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Coin Trading News: Essential source for crypto market news & analysis. Stay ahead with updates on Bitcoin and altcoins. Admin 📩 @nftmaxcoll"
💰 Riot Platforms Acquires Block Mining for $92.5M, Expands Hash Rate and Market Reach
The leading American Bitcoin mining company – Riot Platforms – has acquired the Kentucky-based firm Block Mining in a transaction valued at $92.5 million. The deal, announced on July 24, includes $18.5 million in cash from Riot’s reserves and $74 million in Riot common stock. Additionally, Block Mining could receive up to $32.5 million more, based on performance metrics through 2025.
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💰 Marathon Digital’s CEO hints at potential Bitcoin buys through convertible notes
Bitcoin miner Marathon Digital CEO Fred Thiel suggested that the firm could raise capital through convertible bonds to purchase more of the flagship digital asset in the future. This follows the firm’s recent purchase of $100 million worth of Bitcoin, raising its total holdings to over 20,000 BTC. This statement aligns with the firm’s promise to make periodic strategic acquisitions of the top crypto and adopt a full HODL strategy.
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🇪🇺 Ferrari to expand crypto payments for cars to Europe following US launch: Reuters
Luxury sports car giant Ferrari is set to expand crypto payment options to its European dealer network this month following its U.S. launch. The Italian firm will also extend the scheme to other dealers in its international network within countries where cryptocurrencies can be legally accepted, Reuters reported on Wednesday. Ferrari initially rolled out crypto payment options for its cars in the U.S. in October and had intended to expand to Europe in the near future.
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💰 Swan to cancel public listing and shutter Bitcoin mining unit following layoffs
Swan Bitcoin, the California-based, bitcoin-only investment platform, is rolling back its mining business revealed earlier this year, and canceling plans to go public, CEO Cory Klippsten announced on X. “Swan is unlikely to continue with our Managed Mining business in the near term. Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future,” Klippsten said.
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🏦 BlockFi repayments to creditors to begin this month through Coinbase
Bankrupt crypto lender BlockFi said in a post on X that it will begin interim crypto distributions through Coinbase in July. “The distributions will be processed in batches in the coming months, and eligible clients will receive a notification to the BlockFi account email on file,” the company said. It added: “Please note that non-US clients are unable to receive funds at this time due to the regulatory requirements applicable to them.”
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💰 Polygon plans to migrate MATIC to POL token on Sept. 4
Polygon is set to undergo a mainnet upgrade on Sept. 4, 2024, transitioning from its native token, to a new token with the ticker POL and fresh smart contracts, following community approval of the proposal. Post-upgrade, POL will replace MATIC to be the primary token for gas fees and staking within the network during the initial phase. POL is expected to maintain MATIC's existing tokenomics, distribution and total supply.
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🏦 Crypto advocacy platform founder Paul Brigner becomes head of Coinbase Institute
Paul Brigner has joined the crypto exchange Coinbase as head of Coinbase Institute. "At Coinbase, I will have the chance to expand the Institute’s scope, driving thought leadership through research and close collaboration with a diverse technology policy community, including industry partners, think tanks, academic institutions, trade associations, advocacy organizations, and more," Brigner wrote on the social media platform X.
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💰 Bitcoin Surpasses $60K After 11 Days: Price Boost Follows Trump Assassination Attempt
The price of bitcoin climbed 2.7% over the past 24 hours, reaching an intraday peak of $60,423 per token. For over a week, BTC remained below the $60,000 mark. However, on Sunday morning at 4 a.m. EDT, it surpassed this threshold for the first time in 11 days. The price of bitcoin (BTC) exceeded the $60,000 threshold on Sunday, following a price boost triggered by the assassination attempt on former President Donald Trump. Over the past day, the global crypto market cap grew by 2.2%, reaching $2.21 trillion.
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🟠 Binance Seeks to Reduce Stake in Operator of South Korean Crypto Exchange Gopax to 10%
Binance is reportedly seeking to reduce its stake in the South Korean crypto exchange Gopax’s parent company, Streami, to approximately 10%. Binance’s mooted sale of the stake to Megazone comes just over a year after Binance acquired the controlling stake. The exchange needs to offload the stake well before the August 11 deadline for reporting changes related to renewing real-name accounts.
