87244
📱 #1 Source For Education on Crypto, Bitcoin, Trading & general News 🖥 NFTs & Metaverse -> @NFTs_DeFi 📩 DM For Enquiries/Business @SantosAdmin
💰 'Santa Rally' Could Propel Bitcoin to $56K by Year-End, Matrixport Says
One of the most famous sayings on Wall Street is that a bull market tends to stay in motion unless an external force acts upon it. Bitcoin (BTC) has historically lived up to the adage modeled along Sir Isaac Newton’s third law of motion and could do so again, rising as high as $56,000 by the end of the year, according to crypto services provider Matrixport. “If bitcoin is up at least +100% by this time of the year, then there is a +71% chance or five in seven that bitcoin would finish the year higher with average year-end rallies of +65%,". Bitcoin is trading above $35,000, representing a 114% on a year-to-date basis. The impressive gain could be attributed to several reasons, including spot ETF optimism, speculation the Federal Reserve’s liquidity tightening cycle has peaked and haven demand. The expected 65% price rise means bitcoin could trade above $65,000 by the year-end. The chart shows the historical performance of bitcoin in the first ten months and the final two months of the year from 2010-2022. “When bitcoin is up at least +50% by the end of October, there is, on average, a 78% chance that bitcoin will advance even more into year-end. Bitcoin rallied another +68% until year-end on seven of nine previous occasions. This analysis is based on thirteen years of bitcoin history,” Thielen noted.
🔍 More Crypto News
📣 Gate.io Withdrawal Issue Has Been Fixed After 6 Hours Idling
Gate.io withdrawal issue due to technical problem was resolved after 6 hours. The exchange will release 100% reserve certificates monthly to provide transparency and cover 100+ currencies. After several hours of troubleshooting, the fault was eliminated, and withdrawals were resumed. Users were assured that their previously submitted withdrawal requests would be processed normally without the need for cancellation or resubmission. Gate.io apologized for the inconvenience caused by the withdrawal lag. Gate.io, a Chinese cryptocurrency exchange, experienced a withdrawal lag for nearly 6 hours on November 2, 2023. During this time, users were unable to withdraw their coins. The exchange confirmed that it was a technical problem and worked on resolving the issue. The reserve certificates would cover more than 100 currencies initially and gradually expand to 1,000 currencies. Users were advised to pay attention to Gate.io’s 100% reserve landing page and their account reserve verification page for further information. Gate.io, with a long history in the cryptocurrency industry, offers a comprehensive range of services within its ecosystem. However, the recent withdrawal lag incident highlighted the importance of addressing technical issues promptly to maintain a seamless user experience on the platform.
🔍 More Crypto News
💰 Big market makers are in talks with BlackRock to provide liquidity for its proposed spot bitcoin ETF: CoinDesk
Big trading firms are in talks to provide liquidity for BlackRock's proposed spot bitcoin exchange-traded fund if it obtains regulatory approval, according to reporting from CoinDesk. Jane Street, Virtu Financial, Jump Trading and Hudson River Trading have reportedly been in talks with BlackRock about a market-making role to provide that liquidity, according to a BlackRock slide deck reviewed by someone familiar with the matter, according to CoinDesk. Market makers are necessary for ETFs in providing liquidity, matching buyers and sellers, and aiding in creating and redeeming those ETF shares. BlackRock and Jane Street declined to comment. Virtu Financial, Jump Trading and Hudson River Trading did not immediately respond to a request for comment. Virtu and Jane Street wrote in support of a separate proposal for a spot bitcoin ETF this past summer. "The bitcoin ecosystem is sufficiently robust to support a US-listed ETP," Jane Street wrote in a comment letter on Grayscale's proposal for its product. Bitcoin's value swiftly rose over the last few weeks following speculation around BlackRock's highly anticipated spot bitcoin ETF, which is still under review by the SEC.
