

While Toomey acknowledged these challenges, he remains optimistic about political efforts to address them. He opined that lawmakers could take significant steps toward a framework for this sector in 2025 once resolutions regarding broader administrative concerns, such as budget allocations and federal appointments, are passed.

Growing Calls for Stablecoin Regulation

The push for regulatory clarity in this sector is gaining momentum. Senator Bill Hagerty’s proposed Clarity for Payment Stablecoins Act has become a notable legislative effort.

The bill focuses on regulating smaller stablecoin issuers—those with less than $10 million in market capitalization—at the state level, excluding them from federal oversight. Industry experts have also amplified their concerns about the lack of clear policy.

Chris Dixon, a leading venture capital firm a16z executive, argued that regulatory measures to prevent systemic risks are essential. At the Permissionless III event in October, Dixon warned that this industry could face a collapse akin to the FTX crisis if it doesn’t have a robust framework.

He further noted that the robust framework could have ripple effects beyond the crypto space. Notably, stablecoin issuers are increasingly tied to traditional financial systems by collateralizing tokenized fiat with instruments like Treasury bills.

This growing interdependence has caught the attention of regulators and policymakers. Last month, the US Treasury’s Borrowing Advisory Committee highlighted the “modest but rising” demand for Treasury bills from stablecoin firms.

Therefore, a committee member suggested exploring a private blockchain system to oversee the sector. Toomey believes the sector’s challenges are not insurmountable and expects lawmakers to intensify efforts toward a precise regulation since the 2024 elections are over.

These fiat-pegged cryptocurrencies remain central to discussions as their role in the broader financial ecosystem expands.

Record $9.7B Stablecoin Inflows Could Boost Bitcoin’s Price

Meanwhile, the crypto market is witnessing record-breaking stablecoin inflows, with over $9.7 billion pouring into exchanges over the past month. This historic surge is fueling expectations of a Bitcoin rally to the $100,000 milestone before November ends.

The $9.7 billion stablecoin influx is the highest ever in a month. This surge signifies heightened speculative interest and increased liquidity, which is critical for Bitcoin’s price momentum.

Since these fiat-pegged digital assets are a bridge between fiat currencies and cryptocurrencies, they can be considered a precursor to market activity. Experts note that these stablecoin inflows reflect a growing appetite among investors.

Stablecoins’ Liquidity and Bitcoin’s $100,000 Price Target

Historically, November has been a favorable month for Bitcoin. However, the current liquidity provided by stablecoins could amplify its trajectory.

Their inflows are usually a key driver of buying pressure. When large volumes of stablecoins enter exchanges, they create conditions for higher demand for major cryptocurrencies like Bitcoin.

This demand can lead to significant price increases, as evidenced in previous market cycles.

Spot Bitcoin ETFs Record Continuous Inflows

Spot Bitcoin exchange-traded funds (ETFs) also contribute to the optimistic outlook. Bitcoin ETFs in the US marked their sixth straight week of net positive inflows, gaining over $1.67 billion in assets during the week of Nov. 11–15.

These ETF inflows reached $773 million on Nov. 20 alone, underscoring strong institutional interest. The relationship between stablecoins and Bitcoin price movements is linear.

For example, when Tether minted $1.3 billion USDT in early August, Bitcoin rebounded by 21% within a few days from a five-month low of $49,500. Hence, a similar dynamic could play out with the current wave of inflows.

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Bridging Tokens on Arbitrum: All You Need to Know

As the demand for Ethereum increases, its blockchain often becomes clogged, resulting in increased transaction fees and slower speeds. However, Layer-2 networks like Arbitrum offer a solution to these issues.

Arbitrum uses “optimistic rollups,” which lower transaction costs by operating outside the Ethereum network. This guide details bridging tokens to this layer-2 network, the wallet setup, and how to reduce costs.

What Is Arbitrum and What Are Its Advantages?

