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Ardana claimed to be creating a stablecoin platform on Cardano, but new evidence suggests it may have lost investors’ money in bad crypto trades. In 2021, Ardana Labs claimed it would provide an innovative stablecoin platform for the Cardano network. The new project, called “Ardana,” would allow investors to lock up crypto collateral and mint fiat-pegged stablecoins, including a U.S. dollar-based token called dUSD. It raised $10 million from investors that year, but it suddenly closed up shop in November 2022, citing “funding and project timeline uncertainty.” Some investors blamed the loss on the “crypto winter” of 2022, during which many legitimate projects went bust from lack of funding in the extended bear market. However, new evidence from Web3 risk-management platform Xerberus suggests there may be more to the Ardana story than just fundraising issues.According to Xerberus, Ardana executives likely transferred 80% of the project’s funds to a personal wallet after first attempting to obscure the transactions by sending some through centralized exchanges. The transfers were allegedly conducted by CEO Ryan Motovu or some other C-level team member. Once the funds were in this wallet, the executives made a series of bad crypto investments, Xerberus alleges. These investments resulted in a loss of approximately $4 million, shortening the runway for the project and ultimately leading to its collapse.2) The capital was deposited in stablecoins. Ardana used this capital to invest in highly risky Ethereum-based tokens. As in the advent of the bear market prices collapsed Ardana lost at least 4 million USD just on their DEX trades. pic.twitter.com/PIj5o55Flr— Xerberus (@Xerberus_io) September 6, 2023 Ardana’s rise and fallArdana was first announced in the summer of 2021, and by October 2021, it had raised $10 million from venture capital firms CFund, Three Arrows Capital (3AC) and Ascensive Assets. Thanks to its successful fundraise and the prominence of its backers, some investors came to believe that Ardana’s upcoming token, DANA, would deliver outsized market gains.The following month, Ardana announced that it was also partnering with Near Protocol to create an asset bridge between Cardano and Near.However, no Ardana stablecoin platform or bridge was ever launched, and the protocol closed down in November 2022 without a functioning product. The development team stated that the closure was due to “funding and project timeline uncertainty.” The closure happened amid the collapse of FTX, which had made it difficult for many projects to raise funds. One of Ardana’s backers, 3AC, had also gone bankrupt a few months earlier. Given this background, many didn’t question the official story.However, blockchain data and analysis by Xerberus show that Ardana’s failure may have had less to do with a lack of funding and more to do with risky asset management practices by Ardana Labs’ officers. A trail of questionable money Xerberus co-founders Simon Peters and Noah Detwiler told Cointelegraph they identified the Ethereum wallet Ardana Labs used to collect funds from the DANA initial coin offering (ICO) in November 2021. They stated that links to the address were included in the ICO platform Tokensoft’s web…

According to reports from the courthouse, Assistant U.S. Attorney Danielle Sassoon named Caroline Ellison, Gary Wang, and Nishad Singh among those who may offer testimony. Many former executives with cryptocurrency exchange FTX or its sister companies are on the list to testify in the United States Justice Department’s criminal case against Sam Bankman-Fried, or SBF.During jury selection for SBF’s trial on Oct. 3, Assistant U.S. Attorney Danielle Sassoon said former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang, former FTX engineering director Nishad Singh, and former FTX chief operating officer Constance Wang were among the names of witnesses who may testify against Bankman-Fried. Ellison, Gary Wang, and Singh have already pleaded guilty to charges related to their roles in the collapse of FTX, while Ryan Salame — the former co-CEO of FTX Digital Markets and the fifth person directly connected to the criminal case — will not testify.Other names floated by Sassoon included SkyBridge Capital co-founder Anthony Scaramucci, who has previously criticized SBF’s alleged role in the crypto market downturn of 2022. Judge Lewis Kaplan started proceedings in the SBF criminal trial by asking prospective jurors questions related to the case.According to multiple reports from the courthouse, Bankman-Fried appeared for the first time without his signature messy hair, which appeared to have been cut for the first week of the trial. Kaplan confirmed that prosecutors had not offered the former FTX CEO a plea deal in the case, and questioned prospective jurors on scheduling, hardships and conflicts of interest. He also issued a warning about avoiding the consumption of media related to the trial.“This case has generated publicity,” said Kaplan according to reports. “You’re to stay away from it — podcasts, anything. Did any of you watch 60 Minutes on Sunday? [likely referring to Michael Lewis’ interview on Bankman-Fried]”.i am standing outside of SDNY for SBF’s trial pic.twitter.com/WDGd8kVqdQ— Tiffany Fong (@TiffanyFong_) October 3, 2023 Related: What has Sam Bankman-Fried been up to in jail?At the time of publication, Kaplan dismissed 4 out of 12 prospective jurors in the court and said selection would continue the morning of Oct. 4. The trial is expected to last through November, though the judge reportedly said “[his] cases rarely take as long as the lawyers think”.Opening arguments in the criminal trial are expected to begin on Oct. 4, in which the defense and prosecutors will each take roughly 25-40 minutes to address the jury. Bankman-Fried faces 7 criminal counts in his first trial, with another 5 charges to be addressed in a second trial starting in March 2024. Magazine: Can you trust crypto exchanges after the collapse of FTX?

Bitcoin price gave up its recent gains as concerning signals from the US economy continue to weigh on investor sentiment. Bitcoin (BTC) price gained 6% from Oct. 1 to Oct. 2 but after failing to break the $28,500 resistance, the price dropped by 4.5% on the same day. This decline happened because of the disappointing performance of Ether (ETH) futures exchange-traded funds (ETFs) that were launched on Oct. 2 and concerns about an upcoming economic downturn.Bitcoin price index, USD. Source: TradingViewThis correction in Bitcoin’s price on Oct. 3 marks 47 days since Bitcoin last closed above $28,000 and has led to the liquidation of $22 million worth of long leverage futures contracts. But before discussing the events affecting Bitcoin and the cryptocurrency market, let’s attempt to understand how the traditional finance industry has affected investor confidence.The overheated US economy could lead to more Fed actionInvestors have heightened their expectations of further contractionary measures by the U.S. Federal Reserve following the release of the latest U.S. labor market data on Oct. 3, revealing that there were 9.6 million job openings at the end of August, up from 8.9 million in July.Fed Chair Jerome Powell had indicated during a speech at the Jackson Hole Economic Symposium in August that “evidence suggesting that tightness in the labor market is no longer easing could necessitate a monetary policy response.”Consequently, traders are now pricing in a 30% chance that the Fed will raise rates at their November meeting, compared to 16% in the previous week, according to the CME’s FedWatch tool.The Ether futures ETFs launch falls shortOn Oct. 2, the market welcomed nine new ETF products expressly designed to mirror the performance of futures contracts linked to Ether. However, these products saw trading volumes of under $2 million during the first trading day, as of midday Eastern Time. Senior ETF analyst at Bloomberg, Eric Balchunas, noted that the trading volumes fell short of expectations.Ethereum futures-based ETF volumes on Oct. 2, USD. Source: K33 Research / @VetleLundeOn the debut day, the trading volume for Ether ETFs significantly lagged behind the remarkable $1 billion launch of the ProShares Bitcoin Strategy ETF. It’s worth noting that the Bitcoin futures-linked ETF was introduced in October 2021 during a flourishing cryptocurrency market.This occurrence may have dampened investors’ outlook on the potential inflow after an eventual Bitcoin spot ETF. Still, there remains uncertainty surrounding the probability and timing of these approvals by the U.S. Securities and Exchange Commission (SEC).Regulatory pressure mounts as Binance faces a class-action lawsuitOn Oct. 2, a class-action lawsuit was filed against Binance.US and its CEO Changpeng “CZ” Zhao in the District Court of Northern California. The lawsuit alleges unfair competition aimed at monopolizing the cryptocurrency market by harming its competitor, the now-defunct exchange FTX.The plaintiffs claim that CZ’s statements on social media were false and misleading, particularly since Binance had previously sold its FTT token holdings before the announcement on Nov. 6, 2022. The lawsuit asserts that CZ’s intention was to drive down the price of the FTT…

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation. Alex Mashinsky’s jury trial has been scheduled for September 2024. Blockchain analytics firm Match Systems has contacted an individual who is believed to be selling tokens linked to the recent CoinEx and Stake hacks at discounted prices. Meanwhile, Ethereum futures ETFs launched in the United States, though first-day investment volumes haven’t been too impressive. Alex Maschinsky’s jury trial scheduled for September 2024While former FTX CEO Sam Bankman-Fried’s trial is in full swing in New York, former Celsius Network CEO Alex Maschinsky now knows when it’ll be his turn to be judged by courts in the same city. Courts announced that Maschinsky, who’s been charged with allegedly committing securities fraud, will stand trial on Sep. 17 of 2024. In the meantime, as Cointelegraph reported, he’ll remain free on $40 million bail. The Oct. 3 hearing marked some of the first movements in Maschinsky’s criminal case since his arrest in July. A number of Maschinsky’s assets, including his bank accounts and property, were frozen by courts in SeptemberSentiments on social media appeared fairly negative towards Maschinsky, with some users intimating that the impending trial would be a boon for the crypto industry:The crypto community has been waiting for this day for a long time. Let's hope that justice is served and that Mashinsky is held accountable for his actions.— Moses (@shorlamoses) October 3, 2023 Hackers selling discounted tokens linked to CoinEx, Stake hacksBlockchain analytics investigators have uncovered an individual linked to a cryptocurrency laundering operation that is offering stolen tokens at discounted prices from recent high-profile exchange hacks.Speaking exclusively to Cointelegraph, a representative from blockchain security firm Match Systems outlined how investigations into several major breaches featuring similar methods through the summer months of 2023 have pointed to an individual on Telegram who is allegedly selling stolen cryptocurrency tokens via peer-to-peer transfers.The team confirmed that the user was in control of an address containing over $6 million worth of cryptocurrencies after receiving a small transaction from the corresponding address.The exchange of stolen assets was then conducted through a specially created Telegram bot, which offered a 3% discount off the token’s market price. Following initial conversations, the owner of the address reported that the initial assets on offer had been sold and that new tokens would be available some three weeks later.“Maintaining our contact, this individual notified us about the commencement of new asset sales. Based on the available information, it is logical to assume that these are funds from CoinEx or Stake companies.”The Match Systems team has not been able to fully identify the individual but has narrowed down their location to the European time zone based on several screenshots they had received and timings of conversations.Match Systems told Cointelegraph that the individual accepted Bitcoin (BTC) as a means of payment for the discounted stolen tokens and had previously sold $6 million worth of TRON (TRX)…

The number of attack incidents increased to 76 in Q3 2023, compared to just 30 in the same quarter last year. Crypto and Web3 projects suffered a 153% increase in attack incidents from July to September 2023 compared to the same period in 2022, according to a report from blockchain security platform Immunefi. In Q3 2022, there were a total of 30 attack incidents. But in Q3 2023, this number swelled to 76. Nearly $686 million was lost in the recent quarter. Immunefi Q3 2023 report. Source: ImmunefiThe highest loss came from the Mixin hack of September 25, which drained approximately $200 million. The Multichain hack was the second-worst attack of the quarter, resulting in over $126 million in losses that have still not been recovered. In addition to these incidents, the Lazarus Group drained over $208 million worth of crypto through multiple attacks, including hacks of centralized services CoinEx, Alphapo, Stake, and Coinspaid. The Lazarus Group was responsible for 30% of all stolen crypto in Q3, the report stated.Related: Exclusive: Hackers selling discounted tokens linked to CoinEx, Stake hacksA small portion of Q3 attacks consisted of rug pulls and other scams. Only $23 million, or 3.3% of total losses, came from these types of incidents, whereas the remaining 96.7% came from hacks or exploits. Overall, monetary losses from scams in Q3 decreased by 23.9% compared to Q3 2022.The report stated that decentralized finance (DeFi) hacks accounted for 72.9% of total losses, while centralized services accounted for only 27.1% of exploit losses. Immunefi did not state how they defined “decentralized” versus “centralized” services.The two networks most targeted by hackers and scammers were Ethereum and BNB Chain. Ethereum represented 42.7% of losses, while BNB Chain represented 30.5%. Base and Optimism were the third and fourth most popular networks for attackers to exploit.The report provides further evidence that Q3 has been the worst quarter of the year for crypto-related hacks and scams. A report from Certik on October 2 came to similar conclusions.

