FM Faustino Oro, dubbed the 'Messi of Chess,' has created a media frenzy in his native Argentina by setting a prestigious new world record. This week he followed up by beating none other than GM Hikaru Nakamura twice.

Oro achieved his final norm and completed all requirements for the international master (IM) title in Barcelona last week, becoming the youngest in chess history to do so at 10 years, eight months, and 16 days. The extraordinary achievement was met with celebrations and praise, yet Oro remained remarkably composed, taking selfies with fans, signing autographs, and playing blitz games.

In an interview with Chess.com, the 10-year-old shared his excitement: "I feel very happy because it doesn't happen every day. In addition, I broke the world record held by Mishra, so I'm very happy to surpass it and have the title."

He admitted feeling nervous during the final round against IM Fernando Valenzuela Gomez, when he needed a draw to secure the title: "Yes, I suffered, I suffered, but I managed to hold on in a difficult position and win the title."

Asked about the significance of having such a record, he said: "Yes, I wanted to achieve it. It's not that records are so important, but it's nice to have one. I can always say that I'm the youngest."

It's not that records are so important, but it's nice to have one. I can always say that I'm the youngest.

Faustino Oro

This week the IM-elect returned to Chess.com, as he beat world number-two Nakamura in blitz. Twice. "The #1 prodigy in the world right now," IM Levy Rozman/GothamChess noted, while sharing this clip from Oro's stream. The celebration at the end is a must-watch.

The full-time streamer and content-creator went through some of their games in this video.

Back home in Argentina, the 'Messi of Chess' has clearly captured the attention of the people, with mainstream newspapers extensively covering his journey. The 10-year-old has been featured in some of the nation's biggest newspapers, side-by-side with the national heroes currently fighting for a title in the Copa America.

The recognition reached another peak when Argentina's president Javier Milei praised Oro to his three million X/Twitter followers, calling him 'a pride for all Argentinians."

Former President Mauricio Macri said "You are a boss who fills us with pride," while Daniel Scioli, Argentina's Minister of Tourism and Sports, emphasized the broader significance of Oro's success:

"Chess is a symbol of discipline, strategy, enduring pressure, planning, and managing time, thinking about the next moves. As someone passionate about this discipline and being the Secretary in charge of Tourism and Sports, I know it is a source of pride for our country."

Carlos Ilardo, a journalist from one of Argentina's biggest papers InfoBae, is likely the journalist who has followed Oro most closely over the last two years.

"Since Faustino achieved his second norm at the Continental in Colombia, they havent stopped asking me for articles about him. According to my bosses, the boy has a huge following. People want to know more about him," he told Chess.com.

He noted that while chess lags behind football and tennis in terms of popularity, Argentina has a rich chess culture dating back to Jose Capablanca and Alexander Alekhine's World Championship match in 1927, Chess Olympiads in Buenos Aires in 1939 and 1978, and the Argentina vs. USSR match in 1954.

"Since the news broke on Sunday morning, it had more space, and various newspapers even mentioned it or featured a photo on the front page."

Ilardo doesn't remember any chess-related news with such significance in the country since Garry Kasparov's first visit to the country to play the Argentine Olympiad team in 1992. "It's perhaps similar to the Kasparov vs. Deep Blue rematch in 1997."

He added: "There was a general buzz and excitement within the Argentine chess community. Personally, even friends who don't know how to play chess called or sent me messages congratulating me or asking about the importance of Faustinos achievement."

Even friends who don't know how to play chess called or sent me messages congratulating me or asking about the importance of Faustinos achievement.

Carlos Ilardo, Argentinian journalist

He noted that the parents have taken a cautious approach in terms of media exposure, similar to how GM Magnus Carlsen's parents dealt with the attention at the time.

"I understand Faustinos parents position; they are very concerned about the childs media exposure, but perhaps if they had allowed some interviews on channels, radio, blogs, or newspapers here, the impact would have been even greater," Ilardo said.

Spanish journalist Federico Marin Bellon writes for El Mundo and runs the chess news website Damas y Reyes, where he noted that 'Faustimania is unleashed' in a recent story. He has covered Oro extensively, for Chess.com as well, and expained the young prodigy's growing popularity in his new home country Spain.

"Faustino Oro has what it takes to be an idol. I have been to several tournaments with him, three of them in Spain, and I have seen his charisma grow at the same pace as his level of play. He gets more and more requests for photos and autographs and is always attentive to the fans," he told Chess.com.

Faustino Oro has what it takes to be an idol.

Federico Marin, Spanish journalist

"He's not thrilled with all the attention, but he's very professional about it. His mother tells him to look up to GM Pepe Cuenca, who is one of his idols, and he is very disciplined."

