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FIT21 Crypto Bill Passes with 71 Democrat Support, Ripple CEO and Cardano Founder React

Lele Jima
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FIT21 Crypto Bill Passes with 71 Democrat Support, Ripple CEO and Cardano Founder React

Top crypto executives, including Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson, reacts to the passage of the pro-crypto FIT21 bill by the U.S. House of Reps.

The United States made significant progress towards providing clear regulations for the country’s crypto industry after the House of Reps passed a pro-crypto bill.

Dubbed the Financial Innovation and Technology for the 21st Century Act (FIT21), the House passed the bill after 279 rep members supported it, surpassing the 136 votes against it.

Interestingly, 71 out of 279 votes came from Democrats, including the Speaker of the House Nancy Pelosi (D-Ca 11th District).

The bill aims to give the U.S. CFTC a split control in regulating the crypto industry alongside the SEC.

Cardano Founder and Ripple CEO React

Expectedly, top industry stakeholders, including Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson, have celebrated the passage of FIT21, focusing on the 71 Democrats who supported its approval.

In an X post yesterday, Hoskinson called attention to a list of Democrats who voted in favor of the bill, referring to them as “71 good Democrats.”

Additionally, Ripple CEO took a swipe at SEC Chair Gary Gensler for being a political liability to the Biden administration. Garlinghouse also blamed Gensler for being the reason why 71 Democrats crossed party lines to support the FIT21 bill.

“We are just getting started!” he echoed.

As reported earlier this week, Gensler opposed the bill, highlighting concerns that its approval could expose investors to financial risks.

What’s Next For FIT21?

Following the House’s passage of FIT21, the bill is now headed to the U.S. Senate. FIT21’s passage in the 100-member Senate is currently uncertain due to the absence of a counterpart bill and the fact that it could face stern opposition from prominent crypto critics like Elizabeth Warren.

The bill would require at least 51 senators to vote in its favor for it to pass in the Senate. Should there be any adjustment in the bill, both the Senate and House members will meet to reconcile any differences before it proceeds to another round of final approval. There is no time constraint on when the Senate is required to vote on the bill. However, if the Senate approves FIT21, the bill will be forwarded to President Joe Biden, who will be given ten days to sign it into law or veto it.

If Biden vetoes FIT21, the House of Reps and Senate can still override his veto by re-passing it through both chambers with at least two-thirds of the majority vote.

Analyst Predicts XRP to Reach $8 to $13 After Consolidation

Sam Wisdom Raphael
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Analyst Predicts XRP to Reach $8 to $13 After Consolidation

Market analyst Casi sets $8 to $13 as XRP price targets once the altcoin breaks out of its six-year consolidation phase.

Casi’s analysis revolves around XRP’s historical price movements, specifically focusing on its tendency to consolidate within triangular formations. According to the analyst, the next breakout could propel XRP’s price to notable targets ranging between $8 and $13.

XRP Price Trades Within 6-Year Consolidation

In a post on X, Casi examined XRP’s past behavior, highlighting how it has historically moved within triangles. The pattern typically consists of an initial upward wave reaching a peak, followed by a series of corrective moves forming an ABCDE triangle and trading within a consolidation phase.

XRP is currently trading within this pattern on the monthly chart, having hit its peak of $3.84 in January 2018 before correcting to trade within the consolidation phase. This phase has lasted for six years, with attempts at breaking it in April 2021 proving futile.

With the consolidation currently still in play, Casi believes XRP has the potential to repeat a price peak similar to what was observed in 2018 once a breakout occurs. However, she pointed out that the extent of the first breakout wave is uncertain at this stage, given that XRP is forming a new trend. 

Breakout Could Take XRP to $13

Nonetheless, Casi has identified potential extension targets by measuring from the apex of the current triangle, positioned at $0.54, to the anticipated breakout high. These measurements suggest key levels around $8.20, with the possibility of reaching as high as $13. 