Rumors of a US government shutdown impact asset prices, including Bitcoin. Here’s how BTC options traders can capitalize on the 45 day funding deadline. Bitcoin’s (BTC) price bull run towards $28,000 on Oct. 1 was partially fueled by the uncertainty regarding the United States debt limit. However, the U.S. President Joe Biden signed the spending bill just hours before the Sept. 30 deadline, avoiding a government shutdown. Investors now question if the momentum remains favorable for cryptocurrencies given that the worst-case political-economic scenario is no longer on the table. However, it is worth noting that this bill merely provides extra funding for the next 45 days, giving more time for the House and Senate to work on their funding plans for 2024.At first glance, it might be tempting for investors to use futures contracts to go long on Bitcoin. However, there’s a significant risk of getting liquidated if the price suddenly drops, and it’s impossible to predict whether a successful budget discussion down the road will benefit cryptocurrencies.With the current extension in place, now, lawmakers need to find a solution before Nov. 17. According to Margaret Spellings, the President and CEO of the Bipartisan Policy Center: “We can’t continue postponing our fiscal health and negotiating on the brink of government shutdowns and debt defaults.”There’s no doubt that, despite narrowly avoiding a crisis, the overall risk of an economic recession remains. The U.S. Federal Reserve is grappling with persistent inflation and rising energy prices, factors that have driven the S&P 500 to its lowest point in 110 days and pushed the 10-year Treasury yield to levels not seen since October 2007.Additionally, oil prices have surged to $90, marking a 27.5% gain in just three months. This upward pressure on inflation is expected to further constrain economic activity. On Sept. 27, Minneapolis Fed President Neel Kashkari expressed uncertainty about whether interest rates have been raised sufficiently to combat this price growth.Bitcoin’s initial reaction does not guarantee a bullish momentumAmid all this turmoil, Bitcoin has increased in value, breaking through the $28,000 resistance on Oct. 2. This performance prompted investors to anticipate heightened volatility for the cryptocurrency as the upcoming debt ceiling decision approaches.Professional traders will avoid directional risk given the uncertain outcome of the political debate and opt for the reverse (short) iron butterfly, a limited-risk, limited-profit trading strategy. Profit/Loss estimate. Source: Deribit Position BuilderThe prices mentioned were accurate as of Oct. 2, with Bitcoin trading at $28,326. All options listed expire on Oct. 27, but this strategy can also be adapted for different time frames. It’s essential to remember that options have a set expiry date, meaning that the price increase must occur during the defined period.The recommended neutral-market strategy involves selling 5.4 contracts of $26,000 put options while simultaneously selling 5.4 call options with a $30,000 strike. To complete the trade, one should buy 5.8 contracts of $28,000 call options and an additional 5 contracts of the $28,000 put options.While a call option grants the buyer the right to acquire an…

SBF has directors and officers coverage through FTX Trading parent Paper Bird, but now that two companies have paid out $10 million, the third in line is balking, the suit claims. As the final preparations for the trial of Sam Bankman-Fried were underway in Manhattan, attorneys for the embattled former FTX CEO were filing a suit against the Continental Casualty insurance company in the United States District Court of Northern California. That company has allegedly provided Paper Bird and its subsidiary FTX Trading directors and officers (D&O) insurance. The suit was filed by Bankman-Fried as an individual.The suit claimed that Continental Casualty is the provider of Paper Bird’s “second-layer excess policy in the D&O insurance tower.” D&O insurance protects the directors and officers of a company from personal losses in the event of a suit against them. Such coverage can be organized into a metaphorical tower of policies, where a policy on a given layer comes into force when the policy below it reaches its limit. According to the suit, the primary layer of D&O coverage provided $10 million for Bankman-Fried’s defense from two insurers, and Continental Casualty’s policy was intended to provide $5 million. The policy mandated that payments be made on a current basis. It covered the cost of defense against criminal charges, even though there was an exclusion for “fraudulent, criminal, and similar acts.” There was no clawback provision in the policy.Related: Sam Bankman-Fried is paying for legal defense using previously gifted funds from Alameda: ReportThe suit noted that Paper Bird’s two primary D&O policy providers, Beazley and QBE, paid his defense costs according to the terms of the policy. Bankman-Fried is demanding that Continental Casualty pay his defense costs according to its contractual obligation, along with damages, including court costs.Sam Bankman-Fried’s complaint against Continental Casualty. Source: CourtListenerThe third layer of Paper Bird’s D&O tower, provided by Hiscox Syndicates, is the subject of court action as well. Hiscox has filed a Complaint for Interpleader against Paper Bird and a long list of insured persons, including Bankman-Fried. An interpleader action compels the parties in a legal procedure to litigate their claims among themselves.According to that complaint, filed on Aug. 9 in the District Court of Northern California, the Hiscox policy comes into force after the $15 million in underlying coverage. The complaint stated that Hiscox expected claims to be made under its policy for $5 million in coverage and the interpleading was necessary to ensure fair disbursement of policy funds. Twenty individuals were named in the Hiscox complaint. They were all described as having connections to FTX, sometimes by title (head of a department). According to the Financial Times, Paper Bird was the full owner of FTX Ventures and owned 89% of FTX Trading. The newspaper described FTX Trading as “the foundation company identified in FTX’s legal disclaimers.” Paper Bird was wholly owned by Bankman-Fried. Bankman-Fried sought to collect D&O insurance payments under a policy issued to West Realm Shires, which is more commonly referred to as FTX…

Solana was the only other major asset to show inflows for the week. Cryptocurrency assets experienced inflows for the first time in six weeks from Sept. 22 to 28, according to the latest Digital Asset Fund Flows Weekly Report from European digital assets management firm CoinShares.Bitcoin (BTC) was the biggest gainer, with inflows in the amount of $20.4 million for the week. Good week, everyone. Here are the latest #FundFlows and observations by CoinShares Head of Research @JButterfill. This week inflows: US$21m (after 6 weeks of outflows) We believe these inflows are a reaction to a combination of positive price momentum, fears over US… pic.twitter.com/0VHHBh1n50— CoinShares (@CoinSharesCo) October 2, 2023 Solana’s SOL (SOL) took second, with $5 million, as the only other asset to show inflows. Per CoinShares, this is its 27th week of inflows, with only four weeks of outflows for 2023, making it “the most loved altcoin this year.” On the flip side, Ether (ETH) experienced outflows in the amount of $1.5 million. This marks its seventh consecutive week of outflows and, according to CoinShares, solidifies its status as “the least loved altcoin.” Related: CoinShares says US not lagging in crypto adoption and regulationFlows for other altcoins, including XRP (XRP) — which saw more inflows than Solana during the previous week — were negative and minimal. CoinShares analysts attributed the lack of altcoin movement alongside Bitcoin’s trend-breaking momentum to a combination of factors:“We believe the inflows are a reaction to a combination of positive price momentum, fears over US government debt prices and the recent quagmire over government funding.”The quagmire referenced by CoinShares involves the ongoing negotiations over U.S. government funding. Earlier in the previous week’s cycle, fears over a funding bill stalemate led to predictions that the U.S. government would shut down on Oct. 2. However, a last-minute effort by Senate leaders allowed for the passage of a stopgap that ensures funding through Nov. 17. Whether Congress and the president can come to terms to fund the government beyond the current measure’s expiration remains to be seen. Geographically, Germany, Canada and Switzerland led the charge for the week, with inflows amounting to $17.7 million, $17.2 million and $7.4 million, respectively. Australia and France held the line, metaphorically speaking, with $100,000 for the former and zero for the latter. The United States, however, registered $18.5 million in outflows, with Sweden and Brazil following suit at $1.8 million and $900,000 outgoing, respectively.

According to a New York court, the former Celsius CEO will remain free on $40 million bail through the legal proceedings. A New York court has set the criminal trial for former Celsius Network CEO Alex Mashinsky to begin on Sept. 17, 2024.In an Oct. 3 hearing in the United States District Court for the Southern District of New York, Judge John Koeltl said Mashinsky’s criminal trial was scheduled for September 2024, with three pretrial conferences in March, July and September. The former Celsius CEO will remain free on $40 million bail through the legal proceedings, though his travel and certain financial transactions are still largely restricted.The hearing marked some of the first movements in Mashinsky’s criminal case since his arrest in July. Authorities have alleged the former CEO misled Celsius investors and defrauded users out of billions of dollars. In September, the court froze many of Mashinsky’s assets, including his bank accounts and property. Roni Cohen-Pavon, Celsius’ former chief revenue officer, pleaded guilty to four criminal charges in September. He will be free on bail until a December sentencing hearing and available to testify in Mashinsky’s trial if required. Related: What criminal charges for Celsius ex-CEO mean for crypto industryThe first week in October marked the beginning of a few high-profile court cases in and out of the crypto space. Jury selection for former FTX CEO Sam Bankman-Fried’s criminal trial started on Oct. 3, and former U.S. President Donald Trump faces a civil fraud lawsuit related to his business practices.Celsius Network filed for bankruptcy in July 2022, and Mashinsky stepped down as CEO in September 2022. The U.S. Commodity Futures Trading Commission and Securities and Exchange Commission announced settlements against Celsius in July, but they, along with the Federal Trade Commission, have cases pending against Mashinsky.Magazine: US enforcement agencies are turning up the heat on crypto-related crime

nBTC will be usable across more than 50 app-chains connected to Cosmos IBC. Osmosis, the largest decentralized exchange (DEX) on Cosmos, will be bringing Bitcoin (BTC) to the namesake inter-blockchain communications (IBC) protocol together with Nomic and Kujira.According to an October 3 announcement during the Cosmoverse 2023 Conference, users can transfer Bitcoin to the Cosmos network via Osmosis’ Nomic bridge for 1.5% of the transaction value. Users then receive Nomic Bitcoin (nBTC), an IBC-compatible token issued by Nomic Chain, on a one-to-one basis. The nBTC can be bought, sold, and used to provide liquidity on Osmosis. They are also usable across more than 50 Cosmos-linked app chains. Sunny Aggarwal, co-founder of Osmosis, commented:“Bitcoin is in deep need of an application DeFi ecosystem, and Cosmos is in need of a base money asset that can serve as its primary store of value. Nomic will help make this long-awaited union for a Bitcoin-centric Cosmos a reality.””The Cosmos ecosystem is too important for it to lack a seamless and secure way to receive BTC,” added Matt Bell, CEO of Turbofish, the founder and core contributor of Nomic. “We see today’s announcement as the beginning of the most seamless and secure way to on-ramp users into the Cosmos ecosystem with BTC,” he continued. Native Bitcoin is coming to Osmosis.Get ready for nBTC from @nomicbtc.Here's everything you need to know. pic.twitter.com/YuYX9jQamV— Osmosis ⚡️ (@osmosiszone) October 3, 2023 The nBTC Interchain Upgrade will be released on October 27 and is expected to activate on October 30. Through a separate partnership with decentralized finance protocol Kujira, users can send BTC to the latter’s Sonar wallet address and self-custody their nBTC. The same seed phrases can restore users’ BTC and nBTC wallets. The nBTC can also be used as collateral to mint Kujira’s native stablecoin USK and for borrowing and lending within the ecosystem. In addition, users can bid for liquidated nBTC collaterals. Nomic developers say that during the early stages of nBTC’s launch, there will be a hard cap of 21 BTCs for the cross-chain bridge. “When the bridge reaches its capacity limit, applications will not be able to generate deposit addresses and users will not be able to deposit more BTC. This parameter will be controlled by Nomic DAO governance in an upcoming upgrade,” developers wrote.  #Bitcoin is coming to the Cosmos via @nomicbtc at the end of October We want to let all you good people know the various use cases that will be immediately available on the Kujira network, so you can put your $nBTC to work when it arrives.It's going to be tasty pic.twitter.com/DLx2lzz8hs— Kujira (@TeamKujira) October 3, 2023 Update October 3, 2023, 20:20 UTC : This article has been updated to reflect comments from Osmosis co-founder Sunny Aggarwal and Turbofish CEO Matt Bell. Magazine: Singer Vérité’s fan-first approach to Web3, music NFTs and community building

Here’s how the former FTX CEO may have spent his time behind bars since a judge revoked his bail in August. Reflection of guilt? SBF faces the man in the mirror. Here’s how the former FTX CEO may have spent his time behind bars since a judge revoked his bail in August. Legal weights on his conscience and now in his makeshift gym. WiFi connection lost, much like his credibility. Jailhouse vegan woes: SBF resorts to peanut butter sandwiches. SBF’s desperate texts to Caroline fall on deaf ears. SBF misses his WiFi more than ethical business practices. A clean shave for a dirty game. Too little, too late? Suited up but nowhere to hide. Unlike in League of Legends, there’s no respawning here. This article is for general information purposes and should not be taken literally. The views, thoughts and opinions expressed are a work of fiction and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Sam Bankman-Fried’s legal team has requested the court block certain witnesses offering testimony on how they thought FTX would protect their assets. The criminal trial of former FTX CEO Sam “SBF” Bankman-Fried is currently underway in New York, and his legal team has filed motions aiming to ban testimony from users and investors in the exchange.In separate Oct. 2 filings in the United States District Court for the Southern District of New York, SBF’s lawyers opposed pretrial motions from prosecutors requesting FTX customers and investors testify regarding how they believed the cryptocurrency exchange would handle assets. They also sought to block the testimony of a former FTX user — an unnamed Ukrainian national — using a “live two-way video,” partly on Sixth Amendment grounds.“Decisions on specific testimony from specific witnesses relating to their individual understanding of specific statements or aspects of their relationship with FTX or Mr. Bankman-Fried cannot be decided in the abstract,” the filing said on FTX user testimony.According to SBF’s legal team, prosecutors were trying to “have it both ways” by blocking similar witnesses proposed by the defense as to what they understood about how FTX would handle their funds. Defense lawyers described the motion as “premature,” arguing the subject was a matter for the jury to evaluate.“The Government seemingly wants evidence regarding how customers (and other putative victims) understood the relationship they chose to enter with FTX to be admissible only if offered by the Government but excluded if offered by the defense.”Lawyers also argued that allowing the Ukrainian witness’ testimony “would apparently reference hardships and individual circumstances created by the Russian invasion of Ukraine” and “elicit the jury’s sympathy and outrage.” The Russian military invaded Ukraine in February 2022, and many areas of the country have faced the constant threat of attack since that time, making international travel difficult. “Courts routinely exclude relevant evidence that might elicit sympathy among jurors unrelated to the facts of the case,” said the lawyers. “The circumstances under which [the Ukrainian user] would testify and the reason for his absence from the courtroom would themselves be prejudicial. […] Jurors would inevitably speculate about why a Ukrainian national (and no other witness) is testifying by video, and the most obvious answers would almost certainly provoke ‘sympathies having no bearing on the merits of the case.’”Related: DOJ readies witnesses in Bankman-Fried trial, highlights FTX asset managementThe motions were filed hours before jury selection for Bankman-Fried’s criminal trial was scheduled to begin in New York City. At the time of publication, Judge Lewis Kaplan was questioning potential jurors on any conflicts they may have that prevent them from serving in the trial, which is expected to last through November. Since Kaplan revoked Bankman-Fried’s bail in August, the former FTX CEO has been largely confined to jail despite several unsuccessful attempts by his lawyers for temporary release. He will face two criminal trials in October 2023 and March 2024, for which he has pleaded not guilty to all 12 criminal charges related to alleged fraud at FTX…

