Bitcoin rose above the $28,000 level on Monday, as bullish sentiment returned to start what many are calling the month of “Uptober.” The global crypto market cap was also considerably higher in today’s session, up nearly 3% as of writing. Ethereum remains above $1,700. Bitcoin Bitcoin (BTC) started the month trading above the $28,000 level, […]

In the world of cryptocurrencies, the emergence of Shiba Budz (BUDZ) has sparked a notable revolution in the realm of decentralized gaming. This development is characterised by the innovative use of blockchain technology to enhance gaming processes and establish secure on-chain marketplaces, creating a foundation for transparent and secure transactions. The central goal of this […]

After the FTX hacker transferred 5,000 ethereum (ETH) valued at $8 million in purloined assets, the cybercriminal shifted an additional 25,000 ether, totaling $43.15 million. Yet, even after relocating tens of millions of dollars in ethereum, the FTX wallet drainer still holds a whopping 155,749 ETH, currently valued at slightly above $268 million. FTX Hacker […]

Bitcoin cash rose to a multi-month high to start the week, as traders pushed the cryptocurrency above a key resistance level. The move came on the heels of the “Uptober” trend, and ahead of a big week of U.S. economic data, headlined by the nonfarm payrolls report. Solana rose to its highest level since mid-August. […]

PRESS RELEASE. token.com, the mobile app for discovering the most important projects in the token universe, is listing Bitcoin.com’s VERSE token. VERSE is heading to token.com. Bitcoin.com’s native rewards and utility token will be the next project to go live in token.com’s mobile app. token.com is the easiest way to discover promising projects in the […]

Grayscale Investments, the largest digital asset fund manager by assets under management (AUM), has filed to convert its Ethereum Trust into a spot ether exchange-traded fund (ETF). The news follows ether futures ETFs from Vaneck, Bitwise, and Proshares launching on Monday. Grayscale’s Ethereum Trust on Path to Become Spot Ether ETF On October 2, 2023, […]

This week, the renowned writer of “The Big Short,” Michael Lewis, has embarked on an extensive promotional campaign for his latest literary endeavor, chronicling the turbulent odyssey of Sam Bankman-Fried, the beleaguered co-founder and former CEO of FTX. Dubbed “Going Infinite: The Rise and Fall of a New Tycoon,” the tome delves into various chapters […]

Following his conviction for unlicensed money transmission, money laundering, and tax evasion at the close of December 2022, Keene dweller, libertarian activist, and Free Talk Live co-anchor, Ian Freeman has been sentenced to eight years behind bars this Monday. His fellow Free Talk Live co-host, Mark Edge, explained that an appeal is poised to trail […]

The U.S. Securities and Exchange Commission (SEC) and several other top financial regulators have issued several warnings regarding investing in crypto assets as part of this year’s World Investor Week. “The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant,” the regulators stressed. Crypto Warnings […]

Bitcoin Policy UK has urged the British government to review Chase Bank’s policy to decline all crypto payments. “It is, of course, the stated policy of this Government that the U.K. become a crypto asset hub, but it is hard to square this policy aim with the actions of this U.K.-regulated bank,” the crypto advocacy […]

New court documents reveal that the US government frames the use of blockchain analysis countermeasures as “criminal”.

Musk's comment adds fuel to the ongoing debate about the role of Bitcoin in challenging traditional financial systems.

From “The Withdrawal Issue”, Max Keiser takes readers on a 1980s fiat noir adventure in New York City, chronicling the exuberant high of the bull market pumped up with freshly printed cash.

The nature of Bitcoin as a digital asset makes it impossible to fit 1:1 into the framework of property as we know it. One can possess Bitcoin, but not truly own it in the conventional sense.

A new post from Bitcoin Historian Pete Rizzo shows Julian Assange has long had a deep and profound view on how the financial technology will impact humanity.

Bitcoin and crypto exchange Coinbase has been approved for a payment institution license (PMI) from the Monetary Authority of Singapore.

To many Bitcoin believers, the unjust sentence for Silk Road creator Ross Ulbricht remains a miscarriage of justice. Will the next U.S. president agree?

Ant (TimechainStats) and TC (Timechain Calendar) both pitched in together to make BTCPay Button integration into React applications as simple as drop in and go.

10 years since his arrest, Ross Ulbricht may be behind bars, but his story continues to shape the Bitcoin and internet freedom movements.

Explore the world of Central Bank Digital Currencies (CBDCs) and delve into the backstage of Bitcoin with Cynthia Lummis.

Casey Rodarmor, the creator of Ordinals, recently released a proposal for the Runes protocol. Will this actually lead to sustainable protocol development, or will the frogs make a mess again?

Discover the revolutionary Lightning Network and how it is propelling Bitcoin to new heights of scalability and efficiency in the latest episode of Bitcoin Backstage.

Join the Bitcoin Policy Institute and the Cornell Brooks Tech Policy Institute for a panel discussion on the fascinating insights of Daniel Flatley, Sarah Kreps, Chris Meserole, and Matthew Pines on the intersection of strategic competition and digital currencies.

As traditional financial institutions look at proper Bitcoin integration into their services, the importance of reliable and secure infrastructure becomes clear.

Bitcoin's transformative potential is driving growing optimism in developing countries despite the bear market, reveals Block’s new survey.

Three fund managers have advanced to the final stage in competing for $1 million in seed funding for their fund to generate alpha in the bitcoin market.

From “The Withdrawal Issue”, Whitney Webb discusses how Bitcoin and financial privacy have fallen into the crosshairs of governmental agencies and NGOs including the World Economic Forum.

Shinobi’s Strawman is a weekly series where our Technical Editor Shinobi challenges the Bitcoin community, aiming to stir up conversation around heated technical debates.

NBA Champion Matthew Dellavedova has joined Swan Bitcoin as Vice President of Business Development.

Cursed inscriptions have created a large technical debt for Ordinals and Inscription developers to handle. The debate on how to address the problem is currently a matter of contention for users.

If consuming available energy is directly correlated with a growth in GDP, Bitcoin mining is the perfect companion to help our energy grids and our economy.

An event at the National Press Club today will find the topic of Bitcoin and its geo-political impacts taking center stage.

The new grants focus on furthering worldwide Bitcoin education, Core development, DLCs, ecash, and financial aid for developers from repressive regimes.

The bipartisan, letter signed by representatives Tom Emmer, Mike Flood, Ritchie Torres, and Wiley Nickel, emphasizes the urgency of expanding access to Bitcoin investment options.

The creator of Ordinals proposes a new fungible token protocol to replace BRC-20, designing it to be more efficient with blockspace and more Bitcoin-like.

Increasing energy availability for production is not enough to stimulate GDP growth, that energy must actually be consumed and put to use.

The round was led by Ten31, with participation from Axiom BTC, Bitcoin Magazine Fund, Timechain, and Bitcoin Opportunity Fund.

The institutional Bitcoin asset management sector could swell to a $650 billion industry within the next five years, a new Alliance Bernstein report finds.

As seen in “The Withdrawal Issue”, Cashu allows the use of ecash on Bitcoin, empowering ordinary users to operate a mint that is connected to the Lightning Network.

With an OP code arguably simpler than CTV, Actuaries could trustlessly solve the problem of everyone needing to be online to update a channel factory.

As Bitcoin builds support in a range and looks to break out on bullish fundamentals, the recent dollar rally might derail the momentum. That, as well as an FOMC preview and long term forecast.

Cryptographer and entrepreneur Adam Back has issued new comments suggesting he sees a future where Bitcoin replaces gold in financial markets.

For over a decade the sources of energy production have become highly politicized to the detriment of the average citizen and energy consumer.

MicroStrategy has added 5,445 more BTC to its corporate treasury, bringing its total corporate treasury holdings to above 158,000.

Guatemala's Supreme Election Tribunal is using bitcoin timestamping to detect fraud attempts in the country's presidential elections.

The story of a traditional Lyonnaise bouchon encouraging Bitcoin adoption in a very French way.

Every Bitcoin user has very different reasons for using Bitcoin in the first place. That is something that everyone should consider when trying to orange pill new users.

A high level overview of how Bitcoin wallets have evolved over the years.

Welcome to Bitcoin banking and the ecash revolution.

The discussion will delve into crucial topics around the use of digital currencies and security implications of a CBDC.

UTXOracle offers a way to derive the approximate fiat price of Bitcoin in a trustless way utilizing only your full node and a single script.

Morgan Creek Capital CEO believes a spot Bitcoin ETF "will be approved sometime around year end."

Ben Arc goes through what is being done with the domain, and a history of his involvement with the Nostr protocol.

Prince Philip sits down to discuss his vision for nation state Bitcoin adoption, and the role he has been playing in bringing that to fruition.

Using the UTXO set to calculate a bitcoin price.

Popular podcaster Joe Rogan officially first mentioned Bitcoin 10 years ago, a milestone the underscores its incredible price appreciation.

Shinobi’s Strawman is a weekly series where our Technical Editor Shinobi challenges the Bitcoin community, aiming to stir up conversation around heated technical debates.

Willem Schroe, founder of Botanix Labs, discusses the reasons why his company is working on a decentralized second layer to bring the Ethereum Virtual Machine (EVM) to Bitcoin.

The United States Securities and Exchange Commission (SEC) has announced a delay in its decision on several proposals for spot Bitcoin exchange-traded funds (ETFs). The affected applicants include financial giants like BlackRock, Invesco, Bitwise, and Valkyrie.

SEC Postpones Review of Bitcoin ETF Proposals

The SEC's decision to postpone the review process occurred two weeks ahead of the scheduled second deadline. It was originally arranged for October 16-19. Analysts suggest that these delays are directly tied to the looming threat of a government shutdown in the United States. It is expected to occur on October 1 if Congress fails to pass the necessary funding bills.

The ongoing deadlock in Congress over these bills has created a unstable situation for federal agencies, including the SEC. Bloomberg ETF analyst James Seyffart anticipated that similar delays will impact applications from Fidelity, VanEck, and WisdomTree.

BREAKING: 🇺🇸 BlackRock Spot #Bitcoin ETF decision was just delayed by SEC.Gary gonna get a phone call... 😅 pic.twitter.com/AXc6CMbmqD

— Bitcoin Archive (@BTC_Archive) September 28, 2023

SEC's Ultimatum: Mid-March Deadline for Bitcoin ETF Decisions

In late August, the SEC already delayed a group of spot Bitcoin ETF applicants as the initial cutoff point approached. The affected companies are now facing a third set of deadlines around mid-January, which could potentially be extended as well. The SEC's ultimate decision on the ETFs must be made by mid-March at the very latest.

Eric Balchunas, an ETF analyst at Bloomberg, has revised his predictions for the approval of a spot Bitcoin ETF. In late August, he estimated a 75% probability of approval by the end of 2023, which is up from an earlier estimate of 65%. Balchunas attributed this increased likelihood to the U.S. Court of Appeals Circuit's decisive ruling in favor of Grayscale in its legal battle against the SEC.

Balchunas has now raised his odds to a staggering 95% for approval by the end of 2024. This latest delay by the SEC may be seen as a sign that regulatory clarity and approval for spot Bitcoin ETFs in the United States is increasingly likely in the near future.

Market participants and cryptocurrency investors will continue to watch closely as developments unfold in both the SEC's decision-making process and the ongoing negotiations in Congress. It has the potential to significantly impact the fate of these highly anticipated Bitcoin ETFs.

This article was written by Tareq Sikder at www.financemagnates.com.

Few events have had the same impact as the demise of Mt. Gox, the world's largest Bitcoin exchange. The 2014 fiasco left hundreds of investors reeling as the exchange declared bankruptcy amid charges of theft and incompetence, culminating in the loss of an astounding 850,000 Bitcoins.

Years later, a complex process of restoration and reparations is begun, giving many who lost their valuables a glimpse of optimism.

Mt. Gox's Rise and Fall

Mt. Gox, which stands for "Magic: The Gathering Online Exchange," began as a trading network for collectible cards. However, its founder, Mark Karpeles, realized Bitcoin's potential and converted the exchange into a cryptocurrency trading hub. Mt. Gox handled more than 70% of all Bitcoin transactions worldwide at its peak.

Despite its early success, Mt. Gox had escalating problems, including security breaches and mismanagement charges. The most severe setback occurred in early 2014, when the exchange revealed the loss of 850,000 Bitcoins, which were worth around $450 million at the time. This significant loss resulted in insolvency and a later bankruptcy petition in Japan.

Mt. Gox Extends Deadline for Civil Rehabilitation Plan, Leaving Creditors in Limbo

Mt. Gox has pushed back its civil rehabilitation plan deadline to March 31, 2024, from the original October 15, 2023. This plan outlines how the remaining assets, which now hold a substantial value in bitcoin's surge, will be allocated to creditors who lost funds during the exchange's notorious hack, where around 850,000 bitcoins (approximately $450 million at the time) vanished.

The delay is attributed to legal disputes with some creditors and the complexity of asset allocation, with many creditors not yet agreeing to the proposed plan. While interim payments may occur before 2024, uncertainties loom large.

Technical difficulties emerge in the distribution of bitcoins to creditors worldwide. Claim submissions and valid bitcoin addresses present hurdles, while some creditors prefer cash, requiring conversions and transfers.

Bitcoin's volatility poses risks, as the repayment plan assumes price stability or growth. A significant price drop could render assets insufficient to cover claims, and mass creditor bitcoin selling might affect the market.

The Tokyo District Court holds the final decision on asset distribution, leaving creditors waiting for updates amid an enduring Mt. Gox saga.

Rehabilitation Procedures

Following the declaration of bankruptcy, Japanese authorities launched a legal procedure known as "civil rehabilitation." The goal of this approach was to liquidate Mt. Gox's remaining assets and distribute the proceeds to creditors in a more equitable manner than typical bankruptcy processes.

The management of Bitcoin claims is one of the key differences between civil rehabilitation and bankruptcy. Creditors would have received their claims in Japanese Yen at the 2014 Bitcoin price, drastically underestimating their losses owing to the subsequent price spike. Civil rehabilitation, on the other hand, allows creditors to receive their claims in Bitcoin, protecting the value of their investments.

The Path to Repayment

The road to repayment has been riddled with legal difficulties and delays. Significant progress, however, has been made:

The Rehabilitation Plan has been approved.

The Tokyo District Court accepted a restoration plan in March 2019, marking an important milestone. This plan defined the procedure for repaying creditors and dispersing Mt. Gox's remaining assets.

Bitcoin Redemption:

A significant amount of Bitcoin owned by Mt. Gox has been retrieved as part of the rehabilitation process. These reclaimed assets serve as the foundation for creditor repayments.

Filing Claims:

Creditors were compelled to submit claims in order to enforce their repayment rights. Creditors could specify the amount of Bitcoin due to them during the claims procedure.

Current Legal Proceedings:

Legal processes are still ongoing to handle lingering concerns and disputes concerning creditor claims and asset distribution.

Repayments to Creditors

The payback procedure consists of several steps:

Report of the Trustees:

The court-appointed trustee for Mt. Gox's bankruptcy estate, Nobuaki Kobayashi, produced a series of papers documenting the rehabilitation process, the status of creditor claims, and the estimated worth of assets.

Distribution on a pro rata basis:

Pro rata distribution is a critical component in the payback process. This means that depending on the total assets available for distribution, all accepted creditor claims will get the same percentage of their approved claim amount.

Claim Evaluation:

The trustee evaluates and analyzes creditor claims in consultation with legal and financial professionals. This procedure ensures that legitimate claims are recognized and creditors are fairly addressed.

Distribution of Bitcoin:

Creditors who made successful claims will be paid a portion of the seized Bitcoin assets. The payout will be made in Bitcoin, ensuring that the value is preserved at the moment of distribution.

Controversies and Obstacles

The reimbursement process for Mt. Gox has not been without its difficulties and disputes. Some critical issues are as follows:

Claims in Controversy:

Some creditors have challenged the assessed worth of their claims, resulting in legal battles and delays in the distribution process.

Timing:

The procedure has taken longer than expected, causing dissatisfaction among creditors who have been waiting to retrieve their assets for years.

Market Influence:

The distribution of a large number of Bitcoin could have an influence on cryptocurrency markets, raising concerns about price volatility.

Implications for Taxation:

Creditors may incur tax consequences depending on when and where they distribute their Bitcoin. These tax considerations differ depending on the jurisdiction.

The Mt. Gox Future

The bitcoin community is keeping a close eye on the payback procedure. The end of Mt. Gox's civil rehabilitation will be a watershed moment in the history of cryptocurrency exchanges and investor safety.

While there is some hope that assets will be returned to creditors, many questions remain. What impact would the distribution of a significant number of Bitcoin have on the broader cryptocurrency market? What can be drawn from the Mt. Gox saga to avoid such incidents in the future? These inquiries highlight the importance of strong security safeguards, transparency, and regulatory supervision in the bitcoin business.

As the legal proceedings continue, Mt. Gox creditors remain optimistic about resolving this long-standing dispute. The Mt. Gox saga should serve as a wake-up call to both investors and cryptocurrency exchange operators, emphasizing the significance of trust, security, and accountability in the fast evolving world of digital assets.

Lessons Discovered

The Mt. Gox debacle teaches the bitcoin sector numerous lessons:

• Security is critical: To secure user dollars and data, exchange operators must emphasize strong security measures.
• Oversight and Regulation: Regulatory frameworks and control are critical for protecting investor interests and preserving market integrity.
• Transparency: Transparent communication with users is crucial for retaining confidence, especially during times of crisis.
• Legal Proceedings: Civil rehabilitation, for example, can give a fair and equitable way of settling complex financial concerns.
• Caution to Investors: When selecting bitcoin exchanges and platforms, investors should use caution and due research.

The outcome of Mt. Gox's civil rehabilitation will define the future of bitcoin creditor repayments. It demonstrates the cryptocurrency community's tenacity, as it continues to evolve and adapt in the face of challenges and uncertainties.

This article was written by Pedro Ferreira at www.financemagnates.com.

San Francisco-headquartered crypto exchange Coinbase (Nasdaq: COIN) has strengthened its Southeast Asian presence by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

Coinbase's Ambitions for Singapore

Announced today (Monday), the crypto exchange gained the full license after a year of in-principal approval from the regulator of the city-state. Earlier, Coinbase considered entering the country by acquiring a now-bankrupt crypto exchange, Zipmex, but backed out from the deal in mid-2022.

"We've identified Singapore as a vital market for Coinbase," Nana Murugesan, the VP of International and Business Development at Coinbase, and Hassan Ahmed, the Country Director of Singapore at Coinbase, wrote in a joint blog post. "The nation's progressive economic strategies and approach to regulation sync well with our global mission and objectives."

Indeed, the high retail demand for cryptocurrencies in Singapore also pushed many firms to enter the small country, which is also referred to as a gateway to the vast Southeast Asian markets. Coinbase also highlighted a survey, which found that 25 percent of Singaporeans see crypto as the future of finance, and 32 percent either hold or have held cryptocurrencies.

"In response to the region's growing demands and unique market dynamics, we've actively developed and released products tailored specifically for Singapore," two Coinbase executives added.

Indeed, the American exchange has added local funding options to its services in Singapore and integrated SingPass to streamline onboarding processes. Further, the exchange is offering no-fee USDC purchases with SGD.

Expansion Goals of Coinbase

While Coinbase strengthened its Southeast Asian presence, its future in India is in jeopardy. The exchange terminated new signups on its crypto exchange in the country. The exchange also terminated the accounts of Indian users who did not meet its requirements.

However, Coinbase is expanding in several other jurisdictions by obtaining local licenses. It was recently registered as a virtual asset service provider (VASP) in Spain and holds similar approval in Italy, Ireland, and the Netherlands.

Further, the exchange obtained regulatory approval from Bermuda's financial regulator to enable perpetual futures trading for non-US retail customers. Meanwhile, the exchange is engaged in a legal battle with the securities regulator in the US.

This article was written by Arnab Shome at www.financemagnates.com.

Ripple has decided to reverse its planned acquisition of Fortress Trust, a subsidiary of Fortress Blockchain Technologies that offers wallet and payment services. Less than a month after announcing its intention to acquire the wallet and payment service provider, Ripple has chosen to back out of the deal.

Brad Garlinghouse, the CEO of Ripple, said on X (formerly Twitter): "A few weeks ago, we signed a letter of intent to acquire Fortress Trust, we've since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in Fortress Trust."

Ripple's Planned Acquisition Strategy

This strategic acquisition was an essential step towards enhancing Ripple's regulatory licenses and bolstering its infrastructure capabilities, particularly in the blockchain and cryptocurrency payments solutions sector. As Ripple continues to grapple with its ongoing legal dispute with the US Securities and Exchange Commission (SEC), the acquisition aimed to position the company as a trusted brand for enterprises, Finance Magnates reported.

One key development that may have contributed to Ripple's decision was a recent security incident involving Fortress Trust. A few days after Ripple's initial announcement, Fortune Magazine reported that Fortress Trust had suffered losses ranging from USD $12 million to USD $15 million due to a cryptocurrency hack. Scott Purcell, the Founder and CEO of Fortress Trust, revealed that only a small fraction of their customer base, specifically "four customers out of 225,000 customers" were affected.

In response to these reports, Purcell clarified to Bloomberg that the security breach had targeted a third-party service rather than Fortress Trust. He emphasized that Fortress Trust had not been directly hacked and stated: "6 out of Fortress' 250,000+ customers used it to log into their accounts."

Ripple Maintains Investment in Fortress

However, Ripple's change of plans did not disrupt the relationship between Ripple and Fortress. Garlinghouse emphasized the company's long-standing relationship with Fortress Blockchain Technologies. He praised Fortress Trust for building a robust business with recurring revenue and a substantial customer base, including crypto-natives and newcomers to the crypto industry.

The Fortress team is incredibly talented, and has built products solving real customer problems. While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future!

— Brad Garlinghouse (@bgarlinghouse) September 28, 2023

Fortress Trust holds a Trust license in Nevada, which was anticipated to add to Ripple's existing licenses (a BitLicense in New York and more than 30 Money Transmitter licenses across the United States). These licenses were expected to position Ripple as a trusted and reliable partner for enterprises, especially given the ongoing legal challenges with the SEC.

Last month, Judge Analisa Torres granted the SEC's request to proceed with an appeal, challenging a previous court ruling that determined Ripple's sale of XRP cryptocurrency on a digital asset exchange did not breach securities regulations. This development sets the stage for the SEC to present its case for an interlocutory appeal, further prolonging the legal dispute.

This article was written by Jared Kirui at www.financemagnates.com.

Bitcoin is a digital asset that is well-known for its durability and independence from traditional financial systems. However, even this decentralized powerhouse is vulnerable to the effects of big external events, such as US government shutdowns. We'll look at previous occurrences, the cryptocurrency's behavior, and the lessons learnt from these events to better understand the historical relationships between Bitcoin and US government shutdowns.

The Coincidence of Bitcoin and Government Shutdowns

When the US Congress fails to pass legislation funding federal agencies and services, the government shuts down. Non-essential government services are temporarily halted during such times, and federal employees may be furloughed or work without pay. These occurrences are frequently the result of political deadlock and fiscal conflicts.

As a decentralized digital money, Bitcoin works independently of government control. Market forces, supply and demand dynamics, and investor mood all influence its value. The bitcoin market, however, is not insulated from the broader financial environment, and events such as government shutdowns can have repercussions.

Government shutdowns and market turpitude

Increased market uncertainty is one prominent characteristic of Bitcoin's behavior during US government shutdowns. As the shutdown's duration and possible economic consequences remain unknown, investors and traders may become more risk-averse. This sentiment may spread to the bitcoin market, increasing price volatility.

Bitcoin has historically seen price changes during government shutdowns, with both upward and downward moves. The magnitude and direction of these price swings are frequently determined by a variety of factors, such as global economic conditions, investor sentiment, and the overall stability of financial markets.

Is Bitcoin a Safe Haven?

During times of economic and political crisis, Bitcoin has been promoted as a "safe haven" asset, similar to gold. Proponents believe that because of its decentralized nature and limited supply, it is an appealing store of value when traditional assets, such as fiat currencies or stocks, confront uncertainty.

Some investors may flock to Bitcoin during government shutdowns as a hedge against potential economic disruptions. This inflow of cash has the potential to enhance demand and, as a result, put upward pressure on Bitcoin's price. However, it is important to emphasize that Bitcoin's designation as a safe haven asset is debatable, and its behavior can vary from crisis to crisis.

A potential surge?

The looming threat of a United States government shutdown and debt ceiling standoff has once again sparked interest in Bitcoin's price performance. Historically, Bitcoin has responded positively to economic uncertainties, particularly during government shutdowns, witnessing price increases. However, the question on many minds is whether the current political deadlock will lead to a significant Bitcoin price surge.

Bitcoin's response to past government shutdowns has been mixed. For example, during the 2013 shutdown, Bitcoin's price surged over 80%, while during the 2018-2019 shutdown, its gains were more modest. The 2013 rally saw Bitcoin's price jump from around $133 to over $1,000, while during the 2018-2019 shutdown, its price increased from $3,207 to $4,244, but with higher volatility.

Bitcoin's price behavior during government shutdowns remains uncertain, but its potential as a safe-haven asset during times of economic uncertainty continues to attract attention and speculation from investors worldwide. As the U.S. grapples with its current challenges, all eyes are on Bitcoin to see how it responds to the evolving economic landscape.

Historical Illustrations

To obtain insight on Bitcoin's behavior during government shutdowns, let's look at two recent shutdowns:

1. The Government Shutdown of 2013:

Due to differences over the federal budget, the US government shut down for 16 days in 2013. During this time, Bitcoin saw significant price volatility. The price of cryptocurrencies fluctuated significantly, initially rising to record highs as some investors sought refuge in digital assets. However, as the closure continued, Bitcoin's price retraced, reflecting the concern in the broader market.

2. The Government Shutdown of 2018-2019:

The 35-day government shutdown, which began in December 2018 and lasted until January 2019, was the longest in US history. During this time, Bitcoin's behavior was more nuanced. While there was fluctuation, there was no continuous trend. Some investors viewed Bitcoin as a viable hedge, while others remained cautious in the face of persistent economic concerns.

Important Takeaways

Several major takeaways may be drawn from past data on Bitcoin's performance during US government shutdowns:

• Increased Volatility: During government shutdowns, Bitcoin's price volatility often spikes, indicating market uncertainty and shifting investor opinion.
• Mixed Reaction: The cryptocurrency's reaction to government shutdowns is not consistent. Depending on the circumstances, it might exhibit both upward and downward price swings.
• Bitcoin is occasionally regarded as a potential hedge against economic turbulence, drawing investors looking for alternative assets during times of crisis.
• Market Independence: Because Bitcoin is decentralized, it can operate independently of government activities, giving it some independence from existing financial institutions.
• Bitcoin may reflect certain patterns during government shutdowns, but there are no certainties about how it will react in future occurrences. A complicated combination of factors influences the bitcoin market.

Looking Forward

As the cryptocurrency world evolves, it is critical for investors and traders to approach Bitcoin and other digital assets with a comprehensive grasp of their distinct qualities. While past data might provide insights, it's crucial to remember that the cryptocurrency market is still in its early stages and can be influenced by a variety of internal and external factors.

Prudent risk management measures are essential for people contemplating Bitcoin as part of their investing portfolio. Diversification, rigorous study, and a long-term view are useful strategies for navigating the volatility and flexibility of the bitcoin market.

Finally, Bitcoin's interaction with US government shutdowns highlights its status as a dynamic and changing asset class. While it may show signs of resilience and hedging potential, it is nevertheless vulnerable to the broader dynamics that affect financial markets. As government shutdowns and other external events continue, the cryptocurrency market's reaction will be widely followed, providing vital insight into Bitcoin's increasing role in the global financial scene.

This article was written by Pedro Ferreira at www.financemagnates.com.

Sam Bankman-Fried, the indicted Founder of the now-bankrupt crypto exchange FTX, may be staring at a "very long sentence" if convicted of fraud. The judge overseeing the trial starting next week expressed uncertainty about Bankman-Fried's future, suggesting serious consequences.

The comments by US District Judge Lewis Kaplan came in response to a request from the 31-year-old former billionaire, who sought temporary release from jail during the trial to facilitate closer coordination with his defense team.

"Flight Risk"

Kaplan denied this request, deeming Bankman-Fried a flight risk. "Your client in the event of conviction could be looking at a very long sentence," Judge Kaplan cautioned during a hearing at the Manhattan federal court.

Bankman-Fried, who has maintained his innocence, faces seven counts of fraud and conspiracy arising from the collapse of FTX in November 2022. If convicted, he could potentially be sentenced to a maximum of 110 years in prison, Reuters reported. While his legal team had argued for temporary release, citing the need for comprehensive trial preparations, Judge Kaplan acknowledged their concerns.

To address this, he committed to facilitating early morning meetings between Bankman-Fried and his attorneys, allowing crucial discussions and strategizing to occur before the commencement of trial proceedings.

SBF Accused of Witness Tampering

Danielle Kudla, the prosecutor, pointed out that Bankman-Fried had ample time to prepare for the trial during the nearly eight months he spent out on bail at his parent's residence in California. During this time, allegations of witness tampering surfaced, leading to his incarceration on August 11. One such instance involved Bankman-Fried allegedly sharing the private writings of Caroline Ellison, the former CEO of Alameda Research, with a New York Times reporter.

In addition, the prosecutors contended that Bankman-Fried and his legal team had not met the necessary burden of proof to justify temporary release. Additionally, they raised doubts about the adequacy of the proposed supervision arrangement, suggesting it might not meet the legal requirements for a temporary release.

The judge's decision means that Bankman-Fried will remain in jail for the trial, which centers on allegations about his role in FTX.

The trial of Sam Bankman-Fried is scheduled to commence on October 3 and could extend to over six weeks. The outcome of this trial holds significant implications not only for Bankman-Fried personally but also for the broader cryptocurrency ecosystem as it grapples with issues of trust, transparency, and accountability.

This article was written by Jared Kirui at www.financemagnates.com.

Blockchain unicorn Fireblocks has made a strategic move by acquiring Australia-based BlockFold, a smart contract development and consulting firm specializing in advanced tokenization projects for financial institutions.

This acquisition is estimated to be valued at $10 million. It is poised to enhance Fireblocks' ability to offer clients a comprehensive service layer that encompasses advisory services, token customization, orchestration, and distribution through the Fireblocks Network.

Expanding Fireblocks' Service Layer with BlockFold Acquisition

The decision to acquire BlockFold comes on the heels of rapid growth in demand for tokenization projects witnessed by Fireblocks. The company reported an impressive increase of 350% in tokenization projects between 2022 and 2023. Moreover, an astounding 75% of tier-1 financial institutions have been exploring tokenization through Fireblocks' platform.

Commenting on this development, Michael Shaulov, the Co-Founder and CEO at Fireblocks, noted: "BlockFold's expertise fills an important gap in the market, tailoring bespoke solutions for some of our most sophisticated customers and prospects in the banking and financial institutions space."

He added: "Bringing BlockFold's expertise in-house means that we can better serve tier-1 financial institutions to quickly and seamlessly bring tokenization projects into production and new assets onto the blockchain. In addition, we can continue to innovate and expand our offerings and tailor our approaches as the market continues to mature and evolve."

Fireblocks has taken the initiative to tokenize various financial assets. Since introducing the first bank-issued stablecoin for ANZ in March 2022, Fireblocks has successfully delivered over 10 stablecoin projects.

Moreover, it is actively engaged in exploring the creation of bank-issued stablecoins or tokenized deposits with more than 25 global banks. Within the next three years, Fireblocks envisions the value of tokenized money on the blockchain to reach an impressive $450 billion.

Fireblocks Sets Ambitious Targets for Tokenized Bond Values

From May 2023, Fireblocks enabled the Tel Aviv Stock Exchange and the Israeli Ministry of Finance to tokenize and settle a government bond after a live auction involving five domestic banks and seven global banks. As the sole issuers of Israeli government bonds, both parties now have a credible path to tokenize Israel's government debt market, valued at $15 billion annually.

Fireblocks has set ambitious goals. The firm is targetting the value of tokenized bonds on the blockchain to reach $400 billion within the next three years. It assumes these targets with a long-term vision of hitting $1 trillion by 2028.

BlockFold's esteemed clientele, which are also existing Fireblocks customers, include major institutions such as the Bank of International Settlements, Swiss National Bank, Banque de France, Singapore's Ministry of Finance, Tel Aviv Stock Exchange, National Australia Bank, and ANZ Bank.

BlockFold Team Integration Strengthens Fireblocks

The BlockFold team has joined forces with Fireblocks as a component of the integration process. Additionally, the engineering team has merged to be part of the Web3 engineering staff. The business consulting team is fusing with the Financial Markets group. Francois Schonken, a Co-Founder, has been appointed to Senior Director and Tokenization Business Lead at Fireblocks. Further, Terence Siganakis, another Co-Founder, will take on the role of Senior Director and Head of Tokenization Products.

This acquisition is expected to solidify Fireblocks' position in the blockchain and tokenization space. It will enable it to provide a broader range of services to its client base in the financial industry.

The world of blockchain and tokenization is continuing to evolve. Fireblocks' strategic acquisition of BlockFold is positioning itself to navigate the changing landscape and deliver innovative solutions to its clients. Market participants and financial institutions will be closely monitoring Fireblocks' future developments as the company plays a role in the digital transformation of the financial sector.

This article was written by Tareq Sikder at www.financemagnates.com.

Binance, one of the world's largest and most influential cryptocurrency exchanges, has found itself embroiled in a lawsuit with the U.S. Securities and Exchange Commission (SEC). This case has far-reaching consequences for the cryptocurrency sector, Binance users, and the US regulatory landscape. We examine the specifics of the SEC complaint against Binance, as well as what it means for the exchange and how it may affect the broader cryptocurrency market.

Allegations Made by the SEC

The SEC's charges against Binance, accusing the exchange of enabling securities trade without registering as a securities exchange, are at the center of the complaint. According to the SEC, certain assets listed and traded on Binance's platform qualify as securities under US law, and hence the exchange must follow securities regulations.

The SEC's position is clear: if a business trades securities, it must follow the established regulatory structure meant to protect investors and maintain market integrity. Failure to do so may result in legal action, as seen in the instance of Binance.

Binance's Reaction

Binance, led by its founder Changpeng Zhao (abbreviated "CZ"), has categorically refuted the SEC's charges. The exchange claims that it does not operate inside US jurisdiction and that it complies with all relevant rules in the nations where it operates.

Furthermore, Binance claims that the assets in question, such as certain cryptocurrencies and tokens, are utility tokens or digital assets rather than securities. According to Binance, this designation exempts them from U.S. securities laws.

Binance's legal team is preparing a strong defense, intending to fight the claims in court. Because it touches on the fundamental question of jurisdiction in the international realm of digital assets, the outcome of this judicial struggle could establish a precedent for how cryptocurrency exchanges are regulated globally.

Binance Granted Extension in Ongoing SEC Lawsuit

In the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), the U.S. District Court has granted an extension for Binance to respond to court orders. The court orders require Binance to explain the reasons behind sealing or redacting specific documents.

Key Points:

• The extension motion was approved by Judge Zia M. Faruqui of the U.S. District Court for the District of Columbia.
• BAM Trading and BAM Management, associated with Binance, now have until September 27th to respond to the court orders.
• The first court order relates to explaining the sealing or redaction of documents related to the SEC's motion to compel discovery.
• The second order concerns justifying the sealing of documents tied to the SEC's response supporting its motion to compel.

Importantly, the SEC did not oppose the request for the extended deadline.

Binance's Response to SEC Allegations

The lawsuit involves Binance, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc. and BAM Management U.S. Holdings Inc. The SEC alleges that these entities sold digital asset securities without proper registration.

Binance, Binance.US, and Changpeng Zhao have counteracted the SEC's claims by seeking to dismiss the lawsuit. They argue that the SEC has not provided plausible allegations of various securities-related violations and that the regulator is attempting to exert authority over digital assets without clear legislative backing from Congress.

The legal dispute is ongoing, with further developments expected as the case progresses. Please note that the information provided here is for general market commentary and should not be considered investment advice. Conducting personal research before making investment decisions is recommended.

The Consequences for Binance

Binance has already suffered severe consequences as a result of the case. Binance said that it would discontinue selling digital tokenized stock offers, a service that allowed users to acquire and trade fractionalized shares of publicly traded firms, in reaction to the SEC's legal action. This is considered as a strategic withdrawal in order to reduce regulatory vulnerability in the United States.

Binance also stated its ambition to work with regulators while remaining committed to global compliance. This shift toward regulatory compliance and cooperation signals a substantial break from Binance's previous, more decentralized strategy.

These modifications may affect the availability of some assets and trading opportunities for Binance users. The exchange may be required to delist or restrict trading in assets that meet the SEC's definition of securities, possibly reducing the range of digital assets available to consumers.

Implications for the Cryptocurrency Industry at Large

The SEC's complaint against Binance is part of a larger trend of growing regulatory scrutiny in the cryptocurrency market. As the industry continues to expand at a rapid pace, regulators throughout the world are wrestling with how to define and regulate digital assets.

This lawsuit could represent a tipping point for how other cryptocurrency exchanges deal with regulatory issues. To prevent legal entanglements, exchanges may choose to proactively comply with local legislation, akin to Binance's recent strategic shift.

Furthermore, the conclusion of this case may have an impact on the development and issuance of new digital assets, as issuers and projects may be wary of generating tokens that could be categorized as securities.

Market Influence

The SEC case against Binance had an immediate effect on the bitcoin market. Following the announcement, the prices of various tokens affiliated with the exchange fell precipitously. Investor sentiment was shook as doubt loomed over Binance's future.

Market participants are keeping a close eye on the situation, and the legal processes are likely to continue to influence market sentiment and the valuation of Binance-related assets.

What to Look Out For

The Binance-SEC litigation is set to be a watershed moment in the cryptocurrency sector, having ramifications far beyond the individuals involved. Here are some critical aspects to watch as the court battle unfolds:

• Legal Outcomes: The court's judgements and decisions throughout the case will provide important insights into how bitcoin exchanges will likely be regulated in the United States.
• Regulatory Reaction: Regulators all around the world will be keeping a careful eye on this issue. Depending on the conclusion, other nations' regulatory bodies may take similar action against exchanges.
• Binance's Strategy: The cryptocurrency community will be keenly interested in Binance's response to the lawsuit, particularly any future changes to its business model and attitude to compliance.
• Market Impact: Continue to monitor market reactions to the lawsuit's progress. Prices can be influenced by market emotion, and cryptocurrency markets are notorious for their volatility.

Conclusion

The SEC's case against Binance comes at a critical juncture in the growing relationship between cryptocurrency exchanges and authorities. While the outcome is unknown, it emphasizes the importance of clear regulatory norms in the bitcoin business.

This case also serves as a reminder to cryptocurrency market participants, including investors and traders, to stay up to date on regulatory developments and to proceed with prudence. The cryptocurrency landscape is constantly changing, and compliance with local rules is becoming increasingly important for the sector's long-term survival and growth.

As the legal struggle unfolds, staying up to current on the latest developments and insights from legal experts and industry leaders will be critical. The cryptocurrency industry is at a crossroads, and the Binance-SEC lawsuit will almost certainly impact its future trajectory in important ways, with far-reaching ramifications that go beyond this high-profile case.

This article was written by Pedro Ferreira at www.financemagnates.com.

VanEck is stepping into the Ethereum blockchain with the launch of VanEck Ethereum Strategy ETF (EFUT). This ETF, structured as a C-Corp, is aimed at transforming how investors could benefit from the future of Ethereum, the company said. Unlike traditional cryptocurrencies, EFUT focuses on Ethereum (ETH) futures contracts. It offers an investment opportunity that provides a tax advantage for long-term investors.

EFUT is designed to invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC). Currently, the fund intends to focus on ETH futures traded on the Chicago Mercantile Exchange.

Access to ETH Futures Market

Kyle DaCruz, the Director of Digital Asset Product at VanEck, said: "While investors still do not have the means to gain exposure to digital assets here in the US via a spot ETF product, we're very pleased to be launching EFUT as a means to access the robust futures market that has developed around ETH itself."

The ETF is actively managed by Greg Krenzer, VanEck's Head of Active Trading, who has over two decades of experience in trading across various asset categories, including futures.

EFUT joins VanEck's Bitcoin Strategy ETF (XBTF) in offering futures-focused exposure to digital assets. Just like EFUT, XBTF is structured as a C-Corp and provides exposure to Bitcoin futures investments. According to VanEck, both ETFs offer a tax-efficient way for investors to participate in the digital asset markets without directly holding cryptocurrencies.

VanEck Affected by SEC's Delays

Recently, the United States Securities and Exchange Commission (SEC) extended its timeline for deciding on the applications for spot Bitcoin exchange-traded funds (ETFs). This delay, affecting major asset management companies, including VanEck, results from a funding dispute in Congress and a looming threat of a government shutdown.

The affected companies face a third set of deadlines in mid-January, potentially subject to further extensions. However, the SEC has emphasized that decisions on these Bitcoin ETFs must be reached by mid-March.

VanEck's previous application for a spot Bitcoin ETF was rejected by the SEC, as the regulators remained cautious about ETFs based on the spot price of Bitcoin. Recently, Congress urged the SEC to approve the pending applications for spot Bitcoin ETFs, saying the asset class was similar to crypto futures ETFs that the agency had previously approved.

This article was written by Jared Kirui at www.financemagnates.com.

The cryptocurrency world is dealing with a very concerning trend. In September 2023, a staggering $329.8 million was stolen in crypto-related exploits, emerging as the most devastating month so far this year.

Phishing, Scams, and Hacks Drain $1.34 Billion in 2023

The blockchain security firm CertiK has identified the primary contributor to this huge sum as the Mixin Network attack on September 23. During this incident, the Hong Kong-based decentralized cross-chain transfer protocol suffered a severe breach of its cloud service provider, which resulted in losses amounting to $200 million.

Other notable incidents in September included attacks on the CoinEx exchange and Stake.com. Those two incidents led to losses of $53 million and $41 million, respectively. The Lazarus Group, a hacking collective associated with North Korea, has been implicated in both of these major attacks. Recent data from Dune Analytics indicated that the group currently holds approximately $45.6 million in stolen crypto assets.

These exploits have pushed the year's total losses due to crypto-related incidents to an overwhelming $925.4 million. However, July stands as the second-worst month for exploit losses, with $285.8 million stolen.

