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  • Alameda Research withdrew $204M ahead of bankruptcy filing - Arkham Intelligence
    Cointelegraph.com News - 13 hours ago
    According to analysis from blockchain firm Arkham Intelligence, over 50% of the funds transferred after Nov. 6 were in US pegged stablecoins. Alameda Research withdrew over $200 million from FTX.US before it filed for bankruptcy, according to analysis from blockchain firm Arkham Intelligence disclosed on Nov. 25. In a Twitter thread, Arkham revealed that Alameda Research, FTX’s sister company, pulled $204 million from eight different addresses of FTX US in a variety of crypto assets, the majority of them stablecoins, in the final days before the collapse.Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M.Below is a diagram of withdrawals to Arkham-identified entities from FTX US.n.b. this thread regards FTX US assets only, not FTX International. pic.twitter.com/QFPVlVIWhO— Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022 Among the withdrawn funds, $116 million, or 57.1%, were in stablecoins pegged to the US dollar, including USDT, USDC, BUSD, and TUSD. Arkham’s analysis also showed that $49.49 million (24.2%) of the funds was in Ether (ETH), and $38.06 million, or 18.7%, was in wrapped Bitcoin (wBTC). “The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC Blockchain.”, said Arkham, adding that of the $204 million transferred, $142.4 million, or 69%, was sent to wallets owned by FTX International, “suggesting that Alameda may have been operating to bridge between the two entities.”Of the Ether transferred, $35.52 million was sent to FTX and $13.87 million was sent to a large active trading wallet. The firm noted that it’s “unknown whether the almost 14M in ETH was sent to 0xa20 as part of a trade, or as an internal fund transfer within Alameda.”Another $10.4 million was sent to the rival cryptocurrency exchange Binance. In the initial bankruptcy filing to the United States Bankruptcy Court for the District of Delaware, FTX new CEO John Ray III described the situation as the worst he had seen in his corporate career, highlighting the “complete failure of corporate controls” and an absence of trustworthy financial information. About 130 companies in the FTX Group – including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research – filed for bankruptcy in the United States on Nov. 11, following a “liquidity crunch” after a series of tweets triggered a sell-off of FTX Token.
  • How low can the Bitcoin price go?
    Cointelegraph.com News - 13 hours ago
    Bitcoin is a “buy the dip” opportunity with the BTC price at $16,000 or a bear market capitulation waiting to happen, depending on who you ask. Bitcoin (BTC) has spent over a year in a downtrend since its $69,000 all-time highs in November 2021.BTC price performance has given investors up to 77% losses, but how much lower can BTC/USD really go?Bitcoin traders and analysts have long agreed that 2022 is the year of the largest cryptocurrency’s newest bear market.After coming off all-time highs to start the year at around $46,000, BTC/USD has offered little relief and has since returned to levels not seen since November 2020, data from Cointelegraph Markets Pro and TradingView confirms.That has placed the pair in historical bear market bottom territory — having lost a maximum of around 77% since the most recent peak, Bitcoin could have little room left to fall.This time, however, may be different. Cointelegraph takes a look at what some of the most popular crypto market commentators think when it comes to where Bitcoin will bottom.CryptoBullet: “Comfortable buying” around $16,000One well-known social media personality is sticking by a theory from earlier in 2022 — and it’s all about one particular on-chain metric.For CryptoBullet, Cumulative Value Days Destroyed (CVDD) still offers a key insight into macro BTC price bottoms.CVDD essentially counts how much “hodled” days a coin has accumulated when it moves to a new wallet. It is expressed as a ratio to the overall age of the market, divided by 6 million, which analytics resource Woobull explains is a “calibration factor.”Looking back in time, CVDD has acted as a significant line in the sand, and if this time is no different, BTC/USD could already be giving buyers the best possible profit opportunity.According to Woobull, CVDD currently lies at around $15,900.“I feel comfortable buying Bitcoin here at CVDD,” CryptoBullet told Twitter followers on Nov. 26. “Can it go lower? Of course it can. If another crypto company goes bankrupt or something like that $BTC will fall below CVDD, but not by much. The bulk of the downtrend is over.”Bitcoin Cumulative Value Days Destroyed (CVDD) annotated chart. Source: CryptoBullet/ TwitterFilbfilb: $6,500 as “worst case scenario”An old hand in the crypto market is constantly reevaluating just how bad the bears may bite this time around.Filbfilb, co-founder of trading suite Decentrader, recently told Cointelegraph that BTC/USD could see $10,000 around the new year if macro conditions worsen.That was before the FTX debacle, however, and the resulting fuel added to the bear market fire has caused him to reconsider.In a livestream together with fellow co-founder, Philip Swift, Filbfilb thus outlined areas of strong bid support as potential bottoms.These vary, however — a large “ladder” of bids lies just below spot price and focuses on $12,000-$14,000. At the same time, ultimate support could come as low as $6,000.Filbfilb additionally noted that a black swan event such as further crypto bankruptcies could trigger a spike through the upper support field, opening up the potential for $10,000 or lower next.A trip to the…
  • Canada crypto regulation: Bitcoin ETFs, strict licensing and a digital dollar
    Cointelegraph.com News - 15 hours ago
    The first and the last major attempt to encourage a comprehensive crypto framework was buried in the House of Commons on Nov. 23. In October, Toronto-based Coinsquare became the first crypto trading business to get dealer registration from the Investment Industry Regulatory Organization of Canada (IIROC). That means a lot as now Coinsquare investors’ funds enjoy the security of the Canadian Investment Protection Fund in the event of insolvency, while the exchange is required to report its financial standing regularly. This news reminds us about the peculiarities of Canadian regulation of crypto. While the country still holds a rather tight process of licensing the virtual asset providers, it outpaces the neighboring United States in its experiments with crypto exchange-traded funds (ETFs), pension funds’ investments and central bank digital currency (CBDC) efforts. An era of restricted dealersCoinsquare, which happens to be Canada’s longest-operating crypto asset trading platform, benefits from its new legal status as none of its competitors can currently boast the same legal footing. By publishing time, all other local players must have the status of a “restricted dealer,” signaling that they’ve made their registration bid and now await IIROC’s decision. The Guidance for Crypto-Asset Trading Platforms was introduced by IIROC and the Canadian Securities Administrators (CSA) in 2021. It requires crypto businesses dealing with security tokens or crypto contracts to register as “investment dealers” or “regulated marketplaces.” All local companies have been given a two-year transitory period, during which they should start the registration process and, in some cases, obtain the “restricted dealer” temporary registration. The list of “restricted dealers” that have been granted a two-year relief period to operate amid the ongoing registration process is rather short and includes mainly local companies, such as Coinberry, BitBuy, Netcoins, Virgo CX and others. These companies still enjoy a right to facilitate buying, selling and holding of crypto assets, but what lies ahead of them is the stringent compliance procedure necessary to continue their operations after 2023. For example, Coinsquare had to obtain an insurance policy that includes an endorsement of losses of crypto assets and fund a trust account maintained at a Canadian bank. The prosecutors have been watching closely for any non-compliance. In June 2022, the Ontario Securities Commission (OSC) issued financial penalties against Bybit and KuCoin, claiming violation of securities laws and operating unregistered crypto asset trading platforms. It obtained orders banning KuCoin from participating in the province’s capital markets and fining the exchange for more than $1.6 million.The land of experiments At the same time, there are adoption cases in Canada that sound radical to the United States. For example, there are dozens of crypto ETFs to invest in the country, while Grayscale still has to lead the court battle with the U.S. Securities and Exchange Commission (SEC) for a right to launch its first ETF. The world’s first Bitcoin (BTC) ETF for individual investors was approved by the OSC for Purpose Investments back in 2021. Purpose Bitcoin ETF accumulates around 23,434 BTC, which is actually a prominent symptom of the…
  • How blockchain technology is used in supply chain management?
    Cointelegraph.com News - 16 hours ago
    Blockchain benefits the supply chain industry by enhancing the traceability, transparency and tradability of goods and services that move along the value chain. The future of blockchain-based supply chain?The demand for the blockchain-based supply chain is driven by customers’ need to know the specific source of their items and whether they were made according to ethical standards.Blockchain technology use cases in supply chain management have the potential to address concerns in traditional supply chains, like removing the need to prepare burdensome paperwork. Moreover, a decentralized, immutable record of all transactions and organizations’ digitization of physical assets can make it possible to track products from the manufacturing unit to the delivery destination, enabling a more transparent and visible supply chain.However, the implementation of blockchain in the supply chain is yet to achieve mainstream adoption as high-level expertise is required to reap the benefits. Additionally, because blockchain technology is still in its infancy, it is governed by various laws in many nations, which would affect supply networks. Despite this, blockchain-based solutions will likely gradually replace conventional supply chain processes and networks; this transition won’t occur all at once.How blockchain enhances tradability in the supply chain?Tradability is one of the unique advantages of blockchain technology. Blockchain platforms ensure tradability via the tokenization of assets. Tokenization turns a tangible object, such as a product, into a digital asset, and the system keeps one token for each product, which can be exchanged in the market.Blockchain platforms help tokenize an asset by dividing it into shares that digitally represent ownership. Users can transfer ownership of these tokens without actually exchanging physical assets because they are tradeable. Moreover, automated smart contract payments help license software, services and products accurately. In addition, the consensus is provided via blockchain, meaning that there is no disagreement over transactions in the chain by design. The chain’s unique ability to track ownership records for physical assets like real estate and digital assets is made possible because every entity uses the same ledger version.You might wonder why companies prefer asset tokenization instead of directly paying in fiat. One possible reason is that smart contracts enable peer-to-peer payment that speeds up the transfer of funds, lowering the time it takes to reimburse businesses for goods or services supplied.Additionally, token payment prevents fraudsters from taking advantage of chargeback situations to steal from businesses. Once a payment is made, it is sent to the business’s blockchain wallet account, and no unapproved withdrawals can be possible.How blockchain enhances traceability in the supply chain?To trace the activities along the supply chain more efficiently, concerned parties can access price, date, origin, quality, certification, destination and other pertinent information using blockchain.Traceability, as used in the supply chain sector, is the capacity to pinpoint the previous and current locations of inventory and a record of product custody. It involves tracking products as they move through a convoluted process, from raw materials to merchants and customers, after passing through many geographic zones.Traceability is one of the significant benefits of blockchain-driven supply chain innovations.…
  • Sustainability: What do DAOs need to succeed in the long run?
    Cointelegraph.com News - 16 hours ago
    The growing presence of projects identified as DAO raises the question: What makes them sustainable across time and technology changes? The rising popularity of decentralized autonomous organizations (DAO) reflects the growing tendency toward the creation of community-focused projects within the Web3 ecosystem. At its core, a DAO is an organizational structure that allows decentralized decision-making within a community. Currently, there are over 4,000 of these projects in existence, according to the registration data of DeepDAO. With new tools available to make DAOs easier than ever, quantity can easily overtake quality within these communities and it begs the question of what will eventually make these projects relevant in the long run.A basic ingredientThe basic structure for decentralized organizations seems to be similar to any other tech startup: It requires a service or product with added value, a community of users, treasury, a business development plan and marketing.Speaking to Cointelegraph, Santiago Siri, founder of Proof-Of-Humanity DAO (PoH DAO) — the issuer of the Universal Basic Income (UBI) token — shared his special ingredient to make DAOs sustainable: a committed community:“After building a participative community, we can find funding mechanisms, alliances with other DAOs, governance and participation mechanisms and so on. But without a community, the DAO is not real.”The community focus is repeated all across the Web3 space, but just having a group of people signed up for your project will not be enough for it to thrive. As Siri explains, the real priority for a DAO is to give that community a purpose from an early stage. “What usually happens with a project without a soul or purpose, is that a bunch of mercenaries are going to get away with the money without generating value,” he said.Community as the base of a decentralized structure also supports another rather important factor: funding.How to fund a DAOOne step that DAOs commonly add to their economic plans for sustainability is tokenization. Speaking to Cointelegraph, Mitch Oz, DAO Steward for Giveth — a nonprofit organization and open source platform for decentralized projects — warned that tokenization is a rather dangerous step if done at the wrong time.Recent: FTX’s collapse could change crypto industry governance standards for good“Usually when people get the idea of launching a token it’s on the lines of launching an airdrop, building hype. Having a token, a transferable token, is not a great idea to start with and I think that is where a lot of DAOs fail,” he stated.In his experience, Oz recommends to start small when it comes to creating a community token. “I think it’s very important to have some sort of token-weighted governance and start with a token that can’t be bought,” he said.On the other hand, there’s also external financing DAOs can receive via grant programs and venture capital (VC) for tokenized projects. Rather than the fine tightrope traditional first-time entrepreneurs used to walk to get their first approved financing, grant programs focused on supporting Web3 projects and their communities have now provided a new avenue to receive funding.Talking to Cointelegraph,…
  • Bitcoin’s new ‘worst case scenario’ puts BTC bear market bottom near $6K
    Cointelegraph.com News - 18 hours ago
    Bitcoin capitulation action could send BTC price back to an area double the 2018 bear market bottom, says Decentrader’s Filbfilb. Bitcoin (BTC) still risks a drop to below $7,000 in this bear market, the latest worst-case scenario prediction warns.In its latest livestream broadcasted on Nov. 24, trading platform DecenTrader revealed targets for a BTC price bottom.Analyst flags “oldschool, rock-hard support” for BitcThe most recent in a series of BTC/USD forecasts, Decentrader co-founder Filbfilb mapped out a potential sub-$10,000 dip on the cards for the pair.“In my worst case scenario, I think that would be probably where we end up, like oldschool, rock-hard support,” he said about a bidding zone around $6,500.This is where buyers would “probably start refilling their bags,” he added, noting that that level was approximately double the 2018 bear market and March 2020 COVID-19 crash lows.While “unlikely” under current circumstances, Filbfilb nonetheless argued that more significant repercussions from the FTX implosion could remove bid support higher up the order book, opening up the door for such a capitulation event.“Until we have further information, that seems unlikely, and as I say, I think the fact that we haven’t dumped harder than we actually really could have done is a good sign for the bulls,” he continued.Given recent events, as Cointelegraph reported, BTC/USD has, in fact, managed to dip less compared with its previous all-time highs than during previous bear markets.BTC/USD price drawdown from all-time highs chart. Source: GlassnodeAn associated debate revolves around whether a deeper dive is necessary to match those bottoms and put an end to the current downtrend.Filbfilb commented that for Bitcoin to put in a bottom while avoiding the worst case scenario, crypto would need to “dodge some bullets” regarding FTX fallout, and macro markets would also need to stay strong.BTC price navigates bear market pitsElsewhere in the livestream, Decentrader co-founder Philip Swift, also the creator of data resource LookIntoBitcoin, explained other recent chart phenomena.Related: Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC nowAmong them was the increasing number of Bitcoin wallets that now contain at least 1 BTC, the tally soon set to cross one million for the first time.This is a direct result of exchange withdrawals in light of FTX, Swift said.Although 18 months ahead, the next Bitcoin block subsidy halving event in 2024 will also become a major narrative focus going forward, he added.That in turn will have “some positive effect on price in terms of media coverage and anticipation of that next halving event.”A comparative chart showed BTC/USD currently working through the lowest part of its four-year cycle, showing a strong correlation between 2014 and 2018.Bitcoin bull market comparison chart (screenshot). Source: DecentraderThe views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
  • IIROC-registered Canadian crypto exchange Coinsquare suffers data breach
    Cointelegraph.com News - 20 hours ago
    On Nov. 19, Coinsquare had to temporarily shut down operations to investigate an unusual activity on its platform. Just a month after becoming the first Canadian crypto trading platform to get registered by the Investment Industry Regulatory Organization of Canada (IIROC), Coinsquare suffered a data breach that compromised users’ personal information. On Nov. 19, Coinsquare had to temporarily shut down operations to investigate an unusual activity on its platform. However, several days of proactive measures allowed Coinsquare to resume operations gradually. We will be re-enabling crypto deposits shortly after the maintenance window with crypto withdrawals to follow shortly after.— Coinsquare (@Coinsquare) November 22, 2022 In a follow-up email to investors, Coinsquare admitted that their customer database with personal information was exposed during the incident, which a third party most likely accessed. The leaked database included users’ personal information, such as names, email addresses, residential addresses, phone numbers, dates of birth, device IDs, public wallet addresses, transaction history and account balances. Coinsquare further confirmed that no passwords were exposed, adding that:“We note that your assets have always been, and remain, secure in cold storage and are not at risk.”While the exchange has not detected any bad actors from accessing the breached information, the official communication cautions users to change their passwords, enable 2-Factor Authentication (2FA) and use different credentials for different platforms.Coinsquare has not yet responded to Cointelegraph’s request for comment.Related: Coinsquare becomes first Canadian crypto exchange to receive IIROC registrationCanadian crypto exchange Bitvo was able to back off its acquisition agreement with FTX thanks to the deal’s long approval process by local regulators.The firm emphasized that its operations have not been affected, as Bitvo has no material exposure to FTX or any of its affiliated entities.
