Solana may rise in price to $400. Kraken assumes the delisting of USDT in the EU. An illegal exchange was exposed in the Lviv region. Blogger decided to give up fiat and invest $100 million in Bitcoin
Solana at $400: The expert expects strong growth of cryptocurrency
By November 2024, the rate of Solana can reach $400. This was reported by Ryan McMillin, a representative of the venture capital fund Merkle Tree Capital. According to him, the value of the currency will be stimulated by a wave of memcoins that will be created on the Solana blockchain during the election race in the United States.
Ryan recalled that coins such as BODEN and TREMP have allowed Solana to overtake Ethereum in trading volume. According to his calculations, a similar trend will continue in the coming months.
The expert also predicted an increase in traders’ and investors’ confidence in “funny” tokens. According to him, although memcoins are short-term assets, they create conditions for more sustainable options for the use of crypto technology. Specifically, they enable RWA tokenization, converting tangible assets to digital tokens on the blockchain.
According to Ryan, the increased trading activity has become a kind of stress test for the Solana blockchain, which it has successfully passed. Experts believe that the cryptocurrency has every chance to move to the third line in the market capitalization ranking.
As of Monday, May 20, Solana’s exchange rate is $178.
Kraken does not rule out the delisting of USDT in Europe
Cryptocurrency exchange Kraken does not rule out delisting the USDT stablecoin from its European platform. The reason is the new stablecoin circulation rules that are set to come into effect on June 30, 2024. They are part of the MiCA regulatory framework aimed at regulating the crypto market in the European Union.
Kraken noted that when the new rules will be implemented, there may be a situation in which the listing of USDT will simply be unreasonable. Representatives of the platform are waiting for the EU position to become clearer.
European legislation obliges issuers of stablecoins to:
- Obtain a license from the regulator of the EU state in which the tokens will be circulated.
- Ensure the stability of the coins.
- Disclose a public business model.
- Ensure effective risk management.
- Register with the European Business Association.
- Guarantee sufficient token reserves.
Earlier, Paolo Ardoino, Tether’s CEO, said the company was in talks with EU authorities about the potential impact of MiCA on the fate of stablecoins.
Mark Greenberg, Kraken’s top manager, said that the exchange appreciates users’ commitment to Tether and will consider all possible options to keep the coin listed.
In March, the media reported that the OKX crypto exchange admits removing USDT from the list of coins available for trading on its European platforms. The impending MiCA regulation was also cited as a reason.
An illegal cryptocurrency exchange was discovered in Lviv region
An illegal cryptocurrency exchange disguised its activities under the guise of a financial company. Employees of the Economic Security Bureau of Ukraine (ESBU) revealed and stopped the malicious activity.
It is known that scams processed requests for the exchange of crypto assets through a chatbot in Telegram. Further, people received text messages, which contained addresses and passwords.
To exchange assets, representatives of the crypto exchange met with their clients in person. People transferred the specified amounts to bank cards and, in return, received the equivalent in crypto assets, or vice versa.
The exchanger had neither a license nor regulatory permission to provide such services. The operations were also not reflected on the organization’s balance sheet.
ESBU, together with the Security Service of Ukraine, conducted 11 raids, during which they seized equipment, documentation, keys to cold crypto wallets, and cash totaling $13 million. In addition, the court approved the seizure of crypto assets worth ₴28.5 million placed on one of the centralized crypto exchanges.
ESBU also recorded that the defendants made withdrawals from a sub-sanctioned Russian platform. The investigation is ongoing.
A famous blogger decided to invest $100 million in Bitcoin
Andrew Tate, a famous American blogger and former kickboxer, decided to abandon traditional money and transfer about $100 million into Bitcoins. He noted that in this way, he wishes to terminate relations with financial institutions.
Joe Burnett, a specialist of the mining company Blockware Solutions (USA), reacted positively to the blogger’s plans. In his comment under Andrew’s publication, he wrote that he sees no point in holding capital in financial institutions if access to it is granted “only with the permission of certain groups.”
Previously, Andrew Tate has already spoken out about the advantages of crypto over fiat funds. He said that digital technology allows people, rather than government authorities, to retain control over their capital.
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