Marin also noted that Oro's surprising personality has contributed to his popularity: "Faustino has nothing to do with the cliche of the shy, introverted child. He can even be very funny. In Madrid, he won everyone over by playing quick games and even practising trash-talking before the awards ceremony. He is also very cheerful and assertive in interviews, not just saying platitudes to make a good impression."

In the interview with Chess.com, 'Fausti' mentioned his recent milestone of becoming the youngest to surpass 3000 in blitz. "Playing improves your game. What doesn't help you improve is the speed. I mean, it's too fast. Sometimes you have to play quickly; it doesnt matter so much the position, sometimes if you have ten seconds you have to play, sometimes with the mouse too."

Oro now has a total of five coaches, thanks to an anonymous group of Argentinian businessmen covering all expenses for training, travel and accommodation. His aspirations are as high as they come, targetting the biggest title in chess. "I would like to become world champion. I always say it, but its very long-term. But I would like it."

I would like to become world champion.

Faustino Oro

Meanwhile, Faustino's father, Alejandro Oro, offered a grounded perspective on his son's talent: Fausti is a bright child, but he doesnt stand out in everything he does; hes not gifted. For example, he has a hard time learning English. He doesnt read much, not even chess books. He simply has a prodigious ability to play chess," he told InfoBae.

In September, Oro will start school in Badalona, Spain, where he has moved with his parents. He doesn't turn 11 until October.

See the article here:

How the 'Messi of Chess' Is Creating 'Faustimania' In Argentina - Chess.com

Indore (Madhya Pradesh): The Madhya Pradesh Congress's investigation committee reached Chacha Nehru Hospital to probe the tragic deaths of six children at the NGO-run Shri Yugpurush Dham Bal Ashrama. This comes amid growing calls from the party for lodging a First Information Report (FIR) against those responsible. Congress MLA Dr Hiralal Alawa has targeted the government, blaming them for the mishap.

This is a clear case of negligence and mismanagement, Dr Alawa said adding, The government is trying to cover up the issue, but we demand accountability and justice for these children. MPCC chief Jitu Patwari has constituted a probe panel led by Dr Hiralal Alawa, Dr Aditya Pandit, Ravi Joshi and Surjit Singh Chaddha while city Congress committee constituted a panel led by Girish Joshi and Vivek Khandelwal.

The investigation revealed that four children had died from cholera between July 1 and 2, another from brain stroke on June 30 and one more on the night of June 29. Shockingly, the ashram management did not report the first death to the authorities, handing over the body to the family for burial while disputing the cause of death, claiming it was due to epilepsy.

The committee found several lapses, including overcrowding beyond the ashrams capacity and failure to maintain proper medical records. The Congress party insists that an FIR should be lodged against shelter home directors and relevant government officials for their role in this tragic incident.

Collector takes call on time sought by ashram

In response to the show cause notice (SCN) issued by the District Administration to the operators of Yugpurush Dham Boudhik Vikas Kendra (a shelter home of mentally-retarded children), the operators of the shelter home have sought time beyond the stipulated period of 3 days. Collector Singh informed media persons here on Monday that a reply of the directors of the shelter home is received by Women and Child Development (WCD) department. In reply, the operators have urged to extend the time of 3 days to 7 days. Collector Singh said that the officials of the department will put their reply before him. Thereafter the decision about granting time or not will be taken. It may be pointed out that in July the news about the death of 5 children of the home came to light. Thereafter, the administration issued a SCN to the operators of the shelter home.

Cholera outbreak in city-Tap water found unsafe in many areas

Seven of 18 samples fail in testing, public health lab fails to test cholera causing bacteria

Amid ongoing cholera outbreak, most of the tap water samples across the city were found unsatisfactory and unsafe. Health department records show that out of 18 samples collected from different areas of the city including Mhow, Chitawad and Rau, seven of them were found unsafe for drinking.

Various bacterial growth were found in the water sample including E.coli and others. Culture test of samples was done but the machine of Public Health Laboratory at Government PC Sethi Hospital could not test the presence of vibrio cholerae. The machine is not advanced to find the presence of cholera causing bacteria in the water samples, a department source said.

Meanwhile, the health department has already cautioned people from drinking tap water without filtering and asked them to use it only after boiling. Many samples are under testing and their report will be received soon. Administration has been alerting people for the same while more sampling is undergoing, officials said. The district administration officials have launched a campaign for collecting and testing water samples across the city after the cholera outbreak from Bal Ashram of Yugpurushdham NGO. As many as five kids died in the ashram while 85 had fallen ill.