#CertiKStatsAlert 🚨Combining all the incidents in September we’ve confirmed ~$332M lost to exploits, hacks and scams.Exit scams were ~$1.9MFlash loans were ~$0.4MExploits were ~$329.8MSee more details below 👇 pic.twitter.com/DMFN9LWU8V

— CertiK Alert (@CertiKAlert) September 30, 2023

Hacks, Scams, and Exit Scams Eclipse Q1 and Q2 Losses

Beyond the crypto exploits mentioned earlier, the month of September recorded substantial losses across multiple fronts. CertiK's data revealed that exit scams drained $1.9 million from unsuspecting victims, while flash loan attacks drained off $400,000. Additionally, the cryptocurrency community suffered a significant blow of $25 million due to phishing attacks during this period.

When considering the cumulative impact of crypto exploits, scams, and hacks throughout 2023, the total loss has now reached an alarming figure of $1.34 billion. It highlights the ongoing challenges and vulnerabilities in the digital asset space.

The blockchain security firm Beosin reported that losses from hacks, phishing scams, and exit scams in the third quarter of 2023 alone amounted to just under $890 million. This figure surpasses the combined losses identified in the first two quarters, which stood at $330 million in Q1 and $333 million in Q2.

This article was written by Tareq Sikder at www.financemagnates.com.

Terraform Labs' Founder, Do Kwon, has opposed attempts by the US Securities and Exchange Commission (SEC) to extradite him for questioning regarding the collapse of Terra LUNA and the stablecoin TerraUSD.

Kwon's defiance became evident with a recent court filing, submitted in the US District Court for the Southern District of New York, where he seeks to dismiss the SEC's request for his testimony in the US. His legal team said such a step is impossible due to Kwon's detention in Montenegro. Additionally, the filing states that compelling him to provide a written testimony would infringe upon his rights under the laws of the US.

Do Kwon Contests SEC's Extradition Pursuit

In a statement within the filing, Kwon's lawyers said: "The SEC's motion seeks leave to take the deposition of Defendant Do Kwon in the United States before October 13, 2023, even though the SEC knows that Kwon is detained in Montenegro with no scheduled release or extradition date. The motion should be denied because it would be impossible for Kwon to appear for such a deposition."

The SEC's legal pursuit of Terraform Labs dates back to February when they filed a lawsuit accusing the company of misleading investors regarding the safety of investing in TerraUSD. Investors were assured that TerraUSD would maintain its peg to the US dollar through a complex mint-burn system involving its sister coin, LUNA. However, the downfall of both TerraUSD and LUNA in May 2022 resulted in an estimated loss of $50 billion to investors.

Currently, the US and South Korea are seeking the extradition of Kwon. In March, Montenegro's Minister of Justice, Marko Kovac, revealed that a judge will ultimately determine whether Kwon will be extradited to the US or South Korea, Bloomberg reported.

Kwon, who served as the CEO of Terraform Labs, was hit with criminal charges in March by federal prosecutors in New York. The charges were brought against him just hours after his arrest in Montenegro.

Do Kwon Faces Eight Counts of Charges in the US

The federal court in the Southern District of New York officially filed eight charges against Kwon, all related to his alleged involvement in the ill-fated stablecoin project. These charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.

In addition, previous reports indicate that the Federal Bureau of Investigation (FBI) and the prosecutors from the Southern District of New York are actively investigating the collapse of TerraUSD. This investigation includes interviews with former employees of Terraform Labs.

In June, Kwon was handed a four-month jail sentence by a court in Montenegro for alleged possession of forged passports and travel documents. This verdict also applied to Han Chong-Joon, the former Chief Financial Officer at Terraform Labs, who faces identical charges.

Kwon and Chong-Joon were arrested in March in Montenegro as they were attempting to board a plane bound for Dubai. The court disclosed that fake Costa Rican and Belgian passports and falsified identity cards were confiscated from the executives during their arrest.

This article was written by Jared Kirui at www.financemagnates.com.

The financial industry has been buzzing over the prospect of a Grayscale Bitcoin Exchange-Traded Fund (ETF). Grayscale Investments is well-known for its Grayscale Bitcoin Trust (GBTC), which allows investors to obtain exposure to Bitcoin through standard brokerage accounts.

However, there has been an increase in demand for a Grayscale Spot Bitcoin ETF, which would track the actual price of Bitcoin.

The Ascension of Bitcoin ETFs

ETFs (Exchange-Traded Funds) have become a popular way for investors to gain exposure to Bitcoin. These exchange-traded funds offer a straightforward and regulated way to acquire and sell Bitcoin without the need for a digital wallet or direct ownership of the cryptocurrency. Investors instead hold ETF shares, which reflect a claim on the underlying Bitcoin.

Several Bitcoin ETFs have already hit the market in different nations. In Canada, for example, the Purpose Bitcoin ETF and the Evolve Bitcoin ETF have received a lot of attention and money. Meanwhile, multiple applications for Bitcoin ETFs have been filed in the United States, with several awaiting approval from the Securities and Exchange Commission (SEC).

The Dominance of Grayscale

Grayscale Investments, which was launched in 2013, has been instrumental in bringing digital assets into the mainstream financial scene. The Grayscale Bitcoin Trust (GBTC), its flagship product, allows accredited investors to obtain exposure to Bitcoin. GBTC has emerged as a popular choice among institutional investors and high-net-worth people seeking regulated exposure to cryptocurrencies.

While GBTC is widely used, it has one major distinction: it does not directly track the actual price of Bitcoin. It is instead based on the Bitcoin Investment Trust, which holds Bitcoin but lacks the transparency and liquidity of a typical ETF.

The Case for a Bitcoin Grayscale Spot ETF

The desire for a product that closely matches the actual price of Bitcoin drives the demand for a Grayscale Spot Bitcoin ETF. An ETF of this type would give investors a more direct and transparent option to invest in cryptocurrency. It would eliminate the premium or discount to NAV that GBTC can suffer, bringing the ETF's price in line with the spot market.

Investors are interested in a Grayscale Spot Bitcoin ETF as a way to get efficient and cost-effective Bitcoin exposure. A spot-based ETF may also offer lower expenses than GBTC, which charges a management fee.

Regulatory Obstacles

The regulatory roadblocks to implementing a Grayscale Spot Bitcoin ETF are numerous. The biggest impediment is the US Securities and Exchange Commission, which has been cautious and deliberative in its approach to issuing Bitcoin ETFs. Concerns about market manipulation, fraud, and investor protection have been cited as grounds for the SEC's reluctance.

The SEC considers the integrity of the underlying Bitcoin market to be one of the most important aspects. The agency seeks confirmation that the Bitcoin market is resistant to manipulation and fraud, which has resulted in prior Bitcoin ETF applications being delayed or rejected.

The SEC's Position on Bitcoin ETFs

Over the years, the SEC has rejected various Bitcoin ETF proposals, citing concerns about market manipulation and investor safety. To detect and prevent fraud and manipulation, the SEC has underlined the importance of surveillance-sharing agreements between ETF issuers and regulated markets.

However, there are hints of change within the SEC. There appears to be a stronger desire to engage with the digital asset market under the leadership of Chairman Gary Gensler, who has an experience in blockchain and cryptocurrencies. Chairman Gensler highlighted the potential benefits of a Bitcoin ETF, but he also emphasized the importance of strong market surveillance systems.

The Next Steps

Several actions must be performed in order for a Grayscale Spot Bitcoin ETF to become a reality:

1. Market Maturity: The Bitcoin market needs to mature further, including improvements in market integrity, surveillance, and regulatory compliance. This would increase the SEC's confidence in approving a spot-based ETF.
2. Regulatory discussion: It is critical to maintain ongoing discussion between industry stakeholders and regulatory agencies. Collaboration can aid in the resolution of regulatory concerns and the development of a framework that promotes investor protection and market integrity.
3. Market Surveillance: It is critical to create and implement effective market surveillance techniques and agreements. These techniques can assist in monitoring and deterring fraudulent actions, ultimately giving the SEC with the guarantees it requires.
4. Investor Education: As the bitcoin industry develops, investor education will become more vital. Providing clear and accurate information about Bitcoin, ETFs, and associated risks can help investors and regulators develop trust and confidence.
5. Regulatory Approval: The SEC has the final say on whether or not to approve a Grayscale Spot Bitcoin ETF. Continued involvement with the agency, together with improvements in the sector and market maturation, may raise the likelihood of approval.

The Market's Reaction

The financial markets have been keeping a close eye on developments concerning a Grayscale Spot Bitcoin ETF. If such an ETF is approved, it might have far-reaching consequences for both the cryptocurrency and traditional financial markets. Increased openness and accessibility in Bitcoin investing may attract a broader spectrum of investors, thereby promoting further adoption and market expansion.

Investors are also aware of the potential benefits of a Grayscale Spot Bitcoin ETF, such as lower costs and tighter alignment with Bitcoin's spot market price. This could enhance demand for the ETF when it launches.

The Ethereum Opportunity

A recent federal judge's ruling has cast a shadow on the U.S. Securities and Exchange Commission's rejection of converting the Grayscale Bitcoin Trust into a more appealing exchange-traded fund. The decision has shifted market sentiment, with many analysts now anticipating approval for a spot Bitcoin ETF sooner rather than later. Bloomberg analysts have even placed the odds of approval this year at 75%.

This optimism is reflected in market prices, not only for Grayscale's Bitcoin product but also for its Ethereum Trust (ETHE). Both GBTC and ETHE had previously traded at significant discounts to their Net Asset Value (NAV), which represents the value of the Bitcoin and Ethereum they hold. However, these discounts have notably narrowed, with GBTC going from a 46% discount to only 21%, and ETHE from 59% to 29%.

The prevailing theory suggests that bullish investors should acquire GBTC and await final approval for a Bitcoin ETF. It is anticipated that the discount will largely disappear, as open-ended ETFs typically trade at narrow differences to NAV. Additionally, the underlying asset, Bitcoin, may experience increased demand, resulting in a win-win scenario. While this theory holds merit, there may be an even greater opportunity with Grayscale's Ethereum Trust.

The argument to be made here is that if a U.S. spot Bitcoin ETF gains approval, a similar spot Ether ETF should follow suit. Grayscale has already indicated its plans to convert ETHE and other products into ETFs. Given the track record of Ethereum ETFs launching shortly after the first Bitcoin ETF, it is reasonable to expect a swift approval process. Regulators in Canada approved Ethereum ETFs due to the presence of a regulated futures market for ETH, allowing market makers to hedge risk while creating and redeeming units. ETHE's discount is more significant than GBTC's, offering a potentially larger arbitrage opportunity. Furthermore, ETH markets are less liquid than BTC, meaning that an ETF's incremental buying could have a more substantial impact on its price. Additionally, Ethereum holds significant potential as the leading platform for Web3 development.

Conclusion

The possibility of a Grayscale Spot Bitcoin ETF excites the cryptocurrency and investing sectors. While regulatory hurdles remain, there is rising confidence about the eventual approval of such an ETF, particularly under the leadership of SEC Chairman Gary Gensler.

The route to a Grayscale Spot Bitcoin ETF becomes clearer as the sector matures and market participants collaborate to address regulatory concerns. Investors and industry stakeholders will be on the lookout for any changes, as the introduction of such an ETF may be a watershed moment in the integration of digital assets into traditional finance.

This article was written by Pedro Ferreira at www.financemagnates.com.

FTX's Founder, Sam Bankman-Fried, is set to stand trial tomorrow (Tuesday). He faces charges related to the crypto exchange's collapse and the alleged misappropriation of billions of dollars in customers' funds. This six-week trial aims to reveal testimonies, internal documents, and emails that will shed light on the FTX scandal.

The most intriguing revelations are likely to come from the prosecution's witnesses, who were once firmly in Bankman-Fried's inner circle. Caroline Ellison, the former CEO of Alameda Research, a crypto hedge fund connected to FTX, is one of the most highly-anticipated witnesses. Her unique perspective is linked to her involvement with both FTX and Alameda Research, as well as her personal relationship with Bankman-Fried.

Ellison, Singh, and Wang

In a plea hearing in December 2022, Ellison confessed to misleading lenders and obtaining an "unlimited line of credit" for Alameda Research from FTX, even when it was unnecessary. Her inside knowledge of FTX's operations and the alleged mingling of customers' funds is crucial in the trial.

In addition, Nishad Singh, an early employee at Alameda Research, held a critical position within the organization. His role in controlling FTX's matching engine, which facilitated the processing of buy and sell orders, along with his knowledge of how funds moved between FTX and Alameda, makes his testimony crucial.

Gary Wang, the Co-Founder of Alameda Research and FTX, served as the Chief Technology Officer for both companies. His long-standing personal relationship with Bankman-Fried and his key role in the alleged misconduct add depth to his testimony.

Sam Bankman-Fried, who has been in jail since earlier this month, pleaded not guilty to an updated indictment that includes allegations of fraud and money laundering last month. His plea was made during a court appearance, which was his first since his bail was revoked on August 11.

Bankman-Fried's Legal Battle Continues

The saga began in January when the former crypto billionaire pleaded "not guilty" to eight criminal charges, including wire and securities fraud conspiracy, money laundering, and conspiracy to violate campaign finance rules. In March, the charges were expanded to 13, with accusations that Bankman-Fried bribed Chinese officials in late 2021.

However, the latest indictment consists of only seven counts, focusing primarily on the collapse of FTX. During his recent court appearance, Bankman-Fried's legal team raised concerns over his well-being. They asserted that he was being denied access to necessary medication for depression and attention deficit hyperactivity disorder while being held at the Metropolitan Detention Centre in Brooklyn.

Bankman-Fried's legal troubles began when he was arrested in the Bahamas in 2022 in connection with the FTX exchange's collapse, which led to criminal charges against him in the United States.

This article was written by Jared Kirui at www.financemagnates.com.

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against individuals and entities associated with Cryptobravos. It has accused them of a massive fraud scheme.

The CFTC alleges that the defendants fraudulently solicited and misappropriated tens of millions of dollars from hundreds of individuals worldwide, including the United States, under various trading aliases.

Deceptive Tactics: Cryptobravos' False Promises to Investors

The CFTC filed the complaint in the US District Court for the District of New Jersey. It has identified the defendants as Or Patreanu (Israel), Snir Hananya (Italy), Elijah Samson (Germany), Artem Prokopenko (Ukraine), and Expected Value Plus Ltd. (a Seychelles company), all operating collectively as Cryptobravos.

The accused entities are known by several other trading names, including Trade2Get, Coinbull, Cryptonxt, Tradenix, Cryptobravos, Nittrex, Pinance, and Wobit.

The CFTC alleges that from approximately January 2017 through October 2021, the defendants orchestrated a global fraudulent scheme with operations in Israel, Ukraine, Albania, South Africa, and other locations.

Their mode of operation involved soliciting bitcoin and other funds from individuals, with a particular focus on US customers. The funds were intended for the establishment of managed accounts to engage in the trading of digital asset commodities, primarily bitcoin.

CFTC Seeks Justice: Restitution and Penalties in Cryptobravos Case

Cryptobravos agents falsely represented several key points to potential investors. It included promises that the customer funds would be used for trading activities with assurances of risk-free returns and claims that customers could withdraw their funds at any time. However, the CFTC alleges that these representations were nothing but deceptive tactics.

In reality, the defendants did not engage in any trading activities involving bitcoin or other digital asset commodities for their customers. The CFTC claims that they never delivered on the promised returns. Instead, they held onto customer funds.

In many instances, customers were encouraged to withdraw funds from their retirement accounts, take out loans to make additional deposits, or pay non-existent taxes or commissions. Most customers who deposited money with Cryptobravos have not seen their funds returned.

In response to these allegations, the CFTC is seeking various forms of relief. It includes restitution for victims, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans for the accused, and a permanent injunction against any further violations of the Commodity Exchange Act (CEA) and CFTC regulations.

International Collaboration: Agencies Unite to Combat Cryptocurrency Fraud

Ian McGinley, the Director of Enforcement at the CFTC, emphasized the international cooperation involved in this case, having stated: "This case is a triumph of international cooperation. The roster of agencies who assisted the Division of Enforcement's investigation makes it clear to fraudsters in our markets that we will pursue them wherever they are located."

The CFTC has acknowledged the assistance of multiple agencies worldwide in their investigation, including the Alabama Securities Commission, Albanian Financial Supervisory Authority, British Columbia Securities Commission, Financial Supervision Commission of Bulgaria, Cyprus Securities and Exchange Commission, Czech National Bank, Securities and Futures Commission of Hong Kong, Central Bank of Hungary, Israel Securities Authority, Liechtenstein Financial Market Authority, and the Ontario Securities Commission.

The CFTC's Division of Enforcement is leading the case, with Michael Cazakoff, Jack Murphy, K. Brent Tomer, Lenel Hickson Jr., and Manal M. Sultan among the staff responsible for the prosecution. Jennifer Diamond from the Division of Enforcement's Office of Chief Counsel also provided valuable assistance in the investigation.

This article was written by Tareq Sikder at www.financemagnates.com.

Sygnum's Singapore arm has been granted a full license by the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT) brokerage services. This step allows Sygnum to introduce its DPT brokerage platform to accredited investors and institutions.

Notably, Sygnum Singapore has achieved this full license status relatively fast, just four months after receiving in-principle approval from the MAS, The Straits Times reported. It joins a growing list of over a dozen firms authorized to provide DPT services in Singapore.

Sygnum Expands Digital Asset Services

The full license enables Sygnum Singapore to integrate DPT brokerage services into its broad digital asset financial offerings. These services include asset management, corporate finance advisory, capital market product trading, and custodial solutions.

Gerald Goh, the Co-Founder and CEO of Sygnum Singapore, expressed the significance of this achievement in June, stating: "This in-principle approval of our Major Payment Institution (MPI) license by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia." He emphasized the progressive and robust regulatory framework in Singapore.

Sygnum Bank AG, which is headquartered in Zurich and holds a Swiss banking license, has been steadily expanding its reach globally. With over 220 employees across its offices in Switzerland, Singapore, Luxembourg, and Abu Dhabi, the group manages a portfolio of more than $4.8 billion in assets under management.

Paving the Way for Regulated Digital Payments

Sygnum expanded its global presence by obtaining a capital markets license in Singapore in 2019, forming the subsidiary Sygnum Singapore. The platform established in Singapore acts as a fiat-digital asset gateway and provides efficient trade execution for a diverse range of cryptocurrencies.

Singapore's regulatory framework and rules governing cryptocurrency operations have made it attractive for established crypto companies. Sygnum joins a growing list of firms that have obtained licenses from the MAS, including Circle, Crypto.com, Blockchain.com, Coinbase, and Paxos.

In addition, Ripple, a blockchain payments company, established its presence in the Asia-Pacific region by securing in-principle approval for an MPI license from the MAS this year. The approval enables Ripple to provide regulated digital payment token products and services within Singapore's regulatory framework.

This article was written by Jared Kirui at www.financemagnates.com.

Cameron and Tyler Winklevoss, the Co-Founders of Gemini, are under scrutiny over an alleged secret withdrawal of $282 million from the now-bankrupt crypto lender, Genesis. This withdrawal occurred just months before the entire crypto firm collapsed, according to a report by the New York Post.

Cameron and Tyler Winklevoss have been grappling with a series of setbacks in recent times, including layoffs and plummeting trading volumes at Gemini. However, the focus changed when over $900 million in Gemini customer deposits were frozen due to the collapse of Genesis, the crypto lending platform that facilitated Gemini Earn, an interest-bearing program.

Gemini's Crypto Drama Unfolds

The Winklevoss twins' decision to withdraw millions of funds from Genesis has raised concerns about whether these funds were corporate assets or part of their personal crypto holdings. However, the withdrawn sum did not include any customer funds.

Internal documents revealed that this sizable withdrawal comprised a mix of cryptocurrencies, including Bitcoin, Ethereum, Gemini's stablecoin, Dogecoin, and more. The timing of the move, mere months before the suspension of customer withdrawals by Genesis, hints they knew it might happen and potentially undermine their claims of innocence, The Post reported.

In response, Gemini has criticized the New York Post's report, terming it as "misleading".

The exchange said on X (formerly Twitter): "The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn users’ money. It was not Gemini corporate funds and it was not the personal funds of our Founders @cameron and @tyler or their investment firm @winklevosscap."

We are disappointed that the @nypost has chosen to recklessly publish a completely misleading story about the Gemini Earn program. Everything the Post alleges in its story is the exact opposite. The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn…

— GeminiTrustCo (@GeminiTrustCo) September 28, 2023

Winklevoss sued DCG, the parent company of Genesis, and its CEO, Silbert, for allegedly providing misleading information about Genesis's financial health. The lawsuit stated that DCG offered a promissory note instead of the promised financial backing. Despite their efforts to exit the Gemini Earn partnership, the Winklevoss twins claim that Silbert convinced them otherwise during a face-to-face meeting.

Recently, Genesis Global Trading, a subsidiary of Genesis Global, announced the imminent closure of its US-focused spot crypto trading operations, set to take effect by the end of this month. Besides that, Genesis Global Trading announced plans to cease the operations of its over-the-counter trading platform. However, another trading-focused entity affiliated with Genesis, Genesis Global Capital International Limited (GGC), is expected to continue GGT's spot and derivatives trading services.

FTX Settlement and Ongoing Legal Clash

Genesis' troubles are traced back to a dispute with the now-bankrupt cryptocurrency exchange FTX. FTX had asserted that Genesis owed a staggering $2 billion but recently settled for a payment of $175 million to Alameda Research, its affiliated crypto hedge fund. This settlement provided the possibility of substantial recoveries for unsecured creditors, ranging from 70% to 90% in USD equivalent.

Adding to the complexity of Genesis' financial woes is an ongoing legal dispute with Gemini. Gemini has accused DCG and its CEO, Barry Silbert, of involvement in "encouraging and facilitating" fraudulent activity through Genesis. In response, DCG has denied these allegations, labeling them as baseless and defamatory, characterizing the lawsuit as a "publicity stunt."

Genesis found itself in financial turmoil after filing for bankruptcy protection in New York due to the collapse of Three Arrows Capital (3AC) and FTX. The Ad Hoc Group reported Genesis' exposure to 3AC at $2.3 billion, subsequently reduced to $1.2 billion after collateral liquidation.

Earlier this year, the SEC sued Gemini and Genesis, contending that Gemini Earn violated regulations by offering unregistered securities. However, in a court document filed on August 18, Gemini has dismissed the allegations on the basis that the SEC is unable to define the nature of the alleged unregistered security clearly.

This article was written by Jared Kirui at www.financemagnates.com.

Coinbase International Exchange has achieved a notable milestone by obtaining regulatory approval from Bermuda's financial regulator. This approval will enable eligible non-U.S. retail customers to participate in perpetual futures trading.

Coinbase's Next Offering: Access to Perpetual Futures Contracts

In a blog post released today (Thursday), Coinbase acknowledged the pivotal role played by the Bermuda Monetary Authority in facilitating this regulatory approval. As a result of this collaboration, Coinbase intends to offer eligible customers access to perpetual futures contracts on its Coinbase Advanced platform in the coming weeks.

Perpetual futures contracts are a type of derivative market known for their unique characteristic of never expiring. This perpetual nature makes them an attractive instrument for traders and investors seeking to engage in cryptocurrency markets without the constraints of fixed maturity dates.

"As announced in the Phase II of our 'Go Broad, Go Deep' strategy, we are dedicated to partnering with high-bar global regulators to build a crypto regulatory framework that allows crypto technology to continually drive innovation," the blog said.

JUST IN: Coinbase approved to offer perpetual #Bitcoin futures to global retail customers pic.twitter.com/WQVMlxaFTM

— Bitcoin Magazine (@BitcoinMagazine) September 28, 2023

The Significance of Regulatory Collaboration in Crypto

Coinbase International Exchange announced its international exchange initiative in May of the current year. The listing of Bitcoin and Ethereum perpetual futures contracts followed it.

This approval underscores the importance of collaboration between crypto firms and regulators in shaping the future of digital finance. It also reflects the company's commitment to providing a safe and regulated environment for cryptocurrency trading and investment.

Coinbase's Service Termination in India Targets Violators

Coinbase is reportedly limiting its services in India. With a Finance Magnates report indicating that, the exchange is partially or fully terminating its offerings in the country. New signups for Indian users have been suspended. Rather it redirects them to download Coinbase Wallet, a self-custody crypto wallet.

According to TechCrunch, Coinbase sent emails to its Indian customers. It notifies them of the service termination, effective from September 25. It also encourages them to withdraw their funds. However, a Coinbase spokesperson clarified that this service termination only applies to Indian customers who have violated the exchange's standards. The spokesperson stated that the exchange is discontinuing services for accounts that no longer meet their updated standards.

This article was written by Tareq Sikder at www.financemagnates.com.

The search for a Bitcoin Exchange-Traded Fund (ETF) in the United States has been to date an elusive journey. Investors, enthusiasts, and financial professionals have been watching the regulatory developments surrounding this new financial product with bated breath. A spot Bitcoin ETF's attraction stems from its promise to introduce Bitcoin investments to a broader spectrum of investors, including those in traditional financial markets.

Regulatory Obstacles

The regulatory climate is the major impediment to a spot Bitcoin ETF in the United States. The Securities and Exchange Commission (SEC) of the United States has frequently highlighted concerns about market manipulation and investor protection. These fears are not without substance, given the bitcoin market's history of volatility and abnormalities. To address these concerns, the SEC has been evaluating numerous ETF ideas but has yet to approve any.

The SEC's main concern is the possibility of price manipulation in the Bitcoin market. The cryptocurrency field is prone to market manipulation due to a lack of regulation and oversight, which is exacerbated by the decentralized structure of digital currencies. The SEC has stated unequivocally that any Bitcoin ETF proposal must fully address these risks in order to be approved.

SEC Delays Decision on BlackRock's Spot Bitcoin ETF

The U.S. SEC has deferred its decision regarding BlackRock's proposal for a spot bitcoin exchange-traded fund. BlackRock, the world's largest asset manager, oversees assets exceeding $9 trillion. A spot bitcoin ETF offers a more straightforward means of exposing investors to digital assets, bypassing the complexities associated with futures contracts.

In the United States, the concept of a spot bitcoin ETF remains novel, as the SEC has yet to greenlight any crypto ETFs, despite numerous applications from various firms. The regulator has cited concerns related to potential fraud, market manipulation, liquidity deficiencies in the crypto market, as well as issues concerning asset custody and valuation methods.

Analysts have varying opinions on the potential impact of a spot bitcoin ETF. Some anticipate it could drive increased institutional and retail interest in bitcoin, thereby fostering price appreciation and broader adoption. Conversely, others argue that such an ETF wouldn't significantly differ from existing products that enable direct buying and selling of bitcoin, such as the Grayscale Bitcoin Trust and Coinbase.

The SEC's postponement of BlackRock's spot bitcoin ETF decision transpires amid broader regulatory scrutiny of the U.S. crypto industry. Authorities and lawmakers are striving to keep pace with the sector's rapid innovation and expansion. The SEC recently initiated legal actions against multiple crypto firms, including Ripple and BitConnect, over alleged securities law violations. Additionally, the regulator has cautioned investors regarding the risks and complexities associated with crypto asset investments.

Investor Defense

Investor protection is another critical factor that the SEC considers when examining Bitcoin ETF proposals. The government is in charge of protecting investors' interests in US financial markets, and it is determined that any Bitcoin ETF meets severe criteria in this regard. This includes standards for full disclosure, transparency, and procedures to mitigate potential conflicts of interest.

The SEC has been aggressively seeking public input and feedback on Bitcoin ETFs, indicating a desire to engage with cryptocurrency stakeholders. However, the regulatory authority faces a difficult task in striking the correct balance between encouraging innovation and protecting investors.

Market Maturity

The development of the cryptocurrency market itself might considerably improve the chances of a spot Bitcoin ETF in the US. Bitcoin has progressed from a niche digital asset to a genuine investment class over the last decade. Institutional investors have entered the market, and bitcoin exchanges have improved their infrastructure and security.

Concerns concerning market manipulation and investor protection may be addressed more effectively as the market matures. Increased liquidity, increased market surveillance, and upgraded custody solutions could help reassure the SEC and other regulatory authorities.

Global Examples

Looking beyond the limits of the United States, we may see examples of countries that have already embraced spot Bitcoin ETFs. In February 2021, Canada, for example, approved the first Bitcoin ETF. This historic ruling in the North American market has served as a helpful case study for US regulators.

Other countries' success and stability with Bitcoin ETFs could serve as a model for US regulators. It may assist demonstrate that such financial instruments can survive with existing regulatory regimes and that market manipulation and investor protection issues can be effectively addressed.

Perspectives Change

The cryptocurrency ecosystem is fluid, and opinions on Bitcoin and other digital assets are constantly changing. Influential financial personalities, especially big Wall Street players, are rapidly recognizing cryptocurrencies' potential as an asset class. This shifting sentiment may have an impact on regulatory decisions in the United States.

Furthermore, the introduction of recognized financial institutions into the cryptocurrency field, such as CME Group's issuance of Bitcoin futures, implies that digital assets are becoming more accepted in traditional finance. These events may cause regulators to reconsider their position on Bitcoin ETFs.

Policy decisions can be significantly influenced by the leadership of regulatory agencies such as the SEC. With changes in leadership, there is a potential for regulatory approaches and goals to evolve. A new SEC chairman or commissioners may have different views on cryptocurrency and Bitcoin ETFs, paving the way for a more favorable regulatory climate.

It's worth noting that the SEC's attitude on bitcoin has shifted over time, with a growing desire to engage with the industry. The SEC's outlook could be influenced further by the employment of personnel with experience in blockchain technology and digital assets.

Industry Representation

Advocacy organizations and industry associations are critical in creating the regulatory landscape. The cryptocurrency community has taken the initiative to establish groups that advocate for clear and reasonable laws. These organizations strive to inform policymakers and authorities about the advantages of Bitcoin and other cryptocurrencies.

As these groups grow in power and credibility, they may help to foster a more productive discussion between the Bitcoin industry and regulatory agencies such as the SEC. Effective communication and teamwork can result in regulatory regimes that promote innovation while protecting investors.

The prospect of a spot Bitcoin ETF offering in the United States remains questionable, owing to regulatory obstacles linked to market manipulation and investor protection. However, a number of circumstances, including the maturing of the cryptocurrency ecosystem, worldwide precedents, shifting viewpoints, new leadership at the SEC, and industry advocacy, might sway the regulatory landscape in favor of a Bitcoin ETF.

While the road to a Bitcoin ETF in the US may be difficult, the bitcoin community and financial sector stakeholders are working hard to find a solution that blends innovation with investor protections. Investors and enthusiasts will be keenly monitoring developments as the regulatory landscape changes, hoping for a breakthrough that brings Bitcoin investments within reach of a broader spectrum of market players.

This article was written by Pedro Ferreira at www.financemagnates.com.

The New York-based cryptocurrency exchange Gemini has announced its decision to suspend services to Dutch customers starting from November 17. This move resulted from regulatory pressure imposed by the De Nederlandsche Bank (DNB). However, Gemini is not exiting the Dutch market for good; the exchange aims to re-enter the country once it achieves full compliance with the new crypto asset rules outlined in the European Union's Markets in Crypto-Assets Regulation (MiCA).

In a letter addressed to its Dutch users on September 26, Gemini communicated the impending suspension of its operations. The letter urged customers to either withdraw their assets or transfer them to another wallet address to comply with the DNB's directives. Gemini emphasized the necessity of emptying users' accounts by November 17, 2023.

Gemini Foundation provides a range of crypto derivatives products, with its initial offerings revolving around Gemini dollars (GUSD), the exchange's proprietary stablecoin.

Gemini Recommends Rival Bitvavo

In light of this, Gemini has suggested that its users consider Bitvavo, a local cryptocurrency exchange that is duly registered with the DNB, as an alternative for their crypto holdings. Bitvavo is an Amsterdam-based exchange that was established in 2018 and holds membership in the Dutch Association of Bitcoin Companies.

This development follows a trend seen earlier this year when Binance ceased its Dutch operations due to regulatory hurdles from the DNB. At the time, DNB's representative, Tobias Oudejans, suggested that compliance with MiCA could pave the way for Binance's potential return to the Dutch market. Presently, the DNB has registered 37 virtual asset providers, including eToro, Coinbase, Crypto.com, and BitPay.

Gemini's Global Expansion

In May, Gemini relocated its European headquarters from London to Dublin. While initial reports hinted at London as the destination, regulatory uncertainties prompted Gemini to seek a safe haven in another jurisdiction within the British Isles.

Awesome meeting this morning with @LeoVaradkar, the Prime Minister of Ireland. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe MiCA is that common sense regulation. We also announced that @Gemini has… pic.twitter.com/Iv3NmPTmju

— Cameron Winklevoss (@cameron) May 25, 2023

Ireland's attractiveness as a hub for financial services and emerging technologies played a pivotal role in Gemini's decision, the exchange said. Its registration as a Virtual Asset Service Provider (VASP) in Ireland in July 2022 has strengthened its commitment to the region.

In addition, Gemini bolstered its international markets with the launch of the Gemini Foundation, a crypto derivatives platform, in April. This move is a response to the growing regulatory pressure in the US.

Elsewhere, Gemini filed for pre-registration with the Ontario Securities Commission (OSC) in Canada in April to ensure its continued operations and compliance with regulatory requirements in the country. The pre-registration filing occurred in response to the OSC's mandate requiring all crypto exchanges operating within its jurisdiction to register with the regulator.

This article was written by Jared Kirui at www.financemagnates.com.

Su Zhu, the Co-Founder of Three Arrows Capital (3AC), has been arrested in Singapore. His arrest is linked to his alleged failure to cooperate during the bankruptcy proceedings of 3AC, a crypto-lending company that collapsed last year.

This afternoon (Friday) at Changi Airport in Singapore, Zhu was apprehended. His attempt to leave the country led to his detention, which was a development confirmed by Teneo, the entity overseeing the liquidation of 3AC.

3AC was known for its investments in projects like LUNA, Aave, Avalanche, BlockFi, Deribit, and Solana before its collapse. The downfall began when LUNA, a significant investment of 3AC, experienced a massive crash in May, triggering a series of events in the crypto industry.

Breaking: ZHU Su, co-founder of failed crypto hedge fund Three Arrows Capital, was apprehended at Changi Airport whilst attempting to travel out of Singapore on Friday (Sep 29) afternoon. Businesstimes reported. https://t.co/W01HoeQYCu pic.twitter.com/TwvRuFKbxw

— Wu Blockchain (@WuBlockchain) September 29, 2023

Zhu Wanted for Eluding Authorities

Despite managing up to $18 billion in cryptocurrency assets at its peak, 3AC failed to meet margin calls in June, raising questions about its financial stability. In addition, the failure to repay a substantial debt of $665 million to crypto broker Voyager Digital exacerbated the situation and further destabilized the company.

The Monetary Authority of Singapore (MAS) reprimanded 3AC and its founders in June 2022. This reprimand was due to alleged misinformation, failure to report ownership changes in the executive ranks, and exceeding allowable asset thresholds for a registered fund management company.

According to the MAS, the investigations uncovered that the company failed to notify regulators about the employment of its representatives and made false representations about them.

In June, a report by the New York Times indicated that Kyle Davies, the Co-Founder of 3AC, and Zhu had embarked on a year-long journey that took them to Bali instead of facing the aftermath of the collapse of their hedge fund. They departed from Singapore, where Three Arrows was headquartered, and embarked on a journey across Asia, essentially taking a summer sabbatical.

3AC's Downfall and Regulatory Reprimand

Meanwhile, Singapore's financial market regulator barred the duo from participating in the city-state's financial services sector for nine years in September. The ban was put into effect on September 13 in response to the regulatory which had reported lapses tied to the fund's operations.

Founded in 2012 in Singapore, 3AC was once a prominent cryptocurrency hedge fund known for its highly leveraged positions. However, its fortunes took a sharp downturn, incurring losses exceeding $400 million amid a drop in the crypto market last year.

The consequences of 3AC's collapse extended far beyond its immediate stakeholders. Voyager Digital, unable to recover its debts from 3AC, was forced to file for bankruptcy. The domino effect has resulted in damages exceeding $3 billion, affecting several companies in the crypto space.

This article was written by Jared Kirui at www.financemagnates.com.

Hot news: These changes have happened in the last hour.

In the last one hour Bitcoin is leading the record of among the most popular crypto-currency in the trading ecosystem, it has an decrease of -0.33% from its previous value from 6631.875 dollars now at 6609.990 dollars exchange rate. Next to Bitcoin is T..

The post Bitcoin $6609.990 – CryptoCurrency Trading Report – 24.09.2018 09:08 appeared first on CryptoCurrency Blog.

Hot news: The summaries of the last one hour are the followings:

Bitcoin is leading the rank on the most popular crypto-currency, it has an upsurge of 0.12% in its exchange rate, which means 6668.000 dollars from the 6660.008 dollars earlier. Tether is in the second position as Bitcoin leads the first spot. ..

The post Bitcoin $6668.000 – CryptoCurrency Trading Report – 24.09.2018 08:08 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

In the last hour, Bitcoin is leading the cryptocurrency rank. A fall in the exchange rate was seen from 6663.014 dollars to 6640.360 dollars a -0.34% change. Next to Bitcoin is Tether in the second position..

The post Bitcoin $6640.360 – CryptoCurrency Trading Report – 24.09.2018 07:08 appeared first on CryptoCurrency Blog.

Hot news: Here you can read the new CryptoCurrency report of the last 60 Minutes.

Bitcoin is leading the rank in the last hour as the most popular crypto currency in the trade market, with a recorded fall on its value of about -0.12% in the last hour with a current standing rate of 6674.850 dollars from 6682..

The post Bitcoin $6674.850 – CryptoCurrency Trading Report – 24.09.2018 06:07 appeared first on CryptoCurrency Blog.

Hot news: There were a lot of happenings in the last 60 minutes on the Crypto stock exchanges.

Bitcoin is listed as the most popular cryptocurrency in the market. In the last sixty minutes, it had an downswing of -0.19% on its trading price. This means from 6699.038 dollars now at 6686.310 dollars. Tether is..

The post Bitcoin $6686.310 – CryptoCurrency Trading Report – 24.09.2018 05:07 appeared first on CryptoCurrency Blog.

Hot news: Now we show you the newest summary of 60 minutes.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an decrease of -0% in its exchange rate from 6704.570 dollars now at 6704.570 dollars. Bitcoin is seconded by Tether, in a 60 minutes time it has a drop..

The post Bitcoin $6704.570 – CryptoCurrency Trading Report – 24.09.2018 04:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

Bitcoin was in the top position in the last hour, the exchange rate decreases from 6710.021 dollars to 6709.350. This is a -0.01% recorded change. Tether is at the second position next to Bitcoin, with a re..

The post Bitcoin $6709.350 – CryptoCurrency Trading Report – 24.09.2018 03:07 appeared first on CryptoCurrency Blog.

Hot news: These changes have happened in the last hour.

Bitcoin was in the top position in the last hour, the exchange rate increases from 6689.711 dollars to 6709.780. This is a 0.3% recorded change. Bitcoin is followed by Tether, with a -0.07% tumble on its trade value in the last one hour, equivalent to 0..

The post Bitcoin $6709.780 – CryptoCurrency Trading Report – 24.09.2018 02:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

The number one cryptocurrency leader is Bitcoin, this data was fetched in the last hour. It has an decrease on its trade value to -0.2%, now at 6687.450 dollars from 6700.852. Tether is at the second positi..

The post Bitcoin $6687.450 – CryptoCurrency Trading Report – 24.09.2018 01:07 appeared first on CryptoCurrency Blog.

Hot news: These are the changes of the CryptoCurrency market in the last one hour.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an increase of 0.05% in its exchange rate from 6689.215 dollars now at 6692.560 dollars. Tether is next to the leading crypto Bit..

The post Bitcoin $6692.560 – CryptoCurrency Trading Report – 24.09.2018 00:07 appeared first on CryptoCurrency Blog.

Today, Fuse Network, an enterprise-grade, use-case agnostic, decentralized EVM-compatible public blockchain, announced Liquify as its newest remote procedure call (RPC) provider and ecosystem partner. Liquify will provide public RPC services – both free and private. RPC nodes help process requests from decentralized applications (dApps). They are vital for improving the usability of web3 and for […]

The post Fuse Network welcomes Liquify as new blockchain infrastructure partner appeared first on CryptoNinjas.

Welcome to the world of BITmarkets – a leading cryptocurrency exchange offering a wide range of trading options for both retail traders and corporate clients. In this comprehensive review, we will explore the various features and services provided by BITmarkets, including spot, futures, and margin trading. Whether a seasoned trader or just starting your cryptocurrency […]

The post BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies appeared first on CryptoNinjas.

HashKey Exchange, the first licensed retail virtual asset exchange registered in Hong Kong, announced its official launch today. Together with executives from the HKSAR government, top-tier banks, insurers, and Big 4 auditing firms, HashKey held the grand launch in Hong Kong. Strictly adhering to the SFC’s user registration and KYC requirements, the HashKey Exchange platform […]

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Adenasoft, a South Korea-based IT/software company, has just announced the launch of ACE, their new SaaS product designed for cryptocurrency exchanges. ACE fully prepares businesses for exchange operations quickly, taking less than a month to get up and running. ACE offers a comprehensive suite of features that enables crypto exchanges to streamline their operations and […]

The post Adenasoft launches new crypto exchange white label solution: ACE appeared first on CryptoNinjas.

This week, the team of Pods, a provider of structured products for crypto assets, unveiled its latest offering – the ETHphoria Vault. This innovative yield strategy is designed explicitly for ETH enthusiasts who are bullish about its future prospects and want to earn even more from increasing prices. ETHphoria is a low-risk, principal-protected strategy designed […]

The post Maximize Your ETH Investment: The ETHphoria Vault by Pods appeared first on CryptoNinjas.

The team of Pods recently announced the mainnet launch of its 3rd strategy on Pods Yield: FUD Vault, which now complements ETHphoria and stETHvv. FUD Vault provides a way for users to benefit from market downturns by offering a mechanism to hedge against significant price drops in ETH while preserving the deposited principal. Who is […]

The post Crypto traders can mitigate risk with PODS’ FUD Vault – now live on mainnet appeared first on CryptoNinjas.

DeFi Returns brings comprehensive up-to-date information on DeFi strategies and protocols, to easily compare and analyze their performance. Getting the most reliable data source for historical yield on DeFi, to help users make informed decisions when investing in the ecosystem. All data displayed is sourced from the protocol’s smart contracts directly. The new DeFi Returns […]

The post What is DeFi Returns? A new way of DeFi Investing appeared first on CryptoNinjas.