Arbitrum is a layer-2 scaling solution that processes transactions off-chain before transferring them to Ethereum. This solution keeps the Ethereum blockchain secure, lessens transaction costs, and speeds up transactions.

How To Bridge Tokens on Arbitrum

Step 1. Create a wallet

You need an Ethereum and layer-2 network-compatible wallet such as MetaMask or Trust Wallet. Once you have a wallet, set it up for this network.

• Select a wallet: Crypto users preferably use MetaMask and Trust Wallet. Trust Wallet is a mobile application, while MetaMask is a browser extension.

• Integrate the Arbitrum network to MetaMask:

i. Open MetaMask and select “Ethereum Mainnet” from the dropdown menu.

ii. Click on “Add Network” and fill in the details below:

• Select ‘Arbitrum One’ for Network Name

• RPC: `https://arb1.arbitrum.io/rpc` 

• Chain ID: 42161

• Symbol: ETH

• Block Explorer URL: `https://arbiscan.io/` 

iii. Arbitrum should appear in your network’s list after saving these settings.

• Hold enough ETH in your wallet for the gas fee. The gas fee is needed to convert your tokens to another network.

Step 2: Bridge Tokens to Arbitrum

• Visit the official Arbitrum Bridge website.

• Link the wallet. Click “Connect Wallet” on the bridge portal to find options like MetaMask and others. Once clicked, enable access to the wallet you wish to use.

• Once the wallet is linked and ready, select the token network to transfer and add the amount you intend to transfer. Note that some tokens require an approval transaction, an additional step for security.

• Finalize the transaction. Click on “Bridge” or “Transfer.” The system will display the gas fees necessary to execute the transfer.

• Confirm the transaction status: The duration of a transaction solely depends on whether the Ethereum network is congested. Once the transition is completed, the assets will be reflected in your Etherscan wallet within a short period.

Step 3: Cutting Down Expenses

Even though this layer-2 integration reduces transaction costs, some costs remain. Below are some valuable strategies for minimizing costs.

• Avoid peak times: Gas fees can shoot up during specific periods. So, carry out bridging during the week or late on weekends.

• Utilize Gas Fee Trackers: Platforms like ETH Gas Station or Etherscan’s gas tracker current gas fees for transactions.

• Keep an ETH Reserve: If gas prices soar suddenly, have more than the required ETH in your wallet. Thus, you can prevent your transactions from failing.

Step 4: Verify Token Compatibility

Before you move your tokens to Arbitrum using the bridge, ensure your token is supported on this blockchain. Then, confirm your token compatibility by checking the Arbitrum Bridge Interface.

If you need clarification on any documents a third party provides, seek clarification from the network’s community before you bridge tokens on the network.

Troubleshooting Common Bridging Issues

If you encounter issues during the bridging process, here are some solutions for common problems:

• Failed transactions:  If your transaction wasn’t successful because of insufficient gas, increase it and resubmit. Use gas trackers to determine the appropriate fees before you start the bridge tokens process.

• Errors relating to network configuration: Verify that the Arbitrum network information you entered for your wallet is correct. Also, re-check the RPC URL, the chain ID, and other details before initiating the bridging process.

• If the tokens do not show in your wallet after bridging, try the following:

  Add the token manually: Click on the ‘Import Tokens’ option in Metamask, then enter the token contract address obtained from Arbiscan, Arbitrum’s block explorer.

View the current transaction status: To find out the transaction status, search for your wallet address or a transaction hash on Arbiscan.

Refresh the crypto wallet: Exiting and logging back into the wallet can help resolve bridged token display problems.

Conclusion

Arbitrum is an attractive solution for developers and users willing to access Ethereum’s ecosystem but put off by the latter’s high fees and slow transaction speeds. By following the steps in this guide, you can bridge tokens into Arbitrum simply and effectively.

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SEC Approval for Solana ETF Will Happen in 2025 – VanEck

Since Donald Trump’s election, the clamour for Solana exchange-traded fund (ETF) approval in the United States has gained traction. According to Mathew Sigel, VanEck’s head of digital asset research, the industry expects the US Securities and Exchange Commission (SEC) to greenlight more crypto-based products before the end of next year.

