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Bitcoin, Ethereum Rival Cardano Tipped To Hit All-Time Highs In Next Month

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The price of cryptocurrency Cardano will jump to more than $3 in the next month, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The prediction from Nigel Green, chief executive of deVere Group, which has $12bn under advisement, comes as little known Cardano (ADA) now rises to become the world’s third-largest digital currency after Bitcoin (BTC) and Ethereum (ETH).

Its price has gone up by more than 36% in the last week and its market capitalization currently stands at $90.60 billion. Year-to-date, it has surged 1,300%. Cardano’s price hit a previous all-time high of $2.41 in May.

He says: “Cardano is now just behind the major headline grabbers Bitcoin and Ethereum.

“People say it has come ‘from nowhere’ and it’s ‘an overnight success’ but this is not true. It was created by Ethereum co-founder Charles Hoskinson and launched in 2017, and experts have been seriously watching it with growing interest for more than 18 months.”

Earlier this year Cardano was added to deVere Crypto, the pioneering cryptocurrency exchange app, to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.

“Cardano is on a clear upward trajectory and there’s no reason to think that this will come to a halt any time soon.

“In fact, momentum is likely to pick up and I believe that the price of Cardano will reach all-time highs in the next month, hitting more than $3,” says Nigel Green.

“There are three main drivers currently fuelling the price of this cryptocurrency.

“First, it’s being pulled by the broader crypto market rally. Total market capitalization is back up to $2 trillion again.

“Second, its upcoming network upgrade in September, putting its blockchain in a strong position to take on Ethereum, the most used blockchain in terms of smart contract functionality.

“There’s no doubt that smart contracts – a transactional protocol that lives on the blockchain and that automatically run when predetermined conditions are met – are going to have a major positive impact for almost every sector in the near future.

“And third, Cardano will keep benefitting from its reputation of being a ‘green’ cryptocurrency compared to the likes of Bitcoin, which is not considered as efficient in energy consumption.”

The deVere CEO concludes: “I’ve been bullish on Cardano for a long time, amongst other cryptocurrencies.

“But there’s a now real sense it is about to break out.”

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U.S. Prosecutors Recommend 36-Month Prison Term for Binance Founder Changpeng Zhao

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In a significant development in the legal saga surrounding Binance, the world’s largest cryptocurrency exchange, U.S. prosecutors have recommended a 36-month prison term for its founder, Changpeng Zhao.

The recommendation follows Zhao’s guilty plea to violating laws against money laundering, a pivotal moment in the ongoing legal battle between Binance and U.S. authorities.

Zhao, commonly known as CZ, stepped down as Binance’s chief last November, simultaneously admitting to the violations alongside the exchange.

The firm agreed to a hefty penalty of $4.32 billion as part of the settlement with prosecutors.

According to court filings submitted to the U.S. district court for the western district of Washington, prosecutors argued that the magnitude of Zhao’s willful violation of U.S. law warranted an above-guidelines sentence.

While federal sentencing guidelines set a maximum term of 18 months in prison for Zhao, prosecutors emphasized the severity of the violations and their consequences in advocating for the extended sentence.

The legal scrutiny surrounding Binance stems from allegations that the exchange failed to report over 100,000 suspicious transactions involving designated terrorist groups such as Hamas, al Qaeda, and ISIS.

Furthermore, prosecutors alleged that Binance’s platform facilitated the sale of child sexual abuse materials and served as a recipient of a significant portion of ransomware proceeds.

As part of the settlement, Zhao agreed to pay a $50 million fine and disengage from any involvement with Binance, the platform he founded in 2017.

The penalties imposed on Binance included a staggering $1.81 billion criminal fine and restitution of $2.51 billion.

The recommendation for a 36-month prison term underscores the seriousness with which U.S. authorities are addressing violations within the cryptocurrency industry.

The outcome of Zhao’s sentencing, scheduled for April 30 in Seattle, will likely have far-reaching implications for both Binance and the broader cryptocurrency ecosystem.

As regulatory scrutiny intensifies, stakeholders across the industry are closely monitoring developments to gauge their impact on the future of cryptocurrency exchanges and their founders.