  • SEC chair’s crypto oversight strategy in question as ecosystems collapse
    Cointelegraph.com News - 22 hours ago
    Congressman Tom Emmer showed concerns about the oversight strategy implemented by Gary Gensler, the chair of the U.S. Securities and Exchange Commission for the crypto ecosystem. While regulations are often aimed at protecting citizens from bad actors, the effectiveness of crypto regulations in the United States is in question owing to the colossal fall of major exchanges and ecosystems over the past year — FTX, Celsius, Voyager and Terra.Congressman Tom Emmer showed concerns about the oversight strategy implemented by Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC) for the crypto ecosystem. Emmer has been vocal against Gensler’s “indiscriminate and inconsistent approach” toward crypto oversight. On March 16, the Congressman revealed being approached by numerous crypto and blockchain firms that believed Gensler’s reporting requests to be overburdensome and stifling innovation.We are even more concerned now as we’ve seen his strategy miss Celsius, Voyager, Terra/Luna– and now FTX.— Tom Emmer (@RepTomEmmer) November 25, 2022 Congressman Emmer had previously asked the SEC to comply with the standards established in the Paperwork Reduction Act of 1980, which was designed to reduce the total amount of paperwork burden the federal government imposes on private businesses and citizens. On an end note, Emmer said that “Congress shouldn’t have to learn the details about the SEC’s oversight agenda through planted stories in progressive publications,” adding that he was looking forward to Gensler’s public testimony before the Financial Services Committee.Related: My story of telling the SEC ‘I told you so’ on FTXAmerican CryptoFed DAO, the first official decentralized autonomous organization (DAO) in the United States, began a litigation battle with the SEC over 2021 token registrations and opted not to have attorneys in its fight for registration.American CryptoFed also indicated its plans to file a motion for extending the deadline for its answer to the SEC’s Order Instituting Administrative Proceedings.
  • Binance proof of reserves is ‘pointless without liabilities:’ Kraken CEO
    Cointelegraph.com News - 1 day ago
    According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets. Disclaimer: The article has been updated to reflect Binance CEO CZ’s response to the concerns raised by Kraken CEO Jesse Powell.The collapse of the crypto exchange FTX revealed the importance of proof of reserves in avoiding situations involving the misappropriation of users’ funds. While exchanges have proactively started sharing wallet addresses to prove the existence of users’ funds, several entrepreneurs, including Kraken CEO and co-founder Jesse Powell, called the practice “pointless” as exchanges fail to include liabilities.According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets. While Kraken’s proof of reserve does allow verification of assets against the company’s liabilities, Powell continues to call out other players that have missed out on including accounts with negative balances.I’m sorry but no. This is not PoR. This is either ignorance or intentional misrepresentation.The merkle tree is just hand wavey bullshit without an auditor to make sure you didn’t include accounts with negative balances. The statement of assets is pointless without liabilities. https://t.co/b5KSr2XKLB— Jesse Powell (@jespow) November 25, 2022 Powell called out CoinMarketCap in the past for sharing incomplete proof of reserves, as it lacked “cryptographic proof of client balances and wallet control.” He reiterated that reserves are not the list of wallets but assets minus liabilities. Binance’s recently released proof-of-reserves system allows users to verify their assets using a Merkle tree. However, Powell shared his displeasure as the system failed to include accounts with negative balances, stating that:“The whole point of this is to understand whether an exchange has more crypto in its custody than it owes to clients. Putting a hash on a row ID is worthless without everything else.”Moreover, he asked the media and journalists to refrain from “overselling it and misleading consumers.” Instead, he recommended they take the time to understand the motive behind proof of reserves.On the other hand, few community members refuted Powell’s need for a trusted auditor. Following up on the accusation, Binance CEO Changpeng “CZ’ Zhao refuted by sharing Binance’s upcoming plans that involve third-party auditors to audit the exchange’s proof-of-reserve results.The response from CZ to the concerns raised by Kraken CEO received positive support from the community. However, some members pointed out the hypocrisy that CZ disabled public commentary on the post that welcomed “questions and checks.”Related: Crypto exchange Kraken freezes accounts related to FTX and AlamedaOn Nov. 19, CZ confirmed to have started working on building a safe centralized exchange (CEX), an idea put forth by Ethereum co-founder Vitalik Buterin.In this instance, the best-case scenario would be building a system that does not allow crypto exchanges to withdraw a depositor’s funds without consent.
  • Programming languages prevent mainstream DeFi
    Cointelegraph.com News - 1 day ago
    Asset-oriented programming makes fundamental functions native to the programming language. DeFi needs more of that to improve security. Decentralized finance (DeFi) is growing fast. Total value locked, a measure of money managed by DeFi protocols, has grown from $10 billion to a little more than $40 billion over the last two years after peaking at $180 billion.Total value locked in DeFi as of Nov. 2022. Source: DefiLlamaThe elephant in the room? More than $10 billion was lost to hacks and exploits in 2021 alone. Feeding that elephant: Today’s smart contract programming languages fail to provide adequate features to create and manage assets — also known as “tokens.” For DeFi to become mainstream, programming languages must provide asset-oriented features to make DeFi smart contract development more secure and intuitive. Current DeFi programming languages have no concept of assetsSolutions that could help reduce DeFi’s perennial hacks include auditing code. To an extent, audits work. Of the 10 largest DeFi hacks in history (give or take), nine of the projects weren’t audited. But throwing more resources at the problem is like putting more engines in a car with square wheels: it can go a bit faster, but there is a fundamental problem at play.The problem: Programming languages used for DeFi today, such as Solidity, have no concept of what an asset is. Assets such as tokens and nonfungible tokens (NFTs) exist only as a variable (numbers that can change) in a smart contract such as with Ethereum’s ERC-20. The protections and validations that define how the variable should behave, e.g., that it shouldn’t be spent twice, it shouldn’t be drained by an unauthorized user, that transfers should always balance and net to zero — all need to be implemented by the developer from scratch, for every single smart contract.Related: Developers could have prevented crypto’s 2022 hacks if they took basic security measuresAs smart contracts get more complex, so too are the required protections and validations. People are human. Mistakes happen. Bugs happen. Money gets lost. A case in point: Compound, one of the most blue-chip of DeFi protocols, was exploited to the tune of $80 million in September 2021. Why? The smart contract contained a “>” instead of a “>=.”The knock-on effectFor smart contracts to interact with one another, such as a user swapping a token with a different one, messages are sent to each of the smart contracts to update their list of internal variables.The result is a complex balancing act. Ensuring that all interactions with the smart contract are handled correctly falls entirely on the DeFi developer. Since there are no innate guardrails built into Solidity and the Ethereum Virtual Machine (EVM), DeFi developers must design and implement all the required protections and validations themselves.Related: Developers need to stop crypto hackers or face regulation in 2023So DeFi developers spend nearly all their time making sure their code is secure. And double-checking it — and triple checking it — to the extent that some developers report that they spend up to 90%…
  • Trouble in the Bahamas following FTX collapse: Report
    Cointelegraph.com News - 1 day ago
    Locals say they are having to contend with vacant apartments and the loss of job opportunities once provided by the collapsed exchange. Following the collapse of crypto exchange FTX, which was headquartered in the island country of Bahamas, Bahamians are reportedly still trying to find a way to make sense of everything, while remaining optimistic about the future.According to a report by the Wall Street Journal, the island country — which had encouraged cryptocurrency companies to feel at home with their “copacetic regulatory touch” — has been rocked by the implosion of FTX. The Bahamas, which was also hard hit by Hurricane Dorian in 2019 and the pandemic shortly afterward in 2020, was already struggling to find ways to strengthen its economy which relies heavily on tourism and offshore banking for a bulk of its GDP. It appeared that the prime minister of the Bahamas, Philip Davis, and his government believed crypto could play a critical role in the island’s economic recovery. Now, the community suggests that FTX’s sudden implosion has left a trail of unemployment on the tiny 80-square-mile New Providence Island, where FTX was located. While functioning at full capacity, FTX provided employment for locals, as it reportedly spent over “$100,000 a week on catering” and also set up a private shuttle service to transport workers around the island. FTX also hired a number of local Bahamians in areas such as logistics, events planning, and regulatory compliance, according to the WSJ. With the collapse of FTX, many high-spending foreigners who worked for the company and once boosted the local economy have reportedly fled the island, leaving Bahamian security guards to now guard “nearly vacant buildings.”Related: SBF, FTX execs reportedly spend millions on properties in the BahamasIn the aftermath of the fall of FTX, some crypto community members have said they feel no sympathy for the effects of the collapse on the tiny island country.Hacker News user Matkoniecz commented, “Given that Bahamas help rich people and companies to evade taxes, my sympathy to negative consequences of that are limited.” Meanwhile, Exendroinient00 shared, “Nothing wrong with inviting every scammer to do scamming on your islands,” likely in reference to the island’s laws that seem to incentivize offshore banking activities.On Oct. 18, Cointelegraph reported that the Bahamas‘ securities regulator ordered the transfer of FTX’s digital assets to a wallet owned by the commission “for safekeeping.”According to a statement from the Royal Bahamas Police Force sent to Reuters on Nov 13, an investigation into possible criminal misconduct over the insolvency of FTX is underway by financial investigators and Bahamian securities regulators. 
  • Crypto Biz: Institutions short Bitcoin as SBF is ‘deeply sorry’ for FTX collapse
    Cointelegraph.com News - 1 day ago
    The fallout from the FTX collapse continues to reverberate across the crypto market. Institutions are using this opportunity to short BTC. The monumental collapse of FTX will go down as one of the biggest corporate scandals of all time. But, at least Sam Bankman-Fried, or SBF, is sorry. On Nov. 22, the disgraced founder of FTX penned a letter to his former employees describing his role in the company’s bankruptcy. “I never intended this to happen,” he wrote. “I did not realize the full extent of the margin position, nor did I realize the magnitude of the risk posed by a hyper-correlated crash.” Get this: SBF still thinks the company can be saved because “there are billion of dollars of genuine interest from new investors.” Shouldn’t he be preoccupied with trying to avoid jail right now?Bitcoin (BTC) and the broader crypto market have been reeling in the wake of the scandal. While this has allowed many diamond handed hodlers to accumulate more BTC on the cheap, institutional investors are using this opportunity to short the market. We may finally get that final capitulation to round out the current four-year cycle. As always, this week’s Crypto Biz newsletter delivers all of the latest high-profile business news from our industry. Sam Bankman-Fried says he is ‘deeply sorry’ for collapse in letter to FTX teamSBF’s letter to former FTX employees painted the picture of a deeply remorseful founder who managed to squander billions because of excessive margins and poor oversight. He also blamed the “run on the bank” for FTX’s ultimate demise. For those of you keeping track, the bank run that SBF mentioned was triggered by Binance CEO Changpeng Zhao who, on Nov. 6, disclosed on Twitter — of all places — that he would be selling $500 million worth of FTX tokens. That announcement triggered a tidal wave of redemptions on FTX as users rushed for the exit. Within 48 hours, FTX was shown to be insolvent. FTX owes over $3 billion to its 50 biggest creditors: Bankruptcy filingThe hole in FTX’s balance sheet is estimated to be worth around $8 billion — and a huge portion of that is owed to just 50 people. New bankruptcy filings in the state of Delaware confirmed this week that FTX’s top 50 creditors are owed a combined $3.1 billion. One individual is owed more than $226 million, while the rest of the top 50 had anywhere between $21 million and $203 million on the failed derivatives exchange. So, when can FTX creditors expect to get some of their money back? It could take years or even decades, according to insolvency lawyer Stephen Earel. FTX discloses its top 50 creditors are owed $3.1 billion. The largest creditor is owed $226 million.All names were redacted. pic.twitter.com/JGeddvMB7w— Tom Dunleavy (@dunleavy89) November 20, 2022 FTX crisis leads to record inflows into short-investment productsBelievers in Bitcoin as a sound money alternative to the current monetary regime have used the latest market collapse to accumulate more BTC. But, for…
  • American regulators to investigate Genesis and other crypto firms
    Cointelegraph.com News - 1 day ago
    Alabama and several other U.S. states are investigating alleged securities violations and connections with retail investors. Cryptocurrency lending firm Genesis Global Capital and other crypto firms are under investigation by securities regulators in the United States, according to reports on Nov. 25. Joseph Borg, director of the Alabama Securities Commission, confirmed that its state and several other states are participating in inquiries regarding Genesis’ alleged ties to retail investors, including if Genesis and other crypto firms might have violated securities laws, Barron’s reported. It is still unclear what other companies are being investigated.Borg noted that the investigation focuses on whether Genesis and other crypto companies influenced investors on crypto-related securities without obtaining the proper registration.The investigation is another chapter in the Genesis saga since the company revealed it had around $175 million worth of funds stuck in an FTX trading account. On Nov. 16, Genesis announced it had temporarily suspended withdrawals, citing “unprecedented market turmoil” following FTX’s collapse on Nov. 11. The firm is reportedly facing difficulties raising money for its lending unit. However, Genesis has refuted speculation of its “imminent” bankruptcy due to a $1 billion shortfall. On Nov. 22, the company told Cointelegraph: “We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”Genesis has hired restructuring advisers to explore all possible options, which include but aren’t limited to a potential bankruptcy, as reported by Cointelegraph on Nov. 23. Moelis & Company, an investment bank, has been hired by the firm to explore options, while people familiar with the situation emphasized that no financial decisions have been made and that the company may still avoid bankruptcy.Genesis has been in the spotlight due to concerns of a contagion in the industry as a result of FTX’s bankruptcy along with its sister company, Grayscale Investments, and their parent company, Digital Currency Group. A tweet from Grayscale on Nov. 18 reassured investors that all digital assets underlying Grayscale’s digital-asset products are stored under Coinbase’s custody, citing a letter from Coinbase chief financial officer Alesia Haas and Coinbase Custody CEO Aaron Schnarch.4) All digital assets that underlie Grayscale’s digital asset products are stored under the custody of Coinbase Custody Trust Company, LLC. Read more from @Coinbase’s CFO Alesia Haas, and CEO of Coinbase Custody Aaron Schnarch: pic.twitter.com/InBP9zPDkC— Grayscale (@Grayscale) November 18, 2022 Cointelegraph reached out to Genesis Global Capital, but did not receive a response prior to publication.Update (Nov. 26, 1:00 am UTC): This article has been updated to clarify that Aaron Schnarch is CEO of Coinbase Custody, not Coinbase.