RockX, an Asia-based institutional-grade staking services provider, announced today the broadening of its staking product suite with the addition of a new ether (ETH) native staking solution. This latest offering strengthens RockX’s position as a comprehensive provider of diverse staking needs, maneuvering quickly to the evolving crypto market landscape. Navigating the Ethereum ecosystem presents institutions with […]

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Hex Trust, a regulated institutional-grade crypto-asset custodian, today announced it has partnered with The Sandbox, a leading decentralized gaming virtual world to enable fully-licensed and highly-secure custody of assets such as LAND in The Sandbox’s metaverse. The partnership sees Hex Trust fully integrate LAND into its custody platform, Hex Safe, which supports cryptocurrencies, security tokens, and NFTs. […]

The post The Sandbox teams with Hex Trust for licensed, secure custody of its virtual assets appeared first on CryptoNinjas.

CoinFlip, a bitcoin ATM and crypto services company, announced today a new offering with the launch of ‘Olliv,’ a self-custody-powered crypto platform. The Olliv platform provides a frictionless way to buy, sell, send, receive, and swap cryptocurrency securely stored on a self-custodial wallet, removing the uncertainty of unknown third-party custodians. By leveraging CoinFlip’s existing network […]

The post CoinFlip launches new self-custodial cryptocurrency wallet platform ‘Olliv’ appeared first on CryptoNinjas.

Deribit, a popular cryptocurrency derivatives platform, has announced the launch of zero-fee spot trading, allowing clients to buy and sell crypto while simultaneously managing risk using other derivatives. Spot trading will start on April, 24th 2023 at 1 PM UTC with three pairs (BTC/USDC, ETH/USDC, and ETH/BTC), providing clients with a simple and free solution […]

The post Crypto derivatives exchange Deribit to launch zero-fee spot trading appeared first on CryptoNinjas.

Japan-based banking giant Nomura, announced today that its digital assets subsidiary, Laser Digital, has made a strategic investment in Infinity, a non-custodial interest rate protocol built on Ethereum. Infinity’s wholesale exchange, the first of several planned infrastructures, provides inter-exchange clearing, fixed and floating rate markets, as well as enterprise-grade risk management utilizing hybrid on-chain/off-chain infrastructures […]

The post Nomura’s Laser Digital invests in Infinity, an Ethereum-based money market protocol appeared first on CryptoNinjas.

Blocknative, a real-time Ethereum (ETH) infrastructure platform, has newly introduced features including transaction bundle send, cancellation, and replacement support for the Blocknative Builder. Searchers can now submit MEV bundles privately to the Blocknative Builder to be included on-chain. This market utility builds upon Blocknative’s reliable, real-time infrastructure that is systematically important to the Ethereum ecosystem. […]

The post ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support appeared first on CryptoNinjas.

Eventus, a provider of multi-asset class trade surveillance and market risk solutions, announced today that cryptocurrency derivatives exchange Deribit has chosen the firm’s Validus platform to provide market abuse monitoring on the exchange. Headquartered in Panama City, Panama, Deribit is one of the largest cryptocurrency options exchanges by volume and open interest, with approximately 90% […]

The post Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus appeared first on CryptoNinjas.

Gemini, the popular bitcoin & crypto exchange company, today announced the launch of electronic over-the-counter trading (eOTC), an automated crypto trading solution designed for institutions. The Gemini eOTC solution offers a variety of advantages to institutional traders including: Competitive Pricing & Execution: Liquidity is sourced from top-tier liquidity providers with deep liquidity pools, enabling counterparties […]

The post Crypto exchange Gemini launches new electronic OTC trading solution appeared first on CryptoNinjas.

GenTwo Digital, the crypto-asset securitization platform based out of Crypto Valley in Zug, Switzerland, today announced a partnership with Coinbase, the publicly-listed cryptocurrency platform. This new partnership for GenTwo Digital allows all Coinbase crypto assets to be wrapped in bankable financial investment products and enables financial intermediaries to issue certificates such AMCs (Actively Management Certificates). […]

The post Crypto securitization platform GenTwo links to all Coinbase assets appeared first on CryptoNinjas.

ThunderCore, a leading blockchain & web3 ecosystem announced today that they are making a new development push, partnering with new validators as the chain rolls out its new crypto staking model. The newest ThunderCore validators include the famous crypto-asset exchange Huobi and one of the earliest staking platforms in the space, MyCointainer. Users of both […]

The post Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion appeared first on CryptoNinjas.

Pods, creators of a DeFi platform, announced today that earlier this year, the team raised $5.6M in seed funding to create structured products for crypto-assets. The financing featured investors such as IOSG, Tomahawk, Republic, Framework Ventures, and more. The first strategy on Pods Yield is stETHvv (Ethereum Volatility Vault). stETHvv is a low-risk product focused […]

The post DeFi protocol Pods raises $5.6M to support its structured crypto products dApp appeared first on CryptoNinjas.

Deribit, the popular cryptocurrency derivatives exchange, announced today it has launched a new ‘Proof of Reserves‘ tool for clients using the trading platform. Now, clients are provided with the functionality to verify their assets to be included in Deribit’s overall reserves. How it Works Deribit provides all addresses for all on-chain assets and it delivers […]

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Tenderly, creators of a blockchain development platform, today announced that it is the first web3 development platform to offer simulations through RPC on its Tenderly Web3 Gateway, the company’s production node as a service. Note, Tenderly already processes more than 50 million simulations per month through its Transaction Simulator. Now, the company is introducing the […]

The post Tenderly introduces TXN simulations on its blockchain gateway for efficient dApp development appeared first on CryptoNinjas.

DFINITY Foundation, the not-for-profit organization contributing to the development of the Internet Computer (IC) — a high-speed, internet-scale public blockchain — has announced today the Internet Computer’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency. Now, the Internet Computer can serve as a layer-2 for Bitcoin where smart contracts on the Internet […]

The post DFINITY brings new smart contract functionality to Bitcoin with Internet Computer integration appeared first on CryptoNinjas.

Coinbase, the popular bitcoin & crypto exchange company, announced today it will be rolling out ‘Easy Bank Transfers’ for UK users. The new feature delivers an easy way to add funds to Coinbase accounts. Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which […]

The post Crypto exchange Coinbase to support Easy Bank Transfers for UK users appeared first on CryptoNinjas.

Biconomy, a web3 development platform & toolkit that superpowers blockchain technology stacks, today announced it has launched a software development kit (SDK) to transform the way developers build easy-to-use decentralized applications (dApps). Since 2019, Biconomy has been engaged with the web3 infrastructure space by building easy-to-integrate, plug-and-play APIs for developers to scale their projects. The […]

The post Biconomy releases new SDK for better crypto and blockchain development appeared first on CryptoNinjas.

Trust Wallet, a self-custodial and multi-chain cryptocurrency wallet application, has announced the launch of its brand-new browser extension wallet. Supporting all EVM chains, as well as Solana, it is available now on browsers including Chrome, Brave, and Opera. The browser extension complements Trust Wallet’s mobile wallet, which is the world’s leading mobile crypto wallet with […]

The post Trust Wallet launches anticipated browser extension of its crypto management app appeared first on CryptoNinjas.

BlockFills, a company specializing in building trading and management solutions for cryptocurrency market participants, today announced the launch of Vision Crypto Cloud, a secure, full-service, end-to-end digital asset trading, order management, and risk management platform. The software-as-a-service (SaaS) platform enables institutions to quickly access the crypto ecosystem out of the box, without the multi-year timeline […]

The post BlockFills launches end-to-end enterprise crypto trading technology stack appeared first on CryptoNinjas.

Day one trading volume across all nine products stood at less than $2 million.

JPMorgan’s CEO Jamie Dimon pointed to trading, hedging, research and error detection as just some of the processes that can be streamlined by AI.

J.W. Verret is the “Blockchain Professor.” He may be tracking your money, but he’s advocating for crypto.

A California resident is suing Binance and its CEO for tweets last November that, according to allegations, led to the collapse of the rival exchange.

The dropping of the suit came amid Terra facing a lawsuit brought by the U.S. Securities and Exchange Commission and Do Kwon possibly nearing the end of his sentence in Montenegro.

The company’s co-founder and president, Justin Young, told Cointelegraph in an email that plans to launch at a later date were “TBD.”

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.

Ether price is up today as Ethereum futures ETF launches and other signs of institutional adoption boost investor sentiment.

CFTC Chairman Rostin Behnam told an audience at the Financial Industry Association Expo about the agency’s activity in the crypto space and its need for modern legislation.

The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute.

The latest delays came two weeks before the second deadline for many applicants.

The license allows GSR to provide crypto and fiat-related services to Singaporean residents and entities.

Bitcoin and select altcoins are looking strong at the start of October, but will the flashpan bullish momentum last?

According to the scientists, there’s no universal method by which data can be deleted from a pretrained large language model.

The crypto market is up today as the U.S. government avoids a shutdown and spot Bitcoin volumes surge.

The committee’s recommendations included having the Kenyan government consider implementing a comprehensive framework for digital assets and virtual asset service providers.

No specific timeline was given as to when users can receive their money back.

Two transactions showed lump sums of $50 million in USDT transferred from Bitfinex to the Tether treasury only a few minutes apart.

Bitcoin preserves its snap October gains, but BTC price analysis reveals reasons for staying level-headed about the future.

Following the U.S. SEC’s approval of spot Ether exchange-traded funds, VanEck has launched its Ethereum Strategy ETF.

Bitfarms, one of the largest Bitcoin miners in the world, believes that many of its best growth opportunities will arise from the upcoming BTC halving.

Ryan Wyatt deciphers the the possibilities for AI to help gamers and game developers achieve.

The fund is a part of a wider VCC umbrella that brings various real-world assets to the blockchain.

Crypto asset manager Grayscale has filed an application with the U.S. SEC to convert its Ethereum Trust to a spot Ethereum ETF.

The guests on this episode of Hashing It Out discuss how cloud technology and Web3 intersect, with a special focus on user identity and regulations.

The matrix aims to identify potential risks associated with the crypto space and policy responses for regulators.

The long-awaited trial of former FTX CEO Sam Bankman-Fried gets underway on Oct. 4 — here’s what you need to know.

Ross Ulbricht, the founder of the first “modern darknet market,” has reached the 10-year mark of his double life sentence in prison after having his laptop seized by the FBI in 2013.

Bitcoin price crossed above $28,000 for the first time since August as the cryptocurrency market got a boost after the U.S. avoided a government shutdown.

The decentralized social media platform has continued to thrive since it launched in the second week of August and has hit multiple new highs despite critics predicting its downfall.

Over a billion dollars in liquidations sent the XRP price and the crypto market back from the dead and into local highs. However, new data suggests the rally might be short, pushing down the nascent sector into critical support. Related Reading: Tellor (TRB) Is Up 640% In 2023, Back To 2021 Highs Ahead of Bitcoin, XRP? As of this writing, the XRP price trades at $0.5 with a 4% profit in the last week. The cryptocurrency rallied in the previous 24 hours but has been retracing its steps over the past few hours, hinting at potential losses unless buyers step in and defend these levels. XRP Price Braces For Impact? According to the trading desk QCP Capital, the current rally in the crypto market coincides with seasonality. In the nascent sector, October is known as “Uptober” because major cryptocurrencies, including the XRP price, trend to the upside. In the past years, every Bitcoin, Ethereum, and XRP price rally began in October, making it the best month for the market, as seen in the chart below. However, the trading desk warned its followers on social media X about a potential reverse that could have negative effects on cryptocurrencies: However, we are not fully convinced by this move, and we think that BTC might test super key 25k support sometime in the final quarter of 2023 (…) This aggressive bounce has been due almost entirely to exogenous factors thus far and might not have the momentum to sustain. The trading desk believes these factors may lack the power to sustain the current price action. In addition, the narrative around approving an Ethereum future Exchange Traded Fund (ETF) in the US could set the stage for a bloodbath. Two years ago, when the price of Bitcoin reached its all-time high of $69,000, the Securities and Exchange Commission (SEC) approved a BTC futures ETF. This event marked the crypto market’s top, making the current ETH future ETF an ominous event for XRP and the altcoin market. QCP Capital claims that the newly approved financial asset could increase selling pressure in the sector due to adding “synthetic coins” to the market. In other words, the ETH futures ETF creates a disbalance between the supply and demand forces in the sector. The firm added: We would even go further to say a futures-only ETF is arguably detrimental to spot price – as it potentially directs demand away from the spot market into a synthetic market. Good News In The Short Term For XRP The XRP price could benefit from the US government shutdown in the macro arena. The analysis shows that in the past 30 years, each US government shutdown preceded a bull run for the financial market. This is the only positive news for the cryptocurrency in the medium term. Related Reading: Ripple CTO Addresses Bitcoin Adviser’s Claims That XRP Is Centralized In the short term, XRP still has a chance to run back above $0.6; as for Bitcoin, the trading firm expects the $29,000 to $30,000 resistance to remain intact. Cover image from Unsplash, chart from QCP Capital and Tradingview

On-chain data shows the Bitcoin Miners’ Position Index (MPI) has formed a death cross recently, a sign that the asset’s rally may end. Bitcoin MPI Has Formed A Bearish Crossover Recently As pointed out by an analyst in a CryptoQuant Quicktake post, the 365-day moving average (MA) of the BTC MPI has crossed above the 90-day recently. The “MPI” here refers to an indicator that measures the ratio between the miner outflows and the yearly MA. The “miner outflows” are the amounts these chain validators transfer out of their combined wallets. Generally, the miners take out their coins for selling purposes, so the miners outflows can measure how much dumping they are currently partaking in. Miner outflows are usually not that unusual, though, as this cohort has to constantly sell what they mine to pay off their running costs like electricity bills. What can be notable, however, is whether their selling deviates from the norm. Related Reading: Ethereum ETF: Valkyrie Halts Purchase Of ETH Futures Contracts The MPI provides us with information about precisely this since it compares the outflows against their 365-day MA. When the metric is greater than 0, the miners are selling more than the average for the past year, while negative values imply the opposite. Now, here is a chart that shows the trend in the 90-day and 365-day MAs of the Bitcoin MPI over the last few years: The two MAs of the metric appear to have crossed the path of each other in recent days | Source: CryptoQuant The above graph shows that the 90-day MA Bitcoin MPI (colored in orange) has declined during the last few weeks. Recently, the metric crossed below the 365-day MA, consolidating sideways. Historically, the crosses of the two MAs of the BTC MPI have appeared to be significant for the cryptocurrency’s price. In the chart, the quant has highlighted the major crossovers that occurred during the last few years. Whenever the indicator’s 90-day MA has observed a cross above the 365-day MA, BTC has gone off to witness some bullish momentum. Such a cross preceded the April 2019 rally, the 2021 bull run, and the rally that started this January. On the other hand, the opposite type of cross has proven to be bearish for the asset’s value, as steep declines have followed it. Since this death cross has once again formed for Bitcoin recently, it may signal that this year’s rally has reached its conclusion. Related Reading: Chainlink Signal That Preceded Crashes Of 34% Is Back However, the crossover is still in the process of forming, meaning that the coming weeks may be important. If the 90-day MA can turn itself around quickly, then the death cross may not form, but if the metrics continue in their current trajectory, the bearish signal would be solidified. BTC Price Regardless of the death cross, Bitcoin has observed some sharp bullish momentum during the past 24 hours, as the asset has surged to the $28,300 level. BTC has registered a sharp jump in the past day | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com

A pro-XRP lawyer has highlighted more casualties and negative impacts the regulatory authority has inflicted on XRP and its investors as well as individuals and businesses associated with the cryptocurrency.  So while Ripple has stated it has lost over $200 million in its fight against the US SEC, it seems that is not the only loss that has been incurred in the drawn-out battle.  SEC Allegedly Damaged 75K XRP Followers John E. Deaton, a pro-XRP lawyer has taken to X (formerly Twitter) to publicly admonish the United States Securities and Exchange Commission (SEC) for its series of legal actions and enforcements against XRP, the native token of Ripple Labs.  Related Reading: Crypto CEO Very Bullish On XRP Price, Sets Make Or Break Point Deaton has been a strong advocate for XRP since its fight against the US SEC began in 2020, and the cryptocurrency enthusiast and lawyer has actively participated in the community, airing out his views in defense of the cryptocurrency and its value as a global payment asset.  In a recent post, Deaton stated that the US SEC has negatively affected thousands of XRP investors and users and these people have been protesting against the SEC’s actions toward the ecosystem for three years. “The SEC harmed a lot of innocent people in the process. 75K investors, users, developers, and small businesses have been screaming the above for 3 years,” Deaton stated.  According to a civil filing, the SEC has destroyed more than $15 billion worth of assets owned by innocent holders of XRP who had acquired the token on secondary marketplaces. Ripple And SEC Legal Battle Developments RealClearPolicy (RCPC), an American policy website, recently published an article titled “The SEC is not King” on Thursday, September 30.  In an X repost, Deaton acknowledged the article which highlighted significant aspects of the Ripple and SEC legal case from when the regulatory body filed a lawsuit against the crypto firm earlier in 2020, alleging that Ripple was selling unregistered security offerings.  Ripple had aggressively defended itself against the SEC and achieved a partial victory after Judge Analisa Torres ruled in favor of Ripple and rejected the SEC’s allegations that sales of XRP tokens on exchanges are security sales.  In a possible attempt to salvage its reputation and also gain the upper hand against XRP, the SEC filed an interlocutory appeal to reevaluate the Judge’s ruling and its case against the token. In light of this, Deaton published a blog post titled “The Irony of Interlocutory Appeal” last week, castigating the SEC’s appeal scheme to potentially delay the litigation. Related Reading: XRP Price Threatened As Ripple Unlocks 1 Billion Coins The US SEC has also been struck by a blow that may put a dent in its case with XRP. The defense team of Ripple recently exposed a pile of internal SEC documents and secret positions about the token which could significantly undermine the SEC’s argument that XRP should be treated as a security.  This recent development has thrown a curveball in the ongoing legal battle between the US SEC and XRP, raising questions about the SEC’s intentions for the crypto industry and its method of handling cryptocurrencies. Token price shows strength to kick off new week | Source: XRPUSD on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com

On October 2, Mike McGlone, Commodity Strategist at Bloomberg, took to social media X (formerly known as Twitter) to express his concerns about the state of the crypto market.  Despite Bitcoin’s (BTC) recent rise, McGlone highlighted a disturbing trend and raised the possibility of a cryptocurrency recession. Factors Behind Crypto Market’s Recession Risk McGlone pointed out the concept of “positive beta vs. negative liquidity” and its implications for the cryptocurrency market.  Bloomberg’s senior Macro Strategist suggested that the weakness observed in the third quarter of 2023 could be either a temporary blip in the recovery or a sign of an impending recession.  Related Reading: Optimism (OP) Climbs 6% A Day As Crypto Market Rebounds, What’s Next? According to McGlone, the latter scenario is more likely, given that most risk assets experienced gains in 2023 but have since rolled over into the new quarter. The strategist also drew attention to the actions of central banks worldwide, noting that many are tightening their monetary policies despite signs of contraction in the United States and Europe.  Additionally, McGlone highlighted the ongoing property crisis in China, which carries deflationary implications. He argued that the Bloomberg Galaxy Crypto Index’s (BGCI) relative underperformance may reflect changing conditions for an asset class that has thrived in a zero-interest-rate environment. Drawing historical parallels, McGlone mentioned the swoons in Bitcoin’s price preceding Federal Reserve (Fed) pivots, implying that cryptocurrencies could serve as leading indicators for broader market liquidity. McGlone suggested that a revival of liquidity may be necessary to support the crypto market. Bitcoin Maximalist Identifies Key Factors For Remarkable Market Growth In addition to McGlone’s forecast, increased regulatory scrutiny and implementing stringent regulations by governments and regulatory bodies can significantly impact the cryptocurrency market.  The United States regulatory bodies have been actively cracking down on the crypto market, causing delays in what was expected to be a bullish run. Lawsuits filed in 2023 and signals of continued regulatory actions by the US Securities and Exchange Commission (SEC) have created uncertainty and restrictive regulations that can dampen investor sentiment and contract the market.  Moreover, economic factors contribute to concerns about a potential recession in the digital asset ecosystem. Cryptocurrencies are interconnected with the broader economic landscape, meaning global recessions, monetary policy changes, inflation, or deflation can affect the cryptocurrency market, potentially leading to a recession. On the other hand, some view the largest cryptocurrencies as safe havens during significant declines in the world’s largest economies. Bitcoin maximalists, including “The Bitcoin Therapist,” assisted by Artificial Intelligence (AI), have identified key factors necessary for Bitcoin and the overall market to achieve remarkable growth.  These factors include mass adoption, global economic uncertainty, institutional investment, limited supply, increased transaction volume, technological improvements, regulatory clarity, positive market sentiment, halving events, and a global currency crisis.  While progress has been made in factors such as global economic uncertainty, limited supply, increased transaction volume, technological improvements, and halving events, achieving mass adoption, institutional investment, regulatory clarity, positive market sentiment, and a global currency crisis are still pending. Related Reading: Chainlink Signal That Preceded Crashes Of 34% Is Back The strategist’s remarks underline the cautious sentiment surrounding cryptocurrencies despite recent positive movements in Bitcoin’s price.  McGlone’s analysis suggests that the cryptocurrency market may face significant headwinds due to changing economic conditions, central bank policies, and potential liquidity challenges. Featured image from Shutterstock, chart from TradingView.com 

Bitcoin prices could be bottoming, looking at price charts, and this might be one more opportunity for the savvy to accumulate before prices rip higher, according to one optimistic analyst. Taking to X, the analyst, Cryptocon_, said the “Ultimate Oscillator” indicator suggests that Bitcoin is at a “cyclical bottom,” adding that for the “first time,” the indicator has crossed into the cycle bottom zone in the two-week time frame. Bitcoin Likely Bottoming: Here’s Why Whether this prognosis is accurate depends on how Bitcoin prices pan out in the next few trading sessions. However, Bitcoin prices have since added roughly 4% since Cryptocon_ first laid out the analysis. Bitcoin is changing hands at around $28,000, up 12% from September lows. Following the sharp expansion on October 1 lifted BTC above September 2023 highs, a strong start for Q4 2023. The Ultimate Oscillator is a momentum indicator built on moving averages. Technically, the indicator is based on the idea that prices tend to close near the highs or lows of the recent trading range. Accordingly, based on Cryptocon_, Bitcoin is presently at “cyclical bottoms,” the same zone where BTC found support in the tail end of 2022 before bouncing off strongly in Q1 2023. Related Reading: XRP Price Bloodbath On The Horizon? Report Casts Doubt On Recent Rally If historical performance guides, Cryptocon_ believes “Bitcoin is offering traders one last accumulation opportunity,” but “most people will squander the pullback predicting and worrying about the macro.” Current macroeconomic conditions favor another round of interest rate hikes, especially in the United States. Although the Federal Reserve (Fed) kept rates unchanged in the last session, there are concerns that another hawkish environment could crash the crypto market like it did in 2022. Is BTC Heading Back To $32,000? At press time, Bitcoin is trading above August 29 highs in what appears to be a continuation of the bull run set in motion in late August. Still, it is unclear whether Bitcoin bulls have the momentum to push on.  The daily trading chart shows that the coin is still trending inside the bear candlestick of August 17. The bar was wide-ranging with high trading volumes, cementing the bearish preview that continues to hold from the volume analysis perspective.  Despite buyers expecting more gains in the sessions ahead, there must be a solid close above August 17 with rising trading volumes, completely reversing losses of mid-August. This move will likely cancel out the bearish preview that, as aforementioned, holds. This might set the ball rolling for a leg up to $30,000 and $32,000 in the sessions ahead. Related Reading: Chainlink Signal That Preceded Crashes Of 34% Is Back Feature image from Canva, chart from TradingView

As the largest cryptocurrency, Bitcoin (BTC) has always dominated the headlines and drives the mainstream hype around cryptocurrencies. In terms of performance, it’s no news Ethereum (ETH) has followed behind BTC in the past few years. However, according to crypto analyst Dave the Wave, Ethereum could outperform Bitcoin in the coming years.  A Different Perspective Dave the Wave took to social media to share his views on the Ethereum/Bitcoin price action. The current trajectory shows Ethereum has been falling against Bitcoin in terms of performance since the beginning of the year.  Related Reading: IPO Frenzy: What Happens To XRP Price If Ripple Stock Climbs To $600? A more in-depth examination reveals that Ethereum has been following a pattern of lower highs and lower lows, which is indicative of a continued downward trend. However, according to the pseudonymous crypto analyst, a larger timeframe presents a better view of the general situation of things.  “The longer timeframe trumps the shorter, and helps to predict future price action, which is what speculation is all about, as opposed to simply describing recent past price action,” he said. ETH/ BTC Careful of [shorter-term] hindsight bias – it’s a series of lower highs until it’s not. The longer time-frame trumps the shorter…. and helps to predict future price action, which is what speculation is all about, as opposed to simply describing recent past price… pic.twitter.com/kMrqN3istb — dave the wave🌊🌓 (@davthewave) September 29, 2023 A closer look into a multi-year timeframe shows a falling wedge has been forming in the Ethereum/Bitcoin pair’s performance since July of 2022. The current situation shows the formation of this wedge might be nearing its end which indicates a decrease in downside momentum and a potential trend reversal.  This possible reversal is reiterated by the Fibonacci indicator, which shows the downward trend is at the 0.236 level. Can Ethereum Outperform Bitcoin? Ethereum has frequently outperformed Bitcoin for periods stretching months at a time. The ecosystem also has a few key advantages over BTX that could help it outperform in the coming years.  Although Bitcoin still reigns as the top cryptocurrency, Ethereum seems poised to gain more mainstream traction in the coming years. As more projects and blockchains are built and connected to the Ethereum network, we could see Ethereum flip Bitcoin in terms of performance as early as next year. Related Reading: Crypto CEO Very Bullish On XRP Price, Sets Make Or Break Point BTC Remains The Primary Vehicle For Wealth Creation Bitcoin still remains the primary vehicle for building wealth in both the crypto and traditional markets. According to Dave The Wave, Bitcoin is poised to continue on this trajectory for the next few years before becoming fully capitalized and on the same level as traditional markets. The analyst makes this prediction by sharing a logarithmic growth curve chart showing BTC still has a higher chance for growth in the longer term.  BTC chart for growth | Source: X Bitcoin, in particular, has led the crypto markets in gains for the past week. Meanwhile, Ethereum has also recorded gains of 9.82% in a 7-day timeframe and is currently trading at $1,730. However, Ethereum faces a resistance at $1,750 which could force a downside correction.  ETH price looks strong above $1,700 | Source: ETHUSD on Tradingview.com Featured image from StealthEX, chart from Tradingview.com

In a sudden turn of events for what is usually expected to be a bullish month for the crypto industry, a series of token unlocks set to take place this month is now threatening this bullish momentum. With around $200 million in various altcoins expected to flood the open market, the current market rally may end up being short-lived. $200 Million In Crypto Being Unlocked Token tracking website Token Unlocks has revealed that around $200 million in various cryptocurrencies are being unlocked at various intervals through the course of this year. The tokens being unlocked range from SUI to Optimism to Aptos’s APT, among others. Related Reading: LINK Price Primed For Meteoric Rise: Analyst Predicts 130% Rally To $18 A screenshot shared by Wu Blockchain on X (formerly Twitter) showed a list of tokens expecting large crypto unlocks in October, as well as the percentage of supply they represent and their equivalent dollar value. The first on the list is SUI. SUI’s upcoming token unlock is by no means the largest on the list. But it is significant and will be the first to take place this month. Set to happen on October 3, 34.62 million SUI tokens (4.37% of supply) worth $17.11 million will flow into the open market. Following this just a couple of days later on October 7 is the Immutable X (IMX) token unlock. This unlock will see another 1.55% of the total supply (18.08 million tokens) worth $10.91 million unlocked. Aptos follows five days later on October 12 with 4.54 million APT tokens accounting for 1.91% of supply and worth $25.81 million. Crypto token unlocks for October | Source: X ApeCoin’s unlock of 15.6 million tokens will then take place on October 17. This represents 4.23% of supply and is worth $19.50 million; the third-lowest of the bunch. The highest on the list in terms of dollar figures is the Axie Infinity token unlock. This crypto unlock will happen toward the end of the month on October 20, with 15.13 million tokens representing 11.50% of the total AXS supply. The dollar value of these tokens is $71.24 million going by current prices. Related Reading: What Is Behind The 16% PEPE Price Recovery And Will It Continue? Last but not least, is another Optimism OP token unlock. It is slated for October 30 and 24.16 million tokens, similar to previous unlocks, will be brought into circulation. This translates to 3.03% of supply with a dollar value of $35.03 million. In total, 31 crypto projects have scheduled token unlocks for the month of October. Other notable but smaller unlocks include DYDX’s $4.51 million unlock, CYBER’s $6.87 million unlock, FLOW’s $3.44 million unlock, and Space ID’s $3.98 million token unlock. Total market cap recovers to $1.095 trillion | Source: Crypto Total Market Cap on Tradingview.com Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Forbes India, chart from TradingView.com

Investment products in the crypto arena have recently reported net inflows of $21 million, breaking a persistent six-week drought. With the crypto market’s future continuously debated among experts, such inflows mark a possible resurgence of confidence among investors. The top cryptocurrency remained at the forefront of this resurgence, capturing most of the inflow. But as Bitcoin continues its dominance, emerging coins like Solana also signify the diversifying landscape of the crypto world. Amid these positive indicators, the Ethereum token, however, tells a different story. Related Reading: Crypto’s Six-Week Bleed Out: XRP And Solana Defy The Outflow Downtrend Bitcoin And Solana Shine, Ethereum Faces The Heat Leading the pack, Bitcoin funds reported an inflow of roughly $20.4 million in the past week. In sharp contrast, investment products betting on Bitcoin’s decline witnessed an outflow of $1.5 million, suggesting a significant retreat from negative market sentiments. James Butterfill, CoinShares’ Head of Research, pointed out the sustained relinquishment of short positions on Bitcoin, indicating a potential bullish sentiment for the top crypto. Solana, a rising star in the crypto ecosystem, continued to impress. Reporting inflows for the 27th week this year, it added $5.1 million to its coffers, reiterating its strong market position. Butterfill acclaimed Solana’s consistent performance, noting, “Solana continues to shine,” emphasizing its resilience in a year that has seen numerous altcoins fluctuate. On the flip side, Ethereum products haven’t mirrored this positive trend. Despite being one of the leading cryptocurrencies, it registered outflows for the seventh week. Butterfill labeled Ethereum as the current “least loved” altcoin. Global Reactions And Influencing Factors On Crypto Geographical dissections of the inflow trends offer noteworthy insights. While Europe and Canada embraced the crypto resurgence with inflows of $23 million and $17 million, respectively, the US displayed contrasting sentiments, pulling out $19 million. Butterfill links this unexpected inflow towards the week’s end to a blend of positive price momentum, apprehensions regarding US government debt prices, and the recent impasse over governmental funding. However, Butterfill also highlighted the low trading volumes across the investment product and crypto markets. Amid these crypto currents, blockchain equities failed to catch the same wind, seeing outflows totaling $8.4 million. This trend mirrors the broader tech sector’s direction, which also leaned towards a sell-off, as pointed out by Butterfill. Related Reading: Bitcoin Eyes Turnaround: Could A New All-Time High Be On The Horizon? Analyst Predicts Notably, the fund flows in Bitcoin, Ethereum, and Solana appear reflected even in their prices. While Bitcoin and Solana have spiked over the past day, recording a 3.3% and 6.2% upward trajectory, Ethereum has only seen a slight upward move of just 0.5% over the same period. Featured image from iStock, Chart from TradingView

As the crypto market continues to attract substantial investments, it has also witnessed a surge in scams and fraudulent activities. Regulatory institutions worldwide, spearheaded by the United States, seem to intensify their efforts to combat cyber threats, hacks, and frauds that affect the industry.  However, the nascent sector is far from the only one suffering from increasing cyber threats. Since 2020, these attacks have been common both within the crypto space and outside. In line with this, the Federal Bureau of Investigation (FBI) identified a new threat dubbed “The Phantom Menace.” The FBI issued a warning on September 29, alerting the public about the escalating “Phantom Hacker” scams, particularly affecting senior citizens.  FBI Warns Of ‘Phantom Hacker’ Scams Targeting Crypto The FBI’s statement revealed that the “Phantom Hacker” scam is an evolution of traditional tech support scams, employing imposter tech support, fraudulent exchange account support, and government personas to gain victims’ trust. This multi-layered approach helps scammers identify lucrative accounts to target.  Related Reading: XRP Price Bloodbath On The Horizon? Report Casts Doubt On Recent Rally From January to June 2023, the FBI Internet Crime Complaint Center (IC3) received over 19,000 complaints about tech support and crypto scams, resulting in estimated losses exceeding $542 million. Losses have already surpassed 2022 figures by 40% as of August 2023. The Scam Phases: In the initial phase of the scam, fraudsters adopt the guise of tech or customer support representatives from legitimate companies. They reach out to their victims through various communication channels and employ persuasive tactics to convince them to call a designated number for assistance. Once victims are connected, scammers manipulate them into downloading software that grants remote access to their computers. By fabricating a fictitious virus scan, scammers deceive victims into believing their computers have been compromised or are at risk. Subsequently, they coax victims into opening their financial accounts, allowing scammers to identify the most lucrative targets. Upon successfully gaining access to victims’ financial accounts, scammers proceed to the second phase of the scam. In this stage, they assume the role of representatives from reputable financial institutions such as banks or brokerage firms. The scammers falsely inform victims that foreign hackers have compromised their computers and accounts. To ensure the safety of victims’ funds, they instruct victims to transfer their money to a purportedly “secure” third-party account, often claiming an affiliation with recognized entities like the Federal Reserve or other US government agencies. These transfers typically involve wire transfers, cash, or even cryptocurrencies, with the funds predominantly sent overseas. Scammers coerce victims into maintaining secrecy regarding the true purpose of these transfers. Rise In Ransomware Attacks In contrast with the alarming rise of “Phantom Hacker” scams, a Chainalysis report indicates an overall decline in cryptocurrency-related crime in 2023. Cumulative daily inflows to known illicit entities have decreased by 65% compared to the same period in 2022.  Notably, scams have experienced the most significant decline, with scammers generating nearly $3.3 billion less revenue in 2023 than in 2022. However, the report highlights a concerning trend: ransomware attacks.  Ransomware attackers extorted $175.8 million more by June 2023 than during the same period in 2022, suggesting a reversal from the downward trend observed in 2022. Related Reading: Bitcoin MPI Forms Death Cross, End of The Rally? While overall crypto-related crime has declined, the resurgence of ransomware attacks poses a significant menace and could spill over to the nascent sector. While the number declines, the amount stolen in the crypto space urging users to remain cautious in the face of new threats.  Featured image from Shutterstock, chart from TradingView.com

Ava Labs, the developer of Avalanche, the high throughput platform for deploying decentralized applications (dapps) and custom chains, has released Firewood, an update the team said is a “multi-year effort that,” on the eventual rollout, will make blockchain data storage more efficient. Specifically, Ava Labs said Firewood resolves a big concern for expanding blockchains: data management.  Ava Labs Releases Firewood To The Public Ava Labs is open-sourcing the code for Firewood for refinement before its final implementation. Eventually, the team wants Firewood to be a choice tool through which blockchain data will be better organized and stored more efficiently. Toward this mission, Ava Labs developers are taking a new approach to storing and managing data, unlike in legacy networks.  Blockchains like Ethereum and Bitcoin use the Merkle Tree structure to organize data. While the system has been replicated widely across emerging ledgers, the Merkle Tree architecture tends to be slow and inefficient whenever the blockchain grows.  Related Reading: Bitcoin MPI Forms Death Cross, End of The Rally? Picking out the flaws in the Merkle Tree system, Ava Labs is building Firewood from scratch but with some “enhancements” to the system. Their objective, the statement reads, is to make blockchain data storage and organization smoother. Firewood doesn’t rely on generic tools like LevelDB or RocksDB. Ava Labs claim these tools have been a cause of “misalignment” leading to “significant overhead of either disk I/O, size (not tracking whether state is still used), and serialization/deserialization of Tree data structures to support high-throughput blockchain workloads.”  In light of these inefficiencies, the goal is to make Firewood a replacement “for the LevelDB/RocksDB + Merkle Tree.” Ava Labs claims that firewood can help users organize their data storage more “efficiently” with their system. This improvement will allow high throughput storage without constant data cleanup or compression. In the days ahead, Ava Labs revealed that Firewood will be integrated into various parts of the Avalanche. At the same time, the team plans to “release a series of reproducible benchmarks comparing the performance of Firewood to other blockchain databases.” Will Avalanche Rally To $20 And 2023 Highs? The release of Firewood is when AVAX, the native token of Avalanche, has been under immense pressure in 2023. The draw-down, fueled by the bear market and recent comments by the Securities and Exchange Commission (SEC) claiming that AVAX is an unregistered security, heaped more pressure on the coin. AVAX is changing hands at $9.53, up 11% from September 2023 lows. However, the coin is down roughly 60% from 2023 highs at around $20. Related Reading: XRP Price Bloodbath On The Horizon? Report Casts Doubt On Recent Rally Feature image from Canva, chart from TradingView

Bitcoin rose above the $28,000 level on Monday, as bullish sentiment returned to start what many are calling the month of “Uptober.” The global crypto market cap was also considerably higher in today’s session, up nearly 3% as of writing. Ethereum remains above $1,700. Bitcoin Bitcoin (BTC) started the month trading above the $28,000 level, […]

In the world of cryptocurrencies, the emergence of Shiba Budz (BUDZ) has sparked a notable revolution in the realm of decentralized gaming. This development is characterised by the innovative use of blockchain technology to enhance gaming processes and establish secure on-chain marketplaces, creating a foundation for transparent and secure transactions. The central goal of this […]

After the FTX hacker transferred 5,000 ethereum (ETH) valued at $8 million in purloined assets, the cybercriminal shifted an additional 25,000 ether, totaling $43.15 million. Yet, even after relocating tens of millions of dollars in ethereum, the FTX wallet drainer still holds a whopping 155,749 ETH, currently valued at slightly above $268 million. FTX Hacker […]

Bitcoin cash rose to a multi-month high to start the week, as traders pushed the cryptocurrency above a key resistance level. The move came on the heels of the “Uptober” trend, and ahead of a big week of U.S. economic data, headlined by the nonfarm payrolls report. Solana rose to its highest level since mid-August. […]

PRESS RELEASE. token.com, the mobile app for discovering the most important projects in the token universe, is listing Bitcoin.com’s VERSE token. VERSE is heading to token.com. Bitcoin.com’s native rewards and utility token will be the next project to go live in token.com’s mobile app. token.com is the easiest way to discover promising projects in the […]

Grayscale Investments, the largest digital asset fund manager by assets under management (AUM), has filed to convert its Ethereum Trust into a spot ether exchange-traded fund (ETF). The news follows ether futures ETFs from Vaneck, Bitwise, and Proshares launching on Monday. Grayscale’s Ethereum Trust on Path to Become Spot Ether ETF On October 2, 2023, […]

This week, the renowned writer of “The Big Short,” Michael Lewis, has embarked on an extensive promotional campaign for his latest literary endeavor, chronicling the turbulent odyssey of Sam Bankman-Fried, the beleaguered co-founder and former CEO of FTX. Dubbed “Going Infinite: The Rise and Fall of a New Tycoon,” the tome delves into various chapters […]

Following his conviction for unlicensed money transmission, money laundering, and tax evasion at the close of December 2022, Keene dweller, libertarian activist, and Free Talk Live co-anchor, Ian Freeman has been sentenced to eight years behind bars this Monday. His fellow Free Talk Live co-host, Mark Edge, explained that an appeal is poised to trail […]

The U.S. Securities and Exchange Commission (SEC) and several other top financial regulators have issued several warnings regarding investing in crypto assets as part of this year’s World Investor Week. “The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant,” the regulators stressed. Crypto Warnings […]

Bitcoin Policy UK has urged the British government to review Chase Bank’s policy to decline all crypto payments. “It is, of course, the stated policy of this Government that the U.K. become a crypto asset hub, but it is hard to square this policy aim with the actions of this U.K.-regulated bank,” the crypto advocacy […]

New court documents reveal that the US government frames the use of blockchain analysis countermeasures as “criminal”.

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The United States Securities and Exchange Commission (SEC) has announced a delay in its decision on several proposals for spot Bitcoin exchange-traded funds (ETFs). The affected applicants include financial giants like BlackRock, Invesco, Bitwise, and Valkyrie.

SEC Postpones Review of Bitcoin ETF Proposals

The SEC's decision to postpone the review process occurred two weeks ahead of the scheduled second deadline. It was originally arranged for October 16-19. Analysts suggest that these delays are directly tied to the looming threat of a government shutdown in the United States. It is expected to occur on October 1 if Congress fails to pass the necessary funding bills.

The ongoing deadlock in Congress over these bills has created a unstable situation for federal agencies, including the SEC. Bloomberg ETF analyst James Seyffart anticipated that similar delays will impact applications from Fidelity, VanEck, and WisdomTree.

BREAKING: 🇺🇸 BlackRock Spot #Bitcoin ETF decision was just delayed by SEC.Gary gonna get a phone call... 😅 pic.twitter.com/AXc6CMbmqD

— Bitcoin Archive (@BTC_Archive) September 28, 2023

SEC's Ultimatum: Mid-March Deadline for Bitcoin ETF Decisions

In late August, the SEC already delayed a group of spot Bitcoin ETF applicants as the initial cutoff point approached. The affected companies are now facing a third set of deadlines around mid-January, which could potentially be extended as well. The SEC's ultimate decision on the ETFs must be made by mid-March at the very latest.

Eric Balchunas, an ETF analyst at Bloomberg, has revised his predictions for the approval of a spot Bitcoin ETF. In late August, he estimated a 75% probability of approval by the end of 2023, which is up from an earlier estimate of 65%. Balchunas attributed this increased likelihood to the U.S. Court of Appeals Circuit's decisive ruling in favor of Grayscale in its legal battle against the SEC.

Balchunas has now raised his odds to a staggering 95% for approval by the end of 2024. This latest delay by the SEC may be seen as a sign that regulatory clarity and approval for spot Bitcoin ETFs in the United States is increasingly likely in the near future.