As the idea of tokenizing assets continues to gain momentum, companies must keep regulatory compliance in mind. For many consumers, dealing with certain industries — including finance and real estate — is a frustrating experience due to the vast amount of paperwork and red tape that comes with carrying out a transaction. Not surprisingly, the crypto industry has a tech-forward solution: tokenization. By representing real-world assets such as real estate, art, stocks and bonds — essentially, anything — as tokens on a blockchain, transactional parties can more easily trade, transfer and manage assets. The percentage of tokens owned by an individual represents their percentage stake in the underlying asset.  It’s a simple enough solution — but as is often the case in the crypto industry, the complication comes with regulatory compliance. In the United States in particular, there is still little clarity around the tokenization of RWAs, and regulations are likely to emerge and evolve in coming years. Below, 12 members of Cointelegraph Innovation Circle share their tips for companies currently offering, or contemplating offering, an asset tokenization service. Choose the right assets to tokenize The key lies in choosing the right assets to tokenize. For example, understanding the main differences between physical assets — such as art, real estate and so on — and rights — shares, bonds and so on — is paramount. Ventures engaged in this challenge should consider duties concerning public offerings of their tokenized assets and the contractual architecture linking a token to the tokenized asset. – Sheraz Ahmed, STORM Partners Continually monitor regulatory updates Companies should ensure clear disclosures, implement rigorous Anti-Money Laundering and Know Your Customer measures, emphasize data security and privacy, and proactively engage with regulators. It is crucial for businesses to continually monitor regulatory updates, maintain adaptability and seek guidance from legal professionals who specialize in tokenized assets to maintain compliance and reduce potential risks. – Irina Litchfield, Lumeria Know that tokenized assets may be classified as securities As companies explore asset tokenization, they must keep regulatory compliance at the forefront. Specifically, they need to understand that tokenized assets, depending on their nature, may be classified as securities by regulatory bodies like the Securities and Exchange Commission. Thus, they should ensure proper registration, disclosure and compliance with securities laws to avoid legal repercussions. – Tomer Warschauer Nuni, Kryptomon Don’t forego spot asset audits Whether it’s a paper certificate, blockchain digital token or nonfungible token that tracks a real-world asset like a house, car, expensive watch, painting or supply chain item, there is still no replacement at the moment for a spot asset audit. Remember that an RWA token is just a claim of ownership. If the actual item is no longer with the seller or custodian, then you have a problem. – Zain Jaffer, Zain Ventures Remember “temporal compliance” Tokenized asset enterprises should remember “temporal compliance.” This entails following current regulations and anticipating future ones. Token regulation is changing, therefore enterprises need adaptable compliance solutions. It’s like playing 4D chess with…

OP Labs implemented its modular fault-proof system on the OP Goerli testnet. OP Labs, the developer of the Optimism network, launched a testnet version of its fault-proof system, according to an Oct. 3 blog post. Once it completes testing, it will allow for “a more decentralized and efficient Superchain,” the post stated. The new system is currently deployed to the Optimism Goerli network. Optimism Goerli block explorer. Source: EtherscanCurrently, OP Stack-based networks use centralized sequencers to bundle transactions and submit them to Ethereum. Users cannot submit fraud proofs to block the sequencer if it submits incorrect data, creating the possibility of fraudulent transactions being confirmed if an attacker can control it. L2Beat has warned of this risk in its report on Optimism, stating, “users need to trust block Proposer to submit correct L1 state roots.”OP Stack-based networks like Optimism and Base are intended to be optimistic rollups — a type of layer 2 that relies on Ethereum for its security. In a January 2021 essay, Ethereum co-founder Vitalik Buterin argued that optimistic rollups must allow users to submit fraud proofs to block fraudulent withdrawals to Ethereum. Otherwise, they’re not truly decentralized.In November 2022, Buterin claimed that some rollups could have “training wheels” that keep them temporarily centralized while they work on a fraud-proof system but argued that they should work toward decentralization.OP Labs claims the new fault-proof system will help fulfill the goal of decentralization for OP Stack networks: “The system is designed to eventually enable secure bridging without central fallback.”Related: BNB Smart Chain Optimism-powered layer-2 opBNB hits mainnetIn addition, it claimed the new system is modular, allowing each network to develop its own system for preventing fraud. It consists of three separate components: a fault-proof program (FPP), a fault-proof virtual machine (FPVM) and a “dispute game protocol.” Because these three components can be implemented separately, it opens up the possibility for each network to “custom-build a fault proof system.”According to the post, this will create more diversity in the Optimism Superchain, ultimately making the whole ecosystem more secure. A network could even decide to use zero-knowledge proofs (ZK-proofs) as a type of fraud-proof, the team stated. ZK-proofs are generally utilized in zero-knowledge rollups, but not Optimistic ones.OP Labs has been trying to build an interconnected web of blockchain networks called the “Superchain.” To accomplish this, it created the OP Stack, a set of software tools that can be used to create custom blockchain networks. Avail network has created “OpEVM” software designed to accomplish the same objective while using Avail as the base layer instead of Ethereum. Polygon’s ZK Supernets and zero-knowledge Ethereum Virtual Machine Hyperchain are other examples of Superchain competitors.Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Soaring U.S. bond yields and overbought signals have pressured Bitcoin down from its one-month high. The price of Bitcoin (BTC) has reversed sharply a day after retesting $28,590, its highest level in two months. What’s pushing Bitcoin price lower?As of Oct. 3, BTC was around $27,390, down over 4% from the previous day. The cryptocurrency’s drop on the daily timeframe chart accompanied higher trading volumes, indicating bearish sentiment among traders.BTC/USD hourly price chart. Source: TradingViewThe following factors appears responsible for Bitcoin’s underperformance in the past 24 hours.Soaring U.S. bond yieldsElevated U.S. bond yields have weighed heavily on Bitcoin’s price performance.On Oct. 3, the benchmark U.S. 10-year Treasury note yield rose to 4.75%, the highest in sixteen years. This followed Federal Reserve officials reminding the markets that interest rates won’t drop in 2023 and 2024.U.S. 10-year Treasury note yield. Source: TradingViewTheoretically, higher yields increase the opportunity cost of holding Treasuries, which, in turn, benefits the U.S. dollar’s standing against the world’s top foreign currencies. Therefore, it’s not surprising that on Oct. 3, the U.S. dollar index (DXY) climbed to its highest level since November 2022.A stronger dollar has been bearish for Bitcoin throughout 2023, with their inverse trend clearly visible in the chart below.DXY vs. BTC/USD weekly price chart. Source: TradingViewOverbought correctionFrom a technical perspective, Bitcoin’s pullback was all but predictable due to its overbought relative strength index (RSI).On Oct. 2, BTC’s four-hour (4H) RSI crossed above 70 to reach its most overbought level in over a month. An overbought RSI typically follows a period of correction or consolidation, pointing to a lack of buyers at higher price levels, as shown below.BTC/USD 4H price chart featuring overbought RSI signals. Source: TradingViewIn addition, analyst Rekt Capital argues that the BTC price selloff appeared in tandem with a pre-halving fractal from 2019, as shown below.BTC/USD weekly price chart. Source: TradingView/Rekt CapitalThe fractal anticipates BItcoin’s price to fall for another 28 weeks until halving before rebounding toward a new record high.Long liquidations surpass Bitcoin shortsThe Bitcoin price decline accelerated due to long liquidations overpowering shorts.Closing a long position requires one to sell the underlying asset to protect themselves against further potential declines. As a result, long liquidations in the derivatives market force the asset’s price further lower when combined with sell-pressure in the spot markets.The past 24 hours have witnessed long liquidations worth around $23 million versus over $5 million in short liquidations, according to CoinGlass. Crypto liquidation heatmap of the past 24 hours. Source: CoinGlassThe long liquidations coincides with a drop in funding rates as well. Nevertheless, funding remains above zero, i.e., long position holders still pay for short positions, suggesting that the market is still overall bullish.BTC OI-Weighted funding rate. Source: CoinGlassBitcoin technical analysis Bitcoin’s technicals are also hinting at possible bearish bias with a classic bearish reversal pattern emerging on the daily chart.A so-called rising wedge forms when the price bounces inside a range defined by two ascending, converging trendlines. As a rule of technical analysis, this pattern resolves after the price breaks below its lower trendline and drops at…

The move is part of a phased termination of BUSD support by February 2024. Crypto exchange Binance will cease borrowing and lending services for its native stablecoin Binance USD (BUSD) by October 25.According to the October 3 announcement, the exchange will close all outstanding BUSD loan and collateral positions by the end of the month. Users would still be able to borrow and lend on Binance using stablecoins such as Tether (USDT), Dai, TrueUSD (TUSD), and USD Coin (USDC). Currently, users can lend their BUSD on Binance at an estimated annual percentage yield of 3%. On August 31, Cointelegraph reported that Binance will cease all services related to its BUSD stablecoin by 2024. Previously, on February 13, New York fintech firm Paxos, the issuer of the BUSD stablecoin, said it would end relations with Binance due to the latter’s ongoing litigation with the U.S. Securities and Exchange Commission. Paxos said it would end redemptions from BUSD to underlying U.S. cash and Treasuries in February 2024, with new minting of BUSD halted for the time being. Before the termination announcement, BUSD was one of the largest stablecoins, reaching a peak market capitalization of $23 billion in November 2022. It has since fallen to $2.23 billion at the time of publication.The termination of BUSD and related services has occurred in phases. Last month, the exchange suspended BUSD withdrawals via BNB Chain, Avalanche, Polygon, Tron and Optimism but left them open on the Ethereum network. BUSD deposits, on the other hand, remain open across all blockchains, with the exchange urging users to convert their BUSD balances into fiat or other crypto by next year. FYI: Binance will stop BUSD in 2024According to an official announcement on crypto exchange Binance’s app, the exchange pops up a notification for users that they will stop supporting BUSD in 2024. This is an elignment with Paxos phase out for purchasing BUSD by February… pic.twitter.com/XiRPy71b3p— Nu Brave (@NuBraveIN) August 30, 2023 Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

The crypto community has asked Elon Musk to remove the X account under the name of Satoshi Nakamoto, claiming it is in breach of the platform’s terms of use. Members of the crypto community have rallied behind a post on X (formerly Twitter) calling for owner Elon Musk to remove a profile claiming to be the fabled creator of Bitcoin, Satoshi Nakamoto.On Oct. 3, user Pledditor posted on X, saying both the account claiming to be Nakamoto and the account with the handle “Bitcoin” should be removed because they breach the platform’s terms of service, which doesn’t allow “misleading and deceptive” identities.Hey @ElonMusk, the @Bitcoin and @Satoshi accounts are in breach of your terms of service for using “misleading and deceptive” identities.Please remove the checkmarks. pic.twitter.com/BCwFMSOfQJ— Pledditor (@Pledditor) October 2, 2023 Pledditor highlighted the areas of the terms and conditions they believe the accounts are violating:“You can’t misappropriate someone else’s identity without disclosing you are a parody account. It’s no different than making a fake ‘Tesla’ or ‘Elon Musk’ account.” X’s terms and conditions say that users “may not misappropriate the identity of individuals, groups, or organizations or use a fake identity to deceive others.”It defines this as impersonating someone who already exists, while a deceptive identity is defined as misleading the public with an identity that isn’t real. Related: Satoshi Nak-AI-moto: Bitcoin’s creator has become an AI chatbotThe true identity of Nakamoto has been a subject of discussion in the Bitcoin (BTC) and crypto community for years, but the Satoshi X account is reportedly run by a user named Andy Rowe, who claimed to be posting from the profile back in 2018. On July 2, 2018, Rowe said he curates “quotes” for the Satoshi account.I curate quotes from Satoshi Nakamoto at @satoshi. AMA!— Andy Rowe (@andyrowe) July 2, 2018 The account had been quiet since Oct. 31, 2018. However, on Oct. 2, 2023, the account made a new post, saying, “Bitcoin is a predicate machine.” It went on to explain that it would “explore different aspects” of the Bitcoin white paper over the coming months.Bitcoin is a predicate machine. Over the following months, we shall explore different aspects that were not explicitly contained within the white paper. These aspects are all parts of bitcoin, and are important. Some of these ideas were touched upon in the early years; now is…— Satoshi Nakamoto (@satoshi) October 2, 2023 Members of the crypto community rallied behind Pledditor’s post, calling the account “embarrassing” and that the change “needs to happen now.” One user said they previously tried to reach out to administrators about those accounts but were ignored. Another user called for the accounts to be disabled, likening them to how X responded to the account with the handle “@internet.”Both accounts should be disabled imo, just like they did with @internet.— . (@m__btc) October 3, 2023 The Bitcoin creator’s true identity remains a mystery, with many people over the years claiming to be the true Satoshi, the most prominent of which has been Craig Wright. On July 21, a…

BTC price has various reasons to return to $20,000, from a “head and shoulders” pattern to a FUD-induced cascade, Bitcoin analysis warns. Bitcoin (BTC) hit six-week highs to start October, but some forecasts still see the BTC price returning to $20,000.While up around 6% since the start of last month and now circling $27,500, Bitcoin is not fooling many with its current price behavior.Analyst: October “should be bearish” for Bitcoin later onBTC price strength in recent weeks has many market participants hoping for a push to — and even through — $30,000 resistance.For some, however, there remains every reason to be cautious.In X (formerly Twitter) analysis published on Oct. 2, popular trader and market analyst CryptoBullet reiterated that $20,000 is still very much on the radar as a BTC price target.The latest trip to $28,600, he argued, is now forming the right-hand shoulder of a classic “head and shoulders” chart pattern — with the downside logically due to follow if it completes.“Second half of October should be bearish imo,” CryptoBullet wrote in part of a subsequent debate.The idea was built on an August roadmap with a short-term upside target of $28,000 before reversing toward the $20,000 target.Right Shoulder #Bitcoin https://t.co/OTEyuaVYKx pic.twitter.com/nmMGuJ99Js— CryptoBullet (@CryptoBullet1) October 2, 2023 Elsewhere in the debate, CryptoBullet said that the bottom zone for BTC/USD lay between $19,000 and $21,000.Not all responses heeded his warning, with fellow popular trader Elizy, in particular, skeptical of the likelihood of such a scenario playing out.Warning over “distribution” dangerCryptoBullet, however, is far from alone when it comes to fearing that the worst for Bitcoin is not yet over.Related: Bitcoin traders demand ‘slow grind’ up after BTC price drops over 4%In one of CryptoQuant’s Quicktake blog posts on Sept. 28, Joao Wedson, founder and CEO of crypto trading resource Dominando Cripto, compared Bitcoin’s performance between 2020 and 2022.“Between 2020 and 2022, Bitcoin underwent a notable appreciation, reaching historic highs and capturing global attention. However, this phase was followed by a significant correction that caused prices to plummet, sending the cryptocurrency back to lower levels,” he wrote.Wedson also suggested that should history repeat, sub-$20,000 levels could resurface. An accompanying chart offered a fractal, which could now be subject to a repeat.“Now, in 2023, we are once again witnessing Bitcoin achieving over +100% in gains, attracting substantial interest from institutional and retail investors. Nevertheless, the market has recently experienced significant volatility and a downward price trend. This similarity to the past raises questions about whether we are witnessing a repeat of the previous cycle,” he continued.“The target is $19,500 USD if this fractal holds over the next few weeks, which could result in a series of FUD and negative news in the cryptocurrency space. Furthermore, there is the possibility of a redistribution, where the price threatens significant highs, but institutional profit-taking forces the price down, creating an atmosphere of uncertainty in the market.”BTC/USD annotated chart with fractal (screenshot). Source: CryptoQuantAs Cointelegraph reported, other sources, among them trader and analyst Rekt Capital, are demanding that bulls step…