🔍 More Crypto News
🇺🇸 SafeMoon fraud charges by SEC and Unregistered Crypto Offering
The charges stem from their involvement in an extensive fraudulent scheme related to the unregistered sale of the cryptocurrency security known as SafeMoon. SafeMoon fraud charges have been filed by the SEC against SafeMoon LLC, its creator Kyle Nagy, and its executives John Karony and Thomas Smith for the unregistered sale of the SafeMoon cryptocurrency. The SEC alleges that they promised to increase the token’s price but instead caused a market capitalization drop. David Hirsch of the SEC emphasized that unregistered offerings like SafeMoon lack necessary disclosures and accountability, making them attractive to scammers. The SEC’s complaint alleges that Nagy assured investors that funds in SafeMoon’s liquidity pool were secure and inaccessible, but significant portions were never locked and were misused for personal expenses. The SEC warns investors to be cautious as fraudsters often fail to deliver on promised profits. SafeMoon experienced a rapid price increase of over 55,000 percent in 2021, but the price fell by nearly 50 percent when it was revealed that the liquidity pool was not secure. Following this, Karony and Smith allegedly manipulated the market using misappropriated assets.
🔍 More Crypto News
🪙 Chainlink Data Feeds Are Now Live on Linea
Chainlink and ConsenSys’ Layer 2 network Linea has finally come to fruition, as Chainlink announced the launch of its revolutionary data solution, Chainlink Data Feeds, on the Linea platform. This recent development opens up a realm of possibilities for ecosystem developers, enabling them to harness the intrinsic scalability of Linea’s Ethereum-based zk-rollup. By leveraging this advanced infrastructure, developers can now build high-throughput Web3 protocols that are powered by Chainlink’s unparalleled oracle security and reliability. The integration holds immense promise for the creation of cutting-edge applications that offer users a sense of security and trust, essential for navigating the intricate world of web3. With the seamless integration of Chainlink Data Feeds into Linea, developers can now craft sophisticated applications that provide users with the necessary assurances to engage with the evolving landscape of web3 with confidence. This collaboration between Chainlink and Linea marks a significant step forward in the realm of blockchain technology, as it not only amplifies the capabilities of both platforms but also reinforces the notion of trust and security within the decentralized ecosystem. As the demand for robust and secure web3 applications continues to surge, the integration of Chainlink Data Feeds on Linea is poised to transform the way developers approach the creation of innovative and reliable decentralized solutions.
🔍 More Crypto News
💰 Bitcoin leads largest crypto funds inflow since July 2022, CoinShares says
Crypto funds saw the largest single-week inflow last week since July 2022, according to CoinShares data, with over $326 million coming in. Bitcoin-based funds led the way, taking 90% of the inflowing capital that totaled $296 million. CoinShares said the increased inflow was driven by rising optimism from investors that the Securities and Exchange Commission seemed poised to approve a spot bitcoin ETF. Although inflows were higher that they've been in recent months, CoinShares said the amount ranked as only the 21st largest on record. CoinShares analysts pointed to a "significant" inflow of $24 million into Solana last week. Month-to-date inflows for Sol-based funds totaled almost $70 million. The report added that although other altcoins saw positive net inflows, "this optimism did not include ether which saw another $6 million of outflows." Ether-based funds have seen a net outflow of over $10 million in the past month, and $125 million year-to-date. Bitcoin has retraced some of last-week's gains, down 1.2% in the past 24 hours. The world's largest digital asset by market capitalization was changing hands for $34,357 at 2:30 p.m. ET, according to CoinGecko.
🔍 More Crypto News
🟠 CME on the Cusp of Replacing Binance as Top Bitcoin Futures Exchange
The regulated Chicago Mercantile Exchange (CME) is climbing ranks on the list of largest bitcoin (BTC) futures and perpetual futures exchanges by open interest in a move reminiscent of the early stages of the 2020-21 bull run. With a notional open interest (OI) of $3.54 billion, CME is now the second-largest bitcoin futures exchange, up from the fourth position seen weeks ago, according to Coinglass. Notional open interest refers to the U.S. dollar value locked in the number of active or open contracts. Keeping the top spot is the offshore unregulated exchange Binance, with an open interest of $3.83 billion. That’s 8% higher than the CME. CME’s standard bitcoin futures contract is equivalent to 5 BTC, while the micro contract is sized at one-tenth of 1 BTC. The standard ether futures have a contract size of 50 ETH, while micro futures are equivalent to one-tenth of 1 ETH. Most open interest in offshore exchanges is concentrated in perpetual futures rather than traditional futures contracts. Perpetuals are futures with no expiry and use the funding rate mechanism to keep perpetuals in sync with the spot price. Per some observers, CME’s ascent is a sign of an institutional-led rally. Bitcoin has risen 27% this month amid lingering macroeconomic uncertainty and spot ETF optimism.