8 inmates still under treatment

According to Superintendent of Chacha Nehru Hospital Dr Preeti Malpani, as many as eight inmates are undergoing treatment in the hospital while the rest were discharged. As many as eleven inmates were discharged on Monday.

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Indore: Govt And Administrative Officials Responsible For Deaths Of Inmates In Ashram, Claims Congress MLA Dr - Free Press Journal

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The coolest thing about torrenting site ThePirateBay is that it really does operate like a pirate ship. When one jurisdiction forces it offline, it pops back up under a different domain.

At least in one point in time, ThePirateBay itself didnt own any actual servers. Its operators instead chose to spread the sites functionality across 21 virtual machines hosted around the world by various commercial cloud providers.

If one of the hosts pulled out, those virtual machines could be easily deployed to a different provider. More importantly, though, it meant there were no physical servers for police to seize.

And besides, the virtual server structure meant the actual cloud hosts keeping ThePirateBay online were unaware they were even hosting the torrenting portal further insulating it against police.

Binance has operated under similar mystique. For the longest time, the company had claimed to have no headquarters, something new CEO Richard Teng walked back after taking over from founder and CEO Changpeng Zhao, whos currently serving a four-month prison sentence in California.

Like ThePirateBay, Binance bounced between jurisdictions for years, from China to Japan and Malta, before all three eventually pushed the exchange to mosey on somewhere else. Dubai is currently tipped as the next potential destination to dock, although there hasnt yet been any official announcement.

All this might explain why the SEC was so eager to cut Binance off from its primary stablecoin provider, the New York-headquartered Paxos, by threatening to take it to court to prove that BUSD was an unregistered security.

And that really worked: BUSD was the seventh largest cryptocurrency by market cap, worth $16.1 billion, before the SEC sent its Wells notice to Paxos in February 2023. Paxos stopped minting new tokens and over the next month, BUSD holders redeemed about half the supply. By January this year, there was only $100 million in circulation.

But while the US has seemingly thrown anything that might stick at Binance and Zhao, there appears to have been little impact on Binance user activity.

After collating the exchanges monthly proof of reserves disclosures, its clear that Binance hasnt skipped a beat, at least in terms of user capital on the platform.

Binance disclosed $115 billion in user funds at the start of July, up from $61 billion one year ago, and $45.6 billion when reports first surfaced of a years-long DOJ investigation in December 2022.

Other stablecoins including TrueUSD, USDT and FDUSD plugged the gap left after Paxos wound down BUSD, with the latter two headquartered outside the US. TrueUSD meanwhile fell out of favor, leading to a number of delistings earlier this year.

In any case, as Zhao waits out the rest of his sentence, the makeup of user funds on the platform is morphing, with the data indicating that the general consensus is to hold.

Bitcoin made up 18% of user funds in December 2022 now its over one-third. Similarly, BNB went from 14% to 20%, while ETH has stayed largely unchanged at about 14%, presumably on account of lackluster price growth compared to bitcoin and BNB.

The real tell is that only one-fifth of all user funds on the platform are currently stablecoins $24.4 billion down from more than half before Zhaos troubles really began. That means 80% of Binance user funds are held in non-dollar-pegged crypto assets.

Clearly, users are confident after the SEC and DOJs actions, not only that everything at Binance is above board, but that prices will rise from here.

David Canellis

Paxos is getting off scot-free after the SEC said it wouldnt pursue legal action against the company.

Lets back up for a second. The SEC issued Paxos a Wells notice last February. This came, obviously, before the SECs case against Binance in June.

I mention this because the SEC, in its complaint against Binance, alleged that BUSD was a security.

Thereve been some interesting developments in that case as well.

Last month, Judge Amy Berman Jackson the judge overseeing the Binance case ruled against a motion to dismiss filed by Binance and its US entities. However, there were a few curveballs hidden in her ruling.

Jackson wrote that the SEC didnt plausibly allege that BUSD was offered and sold as an investment contract.

The SEC makes the vague assertion that Binance used at least a portion of those returns to enable and promote the Binance ecosystem, which it says gave BUSD its potential profit, but it does not explicitly link the value of the token which was tied to the US dollar to the success of the platform, she said.

The SEC, at the hearing on the motion to dismiss, also tried to argue that it wasnt claiming BUSD by itself was a security but rather that it was sold as a package that promoted a profit-making program.

Judge Jackson, in denying the charge regarding BUSD sales, clearly decided that there wasnt enough to support the claims.

Unfortunately, the BUSD of it all is a bit of a moot point, given that Paxos quickly shut down its Binance partnership and stopped issuing the stablecoin in late February of last year.

But theres no doubt the SEC dropping the investigation is a win for Paxos.

Paxos Trust Company has always maintained that its USD-backed stablecoins are not securities under federal securities laws and that the Wells Notice was unwarranted and unjustified, the company said in a statement.