  • DeFi sparks new investments despite turbulent market: Finance Redefined
    Cointelegraph.com News - 1 day ago
    The last week of November remained turbulent for the crypto market as majority of the DeFi tokens struggled with the market volatility. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.The prolonged crypto winter aided by the collapse of FTX has kept investors from backing a new protocol that merges DeFi and the foreign exchange market. A new Cosmos blockchain-based DeFi protocol has caught the eyes of investors who have put $10 million behind the project.Cardano-based leading stablecoin ecosystem Ardana abruptly stopped its development after several launch delays. However, the project remains open-source for others to add to it until they restart the development process.Aave community has now proposed a governance change after a failed $60 million short attack. The short attack was later traced to the Mango Markets exploiter, as one of the wallets involved in the attack belonged to the same exploiter.The crypto market remained turbulent throughout the week and the majority of the top 100 DeFi tokens traded in red, barring a few.DeFi protocol raises $10M from Bitfinex, Ava Labs despite turbulent marketOnomy, a Cosmos blockchain-based ecosystem, just secured millions from investors for the development of its new protocol. The project merges DeFi and the foreign exchange market to bring the latter on-chain.According to the developers, the latest funding round garnered $10 million from big industry players such as Bitfinex, Ava Labs, the Maker Foundation and CMS Holdings, among others.Continue readingLeading Cardano stablecoin project shuts down after excruciating launch delaysOn Nov. 24, Ardana, a leading DeFi and stablecoin ecosystem building on Cardano, abruptly halted development, citing “funding and project timeline uncertainty.” The project will remain open-source for builders while treasury balances and remaining funds will be held by Ardana Labs “until another competent dev team in the community comes forward to continue our work.”The move came as a shock to many due to the sudden nature of the announcement. However, it appears that issues were already present for some time. Beginning July 4, Ardana has held an ongoing initial stake pool offering, or ISPO, to fund its operations. Unlike traditional fundraising mechanisms, developers do not receive the Cardano (ADA) delegated by users but instead the staking rewards. Continue readingAave proposes governance changes after failed $60M short attackOn Nov. 23, one day after Mango Markets’ exploiter Avraham Eisenberg attempted to use a series of sophisticated short sales to exploit decentralized finance protocol Aave, project contributors put forth a series of proposals to deal with the aftermath. As told by protocol engineering developer Llama and financial modeling platform Gauntlet, both of whom are deployed on Aave.Llama wrote that the user had been liquidated but at the cost of $1.6 million in bad debt, likely due to slippage. “This excess debt is isolated only to the CRV market,” the firm wrote. “While this is a small amount relative to the total debt of Aave, and well within the limits of Aave’s Safety Module,…
  • $15.5K retest is more likely, according to Bitcoin futures and options
    Cointelegraph.com News - 1 day ago
    Bybit launching a $100 million fund and Binance’s proof of reserves might have marked the cycle low at $15,500. Bitcoin (BTC) has been trading near $16,500 since Nov. 23, recovering from a dip to $15,500 as investors feared the imminent insolvency of Genesis Global, a cryptocurrency lending and trending company. Genesis stated on Nov. 16 that it would “temporarily suspend redemptions and new loan originations in the lending business.” After causing initial mayhem in the markets, the firm refuted speculation of “imminent” bankruptcy on Nov. 22, although it confirmed difficulties in raising money. More importantly, Genesis’ parent company Digital Currency Group (DCG) owns Grayscale — the asset manager behind Grayscale Bitcoin Trust, which holds some 633,360 BTC. Contagion risks from the FTX-Alameda Research implosion continue to exert negative pressure on the markets, but the industry is working to improve transparency and insolvency risks. For example, on Nov. 24, crypto derivatives exchange Bybit launched a $100 million fund to help market makers and high-frequency trading institutions struggling with financial or operational difficulties.More recently, on Nov. 25, Binance published a Merkle Tree-backed proof of funds for its Bitcoin deposits. Moreover, the exchange outlined how users can use the mechanism to verify their holdings. There’s no doubt that centralized institutions must embrace transparency and insurance mechanisms to regain investors’ trust. First, however, one must analyze Bitcoin derivatives markets to fully understand how professional traders are digesting such news.Futures market discount improved slightly but remains far from bullishFixed-month futures contracts usually trade at a slight premium to regular spot markets because sellers demand more money to withhold settlement for longer. Technically known as contango, this situation is not exclusive to crypto assets.In healthy markets, futures should trade at a 4% to 8% annualized premium, which is enough to compensate for the risks plus the cost of capital. The opposite, when the demand for bearish bets is exceptionally high, causes a discount on futures markets — known as backwardation.Bitcoin 2-month futures annualized premium. Source: Laevitas.chConsidering the data above, it becomes evident that derivatives traders flipped bearish on Nov. 9, as the Bitcoin futures premium flipped negative. Yet, according to futures markets, the $15,500 dip on Nov. 21 was not enough to instill additional demand for leveraged short positions. Option markets confirm the bearishnessTraders should analyze options markets to understand whether Bitcoin will likely retest the $15,500 support. The 25% delta skew is a telling sign whenever arbitrage desks and market makers are overcharging for upside or downside protection.The indicator compares similar call (buy) and put (sell) options and will turn positive when fear is prevalent because the protective put options premium is higher than risk call options.In a nutshell, the skew metric will move above 10% if traders fear a Bitcoin price crash. On the other hand, generalized excitement reflects a negative 10% skew.Bitcoin 60-day options 25% delta skew: Source: LaevitasAs displayed above, the 25% delta skew has been above the 10% threshold since Nov. 9, indicating options traders are pricing a higher risk of unexpected…
  • How bad is the current state of crypto? On-chain analyst explains
    Cointelegraph.com News - 1 day ago
    Despite the widespread loss of confidence in crypto following the FTX collapse, Bitcoin’s on-chain data gives investors hope. Despite the market downturn and the widespread negative sentiment in the industry in the wake of the FTX collapse, on-chain data still show reasons to be bullish on Bitcoin (BTC). As pointed out by on-chain analyst Will Clemente, it’s enough to look at the positions of long-term holders, which reached an all-time high despite their profitability being at an all-time low. “Long-term holders buy heavily into the bear market. They set the floor, […] and then those long-term holders distribute their holdings to new market participants in the bull market,” he told Cointelegraph in an exclusive interview. Another positive trend worth noticing after the FTX collapse, in Clemente’s opinion, is that the average crypto user is increasingly turning away from exchanges and taking self-custody of their own coins. According to Clemente’s analysis, that can be seen in the increasing outflow of capital from exchanges to self-custody wallets and also in the increasing amount of supply held by entities holding between 0.1 and 1 BTC. “By combining those two metrics, you get this picture of coins coming off exchanges into these custodial wallets for the average everyday retail person. And so, I think that’s very positive,” he said. To find out more about the silver lining in the aftermath of the FTX collapse, check out the full interview, and don’t forget to subscribe!
  • Amber Group’s co-founder Tiantian Kullander passes away at 30
    Cointelegraph.com News - 1 day ago
    Tiantian Kullander, known to many as TT, unexpectedly died in his sleep on Nov. 23. Amber Group’s co-founder Tiantian Kullander, also known as “TT,” unexpectedly passed away in his sleep on Nov. 23, according to the company’s official website. Kullander was 30 years old and leaves behind a wife and a son.Besides co-founding the Hong Kong-based Amber Group, TT sat on the board of esports company Fnatic and founded KeeperDAO, a decentralized finance protocol that allows participants to trade, borrow and stake assets with protection from minervalue-extracted bots, before returning it to the community. In an official statement, Amber Group noted that TT had devoted his heart and soul to the company, leading by example with “his intellect, generosity, humility, diligence and creativity.” The company also stated:“TT was a respected thought leader and widely recognized as a pioneer for the industry. His depth of knowledge, his willingness to collaborate and his desire to always help others benefited countless start-ups and individuals. His insights and creativity inspired many projects, people and communities.”Aiming to explore machine learning for trading, Amber Group started in 2015 as a side project of four traders — Kullander, Michael Wu, Wayne Huo and Tony He — as well as Bloomberg LP developer Thomas Zhu. They began working on the project full time in 2017. Prior to this, Kullander worked in structured credit trading at Goldman Sachs and as an emerging markets trader at Morgan Stanley. In 2019, he was featured on the Forbes 30 Under 30 list, which recognizes ​​the brightest young entrepreneurs, leaders and stars. The community reacted to the loss on Twitter. Arthur Cheong, founding partner of DeFiance Capital, noted that the “industry lost a young, bright and most importantly, a good soul.”Just received an extremely sad news and really not sure how to react when we were still talking weeks ago.R.I.P @0xttk — Arthur (@Arthur_0x) November 25, 2022 Tom C., co-founder of the automatic market maker Charm Finance, also noted on Twitter that TT was “one of the most genuine, and most talented person” he knew. i'm deeply saddened. tt is one of the most genuine, and most talented person i know. he's one of the few people who gets crypto (and finance), and sets his heart on doing the right things. I can't believe something like this has happened – shit world we live inRIP tt — Tom^ (@CryptoMa20) November 25, 2022
  • Price analysis 11/25: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
    Cointelegraph.com News - 1 day ago
    Bitcoin and most major altcoins are witnessing a relief rally but higher levels are likely to attract strong selling by the bears. FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived to the conclusion after comparing FTX’s fall to that of Mt. Gox.Another calming statement came from Bloomberg Intelligence exchange-traded fund (EFT) analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Bitcoin Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated.Daily cryptocurrency market performance. Source: Coin360The negative events of the past few days do not seem to have scared away the small investors who remain on an accumulating spree. According to blockchain analytics company Glassnode, the number of wallets holding at least one Bitcoin or more soared in November and reached 950,000.Could Bitcoin and altcoins extend their recovery in the near term? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin rebounded off $15,476 on Nov. 21, indicating that lower levels are attracting buying by the aggressive bulls. The relative strength index (RSI) has formed a bullish divergence, suggesting that the bears may be losing their grip.BTC/USDT daily chart. Source: TradingViewBuyers will try to push the price above the overhead resistance zone between the 20-day exponential moving average (EMA) of $17,186 and $17,622. If they manage to do that, the BTC/Tether (USDT) pair could indicate a possible change in trend. The pair could then rise to the 50-day simple moving average (SMA) of $18,718 and thereafter challenge the psychological level of $20,000.Contrary to this assumption, if the price turns down from the current level or the overhead resistance, it will suggest that the bears remain sellers on relief rallies. The bears will then again attempt to sink the pair below $15,588 and resume the downtrend. The next support on the downside is at $12,200.ETH/USDTEther (ETH) rebounded off the strong support near $1,073 on Nov. 22 and broke above the downtrend line on Nov. 24. This suggests that the bulls are attempting a comeback.ETH/USDT daily chart. Source: TradingViewThe ETH/USDT pair could next rise to the 20-day EMA of $1,248, which is an important level to watch out for. If buyers overcome this barrier, the pair could attempt a rally to the resistance line of the descending channel pattern. On the other hand, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then endeavor to pull the price to the support line of the channel. If this support cracks, the pair could plunge to the critical support zone between $1,000 and $881.BNB/USDTBNB (BNB) broke below the strong support of $258 on Nov. 21, but this proved to be a bear trap. The price turned up on Nov.…
  • Disaster looms for Digital Currency Group thanks to regulators and whales
    Cointelegraph.com News - 1 day ago
    Regulators failed to regulate, and venture capital firms invested without conducting the proper due diligence. The cryptocurrency tide is flowing out, and it looks more and more like Digital Currency Group (DCG) has been skinny dipping. But let’s be clear: The current crypto contagion isn’t a failure of crypto as a technology or long-term investment. DCG’s problem is one of failure by regulators and gatekeepers.Since its 2013 inception, DCG’s Grayscale Bitcoin Trust (GBTC), the largest Bitcoin (BTC) trust in the world, has offered investors the ability to earn a high rate of interest — above 8% — simply by purchasing cryptocurrency and lending it to or depositing it with DCG. In many ways, the company performed a major service to the crypto industry: making investments into crypto understandable and lucrative for beginners and retail investors. And during the crypto market’s bull run, everything seemed fine, with users receiving market-leading interest payments.But when the market cycle changed, the problem at the other end of the investment funnel — the manner in which DCG leveraged user deposits — became more apparent. While not all questions have been answered, the general idea is that DCG entities loaned user deposits to third parties, such as Three Arrows Capital and FTX, and accepted unregistered cryptocurrencies as collateral. Related: My story of telling the SEC ‘I told you so’ on FTXThe dominos fell quickly thereafter. Third parties went defunct. The crypto used as collateral became illiquid. And DCG was forced to make capital calls in excess of a billion dollars — the same value of FTX’s FTT token that DCG accepted to back FTX’s loan.DCG is now seeking a credit facility to cover its debts, with the prospect of Chapter 11 bankruptcy looming if it fails. The venture capital firm apparently fell prey to one of the oldest investing pitfalls: leverage. It basically acted as a hedge fund without looking like it, loaning capital to companies without doing proper due diligence and accepting “hot” cryptocurrencies as collateral. Users have been left holding an empty bag.In the non-crypto world, regulations are set up to prevent this exact problem. While not perfect, regulations mandate entire portfolios of financial documents, legal statements and disclosures to make investments — from stock purchases and initial public offerings to crowdfunding. Some investments are either so technical or so risky that regulators have restricted them to investors who are registered. Um what did I miss? Didn’t we just say it was dimly $500m days ago? https://t.co/14FkXfiiyy— Adam Cochran (adamscochran.eth) (@adamscochran) November 25, 2022 But not in crypto. Companies like Celsius and FTX maintained basically zero accounting standards, using spreadsheets and WhatsApp to (mis)manage their corporate finances and mislead investors. Citing “security concerns,” Grayscale has even declined to open their books. Crypto leaders issuing “everything is fine” or “trust us” tweets isn’t a system of accountability. Crypto needs to grow up.First, if custodial services want to accept deposits, pay an interest rate and make loans, they are acting as banks. Regulators should regulate these…