A New Era for Crypto ETFs

The result of the 2024 US presidential election has rekindled hope in the digital asset space, especially the authorization of crypto-backed ETFs. Accordingly, industry insiders predict that Trump’s election would result in a friendlier regulatory environment for digital assets, which might open the door for the approval of several crypto ETFs that have been waiting for regulatory approval for a long time.

Several asset managers submitted applications to list ETFs for altcoins such as Solana (SOL), Ripple (XRP), and Litecoin (LTC), reflecting heightened interest in diversifying the crypto investment market. These filings also included proposals for crypto index exchange-traded funds (ETFs), which aim to expose investors to a wide range of tokens.

However, the current SEC administration has yet to approve any of them. Instead, it has launched over 100 enforcement proceedings against the sector. As the SEC begins reviewing Grayscale’s request to launch an ETF encompassing diverse cryptocurrencies, observers believe the stage is set for significant changes in the crypto landscape.

Potential Leadership Changes

The prospect of new leadership at vital regulatory agencies has further reinforced industry optimism. According to reports, Trump is considering appointing Republican CFTC commissioner Summer Mersinger as the new SEC chair.

The CFTC chair has a reputation for supporting a more accommodative approach to cryptocurrencies, as the chair of the Commodity Futures Trading Commission (CFTC). The CFTC is also a top regulator of the cryptocurrency markets in the United States, similar to the SEC. However, it has less authority than the US SEC.

A change in leadership may impact how crypto regulation develops, allowing the operations of other crypto ETFs in addition to Bitcoin and Ethereum ETFs.

Solana Dominates the NFT Market

As the regulatory environment changes, Solana has become a significant player in the non-fungible token (NFT) market. On-chain data shows that the market cap of Solana’s NFT ecosystem soared by $1 billion to $5.94 billion in the last week.

With almost 55% of the market, Solana has surpassed rivals like Polygon and Ethereum regarding daily NFT user engagement. Moreover, Solana has 18,000 daily users, establishing itself as a dominant force in the NFT market, unlike Polygon’s 5,100 and Ethereum’s 3,500.

Furthermore, this ecosystem’s rise has been fuelled by top-performing NFT collections like Mad Lads and SMB Gen 2, while newcomers like Luces have quickly garnered popularity. In addition, data from the NFT analytics platform Cryptoslam shows an 11% increase in total transactions and an 85% increase in NFT sales volume on Solana.

SOL Token Faces Market Fluctuations

Solana’s native coin, SOL, has shown volatility despite its success in the NFT space. Following early gains, SOL’s value dropped 4% daily, indicative of the market’s overall mood.

Even though these swings are expected in the cryptocurrency industry, Solana’s sustained leading position in the NFT market offers a solid basis for SOL’s price uptrend in the near term.

Surge in Malicious Activities on the Solana Network

Nevertheless, the Solana network faces rising threats of phishing scams, with the Backpack Wallet being the prime target. The wallet became the focus of attention after more than 71,000 illegal acts were discovered on the Solana network between June and September 2024.

This number indicates that attackers have exploited over 5% of these wallet owners, losing almost $26.6 million worth of digital assets. In addition, this data highlights a broader pattern of vulnerabilities in the Solana ecosystem’s decentralized finance (DeFi) and NFTs, where phishing scams and harmful decentralized applications (dApps) continue to target users.

Moreover, the rapid rise in meme coin trade on the Solana network has made malicious actors target users of this network more than those on other networks. Furthermore, the focus on Solana rather than established networks such as Ethereum demonstrates a deliberate shift by hackers looking to exploit user and platform security vulnerabilities.

The post SEC Approval for Solana ETF Will Happen in 2025 – VanEck first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/sec-approval-for-solana-etf-will-happen-in-2025-vaneck/
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