Can developments in computing help fix blockchain gaming’s quality problem? Decentralized applications (DApps), including apps for gaming, have gained traction for their transparency, security and user asset ownership. However, delivering high-quality AAA gaming experiences through DApps presents challenges.Existing 2D gaming DApps operate on blockchain networks using smart contracts for asset management. While they’re favored for their simple mechanics and resource efficiency, their limitations become evident as the complexity of the gaming experience increases.Scalability is a primary hurdle for traditional blockchains like Ethereum, impacting real-time interactive gaming due to constraints surrounding transaction throughput and latency.Performance is also an issue. AAA games require high-performance computing and superior graphics rendering. Yet, existing DApps struggle to meet these demands, resulting in subpar visual experiences.Moreover, developing AAA gaming DApps is costly due to resource-intensive tasks and blockchain execution fees. Balancing immersive experiences with user-friendly expenses complicates the use of traditional DApp frameworks for AAA games.What is the actor model?The “actor model” is a communication model that enables parallel computing and asynchronous messaging within a blockchain protocol, making it possible for developers to build complex DApps with less difficulty. The actor model is used within the Gear Protocol, and development was led by Nikolay Volf, founder of the Gear Protocol and Vara and one of the key developers of Polkadot and the Substrate framework. Within the model are actors — programs or users that send messages to other programs in the protocol. Each actor has a mailbox and a private state that cannot be changed directly by another actor, rather they can only change states by receiving a message from another actor.Messages between actors are taken from the mailboxes and processed in cycles. Once an actor has received and processed a message, they can either send a message to another actor, create an actor or change its state.How is this beneficial for DApp development?Asynchronous message handling in blockchain programming offers several significant benefits that contribute to the overall efficiency, scalability and reliability of DApps.Firstly, asynchronous message handling allows for non-blocking processing of transactions and smart contracts. Recent: ETF filings changed the Bitcoin narrative overnight — Ledger CEOUnlike synchronous processing, where each transaction must be executed sequentially, asynchronous messaging enables concurrent execution of multiple tasks.This parallel processing capability enhances the performance of the blockchain network, as it can handle a larger number of transactions and computations simultaneously, resulting in reduced transaction processing times and improved overall throughput.Jack Platts, co-founder of Hypersphere — a crypto venture capital fund that has invested in gaming projects — told Cointelegraph, “In traditional synchronous systems, multiple tasks often have to wait for each other, leading to a slowdown when processing a high volume of transactions.”Platts continued, “In the context of blockchain networks, this parallel processing capability becomes vital for maintaining high transaction throughput. As more transactions are initiated by users, the system can handle them concurrently, ensuring faster confirmation times and overall improved network performance. This is particularly crucial for blockchain gaming, where real-time interactions and quick processing are essential for providing a…

Many see music as the next frontier of blockchain adoption, and musician Vérité reveals what a fan-first approach to Web3 looks like. Carving out a sustainable career as an independent musician is no easy feat. The competition is fierce, support can be hard to find, and earning a living without the financial help of a major record label is an uphill battle. Yet, for those who are able to build a loyal fanbase, the freedom of complete creative control can be liberating.Technology has long proven to be a potential friend to those musicians willing to embrace it, and nonfungible tokens are the latest innovation that many tech-savvy artists have begun incorporating into their careers. But NFTs remain both controversial and experimental, especially among the mainstream, and music NFTs are still relatively niche.One artist who has cracked the code to maintaining a successful career as an independent musician is American singer Vrit, who has racked up hundreds of millions of streams without the support of a record label since releasing her first single, Strange Enough, in 2014. was about to sign to a major label. they backed out last minute. now i'm an independent artist with 200 million+ streams, own my masters & publishing, create & release whatever the fuck i want & run my own business. rejection is always for a reason. #ShareYourRejections— VRIT (@Verite) August 17, 2018After finding success and touring internationally, Vrit became one of the earliest musicians to experiment with NFTs in February 2021. Since then, she has built a strong Web3 community and had several successful high-profile drops, including releasing 1/1 NFTs, selling the master rights to her music, fractionalizing song royalties on the blockchain and giving NFTs to concert attendees. She has done all this while still retaining her dedicated non-Web3 fans, many of whom have little to no interest in crypto.How does one walk this fine line and successfully integrate Web3 into their career without alienating their existing, perhaps skeptical, fans? Magazine sits down with Vrit to find out. Dont over-rely on Web3For many musicians, Web3 is an exciting frontier filled with new possibilities for fan engagement and revenue generation. However, Vrit believes it is important that artists have diversified revenue streams and marketing strategies and dont fall into the trap of assuming that the hype surrounding anything, especially NFTs, will last forever.(Vrit)Building a music career in Web3 is a bit of a double-edged sword, Vrit tells Magazine. While it can help bring people together, it becomes a negative when maybe artists limit themselves to only utilizing those tools and only existing within those communities, not really having the foresight that there was a hype cycle that then broke and these paths to monetization closed.My focus is How do I build a career that can withstand trend cycles, that can refocus on the foundation of my career while trying to push forward to build better? because we recognize that a lot of these systems are extremely broken.Protect and respect fansNot every fan wants to join their…

Over 3,000 victims of the alleged crypto scammers have come forward to the authorities to file for compensation claims. In an announcement sent to Cointelegraph, Binance said it worked alongside law enforcement agencies, providing intelligence to disrupt the criminal group. The operation, which had the code “Trust No One,” led to the arrest of five alleged key syndicate members and the seizure of various assets worth $277 million. Over 3,200 victims have already contacted the authorities to file for compensation. The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police collaborated with crypto exchange Binance and United States Homeland Security Investigations (HSI) to take down a crime ring responsible for conducting a pig butchering crypto scam in Thailand. #Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI— CZ Binance (@cz_binance) October 3, 2023 Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed appreciation for the crypto exchange’s contributions to the investigation. According to the inspector, the rise of crypto scams led to financial damage for residents in Thailand. The inspector explained: “Through prompt information exchange with key partners, including the Binance investigations team, this successful operation resulted in arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrimes.”Binance’s head of financial crime compliance, Tigran Gambaryan, said the company will continue its partnership with various authorities worldwide as they do their part in “restoring the trust in the digital-asset ecosystem.“Related: Q3 2023 crowned most ‘damaging’ quarter for crypto amid $700M losses: ReportCrypto exchange Binance has collaborated with various industry actors to combat crypto-related crime. In 2022, the crypto exchange recovered and froze $450,000 of stolen assets related to the Curve Finance hack. Magazine: Tencent’s AI leviathan, $83M scam busted, China’s influencer ban: Asia Express

Ledger’s CEO says that, while it may take a few years, big money is getting into crypto. Over the past 12 months, some investors learned the hard way why they needed to move their crypto offline. Those who kept Bitcoin (BTC) and altcoins on crypto exchanges like FTX lost control of their assets, sometimes forever. Events drew a red line under the storied crypto adage: “Not your keys, not your coins.” FTX’s loss was hardware wallet manufacturer Ledger’s gain, however. The Bahamas-based exchange’s November 2022 bankruptcy filing delivered to Ledger “our biggest sales day ever,” the firm’s chief experience officer, Ian Rogers, told Cointelegraph, and “November turned out to be our biggest sales month on record.” Paris-based Ledger has been on a strong growth curve recently, though the past year has not been without controversy. In May, for instance, the firm drew industry ire when it launched a new secret recovery phrase storage service called Ledger Recover. Still, it remains one of the best-known and most-used crypto wallet makers in the world. Cointelegraph recently caught up with Rogers and Ledger CEO Pascal Gauthier in New York City to discuss the new crypto climate in the United States, the latest trends in crypto storage and differences in doing business in the U.S. and Europe, among other topics. Cointelegraph: Many think that the crypto/blockchain sector is still in the doldrums or moving sideways at best, but you see reasons to be cheerful even here in the U.S.?Pascal Gauthier: What happened in 2023 — and went virtually unnoticed — is a change of tone regarding Bitcoin. When the SEC [Securities and Exchange Commission] implied that Bitcoin was a utility and/or commodity — and not a security [like other altcoins] — this triggered two things: large companies like BlackRock began their ETF [exchange-traded fund] application process, and then the media narrative around Bitcoin changed almost overnight. As 2023 began, Bitcoin was for drug dealers, terrorists, bad for the planet, etc. — and suddenly it became completely kosher. The biggest financial institutions in the U.S. are suddenly doing Bitcoin. CT: The BlackRock application for a spot-market Bitcoin ETF was a turning point?PG: Big money is coming into crypto; it’s been announced. It may take a few years to really finally arrive, but if you look at Fidelity, BlackRock, Vanguard…CT: What about U.S. regulations? Aren’t they still a barrier?PG: The next administration will decide the fate of crypto in the United States. If Biden stays in power, this administration could continue to be aggressive toward crypto. If it’s someone else, we’ll see what happens.CT: Let’s talk about offline storage devices. Mark Cuban said in 2022 that crypto wallets were “awful.” Did he have a point?PG: A lot of our early customers used our [cold wallet] product to “buy and hold.” You would purchase a Ledger [device], you put your Bitcoin in it, and then you put it someplace and forget about it. But that’s not what we recommend now.Recent: AI a powerful tool for devs to change gaming,…

Distributed Technologies Research has launched DRAM, a dirham-backed stablecoin that aims to tap into the performance of the United Arab Emirates fiat currency. A former Massachusetts Institute of Technology (MIT) alumnus and SoftBank executive has launched a dirham-backed stablecoin that aims to give countries plagued by high inflation environments exposure to assets linked to the United Arab Emirates’ (UAE) fiat currency.Cointelegraph reached out to Akshay Naheta, co-founder and CEO of Distributed Technologies Research (DTR), following the announcement of the DRAM stablecoin that was listed on decentralized finance protocols Uniswap and PancakeSwap on Oct. 3.The Abu Dhabi-based company has been developing the technology for a dirham-backed stablecoin since October 2022. Naheta has rebooted DTR in the jurisdiction, which he had helped co-found in Switzerland in 2019.The DRAM contract listed on Uniswap on Oct. 3. Source: UniswapDRAM is an Ethereum ERC-20 token issued by Hong Kong-based Dram Trust, while an independent trustee responsible for approving token mints and burns is reportedly licensed and regulated under the Hong Kong Monetary Authority.As it stands, DTR cannot offer DRAM in Hong Kong or the United Arab Emirates, but Naheta indicates that conversations are ongoing to provide token liquidity for listing on centralized exchanges outside of the two jurisdictions.Regulatory parameters require that dirham fiat reserves must be deposited before any DRAM tokens can be minted, with reserves reportedly held by regulated financial institutions. The DRAM website also links the stablecoin’s smart contract addresses for Ethereum, BNB Smart Chain and Arbitrum. The Ethereum token contract reflects a max total supply of 2 million DRAM at the time of publication, while the Arbitrum contract reflects 499,999 DRAM, and the BNB Smart Chain contract holds 2.5 million DRAM.DRAM’s Ethereum smart contract address. Source: EtherscanA background search by Cointelegraph uncovered the previous launch of Distributed Technologies Research in Switzerland four years ago. The company went on to develop a decentralized payments system called Unit-e, which was designed and built by a host of academics and developers through partnerships and grants with high-profile academic institutions, including Stanford University, MIT and the University of Illinois.The code repository of Unit-e last reflected commits in 2019. Source: GitHubCointelegraph has established that Naheta founded DTR during his tenure at SoftBank. DTR’s Unit-e project was a scalable decentralized payments network built by a Berlin-based development team.“The original ambition back in 2019 was also to disrupt payments and to create a protocol that would have very high throughput with significant cost efficiency.”Naheta shared details of the company’s efforts in “its previous incarnation” in a complete summary of the Unit-e protocol reviewed by University of Illinois researchers. The team now building the DRAM stablecoin features around 30 permanent staff and contractors. Naheta said that while DTR would not be able to market DRAM in the UAE, the firm expects demand from companies in the region that are grappling with high inflation and currency issues:“The link to AED [dirham] was driven by the strong performance and attractiveness of the UAE economy and the desire for stable, digital asset investment options around this region.”The UAE is…

The race to develop AI chips continues as Samsung’s chip manufacturing department partnered with Canadian startup Tenstorrent to produce chips and intellectual property for data centers. The Canadian startup Tenstorrent, which builds artificial intelligence (AI) processors, among other things, revealed a new partnership with Samsung’s chip manufacturing department.On Oct. 2, the startup announced the partnership with Samsung, saying it will use it to bring the “next generation of AI chiplets to market.” Tenstorrent manufactures chips and intellectual property (IP) for data centers. The deal includes using one of Samsung’s advanced manufacturing processes, the SF4X process and 4nm architecture, to produce its next-gen chips. According to the announcement, the product to be developed with Samsung will be a chiplet to be paired with other chiplets in one package. Jim Keller, the CEO of Tenstorrent, said the goal is to develop “high performance compute” and to deliver these solutions to “customers around the world.”In August, Tenstorrent closed a $100 million funding round led by Samsung and the automotive manufacturer Hyundai. At the time, Tenstorrent said the funds would go toward accelerating product development and design, AI chiplets and a roadmap for machine learning software.Related: AI tech boom: Is the artificial intelligence market already saturated?This development comes in the heat of the race to develop the most powerful AI chips to create high-level AI systems. Currently, Nvidia is the market leader when it comes to chip development and power. Earlier in 2023, the company briefly tipped $1 trillion in value amid the AI frenzy. While Nvidia remains at the head of the pack for chip development, it recently came under scrutiny by authorities in France in an antitrust investigation. The local police raided Nvidia offices after French antitrust authorities made a general inquiry into the cloud computing sector. On Oct. 2, following the events in France, the European Commission said European Union antitrust regulators had not opened a formal investigation into AI chips, according to a Reuters report. In the United States, authorities have been actively pushing for control over the industry and issued a ban on exports of high-level Nvidia technology to China in October 2022. They have further tightened measures in recent months. Nvidia is an American company subject to U.S. regulations and restrictions. The U.S. has recently made a multibillion-dollar deal with Vietnam — a traditional trading partner with China and a former adversary of the U.S. — concerning AI chips and technology.Magazine: ‘AI has killed the industry’: EasyTranslate boss on adapting to change