🔍 More Crypto News
🇬🇧 UK confirms plans to regulate crypto industry with formal legislation
The U.K. government on Monday confirmed plans to regulate the cryptocurrency industry, announcing in a consultation paper that it will look to bring in formal legislation for crypto activities by 2024. The government published its response to a consultation paper issued earlier this year, which outlined recommendations on regulating the crypto industry. In the Monday paper, the government said it intends to bring a number of cryptoasset activities under the same regulations that govern banks and other financial services firms. The government’s proposals include stricter rules for exchanges, custodians that store crypto on behalf of clients, and crypto lending companies. The U.K. also proposes stricter regimes for market abuse and cryptoasset issuance and disclosures. The government aims to introduce laws for the crypto industry before Parliament by 2024, according to the paper. The EU set out a clear framework for digital assets with its MiCA (Markets in Crypto-Assets) regulation, including a licensing process for crypto firms. The U.K. is further ahead in the process than other tech leading nations. Numerous bills are going through Congress, but the U.S. is far behind others when it comes to bringing about formal federal laws for the crypto industry.
🔍 More Crypto News
🇹🇭 Thailand’s Kasikorn Bank Buys Majority Stake in Satang Crypto Exchange for $103M
Thailand’s Kasikorn Bank, also known as K-Bank, said it has acquired 97% shares in the parent company of Satang crypto exchange, which has operated in the country since 2017. According to a filing, the deal has a valuation of 3.705 billion Thai baht ($102.8 million) and was done via a new K-Bank subsidiary called Unita Capital, which has a mandate to invest in digital assets companies. Once the deal closes, Satang will be re-branded to Orbix. The new company will also have three additional subsidiaries. The announcement comes a month after K-Bank launched a $100 million fund targeting web3, fintech, and AI. K-Bank’s rival, Siam Commercial Bank (SCB), is also making aggressive moves into web3 and crypto. “K-Bank is intensifying its efforts in the cryptocurrency sector, positioning itself alongside SCB. They are keen on offering a full spectrum of crypto services permitted in Thailand,” Udomsak Rakwongwan, a professor at Kasetsart University and the co-founder of FWX.finance, which K-Bank invested in, told CoinDesk. Rakwongwan said that K-Bank recently secured a crypto exchange license and is “actively pursuing the remaining licenses” for crypto in Thailand. He also noted that the Thai market is unique as it has a high level of institutional support.
🔍 More Crypto News
🇸🇻 Bitcoin-friendly El Salvador can become ‘Singapore of the Americas’ — VanEck adviser
El Salvador can follow Singapore’s lead and become a financial center in the Americas, according to Gabor Gurbacs, strategy adviser of investment management firm VanEck. “I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas,” Gurbacs explained in an Oct. 28 X (formerly Twitter) post. Gurbacs expects new capital investment and immigration to be the main drivers behind El Salvador’s increased economic growth over the next few years. Oct. 28 post by United States broadcaster and Bitcoiner Max Keiser, which was captioned “Move to #ElSalvador, The New Land of the Free.” Keiser, who now lives in El Salvador, listed Bitcoin and the U.S. dollar’s legal tender status, a clean-up of Salvadoran crime, great beaches and great coffee as some of the main reasons the Central American country should be on everyone’s radar. El Salvador’s status as an emerging economy became more prominent when Nayib Bukele was elected as the country’s president in June 2019. El Salvador’s sovereign bonds have outperformed many other emerging markets this year, yielding an eye-popping 70% return by August. It even caught the attention of JPMorgan and other large investment banks. Bukele and the El Salvador government made Bitcoin legal tender in September 2021.
