Trump Softens Stance on Bitcoin; Kraken Fights Lawsuit; Web3 Game Pixels Soars in Value
Summary:
Former US President Donald Trump changes his view on Bitcoin, indicating a willingness to accommodate it. Crypto exchange Kraken is pushing to dismiss an SEC lawsuit, which it deems as overreaching. The valuation of Web3 game Pixels skyrockets to nearly $3 billion following the listing of its token on Binance. Despite recent developments, the European Central Bank remains skeptical about Bitcoin, even with the approval of Bitcoin ETFs in the US.
Seemingly altering his prior stance on Bitcoin, former US President Donald Trump has indicated that he isn't against the digital currency, acknowledging he could "go along with it". Cryptocurrency trading platform Kraken is attempting to have a lawsuit against it thrown out in court, mirroring actions taken by Coinbase, Binance and Terraform Labs. In the realm of Web3 gaming, the value of Pixels has increased dramatically, reaching nearly $3 billion shortly after its token, PIXEL, was listed on Binance.
Renowned for his critical comments about Bitcoin during his presidency, Trump has now revealed a noticeable shift in his position. Despite still prioritizing the US dollar, Trump also recognized the rising demand and acceptance of Bitcoin in a recent interview with Fox. His past criticism of Bitcoin even included directives to the then Treasury Secretary to tackle the digital currency.
Kraken is seeking to have a lawsuit, initiated by the Securities and Exchange Commission (SEC) in November, dismissed. Labeling the case as a detrimental precedent for regulatory overreach, Kraken submitted its request for dismissal to a federal court in San Francisco on February 22. Kraken believes that the lawsuit could potentially unleash a wave of private securities law claims due to the absence of clear limitations.
Web3 game Pixels saw its value significantly increase to $2.7 billion when its token was listed on Binance, a period after transitioning from the Polygon to the Ronin blockchain developed by Sky Mavis. After its listing on February 19, the value of PIXEL surged by 1,246%, culminating in a total market capitalization of $2.65 billion. As per DappRadar data, the game has a significant number of active wallets, making it a popular choice among Web3 blockchain games.
After a major $600 million hack in 2022, the Ronin blockchain has made a notable recovery. The blockchain currently holds a total value of $214 million. Sky Mavis co-founder Aleksander Larsen informed Cointelegraph that the Ronin blockchain will further facilitate the integration of Web3 games via the Mavis Hub which could also enable game curation.
Despite the approval of spot Bitcoin Exchange Traded Funds (ETFs) causing a stir in the US, the European Central Bank remains skeptical about Bitcoin. Ulrich Bindseil, the Director General of the ECB’s Market Infrastructure and Payments division, and adviser Jürgen Schaaf, voiced their disagreement that the ETF approvals indicate that investing in Bitcoin is risk-free or its surge in value is irreversible.
This news has been reported by Geraint Price, Sam Bourgi and Felix Ng. Please be reminded that this article does not offer investment advice or recommendations. Any investment or trading decision should be taken after conducting independent research as they carry risks.
Published At
2/23/2024 4:02:39 PM
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