Blockchain analytics firm Match Systems has contacted an individual who is believed to be selling tokens linked to the recent CoinEx and Stake hacks at discounted prices. Blockchain analytics investigators have uncovered an individual linked to a cryptocurrency laundering operation offering stolen tokens at discounted prices from recent high-profile exchange hacks.Speaking exclusively to Cointelegraph, a representative from blockchain security firm Match Systems outlined how investigations into several major breaches featuring similar methods through the summer months of 2023 have pointed to an individual allegedly selling stolen cryptocurrency tokens via peer-to-peer transfers.Related: CoinEx hack: Compromised private keys led to $70M theftThe investigators managed to identify and make contact with an individual on Telegram offering stolen assets. The team confirmed that the user was in control of an address containing over $6 million worth of cryptocurrencies after receiving a small transaction from the corresponding address.A message from the seller advertising stolen tokens being linked to CoinEx and Stake hacks. Source: Match SystemsThe exchange of stolen assets was then conducted through a specially created Telegram bot, which offered a 3% discount off the token’s market price. Following initial conversations, the owner of the address reported that the initial assets on offer had been sold and that new tokens would be available some three weeks later:“Maintaining our contact, this individual notified us about the commencement of new asset sales. Based on the available information, it is logical to assume that these are funds from CoinEx or Stake companies.”The Match Systems team has not been able to fully identify the individual but has narrowed down their location to a European time zone based on several screenshots they had received and timings of conversations:“We believe he is not part of the core team but is associated with them, possibly having been de-anonymized as a guarantee that he will not misuse the delegated assets.”The individual also reportedly displayed unstable and erratic behavior during various interactions, abruptly leaving conversations with excuses like “Sorry, I must go; my mom is calling me to dinner.”“Typically, he offers a 3% discount. Previously, when we first identified him, he would send 3.14 TRX as a form of proof to potential clients.”Match Systems told Cointelegraph that the individual accepted Bitcoin (BTC) as a means of payment for the discounted stolen tokens and had previously sold $6 million worth of Tron (TRX) tokens. The latest offering from the Telegram user has listed $50 million worth of TRX, Ether (ETH) and BNB (BNB) tokens.Blockchain security firm CertiK previously outlined the movement of stolen funds from the Stake heist in correspondence with Cointelegraph, with around $4.8 million of the total $41 million being laundered through various token movements and cross-chain swaps.The United States Federal Bureau of Investigation later identified North Korean Lazarus Group hackers as the culprits of the Stake attack, while cyber security firm SlowMist also linked the $55 million CoinEx hack to the North Korean group. This slightly contrasts information obtained by Cointelegraph from Match Systems, which suggests that the perpetrators of the CoinEx and Stake hacks had slightly different…

BTG Pactual is known for launching cryptocurrency trading services for its customers and is also planning to launch its own stablecoin. Major Brazilian investment bank BTG Pactual is acquiring cryptocurrency-friendly brokerage Orama as part of its strategy to expand the bank’s digital platforms.BTG Pactual has signed an agreement to buy 100% of Orama’s shares for 500 million Brazilian reais ($98.7 million).Announcing the news on Oct. 2, BTG Pactual said that the acquisition is part of the bank’s digital expansion strategy and offers more investment opportunities.“We are very excited about the acquisition, which will provide Orama customers with access to the complete BTG platform,” BTG’s digital platforms partner Marcelo Flora said. The acquisition is subject to the necessary regulatory approvals from authorities, including the central bank of Brazil, the announcement notes.Founded in 2011, Orama is said to have nearly 18 billion reais ($3.6 billion) of assets under custody and services about 360,000 customers. Focused on the distribution of investment funds and fixed-income products, Orama has also been exploring cryptocurrency investment.In April 2022, Orama’s wealth management arm, Orama Singular, launched an actively managed fund focused on digital assets. Called Block3, the fund offers multimarket investment in the cryptocurrency industry, providing exposure to various crypto assets, including Bitcoin (BTC), tokens, derivatives and others.Related: Brazil’s crypto surge prompts central bank to tighten regulationOrama’s digital asset fund has recorded a successful trend over the past year, surging more than 30% from 90.5 reais ($17.9) in October 2022 to 118.8 reais ($23.5) in September 2023, according to data from Bloomberg.Block3 Ativos Digitais FIM IE one-year price chart. Source: BloombergIt’s unclear whether BTG Pactual’s Orama purchase will result in some new crypto-related products at the bank. BTG Pactual didn’t immediately respond to Cointelegraph’s request to comment on the acquisition.Apart from purchasing Bitcoin-friendly Orama, BTG Pactual has been active in crypto-related ventures in recent years. In April 2023, the bank announced plans to launch BTG Dol, a new stablecoin pegged to the United States dollar on a 1:1 ratio, using the bank’s custody services. The bank previously launched a crypto trading app enabling customers to directly invest in cryptocurrencies.Magazine: Web3 Gamer: Minecraft bans Bitcoin P2E, iPhone 15 & crypto gaming, Formula E

Eight major cryptocurrency mining operators signed an open letter to the President of Kazakhstan, Kassym-Jomart Tokayev. Local crypto-mining operators in Kazakhstan — the world’s third-largest market in terms of Bitcoin mining hash rate — are complaining about high energy prices to the country’s president. According to local media, eight major cryptocurrency mining operators signed an open letter to President Kassym-Jomart Tokayev. The list includes BCD Company, TT TECH Limited, KZ Systems, AI Solutions, Green Power Solution, VerCom and Kinur Invest. Related: Kazakhstan establishes regulatory agency to implement CBDCThe letter states that the Kazakh crypto mining industry is in a “very distressful situation” because of high energy prices for miners. According to the text: “As of today, all major industry players have suspended their activities and plan to completely cease their business in the Republic of Kazakhstan by the end of the year.” The executives who signed the letter believe that the situation with prices derails the government’s efforts to regulate the crypto industry in general and mining in particular. According to the letter, the problem is a consequence of the decision to raise taxes on energy for crypto miners. Because of the taxes, the country has already lost its position among crypto mining leaders like the United States, Russia and China, and the industry stands on the brink of extinction. The letter claims:“If the government does not take urgent measures, the digital mining industry in the Republic of Kazakhstan will cease to exist.” The country introduced taxes on digital mining on Jan. 1, 2022, based on electricity consumption by mining entities. The law emerged amid growing national frustration with crypto miners’ undertaxed usage of the national power grid. Even at the highest mark, 1 kilowatt hour (kWh) of taxed electricity in Kazakhstan costs miners around $0.067, significantly lower than the average of $0.12 per kWh before any taxes in the United States. According to the data from the Kazakh government, it received around 3.07 billion tenges ($7 million) in tax payments from crypto mining entities in 2022.

Lamina1 CEO Rebecca Barkin told Cointelegraph that as long as people continue to invest time and money in digital experiences, the metaverse will continue to come to life. The blockchain project launched by Neal Stephenson, who coined the term “metaverse” in his 1992 book, Snow Crash, is pushing forward with its vision despite waning interest in it and some declaring that it’s “dead.” Compared with its peak in 2021 and 2022, search interest for the metaverse has declined in 2023, according to data from Google Trends. The declining interest in the metaverse has also led some to declare that the metaverse hype is dead. Global search interest for the keyword “metaverse.“ Source: Google TrendsDespite the waning interest and the declarations that it’s dead, some keep their heads down and build. In a statement, Lamina1 — the metaverse blockchain project founded by Stephenson — said it’s holding a month-long event in October called the Open Metaverse Discovery Month. The firm will hold workshops and provide joint quests and bounties to equip builders and creators with the knowledge to explore metaverse experiences.Kicking off in just a few hours – #Unity/#UnrealEngine SDK + Open Metaverse Discovery Month AMA w/ @OpenMetaDAO. Join us to talk worldbuilding & what’s next for the toolkit and our partnership.More info at: https://t.co/Pmsqk7oqTe pic.twitter.com/ktaCQgkVEi— LAMINA1 (@Lamina1official) September 29, 2023 “We’re co-hosting two interactive workshops for Unity and Unreal Engine developers this month to begin diving in with the toolkit, as well as two Creator Competitions that will allow participants to have their art and experiences featured on our Lamina1 Hub platform,” the Lamina1 team said. Related: Metaverse sneak peek: Project aims to build a creator-focused economy through blockchainRebecca Barkin, the CEO of Lamina1, remains optimistic in the metaverse despite assumptions that it’s dead. Barkin told Cointelegraph in a statement that despite the crypto winter and what many describe as the “death of the metaverse,” it was able to attract almost 50,000 builders into its community since it launched the project.Barkin is optimistic that its founder’s vision of the metaverse will survive as long as people are willing to invest their time and money. The executive told Cointelegraph: “As long as people continue to invest time and money in digital experiences, gaming and virtual worldbuilding, buying and selling digital items, and experimenting with new computing and creative technologies, the metaverse will continue to come to life.” According to Barkin, Stephenson’s vision of the metaverse wasn’t just about building virtual worlds. The CEO said it’s about challenging “corporate greed and control.” She added that with today’s technology, it’s now possible to “give more autonomy to creators across entertainment, gaming, commerce, fashion and beyond to build, create and distribute these worlds on their own.”Magazine: Web3 Gamer: Zuckerberg’s metaverse losses, NFT game on Discord, Gods Unchained hot take

Instances of celebrities and public figures AI deep fakes continue to surface, with their likeness circulating the web promoting scams or products. Artificial intelligence (AI) has been a major talking point in Hollywood throughout 2023 and continues to be so as multiple celebrities have come forth denouncing the use of the likeness in AI deep fakes. Actor Tom Hanks, YouTube personality MrBeast and American broadcast journalist Gayle King have all recently tried to put an end to deep fakes of themselves. Hanks was the first of the three to identify the AI deep fake of himself after he posted a screenshot of the video on his Instagram page on Oct. 1, saying “beware” and that he had nothing to do with it. The AI version of Hanks was created to promote what he called “some dental plan.”A day later, on Oct. 2, King posted a similar video on her Instagram. An AI deep fake of her surfaced, which used a video she recently made to promote her radio show. The fake also promoted a product the journalist said she neither knew of nor endorsed. She wrote, “…they’ve manipulated my voice and video to make it seem like I’m promoting it” and warned her community “not to be fooled.” King received many comments in her support and voicing concerns over the “scariness” of AI deep fakes. On Oct. 3, YouTube personality James Donaldson, known as MrBeast, took to social media platform X (formerly Twitter) to denounce an AI-generated deep fake of himself. In this instance, MrBeast is seen promoting a scam for winning an iPhone 15 pro. The YouTube personality’s posts made a plea to social media platforms, saying: “Are social media platforms ready to handle the rise of AI deep fakes? This is a serious problem.” Lots of people are getting this deepfake scam ad of me… are social media platforms ready to handle the rise of AI deepfakes? This is a serious problem pic.twitter.com/llkhxswQSw— MrBeast (@MrBeast) October 3, 2023 One X user commented on MrBeast’s post, saying they had received the ad on their TikTok, while another also raised concerns over the widespread emergence of AI deep fakes. While there has been no official legislation created or implemented regarding AI deep fakes in the United States, lawmakers are considering regulating political deep fakes in the lead-up to the 2024 presidential election. Related: AI deepfakes are getting better at spoofing KYC verification — Binance execHowever, Hollywood entertainment studios and actors have been negotiating the use of AI in future productions. Members of the Screen Actors Guild-American Federation of Television and Radio Artists have included AI as an issue in their strike, which has been ongoing since the summer. The proposal from studios suggested that background performers should be scanned, receiving only a single day’s worth of pay, and then hand over complete ownership of the scan, image and likeness to the companies. Meanwhile, the Writer’s Guild strike has finally ended, with negotiated terms for AI use in written material in the entertainment industry.Magazine: ‘AI has killed the…

Visa says it was one of the first firms in the world to pioneer AI in payments, deploying AI-based technology for risk and fraud management in 1993. Global payment giant Visa is raising its bet on artificial intelligence (AI) in commerce and settlements by setting up a new fund to invest in generative AI ventures.Visa on Oct. 2 announced a new $100-million generative AI initiative to invest in companies focused on developing generative AI technologies and applications related to commerce and payments.The investment will be curated by Visa’s global corporate investment arm, Visa Ventures, which has been working on supporting innovation in payments and commerce since 2007.Generative AI is a type of AI technology that can produce various types of content, including text, imagery, audio and synthetic data. Major AI chatbots such as OpenAI’s ChatGPT and Google’s Bard show the capabilities of generative AI to comprehend and produce human-like writing.According to Visa chief product and strategy officer Jack Forestell, generative AI has a promising future in the financial world. He said:“While much of generative AI so far has been focused on tasks and content creation, this technology will soon not only reshape how we live and work, but it will also meaningfully change commerce in ways we need to understand.”Visa’s latest move into generative AI comes on the heels of significant efforts to apply AI technology in the company’s ecosystem.Visa said it was one of the first firms in the world to pioneer AI use in payments back in 1993, deploying AI-based technology for risk and fraud management. In 2022, Visa’s real-time payment fraud monitoring solution, Visa Advanced Authorization, reportedly helped prevent an estimated $27 billion in fraud.Related: Digital yuan app adds prepaid Mastercard, Visa top-ups for touristsIn 2021, Visa also introduced VisaNet +AI, a suite of AI-based services focused on fixing delays and confusion with managing account balances and other issues of daily settlement for financial institutions.Some of the tools in the VisaNet +AI suite include Smarter Stand-In Processing, which aims to improve payment experiences during outages by mirroring issuer approval decisions. Other such products include Smarter Posting, which helps enable faster consumer payment experiences and reduce confusion from posting delays.Besides actively investing in AI, Visa has also been bullish on using cryptocurrency technology in payments. In April 2021, Visa shared plans for a new crypto product that is designed to drive mainstream adoption of public blockchain networks and stablecoin payments.Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.Magazine: ‘AI has killed the industry’ — EasyTranslate boss on adapting to change

Ripple, a leading enterprise in blockchain and crypto solutions, has secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This follows the in-principle approval granted to Ripple in June 2023. The license will enable Ripple to continue offering regulated digital payment token services in Singapore, a key market for the company. (Read More)

Sygnum Singapore’s acquisition of a Major Payment Institution Licence from the Monetary Authority of Singapore comes amidst a wave of similar regulatory approvals by entities like Coinbase, Blockchain.com, and Crypto.com. This development broadens Sygnum’s service offerings and positions it strongly in a competitive yet regulated digital asset market landscape in Singapore, thereby potentially attracting a wider segment of institutional clientele. (Read More)