Does this mean that the SEC is potentially abandoning the ability to label stablecoins as a security?

The SECs decision to not bring an enforcement action against Paxos signals that it may consider that USD-backed stablecoins are not securities. If the question of whether stablecoins are securities is definitively answered, the SEC would provide a necessary degree of regulatory certainty to this asset class, said David Oliwenstein, partner at Pillsbury Law.

But others say its still unclear. Right now, theres too little information to read deep into that scenario confidently.

The declination letter is a significant victory for Paxos and what should be viewed as encouraging to the industry, even though it doesnt establish with any certainty that any specific type of stablecoin is or is not a security, Andrew Hinkes, partner at K&L Gates, said.

If you wanted to look on the positive side, then one might even think the SEC was somehow being thoughtful in its approach to regulating the industry. Or maybe its just acknowledging that BUSD is DOA at this point.

Either way, its Friday.

Katherine Ross

Taking a page from the Gensler playbook?

That was the impression I couldnt quite shake whilst following Rostin Behnams testimony yesterday before Congress.

According to Fox Business Eleanor Terrett, the CFTC chief reportedly said that 70-to-80% of the crypto market comprises non-securities. A bold statement, and suggestive of the idea that theyre commodities instead and thus under the agencys purview. Behnam might also be signaling that the CFTC is basing this reasoning on market capitalization, with BTC and ETH comprising the bulk of the pie.

Sound familiar? That kind of expansive terrain-charting is reminiscent of Genslers frequent citation that most of the crypto market consists of, well, securities a declaration that would make it largely the SECs beat instead.

Its certainly curious of Behnam to make such statements, especially as if some Congress has its way the two agencies will be required to join forces in some areas on crypto oversight.

Perhaps the jockeying for position, and money, has already begun.

Michael McSweeney

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Empire Newsletter: What the SEC dropping its Paxos probe really means - Blockworks

This week's question: Employees of Silicon Valley and Wall Street giants, including Google and Goldman Sachs, recently faced off at a chess match, with teams aiming to prove their employer's intellectual superiority. If you could name the chess team for a major corporation, what would you call it?

Click here to see the results of last week's contest: Hot dog memoir

How to enter: Submissions should be emailed to contest@theweek.com. Please include your name, address and daytime telephone number for verification; this week, please type "Chess team" in the subject line. Entries are due by noon, Eastern Time, Tuesday, July 9. Winners will appear on the Puzzle Page of the July 19 issue and at theweek.com/puzzles on July 12. In the case of identical or similar entries, the first one received gets credit. All entries become property of The Week.

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

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The Week contest: Chess team - The Week

Its been a rollercoaster year so far for crypto coins. As the curtain draws on Q2 in the crypto market, we take a look at how the market has got on so far in the year, drawing pointers for Q3 price projections, particularly for three of the top trending altcoins, Binance Coin (BNB), Raboo ($RABT) and Fetch.ai (FET).

BNB and Fetch.ai are already household names in the crypto market; what do these old guards have for investors in Q3?

A new meme coin project, Raboo, is getting some high ratings from analysts. The coin is already delivering profits in its presale stages. But how much more profits can investors expect?

Answers shortly.

Binance would have wished for a better year devoid of legal battles. Most of the times Binance has made the crypto news so far this year, its been sanctions or one legal case in one country or another, particularly in the US and Nigeria. These sanctions have affected its native BNB token, especially given how this news negatively affected investor confidence.

While many forecasts and opinions projected a serious plunge for BNB price, the altcoin has managed to keep its head above bearish waters, just enough to remain one of the top altcoins in the crypto market. And one of the tricks that have helped Binance to stay afloat is its taste for new partnerships. Particularly, MoonGates integration of the Binance Coin giving BNB a huge boost.

While Binance Coin has demonstrated some serious issues, the BNB price has dipped down 20.76% from its ATH. In fact, per data from CoinMarketCap, BNBs current price of $571.39 reflects a 4.69% decline over the last month, and a 1.78% decline on a weekly chart. These are only fine margins, but at the moment, BNB doesnt look convincing going into Q3.

Its AI season, and Fetch.ai has grown into one of the leaders of the AI niche. FET has benefitted from the excitement around AI coins, and its only normal for investors to anticipate what has for them in the next quarter.

In recent crypto news, Fetch.ai has announced that its long-anticipated merger with OCEAN and AGIX tokens is set to fully materialize next month, where both coins will be delisted from exchange platforms and assimilated into the FET token.