🔍 More Crypto News
🟠 Binance's market share continues to decline amid rally
The recent surge in cryptocurrencies has injected fresh vigor and enthusiasm into an industry that had been severely impacted by FTX's collapse, regulatory scrutiny, and numerous bankruptcies. It certainly seems that way when I glance at my inbox. Companies that attracted substantial investments at staggering valuations in 2021-22, and remained conspicuously silent for much of 2023, are now expressing interest in participating in our podcast and sharing their insights on the market. Nonetheless, the sense of relief that bitcoin price cresting $35,000 brings to certain market participants might not be shared by others. Specifically, Binance, which has experienced a gradual decrease in its market share over the past year, comes to mind. According to data from The Block's data dashboard, its market share among exchanges that do not support USD has decreased from 74% in December 2022 to 50% this month. The slings and arrows underpinning the decline have been well-documented. Decrypt published a piece that outlines at least 16 executive exits, including Binance UK Head Jonathan Farnell, Binance.US's Brian Shroder, and the exchange's former chief risk officer Sidney Majalya.
🔍 More Crypto News
📈 Unlock a world of crypto insights at Charts | Signals & Trading with over 133,000 members. Discover technical analysis, swing, and scalp trades to elevate your trading journey. Don't miss out, join the channel now and become a part of this thriving community
/channel/+RS-e_5lUrDk3MThk
💰 Sam Bankman-Fried Started Buying Solana's SOL at 20 Cents Using 'Alameda Profits,' He Says at His Trial
Sam Bankman-Fried once infamously offered to buy all the Solana tokens he could for $3 each. On Friday, while testifying at his criminal trial, he revealed he'd actually started buying SOL much earlier in its history, at 20 cents apiece. SOL has been described as a "Sam Coin" due to its close association with Bankman-Fried. He and his companies invested heavily in Solana-based projects and assets, and evangelized its brand prior to FTX's collapse last November. The exchange's downfall wreaked havoc on the Solana ecosystem; the blockchain's community has been trying to shake his shadow ever since. Bankman-Fried's testimony amounted to an attempt by defense lawyer Mark Cohen to get his client to show that he did "due diligence" on investments he made while running FTX and Alameda, but federal prosecutor Danielle Sassoon "objection-ed" it down. SOL has been described as a "Sam Coin" due to its close association with Bankman-Fried. He and his companies invested heavily in Solana-based projects and assets, and evangelized its brand prior to FTX's collapse last November. Regarding how he paid for the investments, he said during questioning from his lawyer: "I believed the funds came from Alameda’s operating profits" as well as third-party lenders.
🔍 More Crypto News
🥇 Bitcoin Primed for 'Supply Shock' as Exchange Balance Drops to 5-Year Low, Analyst Says
Bitcoin's (BTC) supply has become increasingly constrained with exchange balances dropping to a five-year low and making the asset primed for a potential "supply shock," Matt Weller, global head of research at Forex.com, said in an interview with CoinDesk TV Thursday. The level of available bitcoin on crypto exchanges – liquid tokens investors can easily buy and sell – has dropped 2.3 million, its lowest reading since April 2018, Glassnode data shows. That's down from 2.6 million a year ago and 3.2 million at its peak in May 2020. Meanwhile, there's roughly 3 million tokens that haven't been moved in ten years, said Weller. That compares to the current overall supply of 19.5 million and bitcoin's maximum-ever supply of 21 million. "That's suggestive of a potential supply shock," Weller said. "With lower supply on the market, it only takes a small bump in demand to really drive prices higher at a rapid rate." Weller said that spot ETFs, unlike futures-based products, could "fundamentally alter the supply and demand picture" for bitcoin, making it available for a new set of investors. That's especially so now that bitcoin has regained its "uncorrelated asset" lure by decoupling from equities and rallying as U.S. stocks have entered correction territory, he added.