Market participants and cryptocurrency investors will continue to watch closely as developments unfold in both the SEC's decision-making process and the ongoing negotiations in Congress. It has the potential to significantly impact the fate of these highly anticipated Bitcoin ETFs.

This article was written by Tareq Sikder at www.financemagnates.com.

Few events have had the same impact as the demise of Mt. Gox, the world's largest Bitcoin exchange. The 2014 fiasco left hundreds of investors reeling as the exchange declared bankruptcy amid charges of theft and incompetence, culminating in the loss of an astounding 850,000 Bitcoins.

Years later, a complex process of restoration and reparations is begun, giving many who lost their valuables a glimpse of optimism.

Mt. Gox's Rise and Fall

Mt. Gox, which stands for "Magic: The Gathering Online Exchange," began as a trading network for collectible cards. However, its founder, Mark Karpeles, realized Bitcoin's potential and converted the exchange into a cryptocurrency trading hub. Mt. Gox handled more than 70% of all Bitcoin transactions worldwide at its peak.

Despite its early success, Mt. Gox had escalating problems, including security breaches and mismanagement charges. The most severe setback occurred in early 2014, when the exchange revealed the loss of 850,000 Bitcoins, which were worth around $450 million at the time. This significant loss resulted in insolvency and a later bankruptcy petition in Japan.

Mt. Gox Extends Deadline for Civil Rehabilitation Plan, Leaving Creditors in Limbo

Mt. Gox has pushed back its civil rehabilitation plan deadline to March 31, 2024, from the original October 15, 2023. This plan outlines how the remaining assets, which now hold a substantial value in bitcoin's surge, will be allocated to creditors who lost funds during the exchange's notorious hack, where around 850,000 bitcoins (approximately $450 million at the time) vanished.

The delay is attributed to legal disputes with some creditors and the complexity of asset allocation, with many creditors not yet agreeing to the proposed plan. While interim payments may occur before 2024, uncertainties loom large.

Technical difficulties emerge in the distribution of bitcoins to creditors worldwide. Claim submissions and valid bitcoin addresses present hurdles, while some creditors prefer cash, requiring conversions and transfers.

Bitcoin's volatility poses risks, as the repayment plan assumes price stability or growth. A significant price drop could render assets insufficient to cover claims, and mass creditor bitcoin selling might affect the market.

The Tokyo District Court holds the final decision on asset distribution, leaving creditors waiting for updates amid an enduring Mt. Gox saga.

Rehabilitation Procedures

Following the declaration of bankruptcy, Japanese authorities launched a legal procedure known as "civil rehabilitation." The goal of this approach was to liquidate Mt. Gox's remaining assets and distribute the proceeds to creditors in a more equitable manner than typical bankruptcy processes.

The management of Bitcoin claims is one of the key differences between civil rehabilitation and bankruptcy. Creditors would have received their claims in Japanese Yen at the 2014 Bitcoin price, drastically underestimating their losses owing to the subsequent price spike. Civil rehabilitation, on the other hand, allows creditors to receive their claims in Bitcoin, protecting the value of their investments.

The Path to Repayment

The road to repayment has been riddled with legal difficulties and delays. Significant progress, however, has been made:

The Rehabilitation Plan has been approved.

The Tokyo District Court accepted a restoration plan in March 2019, marking an important milestone. This plan defined the procedure for repaying creditors and dispersing Mt. Gox's remaining assets.

Bitcoin Redemption:

A significant amount of Bitcoin owned by Mt. Gox has been retrieved as part of the rehabilitation process. These reclaimed assets serve as the foundation for creditor repayments.

Filing Claims:

Creditors were compelled to submit claims in order to enforce their repayment rights. Creditors could specify the amount of Bitcoin due to them during the claims procedure.

Current Legal Proceedings:

Legal processes are still ongoing to handle lingering concerns and disputes concerning creditor claims and asset distribution.

Repayments to Creditors

The payback procedure consists of several steps:

Report of the Trustees:

The court-appointed trustee for Mt. Gox's bankruptcy estate, Nobuaki Kobayashi, produced a series of papers documenting the rehabilitation process, the status of creditor claims, and the estimated worth of assets.

Distribution on a pro rata basis:

Pro rata distribution is a critical component in the payback process. This means that depending on the total assets available for distribution, all accepted creditor claims will get the same percentage of their approved claim amount.

Claim Evaluation:

The trustee evaluates and analyzes creditor claims in consultation with legal and financial professionals. This procedure ensures that legitimate claims are recognized and creditors are fairly addressed.

Distribution of Bitcoin:

Creditors who made successful claims will be paid a portion of the seized Bitcoin assets. The payout will be made in Bitcoin, ensuring that the value is preserved at the moment of distribution.

Controversies and Obstacles

The reimbursement process for Mt. Gox has not been without its difficulties and disputes. Some critical issues are as follows:

Claims in Controversy:

Some creditors have challenged the assessed worth of their claims, resulting in legal battles and delays in the distribution process.

Timing:

The procedure has taken longer than expected, causing dissatisfaction among creditors who have been waiting to retrieve their assets for years.

Market Influence:

The distribution of a large number of Bitcoin could have an influence on cryptocurrency markets, raising concerns about price volatility.

Implications for Taxation:

Creditors may incur tax consequences depending on when and where they distribute their Bitcoin. These tax considerations differ depending on the jurisdiction.

The Mt. Gox Future

The bitcoin community is keeping a close eye on the payback procedure. The end of Mt. Gox's civil rehabilitation will be a watershed moment in the history of cryptocurrency exchanges and investor safety.

While there is some hope that assets will be returned to creditors, many questions remain. What impact would the distribution of a significant number of Bitcoin have on the broader cryptocurrency market? What can be drawn from the Mt. Gox saga to avoid such incidents in the future? These inquiries highlight the importance of strong security safeguards, transparency, and regulatory supervision in the bitcoin business.

As the legal proceedings continue, Mt. Gox creditors remain optimistic about resolving this long-standing dispute. The Mt. Gox saga should serve as a wake-up call to both investors and cryptocurrency exchange operators, emphasizing the significance of trust, security, and accountability in the fast evolving world of digital assets.

Lessons Discovered

The Mt. Gox debacle teaches the bitcoin sector numerous lessons:

• Security is critical: To secure user dollars and data, exchange operators must emphasize strong security measures.
• Oversight and Regulation: Regulatory frameworks and control are critical for protecting investor interests and preserving market integrity.
• Transparency: Transparent communication with users is crucial for retaining confidence, especially during times of crisis.
• Legal Proceedings: Civil rehabilitation, for example, can give a fair and equitable way of settling complex financial concerns.
• Caution to Investors: When selecting bitcoin exchanges and platforms, investors should use caution and due research.

The outcome of Mt. Gox's civil rehabilitation will define the future of bitcoin creditor repayments. It demonstrates the cryptocurrency community's tenacity, as it continues to evolve and adapt in the face of challenges and uncertainties.

This article was written by Pedro Ferreira at www.financemagnates.com.

San Francisco-headquartered crypto exchange Coinbase (Nasdaq: COIN) has strengthened its Southeast Asian presence by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

Coinbase's Ambitions for Singapore

Announced today (Monday), the crypto exchange gained the full license after a year of in-principal approval from the regulator of the city-state. Earlier, Coinbase considered entering the country by acquiring a now-bankrupt crypto exchange, Zipmex, but backed out from the deal in mid-2022.

"We've identified Singapore as a vital market for Coinbase," Nana Murugesan, the VP of International and Business Development at Coinbase, and Hassan Ahmed, the Country Director of Singapore at Coinbase, wrote in a joint blog post. "The nation's progressive economic strategies and approach to regulation sync well with our global mission and objectives."

Indeed, the high retail demand for cryptocurrencies in Singapore also pushed many firms to enter the small country, which is also referred to as a gateway to the vast Southeast Asian markets. Coinbase also highlighted a survey, which found that 25 percent of Singaporeans see crypto as the future of finance, and 32 percent either hold or have held cryptocurrencies.

"In response to the region's growing demands and unique market dynamics, we've actively developed and released products tailored specifically for Singapore," two Coinbase executives added.

Indeed, the American exchange has added local funding options to its services in Singapore and integrated SingPass to streamline onboarding processes. Further, the exchange is offering no-fee USDC purchases with SGD.

Expansion Goals of Coinbase

While Coinbase strengthened its Southeast Asian presence, its future in India is in jeopardy. The exchange terminated new signups on its crypto exchange in the country. The exchange also terminated the accounts of Indian users who did not meet its requirements.

However, Coinbase is expanding in several other jurisdictions by obtaining local licenses. It was recently registered as a virtual asset service provider (VASP) in Spain and holds similar approval in Italy, Ireland, and the Netherlands.

Further, the exchange obtained regulatory approval from Bermuda's financial regulator to enable perpetual futures trading for non-US retail customers. Meanwhile, the exchange is engaged in a legal battle with the securities regulator in the US.

This article was written by Arnab Shome at www.financemagnates.com.

Ripple has decided to reverse its planned acquisition of Fortress Trust, a subsidiary of Fortress Blockchain Technologies that offers wallet and payment services. Less than a month after announcing its intention to acquire the wallet and payment service provider, Ripple has chosen to back out of the deal.

Brad Garlinghouse, the CEO of Ripple, said on X (formerly Twitter): "A few weeks ago, we signed a letter of intent to acquire Fortress Trust, we've since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in Fortress Trust."

Ripple's Planned Acquisition Strategy

This strategic acquisition was an essential step towards enhancing Ripple's regulatory licenses and bolstering its infrastructure capabilities, particularly in the blockchain and cryptocurrency payments solutions sector. As Ripple continues to grapple with its ongoing legal dispute with the US Securities and Exchange Commission (SEC), the acquisition aimed to position the company as a trusted brand for enterprises, Finance Magnates reported.

One key development that may have contributed to Ripple's decision was a recent security incident involving Fortress Trust. A few days after Ripple's initial announcement, Fortune Magazine reported that Fortress Trust had suffered losses ranging from USD $12 million to USD $15 million due to a cryptocurrency hack. Scott Purcell, the Founder and CEO of Fortress Trust, revealed that only a small fraction of their customer base, specifically "four customers out of 225,000 customers" were affected.

In response to these reports, Purcell clarified to Bloomberg that the security breach had targeted a third-party service rather than Fortress Trust. He emphasized that Fortress Trust had not been directly hacked and stated: "6 out of Fortress' 250,000+ customers used it to log into their accounts."

Ripple Maintains Investment in Fortress

However, Ripple's change of plans did not disrupt the relationship between Ripple and Fortress. Garlinghouse emphasized the company's long-standing relationship with Fortress Blockchain Technologies. He praised Fortress Trust for building a robust business with recurring revenue and a substantial customer base, including crypto-natives and newcomers to the crypto industry.

The Fortress team is incredibly talented, and has built products solving real customer problems. While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future!

— Brad Garlinghouse (@bgarlinghouse) September 28, 2023

Fortress Trust holds a Trust license in Nevada, which was anticipated to add to Ripple's existing licenses (a BitLicense in New York and more than 30 Money Transmitter licenses across the United States). These licenses were expected to position Ripple as a trusted and reliable partner for enterprises, especially given the ongoing legal challenges with the SEC.

Last month, Judge Analisa Torres granted the SEC's request to proceed with an appeal, challenging a previous court ruling that determined Ripple's sale of XRP cryptocurrency on a digital asset exchange did not breach securities regulations. This development sets the stage for the SEC to present its case for an interlocutory appeal, further prolonging the legal dispute.

This article was written by Jared Kirui at www.financemagnates.com.

Bitcoin is a digital asset that is well-known for its durability and independence from traditional financial systems. However, even this decentralized powerhouse is vulnerable to the effects of big external events, such as US government shutdowns. We'll look at previous occurrences, the cryptocurrency's behavior, and the lessons learnt from these events to better understand the historical relationships between Bitcoin and US government shutdowns.

The Coincidence of Bitcoin and Government Shutdowns

When the US Congress fails to pass legislation funding federal agencies and services, the government shuts down. Non-essential government services are temporarily halted during such times, and federal employees may be furloughed or work without pay. These occurrences are frequently the result of political deadlock and fiscal conflicts.

As a decentralized digital money, Bitcoin works independently of government control. Market forces, supply and demand dynamics, and investor mood all influence its value. The bitcoin market, however, is not insulated from the broader financial environment, and events such as government shutdowns can have repercussions.

Government shutdowns and market turpitude

Increased market uncertainty is one prominent characteristic of Bitcoin's behavior during US government shutdowns. As the shutdown's duration and possible economic consequences remain unknown, investors and traders may become more risk-averse. This sentiment may spread to the bitcoin market, increasing price volatility.

Bitcoin has historically seen price changes during government shutdowns, with both upward and downward moves. The magnitude and direction of these price swings are frequently determined by a variety of factors, such as global economic conditions, investor sentiment, and the overall stability of financial markets.

Is Bitcoin a Safe Haven?

During times of economic and political crisis, Bitcoin has been promoted as a "safe haven" asset, similar to gold. Proponents believe that because of its decentralized nature and limited supply, it is an appealing store of value when traditional assets, such as fiat currencies or stocks, confront uncertainty.

Some investors may flock to Bitcoin during government shutdowns as a hedge against potential economic disruptions. This inflow of cash has the potential to enhance demand and, as a result, put upward pressure on Bitcoin's price. However, it is important to emphasize that Bitcoin's designation as a safe haven asset is debatable, and its behavior can vary from crisis to crisis.

A potential surge?

The looming threat of a United States government shutdown and debt ceiling standoff has once again sparked interest in Bitcoin's price performance. Historically, Bitcoin has responded positively to economic uncertainties, particularly during government shutdowns, witnessing price increases. However, the question on many minds is whether the current political deadlock will lead to a significant Bitcoin price surge.

Bitcoin's response to past government shutdowns has been mixed. For example, during the 2013 shutdown, Bitcoin's price surged over 80%, while during the 2018-2019 shutdown, its gains were more modest. The 2013 rally saw Bitcoin's price jump from around $133 to over $1,000, while during the 2018-2019 shutdown, its price increased from $3,207 to $4,244, but with higher volatility.

Bitcoin's price behavior during government shutdowns remains uncertain, but its potential as a safe-haven asset during times of economic uncertainty continues to attract attention and speculation from investors worldwide. As the U.S. grapples with its current challenges, all eyes are on Bitcoin to see how it responds to the evolving economic landscape.

Historical Illustrations

To obtain insight on Bitcoin's behavior during government shutdowns, let's look at two recent shutdowns:

1. The Government Shutdown of 2013:

Due to differences over the federal budget, the US government shut down for 16 days in 2013. During this time, Bitcoin saw significant price volatility. The price of cryptocurrencies fluctuated significantly, initially rising to record highs as some investors sought refuge in digital assets. However, as the closure continued, Bitcoin's price retraced, reflecting the concern in the broader market.

2. The Government Shutdown of 2018-2019:

The 35-day government shutdown, which began in December 2018 and lasted until January 2019, was the longest in US history. During this time, Bitcoin's behavior was more nuanced. While there was fluctuation, there was no continuous trend. Some investors viewed Bitcoin as a viable hedge, while others remained cautious in the face of persistent economic concerns.

Important Takeaways

Several major takeaways may be drawn from past data on Bitcoin's performance during US government shutdowns:

• Increased Volatility: During government shutdowns, Bitcoin's price volatility often spikes, indicating market uncertainty and shifting investor opinion.
• Mixed Reaction: The cryptocurrency's reaction to government shutdowns is not consistent. Depending on the circumstances, it might exhibit both upward and downward price swings.
• Bitcoin is occasionally regarded as a potential hedge against economic turbulence, drawing investors looking for alternative assets during times of crisis.
• Market Independence: Because Bitcoin is decentralized, it can operate independently of government activities, giving it some independence from existing financial institutions.
• Bitcoin may reflect certain patterns during government shutdowns, but there are no certainties about how it will react in future occurrences. A complicated combination of factors influences the bitcoin market.

Looking Forward

As the cryptocurrency world evolves, it is critical for investors and traders to approach Bitcoin and other digital assets with a comprehensive grasp of their distinct qualities. While past data might provide insights, it's crucial to remember that the cryptocurrency market is still in its early stages and can be influenced by a variety of internal and external factors.

Prudent risk management measures are essential for people contemplating Bitcoin as part of their investing portfolio. Diversification, rigorous study, and a long-term view are useful strategies for navigating the volatility and flexibility of the bitcoin market.

Finally, Bitcoin's interaction with US government shutdowns highlights its status as a dynamic and changing asset class. While it may show signs of resilience and hedging potential, it is nevertheless vulnerable to the broader dynamics that affect financial markets. As government shutdowns and other external events continue, the cryptocurrency market's reaction will be widely followed, providing vital insight into Bitcoin's increasing role in the global financial scene.

This article was written by Pedro Ferreira at www.financemagnates.com.

Sam Bankman-Fried, the indicted Founder of the now-bankrupt crypto exchange FTX, may be staring at a "very long sentence" if convicted of fraud. The judge overseeing the trial starting next week expressed uncertainty about Bankman-Fried's future, suggesting serious consequences.

The comments by US District Judge Lewis Kaplan came in response to a request from the 31-year-old former billionaire, who sought temporary release from jail during the trial to facilitate closer coordination with his defense team.

"Flight Risk"

Kaplan denied this request, deeming Bankman-Fried a flight risk. "Your client in the event of conviction could be looking at a very long sentence," Judge Kaplan cautioned during a hearing at the Manhattan federal court.

Bankman-Fried, who has maintained his innocence, faces seven counts of fraud and conspiracy arising from the collapse of FTX in November 2022. If convicted, he could potentially be sentenced to a maximum of 110 years in prison, Reuters reported. While his legal team had argued for temporary release, citing the need for comprehensive trial preparations, Judge Kaplan acknowledged their concerns.

To address this, he committed to facilitating early morning meetings between Bankman-Fried and his attorneys, allowing crucial discussions and strategizing to occur before the commencement of trial proceedings.

SBF Accused of Witness Tampering

Danielle Kudla, the prosecutor, pointed out that Bankman-Fried had ample time to prepare for the trial during the nearly eight months he spent out on bail at his parent's residence in California. During this time, allegations of witness tampering surfaced, leading to his incarceration on August 11. One such instance involved Bankman-Fried allegedly sharing the private writings of Caroline Ellison, the former CEO of Alameda Research, with a New York Times reporter.

In addition, the prosecutors contended that Bankman-Fried and his legal team had not met the necessary burden of proof to justify temporary release. Additionally, they raised doubts about the adequacy of the proposed supervision arrangement, suggesting it might not meet the legal requirements for a temporary release.

The judge's decision means that Bankman-Fried will remain in jail for the trial, which centers on allegations about his role in FTX.

The trial of Sam Bankman-Fried is scheduled to commence on October 3 and could extend to over six weeks. The outcome of this trial holds significant implications not only for Bankman-Fried personally but also for the broader cryptocurrency ecosystem as it grapples with issues of trust, transparency, and accountability.

This article was written by Jared Kirui at www.financemagnates.com.

Blockchain unicorn Fireblocks has made a strategic move by acquiring Australia-based BlockFold, a smart contract development and consulting firm specializing in advanced tokenization projects for financial institutions.

This acquisition is estimated to be valued at $10 million. It is poised to enhance Fireblocks' ability to offer clients a comprehensive service layer that encompasses advisory services, token customization, orchestration, and distribution through the Fireblocks Network.

Expanding Fireblocks' Service Layer with BlockFold Acquisition

The decision to acquire BlockFold comes on the heels of rapid growth in demand for tokenization projects witnessed by Fireblocks. The company reported an impressive increase of 350% in tokenization projects between 2022 and 2023. Moreover, an astounding 75% of tier-1 financial institutions have been exploring tokenization through Fireblocks' platform.

Commenting on this development, Michael Shaulov, the Co-Founder and CEO at Fireblocks, noted: "BlockFold's expertise fills an important gap in the market, tailoring bespoke solutions for some of our most sophisticated customers and prospects in the banking and financial institutions space."

He added: "Bringing BlockFold's expertise in-house means that we can better serve tier-1 financial institutions to quickly and seamlessly bring tokenization projects into production and new assets onto the blockchain. In addition, we can continue to innovate and expand our offerings and tailor our approaches as the market continues to mature and evolve."

Fireblocks has taken the initiative to tokenize various financial assets. Since introducing the first bank-issued stablecoin for ANZ in March 2022, Fireblocks has successfully delivered over 10 stablecoin projects.

Moreover, it is actively engaged in exploring the creation of bank-issued stablecoins or tokenized deposits with more than 25 global banks. Within the next three years, Fireblocks envisions the value of tokenized money on the blockchain to reach an impressive $450 billion.

Fireblocks Sets Ambitious Targets for Tokenized Bond Values

From May 2023, Fireblocks enabled the Tel Aviv Stock Exchange and the Israeli Ministry of Finance to tokenize and settle a government bond after a live auction involving five domestic banks and seven global banks. As the sole issuers of Israeli government bonds, both parties now have a credible path to tokenize Israel's government debt market, valued at $15 billion annually.

Fireblocks has set ambitious goals. The firm is targetting the value of tokenized bonds on the blockchain to reach $400 billion within the next three years. It assumes these targets with a long-term vision of hitting $1 trillion by 2028.

BlockFold's esteemed clientele, which are also existing Fireblocks customers, include major institutions such as the Bank of International Settlements, Swiss National Bank, Banque de France, Singapore's Ministry of Finance, Tel Aviv Stock Exchange, National Australia Bank, and ANZ Bank.

BlockFold Team Integration Strengthens Fireblocks

The BlockFold team has joined forces with Fireblocks as a component of the integration process. Additionally, the engineering team has merged to be part of the Web3 engineering staff. The business consulting team is fusing with the Financial Markets group. Francois Schonken, a Co-Founder, has been appointed to Senior Director and Tokenization Business Lead at Fireblocks. Further, Terence Siganakis, another Co-Founder, will take on the role of Senior Director and Head of Tokenization Products.

This acquisition is expected to solidify Fireblocks' position in the blockchain and tokenization space. It will enable it to provide a broader range of services to its client base in the financial industry.

The world of blockchain and tokenization is continuing to evolve. Fireblocks' strategic acquisition of BlockFold is positioning itself to navigate the changing landscape and deliver innovative solutions to its clients. Market participants and financial institutions will be closely monitoring Fireblocks' future developments as the company plays a role in the digital transformation of the financial sector.

This article was written by Tareq Sikder at www.financemagnates.com.

Binance, one of the world's largest and most influential cryptocurrency exchanges, has found itself embroiled in a lawsuit with the U.S. Securities and Exchange Commission (SEC). This case has far-reaching consequences for the cryptocurrency sector, Binance users, and the US regulatory landscape. We examine the specifics of the SEC complaint against Binance, as well as what it means for the exchange and how it may affect the broader cryptocurrency market.

Allegations Made by the SEC

The SEC's charges against Binance, accusing the exchange of enabling securities trade without registering as a securities exchange, are at the center of the complaint. According to the SEC, certain assets listed and traded on Binance's platform qualify as securities under US law, and hence the exchange must follow securities regulations.

The SEC's position is clear: if a business trades securities, it must follow the established regulatory structure meant to protect investors and maintain market integrity. Failure to do so may result in legal action, as seen in the instance of Binance.

Binance's Reaction

Binance, led by its founder Changpeng Zhao (abbreviated "CZ"), has categorically refuted the SEC's charges. The exchange claims that it does not operate inside US jurisdiction and that it complies with all relevant rules in the nations where it operates.

Furthermore, Binance claims that the assets in question, such as certain cryptocurrencies and tokens, are utility tokens or digital assets rather than securities. According to Binance, this designation exempts them from U.S. securities laws.

Binance's legal team is preparing a strong defense, intending to fight the claims in court. Because it touches on the fundamental question of jurisdiction in the international realm of digital assets, the outcome of this judicial struggle could establish a precedent for how cryptocurrency exchanges are regulated globally.

Binance Granted Extension in Ongoing SEC Lawsuit

In the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), the U.S. District Court has granted an extension for Binance to respond to court orders. The court orders require Binance to explain the reasons behind sealing or redacting specific documents.

Key Points:

• The extension motion was approved by Judge Zia M. Faruqui of the U.S. District Court for the District of Columbia.
• BAM Trading and BAM Management, associated with Binance, now have until September 27th to respond to the court orders.
• The first court order relates to explaining the sealing or redaction of documents related to the SEC's motion to compel discovery.
• The second order concerns justifying the sealing of documents tied to the SEC's response supporting its motion to compel.

Importantly, the SEC did not oppose the request for the extended deadline.

Binance's Response to SEC Allegations

The lawsuit involves Binance, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc. and BAM Management U.S. Holdings Inc. The SEC alleges that these entities sold digital asset securities without proper registration.

Binance, Binance.US, and Changpeng Zhao have counteracted the SEC's claims by seeking to dismiss the lawsuit. They argue that the SEC has not provided plausible allegations of various securities-related violations and that the regulator is attempting to exert authority over digital assets without clear legislative backing from Congress.

The legal dispute is ongoing, with further developments expected as the case progresses. Please note that the information provided here is for general market commentary and should not be considered investment advice. Conducting personal research before making investment decisions is recommended.

The Consequences for Binance

Binance has already suffered severe consequences as a result of the case. Binance said that it would discontinue selling digital tokenized stock offers, a service that allowed users to acquire and trade fractionalized shares of publicly traded firms, in reaction to the SEC's legal action. This is considered as a strategic withdrawal in order to reduce regulatory vulnerability in the United States.

Binance also stated its ambition to work with regulators while remaining committed to global compliance. This shift toward regulatory compliance and cooperation signals a substantial break from Binance's previous, more decentralized strategy.

These modifications may affect the availability of some assets and trading opportunities for Binance users. The exchange may be required to delist or restrict trading in assets that meet the SEC's definition of securities, possibly reducing the range of digital assets available to consumers.

Implications for the Cryptocurrency Industry at Large

The SEC's complaint against Binance is part of a larger trend of growing regulatory scrutiny in the cryptocurrency market. As the industry continues to expand at a rapid pace, regulators throughout the world are wrestling with how to define and regulate digital assets.

This lawsuit could represent a tipping point for how other cryptocurrency exchanges deal with regulatory issues. To prevent legal entanglements, exchanges may choose to proactively comply with local legislation, akin to Binance's recent strategic shift.

Furthermore, the conclusion of this case may have an impact on the development and issuance of new digital assets, as issuers and projects may be wary of generating tokens that could be categorized as securities.

Market Influence

The SEC case against Binance had an immediate effect on the bitcoin market. Following the announcement, the prices of various tokens affiliated with the exchange fell precipitously. Investor sentiment was shook as doubt loomed over Binance's future.

Market participants are keeping a close eye on the situation, and the legal processes are likely to continue to influence market sentiment and the valuation of Binance-related assets.

What to Look Out For

The Binance-SEC litigation is set to be a watershed moment in the cryptocurrency sector, having ramifications far beyond the individuals involved. Here are some critical aspects to watch as the court battle unfolds:

• Legal Outcomes: The court's judgements and decisions throughout the case will provide important insights into how bitcoin exchanges will likely be regulated in the United States.
• Regulatory Reaction: Regulators all around the world will be keeping a careful eye on this issue. Depending on the conclusion, other nations' regulatory bodies may take similar action against exchanges.
• Binance's Strategy: The cryptocurrency community will be keenly interested in Binance's response to the lawsuit, particularly any future changes to its business model and attitude to compliance.
• Market Impact: Continue to monitor market reactions to the lawsuit's progress. Prices can be influenced by market emotion, and cryptocurrency markets are notorious for their volatility.

Conclusion

The SEC's case against Binance comes at a critical juncture in the growing relationship between cryptocurrency exchanges and authorities. While the outcome is unknown, it emphasizes the importance of clear regulatory norms in the bitcoin business.

This case also serves as a reminder to cryptocurrency market participants, including investors and traders, to stay up to date on regulatory developments and to proceed with prudence. The cryptocurrency landscape is constantly changing, and compliance with local rules is becoming increasingly important for the sector's long-term survival and growth.

As the legal struggle unfolds, staying up to current on the latest developments and insights from legal experts and industry leaders will be critical. The cryptocurrency industry is at a crossroads, and the Binance-SEC lawsuit will almost certainly impact its future trajectory in important ways, with far-reaching ramifications that go beyond this high-profile case.

This article was written by Pedro Ferreira at www.financemagnates.com.

VanEck is stepping into the Ethereum blockchain with the launch of VanEck Ethereum Strategy ETF (EFUT). This ETF, structured as a C-Corp, is aimed at transforming how investors could benefit from the future of Ethereum, the company said. Unlike traditional cryptocurrencies, EFUT focuses on Ethereum (ETH) futures contracts. It offers an investment opportunity that provides a tax advantage for long-term investors.

EFUT is designed to invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC). Currently, the fund intends to focus on ETH futures traded on the Chicago Mercantile Exchange.

Access to ETH Futures Market

Kyle DaCruz, the Director of Digital Asset Product at VanEck, said: "While investors still do not have the means to gain exposure to digital assets here in the US via a spot ETF product, we're very pleased to be launching EFUT as a means to access the robust futures market that has developed around ETH itself."

The ETF is actively managed by Greg Krenzer, VanEck's Head of Active Trading, who has over two decades of experience in trading across various asset categories, including futures.

EFUT joins VanEck's Bitcoin Strategy ETF (XBTF) in offering futures-focused exposure to digital assets. Just like EFUT, XBTF is structured as a C-Corp and provides exposure to Bitcoin futures investments. According to VanEck, both ETFs offer a tax-efficient way for investors to participate in the digital asset markets without directly holding cryptocurrencies.

VanEck Affected by SEC's Delays

Recently, the United States Securities and Exchange Commission (SEC) extended its timeline for deciding on the applications for spot Bitcoin exchange-traded funds (ETFs). This delay, affecting major asset management companies, including VanEck, results from a funding dispute in Congress and a looming threat of a government shutdown.

The affected companies face a third set of deadlines in mid-January, potentially subject to further extensions. However, the SEC has emphasized that decisions on these Bitcoin ETFs must be reached by mid-March.

VanEck's previous application for a spot Bitcoin ETF was rejected by the SEC, as the regulators remained cautious about ETFs based on the spot price of Bitcoin. Recently, Congress urged the SEC to approve the pending applications for spot Bitcoin ETFs, saying the asset class was similar to crypto futures ETFs that the agency had previously approved.

This article was written by Jared Kirui at www.financemagnates.com.

The cryptocurrency world is dealing with a very concerning trend. In September 2023, a staggering $329.8 million was stolen in crypto-related exploits, emerging as the most devastating month so far this year.

Phishing, Scams, and Hacks Drain $1.34 Billion in 2023

The blockchain security firm CertiK has identified the primary contributor to this huge sum as the Mixin Network attack on September 23. During this incident, the Hong Kong-based decentralized cross-chain transfer protocol suffered a severe breach of its cloud service provider, which resulted in losses amounting to $200 million.

Other notable incidents in September included attacks on the CoinEx exchange and Stake.com. Those two incidents led to losses of $53 million and $41 million, respectively. The Lazarus Group, a hacking collective associated with North Korea, has been implicated in both of these major attacks. Recent data from Dune Analytics indicated that the group currently holds approximately $45.6 million in stolen crypto assets.

These exploits have pushed the year's total losses due to crypto-related incidents to an overwhelming $925.4 million. However, July stands as the second-worst month for exploit losses, with $285.8 million stolen.

#CertiKStatsAlert 🚨Combining all the incidents in September we’ve confirmed ~$332M lost to exploits, hacks and scams.Exit scams were ~$1.9MFlash loans were ~$0.4MExploits were ~$329.8MSee more details below 👇 pic.twitter.com/DMFN9LWU8V

— CertiK Alert (@CertiKAlert) September 30, 2023

Hacks, Scams, and Exit Scams Eclipse Q1 and Q2 Losses

Beyond the crypto exploits mentioned earlier, the month of September recorded substantial losses across multiple fronts. CertiK's data revealed that exit scams drained $1.9 million from unsuspecting victims, while flash loan attacks drained off $400,000. Additionally, the cryptocurrency community suffered a significant blow of $25 million due to phishing attacks during this period.

When considering the cumulative impact of crypto exploits, scams, and hacks throughout 2023, the total loss has now reached an alarming figure of $1.34 billion. It highlights the ongoing challenges and vulnerabilities in the digital asset space.

The blockchain security firm Beosin reported that losses from hacks, phishing scams, and exit scams in the third quarter of 2023 alone amounted to just under $890 million. This figure surpasses the combined losses identified in the first two quarters, which stood at $330 million in Q1 and $333 million in Q2.

This article was written by Tareq Sikder at www.financemagnates.com.

Terraform Labs' Founder, Do Kwon, has opposed attempts by the US Securities and Exchange Commission (SEC) to extradite him for questioning regarding the collapse of Terra LUNA and the stablecoin TerraUSD.

Kwon's defiance became evident with a recent court filing, submitted in the US District Court for the Southern District of New York, where he seeks to dismiss the SEC's request for his testimony in the US. His legal team said such a step is impossible due to Kwon's detention in Montenegro. Additionally, the filing states that compelling him to provide a written testimony would infringe upon his rights under the laws of the US.

Do Kwon Contests SEC's Extradition Pursuit

In a statement within the filing, Kwon's lawyers said: "The SEC's motion seeks leave to take the deposition of Defendant Do Kwon in the United States before October 13, 2023, even though the SEC knows that Kwon is detained in Montenegro with no scheduled release or extradition date. The motion should be denied because it would be impossible for Kwon to appear for such a deposition."

The SEC's legal pursuit of Terraform Labs dates back to February when they filed a lawsuit accusing the company of misleading investors regarding the safety of investing in TerraUSD. Investors were assured that TerraUSD would maintain its peg to the US dollar through a complex mint-burn system involving its sister coin, LUNA. However, the downfall of both TerraUSD and LUNA in May 2022 resulted in an estimated loss of $50 billion to investors.

Currently, the US and South Korea are seeking the extradition of Kwon. In March, Montenegro's Minister of Justice, Marko Kovac, revealed that a judge will ultimately determine whether Kwon will be extradited to the US or South Korea, Bloomberg reported.

Kwon, who served as the CEO of Terraform Labs, was hit with criminal charges in March by federal prosecutors in New York. The charges were brought against him just hours after his arrest in Montenegro.

Do Kwon Faces Eight Counts of Charges in the US

The federal court in the Southern District of New York officially filed eight charges against Kwon, all related to his alleged involvement in the ill-fated stablecoin project. These charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.

In addition, previous reports indicate that the Federal Bureau of Investigation (FBI) and the prosecutors from the Southern District of New York are actively investigating the collapse of TerraUSD. This investigation includes interviews with former employees of Terraform Labs.

In June, Kwon was handed a four-month jail sentence by a court in Montenegro for alleged possession of forged passports and travel documents. This verdict also applied to Han Chong-Joon, the former Chief Financial Officer at Terraform Labs, who faces identical charges.

Kwon and Chong-Joon were arrested in March in Montenegro as they were attempting to board a plane bound for Dubai. The court disclosed that fake Costa Rican and Belgian passports and falsified identity cards were confiscated from the executives during their arrest.

This article was written by Jared Kirui at www.financemagnates.com.

The financial industry has been buzzing over the prospect of a Grayscale Bitcoin Exchange-Traded Fund (ETF). Grayscale Investments is well-known for its Grayscale Bitcoin Trust (GBTC), which allows investors to obtain exposure to Bitcoin through standard brokerage accounts.

However, there has been an increase in demand for a Grayscale Spot Bitcoin ETF, which would track the actual price of Bitcoin.

The Ascension of Bitcoin ETFs

ETFs (Exchange-Traded Funds) have become a popular way for investors to gain exposure to Bitcoin. These exchange-traded funds offer a straightforward and regulated way to acquire and sell Bitcoin without the need for a digital wallet or direct ownership of the cryptocurrency. Investors instead hold ETF shares, which reflect a claim on the underlying Bitcoin.

Several Bitcoin ETFs have already hit the market in different nations. In Canada, for example, the Purpose Bitcoin ETF and the Evolve Bitcoin ETF have received a lot of attention and money. Meanwhile, multiple applications for Bitcoin ETFs have been filed in the United States, with several awaiting approval from the Securities and Exchange Commission (SEC).

The Dominance of Grayscale

Grayscale Investments, which was launched in 2013, has been instrumental in bringing digital assets into the mainstream financial scene. The Grayscale Bitcoin Trust (GBTC), its flagship product, allows accredited investors to obtain exposure to Bitcoin. GBTC has emerged as a popular choice among institutional investors and high-net-worth people seeking regulated exposure to cryptocurrencies.

While GBTC is widely used, it has one major distinction: it does not directly track the actual price of Bitcoin. It is instead based on the Bitcoin Investment Trust, which holds Bitcoin but lacks the transparency and liquidity of a typical ETF.

The Case for a Bitcoin Grayscale Spot ETF

The desire for a product that closely matches the actual price of Bitcoin drives the demand for a Grayscale Spot Bitcoin ETF. An ETF of this type would give investors a more direct and transparent option to invest in cryptocurrency. It would eliminate the premium or discount to NAV that GBTC can suffer, bringing the ETF's price in line with the spot market.

Investors are interested in a Grayscale Spot Bitcoin ETF as a way to get efficient and cost-effective Bitcoin exposure. A spot-based ETF may also offer lower expenses than GBTC, which charges a management fee.

Regulatory Obstacles

The regulatory roadblocks to implementing a Grayscale Spot Bitcoin ETF are numerous. The biggest impediment is the US Securities and Exchange Commission, which has been cautious and deliberative in its approach to issuing Bitcoin ETFs. Concerns about market manipulation, fraud, and investor protection have been cited as grounds for the SEC's reluctance.

The SEC considers the integrity of the underlying Bitcoin market to be one of the most important aspects. The agency seeks confirmation that the Bitcoin market is resistant to manipulation and fraud, which has resulted in prior Bitcoin ETF applications being delayed or rejected.

The SEC's Position on Bitcoin ETFs

Over the years, the SEC has rejected various Bitcoin ETF proposals, citing concerns about market manipulation and investor safety. To detect and prevent fraud and manipulation, the SEC has underlined the importance of surveillance-sharing agreements between ETF issuers and regulated markets.

However, there are hints of change within the SEC. There appears to be a stronger desire to engage with the digital asset market under the leadership of Chairman Gary Gensler, who has an experience in blockchain and cryptocurrencies. Chairman Gensler highlighted the potential benefits of a Bitcoin ETF, but he also emphasized the importance of strong market surveillance systems.

The Next Steps

Several actions must be performed in order for a Grayscale Spot Bitcoin ETF to become a reality:

1. Market Maturity: The Bitcoin market needs to mature further, including improvements in market integrity, surveillance, and regulatory compliance. This would increase the SEC's confidence in approving a spot-based ETF.
2. Regulatory discussion: It is critical to maintain ongoing discussion between industry stakeholders and regulatory agencies. Collaboration can aid in the resolution of regulatory concerns and the development of a framework that promotes investor protection and market integrity.
3. Market Surveillance: It is critical to create and implement effective market surveillance techniques and agreements. These techniques can assist in monitoring and deterring fraudulent actions, ultimately giving the SEC with the guarantees it requires.
4. Investor Education: As the bitcoin industry develops, investor education will become more vital. Providing clear and accurate information about Bitcoin, ETFs, and associated risks can help investors and regulators develop trust and confidence.
5. Regulatory Approval: The SEC has the final say on whether or not to approve a Grayscale Spot Bitcoin ETF. Continued involvement with the agency, together with improvements in the sector and market maturation, may raise the likelihood of approval.

The Market's Reaction

The financial markets have been keeping a close eye on developments concerning a Grayscale Spot Bitcoin ETF. If such an ETF is approved, it might have far-reaching consequences for both the cryptocurrency and traditional financial markets. Increased openness and accessibility in Bitcoin investing may attract a broader spectrum of investors, thereby promoting further adoption and market expansion.

Investors are also aware of the potential benefits of a Grayscale Spot Bitcoin ETF, such as lower costs and tighter alignment with Bitcoin's spot market price. This could enhance demand for the ETF when it launches.

The Ethereum Opportunity

A recent federal judge's ruling has cast a shadow on the U.S. Securities and Exchange Commission's rejection of converting the Grayscale Bitcoin Trust into a more appealing exchange-traded fund. The decision has shifted market sentiment, with many analysts now anticipating approval for a spot Bitcoin ETF sooner rather than later. Bloomberg analysts have even placed the odds of approval this year at 75%.

This optimism is reflected in market prices, not only for Grayscale's Bitcoin product but also for its Ethereum Trust (ETHE). Both GBTC and ETHE had previously traded at significant discounts to their Net Asset Value (NAV), which represents the value of the Bitcoin and Ethereum they hold. However, these discounts have notably narrowed, with GBTC going from a 46% discount to only 21%, and ETHE from 59% to 29%.

The prevailing theory suggests that bullish investors should acquire GBTC and await final approval for a Bitcoin ETF. It is anticipated that the discount will largely disappear, as open-ended ETFs typically trade at narrow differences to NAV. Additionally, the underlying asset, Bitcoin, may experience increased demand, resulting in a win-win scenario. While this theory holds merit, there may be an even greater opportunity with Grayscale's Ethereum Trust.

The argument to be made here is that if a U.S. spot Bitcoin ETF gains approval, a similar spot Ether ETF should follow suit. Grayscale has already indicated its plans to convert ETHE and other products into ETFs. Given the track record of Ethereum ETFs launching shortly after the first Bitcoin ETF, it is reasonable to expect a swift approval process. Regulators in Canada approved Ethereum ETFs due to the presence of a regulated futures market for ETH, allowing market makers to hedge risk while creating and redeeming units. ETHE's discount is more significant than GBTC's, offering a potentially larger arbitrage opportunity. Furthermore, ETH markets are less liquid than BTC, meaning that an ETF's incremental buying could have a more substantial impact on its price. Additionally, Ethereum holds significant potential as the leading platform for Web3 development.

Conclusion

The possibility of a Grayscale Spot Bitcoin ETF excites the cryptocurrency and investing sectors. While regulatory hurdles remain, there is rising confidence about the eventual approval of such an ETF, particularly under the leadership of SEC Chairman Gary Gensler.