  • FTX’s collapse could change crypto industry governance standards for good
    Cointelegraph.com News - 1 day ago
    Following FTX’s downfall, experts believe that centralized exchanges will be faced with increased regulatory scrutiny, potentially eliminating a lot of players from the fray. The crypto market is often referred to as the Wild West of the finance world. However, the events that have unfolded within this space recently would put to shame even the hardiest of cowboys from the day of yore. As a quick refresher, on Nov. 8, FTX, the second-largest cryptocurrency exchange in the world till about a month ago, faced an unprecedented liquidity crunch after it came to light that the firm had been facilitating shady deals with its related firm Alameda Research.In this regard, as 2022 continues to be rough on the global economy, the crypto sector, in particular, has been ravaged by a series of meltdowns that have had a major impact on the financial outlook and investor confidence in relation to this maturing industry. To this point, since May, a growing number of prominent projects associated with this space— such as Celsius, Three Arrows Capital, Voyager, Vauld and Terra, among others — have collapsed within a matter of months.FTX’s downfall specifically has been extremely damaging for the industry, as evidenced by the fact that following the company’s dissolution, the price of most major crypto assets dipped majorly, having shown no signs of recovery thus far. For example, within just 72 hours of the development, the value of Bitcoin plummeted from $20,000 to approximately $16,000, with many experts suggesting that the flagship crypto may bottom out close to the $10,000–$12,000 range, a story that has been mirrored by several other assets.What lies ahead for cryptocurrency exchanges?One pertinent question that the recent turbulence has brought to the forefront is what the future now holds for digital asset exchanges, especially centralized exchanges (CEXs). To get a better overview of the matter, Cointelegraph reached out to Dennis Jarvis, CEO of Bitcoin exchange and cryptocurrency wallet developer Bitcoin.com. Recent: Bitcoin miners look to software to help balance the Texas gridIn his view, CEXs are being faced with a tremendous uphill battle right now, especially with revenues being low and stricter regulation waiting around the corner. In light of the current scenario, he pointed out that more and more people are and will continue to gravitate toward the use of self-custodial storage solutions, adding:“It’s obvious you can’t trust these centralized intermediaries. There will always be a place for CEXs, but over the long term, I believe they will play a minority role in the crypto ecosystem; certainly nothing like the outsized role they’ve enjoyed up to now.”Alex Andryunin, CEO of exchange market maker Gotbit, told Cointelegraph that there is already a major surge of institutional interest in decentralized exchange (DEX) trading. To this point, he highlighted that just a couple of months ago (i.e., September), his clients’ DEX-centric profits lay at $8 million but jumped to $11.8 million in subsequent months, signaling a 50% rise despite the bloodbath across the entire crypto industry. He added:“In my opinion, Binance, Coinbase, Kucoin and Kraken’s…
  • 1inch releases new tool to protect traders against ‘sandwich attacks’
    Cointelegraph.com News - 1 day ago
    The company said that the new tool works by allowing users to submit transactions directly to validators. Exchange aggregator 1inch released a new tool called “Rabbithole” on Nov. 25, which the company says will protect traders against malicious “sandwich attacks.” The team announced the launch of the tool in a press release that has been made available to Cointelegraph.Rabbithole works by allowing users to submit transactions directly to Ethereum nodes, bypassing the mempool. In order to use it, users need to change the remote procedure call (RPC) endpoint in their crypto wallet. After that, each swap initiated via 1inch will be analyzed by the private tx routing algorithm developed by the 1inch team and then sent to validators directly if there is a possibility of a sandwich attack.According to the press release, a “sandwich attack” is a type of crypto font-running that consists of three steps:The attacker scans the blockchain’s mempool until it finds a high-value transactionA transaction is submitted to front-run the victim’s purchase, and higher gas is paid to make sure that the attacker’s transaction gets processed before the victim’s. This early transaction pumps the price of the coin that is about to be purchased, causing the victim to pay moreAfter the victim’s transaction is processed, the attacker submits a second transaction that sells their coins, pocketing the difference in priceThis type of attack is so named because it “sandwiches” the victim’s transaction between two transactions submitted by the attacker.According to a report by TarLogic, titled, “Tracking Ethereum blockchain crypto attackers: Measuring sandwich attacks,” over 60,000 Ether (ETH) was lost from sandwich attacks from May 2020 to April 2022 — a value of over $72,000,000 at the time of publication.The crypto R&D team, Flashbots, had previously released a python library that allowed users to submit transactions directly to nodes. However, this library could only be used in a developer environment. According to 1inch, Rabbithole is a library that works similarly to Flashbots, but it also includes a consumer-friendly frontend for users.Rabbithole is the latest in a string of upgrades to the 1inch decentralized exchange (DEX) aggregator. In August 2021, the team launched an Ethereum layer 2 version on Optimism and in November 2021, a new mainnet router to optimize gas costs was implemented.
  • Binance publishes official Merkle Tree-based proof of reserves
    Cointelegraph.com News - 1 day ago
    Two weeks after its initial pledge for Merkle Tree-backed proof of funds, Binance releases its official response to liquidity transparency. Two weeks after Binance initially pledged to develop a proof-of-reserve (PoR) mechanism in response to the FTX liquidity and bankruptcy fiasco, it published its official response.In an announcement on the Binance website, the exchange outlined how users can use the mechanism to verify its holdings. Currently, the only token available to verify through the Merkle Tree-based system is Bitcoin (BTC), though the announcement says additional coins will be added in the coming weeks. It also highlighted upcoming transparency updates, which include the involvement of third-party auditors to audit its PoR results and the implementation of ZK-SNARKs in its PoR methods, among others.Days after Binance announced its intention for PoR, it released the public details of its wallet addresses and on-chain activity.Binance CEO Changpeng “CZ” Zhao tweeted about the latest update. Naturally, the Twitter community responded and many with positive comments toward the transparency efforts. This is a great initiative. Perhaps a stand-alone page for Proof of Reserves where users can see all the exchange holdings (updated daily) could be on the roadmap for the future.— Chief (@satn) November 25, 2022 Related: Proof-of-reserves: Can reserve audits avoid another FTX-like moment?Binance was one of the first following the FTX to start a trend of releasing proof of funds. Bybit released its reserve wallet addresses on Nov. 16, a week after the initial incident, along with other major exchanges, such as Bitfinex, OKX, KuCoin and Crypto.com.Both Huobi and Gate.io came under fire after publicizing their information, which included loaned funds. Cryptocurrency investment product provider Grayscale Investments said it ws hesitant to release wallet addresses due to security concerns.On Nov. 10 Chainlink Labs offered PoR auditing services to exchanges across the space as a solution to trust issues starting to pop up for centralized exchanges. Market tracker CoinMarketCap shared on Nov. 22 that it had added a new feature, which is a PoR tracker for exchanges that have publicized the information.
  • Here’s how centralized exchanges aim to win back users after the FTX collapse
    Cointelegraph.com News - 1 day ago
    “We need to stop telling people to trust us and give them an actual reason to,” said Eric Demuth, CEO of Bitpanda. Centralized crypto exchanges play a huge part in the crypto trading ecosystem. However, the FTX collapse showcased how difficult it is to trust exchanges with user funds. Despite this, crypto trading platforms continue to believe that they can win back the community’s trust. Speaking to Cointelegraph, executives from crypto exchanges OKX, Gate.io and Bitpanda shared their insights on how trading platforms can recover from the effects of the FTX debacle. According to Dion Guillaume, an executive at Gate.io, transparency in terms of custody of user assets has become of vital importance. Guillaume told Cointelegraph that this also motivated the platform to open source its proof-of-reserves method using Merkle Tree verification to be available for other industry leaders to use. He explained: “I think over the last two weeks, it’s become more and more apparent that crypto exchanges need to operate with more transparency, especially with regards to the custody of user assets and proof of reserves.”Apart from this, Guillaume also believes that the industry will be able to recover in time. Pointing out other black swan events, the executive noted that the crypto industry remained resilient over the last decade. “The market may take some time to recover, but it will likely come back stronger than before,” he added. Eric Demuth, co-founder and CEO of crypto exchange Bitpanda, called on exchanges to prioritize customers and be more transparent. “They need to stop trying to sell a dream,” he said. Demuth explained: “We need to stop telling people to trust us and give them an actual reason to. Investors aren’t stupid, and they are now more suspicious of our industry than ever.”Apart from this, the Bitpanda CEO believes that the space will eventually recover from the effects of the FTX collapse. According to Demuth, there is no quick fix, and the players who are left in the space must keep working toward a sustainable regulated and responsible future.Related: CoinMarketCap launches proof-of-reserve tracker for crypto exchangesLennix Lai, an executive at crypto exchange OKX, also echoed the sentiments on transparency. According to Lai, transparency is important in rebuilding user trust. The executive highlighted that measures have to be taken both on the retail front and the institutional front. In retail, Lai pointed out the importance of allowing users to self-verify that assets are 100% backed by reserves. On the institutional side, the executive noted that organizations must find ways to give clients greater visibility. He explained: “This self-verification feature means that even if we wanted to, there would be no way for us to comingle user funds since we are operating with complete transparency.”Apart from this, the OKX executive also highlighted the importance of self-custody. Lai noted that the firm believes in the motto “not your keys, not your crypto.” He said that the trading platform encourages users to self-custody their assets.
  • Turkey seizes FTX assets in the country amid the ongoing investigation
    Cointelegraph.com News - 1 day ago
    Turkey’s Financial Crimes Investigation Board has seized assets belonging to Sam Bankman-Fried after launching an investigation into FTX’s affairs in the country. Assets belonging to former FTX CEO Sam Bankman-Fried have been seized by the country’s Financial Crimes Investigation Board, locally known as MASAK, following the collapse of his main business.An official announcement from Turkey’s MASAK outlined preliminary findings and actions taken against Bankman-Fried following bankruptcy proceedings of its core business. MASAK began investigations on Nov. 14.Cointelegraph translated the latest announcement from MASAK, which highlighted three key points from the investigation. The Turkish investigatory body found that FTX failed to safely store user funds, embezzled customer funds through shady transactions, and manipulated supply and demand in the market by having customers buy and sell listed cryptocurrencies that were not backed by actual cryptocurrency holdings. As a result of these findings, MASAK seized Bankman-Fried’s and affiliates’ assets after finding strong “criminal suspicion” on the above-mentioned points.FTX TR’s website is still live but only shows a message to users with instructions to receive balances from accounts. Users are asked to share IBAN information and the Turkish identity number of their respective Turkish lira accounts via a link. A LinkedIn post from FTX TR noted that the exchange had over 110,000 users and processed an average monthly transaction volume of $500 million–$600 million since the launch of its mobile application earlier in 2022. The company employed 27 people.The post also noted that the company had endeavored to transfer user balances in FTX TR to their bank accounts.Related: FTX stake in US bank raises concerns about banking loopholesFTX TR was managed by a former Binance executive who previously managed global business growth in Turkey, the Commonwealth of Independent States and the European Union. Cointelegraph has reached out to the former FTX TR head to ascertain whether the local operation was aware of improper business activities by its parent company and will update this article accordingly.According to a local media report, the FTX website attracted an average of 187,000 unique visitors monthly from Turkey, the sixth-highest number by country. FTX is now undergoing bankruptcy proceedings led by new CEO John Ray III. The man responsible for unraveling the infamous collapse of Enron in the early 2000s described the FTX debacle as the worst he had seen in his professional career.A strategic review of FTX’s global assets is currently being undertaken as part of the bankruptcy proceedings to maximize recoverable value for stakeholders.
  • Bitcoin addresses holding at least 1 BTC close in to a million
    Cointelegraph.com News - 1 day ago
    Exchange balances continue to deplete while the number of “wholecoiner” Bitcoin addresses hits new highs. Smaller wallet addresses in the Bitcoin (BTC) ecosystem continue accumulating BTC despite market turmoil.The number of known addresses on the Bitcoin blockchain that hold 1 BTC or more has hit a new all-time high. According to blockchain analytics company Glassnode, the number of wallets holding at least 1 BTC or more reached 950,000.Bitcoin balances of 1 BTC or more has surged since November. Source: GlassnodeBitcoin podcast host Jake Woodhouse told Cointelegraph, “To the untrained eye, the price of something reflects the value. However, price action should not be confused with value, as the most recent data in the Bitcoin market represents.” He added:“Plebs around the world are hoovering up Bitcoin, as they see this is an opportunity to accumulate a wildly under-valued asset, which most assume has no value as the price collapses. ‘Bitcoin is dead,’ shouts the mainstream… Is it? Clearly, many disagree.”Bitcoin “pleb” is the name adorned to ordinary people around the globe who support Bitcoin. Plebs buy Bitcoin — or in pleb speak, stack sats (satoshis) — and continue to believe in Bitcoin despite mainstream media’s attempts to eulogize the decentralized technology.The trend coincides with billions of dollars of Bitcoin and crypto exiting exchanges. As Woodhouse suggests, the Bitcoin plebs of humbler means demonstrate higher levels of conviction while the price flirts with the low teens.Woodhouse digs into self-custody: “How many of these BTC are in self-custody never to be moved again? My bet: the majority.” Indeed, in the aftermath of the FTX fiasco, some Bitcoin enthusiasts are learning how to take custody of their Bitcoin, registering record withdrawals from exchanges.Bitcoin Balance on exchanges trends lower. Source: GlassnodeAccording to Glassnode data, exchange balances have trended down since the beginning of the year. In January, exchanger balances measured roughly 2.8 million, or almost 15% of the total supply of Bitcoin mined. In November, exchanges balances are down to 2.3 million Bitcoin or shy of 11% of the total supply.Related: Ledger hardware wallets hit by the FTX earthquake — CTOWoodhouse told Cointelegraph, “The bear market is highlighting the fraudsters who have been selling bitcoin derivatives, naturally promoting the superpower of bitcoin self-custody, which I believe individuals are taking heed of; a signal of huge positivity for the bitcoin bulls.” Billionaire Michael Saylor, one of the wealthiest Bitcoin bulls, agrees. Saylor recently shared nuggets of wisdom with Cointelegraph concerning the bear market. He advised Bitcoin buyers to relax and focus on the bigger picture.