Visa Inc. has announced a $100 million fund to invest in generative AI technologies that are relevant to commerce and payments. The initiative, led by Visa Ventures, aims to foster innovation in the rapidly evolving field of artificial intelligence. (Read More)

Binance, in conjunction with the Royal Thai Police, has successfully disrupted major crypto fraudulent networks in Thailand through two significant operations. The collaboration led to the arrest of key individuals and substantial asset seizures, underscoring Binance’s proactive stance against cybercrime and its ongoing commitment to enhancing security within the digital asset ecosystem. (Read More)

Binance and its CEO, Changpeng Zhao, are facing a class-action lawsuit filed by plaintiff Nir Lahav, accusing them of unfair competition and SEC law violations. The lawsuit alleges that Binance manipulated the cryptocurrency market to harm competitor FTX, leading to a significant decline in FTX’s utility token, FTT. The case brings into focus the broader implications of regulatory efforts in the crypto industry. (Read More)

Grayscale Investments has collaborated with NYSE Arca to file Form 19b-4 with the U.S. Securities and Exchange Commission (SEC), aiming to convert the Grayscale Ethereum Trust into a spot Ethereum ETF. This move is a significant part of Grayscale’s ongoing strategy to transition its entire range of 17 crypto investment products into ETFs. The filing follows the SEC’s recent approval of the first Ethereum futures ETFs. (Read More)

The criminal trial against Sam Bankman-Fried (SBF) of FTX, slated to commence on October 4, 2023, under Judge Kaplan, has garnered attention from Coinbase executives, Brian Armstrong and Paul Grewal. Through Twitter, Grewal shared his extensive federal court experience and expectations for the jury selection process, sparking a broader discussion on legal procedures in high-profile crypto cases. The trial, amidst FTX’s ongoing legal challenges, highlights the crypto industry’s intricate regulatory landscape. (Read More)

Uniswap v3 contracts are now live on the Moonbeam Network, a core component of the Polkadot ecosystem, facilitating a broader user base to engage with Uniswap via an Oku interface. This integration, spurred by community approval and secure cross-chain protocol Wormhole, underscores Moonbeam’s standing in multi-chain expansions and augments trading experience with enhanced features catering to liquidity providers. (Read More)

The International Monetary Fund (IMF) has released a working paper that delves into the macrofinancial risks tied to crypto assets. The paper, part of the IMF’s Working Papers series, proposes a framework aimed at aiding policymakers and regulatory authorities in understanding and tracking systemic risks from the crypto sector. This framework is crucial as traditional financial tools are not well-suited for assessing crypto-related risks. (Read More)

Hong Kong’s rising status as a crypto hub amidst regulatory amicability sparks speculations on China’s evolving stance towards digital assets. The significant crypto activity in Hong Kong, combined with its thriving Over-The-Counter market, reflects a conducive environment for both institutional and retail crypto engagements. As Hong Kong continues to bolster its crypto market, it might be hinting at China’s exploratory approach towards understanding and possibly embracing digital assets in the long term. (Read More)

The post XRP Price Analysis: Ripple Price On The Verge Of A Breakout as Golden Cross Approaches? appeared first on Coinpedia Fintech News The crypto industry experienced a fall for the second straight day, indicating massive selling pressure within the market. Despite Bitcoin and Ethereum prices trading in the red, XRP price has managed to be the top gainer, with an increase of over 3% compared to the last day. Following the price plunge after the Ripple vs. …

The post Altcoin Market Prepares for Q4 2023 Relief Rally Amidst Increased On-chain Activity appeared first on Coinpedia Fintech News After several months of volatile and uncertain trading, the altcoin market is poised for a welcome relief rally in the fourth quarter of 2023. This optimism is fueled by the anticipation of crypto traders looking to capitalize on profits during the end-of-year festivities, leading to a surge in overall trade volume. Notably, some lower-cap altcoins …

The post XLM Price Analysis: Will XLM End Consolidation On Bearish Note?  appeared first on Coinpedia Fintech News While most of the altcoins are rising higher with the Bitcoin recovery rally this Uptober, Stellar is far from the limelight. The XLM price struggles to end the consolidation trap as it moves along the 200-day EMA. Despite the recent correction and consolidation, with a 34% YTD growth, 2023 remains bullish for XLM and also …

The post The SEC’s Opposition to Coinbase: Full of Holes? appeared first on Coinpedia Fintech News The SEC has recently filed its opposition to Coinbase’s motion to dismiss their case. While Paul Grewal, the Chief Legal Officer of Coinbase, has been vocally critical of the SEC’s approach, the insights from Miles Jennings add more weight to tearing apart the SEC’s arguments. According to him, the SEC’s theory of an investment contract …

The post Top Sweepstakes Casinos with the Best Vegas-Style Slot Games in the US appeared first on Coinpedia Fintech News Vegas-style sweepstakes slots have recently become popular destinations for social casino players in the U.S. The leading sweepstakes casinos that provide players with Vegas-style slot games include Stake.us, Sweeptastic, Wow-vegas, and Golden Hearts Games. Remember to take advantage of our exclusive Stake.us promo code MIKBONUS to net a $25 No Deposit + 250,000 Gold Coins …

The post Make Money with Passive Income TODAY – Scorpion Token, Monero, and Ethereum appeared first on Coinpedia Fintech News Passive Income has always been a valuable tool to those in the know. Recently, however, the notion of making money whilst essentially doing nothing has hit the mainstream. In tough economic times, this is no surprise.  Cryptocurrency is possibly the best and almost certainly the most accessible way to start making passive income. There are …

The post XRP Price Analysis: Bulls Eye $0.70 as Bears Look to Pullback! appeared first on Coinpedia Fintech News Following the sharp correction to $0.4590 with a resistance trendline formation, the XRP price action displays a bullish recovery. The recovery rally prolongs the overall uptrend seen in Ripple prices in 2023.  With a 58% year-to-date growth, the uptrend continuation strengthens again even after losing the partial victory gains against the SEC. Moreover, the market-wide …

The post Verasity Price Analysis: VRA Price On Verge of 40% Spike Soon appeared first on Coinpedia Fintech News Verasity (VRA), an emerging open ledger ecosystem, is making strategic moves to benefit its community. Recently, the project executed one of the most significant token burns in the crypto industry, involving a staggering 10 billion VRA units. This remarkable decision saw the company destroy 50 percent of its strategic reserve tokens to increase value to …

The post John Deaton’s Bold Predictions on Coinbase vs. SEC Lawsuit appeared first on Coinpedia Fintech News John Deaton, attorney and Founder of Cryptolaw US, stirred up the social media space with his recent tweet concerning Coinbase’s ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC). This comes after significant developments in another SEC-related crypto lawsuit involving Ripple and its native token, XRP.   John Deaton’s Optimistic Take on Coinbase In …

The post Coinbase vs. SEC: SEC Opposes Coinbase’s Effort to Settle Lawsuit, Calling for Continuation appeared first on Coinpedia Fintech News On Tuesday, the SEC presented its case against Coinbase’s pre-trial plea, emphasizing correctly applying the U.S. Howey Test. The core disagreement centers on whether Coinbase’s narrower interpretation or the SEC’s broader and flexible interpretation of the Howey Test should prevail in defining securities subject to SEC regulation. The SEC’s lawsuit against Coinbase is not solely …

A top trader who caught the crypto rally earlier this year is outlining a market condition where he believes Bitcoin (BTC) could ignite a fresh bull market that could last for about two years. Pseudonymous analyst DonAlt tells his 507,000 followers on the social media platform X that a proper Bitcoin bull market will start […] The post Trader Who Nailed 2022 Bitcoin Bottom Says BTC Could Ignite a Proper Big Rally Under This Condition appeared first on The Daily Hodl.

When we think of social media, certain names immediately come to mind – Facebook, Instagram and TikTok, among others. These platforms have been at the forefront of our digital lives for years, connecting people, allowing them to share stories and shaping our online experiences. But in recent times, there’s one platform that has not only […] The post Why X Is the Future of Crypto Growth appeared first on The Daily Hodl.

A closely followed crypto strategist is predicting sustained rallies for layer-2 protocol Arbitrum (ARB) and decentralized derivatives exchange Injective (INJ). Pseudonymous analyst Altcoin Sherpa tells his 196,600 followers on the social media platform X that Arbitrum could rise by over 23% from current levels before its rally tapers off. “This one took forever to materialize […] The post Crypto Analyst Sees Bullish Continuation for Arbitrum and Injective, Calls for Bitcoin To Move Higher appeared first on The Daily Hodl.

The US government, Thai police, and the world’s largest crypto exchange platform by volume just toppled a multi-million-dollar crypto scam. In a new company blog post, crypto exchange Binance says that it has contributed to taking down the criminal network that ran an elaborate scheme that targeted novice traders with fake investment platforms. “The Cyber […] The post US Government, Binance and Thai Police Take Down ‘Pig Butchering’ Ring As $277,000,000 Seized From Scammers appeared first on The Daily Hodl.

Large Bitcoin (BTC) holders have been snapping up the top crypto asset since the beginning of September, according to the crypto analytics firm Santiment. Santiment notes that Bitcoin sharks and whales, or entities holding between 10-10,000 BTC, have accumulated a combined $1.17 billion since September 1st. The firm says that the accumulation pattern makes it […] The post Bitcoin Shark and Whales Gobble $1,170,000,000 in BTC in About a Month: Analytics Firm Santiment appeared first on The Daily Hodl.

A widely followed crypto analyst says Bitcoin (BTC) may be on the verge of a final leg to the downside. Crypto trader Rekt Capital tells his 355,900 followers on the social media platform X that BTC is about to test its bull market support band, which is a cluster of moving averages on the weekly chart. […] The post Trader Warns Bitcoin Reversal Likely Based on Historical Precedent, Updates Outlook on Chainlink appeared first on The Daily Hodl.

The global central bank umbrella organization has successfully completed a cross-border trading experiment using central bank digital currencies (CBDCs) and decentralized finance (DeFi) technology. The Bank for International Settlements (BIS) worked with the central banks of France, Singapore and Switzerland to test the effectiveness of cross-border trading and settlement of “wholesale” CBDCs (referred to as […] The post BIS and Three Central Banks Successfully Complete CBDC Experiment Using DeFi Networks appeared first on The Daily Hodl.

Sam Bankman-Fried’s legal team is attempting to block certain investors and insiders from testifying at the crypto outcast’s highly publicized fraud trial. According to a letter sent from the former FTX executive’s legal representatives to Judge Lewis Kaplan, certain investors and witnesses should be kept from going on the public record because the motion to […] The post Sam Bankman-Fried’s Lawyers Push To Block FTX Investors and Insiders From Testifying As Jury Selection Starts appeared first on The Daily Hodl.

A crypto strategist believes Bitcoin (BTC) will skyrocket and trend towards a new all-time high after a crucial level is shattered. In a new strategy session video, crypto analyst Kevin Svenson tells his 70,600 YouTube subscribers that once Bitcoin flips a key 2021 price level into support, the king crypto will likely spark a massive […] The post Bitcoin Will Flip ‘Super Bullish’ and Begin Run to New All-Time High When This Happens, Says Crypto Trader appeared first on The Daily Hodl.

Web3 security company Beosin EagleEye says that there was a drastic increase in illicit crypto activities during the third quarter of 2023. In the July to September quarter, the “total losses from hacks, phishing scams, and rug pulls in Web3 reached $889.26 million” with hacks or major attacks constituting about 60% of the losses, according […] The post $889,260,000 in Crypto Lost to Hacks, Scams and Rug Pulls in Q3 of 2023, According to Blockchain Security Firm appeared first on The Daily Hodl.

The federal agency will still have the opportunity to appeal the case in its entirety when it concludes next year.

The account had been dormant since 2018 and was tagged instantly with community notes from the Bitcoin community.

Building upon a PDF tool, the company aspires to redefine the future of work.

The court weighed potential bias among candidates who worked for banks, or watched Sunday’s 60 Minutes broadcast.

Top candidates to replace the former Speaker of the House, who was removed from office in a historic vote Tuesday, include ardent pro-crypto advocates Patrick McHenry and Tom Emmer.

Mr. Beast, Tom Cruise, Robin Williams, Gayle King, Tucker Carlson, Bill Maher, Taylor Swift, Natalie Portman, Emma Watson…

Reza Jafery and Martin Shkreli sit down for a casual conversation about the growing movement that is E/ACC, what songs they could recite at gunpoint, and whether or not SBF will thrive or just survive during his time in prison.

Influential DJ Carl Cox is set to launch his own metaverse rave in a lava-filled venue, complete with AI dancers. Here’s what to expect.

Despite improvements, criticisms of AI energy use are quite familiar.

The two weren’t expected to be involved in the trial, but may be called to testify.

During a live, televised presidential debate, Sergio Massa evangelized a “digital currency of Argentina.”

Hardware company Cooler Master is bringing a footwear-shaped gaming PC to the masses in the U.S. and Europe. Is this shoe worth the spend?

UPDATE: Nintendo’s president has revealed how long the company will support the Switch, which could point to the Switch 2 release window.

ATMTA gives Solana developers and creators free access to build using its Star Atlas tools, starting with the SAGE Labs web game.

Filmmaker Jordan Bayne writes about the potential for decentralized technologies to help ensure that a wide range of voices are reflected onscreen.

The process is underway to choose the 12 jurors who will decide disgraced crypto mogul Sam Bankman-Fried’s fate.

AI Arena CEO Brandon Da Silva and COO Wei Xie discuss how artificial intelligence can shape the video game experience.

It might just be a virtual assistant, or artificial intelligence could also “replace humans,” said JP Morgan’s Jamie Dimon.

Once it is given its powers by the Treasury, the FCA will use the UK’s upcoming crypto sandbox to draft comprehensive legislation.

FTX founder Sam Bankman-Fried faces seven criminal charges related to the dramatic collapse of his crypto empire. Here’s the latest on his trial.

Sotheby’s collectors will be provided with exclusive hardware wallets from Ledger as part of this collaboration.

An upgrade to the Nomic blockchain will enable the issuance of Bitcoin-based tokens within the Cosmos ecosystem.

Hong Kong may be providing a haven for crypto investors from war-torn nations and Chinese citizens dodging restrictions.

The Chainalysis cuts follow an earlier 5% workforce reduction in February, reflecting a broader trend of layoffs in the industry.

The bankrupt crypto lender’s restructuring plan includes the establishment of a new entity with $450 million in seed funding.