The route to a Grayscale Spot Bitcoin ETF becomes clearer as the sector matures and market participants collaborate to address regulatory concerns. Investors and industry stakeholders will be on the lookout for any changes, as the introduction of such an ETF may be a watershed moment in the integration of digital assets into traditional finance.

This article was written by Pedro Ferreira at www.financemagnates.com.

FTX's Founder, Sam Bankman-Fried, is set to stand trial tomorrow (Tuesday). He faces charges related to the crypto exchange's collapse and the alleged misappropriation of billions of dollars in customers' funds. This six-week trial aims to reveal testimonies, internal documents, and emails that will shed light on the FTX scandal.

The most intriguing revelations are likely to come from the prosecution's witnesses, who were once firmly in Bankman-Fried's inner circle. Caroline Ellison, the former CEO of Alameda Research, a crypto hedge fund connected to FTX, is one of the most highly-anticipated witnesses. Her unique perspective is linked to her involvement with both FTX and Alameda Research, as well as her personal relationship with Bankman-Fried.

Ellison, Singh, and Wang

In a plea hearing in December 2022, Ellison confessed to misleading lenders and obtaining an "unlimited line of credit" for Alameda Research from FTX, even when it was unnecessary. Her inside knowledge of FTX's operations and the alleged mingling of customers' funds is crucial in the trial.

In addition, Nishad Singh, an early employee at Alameda Research, held a critical position within the organization. His role in controlling FTX's matching engine, which facilitated the processing of buy and sell orders, along with his knowledge of how funds moved between FTX and Alameda, makes his testimony crucial.

Gary Wang, the Co-Founder of Alameda Research and FTX, served as the Chief Technology Officer for both companies. His long-standing personal relationship with Bankman-Fried and his key role in the alleged misconduct add depth to his testimony.

Sam Bankman-Fried, who has been in jail since earlier this month, pleaded not guilty to an updated indictment that includes allegations of fraud and money laundering last month. His plea was made during a court appearance, which was his first since his bail was revoked on August 11.

Bankman-Fried's Legal Battle Continues

The saga began in January when the former crypto billionaire pleaded "not guilty" to eight criminal charges, including wire and securities fraud conspiracy, money laundering, and conspiracy to violate campaign finance rules. In March, the charges were expanded to 13, with accusations that Bankman-Fried bribed Chinese officials in late 2021.

However, the latest indictment consists of only seven counts, focusing primarily on the collapse of FTX. During his recent court appearance, Bankman-Fried's legal team raised concerns over his well-being. They asserted that he was being denied access to necessary medication for depression and attention deficit hyperactivity disorder while being held at the Metropolitan Detention Centre in Brooklyn.

Bankman-Fried's legal troubles began when he was arrested in the Bahamas in 2022 in connection with the FTX exchange's collapse, which led to criminal charges against him in the United States.

This article was written by Jared Kirui at www.financemagnates.com.

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against individuals and entities associated with Cryptobravos. It has accused them of a massive fraud scheme.

The CFTC alleges that the defendants fraudulently solicited and misappropriated tens of millions of dollars from hundreds of individuals worldwide, including the United States, under various trading aliases.

Deceptive Tactics: Cryptobravos' False Promises to Investors

The CFTC filed the complaint in the US District Court for the District of New Jersey. It has identified the defendants as Or Patreanu (Israel), Snir Hananya (Italy), Elijah Samson (Germany), Artem Prokopenko (Ukraine), and Expected Value Plus Ltd. (a Seychelles company), all operating collectively as Cryptobravos.

The accused entities are known by several other trading names, including Trade2Get, Coinbull, Cryptonxt, Tradenix, Cryptobravos, Nittrex, Pinance, and Wobit.

The CFTC alleges that from approximately January 2017 through October 2021, the defendants orchestrated a global fraudulent scheme with operations in Israel, Ukraine, Albania, South Africa, and other locations.

Their mode of operation involved soliciting bitcoin and other funds from individuals, with a particular focus on US customers. The funds were intended for the establishment of managed accounts to engage in the trading of digital asset commodities, primarily bitcoin.

CFTC Seeks Justice: Restitution and Penalties in Cryptobravos Case

Cryptobravos agents falsely represented several key points to potential investors. It included promises that the customer funds would be used for trading activities with assurances of risk-free returns and claims that customers could withdraw their funds at any time. However, the CFTC alleges that these representations were nothing but deceptive tactics.

In reality, the defendants did not engage in any trading activities involving bitcoin or other digital asset commodities for their customers. The CFTC claims that they never delivered on the promised returns. Instead, they held onto customer funds.

In many instances, customers were encouraged to withdraw funds from their retirement accounts, take out loans to make additional deposits, or pay non-existent taxes or commissions. Most customers who deposited money with Cryptobravos have not seen their funds returned.

In response to these allegations, the CFTC is seeking various forms of relief. It includes restitution for victims, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans for the accused, and a permanent injunction against any further violations of the Commodity Exchange Act (CEA) and CFTC regulations.

International Collaboration: Agencies Unite to Combat Cryptocurrency Fraud

Ian McGinley, the Director of Enforcement at the CFTC, emphasized the international cooperation involved in this case, having stated: "This case is a triumph of international cooperation. The roster of agencies who assisted the Division of Enforcement's investigation makes it clear to fraudsters in our markets that we will pursue them wherever they are located."

The CFTC has acknowledged the assistance of multiple agencies worldwide in their investigation, including the Alabama Securities Commission, Albanian Financial Supervisory Authority, British Columbia Securities Commission, Financial Supervision Commission of Bulgaria, Cyprus Securities and Exchange Commission, Czech National Bank, Securities and Futures Commission of Hong Kong, Central Bank of Hungary, Israel Securities Authority, Liechtenstein Financial Market Authority, and the Ontario Securities Commission.

The CFTC's Division of Enforcement is leading the case, with Michael Cazakoff, Jack Murphy, K. Brent Tomer, Lenel Hickson Jr., and Manal M. Sultan among the staff responsible for the prosecution. Jennifer Diamond from the Division of Enforcement's Office of Chief Counsel also provided valuable assistance in the investigation.

This article was written by Tareq Sikder at www.financemagnates.com.

Sygnum's Singapore arm has been granted a full license by the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT) brokerage services. This step allows Sygnum to introduce its DPT brokerage platform to accredited investors and institutions.

Notably, Sygnum Singapore has achieved this full license status relatively fast, just four months after receiving in-principle approval from the MAS, The Straits Times reported. It joins a growing list of over a dozen firms authorized to provide DPT services in Singapore.

Sygnum Expands Digital Asset Services

The full license enables Sygnum Singapore to integrate DPT brokerage services into its broad digital asset financial offerings. These services include asset management, corporate finance advisory, capital market product trading, and custodial solutions.

Gerald Goh, the Co-Founder and CEO of Sygnum Singapore, expressed the significance of this achievement in June, stating: "This in-principle approval of our Major Payment Institution (MPI) license by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia." He emphasized the progressive and robust regulatory framework in Singapore.

Sygnum Bank AG, which is headquartered in Zurich and holds a Swiss banking license, has been steadily expanding its reach globally. With over 220 employees across its offices in Switzerland, Singapore, Luxembourg, and Abu Dhabi, the group manages a portfolio of more than $4.8 billion in assets under management.

Paving the Way for Regulated Digital Payments

Sygnum expanded its global presence by obtaining a capital markets license in Singapore in 2019, forming the subsidiary Sygnum Singapore. The platform established in Singapore acts as a fiat-digital asset gateway and provides efficient trade execution for a diverse range of cryptocurrencies.

Singapore's regulatory framework and rules governing cryptocurrency operations have made it attractive for established crypto companies. Sygnum joins a growing list of firms that have obtained licenses from the MAS, including Circle, Crypto.com, Blockchain.com, Coinbase, and Paxos.

In addition, Ripple, a blockchain payments company, established its presence in the Asia-Pacific region by securing in-principle approval for an MPI license from the MAS this year. The approval enables Ripple to provide regulated digital payment token products and services within Singapore's regulatory framework.

This article was written by Jared Kirui at www.financemagnates.com.

Cameron and Tyler Winklevoss, the Co-Founders of Gemini, are under scrutiny over an alleged secret withdrawal of $282 million from the now-bankrupt crypto lender, Genesis. This withdrawal occurred just months before the entire crypto firm collapsed, according to a report by the New York Post.

Cameron and Tyler Winklevoss have been grappling with a series of setbacks in recent times, including layoffs and plummeting trading volumes at Gemini. However, the focus changed when over $900 million in Gemini customer deposits were frozen due to the collapse of Genesis, the crypto lending platform that facilitated Gemini Earn, an interest-bearing program.

Gemini's Crypto Drama Unfolds

The Winklevoss twins' decision to withdraw millions of funds from Genesis has raised concerns about whether these funds were corporate assets or part of their personal crypto holdings. However, the withdrawn sum did not include any customer funds.

Internal documents revealed that this sizable withdrawal comprised a mix of cryptocurrencies, including Bitcoin, Ethereum, Gemini's stablecoin, Dogecoin, and more. The timing of the move, mere months before the suspension of customer withdrawals by Genesis, hints they knew it might happen and potentially undermine their claims of innocence, The Post reported.

In response, Gemini has criticized the New York Post's report, terming it as "misleading".

The exchange said on X (formerly Twitter): "The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn users’ money. It was not Gemini corporate funds and it was not the personal funds of our Founders @cameron and @tyler or their investment firm @winklevosscap."

We are disappointed that the @nypost has chosen to recklessly publish a completely misleading story about the Gemini Earn program. Everything the Post alleges in its story is the exact opposite. The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn…

— GeminiTrustCo (@GeminiTrustCo) September 28, 2023

Winklevoss sued DCG, the parent company of Genesis, and its CEO, Silbert, for allegedly providing misleading information about Genesis's financial health. The lawsuit stated that DCG offered a promissory note instead of the promised financial backing. Despite their efforts to exit the Gemini Earn partnership, the Winklevoss twins claim that Silbert convinced them otherwise during a face-to-face meeting.

Recently, Genesis Global Trading, a subsidiary of Genesis Global, announced the imminent closure of its US-focused spot crypto trading operations, set to take effect by the end of this month. Besides that, Genesis Global Trading announced plans to cease the operations of its over-the-counter trading platform. However, another trading-focused entity affiliated with Genesis, Genesis Global Capital International Limited (GGC), is expected to continue GGT's spot and derivatives trading services.

FTX Settlement and Ongoing Legal Clash

Genesis' troubles are traced back to a dispute with the now-bankrupt cryptocurrency exchange FTX. FTX had asserted that Genesis owed a staggering $2 billion but recently settled for a payment of $175 million to Alameda Research, its affiliated crypto hedge fund. This settlement provided the possibility of substantial recoveries for unsecured creditors, ranging from 70% to 90% in USD equivalent.

Adding to the complexity of Genesis' financial woes is an ongoing legal dispute with Gemini. Gemini has accused DCG and its CEO, Barry Silbert, of involvement in "encouraging and facilitating" fraudulent activity through Genesis. In response, DCG has denied these allegations, labeling them as baseless and defamatory, characterizing the lawsuit as a "publicity stunt."

Genesis found itself in financial turmoil after filing for bankruptcy protection in New York due to the collapse of Three Arrows Capital (3AC) and FTX. The Ad Hoc Group reported Genesis' exposure to 3AC at $2.3 billion, subsequently reduced to $1.2 billion after collateral liquidation.

Earlier this year, the SEC sued Gemini and Genesis, contending that Gemini Earn violated regulations by offering unregistered securities. However, in a court document filed on August 18, Gemini has dismissed the allegations on the basis that the SEC is unable to define the nature of the alleged unregistered security clearly.

This article was written by Jared Kirui at www.financemagnates.com.

Coinbase International Exchange has achieved a notable milestone by obtaining regulatory approval from Bermuda's financial regulator. This approval will enable eligible non-U.S. retail customers to participate in perpetual futures trading.

Coinbase's Next Offering: Access to Perpetual Futures Contracts

In a blog post released today (Thursday), Coinbase acknowledged the pivotal role played by the Bermuda Monetary Authority in facilitating this regulatory approval. As a result of this collaboration, Coinbase intends to offer eligible customers access to perpetual futures contracts on its Coinbase Advanced platform in the coming weeks.

Perpetual futures contracts are a type of derivative market known for their unique characteristic of never expiring. This perpetual nature makes them an attractive instrument for traders and investors seeking to engage in cryptocurrency markets without the constraints of fixed maturity dates.

"As announced in the Phase II of our 'Go Broad, Go Deep' strategy, we are dedicated to partnering with high-bar global regulators to build a crypto regulatory framework that allows crypto technology to continually drive innovation," the blog said.

JUST IN: Coinbase approved to offer perpetual #Bitcoin futures to global retail customers pic.twitter.com/WQVMlxaFTM

— Bitcoin Magazine (@BitcoinMagazine) September 28, 2023

The Significance of Regulatory Collaboration in Crypto

Coinbase International Exchange announced its international exchange initiative in May of the current year. The listing of Bitcoin and Ethereum perpetual futures contracts followed it.

This approval underscores the importance of collaboration between crypto firms and regulators in shaping the future of digital finance. It also reflects the company's commitment to providing a safe and regulated environment for cryptocurrency trading and investment.

Coinbase's Service Termination in India Targets Violators

Coinbase is reportedly limiting its services in India. With a Finance Magnates report indicating that, the exchange is partially or fully terminating its offerings in the country. New signups for Indian users have been suspended. Rather it redirects them to download Coinbase Wallet, a self-custody crypto wallet.

According to TechCrunch, Coinbase sent emails to its Indian customers. It notifies them of the service termination, effective from September 25. It also encourages them to withdraw their funds. However, a Coinbase spokesperson clarified that this service termination only applies to Indian customers who have violated the exchange's standards. The spokesperson stated that the exchange is discontinuing services for accounts that no longer meet their updated standards.

This article was written by Tareq Sikder at www.financemagnates.com.

The search for a Bitcoin Exchange-Traded Fund (ETF) in the United States has been to date an elusive journey. Investors, enthusiasts, and financial professionals have been watching the regulatory developments surrounding this new financial product with bated breath. A spot Bitcoin ETF's attraction stems from its promise to introduce Bitcoin investments to a broader spectrum of investors, including those in traditional financial markets.

Regulatory Obstacles

The regulatory climate is the major impediment to a spot Bitcoin ETF in the United States. The Securities and Exchange Commission (SEC) of the United States has frequently highlighted concerns about market manipulation and investor protection. These fears are not without substance, given the bitcoin market's history of volatility and abnormalities. To address these concerns, the SEC has been evaluating numerous ETF ideas but has yet to approve any.

The SEC's main concern is the possibility of price manipulation in the Bitcoin market. The cryptocurrency field is prone to market manipulation due to a lack of regulation and oversight, which is exacerbated by the decentralized structure of digital currencies. The SEC has stated unequivocally that any Bitcoin ETF proposal must fully address these risks in order to be approved.

SEC Delays Decision on BlackRock's Spot Bitcoin ETF

The U.S. SEC has deferred its decision regarding BlackRock's proposal for a spot bitcoin exchange-traded fund. BlackRock, the world's largest asset manager, oversees assets exceeding $9 trillion. A spot bitcoin ETF offers a more straightforward means of exposing investors to digital assets, bypassing the complexities associated with futures contracts.

In the United States, the concept of a spot bitcoin ETF remains novel, as the SEC has yet to greenlight any crypto ETFs, despite numerous applications from various firms. The regulator has cited concerns related to potential fraud, market manipulation, liquidity deficiencies in the crypto market, as well as issues concerning asset custody and valuation methods.

Analysts have varying opinions on the potential impact of a spot bitcoin ETF. Some anticipate it could drive increased institutional and retail interest in bitcoin, thereby fostering price appreciation and broader adoption. Conversely, others argue that such an ETF wouldn't significantly differ from existing products that enable direct buying and selling of bitcoin, such as the Grayscale Bitcoin Trust and Coinbase.

The SEC's postponement of BlackRock's spot bitcoin ETF decision transpires amid broader regulatory scrutiny of the U.S. crypto industry. Authorities and lawmakers are striving to keep pace with the sector's rapid innovation and expansion. The SEC recently initiated legal actions against multiple crypto firms, including Ripple and BitConnect, over alleged securities law violations. Additionally, the regulator has cautioned investors regarding the risks and complexities associated with crypto asset investments.

Investor Defense

Investor protection is another critical factor that the SEC considers when examining Bitcoin ETF proposals. The government is in charge of protecting investors' interests in US financial markets, and it is determined that any Bitcoin ETF meets severe criteria in this regard. This includes standards for full disclosure, transparency, and procedures to mitigate potential conflicts of interest.

The SEC has been aggressively seeking public input and feedback on Bitcoin ETFs, indicating a desire to engage with cryptocurrency stakeholders. However, the regulatory authority faces a difficult task in striking the correct balance between encouraging innovation and protecting investors.

Market Maturity

The development of the cryptocurrency market itself might considerably improve the chances of a spot Bitcoin ETF in the US. Bitcoin has progressed from a niche digital asset to a genuine investment class over the last decade. Institutional investors have entered the market, and bitcoin exchanges have improved their infrastructure and security.

Concerns concerning market manipulation and investor protection may be addressed more effectively as the market matures. Increased liquidity, increased market surveillance, and upgraded custody solutions could help reassure the SEC and other regulatory authorities.

Global Examples

Looking beyond the limits of the United States, we may see examples of countries that have already embraced spot Bitcoin ETFs. In February 2021, Canada, for example, approved the first Bitcoin ETF. This historic ruling in the North American market has served as a helpful case study for US regulators.

Other countries' success and stability with Bitcoin ETFs could serve as a model for US regulators. It may assist demonstrate that such financial instruments can survive with existing regulatory regimes and that market manipulation and investor protection issues can be effectively addressed.

Perspectives Change

The cryptocurrency ecosystem is fluid, and opinions on Bitcoin and other digital assets are constantly changing. Influential financial personalities, especially big Wall Street players, are rapidly recognizing cryptocurrencies' potential as an asset class. This shifting sentiment may have an impact on regulatory decisions in the United States.

Furthermore, the introduction of recognized financial institutions into the cryptocurrency field, such as CME Group's issuance of Bitcoin futures, implies that digital assets are becoming more accepted in traditional finance. These events may cause regulators to reconsider their position on Bitcoin ETFs.

Policy decisions can be significantly influenced by the leadership of regulatory agencies such as the SEC. With changes in leadership, there is a potential for regulatory approaches and goals to evolve. A new SEC chairman or commissioners may have different views on cryptocurrency and Bitcoin ETFs, paving the way for a more favorable regulatory climate.

It's worth noting that the SEC's attitude on bitcoin has shifted over time, with a growing desire to engage with the industry. The SEC's outlook could be influenced further by the employment of personnel with experience in blockchain technology and digital assets.

Industry Representation

Advocacy organizations and industry associations are critical in creating the regulatory landscape. The cryptocurrency community has taken the initiative to establish groups that advocate for clear and reasonable laws. These organizations strive to inform policymakers and authorities about the advantages of Bitcoin and other cryptocurrencies.

As these groups grow in power and credibility, they may help to foster a more productive discussion between the Bitcoin industry and regulatory agencies such as the SEC. Effective communication and teamwork can result in regulatory regimes that promote innovation while protecting investors.

The prospect of a spot Bitcoin ETF offering in the United States remains questionable, owing to regulatory obstacles linked to market manipulation and investor protection. However, a number of circumstances, including the maturing of the cryptocurrency ecosystem, worldwide precedents, shifting viewpoints, new leadership at the SEC, and industry advocacy, might sway the regulatory landscape in favor of a Bitcoin ETF.

While the road to a Bitcoin ETF in the US may be difficult, the bitcoin community and financial sector stakeholders are working hard to find a solution that blends innovation with investor protections. Investors and enthusiasts will be keenly monitoring developments as the regulatory landscape changes, hoping for a breakthrough that brings Bitcoin investments within reach of a broader spectrum of market players.

This article was written by Pedro Ferreira at www.financemagnates.com.

The New York-based cryptocurrency exchange Gemini has announced its decision to suspend services to Dutch customers starting from November 17. This move resulted from regulatory pressure imposed by the De Nederlandsche Bank (DNB). However, Gemini is not exiting the Dutch market for good; the exchange aims to re-enter the country once it achieves full compliance with the new crypto asset rules outlined in the European Union's Markets in Crypto-Assets Regulation (MiCA).

In a letter addressed to its Dutch users on September 26, Gemini communicated the impending suspension of its operations. The letter urged customers to either withdraw their assets or transfer them to another wallet address to comply with the DNB's directives. Gemini emphasized the necessity of emptying users' accounts by November 17, 2023.

Gemini Foundation provides a range of crypto derivatives products, with its initial offerings revolving around Gemini dollars (GUSD), the exchange's proprietary stablecoin.

Gemini Recommends Rival Bitvavo

In light of this, Gemini has suggested that its users consider Bitvavo, a local cryptocurrency exchange that is duly registered with the DNB, as an alternative for their crypto holdings. Bitvavo is an Amsterdam-based exchange that was established in 2018 and holds membership in the Dutch Association of Bitcoin Companies.

This development follows a trend seen earlier this year when Binance ceased its Dutch operations due to regulatory hurdles from the DNB. At the time, DNB's representative, Tobias Oudejans, suggested that compliance with MiCA could pave the way for Binance's potential return to the Dutch market. Presently, the DNB has registered 37 virtual asset providers, including eToro, Coinbase, Crypto.com, and BitPay.

Gemini's Global Expansion

In May, Gemini relocated its European headquarters from London to Dublin. While initial reports hinted at London as the destination, regulatory uncertainties prompted Gemini to seek a safe haven in another jurisdiction within the British Isles.

Awesome meeting this morning with @LeoVaradkar, the Prime Minister of Ireland. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe MiCA is that common sense regulation. We also announced that @Gemini has… pic.twitter.com/Iv3NmPTmju

— Cameron Winklevoss (@cameron) May 25, 2023

Ireland's attractiveness as a hub for financial services and emerging technologies played a pivotal role in Gemini's decision, the exchange said. Its registration as a Virtual Asset Service Provider (VASP) in Ireland in July 2022 has strengthened its commitment to the region.

In addition, Gemini bolstered its international markets with the launch of the Gemini Foundation, a crypto derivatives platform, in April. This move is a response to the growing regulatory pressure in the US.

Elsewhere, Gemini filed for pre-registration with the Ontario Securities Commission (OSC) in Canada in April to ensure its continued operations and compliance with regulatory requirements in the country. The pre-registration filing occurred in response to the OSC's mandate requiring all crypto exchanges operating within its jurisdiction to register with the regulator.

This article was written by Jared Kirui at www.financemagnates.com.

Su Zhu, the Co-Founder of Three Arrows Capital (3AC), has been arrested in Singapore. His arrest is linked to his alleged failure to cooperate during the bankruptcy proceedings of 3AC, a crypto-lending company that collapsed last year.

This afternoon (Friday) at Changi Airport in Singapore, Zhu was apprehended. His attempt to leave the country led to his detention, which was a development confirmed by Teneo, the entity overseeing the liquidation of 3AC.

3AC was known for its investments in projects like LUNA, Aave, Avalanche, BlockFi, Deribit, and Solana before its collapse. The downfall began when LUNA, a significant investment of 3AC, experienced a massive crash in May, triggering a series of events in the crypto industry.

Breaking: ZHU Su, co-founder of failed crypto hedge fund Three Arrows Capital, was apprehended at Changi Airport whilst attempting to travel out of Singapore on Friday (Sep 29) afternoon. Businesstimes reported. https://t.co/W01HoeQYCu pic.twitter.com/TwvRuFKbxw

— Wu Blockchain (@WuBlockchain) September 29, 2023

Zhu Wanted for Eluding Authorities

Despite managing up to $18 billion in cryptocurrency assets at its peak, 3AC failed to meet margin calls in June, raising questions about its financial stability. In addition, the failure to repay a substantial debt of $665 million to crypto broker Voyager Digital exacerbated the situation and further destabilized the company.

The Monetary Authority of Singapore (MAS) reprimanded 3AC and its founders in June 2022. This reprimand was due to alleged misinformation, failure to report ownership changes in the executive ranks, and exceeding allowable asset thresholds for a registered fund management company.

According to the MAS, the investigations uncovered that the company failed to notify regulators about the employment of its representatives and made false representations about them.

In June, a report by the New York Times indicated that Kyle Davies, the Co-Founder of 3AC, and Zhu had embarked on a year-long journey that took them to Bali instead of facing the aftermath of the collapse of their hedge fund. They departed from Singapore, where Three Arrows was headquartered, and embarked on a journey across Asia, essentially taking a summer sabbatical.

3AC's Downfall and Regulatory Reprimand

Meanwhile, Singapore's financial market regulator barred the duo from participating in the city-state's financial services sector for nine years in September. The ban was put into effect on September 13 in response to the regulatory which had reported lapses tied to the fund's operations.

Founded in 2012 in Singapore, 3AC was once a prominent cryptocurrency hedge fund known for its highly leveraged positions. However, its fortunes took a sharp downturn, incurring losses exceeding $400 million amid a drop in the crypto market last year.

The consequences of 3AC's collapse extended far beyond its immediate stakeholders. Voyager Digital, unable to recover its debts from 3AC, was forced to file for bankruptcy. The domino effect has resulted in damages exceeding $3 billion, affecting several companies in the crypto space.

This article was written by Jared Kirui at www.financemagnates.com.

Hot news: These changes have happened in the last hour.

In the last one hour Bitcoin is leading the record of among the most popular crypto-currency in the trading ecosystem, it has an decrease of -0.33% from its previous value from 6631.875 dollars now at 6609.990 dollars exchange rate. Next to Bitcoin is T..

The post Bitcoin $6609.990 – CryptoCurrency Trading Report – 24.09.2018 09:08 appeared first on CryptoCurrency Blog.

Hot news: The summaries of the last one hour are the followings:

Bitcoin is leading the rank on the most popular crypto-currency, it has an upsurge of 0.12% in its exchange rate, which means 6668.000 dollars from the 6660.008 dollars earlier. Tether is in the second position as Bitcoin leads the first spot. ..

The post Bitcoin $6668.000 – CryptoCurrency Trading Report – 24.09.2018 08:08 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

In the last hour, Bitcoin is leading the cryptocurrency rank. A fall in the exchange rate was seen from 6663.014 dollars to 6640.360 dollars a -0.34% change. Next to Bitcoin is Tether in the second position..

The post Bitcoin $6640.360 – CryptoCurrency Trading Report – 24.09.2018 07:08 appeared first on CryptoCurrency Blog.

Hot news: Here you can read the new CryptoCurrency report of the last 60 Minutes.

Bitcoin is leading the rank in the last hour as the most popular crypto currency in the trade market, with a recorded fall on its value of about -0.12% in the last hour with a current standing rate of 6674.850 dollars from 6682..

The post Bitcoin $6674.850 – CryptoCurrency Trading Report – 24.09.2018 06:07 appeared first on CryptoCurrency Blog.

Hot news: There were a lot of happenings in the last 60 minutes on the Crypto stock exchanges.

Bitcoin is listed as the most popular cryptocurrency in the market. In the last sixty minutes, it had an downswing of -0.19% on its trading price. This means from 6699.038 dollars now at 6686.310 dollars. Tether is..

The post Bitcoin $6686.310 – CryptoCurrency Trading Report – 24.09.2018 05:07 appeared first on CryptoCurrency Blog.

Hot news: Now we show you the newest summary of 60 minutes.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an decrease of -0% in its exchange rate from 6704.570 dollars now at 6704.570 dollars. Bitcoin is seconded by Tether, in a 60 minutes time it has a drop..

The post Bitcoin $6704.570 – CryptoCurrency Trading Report – 24.09.2018 04:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

Bitcoin was in the top position in the last hour, the exchange rate decreases from 6710.021 dollars to 6709.350. This is a -0.01% recorded change. Tether is at the second position next to Bitcoin, with a re..

The post Bitcoin $6709.350 – CryptoCurrency Trading Report – 24.09.2018 03:07 appeared first on CryptoCurrency Blog.

Hot news: These changes have happened in the last hour.

Bitcoin was in the top position in the last hour, the exchange rate increases from 6689.711 dollars to 6709.780. This is a 0.3% recorded change. Bitcoin is followed by Tether, with a -0.07% tumble on its trade value in the last one hour, equivalent to 0..

The post Bitcoin $6709.780 – CryptoCurrency Trading Report – 24.09.2018 02:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

The number one cryptocurrency leader is Bitcoin, this data was fetched in the last hour. It has an decrease on its trade value to -0.2%, now at 6687.450 dollars from 6700.852. Tether is at the second positi..

The post Bitcoin $6687.450 – CryptoCurrency Trading Report – 24.09.2018 01:07 appeared first on CryptoCurrency Blog.

Hot news: These are the changes of the CryptoCurrency market in the last one hour.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an increase of 0.05% in its exchange rate from 6689.215 dollars now at 6692.560 dollars. Tether is next to the leading crypto Bit..

The post Bitcoin $6692.560 – CryptoCurrency Trading Report – 24.09.2018 00:07 appeared first on CryptoCurrency Blog.

Today, Fuse Network, an enterprise-grade, use-case agnostic, decentralized EVM-compatible public blockchain, announced Liquify as its newest remote procedure call (RPC) provider and ecosystem partner. Liquify will provide public RPC services – both free and private. RPC nodes help process requests from decentralized applications (dApps). They are vital for improving the usability of web3 and for […]

The post Fuse Network welcomes Liquify as new blockchain infrastructure partner appeared first on CryptoNinjas.

Welcome to the world of BITmarkets – a leading cryptocurrency exchange offering a wide range of trading options for both retail traders and corporate clients. In this comprehensive review, we will explore the various features and services provided by BITmarkets, including spot, futures, and margin trading. Whether a seasoned trader or just starting your cryptocurrency […]

The post BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies appeared first on CryptoNinjas.

HashKey Exchange, the first licensed retail virtual asset exchange registered in Hong Kong, announced its official launch today. Together with executives from the HKSAR government, top-tier banks, insurers, and Big 4 auditing firms, HashKey held the grand launch in Hong Kong. Strictly adhering to the SFC’s user registration and KYC requirements, the HashKey Exchange platform […]

The post Hong Kong’s first licensed crypto exchange HashKey is now live appeared first on CryptoNinjas.

Adenasoft, a South Korea-based IT/software company, has just announced the launch of ACE, their new SaaS product designed for cryptocurrency exchanges. ACE fully prepares businesses for exchange operations quickly, taking less than a month to get up and running. ACE offers a comprehensive suite of features that enables crypto exchanges to streamline their operations and […]

The post Adenasoft launches new crypto exchange white label solution: ACE appeared first on CryptoNinjas.

This week, the team of Pods, a provider of structured products for crypto assets, unveiled its latest offering – the ETHphoria Vault. This innovative yield strategy is designed explicitly for ETH enthusiasts who are bullish about its future prospects and want to earn even more from increasing prices. ETHphoria is a low-risk, principal-protected strategy designed […]

The post Maximize Your ETH Investment: The ETHphoria Vault by Pods appeared first on CryptoNinjas.

The team of Pods recently announced the mainnet launch of its 3rd strategy on Pods Yield: FUD Vault, which now complements ETHphoria and stETHvv. FUD Vault provides a way for users to benefit from market downturns by offering a mechanism to hedge against significant price drops in ETH while preserving the deposited principal. Who is […]

The post Crypto traders can mitigate risk with PODS’ FUD Vault – now live on mainnet appeared first on CryptoNinjas.

DeFi Returns brings comprehensive up-to-date information on DeFi strategies and protocols, to easily compare and analyze their performance. Getting the most reliable data source for historical yield on DeFi, to help users make informed decisions when investing in the ecosystem. All data displayed is sourced from the protocol’s smart contracts directly. The new DeFi Returns […]

The post What is DeFi Returns? A new way of DeFi Investing appeared first on CryptoNinjas.

RockX, an Asia-based institutional-grade staking services provider, announced today the broadening of its staking product suite with the addition of a new ether (ETH) native staking solution. This latest offering strengthens RockX’s position as a comprehensive provider of diverse staking needs, maneuvering quickly to the evolving crypto market landscape. Navigating the Ethereum ecosystem presents institutions with […]

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Hex Trust, a regulated institutional-grade crypto-asset custodian, today announced it has partnered with The Sandbox, a leading decentralized gaming virtual world to enable fully-licensed and highly-secure custody of assets such as LAND in The Sandbox’s metaverse. The partnership sees Hex Trust fully integrate LAND into its custody platform, Hex Safe, which supports cryptocurrencies, security tokens, and NFTs. […]

The post The Sandbox teams with Hex Trust for licensed, secure custody of its virtual assets appeared first on CryptoNinjas.

CoinFlip, a bitcoin ATM and crypto services company, announced today a new offering with the launch of ‘Olliv,’ a self-custody-powered crypto platform. The Olliv platform provides a frictionless way to buy, sell, send, receive, and swap cryptocurrency securely stored on a self-custodial wallet, removing the uncertainty of unknown third-party custodians. By leveraging CoinFlip’s existing network […]

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Deribit, a popular cryptocurrency derivatives platform, has announced the launch of zero-fee spot trading, allowing clients to buy and sell crypto while simultaneously managing risk using other derivatives. Spot trading will start on April, 24th 2023 at 1 PM UTC with three pairs (BTC/USDC, ETH/USDC, and ETH/BTC), providing clients with a simple and free solution […]

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Japan-based banking giant Nomura, announced today that its digital assets subsidiary, Laser Digital, has made a strategic investment in Infinity, a non-custodial interest rate protocol built on Ethereum. Infinity’s wholesale exchange, the first of several planned infrastructures, provides inter-exchange clearing, fixed and floating rate markets, as well as enterprise-grade risk management utilizing hybrid on-chain/off-chain infrastructures […]

The post Nomura’s Laser Digital invests in Infinity, an Ethereum-based money market protocol appeared first on CryptoNinjas.

Blocknative, a real-time Ethereum (ETH) infrastructure platform, has newly introduced features including transaction bundle send, cancellation, and replacement support for the Blocknative Builder. Searchers can now submit MEV bundles privately to the Blocknative Builder to be included on-chain. This market utility builds upon Blocknative’s reliable, real-time infrastructure that is systematically important to the Ethereum ecosystem. […]

The post ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support appeared first on CryptoNinjas.

Eventus, a provider of multi-asset class trade surveillance and market risk solutions, announced today that cryptocurrency derivatives exchange Deribit has chosen the firm’s Validus platform to provide market abuse monitoring on the exchange. Headquartered in Panama City, Panama, Deribit is one of the largest cryptocurrency options exchanges by volume and open interest, with approximately 90% […]

The post Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus appeared first on CryptoNinjas.

Gemini, the popular bitcoin & crypto exchange company, today announced the launch of electronic over-the-counter trading (eOTC), an automated crypto trading solution designed for institutions. The Gemini eOTC solution offers a variety of advantages to institutional traders including: Competitive Pricing & Execution: Liquidity is sourced from top-tier liquidity providers with deep liquidity pools, enabling counterparties […]

The post Crypto exchange Gemini launches new electronic OTC trading solution appeared first on CryptoNinjas.

GenTwo Digital, the crypto-asset securitization platform based out of Crypto Valley in Zug, Switzerland, today announced a partnership with Coinbase, the publicly-listed cryptocurrency platform. This new partnership for GenTwo Digital allows all Coinbase crypto assets to be wrapped in bankable financial investment products and enables financial intermediaries to issue certificates such AMCs (Actively Management Certificates). […]

The post Crypto securitization platform GenTwo links to all Coinbase assets appeared first on CryptoNinjas.

ThunderCore, a leading blockchain & web3 ecosystem announced today that they are making a new development push, partnering with new validators as the chain rolls out its new crypto staking model. The newest ThunderCore validators include the famous crypto-asset exchange Huobi and one of the earliest staking platforms in the space, MyCointainer. Users of both […]

The post Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion appeared first on CryptoNinjas.

Pods, creators of a DeFi platform, announced today that earlier this year, the team raised $5.6M in seed funding to create structured products for crypto-assets. The financing featured investors such as IOSG, Tomahawk, Republic, Framework Ventures, and more. The first strategy on Pods Yield is stETHvv (Ethereum Volatility Vault). stETHvv is a low-risk product focused […]

The post DeFi protocol Pods raises $5.6M to support its structured crypto products dApp appeared first on CryptoNinjas.

Deribit, the popular cryptocurrency derivatives exchange, announced today it has launched a new ‘Proof of Reserves‘ tool for clients using the trading platform. Now, clients are provided with the functionality to verify their assets to be included in Deribit’s overall reserves. How it Works Deribit provides all addresses for all on-chain assets and it delivers […]

The post Crypto derivatives exchange Deribit releases new client verification of assets tool appeared first on CryptoNinjas.

Tenderly, creators of a blockchain development platform, today announced that it is the first web3 development platform to offer simulations through RPC on its Tenderly Web3 Gateway, the company’s production node as a service. Note, Tenderly already processes more than 50 million simulations per month through its Transaction Simulator. Now, the company is introducing the […]

The post Tenderly introduces TXN simulations on its blockchain gateway for efficient dApp development appeared first on CryptoNinjas.

DFINITY Foundation, the not-for-profit organization contributing to the development of the Internet Computer (IC) — a high-speed, internet-scale public blockchain — has announced today the Internet Computer’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency. Now, the Internet Computer can serve as a layer-2 for Bitcoin where smart contracts on the Internet […]

The post DFINITY brings new smart contract functionality to Bitcoin with Internet Computer integration appeared first on CryptoNinjas.

Coinbase, the popular bitcoin & crypto exchange company, announced today it will be rolling out ‘Easy Bank Transfers’ for UK users. The new feature delivers an easy way to add funds to Coinbase accounts. Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which […]

The post Crypto exchange Coinbase to support Easy Bank Transfers for UK users appeared first on CryptoNinjas.

Biconomy, a web3 development platform & toolkit that superpowers blockchain technology stacks, today announced it has launched a software development kit (SDK) to transform the way developers build easy-to-use decentralized applications (dApps). Since 2019, Biconomy has been engaged with the web3 infrastructure space by building easy-to-integrate, plug-and-play APIs for developers to scale their projects. The […]

The post Biconomy releases new SDK for better crypto and blockchain development appeared first on CryptoNinjas.

Trust Wallet, a self-custodial and multi-chain cryptocurrency wallet application, has announced the launch of its brand-new browser extension wallet. Supporting all EVM chains, as well as Solana, it is available now on browsers including Chrome, Brave, and Opera. The browser extension complements Trust Wallet’s mobile wallet, which is the world’s leading mobile crypto wallet with […]

The post Trust Wallet launches anticipated browser extension of its crypto management app appeared first on CryptoNinjas.

BlockFills, a company specializing in building trading and management solutions for cryptocurrency market participants, today announced the launch of Vision Crypto Cloud, a secure, full-service, end-to-end digital asset trading, order management, and risk management platform. The software-as-a-service (SaaS) platform enables institutions to quickly access the crypto ecosystem out of the box, without the multi-year timeline […]

The post BlockFills launches end-to-end enterprise crypto trading technology stack appeared first on CryptoNinjas.

Day one trading volume across all nine products stood at less than $2 million.

JPMorgan’s CEO Jamie Dimon pointed to trading, hedging, research and error detection as just some of the processes that can be streamlined by AI.

J.W. Verret is the “Blockchain Professor.” He may be tracking your money, but he’s advocating for crypto.

A California resident is suing Binance and its CEO for tweets last November that, according to allegations, led to the collapse of the rival exchange.

The dropping of the suit came amid Terra facing a lawsuit brought by the U.S. Securities and Exchange Commission and Do Kwon possibly nearing the end of his sentence in Montenegro.

The company’s co-founder and president, Justin Young, told Cointelegraph in an email that plans to launch at a later date were “TBD.”

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.

Ether price is up today as Ethereum futures ETF launches and other signs of institutional adoption boost investor sentiment.

CFTC Chairman Rostin Behnam told an audience at the Financial Industry Association Expo about the agency’s activity in the crypto space and its need for modern legislation.

The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute.

The latest delays came two weeks before the second deadline for many applicants.

The license allows GSR to provide crypto and fiat-related services to Singaporean residents and entities.

Bitcoin and select altcoins are looking strong at the start of October, but will the flashpan bullish momentum last?

According to the scientists, there’s no universal method by which data can be deleted from a pretrained large language model.

The crypto market is up today as the U.S. government avoids a shutdown and spot Bitcoin volumes surge.

The committee’s recommendations included having the Kenyan government consider implementing a comprehensive framework for digital assets and virtual asset service providers.

No specific timeline was given as to when users can receive their money back.

Two transactions showed lump sums of $50 million in USDT transferred from Bitfinex to the Tether treasury only a few minutes apart.

Bitcoin preserves its snap October gains, but BTC price analysis reveals reasons for staying level-headed about the future.

Following the U.S. SEC’s approval of spot Ether exchange-traded funds, VanEck has launched its Ethereum Strategy ETF.

Bitfarms, one of the largest Bitcoin miners in the world, believes that many of its best growth opportunities will arise from the upcoming BTC halving.

Ryan Wyatt deciphers the the possibilities for AI to help gamers and game developers achieve.

The fund is a part of a wider VCC umbrella that brings various real-world assets to the blockchain.

Crypto asset manager Grayscale has filed an application with the U.S. SEC to convert its Ethereum Trust to a spot Ethereum ETF.

The guests on this episode of Hashing It Out discuss how cloud technology and Web3 intersect, with a special focus on user identity and regulations.

The matrix aims to identify potential risks associated with the crypto space and policy responses for regulators.

The long-awaited trial of former FTX CEO Sam Bankman-Fried gets underway on Oct. 4 — here’s what you need to know.

Ross Ulbricht, the founder of the first “modern darknet market,” has reached the 10-year mark of his double life sentence in prison after having his laptop seized by the FBI in 2013.

Bitcoin price crossed above $28,000 for the first time since August as the cryptocurrency market got a boost after the U.S. avoided a government shutdown.

The decentralized social media platform has continued to thrive since it launched in the second week of August and has hit multiple new highs despite critics predicting its downfall.

Day one trading volume across all nine products stood at less than $2 million.

JPMorgan’s CEO Jamie Dimon pointed to trading, hedging, research and error detection as just some of the processes that can be streamlined by AI.

J.W. Verret is the “Blockchain Professor.” He may be tracking your money, but he’s advocating for crypto.

A California resident is suing Binance and its CEO for tweets last November that, according to allegations, led to the collapse of the rival exchange.