XRP to $8 and $13
Image Source: https://x.com/CasiTrades/status/1793325631528132646

Data from the chart shows that the analyst leverages the 5-Wave Elliott Wave structure to determine XRP price direction. One of the crucial aspects of the analysis is understanding the depth of the initial correction following the breakout. Casi notes that the nature of the correction will significantly influence the subsequent price action. 

If the correction is shallow, with Wave A pulling back to around 38.2% of the initial breakout move, XRP might stabilize around $8. This scenario results in a target of $13 for the initial breakout and implies a less severe correction phase for XRP before it resumes the upward trajectory.

On the other hand, a deeper Wave A correction could result in a more extended ABC pattern, with price movements retracing more significantly before finding support. This deeper correction would imply a more volatile price action but still within the bounds of the identified price targets.

Suggestions for an XRP Price Suppression 

Meanwhile, XRP price currently trades for $0.5268, approaching the apex of the current triangular consolidation. Despite the recent recovery, XRP still trades below the 50-day EMA ($0.5317) and 200-day EMA ($0.5806), suggesting bearish momentum in the short and long terms.

With commentaries of XRP price suffering from suppression due to the SEC lawsuit and Ripple’s sales, the end of the legal battle and a resurgence of institutional interest could provide enough strength for a push toward the $13 target. 

The Crypto Basic reported yesterday that XRP topped Solana and BNB in trade volume last year but did not perform as well in price action due to reduced capital inflow. Interestingly, another market analyst, Bobby A, previously set a similar $8 to $13 target range for XRP, maintaining that it remains valid in January.

ChatGPT Suggests 6 Altcoins Under $1 to Buy

Sam Wisdom Raphael
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ChatGPT Suggests 6 Altcoins Under $1 to Buy

OpenAI’s ChatGPT suggests six altcoins, including meme coin sensation Dogeverse and decentralized blockchain project Hedera, to consider investing in 2024.

The second phase of the bull market is gradually swinging in as prices look to recover from the recent lows. Bitcoin (BTC), the premier crypto asset and biggest market mover, recently recovered the $71,000 price territory, triggering an impressive price run in the broader market.

Recall that BTC initially clinched a new all-time high above $73,000 in March on the back of the first leg. As altcoins join in these rallies, optimism in an imminent “altcoin season” has grown in recent times. Notably, this phase of the bull market involves altcoins outperforming Bitcoin during a full-blown market uptrend.

Some market pundits, including veteran analyst Michaël van de Poppe, have projected that this phase could materialize when the bull market’s second leg comes on. However, as this anticipation builds, some market participants remain uncertain of the best crypto assets to invest in for optimal returns.

This uncertainty has riddled both seasoned and neophyte investors due to the crypto market’s unpredictable nature. As a result, we sought insights from OpenAI’s large language model-based virtual assistant ChatGPT. The chatbot proposed six altcoins under $1 with immense promise that are worth watching out for in 2024.

Meme Coins Under $1 to Consider

Dogeverse

ChatGPT’s list consists of three new meme coins and three established tokens with proven utility trading below the $1 mark. On the meme coin front, the chatbot spotlighted Dogeverse, a promising meme coin introduced last month with an impressive initial coin offering (ICO) that eventually surpassed $15 million.

The project resides in six different chains, including Ethereum, Solana, Polygon and Base. This makes it the first meme coin project to launch on this number of networks. Dogeverse’s pre-sale is currently nearing its conclusion, with price currently set at $0.00031 at the reporting time.

Sponge

ChatGPT highlighted SpongeV2 as another meme coin to consider. The original Sponge meme coin soared from a market cap of $1 million to $100 million last year. Riding on this success, SpongeV2, an upgraded version of Sponge, has come up. Currently trading for $0.002078, SpongeV2 is already up 8,212% since launch, with room for more growth.

Sealana

Another meme coin on the list is Solana-based project Sealana, which has so far garnered over $2 million from its pre-sale. Prominent crypto YouTuber recently touted it as a potential 10x token, asserting that it is the latest meme coin on Solana set to record an upswing.

Utility-Driven Altcoins Under $1 to Consider

For investors not completely sold on meme coins, ChatGPT presents three utility-driven altcoins to consider in 2024.