  • FTX stake in US bank raises concerns about banking loopholes
    Cointelegraph.com News - 1 day ago
    The chairman of the rural bank, Jean Chalopin, also happens to be the chairman of Deltec Bank, which has Tether and Alameda both on its client list. The bankruptcy proceedings of cryptocurrency exchange FTX have revealed many new aspects of its unethical practices. The latest revelation around its stake in one of the smallest United States banks from rural Washington has raised fresh concerns about its operations and alleged misuse of banking loopholes.Farmington State Bank in the state of Washington, now renamed Moonstone, is the 26th smallest bank in the U.S. — with a single branch and three employees. FTX invested in the rural bank through its now-bankrupt sister company, Alameda, with an investment of $11.5 million in its parent company FBH in March 2022. The Alameda investment was more than double the bank’s value of $5.7 million, reported The New York Times.FTX’s ownership in Moonstone is seen as a move to bypass the requirements of owning a banking license in the U.S., which, according to many, is quite a complex task. One Reddit user wrote that it takes a lot of work to get a banking license, and thus, “buying a small bank is often a back door to getting a license, which would be a natural part of a business plan for something like FTX.”Another user pointed toward the perceived misuse of banking loopholes and the lack of regulatory oversight on crypto. Others speculated that Sam Bankman-Fried’s political connections could have played a part in the deal as well, with one user saying:“With the amount of political connections SBF had, I would not be surprised either if he just got that license for no reason.”Apart from FTX’s stake in a U.S. bank, what drew more attention from the crypto community is the connection between the rural bank’s parent company, FBH, and another crypto entity, Tether, the largest issuer of a stablecoin in the crypto market currently.Related: How does the FTX collapse affect Dubai’s crypto ecosystem?The chairman of FBH is Jean Chalopin, who also happens to be the chairman of Deltec Bank, which has Tether and Alameda both on its client list. After buying the bank in 2020, FBH applied for Federal Reserve approval nearly 100 years after the bank was founded to facilitate cryptocurrency-related transactions. The bank got federal approval in June 2021, and nine months later, FTX invested in the rural bank, now equipped with Federal Reserve approval. The banking connection between Tether and FTX/Alameda became a concern for many in the crypto community, as Tether itself has long been under scrutiny for reserve audits. Tether didn’t respond to Cointelegraph’s requests for comments as of publication time.
  • ConsenSys addresses MetaMask IP collection, claims nothing has changed
    Cointelegraph.com News - 1 day ago
    ConsenSys says the IP address data collected through MetaMask users will not be monetized or “exploited.” After community backlash received from an initial privacy policy revision on Nov. 23, ConsenSys, the parent company of MetaMask, released a statement to reiterate the intentions of its data collection.The company stated that the policy has always relayed how certain types of personal information are automatically collected, which could include IP addresses. According to ConsenSys, the latest updates were in the act of transparency as to how Infura, MetaMask’s default Remote Procedure Call, works with user data.ConsenSys highlighted that MetaMask itself does not collect IP addresses. Rather, the policy says users running the wallet through Infura applications are subject to data collection.In a tweet, the company claimed only the language of the policy was updated, and “nothing” else about the policy or data collection is different.Speaking to Cointelegraph, ConsenSys said:“Infura does not improperly exploit this information, and ConsenSys does not monetize this information as some Web2 companies do.”According to Consensys, Infura is currently looking into technical updates to “minimize the collection of personal information, including anonymization techniques and minimization and elimination of any data collection and retention.”Related: Crypto is breaking the Google-Amazon-Apple monopoly on user dataUpdates to its policy came as users began looking for noncustodial digital asset-storing options after the FTX fallout. Despite the clarifications from the company through its official web channels, users in the community responded with skepticism.Some said this gives all the more reason for users to move assets to a cold storage wallet. Others asked for alternative wallet recommendations and reiterated the decentralization needed in Web3. Really poor timing to change anything. Especially with so many people actively looking into self custody. It only makes it worse that you collect data just to have it. I’m disappointed.— Uniquely NFT (@UniquelyNFT) November 24, 2022 MetaMask has more than 21 million monthly users, which makes it one of the most popular self-custody wallets in the Web3 space. 
  • Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC now
    Cointelegraph.com News - 1 day ago
    Bitcoin is printing significant bullish divergences with BTC price in line for a “massive bull run,” new analysis argues. Bitcoin (BTC) may follow stocks on a “massive bull run” as the weekly chart delivers a unique sign of strength.The latest analysis from several well-known crypto names suggests it is time to give up the bear market narrative.Despite everyone talking about a new macro BTC price low, possibly at $12,000, new perspectives demand a rethink.Be it thanks to macro or just good old Bitcoin price cycles, there are three new reasons to flip bullish on Bitcoin in its current state near two-year lows.Stocks rally could produce $110,000 BTC priceFirst in line is a theory involving a macro market catalyst, courtesy of macro analyst, Henrik Zeberg.In a tweet from Nov. 24, Zeberg maintained that Bitcoin is still acting just like other risk assets — but notably, “not like gold.” With the FTX scandal weakening the correlation between BTC and stocks, there is nonetheless no reason to abandon the idea that it will return.For Zeberg, a rising tide lifts all boats, and a final rally throughout the risk asset field could take BTC/USD over $100,000.“Bitcoin moves as a Risk Asset (not like Gold!). When SPX explodes higher in Blow-Off Top towards 5700 – 6000 target area – Bitcoin should reach 90k – 110k,” he wrote:“Final rally before Deflationary Bust!”An accompanying chart appeared to put the rally beginning at the start of 2023.BTC/USD vs. S&P 500 annotated chart. Source: Henrik Zeberg/ TwitterIndicator bull div echoes March 2020Back to crypto-centric triggers and on-balance volume (OBV) is one of the indicators giving a taste of possible bullish times to come.According to popular trader Alan Tardigrade, now is the time to pay attention as the BTC/USD weekly chart has printed 20 weeks of bullish divergence. “This indicates the weakening of downtrend momentum,” part of accompanying Twitter comments read:“$BTC may pick up a Massive Rally.”BTC/USD annotated chart with OBV. Source: Alan Tardigrade/ TwitterA move to the upside would correspond to Bitcoin’s behavior after the March 2020 COVID-19 cross-market crash.OBV acts as a cumulative measure of buy and sell pressure by keeping a running tally of volume across a given time period. It is similar to cumulative volume delta, but encompasses more than simply bid and ask trades.Trader: RSI bull div is first for BitcoinOBV is not the only bullish divergence making waves in Bitcoin analytics circles.Related: Bitcoin exchanges see 180K BTC supply decrease amid Mt. Gox BTC salesFor Bitcoin trader and technical analyst Mags, a phenomenon playing out for the first time in Bitcoin’s history is the event to monitor going forward.Again consulting the weekly chart, Mags noted that the BTC/USD relative strength index (RSI) is now printing a bullish divergence on weekly timeframes — something never seen before, not even at previous bear market lows.“Every Bull Market Peak $BTC formed a bearish divergence on RSI followed by a bear market correction!” he explained:“This the first time ever BTC is printing a bullish divergence on WEEKLY. Probably nothing.”BTC/USD annotated…
  • Crypto lender Matrixport seeks $100M funding despite lending crisis
    Cointelegraph.com News - 1 day ago
    Bitmain-backed crypto lender Matrixport is the other half of a new funding round targeting a $100 million raise. Matrixport, the cryptocurrency firm founded by Bitmain co-founder Wu Jihan, is in the process of raising $100 million in funding despite the ongoing crypto market crisis.Lead investors have already committed $50 million for Matrixport’s new funding round at a $1.5 billion valuation, Bloomberg reported on Nov. 25. The deal has yet to be finalized as Matrixport is still looking for investors for the other half of the round.We’re excited and look forward to engaging with participants, on similar terms, in the other half of the #funding round.Appreciate the trust and confidence our investors continue have in Team #Matrixport.@business https://t.co/DqQhsYucUy— Matrixport (@realMatrixport) November 25, 2022 According to the company, the new round is part of Matrixport’s usual funding agenda. “Matrixport routinely engages with key stakeholders as part of its normal course of business, including investors keen to participate and enable our vision as a digital assets financial services provider,” the firm’s public relations head Ross Gan said.Matrixport’s new funding comes a year after the firm conducted a $100 million Series C funding round conducted in August 2021, becoming a unicorn with a $1 billion valuation.The fundraising was led by major global venture capital firms, including DST Global, C Ventures and K3 Ventures. Other contributors in the round included major industry investors like Tiger Global, Qiming Venture Partners, CE Innovation Capital and A&T Capital, alongside existing investors like Polychain, Dragonfly Capital, Lightspeed, IDG Capital and others.According to Bloomberg data, Matrixport handles $5 billion of trades each month and has tens of billions of dollars of assets under management and custody. The firm reportedly employs close to 300 people.Established in February 2019, Matrixport is one of the largest cryptocurrency lenders in Asia, offering a wide range of crypto services, including trading and custody. The company also offers cryptocurrency and stablecoin loans, as well as zero-cost loans with a 0% interest rate and liquidation protection.Matrixport is one of the few crypto lending platforms that appear to have not been affected by the ongoing crisis of cryptocurrency lending. As previously reported by Cointelegraph, some of the biggest crypto lending platforms including Celsius and BlockFi have faced major issues this year due to the ongoing bear market and the associated crisis of cryptocurrency lending.Related: Crypto lender Hodlnaut reportedly faces police investigation in SingaporeWu’s crypto company also said that it wasn’t too much affected by the ongoing FTX contagion, reporting a few issues due to the crash of Sam Bankman-Fried’s crypto exchange. On Nov. 11, Matrixport reported that 79 of its users suffered losses in the aftermath of FTX issues, adding that the affected products included the BTC Fixed Income Products and Victoria BTC Fund Products.“We would need to emphasize that Matrixport’s products are subject to strict segregation from one another so that a single impacted product will not affect the other products as the underlying asset and fund flow are segregated,” the firm stated.
  • How does the FTX collapse affect Dubai’s crypto ecosystem?
    Cointelegraph.com News - 1 day ago
    CoinMENA CEO Talal Tabbaa believes that the FTX collapse will not change the vision of the UAE to become a global crypto hub. With the FTX contagion affecting various sectors of the global crypto ecosystem, Dubai-based industry leaders commented on how the debacle will affect the budding crypto hub within the United Arab Emirates (UAE). From stricter regulations to better projects leading the way, various professionals gave their perspectives on how Dubai and the UAE’s crypto landscape will be affected by the collapse of the FTX exchange. Kokila Alagh, the founder and CEO of KARM Legal Consultants, believes that the FTX collapse will lead to more scrutiny and diligence before projects are approved within Dubai’s licensing process. She explained: “With the misuse of funds or limited disclosures by FTX, these licensing authorities now need to deep dive into the technology. Mere financial documents submission won’t be enough, continuous and a real-time monitoring of these platforms might be one of the ways forward.”Alagh also told Cointelegraph that the FTX collapse may lead to better projects taking the lead within the space. “Any major setback in a growing sector makes way for stronger projects to lead and clear the projects which do not have a strong foundation,” she added. Irina Heaver, a partner at Keystone Law Middle East, also believes that tighter regulations are on the way. Heaver told Cointelegraph that founders must be prepared for greater scrutiny from the authorities as well as from users and investors. She explained: “They also each must implement stricter internal compliance and audit functions, consult a lawyer if in doubt, and take additional steps, beyond those currently required, to prove to the users that the project is doing the right thing.”According to Heaver, the authorities must also consider taking a good look at influencers who promote “rug pulls, pump and dump schemes, and bogus token sales.” Citing shark tank star Kevin O’Leary’s promotions of FTX exchange and how people may have put their funds in FTX after being convinced, Heaver believes that promoters must also face scrutiny. Meanwhile, Talal Tabbaa, the CEO of CoinMENA, a trading platform that secured a provisional license from VARA, said that Dubai’s history is full of examples of big challenges and rising to the occasion. He explained: “The collapse of one company won’t change the vision of the UAE to become a global crypto hub. In fact, the FTX incident confirms how important it is to have a comprehensive regulatory framework in place.”The executive also pointed out that Luna, Voyager, Celsius and FTX incidents were failures of governance and effective risk management and not a failure of crypto. “They were institutional failures rather than technical failures,” he noted. According to Tabbaa, this distinction is very important. The CoinMENA CEO also compared the incident to the dot-com bubble. According to Tabbaa, when the dot-com bubble burst, it was not a problem of the internet but a failure of companies building on the internet. The executive noted that the same thing applies to…
  • Two Uzbek "crypto stores" get their first crypto licenses.
    Blockchain News - 1 day ago
    Uzbekistan’s main cryptocurrency market watchdog issued its first crypto licenses. Two “cryptocurrency stores” are licensed to provide cryptocurrency services. Uzbekistan blocked several major crypto exchanges due to license issues. (Read More)
  • CoinList addresses withdrawal "FUD" with technical delays
    Blockchain News - 1 day ago
    After users complained of a week-long withdrawal freeze, CoinList addressed “FUD” on Twitter. Company claims $35 million from collapsed crypto hedge fund Three Arrows Capital. “multiple custodians” working on wallet address migration and upgrade. (Read More)
  • Ethereum developers chose eight updates for Shanghai
    Blockchain News - 2 days ago
    The Shanghai update comes after the Merge and proof-of-stake consensus. Beacon Chain staked ETH will be unlocked, permitting withdrawals. Shanghai testnet launched Oct. 18. (Read More)
  • As crypto grows across Africa, IMF asks for greater regulation
    Blockchain News - 2 days ago
    IMF wants to regulate Africa’s crypto marketplaces. Cryptocurrency is a booming market. 25% of sub-Saharan African nations have explicitly regulated crypto, while 2/3 have prohibitions. (Read More)
  • BIS analysis reveals unequal CBDC uptake in Africa
    Blockchain News - 2 days ago
    CBDC helps African central banks implement monetary policy. A CBDC would save money on banknotes, transportation, and storage. Sub-Saharan Africa sends two-thirds of the world’s money. (Read More)
  • Cardano stablecoin shutters following launch delays
    Blockchain News - 2 days ago
    Ardana suspended work on Nov. 24, citing “funding and project timeline uncertainty” Ardana Labs will hold leftover money for the open-source initiative. Ardana’s DANA tokens lost 99.85% of their value last year. (Read More)
  • MetaMask will capture IPs
    Blockchain News - 2 days ago
    MetaMask will gather IP addresses and addresses during on-chain transactions. Data gathering applies only if users utilize MetaMask’s default RPC app. This information may be shared with affiliates, during commercial negotiations, or to comply with KYC and AML regulations. (Read More)
  • Starling Bank prohibits crypto purchases and deposits citing danger
    Blockchain News - 2 days ago
    Starling has banned crypto-related activity for its cards. Customers can’t buy cryptocurrency or accept inbound transactions from exchanges or businesses. The online bank informed clients and posted on Twitter. (Read More)
  • Singapore police allegedly investigate Hodlnaut
    Blockchain News - 2 days ago
    Singaporean crypto lender Hodlnaut is reportedly under investigation for cheating and fraud. Multiple complaints against the platform between August and November 2022 prompted the police to investigate the exchange’s founders. Singapore police say most complaints involve misrepresentations. (Read More)
  • BinaryX Releases Concept Art for World Building MMO CyberLand
    Blockchain News - 2 days ago
    BinaryX has confirmed that it is working on a new free-to-play, play-to-own game, CyberLand, an open-world MMO powered by blockchain technology. The team just released the concept video which gives a first look of the terrains and features of the game. (Read More)
  • The Graph (GRT) and Dash (DASH) Are Both Top Gainers But The True 1000x Winner Is Snowfall Protocol (SNW)!