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💰 6% of Bitcoin nodes running outdated software vulnerable to exploits
Bitcoin Core developers have historically disclosed just 10 vulnerabilities affecting older software versions, as reported by Bitcoin Optech. The vulnerabilities, fixed in more recent releases, could have allowed various attacks on nodes running outdated Bitcoin Core versions. The vulnerabilities are relevant given that Bitcoin Core developers recently introduced a new security disclosure policy to improve transparency and communication regarding vulnerabilities.
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🇺🇸 CFTC Chair Pushes for Federal Legislation to Regulate Bitcoin and Ether as Commodities
During his Senate testimony, the chairman of the Commodity Futures Trading Commission (CFTC) emphasized the necessity of federal legislation to regulate digital commodities such as bitcoin and ether. Citing market volatility and fraud, the chairman advocated for expanded regulatory powers to safeguard investors and maintain financial stability. He also referenced a recent court ruling that reaffirmed the status of the two largest cryptocurrencies as commodities.
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📣 BitMEX pleads guilty to violating the Bank Secrecy Act in anti-money laundering case
Crypto exchange and derivative trading platform BitMEX pled guilty Wednesday to violating the Bank Secrecy Act, according to a statement from the U.S. Attorney for the Southern District of New York, saying that BitMEX willfully failed to establish, implement, and maintain an adequate anti-money laundering program.
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🪙 Circle’s USDC Emerges as Top Beneficiary of EU’s Push for Compliant Stablecoins
The MiCA regulation has created an increased demand for compliant stablecoin, with Circle’s USDC emerging as a primary beneficiary of the trend. In its latest report, Kaiko revealed that non-compliant stablecoins account for 88% of the total stablecoin volume, at present. But Europe’s Markets in Crypto-Assets Regulation (MiCA), which was implemented on June 30, is expected to change this dynamic, resulting in market makers favoring compliant stablecoins over non-compliant alternatives.
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📊 Cryptocurrency is growing. Bitcoin has gained 4% over the past 24 hours, Ethereum has gained 6%, and altcoins from the top 100 have grown more significantly.
📈 Growth leaders: BONK +24%, TIA +20%, SEI +17%, PEPE +15%, ENA +13%.
There are no falling assets.
Fear and greed index 27.
🤝 @Cryptocurrency_Inside ✅
🪙 Ethereum Team Lead Péter Szilágyi says he feels 'Ethereum is losing the plot'
Ethereum Team Lead Péter Szilágyi expressed concerns about the direction of the blockchain network Ethereum. Szilágyi's view involved the Ethereum PeerDAS proposal, which would, among other changes, increase the size of Ethereum blobs to 32 MB. Szilágyi argues that the PeerDAS upgrade would hinder home stakers, typically those with simpler computing setups, from participating in the Ethereum network — which goes against the decentralized ethos of the blockchain.
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💰 MARA purchases $100 million worth of bitcoin, holdings surpass 20,000 BTC
Bitcoin miner MARA, recently rebranded from Marathon Digital, announced on Thursday it has purchased an additional $100 million worth of bitcoin. The acquisition brings MARA’s balance sheet holding to more than 20,000 ($1.3 billion) — nearly 0.1% of bitcoin’s total 21 million supply, according to a statement shared with The Block.
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🏦 Mt. Gox creditors start receiving bitcoin and bitcoin cash on Kraken
Creditors of the collapsed crypto exchange Mt. Gox have begun receiving bitcoin and bitcoin cash transfers on the crypto exchange Kraken, according to a Telegram group of Mt. Gox creditors. The Block also confirmed one payout with a source. The payout comes after Kraken received 48,641 BTC, valued at over $3 billion, from the Mt. Gox Rehabilitation Trustee on July 16 to disseminate to creditors, The Block previously reported. The exchange expected creditors to retrieve their funds within one to two weeks.
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🚨 WazirX halts trading following $230 million exploit, offers bounty for recovered funds
Cryptocurrency exchange WazirX has halted trading across its platform as it deals with the fallout from a recent exploit, which saw $230 million drained from its wallet as the result of a private key compromise on July 18. "The cyber attack theft has impacted our ability to maintain 1:1 collaterals with assets, and we've temporarily paused trading," WazirX wrote in an announcement post on X.