Apparently, this is a positive way to launch into the new quarter, but it remains to be seen how that impacts the FET price on the charts. However, investors have to be cautious as FET price has been on a downtrend over the past few days. Fetch.ai has shed 7.4% in price value over the past week, dipping to $1.44.

As artificial intelligence continues to find its way into our everyday lives, the DeFi industry is experiencing an expansion in its AI niche. Fast Company reported earlier that AI tokens almost tripled their joint market cap between February and March this year. And that puts the viability of AI crypto coins like Raboos $RABT token in the right perspective.

The Raboo project is seeking to stand in the gap between AI and memes. Although investors are still drawn to meme coins for their profit potential, the decline in the entertainment of the DeFi industry is obvious. Meme coins no longer live up to their names or as well as one would expect.

With Raboo coming on board with its generative AI, too, Rabooscan, the project is on track to be the next biggest crypto project in the next quarter. When users get creative on Raboos Post-to-Earn feature, the Rabooscan AI will generate top-quality memes from those already posted rewarding users with free $RABT tokens.

Crypto investors will wish for more stability and positive price movements in the next quarter, and Raboo might be the answer to their prayers. The project is already a subject in debates about the most likely top altcoins in Q3.

Experts predictions point up to a 100x post-launch ROI, but you dont have to wait till then. $RABT tokens are valued at $0.0048 right now in Stage 4 of its public presale. Stage 1 investors are already at 60% profits, and you, too, can still make some of the 233% presale profits that are up for grabs.

Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosurehere.

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Q3 Predictions: BNB, Raboo and Fetch.ai, Find Out What The Experts Are Saying - The Merkle News

Lucie, the Shiba Inu ecosystem marketing lead, addresses widespread misconceptions about the recent decision from Binance to remove a SHIB trading pair.

For context, yesterday, Binance announced plans to delist seven spot crypto trading pairs, including SHIB/TUSD, on June 28 at 03:00 AM (UTC).

The exchange claimed its latest review shows that the affected trading pairs have low liquidity and trading volume. As a result, it decided to remove them to protect users.

Notably, some crypto media outlets reported the news as though Binance was delisting Shiba Inu from its platform.

Reacting, Lucie characterized these reports as click-bait, clarifying that Binance is not entirely delisting Shiba Inu. She emphasized that the decision indicates that the top exchange is only removing the SHIB/TUSD trading pair.

Furthermore, the marketing lead encouraged Shiba Inu community members to always verify information from reliable sources before forming conclusions.

The notice aligns with further statements issued by Binance. According to Binance, the removal of the SHIB/TUSD trading pair does not affect the tokens availability on the exchange.

It added that users can continue trading the quote and base assets of the delisted pairs via other supported pairs.

With Binance declaring plans to remove SHIB/TUSD tomorrow at 03:00 (UTC), the exchange will be left with eight Shiba Inu spot trading pairs. They include SHIB/USDT, SHIB/FDUSD, SHIB/USDC, SHIB/EUR, SHIB/TRY, SHIB/DOGE, SHIB/BRL, and SHIB/JPY.

Meanwhile, this is not the first time that Lucie has debunked rumors of Shiba Inus delisting from Binance. Recall that shortly after Binance announced the removal of SHIB/BUSD and 22 other cross-margin pairs, some media platforms claimed that Binance was delisting Shiba Inu.

This malicious claim stirred reactions from Shiba Inu enthusiasts, including Lucie, who clarified that Binance is not delisting SHIB.

In the meantime, Shiba Inus price is still on massive decline due to the ongoing bloodbath across the broader crypto market. The dog-themed token has witnessed a daily loss of 3.96%, with a unit priced at $0.00001691.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Shiba Inu Issues Important Notice Regarding SHIB Listing on Binance - The Crypto Basic

BlockDAG is making significant strides in the cryptocurrency market, supported by endorsements from top crypto influencers. This has fueled investor interest, which is evident in its Batch 18 presale. The coins price has surged to $0.0122, an 1120% increase from its initial Batch 1 price, raising $51.4 million. This success has also boosted sales of the X100 miner rig, with 7200 units sold, generating $3.1 million.

In addition, Bitcoin Cash (BCH) has seen a 2% rise following Roger Vers release from prison, reflecting his influence on the cryptocurrency. Kaspa (KAS) also shows potential, with analysts predicting significant price increases due to its unique codebase and scalability. Investing in these projects could yield substantial returns.

BlockDAG is rapidly establishing itself as a major player in the cryptocurrency world, fueled by endorsements from influential figures in the crypto space. This support has significantly boosted investor interest, evident in its ongoing Batch 18 presale. The coins price has soared to $0.0122, a remarkable 1120% increase from its initial Batch 1 price. The presale has raised an impressive $51.4 million, highlighting its growing appeal.