🔍 More Crypto News
🇹🇼 Taiwan officially proposes crypto bill with first reading passed at parliament
Taiwan officially proposed a draft crypto act for first reading today. "After the first reading of the bill, discussions on the regulatory framework for the virtual asset industry have progressed to the next stage," Yung-Chang Chiang, a member of the Legislative Yuan who jointly proposed the special act, told The Block. A proposal to regulate crypto assets passed the first reading at the Legislative Yuan, Taiwan’s parliament, according to official records. Taiwan’s FSC last month released guidelines for the crypto sector to form its own self-supervisory rules through a potential industry association, such measures lack legal enforceability, the lawmaker said. “In this case, under the authority of this special law, regulatory authorities can impose administrative penalties on operators who violate these self-regulation rules. Without such a special law, the regulators would lack the ability to impose penalties,” Chiang told The Block earlier this month at a parliament hearing. The special crypto law, proposed by Chiang and 16 other lawmakers, would require all crypto platforms operating in Taiwan to apply for a permit. If they failed to, regulators could order them to cease operations.
🔍 More Crypto News
💰 Solana Surges to 14-Month High; Sell Pressure Lingers as FTX Unstakes $67M Tokens
Solana (SOL) continued its remarkable rally Wednesday and hit a 14-month high price, but sell pressure may soon hit the market as FTX unstaked another $65 million of tokens after moving millions of SOL to crypto exchanges over the past few days. The seventh-largest cryptocurrency by market capitalization rose 17% over the past 24 hours, topping at $46, its highest since August 2022, before giving up some of its gains. The token widely outperformed the mostly range-bound crypto market. Solana's resurgence as one of the best-performing assets – up nearly 350% this year – has come as a surprise to many observers, defying concerns about its future after the collapse of Sam Bankman Fried's FTX crypto exchange and Alameda Research, big investors in the Solana ecosystem. Rising blockchain activity, a massive influx into SOL-focused digital asset funds and a recent tech upgrade helped the price recover, analysts said. Simultaneously, concerns about the FTX estate – now under bankruptcy protection – selling tokens en masse have proven so far to be overblown. However, a recent uptick in activity of FTX-owned crypto wallets over the last few days suggest that some selling pressure could hit the market soon.
🔍 More Crypto News
💰 65.5 Million MATIC Tokens Make Epic Journey to POL on Ethereum
21.co analyst Tom Wan recently shed light on significant developments in the cryptocurrency realm, highlighting a substantial migration of over 65.5 million MATIC tokens, representing 0.655% of the total MATIC tokens on Ethereum, to the Polygon (POL) platform. Wan’s insights, shared on the renowned platform X, underscore the growing momentum behind the migration of MATIC tokens, signaling a strategic shift within the cryptocurrency ecosystem. According to Wan, the migration process for MATIC tokens on the Polygon Proof-of-Stake (POS) network is set to commence in early 2024, with an estimated migration volume of approximately 1 billion MATIC. This forthcoming migration represents a crucial step in expanding the utilization and integration of MATIC within the Polygon network, fostering greater scalability and efficiency for transactions and decentralized applications (dApps) operating on the platform. As the cryptocurrency landscape continues to evolve, the migration of MATIC tokens to the Polygon network represents a pivotal milestone in the ongoing development and integration of blockchain technologies. With the insights provided by industry experts like Tom Wan, investors and stakeholders can gain a deeper understanding of the transformative potential.
🔍 More Crypto News
💰 Solana goes live on Google Cloud's BigQuery data analytics platform
Google Cloud has integrated Solana with its BigQuery data analytics service, making it easier to access Solana-based data and expanding support to its 20th blockchain network. First announced at Breakpoint 2022 in Lisbon, the inclusion of Solana into BigQuery aims to offer enhanced insights into the blockchain’s analytics, according to a statement. Solana support was expected to go live in Q1, Google Cloud web3 lead Nalin Mittal said at the time. “The team at Google Cloud was committed to doing this right before going live and therefore needed more time to finalize the dataset and make sure it captures a comprehensive overview of what is happening on-chain,” Solana Foundation executive director Dan Albert told The Block. “The Solana ecosystem is growing rapidly, generating new innovations, data and insights each day,” Albert said in the statement. “With this tremendous growth comes an increasing need for the Solana community and the web3 industry at large to have fast and easy access to the insights and data produced on our network, and we’re proud that the Foundation has helped Google Cloud make Solana more accessible, transparent and open.”