Hedera (HBAR)

Atop this list is Hedera (HBAR), which rallied 34% during the first quarter of this year. Trading for $0.1132, HBAR is looking to leverage its utility and numerous partnerships for a more substantial run in the next leg.

Fetch.ai (FET)

Another altcoin project with observable utility worth considering is Fetch.ai (FET). The token was one of the best performers of Q1 2024, surging 353%. With the AI industry set to expand significantly, FET, an AI-based asset, could record significant price gains on the back of this expansion and grow interest.

Chiliz (CHZ)

Chiliz (CHZ) also made it to the list, having secured a 73% price upswing in the first quarter of 2024. The project aims to leverage its association with the entertainment industry and significant partnerships for a spike above the current value of $0.1212.

Despite the promise of significant returns, it is imperative not to consider these suggestions as investment advice due to the volatile nature of the crypto market. Notably, these altcoins might not record as much gains as some investors envision.

ChatGPT Highlights 10 Factors That Can Take Shiba Inu to $0.0001

Abdulkarim Abdulwahab
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ChatGPT Highlights 10 Factors That Can Take Shiba Inu to $0.0001

ChatGPT pinpointed ten factors that must align to push the value of Shiba Inu by 285% to the $0.0001 threshold.

Shiba Inu is yet to engineer a market-wide commendable rally as the crypto market experiences a resurgence in bullish momentum amid Bitcoin’s aggressive comeback. Over the past day, SHIB has netted only a 1.7% gain with its floor price of $0.00002591. 

Nonetheless, pundits have argued Shiba Inu’s potential to crack the $0.0001 price level with the emergence of the bull. Factors driving optimism include the asset’s history and the development team’s efforts. Notably, SHIB needs to only rally by 285% to hit $0.0001.

Meanwhile, the prominent AI system ChatGPT has identified ten factors that may drive Shiba Inu to $0.0001. According to ChatGPT, these factors must align to effectively push SHIB’s value to the target. 

Shiba Inu Burns Mechanism and Adoption

The first factor was the burn mechanisms. ChatGPT argued that substantial burns of SHIB could diminish its overall supply and make circulating tokens more valuable. Notably, over 410 trillion units of SHIB tokens have been burned since inception.

Secondly, ChatGPT noted that increased adoption and utility are crucial for Shiba Inu to attain a higher valuation. The AI system suggested that increased adoption can be achieved via partnerships and businesses integrating SHIB payments. 

Remarkably, the Shiba Inu development team continues to forge new collaborations with prominent entities in the tech space, including Zama, D3 Global, and CDSA.

photo 2024 05 22 06 21 20

Partnership and Community Effort

Thirdly, ChatGPT identified the need for ecosystem development, specifically mentioning the ShibaSwap DEX and Shibarium blockchain. This month, the Shiba Inu has revamped ShibaSwap and Shibarium, ushering in new features for the crypto community.

Fourthly, the AI system highlighted the role of market sentiment and hype in propelling SHIB to $0.0001. Notably, hype and sentiment played crucial roles in Shiba Inu’s meteoric rise in 2021.

Additionally, ChatGPT emphasized the importance of community involvement, highlighting that the vigor and participation of the Shiba Inu community are crucial in driving up the price of SHIB.

Moreover, it pointed out that strategic listings and the incorporation of Shiba Inu into various investment vehicles, such as ETFs, can enhance its appeal to institutional investors, which could boost SHIB’s market price.

Regulation, Macroeconomic Elements

ChatGPT also observed that supportive regulations and definitive guidelines from governments globally could cultivate a more appealing investment landscape for cryptocurrencies like SHIB.

Simultaneously, it acknowledged that macroeconomic elements such as inflation rates, interest rates, and overall global economic health have the potential to direct the movement of funds into the crypto market, thereby impacting SHIB’s price.

photo 2024 05 22 11 23 12

Tech Innovation and Overall Market Sentiment

ChatGPT also highlighted that advancements in Shiba Inu’s core technology could boost its attractiveness. This involves network enhancements for increased scalability, security, and efficiency. 