Additionally, the presale has spurred sales of the X100 miner rig, with 7800 units sold, generating $3.1 million. The X100, known for its high performance, offers a hash rate of 2 TH/s and consumes 1800W of power, making it ideal for both small and large-scale mining. This rig can produce up to 2,000 BDAG daily, attracting investors seeking substantial returns.

BlockDAGs eco-friendly and efficient mining solutions, focusing on energy conservation and reduced noise pollution, set it apart from competitors. This commitment to sustainability appeals to environmentally conscious miners, enhancing BlockDAGs overall quality. Furthermore, the keynote highlighted BlockDAGs low code/no-code platform, which is aimed at simplifying decentralized application development.

This feature enables non-developers to create and manage applications, making blockchain technology more accessible. With a comprehensive roadmap and continuous enhancements, BlockDAG is set to become a leader in decentralized innovation all attractiveness as an investment.

Bitcoin Cash (BCH) saw a 2% rise following the release of its proponent, Roger Ver, from a Spanish prison. Ver, known as Bitcoin Jesus, was granted bail but still faces extradition to the US for tax evasion and mail fraud charges. Despite these legal challenges, his release has had a positive impact on BCH, reflecting Vers influence on the cryptocurrency. With BCH already experiencing a 14% surge to a two-year high of $700 after its recent halving event, this news adds further momentum. Investors should consider BCHs potential for continued growth, driven by significant market events and strong community support.

Kaspa (KAS) has reached a new all-time high of $0.192 before settling at $0.189, sparking significant interest among analysts. Experts forecast a substantial price increase, with some predicting a rise to $5 between July 2024 and 2025. This optimism is driven by Kaspas unique codebase overhaul and its alignment with Bitcoins original vision of electronic cash. Analysts highlight a Running Flat Pattern, signaling a potential bullish breakout. With its scalability and smart contract capabilities, Kaspa presents a strong investment opportunity. Investors should consider KAS for its promising growth prospects and innovative approach in the cryptocurrency space.

BlockDAGs impressive $51.4 million presale success, coupled with its eco-friendly and efficient mining solutions, positions it as a promising investment. Bitcoin Cash (BCH) shows potential for continued growth, especially following Roger Vers release, which has positively impacted its price. Kaspa (KAS) also offers significant growth opportunities, with analysts predicting substantial price increases due to its unique codebase and scalability.

Invest in the BlockDAG Presale Now:

Presale: https://purchase.blockdag.network

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BlockDAG Among The Top Decentralized Crypto For 2024; $51.4M Presale Crushes Kaspa Growth & Bitcoin Cash Price - Blockonomi

By Chad Cox

Production Editor

Embedded Computing Design

June 10, 2024

News

London, United Kingdom / Toronto, Canada. In 2023, Alphawave Semi joinedArm Total Design and leveraged its collaboration with Arm to design an innovative compute chiplet built on Arm's Neoverse Compute Subsystems (CSS). The platform is ideal for artificial intelligence/machine learning (AI/ML), high-performance compute (HPC), data centers, and 5G/6G networking infrastructure applications.

According to the company, its chiplet-based custom silicon design solution adds a differentiator in its portfolio including IO extension chiplets, memory chiplets, compute chiplets, and Alphawave Semis ultra-high-speed connectivity IP and advanced packaging proficiencies.

Our Arm-based compute chiplet is a critical component in Alphawave Semis custom silicon platform and a demonstration of both our IP, SoC and packaging capabilities and our successful strategic partnership with Arm, said Mohit Gupta, Senior VP & GM, Custom Silicon & IP, Alphawave Semi.

Alphawave Semis portfolio features an Arm Neoverse N3 CPU core cluster and the Arm Coherent Mesh Network (CMN) ensuring efficient, scalable performance. Accessible on industry-leading process nodes, the SoCs allow quick deployment of high-performance digital infrastructure in order to create custom silicon solutions.

Eddie Ramirez, Vice President of Go-to-Market, Infrastructure Line of Business, Arm offered, Alphawave Semis new advanced compute chiplet is a fantastic example of how industry-leading companies are leveraging the performance-optimization and power efficiency benefits of Neoverse CSS to get to market faster and power the next-generation AI and HPC workloads.

For more information, visitawavesemi.com.

Chad Cox. Production Editor, Embedded Computing Design, has responsibilities that include handling the news cycle, newsletters, social media, and advertising. Chad graduated from the University of Cincinnati with a B.A. in Cultural and Analytical Literature.