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SEC Philippines Urges Removal of Binance App from Google Play Store and Apple App Store

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The Securities and Exchange Commission (SEC) of the Philippines has intensified its regulatory oversight over cryptocurrency trading platforms, particularly targeting Binance, one of the world’s largest digital asset exchanges.

In a bold move, the SEC Philippines has formally requested the removal of the Binance app from both Google Play Store and Apple App Store.

The action, disclosed through letters addressed to Google and Apple on April 19, 2024, underscores the SEC’s concerns regarding unauthorized investment solicitation activities facilitated by the Binance platform.

SEC Chairperson Emilio B. Aquino emphasized that allowing access to the Binance app and website poses a significant threat to the security of funds belonging to Filipino investors.

This move represents a significant escalation in the Philippines’ regulatory efforts to safeguard investors and maintain financial stability within the cryptocurrency market.

The SEC’s decision to target Binance reflects growing concerns globally regarding the lack of oversight and potential risks associated with digital asset trading platforms.

Binance, known for its extensive range of cryptocurrency trading services, has faced increasing scrutiny from regulators worldwide.

While the company has made efforts to comply with regulatory requirements in various jurisdictions, concerns persist regarding the adequacy of investor protection measures and compliance protocols.

The SEC Philippines’ call for the removal of the Binance app from major app stores highlights the regulator’s determination to enforce strict oversight and uphold investor confidence in the country’s financial markets.

The move is likely to have implications not only for Binance but also for other cryptocurrency exchanges operating in the Philippines and beyond.

Investors and industry stakeholders are closely monitoring developments, awaiting further updates on the SEC’s regulatory actions and their potential impact on the cryptocurrency ecosystem in the Philippines.

As regulatory scrutiny intensifies, market participants are urged to exercise caution and stay informed about evolving regulatory requirements and compliance obligations in the digital asset space.

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Binance Loses Ground in Global Bitcoin Trading Amid Regulatory Challenges

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Binance, once a dominant force in global Bitcoin trading, is now facing significant headwinds as regulatory challenges and intensified competition reshape the industry.

Over the past year, Binance has share of the market had declined outside the United States.

According to data from research firm Kaiko, Binance’s market share in non-US Bitcoin trading has plummeted from 81.3% to 55.3%.

The trend is mirrored in the trading of smaller cryptocurrencies, known as altcoins, where Binance’s share has dropped from 58% to 50.5%.

The decline in Binance’s market share can be attributed to several factors. One significant factor is the cessation of a promotion that previously waived trading fees, which drew in substantial trading volumes.

With the end of this promotion, offshore markets have become less concentrated, allowing smaller exchanges to gain momentum and capture a larger share of the trading activity.

Platforms such as Bybit and OKX have emerged as formidable competitors to Binance, expanding their presence in regions like Asia.

Bybit, in particular, has seen its share of non-US Bitcoin trading surge from 2% to 9.3%, while OKX’s share has risen from 3% to 7.3%. These exchanges have capitalized on Binance’s vulnerabilities, seizing market share and establishing themselves as viable alternatives for cryptocurrency traders.

Binance’s challenges are further compounded by ongoing regulatory scrutiny and legal issues. In November of last year, Binance and its co-founder Changpeng Zhao pleaded guilty to US anti-money laundering and sanctions violations.

The company has since been working to rebuild its reputation and navigate a complex regulatory environment, particularly in the United States.

Under the leadership of its new CEO, Richard Teng, a former regulator in Singapore, Binance has implemented stricter token listing rules and appointed a board of directors to enhance oversight and compliance measures.

Despite these efforts, the exchange continues to face regulatory challenges and uncertainty, which have undoubtedly impacted its market position and reputation.

The broader cryptocurrency industry has experienced significant growth, fueled by a fourfold increase in the price of Bitcoin since the beginning of last year.

However, Binance’s diminishing market share underscores the rapidly changing dynamics of the industry, where regulatory compliance and competitive pressures are reshaping the landscape of global cryptocurrency trading.

As Binance navigates these challenges, the future of the exchange and its position in the cryptocurrency market remain uncertain.

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