Notably, the Shiba Inu team is set to launch ShibaSwap V2 after recently updating its interface with new functionalities. Alongside, the layer-2 scaling solution Shibarium has been revamped to enhance developer efficiency.

Finally, ChatGPT contended that the broader crypto market’s performance profoundly affects individual cryptocurrencies. It observed that a bullish market trend typically raises the value of most digital currencies, including SHIB. This was exemplified in 2021 when SHIB surged by over 880,000% following the Bitcoin halving event.

PEPE Price Hits All Time-High: Can it Overtake DOGE and SHIB?

Mark Brennan
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PEPE Price Hits All Time-High: Can it Overtake DOGE and SHIB?

Pepe price reached a new all-time high of $0.000014 on May 21, sparking hopes that it could close in on memecoin giants Dogecoin and Shiba Inu in terms of market capitalization. 

PEPE has Outperformed DOGE and SHIB for 3 Consecutive Months

Pepe price has reached another all-time high for the second consecutive week running, outperforming the likes of Dogecoin (DOGE) and Shiba Inu (SHIB) memecoins that have a much larger ecosystem of long-term supporters.

The PEPE price surge this week brings its market cap above the $5.5 billion mark, closing the distance on DOGE ($25 billion) and SHIB ($15 billion) on the list of the top 3 largest memecoin projects globally.

PEPE price action vs. DOGE vs SHIB | Source: TradingView 
PEPE price action vs. DOGE vs SHIB | Source: TradingView

Since the start of 2024, PEPE has become the most sought-after memecoin, with a whopping 990% year-to-day growth performance. This year-long phenomenon has been brought to bear this again this month.

The chart above shows that PEPE price has grown by 141.16% between May 1 and May 21 2024. But in comparison, market leaders DOGE and SHIB have received much lower traction, booking only 39.68% and 28.57% growth respectively so far in May 2024.

This underlines that crypto investors have shown a preference for mid-range memecoins like PEPE over established mega-cap options like DOGE and SHIB, which have lower bandwidth for wild upswings and parabolic breakouts.

If this pattern persists, mid-range memes like PEPE, Dogwifhat (WIF), and Floki Inu (FLOKI) will likely continue to dominate the top gainer’s charts as investors look ahead toward the next breakout phase if SEC delivers an approval verdict on Ethereum ETF this week.

While PEPE may not overtake SHIB and DOGE’s market capitalization, the switch in investor preferences could see PEPE outperform them in terms of short-term price performance.

PEPE price forecast: $0.000020 target in focus

Pepe price is currently trading at $0.000013 at the time of publication on May 22. But looking at the recent data, investors’ preference for PEPE over the DOGE and SHIB puts it in a position to enter another leg-up towards the $0.000020 target if the memecoin sector surges again during the next phase of the market rally.

 

PEPE Price Forecast 
PEPE Price Forecast

The Bollinger band technical indicator also supports this bullish PEPE price prediction. As seen below, despite a 15% correction, PEPE price is still currently trending above the key support level at $0.000012 as indicated by the upper-limit Bollinger band.

This alignment suggests that bulls are still dominating the short-term market momentum despite the mild 4% pullback from the all time-high recorded early during the day.

If the US SEC approves the Ethereum ETFs and the memecoin traders enter another buying frenzy, the PEPE price could surge above the $0.000020 target as predicted.

However, conversely, if the market enters a correction phase, the PEPE price could find initial support at the $0.000010 territory.

Uniting The World With Tech: Philcoin’s Mission To Bridge Global Divides

Esra Zuhal
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Uniting The World With Tech: Philcoin’s Mission To Bridge Global Divides

It’s 2024 yet 736 million people live in extreme poverty (World Bank), and 3.6 billion people lack access to basic healthcare (WHO). This shows that traditional philanthropy isn’t enough. The question is, what if emerging technology can bridge these gaps and create a more equitable world?

Philcoin, a blockchain-based platform, is on a mission to bridge the digital divide and make philanthropy more accessible, transparent, and effective. Read on to see their approach to philanthropy and its potential to transform lives worldwide.