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Alphawave Semi Leverages Arm's Neoverse Compute Subsystems for AI/ML Applications - Embedded Computing Design

Oleksandr Shatyrov

After months of anticipation, it has finally arrived. The Ethereum USD (ETH-USD) ETF has been approved by the SEC. Following Bitcoin USD's (BTC-USD) turn on January 10th, it's now ETH's moment. In this article, we'll draw inspiration from the BTC ETF approval episode to explore potential outcomes for ETH.

First, we'll examine BTC's price action around and after its ETF approval date. Then, we'll analyze whether ETH's current situation mirrors BTC's situation at the time of its approval on January 10th, highlighting both similarities and differences. These analyses, combined with our own interpretations, will guide you to our recommendations on how to play what comes after the ETH ETF approval event.

The BTC path to ETF approval has been long and full of obstacles. Yet, each hurdle has been overcome one by one, impacting thus BTC's price action.

According to Reuters, the 29th of August 2023:

The U.S. District of Columbia Court of Appeals on Tuesday ruled that the Securities and Exchange Commission (SEC) was wrong to reject an application from crypto asset manager Grayscale Investments to list an exchange-traded fund that tracks the price of bitcoin.

Right after this news, the BTC reacted positively and printed a +6% intraday performance.

Bloomberg

However, despite this positive news, BTC performed poorly over the following two months.

We identified several reasons for this:

On October 13, 2023, the SEC decided not to appeal the court decision. This move surprised many investors, as it signalled the SEC's acknowledgment of its error and paved the way for a review of BTC ETF products that investors had been closely monitoring for years. Following this decision, BTC experienced a strong rally, gaining 70% from October 13 to January 9.

Bloomberg

On January 11th, after a decade-long battle, the SEC finally approved 10 ETF proposals from issuers like BlackRock, ARKK, VanEck, and Fidelity.

Immediately after this, the ETF approval was seen as a "sell the news event." for two weeks. However, BTC then rallied strongly, reaching a new all-time high of $73 664 on March 11th.

From January 11th to March 11th, BTC surged another 60%.

Bloomberg

This rally has been supported by strong ETF inflows.

However, this demand has been decreasing since the 18th of March.

Bloomberg

The decrease in demand has been accompanied by substantial outflows from the Grayscale Bitcoin Trust ETF (BTC) (GBTC), which held nearly 600,000 BTC prior to the ETF approval. This accounted for just over 3% of the total BTC supply. These outflows were primarily due to higher fees, with GBTC fees at 1.5% compared to the new ETF at 0.30%.

The red zone highlighted shows consistent and strong outflows matching with a period of lower inflows in BTC's ETF, thus justifying poor BTC performance from March to April.

You can have a detailed view of the outflows on the following graph:

Bloomberg

However, the outflows have now stabilized following Grayscale's decision to lower its fees. Currently, GBTC holds close to 290,000 BTC.

Since the 14th of March, the BTC has been rangy and has tested successfully several times its key 60k level.

Bloomberg

BTC performed strongly before the ETF approval. However, its approval led to a "sell the news" event lasting two weeks. Despite this, strong inflows have supported the asset price, although these inflows have been offset by GBTC outflows. After reaching its all-time high, BTC has been trading within a range for two months.

Will we see a similar price action for ETH? In our view, it's likely.

However, there are several key differences to consider. First, ETH ETF approval was unpopular. Consensus views shifted dramatically, with the probability of approval rising from 25% to 70% just four days before the decision.

Polymarket

Why did the SEC change its stance? In our view, primarily for political reasons. The U.S. government is beginning to recognize the growing significance of crypto among Americans. In an election year, losing valuable votes is not an option.

That's why on the 20th of May, according to CoinDesk:

The U.S. Securities and Exchange Commission (SEC) asked aspiring ether exchange-traded fund exchanges to update 19b-4 filings ahead of a key deadline this week.

Due to this surprising shift in market expectations, ETH's price sharply rallied, gaining 22% in two days. BTC also saw strong performance before its approval, but it was a more gradual rise as it had more time to be anticipated. We wouldn't be surprised to see ETH rally even more sharply than BTC, driven by investors eager to "catch the train" they might have missed with BTC.

Bloomberg

Several additional factors could influence ETH price actions.

ETH features a staking mechanism, with many participants willing to stake their ETH for clients.

ETH ETF Issuers (Bloomberg)

However, the SEC has required the removal of the staking feature from ETF applications. The ability to earn a yield on an asset is particularly appealing, so the absence of staking in these ETFs makes them less attractive than simply holding and staking ETH. Nevertheless, we still view the ETF as an interesting product for both institutional and retail investors, ensuring robust demand.

Another key consideration is the uncertainty surrounding the ETF launch date. The SEC, issuers, and exchanges have spent months negotiating the 19b-4 and S-1 documents for BTC, a process that has just begun for ETH. This could take weeks or even months to finalize.