The one-time “Ethereum killer” remains the darling of institutional investors.

The social media giant tapped the massive cache of posts by Facebook and Instagram users, the “majority” of the content deemed publicly available.

“SBF has simply refused to shut-up,” John Reed Stark opined on Twitter.

A deepfake video shows actor Tom Hanks endorsing a dental plan; Hanks responds it’s not him.

Following Kickstarter’s move, BackerKit is the latest crowdfunding site requiring users to disclose the use of AI-generated images in campaigns.

X has rolled out a livestreaming studio. How will it fare against Kick and Amazon’s Twitch?

Author Michael Lewis claimed that FTX wasn’t a Ponzi scheme. Crypto Twitter strenuously disagreed.

The collaboration between iconic apparel brands Adidas and Moncler includes a campaign created with generative AI, plus NFT collectibles.

The second game in the remake trilogy, Final Fantasy VII Rebirth, is just around the corner. Here’s the latest.

Nine Ethereum futures ETFs started trading today, but demand has been lower so far than at the ProShares Bitcoin Strategy ETF launch in 2021.

If approved, the conversion would likely help drop the hefty discount on Grayscale’s Ethereum trust.

The initiative is part of the Monetary Authority of Singapore’s Project Guardian to tokenize real-world assets.

Two major hacks, Mixin Network and Multichain, accounted for nearly half of the total stolen amount, per a new report from Immunefi.

The popular crypto exchange Coinbase continues its global expansion strategy as the crackdown stateside shows no side of abatement.

Promoting his newest book, author Michael Lewis revealed a startling detail about Bankman-Fried’s political engagements.

Bitcoin and the crypto market kicked off October with a bullish start, driven by a wave of liquidations and a short squeeze.

Timmu Tõke, co-founder and CEO of Ready Player Me, joins Decrypt contributor Ryan Gladwin to discuss the startup’s approach to powering avatars that are interoperable across games and metaverse platforms—and what’s needed to convince the industry to adopt standards and open up.

Shrapnel Studio Head Don Norbury tells Kate Irwin the reasons why the upcoming first-person shooter game will offer a wide range of NFTs. He also reveals team-based gameplay plans and shares how game maps have already changed this year.

Sacha Ghebali, Director of Strategy and Business Development at The TIE, says social media sentiment remains a key factor in price movements for major cryptocurrencies like Bitcoin and Ethereum. However, he notes that sentiment has turned more negative lately amid regulatory uncertainty. Ghebali believes events like the Ripple lawsuit ruling significantly impacted sentiment and prices. André Beganski interviewed him at Messari Mainnet.

Our host Reza Jafery is joined by Gareth Fenney aka 500Altcoins. They discuss the glory days of DeFi Summer and whether or not its a smart move for builders in the crypto space to relocate to Dubai.

David Gogel of dYdX discusses how the decentralized exchange is building a custom blockchain to fully decentralize derivatives trading. He explained how the new dYdX chain will allow validators to run order books in memory, enabling decentralized order matching at scale. This shift aims to increase security and transparency for traders while maintaining the performance of centralized exchanges.

Solana has improved network reliability through upgrades like Quick and local fee markets. It recently partnered with Visa to allow settling transactions in USDC on Solana. This could enable merchants to receive instant payments and save on credit card processing fees. Stacy Elliott spoke with Austin Federa, Head of Strategy for the Solana Foundation, at Messari Mainnet 2023.

As India figures out its regulatory approach to the crypto industry, one thing is clear to Shardeum co-founder Nischal Shetty: “If you’re a high-frequency trader, you can’t afford to lose a percentage every time you sell,” he told Decrypt’s Andre Beganski at Messari Mainnet in New York. “That’s something that’s caused a lot of issues.”

Decrypt’s Stacy Elliott sat down with Ledger CEO Pascal Gauthier to discuss crypto custody post-FTX, and the hardware wallet manufacturer’s controversial Ledger Recover service.

As crypto matures, accounting and tax regulations are evolving. Amy Kalnoki of Bitwave explains how her company helps crypto companies properly account for digital assets. She notes the importance of flexibility as new crypto assets emerge and regulations change. Stacy Elliott interviewed her at Messari Mainnet 2023.

Cryptocurrency experts have recently made forecasts regarding the positive performance of Shiba Budz (BUDZ) and Aptos (APT) in the fourth quarter of this year. These forecasts are based on various factors, including market analysis, technological advancements, and overall sentiment. In this article, we will delve into the details of these projections and explore the potential […]

The so-called Ethereum killer, Solana, remains the darling of big players.

However, on a more positive note, Shiba Inu’s Layer 2 network, Shibarium, has experienced rapid growth since its launch on August 28th. The network recently surpassed the…

Binance recently joined forces with the Royal Thai Police to combat cryptocurrency-related crimes, arresting key suspects and recovering over $250 million in assets. Operation Trust No One According to a Tuesday blog, Binance Investigations, in partnership with the Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) and U.S. Homeland Security Investigation (HSI), successfully dismantled a […]

Crypto proponents already know that the highest percentage gains are available by accumulating during the early stages of new projects. The value of a list like this, with high-potential opportunities, is to save time on the initial research needed. These five projects are in the earliest phases of development yet have already enjoyed great success. […]

Elite Echelon has become the spark for a better future in a society where financial empowerment and personal development are the primary drivers of success. Let me introduce you to the Matrix Membership, your unique pass to an endless life. Join the Matrix Membership Today! The Matrix Membership Launched This isn’t just another subscription; it’s […]

TYRION, an innovative decentralized advertising startup, has announced that it is set to build its advertising platform on Coinbase’s Base Chain. The development aims to disrupt the global digital marketing stronghold currently dominated by Meta and Google. The move reflects TYRION’s commitment to harness cutting-edge technology to provide advertising solutions characterized by transparency, efficiency, community […]

Cardano (ADA) has recently been at the forefront of discussions within the cryptocurrency market, particularly as it exhibits bullish solid signals as the fourth quarter starts.

Modern blockchain networks are increasingly built using a layered architecture to take advantage of the increased scalability and versatility it provides. Blockchain layering refers to the way in which different functionality is handled by separate layers in the network, with each one fulfilling a different purpose.  The most common layers found in blockchains are Layer-1 […]

Grayscale Investments, the world’s biggest digital asset manager, has filed paperwork with the U.S. Securities and Exchange Commission (SEC) for permission to turn the Grayscale Ethereum Trust (ETHE) into a spot ether exchange-traded fund (ETF).

Blockchain analytics firm Chainalysis revealed that China and Hong Kong are seeing active over-the-counter (OTC) crypto activities despite prolonged bearish sentiment globally.

Popular cryptocurrency exchange Coinbase is continuing its global expansion strategy after landing a payment institution license from the Monetary Authority of Singapore.

Bitcoin and the broader crypto market kicked off the new month of October and the new week with bullish momentum.

Bitcoin is making rounds in the crypto community after its recent price performance, which the market collectively considers impressive. The apex cryptocurrency crossed $28,000 at a crucial time in the market, after failing to meet bullish expectations for the first half of 2023.  As a result, the hype for Bitcoin across the crypto market has […]

A detailed analysis by well-regarded crypto analyst Rekt Capital has spotlighted a recurring bearish fractal in the historical price data of Bitcoin, raising prospects of a potential crash below the $20,000 mark. Notoriously seen in 2019 and 2022, this pattern seems to be reemerging in the current 2023 market. For those unfamiliar, the fractal indicator identifies potential turning points on a price chart by highlighting repetitive price patterns. In simple terms, a bearish fractal suggests a potential decline in price. Such a pattern materializes when there’s a peak price with two consecutively lower high bars/candles on its flanks. An up arrow typically marks a bearish fractal, indicating the potential for price descent. Here’s Why Bitcoin Price Could Drop Below $20,000 The essence of this bearish pattern begins with a double top. Contrary to expectations, this double top doesn’t validate with a dip below a significant support level. Instead, the price typically sees a relief rally, forming a lower high, only to crash below the previously mentioned support. This support then morphs into a new resistance level, driving the price further down. This sequence was observed in both 2019 and 2022, and the current market scenario in 2023 mirrors the initial stages of this pattern. Rekt Capital suggests that the market is potentially in the middle of this bearish fractal, with uncertainty around where the relief rally might conclude. Related Reading: Economist Predicts “Monster” Move for Bitcoin: Is A 6X To $200,000 On The Table? From the beginning of April to the end of August, BTC formed a double-top pattern in the weekly chart. However, the Bitcoin price held above the neckline at around $26,000. Then, in mid-August, BTC started its relief rally which took the price up to $28,600. “We’re probably in the A to B [phase of the] bearish fractal,” the analyst added. Diving deeper into potential scenarios, the analyst believes Bitcoin’s price could rally up to approximately $29,000 before experiencing further declines. Some key events to watch for include potential overextensions beyond the bull market support band. If Bitcoin fails to retest and maintain this band as support after breaking out, the bearish fractal remains valid. Related Reading: Can Bitcoin Continue Its Run? These Factors Could Suggest So Another important point to monitor is the revisit of the lower high resistance. Even if the price wicks beyond this resistance, a subsequent rejection would keep the bearish outlook intact. There are, however, criteria that could invalidate this bearish perspective: the bull market support band (blue) consistently holds as support, a weekly close beyond the lower high resistance ($28,000), and breaking past the $31,000 yearly highs. On the topic of other technical indicators, Rekt Capital highlighted that Bitcoin has recently rallied to the 200-week MA. This moving average (MA), however, seems to be acting as a current resistance. Additionally, the 200-week MA aligns with the lower high resistance, presenting a crucial juncture for Bitcoin’s price in the near future. Despite his macro bullish stance on Bitcoin, Rekt Capital cautions that…

Cardano’s price started a fresh decline below $0.264. ADA is struggling and might accelerate lower if there is a close below the $0.250 support. ADA price is gaining bearish momentum below the $0.265 level against the US dollar. The price is trading above $0.250 and the 100 simple moving average (4 hours). There was a break below a key bullish trend line with support near $0.258 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair must stay above the $0.250 support to start a fresh increase in the near term. Cardano Price Trims Gains In the past few days, Cardano’s price climbed higher above the $0.255 level. The price was able to clear the $0.265 resistance, but the upsides were limited. The price traded as high as $0.2741 and recently corrected lower, like Bitcoin and Ethereum. There was a drop below the $0.265 support level. Besides, there was a break below a key bullish trend line with support near $0.258 on the 4-hour chart of the ADA/USD pair. Cardano is now testing the 61.8% Fib retracement level of the upward move from the $0.2426 swing low to the $0.2741 high. However, ADA is still above $0.250 and the 100 simple moving average (4 hours). Source: ADAUSD on TradingView.com On the upside, immediate resistance is near the $0.258 zone. The first major resistance is forming near the $0.265 zone. The next key resistance might be $0.274. If there is a close above the $0.274 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.300 resistance zone. More Losses in ADA? If Cardano’s price fails to climb above the $0.265 resistance level, it could continue to move down. Immediate support on the downside is near the $0.250 level. The next major support is near the $0.242 level. A downside break below the $0.242 level could open the doors for a sharp fresh decline toward $0.220. The next major support is near the $0.200 level. Technical Indicators 4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.250, $0.242, and $0.220. Major Resistance Levels – $0.265, $0.274, and $0.300.

Ethereum price trimmed all gains and revisited $1,580 against the US dollar. ETH could continue to move down if it settles below the $1,600 support. Ethereum started a fresh decline below the $1,650 support. The price is trading below $1,665 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels. Ethereum Price Revisits Support Ethereum’s price failed to stay above the $1,665 level and moved into a bearish zone. ETH extended its decline below the $1,650 level, like Bitcoin. The decline was such that the price even spiked below the $1,600 on Kraken. The price retested the key support at $1,585. A low was formed near $1,585 and the price is now attempting a fresh increase. There was a move above the $1,620 level. Ether climbed above the 23.6% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low. Ethereum is now trading below $1,665 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,650 level. There is also a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH/USD. The next major resistance is $1,665 and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The 50% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low is also near the $1,665 level. A clear move above the $1,665 resistance zone could set the pace for a fresh increase. In the stated case, the price could visit the $1,700 resistance. The next key resistance might be $1,750. Any more gains might open the doors for a move toward $1,820. More Losses in ETH? If Ethereum fails to clear the $1,665 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level. The next key support is $1,600. A downside break below the $1,600 support might start another strong bearish wave. In the stated case, the price could even trade below the $1,585 level. In the stated case, Ether could visit the $1,540 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,600 Major Resistance Level – $1,665

Bitcoin price started a downside correction below $28,000. BTC is now testing the $27,200 support and might start a fresh increase in the near term. Bitcoin is moving lower below the $28,000 and $27,800 support levels. The price is trading below $27,500 and the 100 hourly Simple moving average. There is a short-term bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below the $26,650 support. Bitcoin Price Revisits Support Bitcoin price failed to continue higher above the $28,500 resistance. BTC formed a short-term top and recently started a downside correction below the $28,000 level. There was a move below the $27,500 level and the 100 hourly Simple moving average. The price is now testing the $27,200 support zone. A low is formed near $27,189 and the price is now consolidating losses, with very few signs of more losses. Bitcoin is now trading below $27,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $27,500 level. There is also a short-term bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair. It is close to the 23.6% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low. Source: BTCUSD on TradingView.com The next key resistance could be near the $27,880 level or the 50% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low. A close above the $27,880 resistance could start another increase. In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level. More Losses In BTC? If Bitcoin fails to continue higher above the $27,500 resistance, there could be more downsides. Immediate support on the downside is near the $27,200 level. The next major support is near the $27,000 level. The main support is now near $26,800. A downside break and close below the $26,800 level might send the price toward $26,200. The next support sits at $26,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $27,200, followed by $26,800. Major Resistance Levels – $27,500, $27,880, and $28,500.