    Coinpedia Fintech News - 19 hours ago
    The post The Graph (GRT) and Dash (DASH) Are Both Top Gainers But The True 1000x Winner Is Snowfall Protocol (SNW)! appeared first on Coinpedia Fintech News Cryptocurrency markets are on the move! The Graph (GRT) and Dash (DASH) are both up big today, but there is another coin that is blowing them both out of the water.  That coin is Snowfall Protocol (SNW), which has seen a 500% increase in value over the past few weeks! If you want to get …
  • Ethereum Showing Signs of Recovery – Will ETH Price Surge Above $1300 This Weekend
    Coinpedia Fintech News - 19 hours ago
    The post <strong>Ethereum Showing Signs of Recovery – Will ETH Price Surge Above $1300 This Weekend</strong> appeared first on Coinpedia Fintech News The crypto markets are raising significantly in the past couple of days as the Bitcoin price sustains above $16,500 for nearly 48 hours. Besides, Ethereum’s price also manifested some strength and rose above $1200 with a more than 3% jump in the past 24 hours. While the bulls are preparing for a notable upswing, the …
  • Skyrocketing Oryen Network Posts +200% Gains for Presale Investors, Leaving Near Protocol, Stacks, and Osmosis Far Behind
    Coinpedia Fintech News - 19 hours ago
    The post <strong>Skyrocketing Oryen Network Posts +200% Gains for Presale Investors, Leaving Near Protocol, Stacks, and Osmosis Far Behind</strong> appeared first on Coinpedia Fintech News As an investor, you know how important it is to diversify your portfolio with various investments—some riskier than others, but all with the potential to give you great returns on your money. An investment in Oryen Network is one worth considering. The Oryen Network has seen a 200% price increase in its fifth presale, and …
  • Binance’s ‘Proof Of Reserves’ is Pointless, Claims Kraken CEO
    Coinpedia Fintech News - 19 hours ago
    The post Binance’s ‘Proof Of Reserves’ is Pointless, Claims Kraken CEO appeared first on Coinpedia Fintech News It’s now a couple of weeks since the infamous FTX collapse, in which the firm faced a liquidity problem and stopped processing withdrawals due to the inability to meet demand from investors and end users. Post this, it’s been observed that several other crypto companies are attempting to be more transparent with their users. Binance’s …
  • Dogecoin Price Flashes Fresh Buy Signals, Is it the Good Time to Buy DOGE?
    Coinpedia Fintech News - 23 hours ago
    The post Dogecoin Price Flashes Fresh Buy Signals, Is it the Good Time to Buy DOGE? appeared first on Coinpedia Fintech News Dogecoin price bounce occurred out of the box as the bounce triggered an upswing over the entire crypto space. The token has been incremental and manifested an exceptional rally during the previous month by surging more than 165%. This induced significant bullish momentum that raised the BTC price close to $17,000, however, hindered by the …
  • These Altcoins May Drop 50% If Bitcoin Falls Below $17K! Here’s What Traders Can Expect
    Coinpedia Fintech News - 23 hours ago
    The post These Altcoins May Drop 50% If Bitcoin Falls Below $17K! Here’s What Traders Can Expect appeared first on Coinpedia Fintech News The relationship between Bitcoin and altcoins is deep, as the altcoin season is majorly controlled by BTC’s price fluctuation. As Bitcoin is the pillar of the crypto market, its bull run tends to fund altcoin’s uptrend and vice-versa. However, the current trend of the crypto market severely plummeted to its yearly lows as FTX’s downfall …
  • Black Swan Author Reveals The Real Reason Behind Catastrophic Crypto Crisis
    Coinpedia Fintech News - 1 day ago
    The post Black Swan Author Reveals The Real Reason Behind Catastrophic Crypto Crisis appeared first on Coinpedia Fintech News Nassim Taleb – an award-winning philosopher – has called out the cryptocurrency market again following the FTX implosion. The famous author thinks Bitcoin is a tumor and can soon present investors with an unprecedented deleveraging scenario. Moreover, Taleb has indicated no significant cash flow in the cryptocurrency market. As such, the former options trader and …
  • Elon Musk To Work With Vitalik On Dogecoin Upgrade, DOGE Price Spikes!
    Coinpedia Fintech News - 1 day ago
    The post Elon Musk To Work With Vitalik On Dogecoin Upgrade, DOGE Price Spikes! appeared first on Coinpedia Fintech News Since the start of the year, Dogecoin, the largest memecoin by market capitalization, has had a pretty bad run. Naturally, that is because of the prolonged bear run. However, David Gokhshtein has brought back attention to Dogecoin and it is now surging. I feel that we’ll all see Vitalik and Elon working together to somehow …
  • Here’s When Ethereum Stakers Can Withdraw Their ETH
    Coinpedia Fintech News - 1 day ago
    The post Here’s When Ethereum Stakers Can Withdraw Their ETH appeared first on Coinpedia Fintech News After the Ethereum Merge earlier this year, the Ethereum ecosystem is ready to take another big step towards the Shandong Testnet. Ethereum stakers, of which there are many, will be happy to see this step towards withdrawals. In the upcoming days, the Shandong Testnet will be relaunched, according to the Ethereum Foundation JavaScript Team. A …
  • Uzbekistan Strengths Crypto Regulations, Issues Licenses To Exchanges
    Coinpedia Fintech News - 1 day ago
    The post Uzbekistan Strengths Crypto Regulations, Issues Licenses To Exchanges appeared first on Coinpedia Fintech News Uzbekistan regulators have begun giving local crypto service providers regulatory permits as they are poised to implement a new cryptocurrency framework for the country in 2023. According to a declaration made public on November 17, Uzbekistan’s main cryptocurrency market regulator, the National Agency for Perspective Projects (NAPP), has granted the country’s first cryptocurrency licenses. The …
  • Ethereum Software Firm ConsenSys Addresses Concerns Over Plans To Collect MetaMask Wallet Users’ Data
    The Daily Hodl - 12 hours ago
    Blockchain software firm ConsenSys is clarifying a recent update to its terms of service about the collection of data from users of MetaMask, the flagship non-custodial wallet for Ethereum (ETH). The recent update stated that Infura, one of ConsenSys’ main products, will collect certain data like wallet and IP address of users who designate it as […] The post Ethereum Software Firm ConsenSys Addresses Concerns Over Plans To Collect MetaMask Wallet Users’ Data appeared first on The Daily Hodl.
  • These Targets Will Confirm Bitcoin Bull Market With 95% – 98% Certainty, Says Veteran Trader Tone Vays
    The Daily Hodl - 14 hours ago
    A seasoned crypto trader says he can nearly guarantee the beginning of a new bull market if Bitcoin (BTC) hits certain price targets. In a new strategy session, Tone Vays describes to his 123,000 YouTube subscribers a scenario showing how Bitcoin bulls could effectively end the year-long bear market. According to Vays, BTC bulls must […] The post These Targets Will Confirm Bitcoin Bull Market With 95% – 98% Certainty, Says Veteran Trader Tone Vays appeared first on The Daily Hodl.
  • Most Dogecoin Holders in Profit As Bitcoin, Ethereum, Shiba Inu, Polygon Investors Nurse Losses: IntoTheBlock
    The Daily Hodl - 17 hours ago
    Crypto insights firm IntoTheBlock finds that the majority of those invested in leading meme token Dogecoin (DOGE) are in profit while holders of other large crypto assets are weathering losses. At time of writing, 57% percent of all DOGE holders are in profit, while 37% are underwater and 6% are breaking even. On the contrary, […] The post Most Dogecoin Holders in Profit As Bitcoin, Ethereum, Shiba Inu, Polygon Investors Nurse Losses: IntoTheBlock appeared first on The Daily Hodl.
  • Algorithm Known for Outperforming Crypto Markets Allocates to Ethereum, Polygon and Two Additional Assets
    The Daily Hodl - 20 hours ago
    An algorithm with a reputation for outperforming the crypto markets is showing a preference for Ethereum (ETH) and three other large-cap digital assets amid uncertain trading conditions. Each week, the Real Vision Bot conducts surveys to compile algorithmic portfolio assessments to create a “hive mind” consensus. The bot’s latest data reveals that traders’ have a […] The post Algorithm Known for Outperforming Crypto Markets Allocates to Ethereum, Polygon and Two Additional Assets appeared first on The Daily Hodl.
  • Here’s When the Bitcoin and Crypto Bear Market Will End, According to deVere Group CEO Nigel Green
    The Daily Hodl - 22 hours ago
    Financial advisory firm deVere Group CEO Nigel Green is optimistic that the crypto bear market is months away from coming to an end. Green says that the prices of Bitcoin (BTC) and other crypto assets will rise once inflation starts slowing down and the central banks begin loosening monetary policy. According to Green, the assets […] The post Here’s When the Bitcoin and Crypto Bear Market Will End, According to deVere Group CEO Nigel Green appeared first on The Daily Hodl.
  • Ethereum Whale Accumulation Soars to Highest Rate in Two Years As ETH Bounces: Santiment
    The Daily Hodl - 1 day ago
    A prominent market intelligence firm finds that Ethereum (ETH) whales are gobbling up the leading smart contract platform at the highest rate seen since 2020. According to crypto analytics agency Santiment, deep-pocketed Ethereum investors are snapping up ETH at a significant rate. Santiment says the last accumulation event like this that happened in 2020 sparked […] The post Ethereum Whale Accumulation Soars to Highest Rate in Two Years As ETH Bounces: Santiment appeared first on The Daily Hodl.
  • Cardano (ADA) Developer Helps Create New Method for Evaluating Blockchain Decentralization
    The Daily Hodl - 1 day ago
    Cardano (ADA) developer Input Output Global (IOG) is working with the University of Edinburgh to create a new system that will determine if a blockchain is truly decentralized. IOG says that most blockchains claim to be decentralized but these assertions are subjective because no standard framework for evaluating decentralization exists. The technology company says the […] The post Cardano (ADA) Developer Helps Create New Method for Evaluating Blockchain Decentralization appeared first on The Daily Hodl.
  • Defunct Crypto Exchange FTX and Sam Bankman-Fried Facing Fraud Investigation in Turkey
    The Daily Hodl - 1 day ago
    Bankrupt crypto exchange FTX and its co-founder Sam Bankman-Fried could face fraud charges overseas as Turkish officials probe the former CEO. According to a new announcement by Turkey’s Financial Crimes Investigation Board, Bankman-Fried and the crypto exchange are being investigated for fraud over its recent disintegration. Bankman-Fried is accused of mishandling billions of dollars worth […] The post Defunct Crypto Exchange FTX and Sam Bankman-Fried Facing Fraud Investigation in Turkey appeared first on The Daily Hodl.
  • Top Crypto Analyst Says Litecoin (LTC) on Track To Extend Rally by Over 60% – But There’s a Catch
    The Daily Hodl - 1 day ago
    A widely followed crypto analyst is predicting that Litecoin (LTC) will extend its massive rally, but only if a certain condition is met. Crypto strategist Justin Bennett says in a new issue of his newsletter that Litecoin bulls will have to defend a key price level or the rally may implode. Bennett says Litecoin’s price […] The post Top Crypto Analyst Says Litecoin (LTC) on Track To Extend Rally by Over 60% – But There’s a Catch appeared first on The Daily Hodl.
  • Crypto Giant Binance Releases Proof of Reserves System in Push Toward Transparency
    The Daily Hodl - 1 day ago
    Global crypto exchange giant Binance is releasing a proof of reserves (PoR) system to increase transparency following the FTX implosion. Binance says they are committed to disclosing proof of reserves, which means releasing evidence of a one-to-one ratio of reserves to investors’ assets. “Following our recent announcement outlining our commitment to transparency, Binance is releasing […] The post Crypto Giant Binance Releases Proof of Reserves System in Push Toward Transparency appeared first on The Daily Hodl.
  • Ripple Lawsuit: Crypto Lawyer Sheds Light On The Value Of XRP Despite Brutal SEC Case
    ZyCrypto - 13 hours ago
    Deaton argued that XRP’s value was portrayed in how it had remained a top ten cryptocurrency by market capitalization despite being delisted by major US crypto exchanges after the SEC instituted the suit against Ripple in 2020.
  • Sticking to Core Fundamentals Saved Polygon from FTX Calamity – Co-Founder Sandeep Nailwal
    ZyCrypto - 14 hours ago
    The impact of FTX’s downfall is being felt all across the crypto spectrum. Since the FTX crisis began to unfold, the crypto market has shed over $200 billion. Those who have commented on the FTX Fiasco include former Kraken CEO Jesse Powell, Binance CEO Changpeng Zhao, Cardano’S Charles Hoskinson, and Tesla CEO Elon Musk, among […]
  • Congressman Tom Emmer “More Concerned Now” That SEC’s Crypto Strategy Isn’t Working
    ZyCrypto - 14 hours ago
    US Congressman Tom Emmer has faulted the Securities and Exchange Commission (SEC) for failing to prevent the FTX collapse despite outwardly promoting tough crypto-focused rules.
  • Will Elon Musk Work With Vitalik Buterin On Dogecoin Update? This Crypto Pundit Says It’s Possible
    ZyCrypto - 1 day ago
    Interestingly, the Dogecoin Foundation was reinstated last October, with the addition of Buterin and Tesla representative Jared Birchall as advisers. At the time, Buterin’s…
  • ApeCoin’s APE Surges on New NFT Marketplace Launch
    ZyCrypto - 1 day ago
    ApeCoin (APE) is up 4% in the last week, to $3.24 at the time of writing, following a bespoke NFT marketplace launch for the Ethereum-based governance token. The new platform will support Yuga Labs NFT collections – Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherside Metaverse trades. ApeCoin NFT marketplace will enable the […]
  • Binance Publishes Proof of Reserves System For BTC, More Assets to Follow
    ZyCrypto - 1 day ago
    Today Binance released its first Merkel Tree Proof of Reserves (PoR) system as a show of its commitment towards transparency following the collapse of giant exchange FTX. However, in a statement, the exchange noted that it would first disclose BTC holdings before sharing details of other tokens and networks “in the next couple of weeks”. […]
  • VRJAM Announces New Project Powered By Epic Games Days To The VRJAM Coin Launch
    ZyCrypto - 1 day ago
    VRJAM, a leading live events platform, is elated to reveal a new project in collaboration with Epic Games to empower artists to perform live in the metaverse. Through the partnership, Epic Games, the world’s leading game developer, availed the Epic Megagrant to help the VRJAM team power the development of a software solution. This, in […]
  • BinaryX Confirms New Open-World MMO CyberLand, Releases Concept Video
    ZyCrypto - 1 day ago
    BinaryX, a GameFi platform, is elated to reveal its plan for a new free-to-play and play-to-own game called CyberLand, transiting away from the play-to-earn models. BinaryX just released the concept video that gives a first look at the features and terrains of the game. According to the BinaryX team, this new game will offer players […]
  • Binance Deploys $2 Billion To Save Crypto Industry After FTX’s Fall From Grace
    ZyCrypto - 1 day ago
    Binance has committed $2 billion to the firm’s crypto rescue fund as it aims to help rebuild the industry.