The Role of Blockchain in Philanthropy

Blockchain is a decentralized, distributed ledger that enables secure, transparent, and tamper-proof transactions. The technology has transformed the philanthropic sector by addressing some of its most pressing challenges. 

The major benefits of Blockchain include transparency and traceability. The technology provides a clear and publicly accessible record of all transactions. This allows donors to track their funds in real time and ensure that donations are used for their intended purposes.

Another key advantage of blockchain is its security. Blockchain’s decentralized and cryptographically secure architecture ensures that transactions are protected from fraud and cyber attacks, which gives donors confidence in the philanthropic process.

Philcoin has explored how these advantages can be leveraged to improve the giving process:

1. Direct

Philcoin’s platform connects donors directly with recipients and eliminates intermediaries, which ensures that funds reach their intended destination.

2. Traceable

Their blockchain-based platform provides a transparent and tamper-proof record of transactions, allowing donors to track their funds in real time.

3. Free from traditional banking barriers

Philcoin’s decentralized architecture enables cross-border transactions without the need for traditional banking intermediaries, reducing costs and increasing efficiency. Their approach to philanthropy is further enhanced by its Give-to-Earn concept, which rewards donors with Philcoin’s token (PHL) for their contributions. 

This token can be used to access exclusive content, participate in community voting, and even redeem rewards. Meanwhile, the platform’s mobile app, PHILApp, provides a user-friendly interface for donors and recipients to connect and interact with the platform.

Philcoin’s Global Impact

Philcoin’s mission to drive positive change has impacted several regions and communities worldwide.

For example, they have formed meaningful partnerships with indigenous communities in Latin America, such as the Cabécar “Chirripo” tribe in Costa Rica and local governments in Brazil. These collaborations focus on infrastructure development, economic empowerment, and cultural preservation.

In collaboration with local organizations and rental companies, Philcoin raised $10 million to re-home 2,500 war-displaced individuals in Ukraine. Philcoin’s global partnerships extend beyond specific regions. It has contributed over 1.7 million PHL tokens to various causes worldwide. So far, Philcoin has helped victims of abuse, supported medical initiatives, and catered to women and children.

Additionally, they are all in favor of education and youth empowerment. Through partnerships with educational institutions like the Repton Family of Schools in the UAE, Philcoiallowsow students to earn PHL rewards for academic achievements. This innovative approach incentivizes learning and also promote a culture of philanthropy among the youth.

How Philcoin overcome challenges

Working in underserved communities comes with its share of obstacles. Philcoin has faced its fair share in its efforts to make a difference. However, its technology solutions are designed to tackle these obstacles and bring impactful change where it’s needed most. Here’s how:

Addressing infrastructure gaps

Philcoin actively invests in community development by building essential infrastructure like roads, schools, and hospitals to support long-term sustainability and growth.

Navigating political instability

Political instability can impede humanitarian efforts, and cause delays and disruptions in aid delivery. To counter this challenge, Philcoin employs decentralized blockchain technology to ensure transparency, accountability, and efficiency in its operations.

Breaking economic barriers

Economic disparities often exacerbate social inequalities, leaving marginalized communities vulnerable and underserved. Philcoin addresses these barriers by democratizing access to financial resources through its innovative Give-to-Earn mechanism.

Improving network connectivity

One of the most significant challenges in underprivileged areas is poor network connectivity, which limits access to vital information and services. By deploying innovative solutions like peer-to-peer mesh networks, Philcoin bridges the digital divide and provides access to essential services even in remote areas.

Educational empowerment

Beyond infrastructure and connectivity, Philcoin invests in educational programs to increase awareness and adoption of blockchain technology. 

The platform offers free US-accredited soft skills training courses through PHILEducation to equip individuals with the knowledge and skills needed to thrive in the digital age.

What’s next for Philcoin?

Continuous technological advancements are on the horizon, with Philcoin exploring cutting-edge solutions to optimize its platform. From improving user experience to implementing more robust security measures, the focus remains on delivering value and building trust within the community.