Macro-economist Henrik Zeberg thinks Bitcoin (BTC) and other risk assets are gearing up for a “monster” move, with the trend still in its early stages. Zeberg’s predictions are based on the BTC/SPX Ratio, an indicator that compares Bitcoin’s performance to the S&P 500 index (SPX). BTC/SPX Ratio Says There Is A Monster Move Incoming Despite recent fluctuations and concerns about the crypto market’s sustainability, Zeberg remains bullish on BTC. In the analyst’s view, the BTC/SPX Ratio offers strong evidence that the Bitcoin uptrend is “just starting.” Based on price movements, the current leg down in September could provide opportunities for traders to accumulate. The BTC/SPX Ratio is an indicator that assesses the relative performance of Bitcoin and the stock market. The ratio is derived from dividing the Bitcoin and S&P 500 index (SPX) spot prices. When it is rising, like it is presently the case, it indicates that Bitcoin is outperforming the stock market. Conversely, a declining ratio suggests that Bitcoin is underperforming. In that case, banking on the stock market could generate better returns than HODLing BTC. Related Reading: Twitter IPO: Dogecoin Takes Center Stage In Elon Musk’s X IPO Rumors From the chart shared on October 3, Zeberg said a “bull” signal was triggered in February 2023, preceding a substantial rally in Bitcoin’s price. By July 2023, Bitcoin had surged to approximately $32,000. While there has been a cooling-off period since then, Bitcoin is trending above February highs at around $25,200, confirming the uptrend. Between April 2019 and May 2021, when a similar bull signal was printed, BTC soared by 6X, while the S&P 500 saw a more modest increase of 41%. Zeberg’s assessment, based on the BTC/SPX Ratio, suggests that Bitcoin–and other risk assets, by extension, can post strong gains in the months ahead. Will Bitcoin Fly To $200,000 This Bull Run? Whether this will be printed or not can only be speculated. Looking at the BTC/SPX Ratio, the indicator is lagging and doesn’t precisely capture market peaks or bottoms.  For instance, the last bear signal in May 2021 was months ahead before Bitcoin peaked in November 2021 and fell. Therefore, while the bull signal was recorded in early February 2023, it is unclear whether there will be another leg down before prices rise or bears press on, pushing the coin back to 2022 lows.  Related Reading: Cardano To Shed Its Gains? Profit-Taking Spikes To High Levels If buyers take control and the BTC/SPX Ratio indicator is correct, it is impossible to determine how high BTC will rise at current rates. If the last bull run is anything to go by, BTC may surge by 6X. In that case, BTC may rally and push beyond $200,000 in this bull cycle. Feature image from Canva, chart from TradingView

In the wake of a sideways XRP price action followed by a significant decline after Ripple’s legal victory against the US Securities and Exchange Commission (SEC), a new wave of speculation has emerged, fueled by the astrology-inspired tattoo sported by Ripple CEO Brad Garlinghouse.  Unveiled during a recent Ripple party held to celebrate the legal triumph on July 13, the tattoo has captured widespread attention, triggering discussions and conjecture about its potential significance. And as for any “announcement” that people are wondering about, tonight’s event is just a celebration…but I will share my recent addition: pic.twitter.com/q4THzsr4Fp — Brad Garlinghouse (@bgarlinghouse) September 29, 2023  Related Reading: Bitcoin News: Revival Of “Satoshi Nakamoto” Account Could Signal Slump In BTC Price? Ripple CEO’s Intriguing Tattoo Sparks Speculation The tattoo, prominently displayed on Garlinghouse’s arm, features a combination of intriguing symbols, including the XRP logo, moon, planets, rocket, and constellations.  XRP enthusiasts have been dissecting these elements in search of hidden messages and insights into Ripple’s long-term plans. Some interpret the tattoo as a bold statement of confidence in XRP’s prospects. In contrast, others delve deeper into its symbolism, particularly regarding the next anticipated XRP price surge date. Jeremy Hogan, a prominent lawyer supporting XRP, has taken on the role of decoding the tattoo’s cryptic meaning. According to Hogan, the tattoo’s elliptical shape represents the solar eclipse that will occur on April 8th, as observed from the coordinates 37°46′39″N 122°24′59″W.  Notably, this elliptical path intersects with the full “moon” when viewed from northern latitudes. Many within the XRP community have embraced this interpretation, considering it a potential indication of an upcoming bull run. Historical patterns in the cryptocurrency market are worth considering to bolster this hypothesis regarding a potential price surge on April 8 or in the first half of 2024. These patterns lend credibility to the notion that significant events, such as the Bitcoin halving, can influence market trends. In April, the next Bitcoin halving is expected, marking a reduction in the mining reward for Bitcoin. Past halving events have often coincided with notable price increases for Bitcoin, suggesting a potential positive impact on the broader cryptocurrency market. Moreover, another crucial factor that could propel XRP to new heights is the possibility of another legal victory against the US SEC. Such a win could restore confidence and open doors for further adoption and usage of the token.  Although the outcome remains uncertain, these developments contribute to an atmosphere of anticipation within the crypto community. XRP Price Struggles Below Key Moving Averages After experiencing a prolonged downward trend over the past three months, the price of XRP has now dipped below two critical levels: its 200-day and 50-day Moving Averages (MAs).  These MAs have proven to be significant obstacles to the token’s potential for future growth, suggesting the possibility of a retracement or consolidation phase below current price levels. Related Reading: Cardano To Shed Its Gains? Profit-Taking Spikes To High Levels XRP is trading at $0.5117, positioned below the 200-day MA of $0.5196 and…

A recent analysis by an analyst has painted a clearer picture of just how volatile the crypto market has been, especially for those who took their chances on lesser-known altcoins a few years back. The analyst studied the top 100 cryptocurrencies as they stood in December 2017 and found that the fortunes of these digital assets varied significantly over the past six years. Related Reading: Crypto Fund Flows: Bitcoin Leads As Solana Follows, But Why’s Ethereum Left Behind? From Prominent To Obscure: The Rise And Fall Of 2017’s Crypto Stars Six years in the financial world is relatively short, but it can seem like an eternity for the fast-paced crypto market.  An X (formerly known as Twitter) user named davanai shared his analysis of the top 100 cryptos in 2017, revealing some startling figures. Out of the top 10 cryptos, New Economic Movement (XEM) is the only one that has dropped out of the top 100 list. On the other hand, previous giants like Monero and Dash are teetering on the brink of exiting the elite group. Amid these declines, the twin towers of the crypto world, Bitcoin (BTC) and Ethereum (ETH), have held their positions at 1st and 2nd spot, respectively. XRP, among the most discussed cryptos in the 2017 bull run, has slipped only slightly to the 5th position. Cardano (ADA), too, while losing two spots, remains in the top ten. However, not all stories are of resilience. Populous Coin (PPT), once the 19th largest crypto, is now a shadow of its former self, trading at 99.97% below its all-time high. Distinguishing The Winners From The Losers Interestingly, the analyst classified 27 of the top 100 cryptocurrencies as “scams”. While this doesn’t directly confirm any deceit, these digital currencies have nearly vanished in terms of market presence and activity. Out of the top 100, just 21 achieved record highs during the initial three months of 2021, while 68 remain below their highest valuations from 2017 or “almost a scam,” according to the analyst. Research statistics: 🟢 5 of 20 are worth more than ATH 2021 ⚫ 27 of 100 SCAM project 🔴 68 of 100 are below ATH 2017 or almost a scam 🟢 21 of 100 updated ATH in 2021 🔴 79 of 100 will never update ATH — davanai👻 (@0xdavanai) October 2, 2023 On the brighter side, three altcoins have climbed up in their rankings since 2017. Binance Coin (BNB), Chainlink (LINK), and Dogecoin (DOGE) have defied the broader trend, proving that it’s not all doom and gloom in the altcoin world. Related Reading: Ethereum’s Price Vs. Bitcoin: Can Upcoming ETH Futures-Based ETFs Turn The Tables? The findings provide a cautionary tale for crypto investors. As the analyst pointed out, purchasing the top 100 cryptos would likely result in losses over time. As traditionally understood, diversification may not apply in the high-stakes world of crypto investing. • You should buy altcoins with a clear understanding of the situation, and not relying on luck • Don’t listen…

XRP price might have struggled to leave the $0.50 range over the last several months, even despite a victory in Ripple’s case with the SEC.  But all that could change in Q4 2023, as the fourth quarter of the year is historically the most bullish for the altcoin.  With this in mind, let’s dig into the data and see how Q4 stacks up against the historical performance of other quarters of the year. Plus, we’ll pin-point precisely which month is by far the most bullish of them all.  Q4 Performance Is The Best Historically For XRP Price XRP price at the moment is trading at around $0.51 after a fierce rejection following Ripple’s big win in the case against the SEC. The altcoin was promptly relisted on top cryptocurrency exchanges, but it hasn’t led to the demand necessary to sustain higher prices.  Related Reading: Select XRP Price Prediction for 2023, 2024, 2025, 2030 and Beyond XRP Price Prediction for 2023, 2024, 2025, 2030 and Beyond But that could change soon, now that Q3 is over and Q4 is here. The cryptocurrency is coming out of its worst quarter on average, so lack of performance isn’t too surprising. Q4, however, according to historical averages in performance across all quarters, is by far the most substantial.  Q4 on average has provided an average of 30% ROI. Right behind it is Q2, posting roughly 22% ROI. Q1 averages a modest 13%, while Q3 comes in last with only 6% on average. There’s no guarantee this data will translate into returns during this last quarter of the year, but seasonality and serial correlation are common in finance and cryptocurrencies.  Why It Could Take Til December For The Bull Run To Begin Unfortunately, October isn’t the beginning of a massive bull run the previous text makes it sound. While the data doesn’t lie — XRP price performs the best historically in Q4 on average, but Q4 represents October through the end of December.  On a month-by-month basis, October is actually the third worst month on average. If the same positive seasonality in XRP were to follow along the data’s projections accurately, then it would also suggest that October might be another month of pain and sideways for investors.  At an almost 12% gain in November on average compared to October’s 1.5% average decline, the second to last month of the year will turn things green. But even November isn’t quite the relief XRP holders would hope for. Related Reading: Bitcoin, XRP, & Ethereum: Three Top Coins On Brink Of Golden Cross That doesn’t arrive until December, which is by far and away the best month on average for XRP, with an 80% ROI on average. The one caveat, is that the majority of the returns occurred during the 2017 bull market, potentially skewing the results. Removing the outlier from the data would almost certainly change the results significantly. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io…

Over the last month, a number of XRP price predictions have dominated crypto headlines. Some of these predictions have been greatly exaggerated, but there have been some that have come up on the more realistic side. Whether or not these XRP price predictions have been probable, there are some merits to actually paying attention to them. XRP Price Predictions Signaling Investor Outlook Price predictions are not new to crypto and they can often be a way to gauge how investors, especially traders are looking at a cryptocurrency. In recent times, the focus has mainly been on the XRP price, and with most of the predictions being bullish, it indicates widespread bullishness across the community. Related Reading: Brace For Impact As $200 Million In Crypto Is Being Unlocked In October A good portion of this bullishness can be attributed to Ripple’s win over the US Securities and Exchange Commission (SEC) back in July. Following the ruling, the price of XRP jumped over 60%, reaching its highest point in a month. Even though the US SEC has contested Judge Analisa Torres’s ruling and filed an interlocutory appeal, it has not eliminated the long-term bullish outlook for the XRP price. This is because multiple legal experts have talked about the SEC’s interlocutory filing and the consensus has mainly been a low chance of success. Additionally, if Ripple were to emerge victorious in the interlocutory appeal as well, it would cement XRP’s status as a non-security. This would bolster the already renewed fate and signal the entrance of more institutional investors into the asset. XRP regains footing at $0.5 | Source: XRPUSD On Tradingview.com Looking At Some XRP Predictions Some XRP price predictions have been more realistic than others and those take precedence in this report. One of those is the 1,100% surge predicted by crypto analyst Dark Defender, who put the altcoin’s price at $5.85 in a couple of years. However, one analyst believes that the XRP price could rise as high as $25 following a 5,000% surge. While another analyst Oaksacorn put forward one of the most bullish predictions of XRP rising to reach the $250 level. Related Reading: LINK Price Primed For Meteoric Rise: Analyst Predicts 130% Rally To $18 For Wells Fargo Manager Shannon Thorp, XRP is primed for even greater heights. Thorp points to Ripple’s rising prominence in the cross-border payments sector and as the sector is expected to reach $250 trillion, she believes this could drive the XRP price to $500. All of these forecasts have varying timeframes for when the analysts expect them to play out. However, one thing they have in common is general bullishness toward the XRP price, especially when put into the perspective of long-term performance. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from CoinMarketCap, chart from TradingView.com

Bitcoin has observed a pullback in the past day, but these factors may imply that the cryptocurrency’s rally can continue. These Factors Could Suggest A Bullish Outcome For Bitcoin A couple of days back, Bitcoin had started observing some sharp upward momentum, and by yesterday, the cryptocurrency had managed to breach the $28,500 level. In the past day, however, the asset has registered a decline, falling below the $27,500 mark. While it’s uncertain whether the rally is over or not, some signs can be optimistic for the investors. As explained by the on-chain analytics firm Santiment, two positive developments have occurred related to Tether (USDT), the largest stablecoin in the cryptocurrency sector. The first indicator of relevance here is the “USDT supply on exchanges,” which measures the percentage of the total circulating supply of the stablecoin in the wallets of all centralized exchanges. Related Reading: Bitcoin MPI Forms Death Cross, End of The Rally? Here is a chart that shows the trend in this Tether metric over the past year: It looks like the value of the indicator has been heading up in recent weeks | Source: Santiment on X Usually, investors store their capital in the form of a stablecoin like USDT whenever they want to avoid the volatility associated with the other assets in the sector. Such investors generally plan to go back into the volatile side of the market eventually, though, as they would have instead gone for fiat if they didn’t. Once these holders feel the time is right to dive into Bitcoin and other coins, they trade their stables for their desired cryptocurrencies. Naturally, such a shift provides a bullish boost to whatever assets they buy using their stablecoins. Investors generally use exchanges for conversions like these, so the current supply on these platforms can be considered potential dry powder ready to be deployed into BTC and others. The graph shows that the Tether supply on exchanges had plunged to a low of 17.6% a few months back, implying that the available buying pressure from the stablecoin had run out. Interestingly, this low in June had occurred in the leadup to a sharp Bitcoin rally, implying that the plunge in the exchange reserve of the stablecoin was, in fact, because of it being converted into the asset, thus providing the fuel for the surge. However, the rally back then couldn’t be sustained, as BTC eventually faced a struggle. Related Reading: Cardano To Shed Its Gains? Profit-Taking Spikes To High Levels In the months since this low, USDT reserves have slowly built back up on exchanges, as 24.7% of the stablecoin’s supply is now sitting on these platforms. Unlike that previous rally, it would appear that this latest surge has a store of potential buying power available that may be deployed at any time. In the chart, Santiment has also attached the data for another metric: the combined supply of the ten largest Tether whales. It would appear that these humongous investors have also increased their…