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🪙 Vertex CEO says altcoins could benefit from spot Ethereum ETFs going live
The anticipated launch of Ethereum spot exchange-traded fund (ETF) trading on Tuesday may not been priced in, and the market could be caught off guard by an upward price swing by ether, an analyst said. "Given the turmoil and lack of clarity around the launch of spot Ethereum exchange-traded funds, it feels like the market is not fully pricing in the impact of ETFs and that we could easily see gains of 25% plus," Darius Tabai, CEO of orderbook DEX Vertex Protocol and former Merrill Lynch & Credit Suisse trader, told The Block.
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🪙 BlackRock sets 0.25% fee in latest round of amended forms as firms gear up to launch spot Ethereum ETFs
Asset management giant BlackRock set its fee at 0.25% for its spot Ethereum product as firms file amended forms ahead of an expected launch date next week. BlackRock said it could "waive all or a portion" of the fee for certain periods of time, according to an amended S-1 registration statement filed on Wednesday. The firm also said it would wave a portion of the fee, bringing it down to 0.12% for a year after listing and for the first $2.5 billion in assets.
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💰 Kraken receives bitcoin from Mt. Gox Trustee, payouts anticipated in 7-14 days
Crypto exchange Kraken has received a pair of bitcoin and bitcoin cash transfers from the Mt. Gox Rehabilitation Trustee. Kraken appeared to write in an email to clients, according to a screenshot posted in the Mt. Gox creditors Telegram group. “While we will work to distribute funds as quickly as possible, please anticipate 7-14 days for funds to be credited to your account. The amount you will receive has been determined by the Trustee, and we will distribute according to their instructions.”.
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🪙 Tether taps Chainalysis' former Chief Economist to help communicate with regulators and stakeholders
Tether announced the appointment of Philip Gradwell — who previously spent six years at Chainalysis as the blockchain analytics firm’s Chief Economist — as the stablecoin issuer’s Head of Economics. Gradwell's responsibilities will include "quantifying the Tether economy and communicating the ways Tether is used to regulators and stakeholders," according to a press release.
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🏦 Judge Criticizes Coinbase’s Attempt to Subpoena SEC Chair Gary Gensler
In a July 11 hearing, Judge Katherine Polk Failla expressed skepticism about Coinbase’s efforts to subpoena SEC Chair Gary Gensler in the ongoing SEC case against the cryptocurrency exchange. As detailed by Inner City Press, the hearing showcased Coinbase’s persistent efforts to acquire Gensler’s communications, including statements made before he became SEC Chair in 2021.
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💰 Bitcoin miner Bitfarms sets vote date on Riot's attempted takeover step
Bitcoin miner Bitfarms has set Oct. 29, 2024, as the date for a special meeting of its shareholders to vote on reconstituting its board of directors following Riot Platforms’ requisition for the meeting on June 24. Bitfarms shareholders as of the record date of Sept. 26, 2024, are entitled to vote at the meeting, the firm said in a statement on Friday, but are not required to take any action at this time.
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🇺🇸 SEC drops its investigation into BUSD stablecoin following probe into Paxos
The U.S. Securities and Exchange Commission has said it does not plan to recommend an enforcement action against Paxos following a probe into stablecoin Binance USD. Paxos said it received a "formal termination notice" on July 9, which said the SEC would not recommend enforcement against the firm in the investigation of BUSD. Fortune first reported the news.
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💰 Bitfinex says bitcoin prices may have bottomed and are beginning to stabilize
Derivatives market indicators suggest that bitcoin prices are stabilizing after the heightened price fluctuations of the past seven days, analysts said. Last Wednesday, bitcoin prices dropped below their 120-day range, reaching a local low of $53,219, as the market reacted to fears of selling by both the German government and Mt. Gox creditors. Since then, the largest digital asset by market capitalization has climbed back above the $57,000 mark, but not without a spike in daily price volatility.
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🏦 Coinbase Ventures invests in Ampleforth's flatcoin technology, SPOT launches on Base
Coinbase Ventures, the corporate venture capital arm of crypto exchange Coinbase, has invested $1 million in a strategic funding round for Ampleforth Foundation’s decentralized low-volatility commodity money, SPOT. “SPOT is the culmination of five years of research and development by our team, and it fulfills our vision for using blockchain technologies to create a ‘better money’ rather than replicating dollars onchain,” Fragments CEO Evan Kuo said in a statement shared with The Block.
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