  • World Cup Inu (WCI) Into Green As Orbeon Protocol (ORBN) Explodes
    ZyCrypto - 1 day ago
    The market has turned turbulent again, dragging already-suffering cryptos further down. Although the market turbulence is not as severe as it was at the beginning of 2022, it still has caused severe harm to some cryptos. Meanwhile, World Cup Inu (WCI) and Orbeon Protocol (ORBN) have posted some positive growth. Orbeon Protocol (ORBN) has been […]
  • New Platform Oryen Network Runs +200% Despite BNB And Cardano Struggling
    ZyCrypto - 1 day ago
    Crypto experts are astounded by Oryen Network’s recent growth. While the digital currency world has seen plenty of new tokens rise to glory quickly and capture the market’s imagination, most of these surges were during much better market conditions. And if you’ve been paying any attention to industry news recently: you’ll know that’s not the […]
  • KUB Token Listed On XT.COM’s Main Zone
    ZyCrypto - 1 day ago
    The Main and Web 3 Zones of XT.COM, the world’s first socially infused trading platform, are now home to KUB. Starting at 08:00 GMT on 2022-11-25, traders can trade in the KUB/USDT trading pair (UTC). Users can deposit KUB for trading at 2022-11-23 08:00(UTC) (UTC). On November 26th, 2022, at 08:00, you’ll be able to […]
  • Epillo’s Token Sale Session Begins on P2B!
    ZyCrypto - 1 day ago
    Epillo’s token sale session on the P2B exchange has begun. Until December 8th, you can buy tokens and become a part of the project’s community. After the token sale, the tokens will be traded on the P2B platform. Meanwhile, this is a quick summary of the endeavour. What is Epillo? Epillo Health Systems OÜ was […]
  • Shopping.io Announces Partnership with DINO LFG, Enabling $DINO Token For Online Purchases
    ZyCrypto - 2 days ago
    A new alliance between Shopping.io and DINO LFG has been announced. Token holders can now use $DINO at major e-commerce sites like Amazon, eBay, Etsy, and Walmart. Shopping.io is well-known for facilitating the use of cryptocurrency on over 60 international eCommerce platforms. As an added perk, shoppers who sign up for Shopping.io’s membership programs can […]
  • Dogecoin Rallies As Price Breaks Major Resistance; Here Is Why $0.15 Is Possible
    NewsBTC - 1 day ago
    DOGE’s price holds above $0.08 as the price gears for a rally to a possible high of $0.15. DOGE’s price remains strong as bulls reclaim $0.088 despite uncertainty in the market traders and investors remain cautious.  DOGE’s price bounces from a low of $0.07 on the daily timeframe as the price reclaims $0.088 as price trades above the 50 Exponential Moving Average (EMA) In recent weeks, the price of Dogecoin (DOGE) has been a standout performer rallying with over 150% profit and creating more euphoria about how the bull run would be for many traders and investors. Despite the relief bounce and uncertainty surrounding the crypto market due to the FTX fiasco, the price of Dogecoin (DOGE) has continued to show immersed strength, holding nicely above the key support zone of $0.075. The Domino effect of the FTX saga and other large investors has halted the market, as the market has yet to make a significant move, raising concerns about where the market is headed. (Data from Binance) Related Reading: Bitcoin Bulls Get Rejected As $16,700 Proves Too Strong; Here Is What To Expect Dogecoin (DOGE) Price Analysis On The Weekly Chart Despite the uncertainty and turbulence that has affected the price of Dogecoin (DOGE) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.   Dogecoin (DOGE) has suffered more price loss, as the price dropped from a high of $0.73 to a weekly low of $0.055, leading to speculation of a further drop to $0.03 as price rallied to a high of $0.15 before facing a rejection. DOGE’s price declined from a weekly high of $0.15 to a region of $0.073 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low. Weekly resistance for the price of DOGE – $0.95. Weekly support for the price of DOGE – $0.08. Price Analysis Of DOGE On The Daily (1D) Chart The price of LINK remains considerably strong in the daily timeframe as the price trades above $0.085 after DOGE saw its price decline from $0.15 to $0.073 recently.  DOGE’s price needs to break and hold above $0.095 for the price to have a chance to rally high to a region of $0.15 and possibly $0.2 as the price looks good trading above the 50 and 200 EMA values of $0.085 and $0.083 respectively acting as minor support on the daily timeframe.   The price of DOGE needs to reclaim and trade above $0.1 for a short-term relief bounce. If the price of DOGE fails to flip the region of $0.1 and gets rejected below $0.07, we could see more rejections in DOGE price. Daily resistance for the DOGE price – $0.095. Daily support for the DOGE price – $0.08. Related Reading: Tron Latest Update Seen Giving TRX Price A Boost – Here’s Why Featured Image From zipmex, Charts From Tradingview
  • Chainlink Extends Accumulation By 200 Days; Will Bulls Push For A Breakout?
    NewsBTC - 1 day ago
    LINK’s price retraces to its 200 days range as the price aims for a breakout ahead of its staking scheduled in December 2022.  LINK’s price remains strong as bulls reclaim $6 despite uncertainty in the market traders and investors remain cautious.  LINK’s price bounces from a low of $5.5 on the daily timeframe as the price reclaims $6.5 as price trades below the 50 Exponential Moving Average (EMA) The price of Chainlink (LINK) has had a tough time recently after a successful breakout from its accumulation zone. Still, the price was rejected after 190 days of range movement as the price has continued in this price action for an additional 10 days as Chainlink (LINK) staking draws ever closer. Despite the relief bounce from Chainlink (LINK), the price remains below the key region of interest, which would entice many buyers. The Domino effect of the FTX saga and other large investors has halted the market, as the market has yet to make a significant move, raising concerns about where the market is headed. (Data from Binance) Related Reading: Dogecoin Jumps 10% As Gokhshtein Claims Buterin And Musk Will Work Together For DOGE Chainlink (LINK) Price Analysis On The Weekly Chart Despite the uncertainty and turbulence that has affected the price of Chainlink (LINK) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.   Chainlink (LINK) has suffered more price loss, as the price dropped from a high of $45 to a weekly low of 5.5, leading to speculation of a further drop to $3.  LINK’s price declined from a weekly region of $9.2 to a region of $5.5 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low. The price of LINK has responded well, holding off sell-off and bouncing off from $5.5, rallying to a high of $6.8. Weekly resistance for the price of LINK – $8. Weekly support for the price of LINK – $5.5. Price Analysis Of LINK On The Daily (1D) Chart The price of LINK remains considerably strong in the daily timeframe as the price trades above $6.5 after LINK saw its price decline from $9.2 to $5.5 recently.  LINK’s price needs to break and hold above $8 for the price to have a chance to rally high to a region of $10 and possibly $12 ahead of its anticipated staking coming up in December, as many trader and investor thinks the price of LINK should be worth more.  Daily resistance for the LINK price – $7.5. Daily support for the LINK price – $6.5. Related Reading: Tron Latest Update Seen Giving TRX Price A Boost – Here’s Why Featured Image From zipmex, Charts From Tradingview 
  • Binance Coin Revives Its Bullish Strength Above $290; Will Bulls Defend This Area?
    NewsBTC - 1 day ago
    BNB’s price bounces off from $250 as the price rallies to a high of $300 as bulls take charge of the price.  BNB’s price remains strong as bulls reclaim $300 despite uncertainty in the market traders and investors remain cautious.  BNB’s price bounces from a low of $250 on the daily timeframe as the price reclaims $300 as price trades above the 50 Exponential Moving Average (EMA) The price action demonstrated by Binance Coin (BNB) has recently been a better performer rallying from $250 to a weekly high of $300 than the previous week as the market suffered from some price decline affecting most crypto assets. Despite the relief bounce from BNB (BTC), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance) Related Reading: Bitcoin Bulls Get Rejected As $16,700 Proves Too Strong; Here Is What To Expect Binance Coin (BNB) Price Analysis On The Weekly Chart Despite the uncertainty and turbulence that has affected the price of Binance Coin (BNB) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.   Binance Coin (BNB) has suffered more price loss, as the price dropped from a high of $600 to a weekly low of $250, leading to speculation of a further drop to $200-$150.  BNB’s price declined from a weekly region of $400 to a region of $250 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low.  The price of BNB has responded well, holding off sell-off and bouncing off from $250, rallying to a high of $300, where the price faced rejection breaking higher. The price of BNB needs to hold above $310 to keep alive the hope of a relief bounce.  Weekly resistance for the price of BNB – $310. Weekly support for the price of BNB – $290. Price Analysis Of BNB On The Daily (1D) Chart The price of BNB remains considerably strong in the daily timeframe as the price trades above $290 after BNB saw its price decline from $400 to $250 recently.  BNB’s price continues to struggle as the price looks good as the price aims to break and hold above the daily price of $305, which corresponds to the 50 and 200 EMA. The price of BNB needs to reclaim and trade above $310 for a short-term relief bounce. If the price of BNB fails to flip the region of $310 and gets rejected below $270, we could see more rejection in BNB price to a region of $200 and even lower.  Daily resistance for the BNB price – $310. Daily support for the…
  • On-Chain Data Shows Signs Of Fresh Bitcoin Accumulation
    NewsBTC - 1 day ago
    On-chain data shows signs of some fresh Bitcoin accumulation taking place during the last month. Bitcoin UTXOs Aged 1 Week To 1 Month Have Risen Up In Recent Days As pointed out by an analyst in a CryptoQuant post, UTXOs purchased between 1 week and 1 month ago have risen since the FTX crash. The relevant indicator here is the “Realized Cap – UTXO Age Bands,” which tells us which age group has what percentage of the Bitcoin realized cap. The “realized cap” here refers to a type of BTC capitalization model in which the crypto’s cap is calculated by weighing each coin in the circulating supply against the price at which it was last moved, and then taking the sum for the entire supply. This capitalization method is different from the usual market cap, where all the coins are simply multiplied with the current BTC price. Related Reading: Bitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows The “age bands” are groups that define the time period under which the UTXOs falling into it were last moved. For example, the “1m-3m” age band includes all UTXOs that haven’t shown any movement since between 1 and 3 months ago. Now, the age band of relevance in the current discussion is the “1w-1m” group. Here is a chart that shows how the realized cap contribution of this Bitcoin band has changed during the past couple of years: Looks like the value of the metric has been trending up recently | Source: CryptoQuant As you can see in the above graph, the realized cap of the Bitcoin UTXOs falling into the 1w-1m band was in a decline during the bear market and had reached very low values by the time the FTX collapse rolled around. Since the crash, however, the age band has been observing a rapid uptrend. This means that there have been a large number of coins purchased between 1 week and 1 month ago. Related Reading: Dump Incoming? Rogue BTC-e Sends $165 Million In Bitcoin To Personal Wallets And Exchanges Based on this trend, it seems like some investors have been busy accumulating at the lows that have been seen after the crash, despite the wider market feeling uncertainty due to the FTX contagion possibly causing a cascade of bankruptcies of other platforms. BTC Price At the time of writing, Bitcoin’s price floats around $16.5k, down 1% in the last week. Over the past month, the crypto has lost 15% in value. Below is a chart that shows the trend in the price of the coin over the last five days. The value of the crypto seems to have returned to a flat curve during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
  • Bitcoin Bulls Get Rejected As $16,700 Proves Too Strong; Here Is What To Expect
    NewsBTC - 1 day ago
    BTC’s price is rejected from breaking above $16,700 as this region is too strong for bulls.  BTC’s price remains bearish in the high timeframe as most traders and investors remain cautious.  BTC’s price bounces from a low of $15,500 on the daily timeframe as the price reclaims $16,500 as price struggles to break higher above the 50 Exponential Moving Average (EMA) The price action demonstrated by Bitcoin (BTC) in recent times has been better than the previous week as the market suffered from some price decline affecting most crypto assets. Despite the relief bounce from Bitcoin (BTC), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance) Related Reading: Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December Bitcoin (BTC) Price Analysis On The Weekly Chart Despite the uncertainty and turbulence that has affected the price of Bitcoin (BTC) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.   Bitcoin (BTC) has suffered more price loss, as the price dropped from a high of $69,500 to a weekly low of $15,500, leading to speculation of a further drop to $12,000.  BTC’s price declined from a weekly region of $20,500 to a region of $15,500 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low.  The price of BTC bounced off from $15,500, rallying to a high of $16,700, where the price faced rejection breaking higher. The price of BTC needs to hold above $16,000 to keep alive the hope of a relief bounce.  Weekly resistance for the price of BTC – $18,500. Weekly support for the price of BTC – $15,500. Price Analysis Of BTC On The Daily (1D) Chart The price of BTC remains considerably strong in the daily timeframe as the price trades above $16,000 after BTC saw its price decline from $20,500 to $15,500 as the market continues in its state of uncertainty.  BTC’s price continues to struggle as price aims for more relief bounce from this region. The price of BTC needs to reclaim and trade above $18,500 for a short-term relief bounce. If the price of BTC fails to flip the region of $17,500, we could see more rejection in BTC price to a region of $15,500 and even lower.  Daily resistance for the BTC price – $17,500. Daily support for the BTC price – $15,500. Related Reading: Dogecoin Jumps 10% As Gokhshtein Claims Buterin And Musk Will Work Together For DOGE Featured Image From zipmex, Charts From Tradingview 
  • Bitcoin To Plunge Further? Long-Term Holders Ramp Up Selling
    NewsBTC - 1 day ago
    On-chain data shows Bitcoin long-term holders have ramped up their selling recently, something that could lead to further plunge in the crypto’s price. Bitcoin Exchange Inflow CDD Has Spiked Up Over The Last Day As pointed out by an analyst in a CryptoQuant post, the current rise in the CDD is the largest since 6th October. A “Coin Day” is the quantity that 1 BTC accumulates after staying still for 1 day in a single address. If a coin that has amassed some number of Coin Days finally moves to another wallet, its Coin Days counter resets, and the Coin Days are said to be “destroyed.” The “Coin Days Destroyed” (CDD) metric keeps note of the total number of such Coin Days being destroyed throughout the network on any given day. Another version of this indicator is the “exchange inflow CDD,” which measures only those Coin Days that were reset because of transactions to centralized exchanges. Now, here is a chart that shows the trend in the Bitcoin exchange inflow CDD over the past month: The value of the metric seems to have spiked up during the last day or so | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange inflow CDD has shown a sharp rise in its value recently. There is a cohort in the BTC market called the “long-term holder” (LTH) group, which includes all investors who hold onto their coins for long periods without moving them. Related Reading: Bitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows Because of the dormancy of their coins, thes LTHs accumulate a large numbers of Coin Days. As such, whenever these holders do move their coins, the CDD usually spikes up due to the scale of Coin Days involved. The current spike in the Bitcoin exchange inflow CDD thus suggests that some LTHs have deposited their coins to exchange wallets. As the exchanges in question are spot platforms, it’s possible that this movement of coins was made for selling purposes. Related Reading: Bitcoin Shakes Off the Bears and Aims for $20,000 By End Of Year, Can It Make It? From the graph, it’s apparent that both the previous big spikes in the indicator were followed by declines in the price of Bitcoin. If the latest surge was also because of LTHs preparing to dump their coins, then the crypto is likely to observe bearish trend this time as well. BTC Price At the time of writing, Bitcoin’s price floats around $16.4k, down 2% in the last week. Over the past month, the crypto has lost 15% in value. Looks like the price of the coin has been back to moving sideways in the last few days | Source: BTCUSD on TradingView Featured image from Zdeněk Macháček on Unsplash.com, charts from TradingView.com, CryptoQuant.com