Philcoin recognizes the power of community engagement in driving social change. Through targeted campaigns, outreach programs, and educational initiatives, Philcoin may inspire active worldwide participation in philanthropy and blockchain adoption.

From its roadmap, collaborations with like-minded organizations, governments, and grassroots initiatives will fuel innovation and drive sustainable development.|

Ultimately, Philcoin seems dedicated to using technology as a force for good to promote unity and empowerment worldwide. Thanks to blockchain, Philcoin provides a transparent, secure, and efficient way for individuals to give back and make a tangible difference.

Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Analysts Weigh in as Bitcoin Faces Decisive Test at $70.5K Resistance Zone

Mark Brennan
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Analysts Weigh in as Bitcoin Faces Decisive Test at $70.5K Resistance Zone

Bitcoin approaches key resistance at $70,500 and crucial support at $67,800 as analysts closely monitor market trends.

Bitcoin is again garnering attention, as it approaches critical market thresholds that could dictate its short-term trajectory. As a result, market analysts are closely watching a resistance level around the $70,500 mark, which could set the stage for new highs or signal the beginning of a deeper correction.

Resistance at $70,500

A recent analysis by market experts highlights the $70,500 level as a major resistance point for Bitcoin. Tara, a market analyst, shared on X that exceeding this level might prove challenging. 

She notes that should Bitcoin fail to breach this barrier, it might be pushed back to a support level at approximately $67,800. This particular support has historical significance, previously serving as a breakout point and potentially acting as a strong foundation if retested.

Bitcoin 4H Chart Precision Trade
Bitcoin 4H Chart | Precision Trade

Adding to the technical perspective, Tara’s analysis highlights that Bitcoin’s RSI is slightly above 60. While this is not traditionally considered overbought territory—which is usually above 70—it does signal that Bitcoin is nearing levels where price reversals are common, hence warranting cautious optimism among traders.

Support Levels to Watch

In the event of a downward correction, several key support levels are expected to play critical roles. According to Michaël van de Poppe, a prominent market analyst, Bitcoin is presently in a consolidation zone and might retest the $68,000 mark before it can resume its upward movement. This consolidation phase suggests a healthy market correction, allowing Bitcoin to gather strength for another rally.

Bitcoin 12H Chart Michael van de Poppe
Bitcoin 12H Chart | Michael van de Poppe

Furthermore, Michaël highlights a key resistance level at $73,660 on his charts, a threshold that has previously proven difficult for Bitcoin to surpass. Additionally, several support levels exist where the $67,789 point might offer short-term support. At the same time, $60,748.29 and $50,521.95 are identified as potentially strong support zones that could come into play if a deeper market correction unfolds.

Supply and Demand Zones

Adding a layer of depth, analyst Ali points out that the supply zone between $70,180 and $70,600 is particularly critical, hosting over 450,000 addresses that collectively hold around 273,000 BTC. This concentration could pose substantial resistance due to the significant amount of Bitcoin held in this range.

 

Bitcoin Into The Block New11111
Bitcoin GIOM | IntoThBlock

Conversely, intoTheBlock’s global in and out of the money (GIOM) data shows several “in the money” zones exist where the majority of holders are seeing profits. This decreases the likelihood of selloffs in these ranges. Notable among these are the $59,595.76 to $61,698.29 range, involving 3.26 million BTC, and the $63,800.82 to $65,903.34 band with around 960.5k BTC.

Near the current price level, the $68,005.87 to $70,108.39 range is critical as it involves many recent buyers who are “at the money.” This indicates that these levels might see heightened activity depending on market movements.

Here is BTC Price on Bitcoin Pizza Day from 2011 to 2024

Abdulkarim Abdulwahab
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Here is BTC Price on Bitcoin Pizza Day from 2011 to 2024

Today, May 22, is regarded as Bitcoin Pizza Day in Bitcoin’s history as it commemorates a pivotal moment in the evolution of the premier cryptocurrency.

Precisely 14 years ago, Laszlo Hanyecz, a Florida-based programmer, exchanged 10,000 BTC tokens for two large pizzas. Given Bitcoin was in its early stages at that time, the value of the 10K BTC was negligible. 