The dropping of the suit came amid Terra facing a lawsuit brought by the U.S. Securities and Exchange Commission and Do Kwon possibly nearing the end of his sentence in Montenegro.

The company’s co-founder and president, Justin Young, told Cointelegraph in an email that plans to launch at a later date were “TBD.”

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.

Ether price is up today as Ethereum futures ETF launches and other signs of institutional adoption boost investor sentiment.

CFTC Chairman Rostin Behnam told an audience at the Financial Industry Association Expo about the agency’s activity in the crypto space and its need for modern legislation.

The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute.

The latest delays came two weeks before the second deadline for many applicants.

The license allows GSR to provide crypto and fiat-related services to Singaporean residents and entities.

Bitcoin and select altcoins are looking strong at the start of October, but will the flashpan bullish momentum last?

According to the scientists, there’s no universal method by which data can be deleted from a pretrained large language model.

The crypto market is up today as the U.S. government avoids a shutdown and spot Bitcoin volumes surge.

The committee’s recommendations included having the Kenyan government consider implementing a comprehensive framework for digital assets and virtual asset service providers.

No specific timeline was given as to when users can receive their money back.

Two transactions showed lump sums of $50 million in USDT transferred from Bitfinex to the Tether treasury only a few minutes apart.

Bitcoin preserves its snap October gains, but BTC price analysis reveals reasons for staying level-headed about the future.

Following the U.S. SEC’s approval of spot Ether exchange-traded funds, VanEck has launched its Ethereum Strategy ETF.

Bitfarms, one of the largest Bitcoin miners in the world, believes that many of its best growth opportunities will arise from the upcoming BTC halving.

Ryan Wyatt deciphers the the possibilities for AI to help gamers and game developers achieve.

The fund is a part of a wider VCC umbrella that brings various real-world assets to the blockchain.

Crypto asset manager Grayscale has filed an application with the U.S. SEC to convert its Ethereum Trust to a spot Ethereum ETF.

The guests on this episode of Hashing It Out discuss how cloud technology and Web3 intersect, with a special focus on user identity and regulations.

The matrix aims to identify potential risks associated with the crypto space and policy responses for regulators.

The long-awaited trial of former FTX CEO Sam Bankman-Fried gets underway on Oct. 4 — here’s what you need to know.

Ross Ulbricht, the founder of the first “modern darknet market,” has reached the 10-year mark of his double life sentence in prison after having his laptop seized by the FBI in 2013.

Bitcoin price crossed above $28,000 for the first time since August as the cryptocurrency market got a boost after the U.S. avoided a government shutdown.

The decentralized social media platform has continued to thrive since it launched in the second week of August and has hit multiple new highs despite critics predicting its downfall.

Over a billion dollars in liquidations sent the XRP price and the crypto market back from the dead and into local highs. However, new data suggests the rally might be short, pushing down the nascent sector into critical support. Related Reading: Tellor (TRB) Is Up 640% In 2023, Back To 2021 Highs Ahead of Bitcoin, XRP? As of this writing, the XRP price trades at $0.5 with a 4% profit in the last week. The cryptocurrency rallied in the previous 24 hours but has been retracing its steps over the past few hours, hinting at potential losses unless buyers step in and defend these levels. XRP Price Braces For Impact? According to the trading desk QCP Capital, the current rally in the crypto market coincides with seasonality. In the nascent sector, October is known as “Uptober” because major cryptocurrencies, including the XRP price, trend to the upside. In the past years, every Bitcoin, Ethereum, and XRP price rally began in October, making it the best month for the market, as seen in the chart below. However, the trading desk warned its followers on social media X about a potential reverse that could have negative effects on cryptocurrencies: However, we are not fully convinced by this move, and we think that BTC might test super key 25k support sometime in the final quarter of 2023 (…) This aggressive bounce has been due almost entirely to exogenous factors thus far and might not have the momentum to sustain. The trading desk believes these factors may lack the power to sustain the current price action. In addition, the narrative around approving an Ethereum future Exchange Traded Fund (ETF) in the US could set the stage for a bloodbath. Two years ago, when the price of Bitcoin reached its all-time high of $69,000, the Securities and Exchange Commission (SEC) approved a BTC futures ETF. This event marked the crypto market’s top, making the current ETH future ETF an ominous event for XRP and the altcoin market. QCP Capital claims that the newly approved financial asset could increase selling pressure in the sector due to adding “synthetic coins” to the market. In other words, the ETH futures ETF creates a disbalance between the supply and demand forces in the sector. The firm added: We would even go further to say a futures-only ETF is arguably detrimental to spot price – as it potentially directs demand away from the spot market into a synthetic market. Good News In The Short Term For XRP The XRP price could benefit from the US government shutdown in the macro arena. The analysis shows that in the past 30 years, each US government shutdown preceded a bull run for the financial market. This is the only positive news for the cryptocurrency in the medium term. Related Reading: Ripple CTO Addresses Bitcoin Adviser’s Claims That XRP Is Centralized In the short term, XRP still has a chance to run back above $0.6; as for Bitcoin, the trading firm expects the $29,000 to $30,000 resistance to remain intact. Cover image from Unsplash, chart from QCP Capital and Tradingview

On-chain data shows the Bitcoin Miners’ Position Index (MPI) has formed a death cross recently, a sign that the asset’s rally may end. Bitcoin MPI Has Formed A Bearish Crossover Recently As pointed out by an analyst in a CryptoQuant Quicktake post, the 365-day moving average (MA) of the BTC MPI has crossed above the 90-day recently. The “MPI” here refers to an indicator that measures the ratio between the miner outflows and the yearly MA. The “miner outflows” are the amounts these chain validators transfer out of their combined wallets. Generally, the miners take out their coins for selling purposes, so the miners outflows can measure how much dumping they are currently partaking in. Miner outflows are usually not that unusual, though, as this cohort has to constantly sell what they mine to pay off their running costs like electricity bills. What can be notable, however, is whether their selling deviates from the norm. Related Reading: Ethereum ETF: Valkyrie Halts Purchase Of ETH Futures Contracts The MPI provides us with information about precisely this since it compares the outflows against their 365-day MA. When the metric is greater than 0, the miners are selling more than the average for the past year, while negative values imply the opposite. Now, here is a chart that shows the trend in the 90-day and 365-day MAs of the Bitcoin MPI over the last few years: The two MAs of the metric appear to have crossed the path of each other in recent days | Source: CryptoQuant The above graph shows that the 90-day MA Bitcoin MPI (colored in orange) has declined during the last few weeks. Recently, the metric crossed below the 365-day MA, consolidating sideways. Historically, the crosses of the two MAs of the BTC MPI have appeared to be significant for the cryptocurrency’s price. In the chart, the quant has highlighted the major crossovers that occurred during the last few years. Whenever the indicator’s 90-day MA has observed a cross above the 365-day MA, BTC has gone off to witness some bullish momentum. Such a cross preceded the April 2019 rally, the 2021 bull run, and the rally that started this January. On the other hand, the opposite type of cross has proven to be bearish for the asset’s value, as steep declines have followed it. Since this death cross has once again formed for Bitcoin recently, it may signal that this year’s rally has reached its conclusion. Related Reading: Chainlink Signal That Preceded Crashes Of 34% Is Back However, the crossover is still in the process of forming, meaning that the coming weeks may be important. If the 90-day MA can turn itself around quickly, then the death cross may not form, but if the metrics continue in their current trajectory, the bearish signal would be solidified. BTC Price Regardless of the death cross, Bitcoin has observed some sharp bullish momentum during the past 24 hours, as the asset has surged to the $28,300 level. BTC has registered a sharp jump in the past day | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com

A pro-XRP lawyer has highlighted more casualties and negative impacts the regulatory authority has inflicted on XRP and its investors as well as individuals and businesses associated with the cryptocurrency.  So while Ripple has stated it has lost over $200 million in its fight against the US SEC, it seems that is not the only loss that has been incurred in the drawn-out battle.  SEC Allegedly Damaged 75K XRP Followers John E. Deaton, a pro-XRP lawyer has taken to X (formerly Twitter) to publicly admonish the United States Securities and Exchange Commission (SEC) for its series of legal actions and enforcements against XRP, the native token of Ripple Labs.  Related Reading: Crypto CEO Very Bullish On XRP Price, Sets Make Or Break Point Deaton has been a strong advocate for XRP since its fight against the US SEC began in 2020, and the cryptocurrency enthusiast and lawyer has actively participated in the community, airing out his views in defense of the cryptocurrency and its value as a global payment asset.  In a recent post, Deaton stated that the US SEC has negatively affected thousands of XRP investors and users and these people have been protesting against the SEC’s actions toward the ecosystem for three years. “The SEC harmed a lot of innocent people in the process. 75K investors, users, developers, and small businesses have been screaming the above for 3 years,” Deaton stated.  According to a civil filing, the SEC has destroyed more than $15 billion worth of assets owned by innocent holders of XRP who had acquired the token on secondary marketplaces. Ripple And SEC Legal Battle Developments RealClearPolicy (RCPC), an American policy website, recently published an article titled “The SEC is not King” on Thursday, September 30.  In an X repost, Deaton acknowledged the article which highlighted significant aspects of the Ripple and SEC legal case from when the regulatory body filed a lawsuit against the crypto firm earlier in 2020, alleging that Ripple was selling unregistered security offerings.  Ripple had aggressively defended itself against the SEC and achieved a partial victory after Judge Analisa Torres ruled in favor of Ripple and rejected the SEC’s allegations that sales of XRP tokens on exchanges are security sales.  In a possible attempt to salvage its reputation and also gain the upper hand against XRP, the SEC filed an interlocutory appeal to reevaluate the Judge’s ruling and its case against the token. In light of this, Deaton published a blog post titled “The Irony of Interlocutory Appeal” last week, castigating the SEC’s appeal scheme to potentially delay the litigation. Related Reading: XRP Price Threatened As Ripple Unlocks 1 Billion Coins The US SEC has also been struck by a blow that may put a dent in its case with XRP. The defense team of Ripple recently exposed a pile of internal SEC documents and secret positions about the token which could significantly undermine the SEC’s argument that XRP should be treated as a security.  This recent development has thrown a curveball in the ongoing legal battle between the US SEC and XRP, raising questions about the SEC’s intentions for the crypto industry and its method of handling cryptocurrencies. Token price shows strength to kick off new week | Source: XRPUSD on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com

On October 2, Mike McGlone, Commodity Strategist at Bloomberg, took to social media X (formerly known as Twitter) to express his concerns about the state of the crypto market.  Despite Bitcoin’s (BTC) recent rise, McGlone highlighted a disturbing trend and raised the possibility of a cryptocurrency recession. Factors Behind Crypto Market’s Recession Risk McGlone pointed out the concept of “positive beta vs. negative liquidity” and its implications for the cryptocurrency market.  Bloomberg’s senior Macro Strategist suggested that the weakness observed in the third quarter of 2023 could be either a temporary blip in the recovery or a sign of an impending recession.  Related Reading: Optimism (OP) Climbs 6% A Day As Crypto Market Rebounds, What’s Next? According to McGlone, the latter scenario is more likely, given that most risk assets experienced gains in 2023 but have since rolled over into the new quarter. The strategist also drew attention to the actions of central banks worldwide, noting that many are tightening their monetary policies despite signs of contraction in the United States and Europe.  Additionally, McGlone highlighted the ongoing property crisis in China, which carries deflationary implications. He argued that the Bloomberg Galaxy Crypto Index’s (BGCI) relative underperformance may reflect changing conditions for an asset class that has thrived in a zero-interest-rate environment. Drawing historical parallels, McGlone mentioned the swoons in Bitcoin’s price preceding Federal Reserve (Fed) pivots, implying that cryptocurrencies could serve as leading indicators for broader market liquidity. McGlone suggested that a revival of liquidity may be necessary to support the crypto market. Bitcoin Maximalist Identifies Key Factors For Remarkable Market Growth In addition to McGlone’s forecast, increased regulatory scrutiny and implementing stringent regulations by governments and regulatory bodies can significantly impact the cryptocurrency market.  The United States regulatory bodies have been actively cracking down on the crypto market, causing delays in what was expected to be a bullish run. Lawsuits filed in 2023 and signals of continued regulatory actions by the US Securities and Exchange Commission (SEC) have created uncertainty and restrictive regulations that can dampen investor sentiment and contract the market.  Moreover, economic factors contribute to concerns about a potential recession in the digital asset ecosystem. Cryptocurrencies are interconnected with the broader economic landscape, meaning global recessions, monetary policy changes, inflation, or deflation can affect the cryptocurrency market, potentially leading to a recession. On the other hand, some view the largest cryptocurrencies as safe havens during significant declines in the world’s largest economies. Bitcoin maximalists, including “The Bitcoin Therapist,” assisted by Artificial Intelligence (AI), have identified key factors necessary for Bitcoin and the overall market to achieve remarkable growth.  These factors include mass adoption, global economic uncertainty, institutional investment, limited supply, increased transaction volume, technological improvements, regulatory clarity, positive market sentiment, halving events, and a global currency crisis.  While progress has been made in factors such as global economic uncertainty, limited supply, increased transaction volume, technological improvements, and halving events, achieving mass adoption, institutional investment, regulatory clarity, positive market sentiment, and a global currency crisis are still pending. Related Reading: Chainlink Signal That Preceded Crashes Of 34% Is Back The strategist’s remarks underline the cautious sentiment surrounding cryptocurrencies despite recent positive movements in Bitcoin’s price.  McGlone’s analysis suggests that the cryptocurrency market may face significant headwinds due to changing economic conditions, central bank policies, and potential liquidity challenges. Featured image from Shutterstock, chart from TradingView.com 

Bitcoin prices could be bottoming, looking at price charts, and this might be one more opportunity for the savvy to accumulate before prices rip higher, according to one optimistic analyst. Taking to X, the analyst, Cryptocon_, said the “Ultimate Oscillator” indicator suggests that Bitcoin is at a “cyclical bottom,” adding that for the “first time,” the indicator has crossed into the cycle bottom zone in the two-week time frame. Bitcoin Likely Bottoming: Here’s Why Whether this prognosis is accurate depends on how Bitcoin prices pan out in the next few trading sessions. However, Bitcoin prices have since added roughly 4% since Cryptocon_ first laid out the analysis. Bitcoin is changing hands at around $28,000, up 12% from September lows. Following the sharp expansion on October 1 lifted BTC above September 2023 highs, a strong start for Q4 2023. The Ultimate Oscillator is a momentum indicator built on moving averages. Technically, the indicator is based on the idea that prices tend to close near the highs or lows of the recent trading range. Accordingly, based on Cryptocon_, Bitcoin is presently at “cyclical bottoms,” the same zone where BTC found support in the tail end of 2022 before bouncing off strongly in Q1 2023. Related Reading: XRP Price Bloodbath On The Horizon? Report Casts Doubt On Recent Rally If historical performance guides, Cryptocon_ believes “Bitcoin is offering traders one last accumulation opportunity,” but “most people will squander the pullback predicting and worrying about the macro.” Current macroeconomic conditions favor another round of interest rate hikes, especially in the United States. Although the Federal Reserve (Fed) kept rates unchanged in the last session, there are concerns that another hawkish environment could crash the crypto market like it did in 2022. Is BTC Heading Back To $32,000? At press time, Bitcoin is trading above August 29 highs in what appears to be a continuation of the bull run set in motion in late August. Still, it is unclear whether Bitcoin bulls have the momentum to push on.  The daily trading chart shows that the coin is still trending inside the bear candlestick of August 17. The bar was wide-ranging with high trading volumes, cementing the bearish preview that continues to hold from the volume analysis perspective.  Despite buyers expecting more gains in the sessions ahead, there must be a solid close above August 17 with rising trading volumes, completely reversing losses of mid-August. This move will likely cancel out the bearish preview that, as aforementioned, holds. This might set the ball rolling for a leg up to $30,000 and $32,000 in the sessions ahead. Related Reading: Chainlink Signal That Preceded Crashes Of 34% Is Back Feature image from Canva, chart from TradingView

As the largest cryptocurrency, Bitcoin (BTC) has always dominated the headlines and drives the mainstream hype around cryptocurrencies. In terms of performance, it’s no news Ethereum (ETH) has followed behind BTC in the past few years. However, according to crypto analyst Dave the Wave, Ethereum could outperform Bitcoin in the coming years.  A Different Perspective Dave the Wave took to social media to share his views on the Ethereum/Bitcoin price action. The current trajectory shows Ethereum has been falling against Bitcoin in terms of performance since the beginning of the year.  Related Reading: IPO Frenzy: What Happens To XRP Price If Ripple Stock Climbs To $600? A more in-depth examination reveals that Ethereum has been following a pattern of lower highs and lower lows, which is indicative of a continued downward trend. However, according to the pseudonymous crypto analyst, a larger timeframe presents a better view of the general situation of things.  “The longer timeframe trumps the shorter, and helps to predict future price action, which is what speculation is all about, as opposed to simply describing recent past price action,” he said. ETH/ BTC Careful of [shorter-term] hindsight bias – it’s a series of lower highs until it’s not. The longer time-frame trumps the shorter…. and helps to predict future price action, which is what speculation is all about, as opposed to simply describing recent past price… pic.twitter.com/kMrqN3istb — dave the wave🌊🌓 (@davthewave) September 29, 2023 A closer look into a multi-year timeframe shows a falling wedge has been forming in the Ethereum/Bitcoin pair’s performance since July of 2022. The current situation shows the formation of this wedge might be nearing its end which indicates a decrease in downside momentum and a potential trend reversal.  This possible reversal is reiterated by the Fibonacci indicator, which shows the downward trend is at the 0.236 level. Can Ethereum Outperform Bitcoin? Ethereum has frequently outperformed Bitcoin for periods stretching months at a time. The ecosystem also has a few key advantages over BTX that could help it outperform in the coming years.  Although Bitcoin still reigns as the top cryptocurrency, Ethereum seems poised to gain more mainstream traction in the coming years. As more projects and blockchains are built and connected to the Ethereum network, we could see Ethereum flip Bitcoin in terms of performance as early as next year. Related Reading: Crypto CEO Very Bullish On XRP Price, Sets Make Or Break Point BTC Remains The Primary Vehicle For Wealth Creation Bitcoin still remains the primary vehicle for building wealth in both the crypto and traditional markets. According to Dave The Wave, Bitcoin is poised to continue on this trajectory for the next few years before becoming fully capitalized and on the same level as traditional markets. The analyst makes this prediction by sharing a logarithmic growth curve chart showing BTC still has a higher chance for growth in the longer term.  BTC chart for growth | Source: X Bitcoin, in particular, has led the crypto markets in gains for the past week. Meanwhile, Ethereum has also recorded gains of 9.82% in a 7-day timeframe and is currently trading at $1,730. However, Ethereum faces a resistance at $1,750 which could force a downside correction.  ETH price looks strong above $1,700 | Source: ETHUSD on Tradingview.com Featured image from StealthEX, chart from Tradingview.com

In a sudden turn of events for what is usually expected to be a bullish month for the crypto industry, a series of token unlocks set to take place this month is now threatening this bullish momentum. With around $200 million in various altcoins expected to flood the open market, the current market rally may end up being short-lived. $200 Million In Crypto Being Unlocked Token tracking website Token Unlocks has revealed that around $200 million in various cryptocurrencies are being unlocked at various intervals through the course of this year. The tokens being unlocked range from SUI to Optimism to Aptos’s APT, among others. Related Reading: LINK Price Primed For Meteoric Rise: Analyst Predicts 130% Rally To $18 A screenshot shared by Wu Blockchain on X (formerly Twitter) showed a list of tokens expecting large crypto unlocks in October, as well as the percentage of supply they represent and their equivalent dollar value. The first on the list is SUI. SUI’s upcoming token unlock is by no means the largest on the list. But it is significant and will be the first to take place this month. Set to happen on October 3, 34.62 million SUI tokens (4.37% of supply) worth $17.11 million will flow into the open market. Following this just a couple of days later on October 7 is the Immutable X (IMX) token unlock. This unlock will see another 1.55% of the total supply (18.08 million tokens) worth $10.91 million unlocked. Aptos follows five days later on October 12 with 4.54 million APT tokens accounting for 1.91% of supply and worth $25.81 million. Crypto token unlocks for October | Source: X ApeCoin’s unlock of 15.6 million tokens will then take place on October 17. This represents 4.23% of supply and is worth $19.50 million; the third-lowest of the bunch. The highest on the list in terms of dollar figures is the Axie Infinity token unlock. This crypto unlock will happen toward the end of the month on October 20, with 15.13 million tokens representing 11.50% of the total AXS supply. The dollar value of these tokens is $71.24 million going by current prices. Related Reading: What Is Behind The 16% PEPE Price Recovery And Will It Continue? Last but not least, is another Optimism OP token unlock. It is slated for October 30 and 24.16 million tokens, similar to previous unlocks, will be brought into circulation. This translates to 3.03% of supply with a dollar value of $35.03 million. In total, 31 crypto projects have scheduled token unlocks for the month of October. Other notable but smaller unlocks include DYDX’s $4.51 million unlock, CYBER’s $6.87 million unlock, FLOW’s $3.44 million unlock, and Space ID’s $3.98 million token unlock. Total market cap recovers to $1.095 trillion | Source: Crypto Total Market Cap on Tradingview.com Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Forbes India, chart from TradingView.com

Investment products in the crypto arena have recently reported net inflows of $21 million, breaking a persistent six-week drought. With the crypto market’s future continuously debated among experts, such inflows mark a possible resurgence of confidence among investors. The top cryptocurrency remained at the forefront of this resurgence, capturing most of the inflow. But as Bitcoin continues its dominance, emerging coins like Solana also signify the diversifying landscape of the crypto world. Amid these positive indicators, the Ethereum token, however, tells a different story. Related Reading: Crypto’s Six-Week Bleed Out: XRP And Solana Defy The Outflow Downtrend Bitcoin And Solana Shine, Ethereum Faces The Heat Leading the pack, Bitcoin funds reported an inflow of roughly $20.4 million in the past week. In sharp contrast, investment products betting on Bitcoin’s decline witnessed an outflow of $1.5 million, suggesting a significant retreat from negative market sentiments. James Butterfill, CoinShares’ Head of Research, pointed out the sustained relinquishment of short positions on Bitcoin, indicating a potential bullish sentiment for the top crypto. Solana, a rising star in the crypto ecosystem, continued to impress. Reporting inflows for the 27th week this year, it added $5.1 million to its coffers, reiterating its strong market position. Butterfill acclaimed Solana’s consistent performance, noting, “Solana continues to shine,” emphasizing its resilience in a year that has seen numerous altcoins fluctuate. On the flip side, Ethereum products haven’t mirrored this positive trend. Despite being one of the leading cryptocurrencies, it registered outflows for the seventh week. Butterfill labeled Ethereum as the current “least loved” altcoin. Global Reactions And Influencing Factors On Crypto Geographical dissections of the inflow trends offer noteworthy insights. While Europe and Canada embraced the crypto resurgence with inflows of $23 million and $17 million, respectively, the US displayed contrasting sentiments, pulling out $19 million. Butterfill links this unexpected inflow towards the week’s end to a blend of positive price momentum, apprehensions regarding US government debt prices, and the recent impasse over governmental funding. However, Butterfill also highlighted the low trading volumes across the investment product and crypto markets. Amid these crypto currents, blockchain equities failed to catch the same wind, seeing outflows totaling $8.4 million. This trend mirrors the broader tech sector’s direction, which also leaned towards a sell-off, as pointed out by Butterfill. Related Reading: Bitcoin Eyes Turnaround: Could A New All-Time High Be On The Horizon? Analyst Predicts Notably, the fund flows in Bitcoin, Ethereum, and Solana appear reflected even in their prices. While Bitcoin and Solana have spiked over the past day, recording a 3.3% and 6.2% upward trajectory, Ethereum has only seen a slight upward move of just 0.5% over the same period. Featured image from iStock, Chart from TradingView

As the crypto market continues to attract substantial investments, it has also witnessed a surge in scams and fraudulent activities. Regulatory institutions worldwide, spearheaded by the United States, seem to intensify their efforts to combat cyber threats, hacks, and frauds that affect the industry.  However, the nascent sector is far from the only one suffering from increasing cyber threats. Since 2020, these attacks have been common both within the crypto space and outside. In line with this, the Federal Bureau of Investigation (FBI) identified a new threat dubbed “The Phantom Menace.” The FBI issued a warning on September 29, alerting the public about the escalating “Phantom Hacker” scams, particularly affecting senior citizens.  FBI Warns Of ‘Phantom Hacker’ Scams Targeting Crypto The FBI’s statement revealed that the “Phantom Hacker” scam is an evolution of traditional tech support scams, employing imposter tech support, fraudulent exchange account support, and government personas to gain victims’ trust. This multi-layered approach helps scammers identify lucrative accounts to target.  Related Reading: XRP Price Bloodbath On The Horizon? Report Casts Doubt On Recent Rally From January to June 2023, the FBI Internet Crime Complaint Center (IC3) received over 19,000 complaints about tech support and crypto scams, resulting in estimated losses exceeding $542 million. Losses have already surpassed 2022 figures by 40% as of August 2023. The Scam Phases: In the initial phase of the scam, fraudsters adopt the guise of tech or customer support representatives from legitimate companies. They reach out to their victims through various communication channels and employ persuasive tactics to convince them to call a designated number for assistance. Once victims are connected, scammers manipulate them into downloading software that grants remote access to their computers. By fabricating a fictitious virus scan, scammers deceive victims into believing their computers have been compromised or are at risk. Subsequently, they coax victims into opening their financial accounts, allowing scammers to identify the most lucrative targets. Upon successfully gaining access to victims’ financial accounts, scammers proceed to the second phase of the scam. In this stage, they assume the role of representatives from reputable financial institutions such as banks or brokerage firms. The scammers falsely inform victims that foreign hackers have compromised their computers and accounts. To ensure the safety of victims’ funds, they instruct victims to transfer their money to a purportedly “secure” third-party account, often claiming an affiliation with recognized entities like the Federal Reserve or other US government agencies. These transfers typically involve wire transfers, cash, or even cryptocurrencies, with the funds predominantly sent overseas. Scammers coerce victims into maintaining secrecy regarding the true purpose of these transfers. Rise In Ransomware Attacks In contrast with the alarming rise of “Phantom Hacker” scams, a Chainalysis report indicates an overall decline in cryptocurrency-related crime in 2023. Cumulative daily inflows to known illicit entities have decreased by 65% compared to the same period in 2022.  Notably, scams have experienced the most significant decline, with scammers generating nearly $3.3 billion less revenue in 2023 than in 2022. However, the report highlights a concerning trend: ransomware attacks.  Ransomware attackers extorted $175.8 million more by June 2023 than during the same period in 2022, suggesting a reversal from the downward trend observed in 2022. Related Reading: Bitcoin MPI Forms Death Cross, End of The Rally? While overall crypto-related crime has declined, the resurgence of ransomware attacks poses a significant menace and could spill over to the nascent sector. While the number declines, the amount stolen in the crypto space urging users to remain cautious in the face of new threats.  Featured image from Shutterstock, chart from TradingView.com

Ava Labs, the developer of Avalanche, the high throughput platform for deploying decentralized applications (dapps) and custom chains, has released Firewood, an update the team said is a “multi-year effort that,” on the eventual rollout, will make blockchain data storage more efficient. Specifically, Ava Labs said Firewood resolves a big concern for expanding blockchains: data management.  Ava Labs Releases Firewood To The Public Ava Labs is open-sourcing the code for Firewood for refinement before its final implementation. Eventually, the team wants Firewood to be a choice tool through which blockchain data will be better organized and stored more efficiently. Toward this mission, Ava Labs developers are taking a new approach to storing and managing data, unlike in legacy networks.  Blockchains like Ethereum and Bitcoin use the Merkle Tree structure to organize data. While the system has been replicated widely across emerging ledgers, the Merkle Tree architecture tends to be slow and inefficient whenever the blockchain grows.  Related Reading: Bitcoin MPI Forms Death Cross, End of The Rally? Picking out the flaws in the Merkle Tree system, Ava Labs is building Firewood from scratch but with some “enhancements” to the system. Their objective, the statement reads, is to make blockchain data storage and organization smoother. Firewood doesn’t rely on generic tools like LevelDB or RocksDB. Ava Labs claim these tools have been a cause of “misalignment” leading to “significant overhead of either disk I/O, size (not tracking whether state is still used), and serialization/deserialization of Tree data structures to support high-throughput blockchain workloads.”  In light of these inefficiencies, the goal is to make Firewood a replacement “for the LevelDB/RocksDB + Merkle Tree.” Ava Labs claims that firewood can help users organize their data storage more “efficiently” with their system. This improvement will allow high throughput storage without constant data cleanup or compression. In the days ahead, Ava Labs revealed that Firewood will be integrated into various parts of the Avalanche. At the same time, the team plans to “release a series of reproducible benchmarks comparing the performance of Firewood to other blockchain databases.” Will Avalanche Rally To $20 And 2023 Highs? The release of Firewood is when AVAX, the native token of Avalanche, has been under immense pressure in 2023. The draw-down, fueled by the bear market and recent comments by the Securities and Exchange Commission (SEC) claiming that AVAX is an unregistered security, heaped more pressure on the coin. AVAX is changing hands at $9.53, up 11% from September 2023 lows. However, the coin is down roughly 60% from 2023 highs at around $20. Related Reading: XRP Price Bloodbath On The Horizon? Report Casts Doubt On Recent Rally Feature image from Canva, chart from TradingView

Bitcoin rose above the $28,000 level on Monday, as bullish sentiment returned to start what many are calling the month of “Uptober.” The global crypto market cap was also considerably higher in today’s session, up nearly 3% as of writing. Ethereum remains above $1,700. Bitcoin Bitcoin (BTC) started the month trading above the $28,000 level, […]

In the world of cryptocurrencies, the emergence of Shiba Budz (BUDZ) has sparked a notable revolution in the realm of decentralized gaming. This development is characterised by the innovative use of blockchain technology to enhance gaming processes and establish secure on-chain marketplaces, creating a foundation for transparent and secure transactions. The central goal of this […]

After the FTX hacker transferred 5,000 ethereum (ETH) valued at $8 million in purloined assets, the cybercriminal shifted an additional 25,000 ether, totaling $43.15 million. Yet, even after relocating tens of millions of dollars in ethereum, the FTX wallet drainer still holds a whopping 155,749 ETH, currently valued at slightly above $268 million. FTX Hacker […]

Bitcoin cash rose to a multi-month high to start the week, as traders pushed the cryptocurrency above a key resistance level. The move came on the heels of the “Uptober” trend, and ahead of a big week of U.S. economic data, headlined by the nonfarm payrolls report. Solana rose to its highest level since mid-August. […]

PRESS RELEASE. token.com, the mobile app for discovering the most important projects in the token universe, is listing Bitcoin.com’s VERSE token. VERSE is heading to token.com. Bitcoin.com’s native rewards and utility token will be the next project to go live in token.com’s mobile app. token.com is the easiest way to discover promising projects in the […]

Grayscale Investments, the largest digital asset fund manager by assets under management (AUM), has filed to convert its Ethereum Trust into a spot ether exchange-traded fund (ETF). The news follows ether futures ETFs from Vaneck, Bitwise, and Proshares launching on Monday. Grayscale’s Ethereum Trust on Path to Become Spot Ether ETF On October 2, 2023, […]

This week, the renowned writer of “The Big Short,” Michael Lewis, has embarked on an extensive promotional campaign for his latest literary endeavor, chronicling the turbulent odyssey of Sam Bankman-Fried, the beleaguered co-founder and former CEO of FTX. Dubbed “Going Infinite: The Rise and Fall of a New Tycoon,” the tome delves into various chapters […]

Following his conviction for unlicensed money transmission, money laundering, and tax evasion at the close of December 2022, Keene dweller, libertarian activist, and Free Talk Live co-anchor, Ian Freeman has been sentenced to eight years behind bars this Monday. His fellow Free Talk Live co-host, Mark Edge, explained that an appeal is poised to trail […]

The U.S. Securities and Exchange Commission (SEC) and several other top financial regulators have issued several warnings regarding investing in crypto assets as part of this year’s World Investor Week. “The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant,” the regulators stressed. Crypto Warnings […]

Bitcoin Policy UK has urged the British government to review Chase Bank’s policy to decline all crypto payments. “It is, of course, the stated policy of this Government that the U.K. become a crypto asset hub, but it is hard to square this policy aim with the actions of this U.K.-regulated bank,” the crypto advocacy […]

New court documents reveal that the US government frames the use of blockchain analysis countermeasures as “criminal”.

Musk's comment adds fuel to the ongoing debate about the role of Bitcoin in challenging traditional financial systems.

From “The Withdrawal Issue”, Max Keiser takes readers on a 1980s fiat noir adventure in New York City, chronicling the exuberant high of the bull market pumped up with freshly printed cash.

The nature of Bitcoin as a digital asset makes it impossible to fit 1:1 into the framework of property as we know it. One can possess Bitcoin, but not truly own it in the conventional sense.

A new post from Bitcoin Historian Pete Rizzo shows Julian Assange has long had a deep and profound view on how the financial technology will impact humanity.

Bitcoin and crypto exchange Coinbase has been approved for a payment institution license (PMI) from the Monetary Authority of Singapore.

To many Bitcoin believers, the unjust sentence for Silk Road creator Ross Ulbricht remains a miscarriage of justice. Will the next U.S. president agree?

Ant (TimechainStats) and TC (Timechain Calendar) both pitched in together to make BTCPay Button integration into React applications as simple as drop in and go.

10 years since his arrest, Ross Ulbricht may be behind bars, but his story continues to shape the Bitcoin and internet freedom movements.

Explore the world of Central Bank Digital Currencies (CBDCs) and delve into the backstage of Bitcoin with Cynthia Lummis.

Casey Rodarmor, the creator of Ordinals, recently released a proposal for the Runes protocol. Will this actually lead to sustainable protocol development, or will the frogs make a mess again?

Discover the revolutionary Lightning Network and how it is propelling Bitcoin to new heights of scalability and efficiency in the latest episode of Bitcoin Backstage.

Join the Bitcoin Policy Institute and the Cornell Brooks Tech Policy Institute for a panel discussion on the fascinating insights of Daniel Flatley, Sarah Kreps, Chris Meserole, and Matthew Pines on the intersection of strategic competition and digital currencies.

As traditional financial institutions look at proper Bitcoin integration into their services, the importance of reliable and secure infrastructure becomes clear.

Bitcoin's transformative potential is driving growing optimism in developing countries despite the bear market, reveals Block’s new survey.

Three fund managers have advanced to the final stage in competing for $1 million in seed funding for their fund to generate alpha in the bitcoin market.

From “The Withdrawal Issue”, Whitney Webb discusses how Bitcoin and financial privacy have fallen into the crosshairs of governmental agencies and NGOs including the World Economic Forum.

Shinobi’s Strawman is a weekly series where our Technical Editor Shinobi challenges the Bitcoin community, aiming to stir up conversation around heated technical debates.

NBA Champion Matthew Dellavedova has joined Swan Bitcoin as Vice President of Business Development.

Cursed inscriptions have created a large technical debt for Ordinals and Inscription developers to handle. The debate on how to address the problem is currently a matter of contention for users.

If consuming available energy is directly correlated with a growth in GDP, Bitcoin mining is the perfect companion to help our energy grids and our economy.

An event at the National Press Club today will find the topic of Bitcoin and its geo-political impacts taking center stage.

The new grants focus on furthering worldwide Bitcoin education, Core development, DLCs, ecash, and financial aid for developers from repressive regimes.

The bipartisan, letter signed by representatives Tom Emmer, Mike Flood, Ritchie Torres, and Wiley Nickel, emphasizes the urgency of expanding access to Bitcoin investment options.

The creator of Ordinals proposes a new fungible token protocol to replace BRC-20, designing it to be more efficient with blockspace and more Bitcoin-like.

Increasing energy availability for production is not enough to stimulate GDP growth, that energy must actually be consumed and put to use.

The round was led by Ten31, with participation from Axiom BTC, Bitcoin Magazine Fund, Timechain, and Bitcoin Opportunity Fund.

The institutional Bitcoin asset management sector could swell to a $650 billion industry within the next five years, a new Alliance Bernstein report finds.

As seen in “The Withdrawal Issue”, Cashu allows the use of ecash on Bitcoin, empowering ordinary users to operate a mint that is connected to the Lightning Network.

With an OP code arguably simpler than CTV, Actuaries could trustlessly solve the problem of everyone needing to be online to update a channel factory.

As Bitcoin builds support in a range and looks to break out on bullish fundamentals, the recent dollar rally might derail the momentum. That, as well as an FOMC preview and long term forecast.

Cryptographer and entrepreneur Adam Back has issued new comments suggesting he sees a future where Bitcoin replaces gold in financial markets.

For over a decade the sources of energy production have become highly politicized to the detriment of the average citizen and energy consumer.

MicroStrategy has added 5,445 more BTC to its corporate treasury, bringing its total corporate treasury holdings to above 158,000.

Guatemala's Supreme Election Tribunal is using bitcoin timestamping to detect fraud attempts in the country's presidential elections.

The story of a traditional Lyonnaise bouchon encouraging Bitcoin adoption in a very French way.

Every Bitcoin user has very different reasons for using Bitcoin in the first place. That is something that everyone should consider when trying to orange pill new users.

A high level overview of how Bitcoin wallets have evolved over the years.

Welcome to Bitcoin banking and the ecash revolution.

The discussion will delve into crucial topics around the use of digital currencies and security implications of a CBDC.

UTXOracle offers a way to derive the approximate fiat price of Bitcoin in a trustless way utilizing only your full node and a single script.

Morgan Creek Capital CEO believes a spot Bitcoin ETF "will be approved sometime around year end."

Ben Arc goes through what is being done with the domain, and a history of his involvement with the Nostr protocol.

Prince Philip sits down to discuss his vision for nation state Bitcoin adoption, and the role he has been playing in bringing that to fruition.

Using the UTXO set to calculate a bitcoin price.

Popular podcaster Joe Rogan officially first mentioned Bitcoin 10 years ago, a milestone the underscores its incredible price appreciation.

Shinobi’s Strawman is a weekly series where our Technical Editor Shinobi challenges the Bitcoin community, aiming to stir up conversation around heated technical debates.

Willem Schroe, founder of Botanix Labs, discusses the reasons why his company is working on a decentralized second layer to bring the Ethereum Virtual Machine (EVM) to Bitcoin.

The United States Securities and Exchange Commission (SEC) has announced a delay in its decision on several proposals for spot Bitcoin exchange-traded funds (ETFs). The affected applicants include financial giants like BlackRock, Invesco, Bitwise, and Valkyrie.

SEC Postpones Review of Bitcoin ETF Proposals

The SEC's decision to postpone the review process occurred two weeks ahead of the scheduled second deadline. It was originally arranged for October 16-19. Analysts suggest that these delays are directly tied to the looming threat of a government shutdown in the United States. It is expected to occur on October 1 if Congress fails to pass the necessary funding bills.

The ongoing deadlock in Congress over these bills has created a unstable situation for federal agencies, including the SEC. Bloomberg ETF analyst James Seyffart anticipated that similar delays will impact applications from Fidelity, VanEck, and WisdomTree.

BREAKING: 🇺🇸 BlackRock Spot #Bitcoin ETF decision was just delayed by SEC.Gary gonna get a phone call... 😅 pic.twitter.com/AXc6CMbmqD

— Bitcoin Archive (@BTC_Archive) September 28, 2023

SEC's Ultimatum: Mid-March Deadline for Bitcoin ETF Decisions

In late August, the SEC already delayed a group of spot Bitcoin ETF applicants as the initial cutoff point approached. The affected companies are now facing a third set of deadlines around mid-January, which could potentially be extended as well. The SEC's ultimate decision on the ETFs must be made by mid-March at the very latest.

Eric Balchunas, an ETF analyst at Bloomberg, has revised his predictions for the approval of a spot Bitcoin ETF. In late August, he estimated a 75% probability of approval by the end of 2023, which is up from an earlier estimate of 65%. Balchunas attributed this increased likelihood to the U.S. Court of Appeals Circuit's decisive ruling in favor of Grayscale in its legal battle against the SEC.

Balchunas has now raised his odds to a staggering 95% for approval by the end of 2024. This latest delay by the SEC may be seen as a sign that regulatory clarity and approval for spot Bitcoin ETFs in the United States is increasingly likely in the near future.

Market participants and cryptocurrency investors will continue to watch closely as developments unfold in both the SEC's decision-making process and the ongoing negotiations in Congress. It has the potential to significantly impact the fate of these highly anticipated Bitcoin ETFs.

This article was written by Tareq Sikder at www.financemagnates.com.

Few events have had the same impact as the demise of Mt. Gox, the world's largest Bitcoin exchange. The 2014 fiasco left hundreds of investors reeling as the exchange declared bankruptcy amid charges of theft and incompetence, culminating in the loss of an astounding 850,000 Bitcoins.

Years later, a complex process of restoration and reparations is begun, giving many who lost their valuables a glimpse of optimism.

Mt. Gox's Rise and Fall

Mt. Gox, which stands for "Magic: The Gathering Online Exchange," began as a trading network for collectible cards. However, its founder, Mark Karpeles, realized Bitcoin's potential and converted the exchange into a cryptocurrency trading hub. Mt. Gox handled more than 70% of all Bitcoin transactions worldwide at its peak.

Despite its early success, Mt. Gox had escalating problems, including security breaches and mismanagement charges. The most severe setback occurred in early 2014, when the exchange revealed the loss of 850,000 Bitcoins, which were worth around $450 million at the time. This significant loss resulted in insolvency and a later bankruptcy petition in Japan.

Mt. Gox Extends Deadline for Civil Rehabilitation Plan, Leaving Creditors in Limbo

Mt. Gox has pushed back its civil rehabilitation plan deadline to March 31, 2024, from the original October 15, 2023. This plan outlines how the remaining assets, which now hold a substantial value in bitcoin's surge, will be allocated to creditors who lost funds during the exchange's notorious hack, where around 850,000 bitcoins (approximately $450 million at the time) vanished.

The delay is attributed to legal disputes with some creditors and the complexity of asset allocation, with many creditors not yet agreeing to the proposed plan. While interim payments may occur before 2024, uncertainties loom large.

Technical difficulties emerge in the distribution of bitcoins to creditors worldwide. Claim submissions and valid bitcoin addresses present hurdles, while some creditors prefer cash, requiring conversions and transfers.