  • Tron Latest Update Seen Giving TRX Price A Boost – Here’s Why
    NewsBTC - 1 day ago
    Investor interest in Tron is growing as the protocol receives updates. The new Java-tron GreatVoyage-4.6.0 upgrade, codenamed Socrates, is a required update that includes crucial enhancements that greatly improve the protocol’s ability to utilize storage. Since time is of the essence, here is a quick rundown of TRX: Major new enhancements that will smooth out the protocol’s operation have been released The proposal from PancakeSwap has the potential to be a strong positive catalyst Current price action is negative, but a reversal would be bullish 📢Java-tron GreatVoyage-4.6.0(Socrates) has been released! 🛠It is a mandatory update, contains a few important features: ✅update the checkpoint mechanism of data storage ✅optimize the storage structure of resource delegation relationship — TRON DAO (@trondao) November 23, 2022 That’s not all good news, either. PancakeSwap just made an announcement to its user base that it would be accepting TRX into its Syrup staking pool. The price of TRX eventually reflects all of this. Using a weekly time frame, CoinGecko reports that TRX’s price rose 0.8%. Everything looks and sounds fantastic, but what do the experts have to say about it? To Uptrend, Or Not To Uptrend? It doesn’t look like it’ll form an uptrend on the charts, and that might be for a number of reasons. It’s worth noting that the Bollinger band is establishing a crunch zone immediately following the cup formation in TRX. Related Reading: Polkadot Soars 8% In Last 24 Hours Courtesy Of Its Dev’t Activity, NFT Ecosystem Growth Chart: TradingView The impending decline may be part of a larger cup-and-handle structure with an ascending triangle serving as its handle. The regression model also reveals that the present decline is robust, with Pearson’s R value hitting 0.61, indicating that despite positive events on-chain, pain is not out of the question for TRX. The fact that the RSI is still in the oversold bottom half further confirms a downward trend. All of this is occurring as TRX trades at $0.0525 per coin. On a 4-hour timeframe, the technical indicators are optimistic, as the RSI is rising and the bollinger band is widening. As this indicator oscillates between overbought and oversold, the rising RSI value is accompanied by a decline in price. According to CoinGlass, the TRX derivatives market is improving slightly as exchange financing rates improve. TVL decreased on the DeFi side of Tron from $4.31 billion to $4.29 billion. Chart: Coinglass Not Enough Momentum TRX investors and traders are unquestionably instilled with confidence by recent events. According to CoinGlass, this is further underlines by the fact that more traders are entering long holdings than short positions. However, based on the metrics, they should proceed with caution, as the technicals indicate that TRX will experience further losses. However, short-term traders could target the $0.056 barrier, as this would be a good place to begin a rally. Related Reading: Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December TRX total market cap at $4.88 billion on the daily chart | Featured image from WallpaperAccess,…
  • Dogecoin Jumps 10% As Gokhshtein Claims Buterin And Musk Will Work Together For DOGE
    NewsBTC - 1 day ago
    Crypto influencer David Gokhshtein has told his nearly 700,00 followers on Twitter that he expects Ethereum co-founder Vitalik Buterin and and Elon Musk to join forces to upgrade Dogecoin. The Dogecoin price, possibly triggered by Gokhshtein’s speculation, saw a massive spike of more than 12% at one point in the aftermath. The price shot up from $0.0823 to as high as $0.0913 on Binance. At press time, however, DOGE was already experiencing a slight correction of the swing and was trading at $0.0882. “I feel that we’ll all seen Vitalik and Elon working together to somehow upgrade DOGE”, Gokhshtein tweeted and added that “they won’t work on Bitcoin — well because Vitalik tried that in the past and was kicked and Elon is interested in turning something that started off as a joke into something serious.” However, it is important to remark that neither Musk nor Buterin have commented on Gokhshtein tweet. Related Reading: Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend The crypto-influencer is making a pure speculation, presumably based on previous statements made by both individuals. Musk is known to be one of the biggest, if not the biggest Dogecoin (DOGE) supporter. His tweets have caused massive swings in the DOGE price in the past. Last but not least, there are rumors and hints – which Musk has never fully dispelled – that Musk himself is the biggest holder of Dogecoin (DOGE). Deep Dogecoin Ties Between Buterin And Musk Vitalik Buterin, for his part, has already spoken out several times on the subject of a DOGE upgrade from proof of work to proof of stake. According to Buterin, Dogecoin has been in consideration for a move to proof-of-stake for some time. Buterin shared this assessment at Mainnet 2022, a crypto conference held Sept. 21-23 in New York. Back in August 2021, the Dogecoin Foundation announced its re-launch. First established in 2014, the foundation has since been able to count on the support of the Ethereum mastermind. Related Reading: Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December Buterin joined the board of the newly established Dogecoin Foundation as one of its four-member advisory team. A representative of Elon Musk is also on board. This is not necessarily surprising given the Tesla CEO’s previous activities regarding Dogecoin. Not least, Musk had called for a drastic reduction in transaction fees on the Dogecoin network, among other things. Moreover, Buterin has donated large amounts of DOGE to the Dogecoin Foundation several times in the past, the last time in November 2021. A year ago, he donated 20 million DOGE. So, even though Gokhshtein’s statement is pure speculation, there are indeed some connections between the two personalities that make a joint effort not seem impossible.
  • Key On-Chain Indicator Signals Bottom Is In; Ethereum Core Devs Endorse EIP-4844
    NewsBTC - 1 day ago
    The downfall of FTX has also left its mark on the Ethereum (ETH) price. Over the last 30 days, Ether has recorded a drop of around 20%. At press time, the price was at $1,171, just above the crucial support level of $1,100. In the short term, the ETH price has found support at $1,171. However, if the key resistance at $1,230 is not breached in the next few days, a retest of the level at $1,100 could be on the cards. An important on-chain indicator for Bitcoin indicates that this does not have to be the case. Since the crypto market is heavily dependent on Bitcoin as the largest cryptocurrency by market cap, a bottoming of BTC, could also mean accelerated gains for altcoins, led by Ethereum. As cryptocurrency exchange ByBit notes in its analysis of the market today, the MVRV (Market Value to Realized Value Ratio) of short-term Bitcoin holders has exceeded that of long-term holders (HODLers) for the first time this cycle. Related Reading: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,250 The MVRV shows periods of market euphoria when the market value was significantly higher than the realized value, meaning the cost basis for Bitcoin purchases. “This could suggest a possible bottom formation, especially when direction traders are doing better than HODLers with strong convictions,” the analysis states. Ethereum: EIP-4844 Implementation in March? Meanwhile, Ethereum investors can look forward to highly positive news. As Tim Beiko summarized, Ethereum developers are working towards including EIP-4844 (also known as proto-danksharding). This is a highly anticipated scaling proposal, in a future mainnet upgrade. Whether EIP-4844 will be rolled out with Shanghai in March is currently pending. However, a decision could be made on December 08. This is when the next ACD, the last one in 2022 will be held. Beiko stated that” it’d be great to wrap up the year with the final specs for Shanghai”. Related Reading: Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend So far, EIP-3651 (Warm COINBASE), EIP-3855 (PUSH0 statement), EIP-3860 (Limit and counter init code) and EIP-4895 (Beacon chain push withdrawals as operations) are guaranteed for the Shanghai hard fork of Ethereum. EIP-4844 is intended to introduce a new transaction format called shard-blob transaction. This allows data to be stored off-chain and accessed temporarily by Ethereum nodes. Liam Horne, CEO of OP Labs, the developer of Optimism that uses roll-ups, expressed that L2 fees could become much cheaper. “This is a GAME CHANGER for the rollup-centric roadmap, as fees could be lowered ~100x,” Horne said. Ethereum co-founder Vitalik Buterin commented on EIP-4844 as following: This is a crucial first step to massively lower fees on L2, helping to make it affordable for much larger numbers of users to directly use on-chain applications instead of relying on cefi intermediaries. Yesterday, the broadest commitment across all developer teams was that EIP-4895 should happen quickly, ideally around March. “There are other things they [the Ethereum client teams] are working on in parallel,…
  • Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December
    NewsBTC - 1 day ago
    Litecoin (LTC) is currently experiencing a sharp price correction, going down by more than 4% during the last hour, according to latest tracking from Coingecko. At the time of this writing, the crypto asset is trading at $75.94 after hovering around the $78 region for most of the day. With its recent price dump, the altcoin trimmed its seven-day gains to 20% from a high of 33% this week. Still, LTC’s current performance is impressive as it managed to go up by 33.5% over the last 30 days. Litecoin caught the attention of many crypto enthusiasts on November 23 when it went on a bullish run that enabled it to reach the $81 marker and increase its market capitalization by more than $1 billion. Currently, in that category, LTC ranks 13th in Coingecko’s list, keeping an overall valuation of $5.39 billion. Related Reading: Polkadot Soars 8% In Last 24 Hours Courtesy Of Its Dev’t Activity, NFT Ecosystem Growth What It Would Take For LTC To Hit Higher Levels Next Month By besting the likes of Bitcoin and Ethereum in terms of weekly gains, Litecoin put itself in the position to be among the crypto assets that experts are keeping an eye on. In fact, crypto trading expert Rekt Capital shared his thoughts about the conditions that must be met by LTC in order to sustain its energy and perform better come December. “LTC upside wicks have gone up to as high to the $85-$98 region before ultimately rejecting there. Price needs to Monthly close & hold above $67 to move higher next month,” said the pseudonymous crypto figure. Rekt Capital also pointed out that given Litecoin’s history of being rejected from the greater demand region, it needs to keep the $67 price territory when November ends for its uptrend to be confirmed and for it to test higher price levels. Analyst Bullish About Momentum For Litecoin Meanwhile, well-known crypto analyst Altcoin Sherpa also shared its take on what awaits Litecoin following its impressive run despite the bearish market that now engulfs the crypto space. It noted that after LTC successfully flipped its 200-day Exponential Moving Average, there is no doubt that the next stop for the crypto asset is the $100 territory. That though, could only happen if the digital asset is able to continue its upward trend. Cryptocurrency data provider Coincodex, however, might have to disagree with this bullish sentiment for the altcoin as its forecasts are not looking good for Litecoin right now. According to its prediction, in five days, LTC will trade at $74.60 and one month from now, the asset will change hands at $62.04. Although Litecoin might have the chance to close November with a higher trading price than the $67 crucial marker, it would appear the asset is in for another downhill drive as the tail-end of 2022 nears. Related Reading: SUSHI Latest Feats Are Quite Impressive, But Crypto Must Overcome Rough Terrain LTC total market cap at $5.3 billion on the daily chart…
  • Report: State Securities Regulators Probe Crypto Lender Genesis
    Bitcoin News - 11 hours ago
    State securities regulators are reportedly investigating Genesis Global Capital in a broad range probe into the “interconnectedness of crypto firms,” Barron’s reported on Friday. The report notes that the Alabama Securities Commission is looking into whether or not cryptocurrency firms have violated securities laws without filing the proper registrations. Report Says Financial Regulators Are Investigating […]
  • Supply of Tokenized Bitcoin Dropped Significantly Since the Start of the Year
    Bitcoin News - 13 hours ago
    This year, the number of tokenized bitcoins hosted on alternative blockchains like Ethereum, has dropped a great deal. Last January the number of wrapped bitcoin (WBTC) issued on the Ethereum blockchain was around 266,880 WBTC and since then, the number has dropped by more than 15% down to 225,962 WBTC. Similarly, the quantity of tokenized […]
  • Biggest Movers: DOGE Hits 3-Week High on Saturday
    Bitcoin News - 13 hours ago
    Dogecoin surged to a three-week high to start the week, as the token rallied for a second consecutive session. Overall, the meme coin has now traded higher for four of the last five days. Quant was another notable gainer in today’s session, moving to an eight-day peak. Dogecoin (DOGE) Dogecoin (DOGE) raced to a three-week […]
  • Bitcoin, Ethereum Technical Analysis: ETH Surges Above $1,200 to Start the Weekend
    Bitcoin News - 16 hours ago
    Ethereum was back above $1,200 on Saturday, as bullish sentiment returned to cryptocurrency markets to start the weekend. Following recent stints in the red, the global crypto market cap is trading 1.91% higher as of writing. Bitcoin was also back in the green. Bitcoin Bitcoin (BTC) was marginally higher to start the weekend, as prices […]
  • Bitget Launches Major Campaign With Messi to Reignite Confidence in the Crypto Market
    Bitcoin News - 18 hours ago
    PRESS RELEASE. Seychelles, Nov 26, 2022 – Leading global cryptocurrency exchange, Bitget, has announced a series of marketing campaigns with Lionel Messi, the Argentinian Football legend, with the launch of the brand film to celebrate the 2022 World Cup. With this USD 20 Million investment in campaigns and rewards, Bitget aims to benefit users with […]
  • Latam Still Unprepared to Deal With Crypto Crime and Scams, According to GFI Report
    Bitcoin News - 18 hours ago
    Latam is still unprepared to deal with cryptocurrency-related crimes and scam situations, according to a recent report issued by Global Financial Integrity (GFI), a Washington DC-based think tank. The document states that crypto regulation has failed to grow with the adoption of these new technologies and that governments have often failed to detect and punish […]
  • ‘Cryptocurrencies Like Bitcoin Make Global Commerce Easy’ — Founder of Nigerian Crypto Exchange
    Bitcoin News - 20 hours ago
    Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank’s subsequent crackdown on crypto entities it accused of defying the directive has succeeded in suffocating demand for cryptocurrencies. […]
  • Bank of Japan to Launch Digital Yen Pilot Program Next Year
    Bitcoin News - 22 hours ago
    The Bank of Japan is preparing to run a test trial of its own central bank digital currency (CBDC), the digital yen, with help from three top banks and regional institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transactions, and experimenting with its functionality in environments […]
  • Crypto Winter No Longer Has Big Impact on Long-Term Industry Growth, EY Executive Says
    Bitcoin News - 1 day ago
    EY’s global blockchain leader says that for the first time ever, crypto’s price swings do not have that big of an impact on the long-term growth of the industry. Nonetheless, he stressed: “It is also important that regulators crack down on obvious Ponzi schemes faster and with more severity.” EY’s Brody on Crypto Winter Paul […]
  • UK Bank Starling Blocks Payments to Crypto Platforms — Claims Crypto Is High Risk, Heavily Used for Criminal Purposes
    Bitcoin News - 1 day ago
    Starling Bank has informed its customers that the bank no longer supports fund transfers to cryptocurrency platforms, including crypto exchanges. The bank stated that cryptocurrencies “are high risk and heavily used for criminal purposes and, as such, we no longer support them.” Starling Bank Blocks Fund Transfers to Crypto Exchanges London-headquartered Starling Bank recently notified […]
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