Additionally, ETH's market cap is three times smaller than BTC's, making it more volatile and easier to move in either direction. We see this as a positive, especially considering that major players like BlackRock and JP Morgan have a positive outlook on ETH. Grayscale Ethereum Trust (OTCQX:ETHE) holds almost 2.5% of the ETH float, which could create short-to-medium-term selling pressure similar to what we saw with GBTC. However, we expect Grayscale to avoid past mistakes and implement lower fees, reducing outflow pressure.

Post-approval, there might be a "sell the news" event, similar to what happened with BTC.

When the BTC spot ETF was approved in January, it was unprecedented. BTC steadily increased before the approval, surged upon approval, and then dropped about 22% before sharply rising to new highs. We expect a similar trend for ETH, but we advise against trading on this expectation. It's wiser to maintain exposure to ETH, as the outcome might differ this time. Those who sold BTC at the time of approval missed out if they didn't repurchase at lower prices, and there's a risk of not catching those lower prices.

We recommend buying dips. The "sell the news" event and potential Grayscale outflows should they occur, could present attractive buying opportunities.

We see opportunities to accumulate after a retrace between $2900 and $3200 that has been historically strong support and resistance levels.

Bloomberg

Finally, as with BTC, ETH might experience some weakness after surpassing its all-time high. We suggest progressively reducing your exposure to ETH once it surpasses its ATH of $4,666.

We have the conviction that the ETH ETF approval is a significant milestone. It represents in our view a strong opportunity. Analyzing BTC's price action reveals an initial strong performance, a "sell the news" dip, and a subsequent rally. We expect a similar pattern for ETH with some specificities related to its market cap, ETF listing dates, stacking features, and Grayscale potential outflow impact.

Our strategy is to be long on ETH before the ETF approval and listing, anticipating strong pre-listing performance. Post-listing, we expect a "sell the news" event but advise maintaining exposure to ETH to avoid missing out on potential gains. We recommend buying dips, especially between $2900 and $3200, and gradually reducing exposure once ETH surpasses its all-time high of $4,666.

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Ethereum ETF Approval: What Bitcoin's History Teaches Us (Cryptocurrency:ETH-USD) - Seeking Alpha

Bitcoins14% surge over the past week has convinced traders that it could be the real deal market pump with another correction not expected until it reaches $90,000.

I believe this is the real deal market pump as fundamentals and technicals are providing confluence, pseudonymous crypto trader Roman told Cointelegraph.

They explained Bitcoins price decline from its all-time high of around $73,738 to a 21% drop to $58,000 on May 2, was a much-needed correction for higher prices in the future.

Roman pointed to the bullish reversal pattern seen on the Bitcoin (BTC) price chart this week as a strong indicator that it wont drop into another consolidation period until it surpasses its March 12 all-time high of $73,679 by at least 20%.

I think we will move to at least $90,000 to $100,000 before we see another consolidation period or correction, they declared.

The bullish reversal pattern was signaled by a spinning top candlestick near the downtrends bottom on May 20, closing at $66,278, according to CoinMarketCap data.

Bitcoin was trading at $70,140 at the time of writing.

Bitcoins recent price spike comes amid heightened speculation the United States Securities and Exchange Commission (SEC)could be moving to approve spot Ether (ETH) exchange-traded funds (ETFs), which analysts and the broader community have doubted over the past few weeks.

The market sentiment took a positive turn as a result, with the Crypto Fear and Greed Index shooting up by 12 points in just 24 hours, reaching an Extreme Greed score of 76 on May 21.

The positive sentiment spike came after reports the SEC had urged Ether ETF applicants to speed up their 19b-4 filings on May 20.

Ledn chief investment officer John Glover was surprised at how the speculation impacted Bitcoins price.

It makes complete sense that ETH jumped higher on this news; it is interesting to me that this brought BTC price up along with it as there should be zero impact on BTC demand from an SEC approval for ETH, Glover told Cointelegraph.

Related: Bitcoin shorts worth $1.4B at risk of liquidation if BTC price hits $74.3K

Glover anticipated there might be some volatility before reaching new record highs.

I would guess we see some profit taking in the market, which will push BTC prices down from the $71,000 level in the coming days as well, Glover said.

Despite the positive shift in market sentiment, crypto traders are bracing for a slight dip in Bitcoins price before it continues its upward trend, according to CoinGlass liquidation data.

Even a slight 1% spike to approximately $71,000 would wipe around $766.73 million in short position liquidations. On the flip side, a 1% drop to about $69,400 would clear $101.54 million in long positions.

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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.

Excerpt from:

Bitcoin's recent price move is the 'real deal market pump' to $90K - Cointelegraph