Bitcoin's volatility poses risks, as the repayment plan assumes price stability or growth. A significant price drop could render assets insufficient to cover claims, and mass creditor bitcoin selling might affect the market.

The Tokyo District Court holds the final decision on asset distribution, leaving creditors waiting for updates amid an enduring Mt. Gox saga.

Rehabilitation Procedures

Following the declaration of bankruptcy, Japanese authorities launched a legal procedure known as "civil rehabilitation." The goal of this approach was to liquidate Mt. Gox's remaining assets and distribute the proceeds to creditors in a more equitable manner than typical bankruptcy processes.

The management of Bitcoin claims is one of the key differences between civil rehabilitation and bankruptcy. Creditors would have received their claims in Japanese Yen at the 2014 Bitcoin price, drastically underestimating their losses owing to the subsequent price spike. Civil rehabilitation, on the other hand, allows creditors to receive their claims in Bitcoin, protecting the value of their investments.

The Path to Repayment

The road to repayment has been riddled with legal difficulties and delays. Significant progress, however, has been made:

The Rehabilitation Plan has been approved.

The Tokyo District Court accepted a restoration plan in March 2019, marking an important milestone. This plan defined the procedure for repaying creditors and dispersing Mt. Gox's remaining assets.

Bitcoin Redemption:

A significant amount of Bitcoin owned by Mt. Gox has been retrieved as part of the rehabilitation process. These reclaimed assets serve as the foundation for creditor repayments.

Filing Claims:

Creditors were compelled to submit claims in order to enforce their repayment rights. Creditors could specify the amount of Bitcoin due to them during the claims procedure.

Current Legal Proceedings:

Legal processes are still ongoing to handle lingering concerns and disputes concerning creditor claims and asset distribution.

Repayments to Creditors

The payback procedure consists of several steps:

Report of the Trustees:

The court-appointed trustee for Mt. Gox's bankruptcy estate, Nobuaki Kobayashi, produced a series of papers documenting the rehabilitation process, the status of creditor claims, and the estimated worth of assets.

Distribution on a pro rata basis:

Pro rata distribution is a critical component in the payback process. This means that depending on the total assets available for distribution, all accepted creditor claims will get the same percentage of their approved claim amount.

Claim Evaluation:

The trustee evaluates and analyzes creditor claims in consultation with legal and financial professionals. This procedure ensures that legitimate claims are recognized and creditors are fairly addressed.

Distribution of Bitcoin:

Creditors who made successful claims will be paid a portion of the seized Bitcoin assets. The payout will be made in Bitcoin, ensuring that the value is preserved at the moment of distribution.

Controversies and Obstacles

The reimbursement process for Mt. Gox has not been without its difficulties and disputes. Some critical issues are as follows:

Claims in Controversy:

Some creditors have challenged the assessed worth of their claims, resulting in legal battles and delays in the distribution process.

Timing:

The procedure has taken longer than expected, causing dissatisfaction among creditors who have been waiting to retrieve their assets for years.

Market Influence:

The distribution of a large number of Bitcoin could have an influence on cryptocurrency markets, raising concerns about price volatility.

Implications for Taxation:

Creditors may incur tax consequences depending on when and where they distribute their Bitcoin. These tax considerations differ depending on the jurisdiction.

The Mt. Gox Future

The bitcoin community is keeping a close eye on the payback procedure. The end of Mt. Gox's civil rehabilitation will be a watershed moment in the history of cryptocurrency exchanges and investor safety.

While there is some hope that assets will be returned to creditors, many questions remain. What impact would the distribution of a significant number of Bitcoin have on the broader cryptocurrency market? What can be drawn from the Mt. Gox saga to avoid such incidents in the future? These inquiries highlight the importance of strong security safeguards, transparency, and regulatory supervision in the bitcoin business.

As the legal proceedings continue, Mt. Gox creditors remain optimistic about resolving this long-standing dispute. The Mt. Gox saga should serve as a wake-up call to both investors and cryptocurrency exchange operators, emphasizing the significance of trust, security, and accountability in the fast evolving world of digital assets.

Lessons Discovered

The Mt. Gox debacle teaches the bitcoin sector numerous lessons:

• Security is critical: To secure user dollars and data, exchange operators must emphasize strong security measures.
• Oversight and Regulation: Regulatory frameworks and control are critical for protecting investor interests and preserving market integrity.
• Transparency: Transparent communication with users is crucial for retaining confidence, especially during times of crisis.
• Legal Proceedings: Civil rehabilitation, for example, can give a fair and equitable way of settling complex financial concerns.
• Caution to Investors: When selecting bitcoin exchanges and platforms, investors should use caution and due research.

The outcome of Mt. Gox's civil rehabilitation will define the future of bitcoin creditor repayments. It demonstrates the cryptocurrency community's tenacity, as it continues to evolve and adapt in the face of challenges and uncertainties.

This article was written by Pedro Ferreira at www.financemagnates.com.

San Francisco-headquartered crypto exchange Coinbase (Nasdaq: COIN) has strengthened its Southeast Asian presence by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

Coinbase's Ambitions for Singapore

Announced today (Monday), the crypto exchange gained the full license after a year of in-principal approval from the regulator of the city-state. Earlier, Coinbase considered entering the country by acquiring a now-bankrupt crypto exchange, Zipmex, but backed out from the deal in mid-2022.

"We've identified Singapore as a vital market for Coinbase," Nana Murugesan, the VP of International and Business Development at Coinbase, and Hassan Ahmed, the Country Director of Singapore at Coinbase, wrote in a joint blog post. "The nation's progressive economic strategies and approach to regulation sync well with our global mission and objectives."

Indeed, the high retail demand for cryptocurrencies in Singapore also pushed many firms to enter the small country, which is also referred to as a gateway to the vast Southeast Asian markets. Coinbase also highlighted a survey, which found that 25 percent of Singaporeans see crypto as the future of finance, and 32 percent either hold or have held cryptocurrencies.

"In response to the region's growing demands and unique market dynamics, we've actively developed and released products tailored specifically for Singapore," two Coinbase executives added.

Indeed, the American exchange has added local funding options to its services in Singapore and integrated SingPass to streamline onboarding processes. Further, the exchange is offering no-fee USDC purchases with SGD.

Expansion Goals of Coinbase

While Coinbase strengthened its Southeast Asian presence, its future in India is in jeopardy. The exchange terminated new signups on its crypto exchange in the country. The exchange also terminated the accounts of Indian users who did not meet its requirements.

However, Coinbase is expanding in several other jurisdictions by obtaining local licenses. It was recently registered as a virtual asset service provider (VASP) in Spain and holds similar approval in Italy, Ireland, and the Netherlands.

Further, the exchange obtained regulatory approval from Bermuda's financial regulator to enable perpetual futures trading for non-US retail customers. Meanwhile, the exchange is engaged in a legal battle with the securities regulator in the US.

This article was written by Arnab Shome at www.financemagnates.com.

Ripple has decided to reverse its planned acquisition of Fortress Trust, a subsidiary of Fortress Blockchain Technologies that offers wallet and payment services. Less than a month after announcing its intention to acquire the wallet and payment service provider, Ripple has chosen to back out of the deal.

Brad Garlinghouse, the CEO of Ripple, said on X (formerly Twitter): "A few weeks ago, we signed a letter of intent to acquire Fortress Trust, we've since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in Fortress Trust."

Ripple's Planned Acquisition Strategy

This strategic acquisition was an essential step towards enhancing Ripple's regulatory licenses and bolstering its infrastructure capabilities, particularly in the blockchain and cryptocurrency payments solutions sector. As Ripple continues to grapple with its ongoing legal dispute with the US Securities and Exchange Commission (SEC), the acquisition aimed to position the company as a trusted brand for enterprises, Finance Magnates reported.

One key development that may have contributed to Ripple's decision was a recent security incident involving Fortress Trust. A few days after Ripple's initial announcement, Fortune Magazine reported that Fortress Trust had suffered losses ranging from USD $12 million to USD $15 million due to a cryptocurrency hack. Scott Purcell, the Founder and CEO of Fortress Trust, revealed that only a small fraction of their customer base, specifically "four customers out of 225,000 customers" were affected.

In response to these reports, Purcell clarified to Bloomberg that the security breach had targeted a third-party service rather than Fortress Trust. He emphasized that Fortress Trust had not been directly hacked and stated: "6 out of Fortress' 250,000+ customers used it to log into their accounts."

Ripple Maintains Investment in Fortress

However, Ripple's change of plans did not disrupt the relationship between Ripple and Fortress. Garlinghouse emphasized the company's long-standing relationship with Fortress Blockchain Technologies. He praised Fortress Trust for building a robust business with recurring revenue and a substantial customer base, including crypto-natives and newcomers to the crypto industry.

The Fortress team is incredibly talented, and has built products solving real customer problems. While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future!

— Brad Garlinghouse (@bgarlinghouse) September 28, 2023

Fortress Trust holds a Trust license in Nevada, which was anticipated to add to Ripple's existing licenses (a BitLicense in New York and more than 30 Money Transmitter licenses across the United States). These licenses were expected to position Ripple as a trusted and reliable partner for enterprises, especially given the ongoing legal challenges with the SEC.

Last month, Judge Analisa Torres granted the SEC's request to proceed with an appeal, challenging a previous court ruling that determined Ripple's sale of XRP cryptocurrency on a digital asset exchange did not breach securities regulations. This development sets the stage for the SEC to present its case for an interlocutory appeal, further prolonging the legal dispute.

This article was written by Jared Kirui at www.financemagnates.com.

Bitcoin is a digital asset that is well-known for its durability and independence from traditional financial systems. However, even this decentralized powerhouse is vulnerable to the effects of big external events, such as US government shutdowns. We'll look at previous occurrences, the cryptocurrency's behavior, and the lessons learnt from these events to better understand the historical relationships between Bitcoin and US government shutdowns.

The Coincidence of Bitcoin and Government Shutdowns

When the US Congress fails to pass legislation funding federal agencies and services, the government shuts down. Non-essential government services are temporarily halted during such times, and federal employees may be furloughed or work without pay. These occurrences are frequently the result of political deadlock and fiscal conflicts.

As a decentralized digital money, Bitcoin works independently of government control. Market forces, supply and demand dynamics, and investor mood all influence its value. The bitcoin market, however, is not insulated from the broader financial environment, and events such as government shutdowns can have repercussions.

Government shutdowns and market turpitude

Increased market uncertainty is one prominent characteristic of Bitcoin's behavior during US government shutdowns. As the shutdown's duration and possible economic consequences remain unknown, investors and traders may become more risk-averse. This sentiment may spread to the bitcoin market, increasing price volatility.

Bitcoin has historically seen price changes during government shutdowns, with both upward and downward moves. The magnitude and direction of these price swings are frequently determined by a variety of factors, such as global economic conditions, investor sentiment, and the overall stability of financial markets.

Is Bitcoin a Safe Haven?

During times of economic and political crisis, Bitcoin has been promoted as a "safe haven" asset, similar to gold. Proponents believe that because of its decentralized nature and limited supply, it is an appealing store of value when traditional assets, such as fiat currencies or stocks, confront uncertainty.

Some investors may flock to Bitcoin during government shutdowns as a hedge against potential economic disruptions. This inflow of cash has the potential to enhance demand and, as a result, put upward pressure on Bitcoin's price. However, it is important to emphasize that Bitcoin's designation as a safe haven asset is debatable, and its behavior can vary from crisis to crisis.

A potential surge?

The looming threat of a United States government shutdown and debt ceiling standoff has once again sparked interest in Bitcoin's price performance. Historically, Bitcoin has responded positively to economic uncertainties, particularly during government shutdowns, witnessing price increases. However, the question on many minds is whether the current political deadlock will lead to a significant Bitcoin price surge.

Bitcoin's response to past government shutdowns has been mixed. For example, during the 2013 shutdown, Bitcoin's price surged over 80%, while during the 2018-2019 shutdown, its gains were more modest. The 2013 rally saw Bitcoin's price jump from around $133 to over $1,000, while during the 2018-2019 shutdown, its price increased from $3,207 to $4,244, but with higher volatility.

Bitcoin's price behavior during government shutdowns remains uncertain, but its potential as a safe-haven asset during times of economic uncertainty continues to attract attention and speculation from investors worldwide. As the U.S. grapples with its current challenges, all eyes are on Bitcoin to see how it responds to the evolving economic landscape.

Historical Illustrations

To obtain insight on Bitcoin's behavior during government shutdowns, let's look at two recent shutdowns:

1. The Government Shutdown of 2013:

Due to differences over the federal budget, the US government shut down for 16 days in 2013. During this time, Bitcoin saw significant price volatility. The price of cryptocurrencies fluctuated significantly, initially rising to record highs as some investors sought refuge in digital assets. However, as the closure continued, Bitcoin's price retraced, reflecting the concern in the broader market.

2. The Government Shutdown of 2018-2019:

The 35-day government shutdown, which began in December 2018 and lasted until January 2019, was the longest in US history. During this time, Bitcoin's behavior was more nuanced. While there was fluctuation, there was no continuous trend. Some investors viewed Bitcoin as a viable hedge, while others remained cautious in the face of persistent economic concerns.

Important Takeaways

Several major takeaways may be drawn from past data on Bitcoin's performance during US government shutdowns:

• Increased Volatility: During government shutdowns, Bitcoin's price volatility often spikes, indicating market uncertainty and shifting investor opinion.
• Mixed Reaction: The cryptocurrency's reaction to government shutdowns is not consistent. Depending on the circumstances, it might exhibit both upward and downward price swings.
• Bitcoin is occasionally regarded as a potential hedge against economic turbulence, drawing investors looking for alternative assets during times of crisis.
• Market Independence: Because Bitcoin is decentralized, it can operate independently of government activities, giving it some independence from existing financial institutions.
• Bitcoin may reflect certain patterns during government shutdowns, but there are no certainties about how it will react in future occurrences. A complicated combination of factors influences the bitcoin market.

Looking Forward

As the cryptocurrency world evolves, it is critical for investors and traders to approach Bitcoin and other digital assets with a comprehensive grasp of their distinct qualities. While past data might provide insights, it's crucial to remember that the cryptocurrency market is still in its early stages and can be influenced by a variety of internal and external factors.

Prudent risk management measures are essential for people contemplating Bitcoin as part of their investing portfolio. Diversification, rigorous study, and a long-term view are useful strategies for navigating the volatility and flexibility of the bitcoin market.

Finally, Bitcoin's interaction with US government shutdowns highlights its status as a dynamic and changing asset class. While it may show signs of resilience and hedging potential, it is nevertheless vulnerable to the broader dynamics that affect financial markets. As government shutdowns and other external events continue, the cryptocurrency market's reaction will be widely followed, providing vital insight into Bitcoin's increasing role in the global financial scene.

This article was written by Pedro Ferreira at www.financemagnates.com.

Sam Bankman-Fried, the indicted Founder of the now-bankrupt crypto exchange FTX, may be staring at a "very long sentence" if convicted of fraud. The judge overseeing the trial starting next week expressed uncertainty about Bankman-Fried's future, suggesting serious consequences.

The comments by US District Judge Lewis Kaplan came in response to a request from the 31-year-old former billionaire, who sought temporary release from jail during the trial to facilitate closer coordination with his defense team.

"Flight Risk"

Kaplan denied this request, deeming Bankman-Fried a flight risk. "Your client in the event of conviction could be looking at a very long sentence," Judge Kaplan cautioned during a hearing at the Manhattan federal court.

Bankman-Fried, who has maintained his innocence, faces seven counts of fraud and conspiracy arising from the collapse of FTX in November 2022. If convicted, he could potentially be sentenced to a maximum of 110 years in prison, Reuters reported. While his legal team had argued for temporary release, citing the need for comprehensive trial preparations, Judge Kaplan acknowledged their concerns.

To address this, he committed to facilitating early morning meetings between Bankman-Fried and his attorneys, allowing crucial discussions and strategizing to occur before the commencement of trial proceedings.

SBF Accused of Witness Tampering

Danielle Kudla, the prosecutor, pointed out that Bankman-Fried had ample time to prepare for the trial during the nearly eight months he spent out on bail at his parent's residence in California. During this time, allegations of witness tampering surfaced, leading to his incarceration on August 11. One such instance involved Bankman-Fried allegedly sharing the private writings of Caroline Ellison, the former CEO of Alameda Research, with a New York Times reporter.

In addition, the prosecutors contended that Bankman-Fried and his legal team had not met the necessary burden of proof to justify temporary release. Additionally, they raised doubts about the adequacy of the proposed supervision arrangement, suggesting it might not meet the legal requirements for a temporary release.

The judge's decision means that Bankman-Fried will remain in jail for the trial, which centers on allegations about his role in FTX.

The trial of Sam Bankman-Fried is scheduled to commence on October 3 and could extend to over six weeks. The outcome of this trial holds significant implications not only for Bankman-Fried personally but also for the broader cryptocurrency ecosystem as it grapples with issues of trust, transparency, and accountability.

This article was written by Jared Kirui at www.financemagnates.com.

Blockchain unicorn Fireblocks has made a strategic move by acquiring Australia-based BlockFold, a smart contract development and consulting firm specializing in advanced tokenization projects for financial institutions.

This acquisition is estimated to be valued at $10 million. It is poised to enhance Fireblocks' ability to offer clients a comprehensive service layer that encompasses advisory services, token customization, orchestration, and distribution through the Fireblocks Network.

Expanding Fireblocks' Service Layer with BlockFold Acquisition

The decision to acquire BlockFold comes on the heels of rapid growth in demand for tokenization projects witnessed by Fireblocks. The company reported an impressive increase of 350% in tokenization projects between 2022 and 2023. Moreover, an astounding 75% of tier-1 financial institutions have been exploring tokenization through Fireblocks' platform.

Commenting on this development, Michael Shaulov, the Co-Founder and CEO at Fireblocks, noted: "BlockFold's expertise fills an important gap in the market, tailoring bespoke solutions for some of our most sophisticated customers and prospects in the banking and financial institutions space."

He added: "Bringing BlockFold's expertise in-house means that we can better serve tier-1 financial institutions to quickly and seamlessly bring tokenization projects into production and new assets onto the blockchain. In addition, we can continue to innovate and expand our offerings and tailor our approaches as the market continues to mature and evolve."

Fireblocks has taken the initiative to tokenize various financial assets. Since introducing the first bank-issued stablecoin for ANZ in March 2022, Fireblocks has successfully delivered over 10 stablecoin projects.

Moreover, it is actively engaged in exploring the creation of bank-issued stablecoins or tokenized deposits with more than 25 global banks. Within the next three years, Fireblocks envisions the value of tokenized money on the blockchain to reach an impressive $450 billion.

Fireblocks Sets Ambitious Targets for Tokenized Bond Values

From May 2023, Fireblocks enabled the Tel Aviv Stock Exchange and the Israeli Ministry of Finance to tokenize and settle a government bond after a live auction involving five domestic banks and seven global banks. As the sole issuers of Israeli government bonds, both parties now have a credible path to tokenize Israel's government debt market, valued at $15 billion annually.

Fireblocks has set ambitious goals. The firm is targetting the value of tokenized bonds on the blockchain to reach $400 billion within the next three years. It assumes these targets with a long-term vision of hitting $1 trillion by 2028.

BlockFold's esteemed clientele, which are also existing Fireblocks customers, include major institutions such as the Bank of International Settlements, Swiss National Bank, Banque de France, Singapore's Ministry of Finance, Tel Aviv Stock Exchange, National Australia Bank, and ANZ Bank.

BlockFold Team Integration Strengthens Fireblocks

The BlockFold team has joined forces with Fireblocks as a component of the integration process. Additionally, the engineering team has merged to be part of the Web3 engineering staff. The business consulting team is fusing with the Financial Markets group. Francois Schonken, a Co-Founder, has been appointed to Senior Director and Tokenization Business Lead at Fireblocks. Further, Terence Siganakis, another Co-Founder, will take on the role of Senior Director and Head of Tokenization Products.

This acquisition is expected to solidify Fireblocks' position in the blockchain and tokenization space. It will enable it to provide a broader range of services to its client base in the financial industry.

The world of blockchain and tokenization is continuing to evolve. Fireblocks' strategic acquisition of BlockFold is positioning itself to navigate the changing landscape and deliver innovative solutions to its clients. Market participants and financial institutions will be closely monitoring Fireblocks' future developments as the company plays a role in the digital transformation of the financial sector.

This article was written by Tareq Sikder at www.financemagnates.com.

Binance, one of the world's largest and most influential cryptocurrency exchanges, has found itself embroiled in a lawsuit with the U.S. Securities and Exchange Commission (SEC). This case has far-reaching consequences for the cryptocurrency sector, Binance users, and the US regulatory landscape. We examine the specifics of the SEC complaint against Binance, as well as what it means for the exchange and how it may affect the broader cryptocurrency market.

Allegations Made by the SEC

The SEC's charges against Binance, accusing the exchange of enabling securities trade without registering as a securities exchange, are at the center of the complaint. According to the SEC, certain assets listed and traded on Binance's platform qualify as securities under US law, and hence the exchange must follow securities regulations.

The SEC's position is clear: if a business trades securities, it must follow the established regulatory structure meant to protect investors and maintain market integrity. Failure to do so may result in legal action, as seen in the instance of Binance.

Binance's Reaction

Binance, led by its founder Changpeng Zhao (abbreviated "CZ"), has categorically refuted the SEC's charges. The exchange claims that it does not operate inside US jurisdiction and that it complies with all relevant rules in the nations where it operates.

Furthermore, Binance claims that the assets in question, such as certain cryptocurrencies and tokens, are utility tokens or digital assets rather than securities. According to Binance, this designation exempts them from U.S. securities laws.

Binance's legal team is preparing a strong defense, intending to fight the claims in court. Because it touches on the fundamental question of jurisdiction in the international realm of digital assets, the outcome of this judicial struggle could establish a precedent for how cryptocurrency exchanges are regulated globally.

Binance Granted Extension in Ongoing SEC Lawsuit

In the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), the U.S. District Court has granted an extension for Binance to respond to court orders. The court orders require Binance to explain the reasons behind sealing or redacting specific documents.

Key Points:

• The extension motion was approved by Judge Zia M. Faruqui of the U.S. District Court for the District of Columbia.
• BAM Trading and BAM Management, associated with Binance, now have until September 27th to respond to the court orders.
• The first court order relates to explaining the sealing or redaction of documents related to the SEC's motion to compel discovery.
• The second order concerns justifying the sealing of documents tied to the SEC's response supporting its motion to compel.

Importantly, the SEC did not oppose the request for the extended deadline.

Binance's Response to SEC Allegations

The lawsuit involves Binance, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc. and BAM Management U.S. Holdings Inc. The SEC alleges that these entities sold digital asset securities without proper registration.

Binance, Binance.US, and Changpeng Zhao have counteracted the SEC's claims by seeking to dismiss the lawsuit. They argue that the SEC has not provided plausible allegations of various securities-related violations and that the regulator is attempting to exert authority over digital assets without clear legislative backing from Congress.

The legal dispute is ongoing, with further developments expected as the case progresses. Please note that the information provided here is for general market commentary and should not be considered investment advice. Conducting personal research before making investment decisions is recommended.

The Consequences for Binance

Binance has already suffered severe consequences as a result of the case. Binance said that it would discontinue selling digital tokenized stock offers, a service that allowed users to acquire and trade fractionalized shares of publicly traded firms, in reaction to the SEC's legal action. This is considered as a strategic withdrawal in order to reduce regulatory vulnerability in the United States.

Binance also stated its ambition to work with regulators while remaining committed to global compliance. This shift toward regulatory compliance and cooperation signals a substantial break from Binance's previous, more decentralized strategy.

These modifications may affect the availability of some assets and trading opportunities for Binance users. The exchange may be required to delist or restrict trading in assets that meet the SEC's definition of securities, possibly reducing the range of digital assets available to consumers.

Implications for the Cryptocurrency Industry at Large

The SEC's complaint against Binance is part of a larger trend of growing regulatory scrutiny in the cryptocurrency market. As the industry continues to expand at a rapid pace, regulators throughout the world are wrestling with how to define and regulate digital assets.

This lawsuit could represent a tipping point for how other cryptocurrency exchanges deal with regulatory issues. To prevent legal entanglements, exchanges may choose to proactively comply with local legislation, akin to Binance's recent strategic shift.

Furthermore, the conclusion of this case may have an impact on the development and issuance of new digital assets, as issuers and projects may be wary of generating tokens that could be categorized as securities.

Market Influence

The SEC case against Binance had an immediate effect on the bitcoin market. Following the announcement, the prices of various tokens affiliated with the exchange fell precipitously. Investor sentiment was shook as doubt loomed over Binance's future.

Market participants are keeping a close eye on the situation, and the legal processes are likely to continue to influence market sentiment and the valuation of Binance-related assets.

What to Look Out For

The Binance-SEC litigation is set to be a watershed moment in the cryptocurrency sector, having ramifications far beyond the individuals involved. Here are some critical aspects to watch as the court battle unfolds:

• Legal Outcomes: The court's judgements and decisions throughout the case will provide important insights into how bitcoin exchanges will likely be regulated in the United States.
• Regulatory Reaction: Regulators all around the world will be keeping a careful eye on this issue. Depending on the conclusion, other nations' regulatory bodies may take similar action against exchanges.
• Binance's Strategy: The cryptocurrency community will be keenly interested in Binance's response to the lawsuit, particularly any future changes to its business model and attitude to compliance.
• Market Impact: Continue to monitor market reactions to the lawsuit's progress. Prices can be influenced by market emotion, and cryptocurrency markets are notorious for their volatility.

Conclusion

The SEC's case against Binance comes at a critical juncture in the growing relationship between cryptocurrency exchanges and authorities. While the outcome is unknown, it emphasizes the importance of clear regulatory norms in the bitcoin business.

This case also serves as a reminder to cryptocurrency market participants, including investors and traders, to stay up to date on regulatory developments and to proceed with prudence. The cryptocurrency landscape is constantly changing, and compliance with local rules is becoming increasingly important for the sector's long-term survival and growth.

As the legal struggle unfolds, staying up to current on the latest developments and insights from legal experts and industry leaders will be critical. The cryptocurrency industry is at a crossroads, and the Binance-SEC lawsuit will almost certainly impact its future trajectory in important ways, with far-reaching ramifications that go beyond this high-profile case.

This article was written by Pedro Ferreira at www.financemagnates.com.

VanEck is stepping into the Ethereum blockchain with the launch of VanEck Ethereum Strategy ETF (EFUT). This ETF, structured as a C-Corp, is aimed at transforming how investors could benefit from the future of Ethereum, the company said. Unlike traditional cryptocurrencies, EFUT focuses on Ethereum (ETH) futures contracts. It offers an investment opportunity that provides a tax advantage for long-term investors.

EFUT is designed to invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC). Currently, the fund intends to focus on ETH futures traded on the Chicago Mercantile Exchange.

Access to ETH Futures Market

Kyle DaCruz, the Director of Digital Asset Product at VanEck, said: "While investors still do not have the means to gain exposure to digital assets here in the US via a spot ETF product, we're very pleased to be launching EFUT as a means to access the robust futures market that has developed around ETH itself."

The ETF is actively managed by Greg Krenzer, VanEck's Head of Active Trading, who has over two decades of experience in trading across various asset categories, including futures.

EFUT joins VanEck's Bitcoin Strategy ETF (XBTF) in offering futures-focused exposure to digital assets. Just like EFUT, XBTF is structured as a C-Corp and provides exposure to Bitcoin futures investments. According to VanEck, both ETFs offer a tax-efficient way for investors to participate in the digital asset markets without directly holding cryptocurrencies.

VanEck Affected by SEC's Delays

Recently, the United States Securities and Exchange Commission (SEC) extended its timeline for deciding on the applications for spot Bitcoin exchange-traded funds (ETFs). This delay, affecting major asset management companies, including VanEck, results from a funding dispute in Congress and a looming threat of a government shutdown.

The affected companies face a third set of deadlines in mid-January, potentially subject to further extensions. However, the SEC has emphasized that decisions on these Bitcoin ETFs must be reached by mid-March.

VanEck's previous application for a spot Bitcoin ETF was rejected by the SEC, as the regulators remained cautious about ETFs based on the spot price of Bitcoin. Recently, Congress urged the SEC to approve the pending applications for spot Bitcoin ETFs, saying the asset class was similar to crypto futures ETFs that the agency had previously approved.

This article was written by Jared Kirui at www.financemagnates.com.

The cryptocurrency world is dealing with a very concerning trend. In September 2023, a staggering $329.8 million was stolen in crypto-related exploits, emerging as the most devastating month so far this year.

Phishing, Scams, and Hacks Drain $1.34 Billion in 2023

The blockchain security firm CertiK has identified the primary contributor to this huge sum as the Mixin Network attack on September 23. During this incident, the Hong Kong-based decentralized cross-chain transfer protocol suffered a severe breach of its cloud service provider, which resulted in losses amounting to $200 million.

Other notable incidents in September included attacks on the CoinEx exchange and Stake.com. Those two incidents led to losses of $53 million and $41 million, respectively. The Lazarus Group, a hacking collective associated with North Korea, has been implicated in both of these major attacks. Recent data from Dune Analytics indicated that the group currently holds approximately $45.6 million in stolen crypto assets.

These exploits have pushed the year's total losses due to crypto-related incidents to an overwhelming $925.4 million. However, July stands as the second-worst month for exploit losses, with $285.8 million stolen.

#CertiKStatsAlert 🚨Combining all the incidents in September we’ve confirmed ~$332M lost to exploits, hacks and scams.Exit scams were ~$1.9MFlash loans were ~$0.4MExploits were ~$329.8MSee more details below 👇 pic.twitter.com/DMFN9LWU8V

— CertiK Alert (@CertiKAlert) September 30, 2023

Hacks, Scams, and Exit Scams Eclipse Q1 and Q2 Losses

Beyond the crypto exploits mentioned earlier, the month of September recorded substantial losses across multiple fronts. CertiK's data revealed that exit scams drained $1.9 million from unsuspecting victims, while flash loan attacks drained off $400,000. Additionally, the cryptocurrency community suffered a significant blow of $25 million due to phishing attacks during this period.

When considering the cumulative impact of crypto exploits, scams, and hacks throughout 2023, the total loss has now reached an alarming figure of $1.34 billion. It highlights the ongoing challenges and vulnerabilities in the digital asset space.

The blockchain security firm Beosin reported that losses from hacks, phishing scams, and exit scams in the third quarter of 2023 alone amounted to just under $890 million. This figure surpasses the combined losses identified in the first two quarters, which stood at $330 million in Q1 and $333 million in Q2.

This article was written by Tareq Sikder at www.financemagnates.com.

Terraform Labs' Founder, Do Kwon, has opposed attempts by the US Securities and Exchange Commission (SEC) to extradite him for questioning regarding the collapse of Terra LUNA and the stablecoin TerraUSD.

Kwon's defiance became evident with a recent court filing, submitted in the US District Court for the Southern District of New York, where he seeks to dismiss the SEC's request for his testimony in the US. His legal team said such a step is impossible due to Kwon's detention in Montenegro. Additionally, the filing states that compelling him to provide a written testimony would infringe upon his rights under the laws of the US.

Do Kwon Contests SEC's Extradition Pursuit

In a statement within the filing, Kwon's lawyers said: "The SEC's motion seeks leave to take the deposition of Defendant Do Kwon in the United States before October 13, 2023, even though the SEC knows that Kwon is detained in Montenegro with no scheduled release or extradition date. The motion should be denied because it would be impossible for Kwon to appear for such a deposition."

The SEC's legal pursuit of Terraform Labs dates back to February when they filed a lawsuit accusing the company of misleading investors regarding the safety of investing in TerraUSD. Investors were assured that TerraUSD would maintain its peg to the US dollar through a complex mint-burn system involving its sister coin, LUNA. However, the downfall of both TerraUSD and LUNA in May 2022 resulted in an estimated loss of $50 billion to investors.

Currently, the US and South Korea are seeking the extradition of Kwon. In March, Montenegro's Minister of Justice, Marko Kovac, revealed that a judge will ultimately determine whether Kwon will be extradited to the US or South Korea, Bloomberg reported.

Kwon, who served as the CEO of Terraform Labs, was hit with criminal charges in March by federal prosecutors in New York. The charges were brought against him just hours after his arrest in Montenegro.

Do Kwon Faces Eight Counts of Charges in the US

The federal court in the Southern District of New York officially filed eight charges against Kwon, all related to his alleged involvement in the ill-fated stablecoin project. These charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.

In addition, previous reports indicate that the Federal Bureau of Investigation (FBI) and the prosecutors from the Southern District of New York are actively investigating the collapse of TerraUSD. This investigation includes interviews with former employees of Terraform Labs.

In June, Kwon was handed a four-month jail sentence by a court in Montenegro for alleged possession of forged passports and travel documents. This verdict also applied to Han Chong-Joon, the former Chief Financial Officer at Terraform Labs, who faces identical charges.

Kwon and Chong-Joon were arrested in March in Montenegro as they were attempting to board a plane bound for Dubai. The court disclosed that fake Costa Rican and Belgian passports and falsified identity cards were confiscated from the executives during their arrest.

This article was written by Jared Kirui at www.financemagnates.com.

The financial industry has been buzzing over the prospect of a Grayscale Bitcoin Exchange-Traded Fund (ETF). Grayscale Investments is well-known for its Grayscale Bitcoin Trust (GBTC), which allows investors to obtain exposure to Bitcoin through standard brokerage accounts.

However, there has been an increase in demand for a Grayscale Spot Bitcoin ETF, which would track the actual price of Bitcoin.

The Ascension of Bitcoin ETFs

ETFs (Exchange-Traded Funds) have become a popular way for investors to gain exposure to Bitcoin. These exchange-traded funds offer a straightforward and regulated way to acquire and sell Bitcoin without the need for a digital wallet or direct ownership of the cryptocurrency. Investors instead hold ETF shares, which reflect a claim on the underlying Bitcoin.

Several Bitcoin ETFs have already hit the market in different nations. In Canada, for example, the Purpose Bitcoin ETF and the Evolve Bitcoin ETF have received a lot of attention and money. Meanwhile, multiple applications for Bitcoin ETFs have been filed in the United States, with several awaiting approval from the Securities and Exchange Commission (SEC).

The Dominance of Grayscale

Grayscale Investments, which was launched in 2013, has been instrumental in bringing digital assets into the mainstream financial scene. The Grayscale Bitcoin Trust (GBTC), its flagship product, allows accredited investors to obtain exposure to Bitcoin. GBTC has emerged as a popular choice among institutional investors and high-net-worth people seeking regulated exposure to cryptocurrencies.

While GBTC is widely used, it has one major distinction: it does not directly track the actual price of Bitcoin. It is instead based on the Bitcoin Investment Trust, which holds Bitcoin but lacks the transparency and liquidity of a typical ETF.

The Case for a Bitcoin Grayscale Spot ETF

The desire for a product that closely matches the actual price of Bitcoin drives the demand for a Grayscale Spot Bitcoin ETF. An ETF of this type would give investors a more direct and transparent option to invest in cryptocurrency. It would eliminate the premium or discount to NAV that GBTC can suffer, bringing the ETF's price in line with the spot market.

Investors are interested in a Grayscale Spot Bitcoin ETF as a way to get efficient and cost-effective Bitcoin exposure. A spot-based ETF may also offer lower expenses than GBTC, which charges a management fee.

Regulatory Obstacles

The regulatory roadblocks to implementing a Grayscale Spot Bitcoin ETF are numerous. The biggest impediment is the US Securities and Exchange Commission, which has been cautious and deliberative in its approach to issuing Bitcoin ETFs. Concerns about market manipulation, fraud, and investor protection have been cited as grounds for the SEC's reluctance.

The SEC considers the integrity of the underlying Bitcoin market to be one of the most important aspects. The agency seeks confirmation that the Bitcoin market is resistant to manipulation and fraud, which has resulted in prior Bitcoin ETF applications being delayed or rejected.

The SEC's Position on Bitcoin ETFs

Over the years, the SEC has rejected various Bitcoin ETF proposals, citing concerns about market manipulation and investor safety. To detect and prevent fraud and manipulation, the SEC has underlined the importance of surveillance-sharing agreements between ETF issuers and regulated markets.

However, there are hints of change within the SEC. There appears to be a stronger desire to engage with the digital asset market under the leadership of Chairman Gary Gensler, who has an experience in blockchain and cryptocurrencies. Chairman Gensler highlighted the potential benefits of a Bitcoin ETF, but he also emphasized the importance of strong market surveillance systems.

The Next Steps

Several actions must be performed in order for a Grayscale Spot Bitcoin ETF to become a reality:

1. Market Maturity: The Bitcoin market needs to mature further, including improvements in market integrity, surveillance, and regulatory compliance. This would increase the SEC's confidence in approving a spot-based ETF.
2. Regulatory discussion: It is critical to maintain ongoing discussion between industry stakeholders and regulatory agencies. Collaboration can aid in the resolution of regulatory concerns and the development of a framework that promotes investor protection and market integrity.
3. Market Surveillance: It is critical to create and implement effective market surveillance techniques and agreements. These techniques can assist in monitoring and deterring fraudulent actions, ultimately giving the SEC with the guarantees it requires.
4. Investor Education: As the bitcoin industry develops, investor education will become more vital. Providing clear and accurate information about Bitcoin, ETFs, and associated risks can help investors and regulators develop trust and confidence.
5. Regulatory Approval: The SEC has the final say on whether or not to approve a Grayscale Spot Bitcoin ETF. Continued involvement with the agency, together with improvements in the sector and market maturation, may raise the likelihood of approval.

The Market's Reaction

The financial markets have been keeping a close eye on developments concerning a Grayscale Spot Bitcoin ETF. If such an ETF is approved, it might have far-reaching consequences for both the cryptocurrency and traditional financial markets. Increased openness and accessibility in Bitcoin investing may attract a broader spectrum of investors, thereby promoting further adoption and market expansion.

Investors are also aware of the potential benefits of a Grayscale Spot Bitcoin ETF, such as lower costs and tighter alignment with Bitcoin's spot market price. This could enhance demand for the ETF when it launches.

The Ethereum Opportunity

A recent federal judge's ruling has cast a shadow on the U.S. Securities and Exchange Commission's rejection of converting the Grayscale Bitcoin Trust into a more appealing exchange-traded fund. The decision has shifted market sentiment, with many analysts now anticipating approval for a spot Bitcoin ETF sooner rather than later. Bloomberg analysts have even placed the odds of approval this year at 75%.

This optimism is reflected in market prices, not only for Grayscale's Bitcoin product but also for its Ethereum Trust (ETHE). Both GBTC and ETHE had previously traded at significant discounts to their Net Asset Value (NAV), which represents the value of the Bitcoin and Ethereum they hold. However, these discounts have notably narrowed, with GBTC going from a 46% discount to only 21%, and ETHE from 59% to 29%.

The prevailing theory suggests that bullish investors should acquire GBTC and await final approval for a Bitcoin ETF. It is anticipated that the discount will largely disappear, as open-ended ETFs typically trade at narrow differences to NAV. Additionally, the underlying asset, Bitcoin, may experience increased demand, resulting in a win-win scenario. While this theory holds merit, there may be an even greater opportunity with Grayscale's Ethereum Trust.

The argument to be made here is that if a U.S. spot Bitcoin ETF gains approval, a similar spot Ether ETF should follow suit. Grayscale has already indicated its plans to convert ETHE and other products into ETFs. Given the track record of Ethereum ETFs launching shortly after the first Bitcoin ETF, it is reasonable to expect a swift approval process. Regulators in Canada approved Ethereum ETFs due to the presence of a regulated futures market for ETH, allowing market makers to hedge risk while creating and redeeming units. ETHE's discount is more significant than GBTC's, offering a potentially larger arbitrage opportunity. Furthermore, ETH markets are less liquid than BTC, meaning that an ETF's incremental buying could have a more substantial impact on its price. Additionally, Ethereum holds significant potential as the leading platform for Web3 development.

Conclusion

The possibility of a Grayscale Spot Bitcoin ETF excites the cryptocurrency and investing sectors. While regulatory hurdles remain, there is rising confidence about the eventual approval of such an ETF, particularly under the leadership of SEC Chairman Gary Gensler.

The route to a Grayscale Spot Bitcoin ETF becomes clearer as the sector matures and market participants collaborate to address regulatory concerns. Investors and industry stakeholders will be on the lookout for any changes, as the introduction of such an ETF may be a watershed moment in the integration of digital assets into traditional finance.

This article was written by Pedro Ferreira at www.financemagnates.com.

FTX's Founder, Sam Bankman-Fried, is set to stand trial tomorrow (Tuesday). He faces charges related to the crypto exchange's collapse and the alleged misappropriation of billions of dollars in customers' funds. This six-week trial aims to reveal testimonies, internal documents, and emails that will shed light on the FTX scandal.

The most intriguing revelations are likely to come from the prosecution's witnesses, who were once firmly in Bankman-Fried's inner circle. Caroline Ellison, the former CEO of Alameda Research, a crypto hedge fund connected to FTX, is one of the most highly-anticipated witnesses. Her unique perspective is linked to her involvement with both FTX and Alameda Research, as well as her personal relationship with Bankman-Fried.

Ellison, Singh, and Wang

In a plea hearing in December 2022, Ellison confessed to misleading lenders and obtaining an "unlimited line of credit" for Alameda Research from FTX, even when it was unnecessary. Her inside knowledge of FTX's operations and the alleged mingling of customers' funds is crucial in the trial.

In addition, Nishad Singh, an early employee at Alameda Research, held a critical position within the organization. His role in controlling FTX's matching engine, which facilitated the processing of buy and sell orders, along with his knowledge of how funds moved between FTX and Alameda, makes his testimony crucial.

Gary Wang, the Co-Founder of Alameda Research and FTX, served as the Chief Technology Officer for both companies. His long-standing personal relationship with Bankman-Fried and his key role in the alleged misconduct add depth to his testimony.

Sam Bankman-Fried, who has been in jail since earlier this month, pleaded not guilty to an updated indictment that includes allegations of fraud and money laundering last month. His plea was made during a court appearance, which was his first since his bail was revoked on August 11.

Bankman-Fried's Legal Battle Continues

The saga began in January when the former crypto billionaire pleaded "not guilty" to eight criminal charges, including wire and securities fraud conspiracy, money laundering, and conspiracy to violate campaign finance rules. In March, the charges were expanded to 13, with accusations that Bankman-Fried bribed Chinese officials in late 2021.

