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Former MAS chair who called crypto ‘highly risky’ wins Singapore’s presidential race

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Tharman Shanmugaratnam has served as Singapore’s finance minister and the head of the country’s financial regulator during his time in government.

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Stablecoin regulation 'next catalyst' for crypto industry — Aptos head

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Stablecoin regulation is “the next catalyst” for the crypto industry and could lead to unprecedented “appetite from institutional investors,” according to Ash Pampati, head of ecosystem at the Aptos Foundation.

In an interview with Cointelegraph at Consensus 2025 in Toronto, Pampati said that “the whole world outside of the United States […] has already jumped onto this [stablecoins],” adding that “the US is […] at the doorstep.”

“I really think about new use cases that can emerge because of the borderless nature of stablecoins, because of the efficiency of the dollar onchain,” he said. “If you’re trying to send money to your friend in Nigeria, why do you have to go through a bunch of hoops?”

Stablecoins are often used to transfer money across borders, as they are easier and cheaper to transfer than traditional finance methods such as wire transfers. They are also used to hedge against fiat currency, which, in emerging markets, can devalue significantly in a short period of time.

Related: Pareto launches synthetic dollar backed by private credit

According to a new survey from Fireblocks, Latin America leads all regions in real-world use of stablecoins, with 71% of respondents saying they use the technology for cross-border payments. Half of respondents in the region, which encompasses a number of developing countries, say they expect stablecoins to offer lower transaction costs than traditional finance rails.

“I think you will see an amazing appetite from institutional investors […] we can really think, rethink the fintech space across B2B, B2C with fully onchain rails,” Pampati said.

86% of firms ready for stablecoins

According to Fireblocks’ survey, 86% of respondents say that their company shows “infrastructure readiness.” In other words, their companies are ready to adopt stablecoin. In addition, 75% of respondents say they see clear customer demand for stablecoins.

Confidence indicators for stablecoin adoption. Source: Fireblocks

However, regulation still holds a large role in determining adoption. The survey shows that confidence in stablecoins is rising, not only because of the technology but also because regulatory barriers have fallen.

Agencies around the world have sought to regulate stablecoins. The progress has included the European Union’s MiCA regulation, various acts in the United Arab Emirates, and even the United States’ GENIUS Act, which reports indicate has regained some bipartisan support after a failed May 8 vote.

Magazine: Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

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FTX estate to start distributing more than $5B on May 30

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More than two-and-a-half years after filing for bankruptcy, cryptocurrency exchange FTX is moving forward with repaying users who have not had access to their funds.

In a May 15 notice, the FTX Recovery Trust announced that it would begin disbursing funds to the second group of parties eligible under the exchange’s reorganization plan. Starting on May 30, FTX will send more than $5 billion to creditors “within 1 to 3 business days” through crypto firms BitGo and Kraken. 

In accordance with the reorganization plan, FTX said five groups of “convenience classes” would receive between 54% and 120% distribution of assets. The repayment schedule for the next class of creditors will be “announced in due course,” and the debtors were expected to pay up to $16 billion if all claims were filed.

Breakdown of the second round of FTX repayments. Source: Sunil Kavuri

FTX began its first round of reimbursements on Feb. 18, which was estimated to repay roughly $1.2 billion to creditors. Though former FTX users will likely be seeing their funds for the first time since the exchange collapsed in November 2022, many have criticized the reorganization plan for basing disbursement on the prices of cryptocurrencies at the time of bankruptcy.

Related: FTX EU creditors can now withdraw money from Backpack exchange

Since the end of 2022, the price of Bitcoin has risen more than 400%, from roughly $20,000 to more than $100,000 at the time of publication. According to the recovery plan, 98% of creditors are expected to receive at least 118% of their initial claim value in cash.

Criminal cases already wrapped, nearing the end

The estate’s announcement came more than a year after former FTX CEO Sam “SBF” Bankman-Fried was found guilty at trial and sentenced to 25 years in prison for his role in misusing customer funds. Former Alameda Research CEO Caroline Ellison and former FTX Digital Markets co-CEO Ryan Salame pleaded guilty and were sentenced to two and seven-and-a-half years in prison, respectively.

FTX engineering director Nishad Singh and co-founder Gary Wang also pleaded guilty and were sentenced to time served. However, Salame’s wife, Michelle Bond, while potentially not directly involved in the exchange’s activities, still faces campaign finance charges in New York.

Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10

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Solana network activity surge and ‘megaphone’ chart pattern set $210 SOL price target

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Key Takeaways:

Solana formed a megaphone chart pattern with a potential $210 price target.

Solana’s ecosystem growth highlights renewed investor interest with a $4 billion realized cap increase and 731 million transactions.

Solana (SOL) price tested its key resistance at $180 earlier this week, but the altcoin failed to establish a position above the level. Over the past few days, SOL has consolidated above the $170 mark, but prices have dropped 5.65% since May 14.

Including the recent minor dip, Solana has formed a megaphone pattern on the 4-hour chart, a classic technical setup indicating increasing volatility.

Solana 4-hour chart. Source: Cointelegraph/TradingView

The chart illustrates that the megaphone’s upper resistance trendline sits near $185, aligning with immediate resistance at $180. A confirmed breakout above this level could propel SOL toward the pattern’s first target at $210, calculated by measuring the widest part of the pattern and projecting it upward from the breakout point.

If momentum is sustained, the next target will be $210, representing a 21% rally from current prices. A break above $200 would also trigger a psychological level that could attract further buying pressure.

However, it is essential to note that a megaphone pattern can also be bearish. Failure to break $180 may lead to a pullback toward the 100-day exponential moving average (EMA) at $161 or the pattern’s lower support near $150. Volume confirmation on the breakout is a key trigger, as low volume could signal a false move, leading to an immediate reversal of the initial directional bias. 

Related: Solana network and DeFi activity suggest SOL price rally will continue

Solana’s $4 billion realized cap growth and 731 million transactions signal momentum

Solana is experiencing a revival in investor interest, with Glassnode reporting a 4% to 5% rise in 30-day capital inflows, matching XRP’s (XRP) growth. After months of outflows, this trend reversal signals renewed demand in the Solana ecosystem. The realized cap, reflecting a coin’s last transacted value, is up $4 billion to $78.5 billion on May 14, showing SOL’s growing momentum.

Solana realized cap. Source: Glassnode

Data from a Top 7 ICO report further validates Solana’s strong performance, securing its position as the second-ranked blockchain by transactions. Over the past week, Solana processed an impressive 731 million transactions, trailing only Hyperliquid’s 1.79 billion. It significantly outperformed Base, which logged 77.1 million transactions, highlighting Solana’s existing advantage and popularity compared to other chains.

Top blockchain by number of transactions. Source: X.com

Related: Spot Bitcoin ETF inflows fall, but BTC whale activity points to bull market acceleration

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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