🔍 More Crypto News
🟠 Binance Ruble Payment Partnership Completely Terminates Amid Regulatory Challenge
Binance, one of the world’s leading cryptocurrency exchanges, is set to terminate its partnership with payment processor Advcash, also known as Advance Cash. This decision comes as part of Binance’s ongoing efforts to navigate regulatory challenges and increase compliance in its operations. The partnership, established in 2019, allowed Binance customers to deposit and withdraw Russian rubles, even from sanctioned Russian banks, through Advcash. However, recent developments suggest that Binance is now distancing itself from this arrangement. According to the Wall Street Journal, Binance informed a client of its decision through an email, though Advcash claims it has not received any official communication regarding the termination of the Binance ruble payment partnership. This move is in line with Binance’s strategy to discontinue associations with payment processors across Europe and the Americas amidst an investigation by the U.S. Department of Justice. The investigation centers on concerns related to money laundering, sanction evasions, and alleged fraud. Despite facing substantial regulatory hurdles and compliance challenges due to Western sanctions against Russia, Binance continued to serve Russian users until August 2023. The departure from the Russian market also saw top Russian executives leave the company in early September.
🔍 More Crypto News
💰 Bitcoin's page on Wikipedia sees highest views since June 2022 amid ongoing rally
Views for Bitcoin's Wikipedia page saw a surge in interest last week, jumping to the highest level seen since mid-2022. Bitcoin's Wikipedia page hit 13,490 pageviews on Oct. 24, according to The Block's Data Dashboard. Last week's price rally and promising news about the potential for approval of a spot bitcoin ETF likely spurred the increased viewership, according to The Block Research's Rebecca Stevens. "Bitcoin's recent rally and the potential for a spot ETF has people more interested in the asset," she said. Bitcoin's price rose above $35,000 on Oct. 23 for the first time since May 2022. The world's largest cryptocurrency by market capitalization has surged 13% over the past week and is up almost 29% over the past month. "The timing of spot bitcoin ETF approvals remains unclear but should happen within months and most likely before Jan. 10, 2024, the final deadline of Ark Invest and 21Shares applications," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote last week. "This is the earliest among the various final deadlines faced by SEC across spot bitcoin ETF applications." "The newfound interest can be shown in more casual ways, like more people visiting Bitcoin's Wikipedia page."
🔍 More Crypto News
📣 Bittrex U.S. Shutdown As Bankruptcy Plan Approved By Court
According to Reuters, Bittrex U.S. shutdown plan meets court approval after legal battle with SEC. Assets returned to customers, creditors paid in full. $143M withdrawn during bankruptcy. Crypto exchange Bittrex has received bankruptcy court approval to shut down its U.S. operations, following a legal battle with the U.S. Securities and Exchange Commission (SEC). The bankruptcy plan, approved by U.S. Bankruptcy Judge Brendan Shannon, allows Bittrex to wind down its operations and pay remaining creditors in full. Bittrex filed for bankruptcy protection in May after being charged by the SEC with operating an unregistered securities exchange. The company decided to close its U.S. operations and return assets to customers, reaching a $24 million settlement with the SEC in August. Unlike other bankrupt crypto companies, Bittrex did not have a funding shortfall and did not lock customers out of their accounts. The company’s non-U.S. operations based in Liechtenstein, known as Bittrex Global, are unaffected by the bankruptcy. Bittrex attorney Patricia Tomasco stated that customers had withdrawn approximately $143 million in crypto during the bankruptcy process. The shutdown of Bittrex’s U.S. operations marks the end of a tumultuous period for the exchange.
🔍 More Crypto News
📈 Unlock a world of crypto insights at Charts | Signals & Trading with over 133,000 members. Discover technical analysis, swing, and scalp trades to elevate your trading journey. Don't miss out, join the channel now and become a part of this thriving community
/channel/+RS-e_5lUrDk3MThk
🇺🇸 Do Kwon's Terraform Labs Seeks Early Court Rejection of U.S. SEC Case
Terraform Labs and its co-founder, Do Kwon, are asking a federal judge to side with them in the U.S. Securities and Exchange Commission (SEC) fraud case, arguing that the regulator hasn't managed to prove the crypto company was offering securities. "After two years of investigation, the completion of a discovery period that resulted in the taking of more than 20 depositions, and the exchange of over two million pages of documents and data, the SEC is evidentiarily no closer to proving that the defendants did anything wrong,". The $40 billion disaster at stablecoin issuer Terraform in 2022 marked a big first domino in a series of prominent crypto firms going under, and the company is now one of several crypto businesses currently fighting with the agency over core questions underpinning the digital assets industry. After the company's TerraUSD stablecoin (UST) and its Luna cryptocurrency collapsed, it faced SEC accusations that the company and Kwon sold unregistered securities in a massive fraud that cost investors billions. An earlier attempt to get the case dismissed outright was rejected by the court, with Rakoff noting the SEC made a "plausible claim" that Terraform had offered investment contracts, meaning the case would correctly have been within the reach of the agency's securities enforcement jurisdiction.