However, in hindsight, those 10,000 BTCs tokens are worth close to a billion dollars, making Hanyecz’s pizza transaction iconic. In addition, this was the earliest recorded real-world transaction involving Bitcoin, setting the stage for the evolution of Bitcoin payments.

With Bitcoin’s price maintaining steady growth year-over-year, the crypto community commemorates the historic exchange every May 22, reflecting on Hanyecz’s missed fortune. In light of this, The Crypto Basic has provided an explorative analysis of Bitcoin’s value on every Bitcoin pizza day since May 22, 2011.

BTC Price on Bitcoin Pizza Day from 2011

Prominent market tracking platforms, including CoinMarketCap and CoinGecko, have no historical data on Bitcoin’s price as of May 22, 2010, when Hanyecz traded BTC for pizza. 

Meanwhile, CoinMarketCap data indicates that 1 BTC costs as high as $7.57 a year after Hanyecz executed the pizza trade. On May 22, 2011, Bitcoin garnered a trading volume of only $23,811, compared to over $35 billion today. Additionally, Bitcoin’s market capitalization stood at $41,976,091, which pales in comparison to the current valuation of over $1.38 trillion.

By the following year, Bitcoin faced bearish forces, recording a low of $4.37. Meanwhile, 2012 was the year the Bitcoin network underwent its first halving cycle. The halving event was pivotal in driving BTC’s floor by 2,737% to a high of $124 on Pizza Day 2013. 

From that point onward, Bitcoin never returned to sell at a unit value. The premier crypto asset maintained triple-digit values for the next four years. 

Price of 10,000 Pizza BTC Hits $704M

On May 22, 2016, the last pizza day when Bitcoin sold with triple digits, 10,000 BTC had a peak market value of $5,253,600. Notably, this year, the Bitcoin network completed its second halving cycle, which again introduced a scarcity factor in BTC’s availability.

By the pizza day of 2020, Bitcoin’s value had expanded by 1,658% from $525 to $9,232. At this point, the 10,000 BTC held a hypothetical market value of approximately $100 million. Just a year later, the value of 10K BTC further exploded to $388.31 million, with Bitcoin’s price at $38K.

Notably, Bitcoin faced setbacks that dragged it back to the $20K price levels on the pizza days of 2022 and 2023. Meanwhile, today, the premier traded as high as $70,448. This puts the value of the 10,000 BTC exchanged for pizza at an astonishing $704,488,500.

SEC Chair Gensler Counters Bill to Create Regulatory Clarity in Crypto Industry

Sam Wisdom Raphael
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0
SEC Chair Gensler Counters Bill to Create Regulatory Clarity in Crypto Industry

SEC Chair Gary Gensler disapproves of the FIT21 bill set to undergo voting in the U.S. House of Representatives today.

The legislation, dubbed Financial Innovation and Technology for the 21st Century Act (FIT21) seeks to clarify the regulatory boundaries for cryptocurrency assets between the SEC and the CFTC. This comes amid a clash between both agencies as regulatory uncertainty engulfs the U.S. crypto market. 

Gensler’s stance opposes the bipartisan support the bill has received, as the House of Representatives readies for the vote today. In his statement, the SEC chair argued that the proposed legislation may entail financial risks for investors.

SEC Chair Voices Concerns Against FIT21

His primary concern is that the bill could undermine existing securities laws. He emphasized that the federal securities laws, instituted in response to the Great Depression, have been vital in protecting investors for nearly a century.

These regulations demand thorough disclosure from issuers and stringent oversight of intermediaries to thwart fraud and uphold market integrity. Gensler contends that the proposed FIT21 bill would result in regulatory loopholes by exempting blockchain investment contracts from the definition of securities.

Such a move could diminish safeguards for investors by permitting issuers to self-certify their offerings as decentralized, effectively circumventing SEC supervision. Gensler sees the bill’s provision of only 60 days for the SEC to contest these certifications as inadequate, particularly given the extensive array of crypto assets currently in circulation.

