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Memes are for laughing... all the way to the bank. Plus, Binance delists privacy coin Monero.
Sebastian Soran
February 07, 2024
Happy Wednesday, Zingernation! Memes may be mostly for laughs — but if you’re lucky you’ll be laughing all the way to the bank.
The GameStop coin is just the latest meme coin to follow in its meme stock namesake’s footprints. $GME skyrocketed up 150% in two days, riding the hype train on rumors of GameStop's financial glow-up in Q4.
Can someone give me that cheat code please?
Today, Janet Yellen is calling for new crypto regulations, Binance delists privacy coin Monero and more.
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MARKET SNAPSHOT
TOP STORY
Briefly: Monero ($XRM), a digital currency known for its privacy features, is down 37% in a day following a Binance announcement that it will soon delist the cryptocurrency from its trading platform.
What Happened: According to Binance's statement yesterday, Monero — along with Aragon, Multichain and Vai — will be delisted from the exchange on Feb. 20, 2024.
Why It Happened: Binance considered the token’s contribution to a cryptocurrency ecosystem, concerns over unethical or fraudulent activities and the responsiveness of the tokens to its periodic due diligence requests.
Why It Matters: The decision comes as Binance remains locked in a legal battle with the SEC over allegedly selling unregistered securities. Following the delisting announcement, Monero lost nearly 19% of its value in just a few hours.
What Next: Read more here.
A MESSAGE FROM BENZINGA
Discover the future of food at our webinar, 'Agriculture & Culinary Innovation.' Learn from industry experts as we explore cutting-edge advancements in agriculture and food, discussing groundbreaking technologies and sustainable practices shaping these vital sectors. Whether you're a retail investor, culinary enthusiast, or work in the agriculture & food industries, this webinar offers valuable insights into the exciting innovations driving positive change in the world of food.
Notable Participants:
Arik Kaufman, CEO and Co-Founder – Steakholder Foods
Richard Wong, CFO & Interim CEO of AgriFORCE Growing Systems Ltd.
Date: Thursday, 2/8/24
Time: 11:00 am - 11:45 am, EST
FIVE ZINGERS
Fintech Beware: OnlyFake's owner claims its IDs can bypass major exchanges' KYC, including Binance, Coinbase and Revolut.
Time To Pack Up? Update bug causes Solana outage, resolved with network restart.
Cathie A Day: ARK Invest’s CEO Cathie Wood spoke about the growing trend of investors moving from gold to Bitcoin.
JPMoreJobs: JPMorgan Chase plans to expand its network by opening 500 new branches within the next three years, marking a significant multi-billion dollar investment.
On God: A church pastor secured $20 million in funding for his startup, Overflow, designed to streamline the process of charitable giving.
ONE FOR THE ROAD
Briefly: During a House Financial Services Committee hearing, U.S. Treasury Secretary Janet Yellen urged Congress to introduce legislation to address potential cryptocurrency risks not covered by current financial laws.
So Basically: Yellen stressed the need for regulatory measures, particularly for stablecoins and the crypto spot market that are not classified as securities. "Congress should pass legislation to provide for the regulation of stablecoins, and of the spot market for crypto assets that are not securities,” she said.
So Then: Yellen proposed that, for stablecoins, a federal regulator should have the power to close down issuers not meeting national standards. She also called for the guaranteed regulatory protection of individuals holding stablecoins in wallets.
So What? This comes as the leading stablecoin issuer, Tether, has produced close to 100 billion USDT tokens, linked to the U.S. dollar, across various blockchain platforms. However, previous stablecoins such as TerraUSD, have proved not-so-stable after all.
What Next: Read more here.
A MESSAGE FROM BENZINGA
Discover the future of food at our webinar, 'Agriculture & Culinary Innovation.' Learn from industry experts as we explore cutting-edge advancements in agriculture and food, discussing groundbreaking technologies and sustainable practices shaping these vital sectors. Whether you're a retail investor, culinary enthusiast, or work in the agriculture & food industries, this webinar offers valuable insights into the exciting innovations driving positive change in the world of food.
Notable Participants:
Arik Kaufman, CEO and Co-Founder – Steakholder Foods
Richard Wong, CFO & Interim CEO of AgriFORCE Growing Systems Ltd.
Date: Thursday, 2/8/24
Time: 11:00 am - 11:45 am, EST