However, the latest indictment consists of only seven counts, focusing primarily on the collapse of FTX. During his recent court appearance, Bankman-Fried's legal team raised concerns over his well-being. They asserted that he was being denied access to necessary medication for depression and attention deficit hyperactivity disorder while being held at the Metropolitan Detention Centre in Brooklyn.

Bankman-Fried's legal troubles began when he was arrested in the Bahamas in 2022 in connection with the FTX exchange's collapse, which led to criminal charges against him in the United States.

This article was written by Jared Kirui at www.financemagnates.com.

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against individuals and entities associated with Cryptobravos. It has accused them of a massive fraud scheme.

The CFTC alleges that the defendants fraudulently solicited and misappropriated tens of millions of dollars from hundreds of individuals worldwide, including the United States, under various trading aliases.

Deceptive Tactics: Cryptobravos' False Promises to Investors

The CFTC filed the complaint in the US District Court for the District of New Jersey. It has identified the defendants as Or Patreanu (Israel), Snir Hananya (Italy), Elijah Samson (Germany), Artem Prokopenko (Ukraine), and Expected Value Plus Ltd. (a Seychelles company), all operating collectively as Cryptobravos.

The accused entities are known by several other trading names, including Trade2Get, Coinbull, Cryptonxt, Tradenix, Cryptobravos, Nittrex, Pinance, and Wobit.

The CFTC alleges that from approximately January 2017 through October 2021, the defendants orchestrated a global fraudulent scheme with operations in Israel, Ukraine, Albania, South Africa, and other locations.

Their mode of operation involved soliciting bitcoin and other funds from individuals, with a particular focus on US customers. The funds were intended for the establishment of managed accounts to engage in the trading of digital asset commodities, primarily bitcoin.

CFTC Seeks Justice: Restitution and Penalties in Cryptobravos Case

Cryptobravos agents falsely represented several key points to potential investors. It included promises that the customer funds would be used for trading activities with assurances of risk-free returns and claims that customers could withdraw their funds at any time. However, the CFTC alleges that these representations were nothing but deceptive tactics.

In reality, the defendants did not engage in any trading activities involving bitcoin or other digital asset commodities for their customers. The CFTC claims that they never delivered on the promised returns. Instead, they held onto customer funds.

In many instances, customers were encouraged to withdraw funds from their retirement accounts, take out loans to make additional deposits, or pay non-existent taxes or commissions. Most customers who deposited money with Cryptobravos have not seen their funds returned.

In response to these allegations, the CFTC is seeking various forms of relief. It includes restitution for victims, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans for the accused, and a permanent injunction against any further violations of the Commodity Exchange Act (CEA) and CFTC regulations.

International Collaboration: Agencies Unite to Combat Cryptocurrency Fraud

Ian McGinley, the Director of Enforcement at the CFTC, emphasized the international cooperation involved in this case, having stated: "This case is a triumph of international cooperation. The roster of agencies who assisted the Division of Enforcement's investigation makes it clear to fraudsters in our markets that we will pursue them wherever they are located."

The CFTC has acknowledged the assistance of multiple agencies worldwide in their investigation, including the Alabama Securities Commission, Albanian Financial Supervisory Authority, British Columbia Securities Commission, Financial Supervision Commission of Bulgaria, Cyprus Securities and Exchange Commission, Czech National Bank, Securities and Futures Commission of Hong Kong, Central Bank of Hungary, Israel Securities Authority, Liechtenstein Financial Market Authority, and the Ontario Securities Commission.

The CFTC's Division of Enforcement is leading the case, with Michael Cazakoff, Jack Murphy, K. Brent Tomer, Lenel Hickson Jr., and Manal M. Sultan among the staff responsible for the prosecution. Jennifer Diamond from the Division of Enforcement's Office of Chief Counsel also provided valuable assistance in the investigation.

This article was written by Tareq Sikder at www.financemagnates.com.

Sygnum's Singapore arm has been granted a full license by the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT) brokerage services. This step allows Sygnum to introduce its DPT brokerage platform to accredited investors and institutions.

Notably, Sygnum Singapore has achieved this full license status relatively fast, just four months after receiving in-principle approval from the MAS, The Straits Times reported. It joins a growing list of over a dozen firms authorized to provide DPT services in Singapore.

Sygnum Expands Digital Asset Services

The full license enables Sygnum Singapore to integrate DPT brokerage services into its broad digital asset financial offerings. These services include asset management, corporate finance advisory, capital market product trading, and custodial solutions.

Gerald Goh, the Co-Founder and CEO of Sygnum Singapore, expressed the significance of this achievement in June, stating: "This in-principle approval of our Major Payment Institution (MPI) license by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia." He emphasized the progressive and robust regulatory framework in Singapore.

Sygnum Bank AG, which is headquartered in Zurich and holds a Swiss banking license, has been steadily expanding its reach globally. With over 220 employees across its offices in Switzerland, Singapore, Luxembourg, and Abu Dhabi, the group manages a portfolio of more than $4.8 billion in assets under management.

Paving the Way for Regulated Digital Payments

Sygnum expanded its global presence by obtaining a capital markets license in Singapore in 2019, forming the subsidiary Sygnum Singapore. The platform established in Singapore acts as a fiat-digital asset gateway and provides efficient trade execution for a diverse range of cryptocurrencies.

Singapore's regulatory framework and rules governing cryptocurrency operations have made it attractive for established crypto companies. Sygnum joins a growing list of firms that have obtained licenses from the MAS, including Circle, Crypto.com, Blockchain.com, Coinbase, and Paxos.

In addition, Ripple, a blockchain payments company, established its presence in the Asia-Pacific region by securing in-principle approval for an MPI license from the MAS this year. The approval enables Ripple to provide regulated digital payment token products and services within Singapore's regulatory framework.

This article was written by Jared Kirui at www.financemagnates.com.

Cameron and Tyler Winklevoss, the Co-Founders of Gemini, are under scrutiny over an alleged secret withdrawal of $282 million from the now-bankrupt crypto lender, Genesis. This withdrawal occurred just months before the entire crypto firm collapsed, according to a report by the New York Post.

Cameron and Tyler Winklevoss have been grappling with a series of setbacks in recent times, including layoffs and plummeting trading volumes at Gemini. However, the focus changed when over $900 million in Gemini customer deposits were frozen due to the collapse of Genesis, the crypto lending platform that facilitated Gemini Earn, an interest-bearing program.

Gemini's Crypto Drama Unfolds

The Winklevoss twins' decision to withdraw millions of funds from Genesis has raised concerns about whether these funds were corporate assets or part of their personal crypto holdings. However, the withdrawn sum did not include any customer funds.

Internal documents revealed that this sizable withdrawal comprised a mix of cryptocurrencies, including Bitcoin, Ethereum, Gemini's stablecoin, Dogecoin, and more. The timing of the move, mere months before the suspension of customer withdrawals by Genesis, hints they knew it might happen and potentially undermine their claims of innocence, The Post reported.

In response, Gemini has criticized the New York Post's report, terming it as "misleading".

The exchange said on X (formerly Twitter): "The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn users’ money. It was not Gemini corporate funds and it was not the personal funds of our Founders @cameron and @tyler or their investment firm @winklevosscap."

We are disappointed that the @nypost has chosen to recklessly publish a completely misleading story about the Gemini Earn program. Everything the Post alleges in its story is the exact opposite. The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn…

— GeminiTrustCo (@GeminiTrustCo) September 28, 2023

Winklevoss sued DCG, the parent company of Genesis, and its CEO, Silbert, for allegedly providing misleading information about Genesis's financial health. The lawsuit stated that DCG offered a promissory note instead of the promised financial backing. Despite their efforts to exit the Gemini Earn partnership, the Winklevoss twins claim that Silbert convinced them otherwise during a face-to-face meeting.

Recently, Genesis Global Trading, a subsidiary of Genesis Global, announced the imminent closure of its US-focused spot crypto trading operations, set to take effect by the end of this month. Besides that, Genesis Global Trading announced plans to cease the operations of its over-the-counter trading platform. However, another trading-focused entity affiliated with Genesis, Genesis Global Capital International Limited (GGC), is expected to continue GGT's spot and derivatives trading services.

FTX Settlement and Ongoing Legal Clash

Genesis' troubles are traced back to a dispute with the now-bankrupt cryptocurrency exchange FTX. FTX had asserted that Genesis owed a staggering $2 billion but recently settled for a payment of $175 million to Alameda Research, its affiliated crypto hedge fund. This settlement provided the possibility of substantial recoveries for unsecured creditors, ranging from 70% to 90% in USD equivalent.

Adding to the complexity of Genesis' financial woes is an ongoing legal dispute with Gemini. Gemini has accused DCG and its CEO, Barry Silbert, of involvement in "encouraging and facilitating" fraudulent activity through Genesis. In response, DCG has denied these allegations, labeling them as baseless and defamatory, characterizing the lawsuit as a "publicity stunt."

Genesis found itself in financial turmoil after filing for bankruptcy protection in New York due to the collapse of Three Arrows Capital (3AC) and FTX. The Ad Hoc Group reported Genesis' exposure to 3AC at $2.3 billion, subsequently reduced to $1.2 billion after collateral liquidation.

Earlier this year, the SEC sued Gemini and Genesis, contending that Gemini Earn violated regulations by offering unregistered securities. However, in a court document filed on August 18, Gemini has dismissed the allegations on the basis that the SEC is unable to define the nature of the alleged unregistered security clearly.

This article was written by Jared Kirui at www.financemagnates.com.

Coinbase International Exchange has achieved a notable milestone by obtaining regulatory approval from Bermuda's financial regulator. This approval will enable eligible non-U.S. retail customers to participate in perpetual futures trading.

Coinbase's Next Offering: Access to Perpetual Futures Contracts

In a blog post released today (Thursday), Coinbase acknowledged the pivotal role played by the Bermuda Monetary Authority in facilitating this regulatory approval. As a result of this collaboration, Coinbase intends to offer eligible customers access to perpetual futures contracts on its Coinbase Advanced platform in the coming weeks.

Perpetual futures contracts are a type of derivative market known for their unique characteristic of never expiring. This perpetual nature makes them an attractive instrument for traders and investors seeking to engage in cryptocurrency markets without the constraints of fixed maturity dates.

"As announced in the Phase II of our 'Go Broad, Go Deep' strategy, we are dedicated to partnering with high-bar global regulators to build a crypto regulatory framework that allows crypto technology to continually drive innovation," the blog said.

JUST IN: Coinbase approved to offer perpetual #Bitcoin futures to global retail customers pic.twitter.com/WQVMlxaFTM

— Bitcoin Magazine (@BitcoinMagazine) September 28, 2023

The Significance of Regulatory Collaboration in Crypto

Coinbase International Exchange announced its international exchange initiative in May of the current year. The listing of Bitcoin and Ethereum perpetual futures contracts followed it.

This approval underscores the importance of collaboration between crypto firms and regulators in shaping the future of digital finance. It also reflects the company's commitment to providing a safe and regulated environment for cryptocurrency trading and investment.

Coinbase's Service Termination in India Targets Violators

Coinbase is reportedly limiting its services in India. With a Finance Magnates report indicating that, the exchange is partially or fully terminating its offerings in the country. New signups for Indian users have been suspended. Rather it redirects them to download Coinbase Wallet, a self-custody crypto wallet.

According to TechCrunch, Coinbase sent emails to its Indian customers. It notifies them of the service termination, effective from September 25. It also encourages them to withdraw their funds. However, a Coinbase spokesperson clarified that this service termination only applies to Indian customers who have violated the exchange's standards. The spokesperson stated that the exchange is discontinuing services for accounts that no longer meet their updated standards.

This article was written by Tareq Sikder at www.financemagnates.com.

The search for a Bitcoin Exchange-Traded Fund (ETF) in the United States has been to date an elusive journey. Investors, enthusiasts, and financial professionals have been watching the regulatory developments surrounding this new financial product with bated breath. A spot Bitcoin ETF's attraction stems from its promise to introduce Bitcoin investments to a broader spectrum of investors, including those in traditional financial markets.

Regulatory Obstacles

The regulatory climate is the major impediment to a spot Bitcoin ETF in the United States. The Securities and Exchange Commission (SEC) of the United States has frequently highlighted concerns about market manipulation and investor protection. These fears are not without substance, given the bitcoin market's history of volatility and abnormalities. To address these concerns, the SEC has been evaluating numerous ETF ideas but has yet to approve any.

The SEC's main concern is the possibility of price manipulation in the Bitcoin market. The cryptocurrency field is prone to market manipulation due to a lack of regulation and oversight, which is exacerbated by the decentralized structure of digital currencies. The SEC has stated unequivocally that any Bitcoin ETF proposal must fully address these risks in order to be approved.

SEC Delays Decision on BlackRock's Spot Bitcoin ETF

The U.S. SEC has deferred its decision regarding BlackRock's proposal for a spot bitcoin exchange-traded fund. BlackRock, the world's largest asset manager, oversees assets exceeding $9 trillion. A spot bitcoin ETF offers a more straightforward means of exposing investors to digital assets, bypassing the complexities associated with futures contracts.

In the United States, the concept of a spot bitcoin ETF remains novel, as the SEC has yet to greenlight any crypto ETFs, despite numerous applications from various firms. The regulator has cited concerns related to potential fraud, market manipulation, liquidity deficiencies in the crypto market, as well as issues concerning asset custody and valuation methods.

Analysts have varying opinions on the potential impact of a spot bitcoin ETF. Some anticipate it could drive increased institutional and retail interest in bitcoin, thereby fostering price appreciation and broader adoption. Conversely, others argue that such an ETF wouldn't significantly differ from existing products that enable direct buying and selling of bitcoin, such as the Grayscale Bitcoin Trust and Coinbase.

The SEC's postponement of BlackRock's spot bitcoin ETF decision transpires amid broader regulatory scrutiny of the U.S. crypto industry. Authorities and lawmakers are striving to keep pace with the sector's rapid innovation and expansion. The SEC recently initiated legal actions against multiple crypto firms, including Ripple and BitConnect, over alleged securities law violations. Additionally, the regulator has cautioned investors regarding the risks and complexities associated with crypto asset investments.

Investor Defense

Investor protection is another critical factor that the SEC considers when examining Bitcoin ETF proposals. The government is in charge of protecting investors' interests in US financial markets, and it is determined that any Bitcoin ETF meets severe criteria in this regard. This includes standards for full disclosure, transparency, and procedures to mitigate potential conflicts of interest.

The SEC has been aggressively seeking public input and feedback on Bitcoin ETFs, indicating a desire to engage with cryptocurrency stakeholders. However, the regulatory authority faces a difficult task in striking the correct balance between encouraging innovation and protecting investors.

Market Maturity

The development of the cryptocurrency market itself might considerably improve the chances of a spot Bitcoin ETF in the US. Bitcoin has progressed from a niche digital asset to a genuine investment class over the last decade. Institutional investors have entered the market, and bitcoin exchanges have improved their infrastructure and security.

Concerns concerning market manipulation and investor protection may be addressed more effectively as the market matures. Increased liquidity, increased market surveillance, and upgraded custody solutions could help reassure the SEC and other regulatory authorities.

Global Examples

Looking beyond the limits of the United States, we may see examples of countries that have already embraced spot Bitcoin ETFs. In February 2021, Canada, for example, approved the first Bitcoin ETF. This historic ruling in the North American market has served as a helpful case study for US regulators.

Other countries' success and stability with Bitcoin ETFs could serve as a model for US regulators. It may assist demonstrate that such financial instruments can survive with existing regulatory regimes and that market manipulation and investor protection issues can be effectively addressed.

Perspectives Change

The cryptocurrency ecosystem is fluid, and opinions on Bitcoin and other digital assets are constantly changing. Influential financial personalities, especially big Wall Street players, are rapidly recognizing cryptocurrencies' potential as an asset class. This shifting sentiment may have an impact on regulatory decisions in the United States.

Furthermore, the introduction of recognized financial institutions into the cryptocurrency field, such as CME Group's issuance of Bitcoin futures, implies that digital assets are becoming more accepted in traditional finance. These events may cause regulators to reconsider their position on Bitcoin ETFs.

Policy decisions can be significantly influenced by the leadership of regulatory agencies such as the SEC. With changes in leadership, there is a potential for regulatory approaches and goals to evolve. A new SEC chairman or commissioners may have different views on cryptocurrency and Bitcoin ETFs, paving the way for a more favorable regulatory climate.

It's worth noting that the SEC's attitude on bitcoin has shifted over time, with a growing desire to engage with the industry. The SEC's outlook could be influenced further by the employment of personnel with experience in blockchain technology and digital assets.

Industry Representation

Advocacy organizations and industry associations are critical in creating the regulatory landscape. The cryptocurrency community has taken the initiative to establish groups that advocate for clear and reasonable laws. These organizations strive to inform policymakers and authorities about the advantages of Bitcoin and other cryptocurrencies.

As these groups grow in power and credibility, they may help to foster a more productive discussion between the Bitcoin industry and regulatory agencies such as the SEC. Effective communication and teamwork can result in regulatory regimes that promote innovation while protecting investors.

The prospect of a spot Bitcoin ETF offering in the United States remains questionable, owing to regulatory obstacles linked to market manipulation and investor protection. However, a number of circumstances, including the maturing of the cryptocurrency ecosystem, worldwide precedents, shifting viewpoints, new leadership at the SEC, and industry advocacy, might sway the regulatory landscape in favor of a Bitcoin ETF.

While the road to a Bitcoin ETF in the US may be difficult, the bitcoin community and financial sector stakeholders are working hard to find a solution that blends innovation with investor protections. Investors and enthusiasts will be keenly monitoring developments as the regulatory landscape changes, hoping for a breakthrough that brings Bitcoin investments within reach of a broader spectrum of market players.

This article was written by Pedro Ferreira at www.financemagnates.com.

The New York-based cryptocurrency exchange Gemini has announced its decision to suspend services to Dutch customers starting from November 17. This move resulted from regulatory pressure imposed by the De Nederlandsche Bank (DNB). However, Gemini is not exiting the Dutch market for good; the exchange aims to re-enter the country once it achieves full compliance with the new crypto asset rules outlined in the European Union's Markets in Crypto-Assets Regulation (MiCA).

In a letter addressed to its Dutch users on September 26, Gemini communicated the impending suspension of its operations. The letter urged customers to either withdraw their assets or transfer them to another wallet address to comply with the DNB's directives. Gemini emphasized the necessity of emptying users' accounts by November 17, 2023.

Gemini Foundation provides a range of crypto derivatives products, with its initial offerings revolving around Gemini dollars (GUSD), the exchange's proprietary stablecoin.

Gemini Recommends Rival Bitvavo

In light of this, Gemini has suggested that its users consider Bitvavo, a local cryptocurrency exchange that is duly registered with the DNB, as an alternative for their crypto holdings. Bitvavo is an Amsterdam-based exchange that was established in 2018 and holds membership in the Dutch Association of Bitcoin Companies.

This development follows a trend seen earlier this year when Binance ceased its Dutch operations due to regulatory hurdles from the DNB. At the time, DNB's representative, Tobias Oudejans, suggested that compliance with MiCA could pave the way for Binance's potential return to the Dutch market. Presently, the DNB has registered 37 virtual asset providers, including eToro, Coinbase, Crypto.com, and BitPay.

Gemini's Global Expansion

In May, Gemini relocated its European headquarters from London to Dublin. While initial reports hinted at London as the destination, regulatory uncertainties prompted Gemini to seek a safe haven in another jurisdiction within the British Isles.

Awesome meeting this morning with @LeoVaradkar, the Prime Minister of Ireland. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe MiCA is that common sense regulation. We also announced that @Gemini has… pic.twitter.com/Iv3NmPTmju

— Cameron Winklevoss (@cameron) May 25, 2023

Ireland's attractiveness as a hub for financial services and emerging technologies played a pivotal role in Gemini's decision, the exchange said. Its registration as a Virtual Asset Service Provider (VASP) in Ireland in July 2022 has strengthened its commitment to the region.

In addition, Gemini bolstered its international markets with the launch of the Gemini Foundation, a crypto derivatives platform, in April. This move is a response to the growing regulatory pressure in the US.

Elsewhere, Gemini filed for pre-registration with the Ontario Securities Commission (OSC) in Canada in April to ensure its continued operations and compliance with regulatory requirements in the country. The pre-registration filing occurred in response to the OSC's mandate requiring all crypto exchanges operating within its jurisdiction to register with the regulator.

This article was written by Jared Kirui at www.financemagnates.com.

Su Zhu, the Co-Founder of Three Arrows Capital (3AC), has been arrested in Singapore. His arrest is linked to his alleged failure to cooperate during the bankruptcy proceedings of 3AC, a crypto-lending company that collapsed last year.

This afternoon (Friday) at Changi Airport in Singapore, Zhu was apprehended. His attempt to leave the country led to his detention, which was a development confirmed by Teneo, the entity overseeing the liquidation of 3AC.

3AC was known for its investments in projects like LUNA, Aave, Avalanche, BlockFi, Deribit, and Solana before its collapse. The downfall began when LUNA, a significant investment of 3AC, experienced a massive crash in May, triggering a series of events in the crypto industry.

Breaking: ZHU Su, co-founder of failed crypto hedge fund Three Arrows Capital, was apprehended at Changi Airport whilst attempting to travel out of Singapore on Friday (Sep 29) afternoon. Businesstimes reported. https://t.co/W01HoeQYCu pic.twitter.com/TwvRuFKbxw

— Wu Blockchain (@WuBlockchain) September 29, 2023

Zhu Wanted for Eluding Authorities

Despite managing up to $18 billion in cryptocurrency assets at its peak, 3AC failed to meet margin calls in June, raising questions about its financial stability. In addition, the failure to repay a substantial debt of $665 million to crypto broker Voyager Digital exacerbated the situation and further destabilized the company.

The Monetary Authority of Singapore (MAS) reprimanded 3AC and its founders in June 2022. This reprimand was due to alleged misinformation, failure to report ownership changes in the executive ranks, and exceeding allowable asset thresholds for a registered fund management company.

According to the MAS, the investigations uncovered that the company failed to notify regulators about the employment of its representatives and made false representations about them.

In June, a report by the New York Times indicated that Kyle Davies, the Co-Founder of 3AC, and Zhu had embarked on a year-long journey that took them to Bali instead of facing the aftermath of the collapse of their hedge fund. They departed from Singapore, where Three Arrows was headquartered, and embarked on a journey across Asia, essentially taking a summer sabbatical.

3AC's Downfall and Regulatory Reprimand

Meanwhile, Singapore's financial market regulator barred the duo from participating in the city-state's financial services sector for nine years in September. The ban was put into effect on September 13 in response to the regulatory which had reported lapses tied to the fund's operations.

Founded in 2012 in Singapore, 3AC was once a prominent cryptocurrency hedge fund known for its highly leveraged positions. However, its fortunes took a sharp downturn, incurring losses exceeding $400 million amid a drop in the crypto market last year.

The consequences of 3AC's collapse extended far beyond its immediate stakeholders. Voyager Digital, unable to recover its debts from 3AC, was forced to file for bankruptcy. The domino effect has resulted in damages exceeding $3 billion, affecting several companies in the crypto space.

This article was written by Jared Kirui at www.financemagnates.com.

Hot news: These changes have happened in the last hour.

In the last one hour Bitcoin is leading the record of among the most popular crypto-currency in the trading ecosystem, it has an decrease of -0.33% from its previous value from 6631.875 dollars now at 6609.990 dollars exchange rate. Next to Bitcoin is T..

The post Bitcoin $6609.990 – CryptoCurrency Trading Report – 24.09.2018 09:08 appeared first on CryptoCurrency Blog.

Hot news: The summaries of the last one hour are the followings:

Bitcoin is leading the rank on the most popular crypto-currency, it has an upsurge of 0.12% in its exchange rate, which means 6668.000 dollars from the 6660.008 dollars earlier. Tether is in the second position as Bitcoin leads the first spot. ..

The post Bitcoin $6668.000 – CryptoCurrency Trading Report – 24.09.2018 08:08 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

In the last hour, Bitcoin is leading the cryptocurrency rank. A fall in the exchange rate was seen from 6663.014 dollars to 6640.360 dollars a -0.34% change. Next to Bitcoin is Tether in the second position..

The post Bitcoin $6640.360 – CryptoCurrency Trading Report – 24.09.2018 07:08 appeared first on CryptoCurrency Blog.

Hot news: Here you can read the new CryptoCurrency report of the last 60 Minutes.

Bitcoin is leading the rank in the last hour as the most popular crypto currency in the trade market, with a recorded fall on its value of about -0.12% in the last hour with a current standing rate of 6674.850 dollars from 6682..

The post Bitcoin $6674.850 – CryptoCurrency Trading Report – 24.09.2018 06:07 appeared first on CryptoCurrency Blog.

Hot news: There were a lot of happenings in the last 60 minutes on the Crypto stock exchanges.

Bitcoin is listed as the most popular cryptocurrency in the market. In the last sixty minutes, it had an downswing of -0.19% on its trading price. This means from 6699.038 dollars now at 6686.310 dollars. Tether is..

The post Bitcoin $6686.310 – CryptoCurrency Trading Report – 24.09.2018 05:07 appeared first on CryptoCurrency Blog.

Hot news: Now we show you the newest summary of 60 minutes.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an decrease of -0% in its exchange rate from 6704.570 dollars now at 6704.570 dollars. Bitcoin is seconded by Tether, in a 60 minutes time it has a drop..

The post Bitcoin $6704.570 – CryptoCurrency Trading Report – 24.09.2018 04:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

Bitcoin was in the top position in the last hour, the exchange rate decreases from 6710.021 dollars to 6709.350. This is a -0.01% recorded change. Tether is at the second position next to Bitcoin, with a re..

The post Bitcoin $6709.350 – CryptoCurrency Trading Report – 24.09.2018 03:07 appeared first on CryptoCurrency Blog.

Hot news: These changes have happened in the last hour.

Bitcoin was in the top position in the last hour, the exchange rate increases from 6689.711 dollars to 6709.780. This is a 0.3% recorded change. Bitcoin is followed by Tether, with a -0.07% tumble on its trade value in the last one hour, equivalent to 0..

The post Bitcoin $6709.780 – CryptoCurrency Trading Report – 24.09.2018 02:07 appeared first on CryptoCurrency Blog.

Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.

The number one cryptocurrency leader is Bitcoin, this data was fetched in the last hour. It has an decrease on its trade value to -0.2%, now at 6687.450 dollars from 6700.852. Tether is at the second positi..

The post Bitcoin $6687.450 – CryptoCurrency Trading Report – 24.09.2018 01:07 appeared first on CryptoCurrency Blog.

Hot news: These are the changes of the CryptoCurrency market in the last one hour.

Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an increase of 0.05% in its exchange rate from 6689.215 dollars now at 6692.560 dollars. Tether is next to the leading crypto Bit..

The post Bitcoin $6692.560 – CryptoCurrency Trading Report – 24.09.2018 00:07 appeared first on CryptoCurrency Blog.

Today, Fuse Network, an enterprise-grade, use-case agnostic, decentralized EVM-compatible public blockchain, announced Liquify as its newest remote procedure call (RPC) provider and ecosystem partner. Liquify will provide public RPC services – both free and private. RPC nodes help process requests from decentralized applications (dApps). They are vital for improving the usability of web3 and for […]

The post Fuse Network welcomes Liquify as new blockchain infrastructure partner appeared first on CryptoNinjas.

Welcome to the world of BITmarkets – a leading cryptocurrency exchange offering a wide range of trading options for both retail traders and corporate clients. In this comprehensive review, we will explore the various features and services provided by BITmarkets, including spot, futures, and margin trading. Whether a seasoned trader or just starting your cryptocurrency […]

The post BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies appeared first on CryptoNinjas.

HashKey Exchange, the first licensed retail virtual asset exchange registered in Hong Kong, announced its official launch today. Together with executives from the HKSAR government, top-tier banks, insurers, and Big 4 auditing firms, HashKey held the grand launch in Hong Kong. Strictly adhering to the SFC’s user registration and KYC requirements, the HashKey Exchange platform […]

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Adenasoft, a South Korea-based IT/software company, has just announced the launch of ACE, their new SaaS product designed for cryptocurrency exchanges. ACE fully prepares businesses for exchange operations quickly, taking less than a month to get up and running. ACE offers a comprehensive suite of features that enables crypto exchanges to streamline their operations and […]

The post Adenasoft launches new crypto exchange white label solution: ACE appeared first on CryptoNinjas.

This week, the team of Pods, a provider of structured products for crypto assets, unveiled its latest offering – the ETHphoria Vault. This innovative yield strategy is designed explicitly for ETH enthusiasts who are bullish about its future prospects and want to earn even more from increasing prices. ETHphoria is a low-risk, principal-protected strategy designed […]

The post Maximize Your ETH Investment: The ETHphoria Vault by Pods appeared first on CryptoNinjas.

The team of Pods recently announced the mainnet launch of its 3rd strategy on Pods Yield: FUD Vault, which now complements ETHphoria and stETHvv. FUD Vault provides a way for users to benefit from market downturns by offering a mechanism to hedge against significant price drops in ETH while preserving the deposited principal. Who is […]

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DeFi Returns brings comprehensive up-to-date information on DeFi strategies and protocols, to easily compare and analyze their performance. Getting the most reliable data source for historical yield on DeFi, to help users make informed decisions when investing in the ecosystem. All data displayed is sourced from the protocol’s smart contracts directly. The new DeFi Returns […]

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RockX, an Asia-based institutional-grade staking services provider, announced today the broadening of its staking product suite with the addition of a new ether (ETH) native staking solution. This latest offering strengthens RockX’s position as a comprehensive provider of diverse staking needs, maneuvering quickly to the evolving crypto market landscape. Navigating the Ethereum ecosystem presents institutions with […]

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Hex Trust, a regulated institutional-grade crypto-asset custodian, today announced it has partnered with The Sandbox, a leading decentralized gaming virtual world to enable fully-licensed and highly-secure custody of assets such as LAND in The Sandbox’s metaverse. The partnership sees Hex Trust fully integrate LAND into its custody platform, Hex Safe, which supports cryptocurrencies, security tokens, and NFTs. […]

The post The Sandbox teams with Hex Trust for licensed, secure custody of its virtual assets appeared first on CryptoNinjas.

CoinFlip, a bitcoin ATM and crypto services company, announced today a new offering with the launch of ‘Olliv,’ a self-custody-powered crypto platform. The Olliv platform provides a frictionless way to buy, sell, send, receive, and swap cryptocurrency securely stored on a self-custodial wallet, removing the uncertainty of unknown third-party custodians. By leveraging CoinFlip’s existing network […]

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Deribit, a popular cryptocurrency derivatives platform, has announced the launch of zero-fee spot trading, allowing clients to buy and sell crypto while simultaneously managing risk using other derivatives. Spot trading will start on April, 24th 2023 at 1 PM UTC with three pairs (BTC/USDC, ETH/USDC, and ETH/BTC), providing clients with a simple and free solution […]

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Japan-based banking giant Nomura, announced today that its digital assets subsidiary, Laser Digital, has made a strategic investment in Infinity, a non-custodial interest rate protocol built on Ethereum. Infinity’s wholesale exchange, the first of several planned infrastructures, provides inter-exchange clearing, fixed and floating rate markets, as well as enterprise-grade risk management utilizing hybrid on-chain/off-chain infrastructures […]

The post Nomura’s Laser Digital invests in Infinity, an Ethereum-based money market protocol appeared first on CryptoNinjas.

Blocknative, a real-time Ethereum (ETH) infrastructure platform, has newly introduced features including transaction bundle send, cancellation, and replacement support for the Blocknative Builder. Searchers can now submit MEV bundles privately to the Blocknative Builder to be included on-chain. This market utility builds upon Blocknative’s reliable, real-time infrastructure that is systematically important to the Ethereum ecosystem. […]

The post ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support appeared first on CryptoNinjas.

Eventus, a provider of multi-asset class trade surveillance and market risk solutions, announced today that cryptocurrency derivatives exchange Deribit has chosen the firm’s Validus platform to provide market abuse monitoring on the exchange. Headquartered in Panama City, Panama, Deribit is one of the largest cryptocurrency options exchanges by volume and open interest, with approximately 90% […]

The post Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus appeared first on CryptoNinjas.

Gemini, the popular bitcoin & crypto exchange company, today announced the launch of electronic over-the-counter trading (eOTC), an automated crypto trading solution designed for institutions. The Gemini eOTC solution offers a variety of advantages to institutional traders including: Competitive Pricing & Execution: Liquidity is sourced from top-tier liquidity providers with deep liquidity pools, enabling counterparties […]

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GenTwo Digital, the crypto-asset securitization platform based out of Crypto Valley in Zug, Switzerland, today announced a partnership with Coinbase, the publicly-listed cryptocurrency platform. This new partnership for GenTwo Digital allows all Coinbase crypto assets to be wrapped in bankable financial investment products and enables financial intermediaries to issue certificates such AMCs (Actively Management Certificates). […]

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ThunderCore, a leading blockchain & web3 ecosystem announced today that they are making a new development push, partnering with new validators as the chain rolls out its new crypto staking model. The newest ThunderCore validators include the famous crypto-asset exchange Huobi and one of the earliest staking platforms in the space, MyCointainer. Users of both […]

The post Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion appeared first on CryptoNinjas.

Pods, creators of a DeFi platform, announced today that earlier this year, the team raised $5.6M in seed funding to create structured products for crypto-assets. The financing featured investors such as IOSG, Tomahawk, Republic, Framework Ventures, and more. The first strategy on Pods Yield is stETHvv (Ethereum Volatility Vault). stETHvv is a low-risk product focused […]

The post DeFi protocol Pods raises $5.6M to support its structured crypto products dApp appeared first on CryptoNinjas.

Deribit, the popular cryptocurrency derivatives exchange, announced today it has launched a new ‘Proof of Reserves‘ tool for clients using the trading platform. Now, clients are provided with the functionality to verify their assets to be included in Deribit’s overall reserves. How it Works Deribit provides all addresses for all on-chain assets and it delivers […]

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Tenderly, creators of a blockchain development platform, today announced that it is the first web3 development platform to offer simulations through RPC on its Tenderly Web3 Gateway, the company’s production node as a service. Note, Tenderly already processes more than 50 million simulations per month through its Transaction Simulator. Now, the company is introducing the […]

The post Tenderly introduces TXN simulations on its blockchain gateway for efficient dApp development appeared first on CryptoNinjas.

DFINITY Foundation, the not-for-profit organization contributing to the development of the Internet Computer (IC) — a high-speed, internet-scale public blockchain — has announced today the Internet Computer’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency. Now, the Internet Computer can serve as a layer-2 for Bitcoin where smart contracts on the Internet […]

The post DFINITY brings new smart contract functionality to Bitcoin with Internet Computer integration appeared first on CryptoNinjas.

Coinbase, the popular bitcoin & crypto exchange company, announced today it will be rolling out ‘Easy Bank Transfers’ for UK users. The new feature delivers an easy way to add funds to Coinbase accounts. Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which […]

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Biconomy, a web3 development platform & toolkit that superpowers blockchain technology stacks, today announced it has launched a software development kit (SDK) to transform the way developers build easy-to-use decentralized applications (dApps). Since 2019, Biconomy has been engaged with the web3 infrastructure space by building easy-to-integrate, plug-and-play APIs for developers to scale their projects. The […]

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Trust Wallet, a self-custodial and multi-chain cryptocurrency wallet application, has announced the launch of its brand-new browser extension wallet. Supporting all EVM chains, as well as Solana, it is available now on browsers including Chrome, Brave, and Opera. The browser extension complements Trust Wallet’s mobile wallet, which is the world’s leading mobile crypto wallet with […]

The post Trust Wallet launches anticipated browser extension of its crypto management app appeared first on CryptoNinjas.

BlockFills, a company specializing in building trading and management solutions for cryptocurrency market participants, today announced the launch of Vision Crypto Cloud, a secure, full-service, end-to-end digital asset trading, order management, and risk management platform. The software-as-a-service (SaaS) platform enables institutions to quickly access the crypto ecosystem out of the box, without the multi-year timeline […]

The post BlockFills launches end-to-end enterprise crypto trading technology stack appeared first on CryptoNinjas.

Day one trading volume across all nine products stood at less than $2 million.

JPMorgan’s CEO Jamie Dimon pointed to trading, hedging, research and error detection as just some of the processes that can be streamlined by AI.

J.W. Verret is the “Blockchain Professor.” He may be tracking your money, but he’s advocating for crypto.

A California resident is suing Binance and its CEO for tweets last November that, according to allegations, led to the collapse of the rival exchange.

The dropping of the suit came amid Terra facing a lawsuit brought by the U.S. Securities and Exchange Commission and Do Kwon possibly nearing the end of his sentence in Montenegro.

The company’s co-founder and president, Justin Young, told Cointelegraph in an email that plans to launch at a later date were “TBD.”

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.

Ether price is up today as Ethereum futures ETF launches and other signs of institutional adoption boost investor sentiment.

CFTC Chairman Rostin Behnam told an audience at the Financial Industry Association Expo about the agency’s activity in the crypto space and its need for modern legislation.

The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute.

The latest delays came two weeks before the second deadline for many applicants.

The license allows GSR to provide crypto and fiat-related services to Singaporean residents and entities.

Bitcoin and select altcoins are looking strong at the start of October, but will the flashpan bullish momentum last?

According to the scientists, there’s no universal method by which data can be deleted from a pretrained large language model.

The crypto market is up today as the U.S. government avoids a shutdown and spot Bitcoin volumes surge.

The committee’s recommendations included having the Kenyan government consider implementing a comprehensive framework for digital assets and virtual asset service providers.

No specific timeline was given as to when users can receive their money back.

Two transactions showed lump sums of $50 million in USDT transferred from Bitfinex to the Tether treasury only a few minutes apart.

Bitcoin preserves its snap October gains, but BTC price analysis reveals reasons for staying level-headed about the future.

Following the U.S. SEC’s approval of spot Ether exchange-traded funds, VanEck has launched its Ethereum Strategy ETF.

Bitfarms, one of the largest Bitcoin miners in the world, believes that many of its best growth opportunities will arise from the upcoming BTC halving.

Ryan Wyatt deciphers the the possibilities for AI to help gamers and game developers achieve.

The fund is a part of a wider VCC umbrella that brings various real-world assets to the blockchain.

Crypto asset manager Grayscale has filed an application with the U.S. SEC to convert its Ethereum Trust to a spot Ethereum ETF.

The guests on this episode of Hashing It Out discuss how cloud technology and Web3 intersect, with a special focus on user identity and regulations.

The matrix aims to identify potential risks associated with the crypto space and policy responses for regulators.

The long-awaited trial of former FTX CEO Sam Bankman-Fried gets underway on Oct. 4 — here’s what you need to know.

Ross Ulbricht, the founder of the first “modern darknet market,” has reached the 10-year mark of his double life sentence in prison after having his laptop seized by the FBI in 2013.

Bitcoin price crossed above $28,000 for the first time since August as the cryptocurrency market got a boost after the U.S. avoided a government shutdown.

The decentralized social media platform has continued to thrive since it launched in the second week of August and has hit multiple new highs despite critics predicting its downfall.

Today, Fuse Network, an enterprise-grade, use-case agnostic, decentralized EVM-compatible public blockchain, announced Liquify as its newest remote procedure call (RPC) provider and ecosystem partner. Liquify will provide public RPC services – both free and private. RPC nodes help process requests from decentralized applications (dApps). They are vital for improving the usability of web3 and for […]

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Welcome to the world of BITmarkets – a leading cryptocurrency exchange offering a wide range of trading options for both retail traders and corporate clients. In this comprehensive review, we will explore the various features and services provided by BITmarkets, including spot, futures, and margin trading. Whether a seasoned trader or just starting your cryptocurrency […]

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HashKey Exchange, the first licensed retail virtual asset exchange registered in Hong Kong, announced its official launch today. Together with executives from the HKSAR government, top-tier banks, insurers, and Big 4 auditing firms, HashKey held the grand launch in Hong Kong. Strictly adhering to the SFC’s user registration and KYC requirements, the HashKey Exchange platform […]

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Adenasoft, a South Korea-based IT/software company, has just announced the launch of ACE, their new SaaS product designed for cryptocurrency exchanges. ACE fully prepares businesses for exchange operations quickly, taking less than a month to get up and running. ACE offers a comprehensive suite of features that enables crypto exchanges to streamline their operations and […]

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This week, the team of Pods, a provider of structured products for crypto assets, unveiled its latest offering – the ETHphoria Vault. This innovative yield strategy is designed explicitly for ETH enthusiasts who are bullish about its future prospects and want to earn even more from increasing prices. ETHphoria is a low-risk, principal-protected strategy designed […]

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The team of Pods recently announced the mainnet launch of its 3rd strategy on Pods Yield: FUD Vault, which now complements ETHphoria and stETHvv. FUD Vault provides a way for users to benefit from market downturns by offering a mechanism to hedge against significant price drops in ETH while preserving the deposited principal. Who is […]

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DeFi Returns brings comprehensive up-to-date information on DeFi strategies and protocols, to easily compare and analyze their performance. Getting the most reliable data source for historical yield on DeFi, to help users make informed decisions when investing in the ecosystem. All data displayed is sourced from the protocol’s smart contracts directly. The new DeFi Returns […]

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RockX, an Asia-based institutional-grade staking services provider, announced today the broadening of its staking product suite with the addition of a new ether (ETH) native staking solution. This latest offering strengthens RockX’s position as a comprehensive provider of diverse staking needs, maneuvering quickly to the evolving crypto market landscape. Navigating the Ethereum ecosystem presents institutions with […]

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Hex Trust, a regulated institutional-grade crypto-asset custodian, today announced it has partnered with The Sandbox, a leading decentralized gaming virtual world to enable fully-licensed and highly-secure custody of assets such as LAND in The Sandbox’s metaverse. The partnership sees Hex Trust fully integrate LAND into its custody platform, Hex Safe, which supports cryptocurrencies, security tokens, and NFTs. […]

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CoinFlip, a bitcoin ATM and crypto services company, announced today a new offering with the launch of ‘Olliv,’ a self-custody-powered crypto platform. The Olliv platform provides a frictionless way to buy, sell, send, receive, and swap cryptocurrency securely stored on a self-custodial wallet, removing the uncertainty of unknown third-party custodians. By leveraging CoinFlip’s existing network […]

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