Moreover, he condemned the bill for forsaking the Howey test, a well-established Supreme Court ruling used to assess whether an asset meets the criteria of a security based on its economic substance. He cautioned that the bill’s approach could erode investor protections and heighten risks within the broader capital markets.

Gensler further emphasized the potential for conflicts of interest and diminished custody protections that could result from the bill’s provisions. He claims the bill would enable crypto platforms to legally undertake actions that could jeopardize investor interests if it excludes these platforms from the definition of an exchange.

Additionally, he asserts that the expansive exemption for entities categorized under “Decentralized Finance” could pave the way for substantial regulatory gaps.

The Need for Regulatory Clarity

The crypto industry has consistently clashed with the SEC’s regulatory strategy, which has primarily centered on enforcement actions. Notable lawsuits against prominent crypto entities such as Ripple, Coinbase and Binance have stirred considerable controversy.

Industry leaders contend that the SEC’s actions impede innovation and breed uncertainty. They advocate for well-defined regulatory frameworks capable of accommodating the distinct characteristics of digital assets.

Advocates of FIT21 believe the bill could lead to regulatory clarity. They argue that the current securities laws are inadequate for addressing the crypto market. The objective is to encourage innovation while ensuring sufficient investor protections by differentiating securities from commodities.

However, Gensler maintains that FIT21 would do more harm than good. He cautioned that the bill’s self-certification mechanism might result in widespread noncompliance and investor detriment, extending beyond the crypto sector to impact the broader capital markets.

Expert Says SEC’s Canceled Sunshine Meeting Has Nothing to Do with Ripple

Lele Jima
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0
Expert Says SEC’s Canceled Sunshine Meeting Has Nothing to Do with Ripple

Fagel says the recently canceled SEC’s Sunshine Act meeting is unrelated to Ripple, indicating that such cancellations typically occur for mundane reasons.  

Marc Fagel, a legal expert and former SEC official, has reacted to ongoing speculation within the XRP community regarding the regulatory agency’s decision to cancel a Sunshine Act meeting.

XRP Community Reacts to Newly Passed Bill

For context, Good Morning Crypto podcast host Abdullah “Abs” Nassif called the public’s attention to the significance of a pro-crypto bill, dubbed the Deploying American Blockchains Act of 2023, which the U.S. House of Representatives recently passed.

According to Nassif, the bill places the Secretary of the Department of Commerce as the principal advisor to the president for policies relating to blockchain and assets built on the emerging technology. Consequently, Nassif speculated that the SEC’s power over the Ripple lawsuit will be nullified once the bill is effective.

Nassif’s assertion elicited several reactions from XRP community members eagerly anticipating the SEC lawsuit’s resolution. In light of this, a user stated that the SEC has already canceled its Sunshine Act Meeting, with an agenda focusing on Ripple.

Fagel Says Cancellation Has Nothing to Do With Ripple 

Reacting, Fagel dismissed this speculation as false, emphasizing that the canceled Sunshine Act Meeting has nothing to do with Ripple.

According to Fagel, the meeting is a regularly occurring event that happens almost every week throughout the year. He stated that these meetings are sometimes canceled for routine reasons. Fagel made the assertion based on his experience attending the Sunshine Act meeting while working with the SEC.

Recall that the SEC sent out a Sunshine Act Notice last week to inform its officials that it has canceled the meeting scheduled for May 23.

“The Closed Meeting scheduled for Thursday, May 23, 2024, at 2:00 PM (ET), has been canceled,” the notice read.

Speculations Surrounding SEC Sunshine Act Meetings 

This is not the first time the SEC’s Sunshine Act meeting has stirred speculations within the XRP community.

Since the SEC charged Ripple with offering XRP as an unregistered security, crypto enthusiasts believe that any upcoming Sunshine Act meeting could bring about a settlement in the lawsuit. However, the parties have yet to resolve the lawsuit through a settlement.

In the meantime, the broader crypto community is awaiting the final verdict of the Ripple lawsuit, which multiple experts speculate could come before the year ends.

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