🔍 More Crypto News
💰 First Bitcoin ETF trades $1.5B as GBTC ‘discount’ echoes $69K BTC price
Bitcoin institutional investment vehicles are seeing a major volume boost as excitement over possible United States regulatory changes takes hold. Data from resources, including Bloomberg, showed Bitcoin exchange-traded funds (ETFs) and others nearing record weekly inflows. Hints that the U.S. might soon allow a Bitcoin spot price-based ETF have not only impacted BTC price action — the surrounding ecosystem has benefitted in kind. In addition to exchanges and mining firms, embattled institutional investment options are also seeing a resurgence in demand. As noted by Bloomberg senior ETF analyst Eric Balchunas, at least two household names saw “notable” volume in the trading week through Oct. 27. Among them was the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light in the U.S. in 2021. He noted that the stalwart Grayscale Bitcoin Trust (GBTC) fetched $800 million in volume, helping reduce its discount to the Bitcoin spot price to two-year lows. “That’s $2.5b (top 1% among ETFs) into two less desirable methods (vs spot) for exposure = while we think spot ETFs unlikely to set records on DAY ONE, clearly there’s an audience,” the X post concluded.
🔍 More Crypto News
🇺🇸 SEC Wants $770 Million From Ripple — Lawyer Says SEC Is 'Pissed and Embarrassed'
Crypto lawyer John Deaton detailed on social media platform X Wednesday that the U.S. Securities and Exchange Commission (SEC) is demanding a $770 million penalty from Ripple for violating securities laws. The SEC is pursuing this penalty after losing several legal battles against Ripple. Last week, the regulator dropped charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. Earlier this month, District Judge Analisa Torres rejected the agency’s bid to appeal her ruling regarding XRP. “What people need to understand is that the penalty phase is like a second case requiring more depositions, interrogatories, requests for production of documents, emails, bank statements, contracts, ODL [on-demand liquidity] transactions, etc.,” he explained. “I don’t expect a final judgment, issued by Judge Torres, until late summer, at the earliest. It literally could take a full year before an appeal is filed in this case.” The lawyer cited the case of LBRY, a blockchain-based file-sharing and payment network, in which the SEC initially sought $23 million from the company. He pointed out: “It took eight months of additional litigation before the judge ultimately issued a fine of $130K.”
🔍 More Crypto News
💰 SEC Considering 8-10 Spot Bitcoin ETF Applications, Says Chair Gary Gensler
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said Thursday that the regulator has eight to 10 spot bitcoin exchange-traded fund (ETF) applications under review. The SEC has not yet approved a spot bitcoin ETF, even though the agency has greenlighted several ETFs linked to bitcoin futures contracts. Gensler did not specify the eight to 10 spot bitcoin ETF applications the SEC is reviewing. However, based on public records, there are 12 spot bitcoin ETF applications pending review at the SEC. Other applicants include Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. The securities regulator has delayed all decisions on spot Bitcoin ETFs. Eight applications have the latest possible review dates in the first quarter of next year, and three have the latest review dates in the second quarter. The price of bitcoin soared earlier this week on speculation that Blackrock, the world’s largest asset manager, is close to launching its bitcoin ETF. Moreover, the U.S. Court of Appeals for the D.C. Circuit ordered the SEC earlier this week to reconsider Grayscale Investments’ spot bitcoin ETF application. Some analysts, including those at JPMorgan, are expecting the SEC to approve multiple spot bitcoin ETFs at once.
🔍 More Crypto News
🟠 Binance Appoints New Regional Head for Eastern Europe and Central Asia
Binance, the largest digital assets exchange by daily trading volume, has appointed Kyrylo Khomiakov as its new regional head for Central and Eastern Europe (CEE) and Central Asia. Until now he was Binance’s General Manager for CEE. Khomiakov will manage the company’s teams, focus on enhancing products and services and optimizing user experience to grow its business, a press release detailed. He will also oversee Binance’s marketing strategy and contacts with governments. “Having Kyrylo, who possesses a deep understanding of these local markets and plays an integral role in the Binance organization, taking responsibility for these regions is crucial. This appointment will ensure an effective allocation of our resources to uphold our position in this part of the world,” said Richard Teng, head of regional markets at Binance. Kyrylo Khomiakov joined the cryptocurrency exchange in January 2022 and was initially responsible for Ukraine before taking charge of the business in the entire CEE region. He will now lead Binance across 14 countries in both Central and Eastern Europe and Central Asia. “We’re focused on building a local presence in CEE and Central Asian countries.
🔍 More Crypto News
🆘 $720 Million Lost via 117 Hacking Incidents in Q3 of 2023
According to the latest Web3 security report by the blockchain security auditor Hacken, there were a total of 117 hacks in Q3 of 2023 while the value of funds stolen in this period topped $720 million. For context, there were 131 hacks in the preceding quarter yet only $327 million was stolen. The report added that the category’s average losses of tens of millions of dollars per incident again show that “the human factor remains the most exposed part of the crypto industry.” While the losses ($49.80 million) from rug-pull incidents are significantly lower than the $449 million lost via access control and reentrancy, the study data shows rug-pulling incidents as the most prevalent form of attack. “Another glaring trend is the prevalence of rug pulls – a type of exit scam characterised by a sudden withdrawal of liquidity, often accompanied by changes in tokenomics or the project’s smart contract. Understanding the anatomy of this scam is crucial because they make up most exploits this year. Despite the relatively low average check cashed by the malicious actors of $638,594, it’s one of the simplest scams to prevent,” the report stated.
🔍 More Crypto News
💰 Bitcoin dominance hits multi-year high as altcoins underperform
Bitcoin dominance has reached a multi-year high, according to The Block's data dashboard. The digital asset's market share has risen to 51.5% of the entire cryptocurrency sector, the highest level since April 2021. Bitcoin has posted more than two weeks of continuous rally, making gains of over 18% in the past week alone. It was changing hands for $33,909 at 1:30 p.m. ET, according to CoinGecko. In comparison, ether's weekly performance lags behind BTC, with a 13% increase in the past seven days. The latest surge in the bitcoin's dominance can be attributed to a year-long rally, with the cryptocurrency's price increasing by around 100% since the start of 2023. Institutional investors have been taking notice, as bitcoin's price has outperformed most equities and fixed-income securities. In a recent research note sent to The Block, CoinShares Head of Research James Butterfill described how the growth of bitcoin's dominance in the crypto market highlights that the spot ETF narrative is the driving force behind the price movement. "Investors have logically attempted to enter before the actual announcement, which seems increasingly likely," he added.
🔍 More Crypto News
✖️ DYdX Chain to distribute all network fees to validators and stakers
The dYdX Chain will allocate all accrued fees to its network validators and stakers, in addition to expanding the DYDX token’s capabilities on the version 4 platform. In a latest update, the dYdX Foundation confirmed the extended utility of the DYDX token in version 4, emphasizing its vital role in bolstering network security and governance. The token will be staked to network validators, and all protocol fees — including both USDC trading fees and DYDX-denominated gas fees. A spokesperson for the dYdX Foundation clarified that the chain’s security incentives would not rely on token inflation as seen in other blockchains; instead, it will be funded through fees collected in USDC and distributed to validators and stakers. The mechanism for fee distribution will be managed via the Cosmos x/distribution module, providing a efficient system for fee allocation on the network. This is to ensure fees are handed out more evenly among validators and stakers. Tokens will need to be staked to be used in the blockchain's governance system. Validators receive the voting power of tokens staked with them, unless the token owner decides to vote on a proposal themselves.
🔍 More Crypto News