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Source : Bit Coin News
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Bitcoin, Ethereum Technical Analysis: ETH Surges Above $1,200 to Start the Weekend

Ethereum was back above $1,200 on Saturday, as bullish sentiment returned to cryptocurrency markets to start the weekend. Following recent stints in the red, the global crypto market cap is trading 1.91% higher as of writing. Bitcoin was also back in the green. Bitcoin Bitcoin (BTC) was marginally higher to start the weekend, as prices […]
Source : Bit Coin News
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Bitget Launches Major Campaign With Messi to Reignite Confidence in the Crypto Market

PRESS RELEASE. Seychelles, Nov 26, 2022 – Leading global cryptocurrency exchange, Bitget, has announced a series of marketing campaigns with Lionel Messi, the Argentinian Football legend, with the launch of the brand film to celebrate the 2022 World Cup. With this USD 20 Million investment in campaigns and rewards, Bitget aims to benefit users with […]
Source : Bit Coin News
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Latam Still Unprepared to Deal With Crypto Crime and Scams, According to GFI Report

latam gfiLatam is still unprepared to deal with cryptocurrency-related crimes and scam situations, according to a recent report issued by Global Financial Integrity (GFI), a Washington DC-based think tank. The document states that crypto regulation has failed to grow with the adoption of these new technologies and that governments have often failed to detect and punish […]
Source : Bit Coin News
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‘Cryptocurrencies Like Bitcoin Make Global Commerce Easy’ — Founder of Nigerian Crypto Exchange

Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank’s subsequent crackdown on crypto entities it accused of defying the directive has succeeded in suffocating demand for cryptocurrencies. […]
Source : Bit Coin News
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Bank of Japan to Launch Digital Yen Pilot Program Next Year

bank of japan cbdc digital yenThe Bank of Japan is preparing to run a test trial of its own central bank digital currency (CBDC), the digital yen, with help from three top banks and regional institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transactions, and experimenting with its functionality in environments […]
Source : Bit Coin News
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Crypto Winter No Longer Has Big Impact on Long-Term Industry Growth, EY Executive Says

Crypto Winter Doesn't Have Big Impact on Long-Term Industry Growth, EY Executive SaysEY’s global blockchain leader says that for the first time ever, crypto’s price swings do not have that big of an impact on the long-term growth of the industry. Nonetheless, he stressed: “It is also important that regulators crack down on obvious Ponzi schemes faster and with more severity.” EY’s Brody on Crypto Winter Paul […]
Source : Bit Coin News
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UK Bank Starling Blocks Payments to Crypto Platforms — Claims Crypto Is High Risk, Heavily Used for Criminal Purposes

UK Bank Starling Blocks Payments to Crypto Platforms — Claims Crypto Is High Risk, Heavily Used for Criminal PurposesStarling Bank has informed its customers that the bank no longer supports fund transfers to cryptocurrency platforms, including crypto exchanges. The bank stated that cryptocurrencies “are high risk and heavily used for criminal purposes and, as such, we no longer support them.” Starling Bank Blocks Fund Transfers to Crypto Exchanges London-headquartered Starling Bank recently notified […]
Source : Bit Coin News
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Singapore Regulator Explains Action Against Binance vs FTX — Warns Even Licensed Crypto Exchanges Can Fail

Monetary Autority of Singapore Clarifies Why It Treats Binance and FTX Differently — Warns Even Licensed Crypto Exchanges Can FailThe Monetary Authority of Singapore (MAS), the regulator overseeing the crypto sector, has defended the action it took against crypto exchange Binance and not the collapsed crypto platform FTX. The central bank also warned that cryptocurrencies are “highly volatile and many of them have lost all value.” Singapore’s Central Bank Clarifies Its Stance on Binance […]
Source : Bit Coin News
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10,000 Bitcoin Withdrawn From Wallet of Defunct Crypto Exchange Wex, Former BTC-e

10,000 Bitcoin Withdrawn From Wallet of Defunct Crypto Exchange Wex, Former BTC-eA large amount of cryptocurrency kept in a wallet associated with crypto exchange Wex, successor of the infamous trading platform run by alleged money launderer Alexander Vinnik, has moved for the first time since 2017. The 10,000 bitcoins in question, worth over $165 million, have been transferred to new addresses in several transactions. Bitcoin […]
Source : Bit Coin News
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Prospects Don’t Look so Hot for Sam Bankman-Fried’s Invitation-Only Crypto Bahamas Event

Following the FTX collapse and amid the aftermath, people have been wondering about the company’s Crypto Bahamas conference that was scheduled to happen on April 17-20, 2023, at the exclusive Grand Hyatt Baha Mar, in Nassau. The event planned for April 2023 was supposed to be hosted by the now-bankrupt FTX and the Skybridge Capital-backed […]
Source : News Btc
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Dogecoin Rallies As Price Breaks Major Resistance; Here Is Why $0.15 Is Possible

DOGE’s price holds above $0.08 as the price gears for a rally to a possible high of $0.15. DOGE’s price remains strong as bulls reclaim $0.088 despite uncertainty in the market traders and investors remain cautious.  DOGE’s price bounces from a low of $0.07 on the daily timeframe as the price reclaims $0.088 as price trades above the 50 Exponential Moving Average (EMA) In recent weeks, the price of Dogecoin (DOGE) has been a standout performer rallying with over 150% profit and creating more euphoria about how the bull run would be for many traders and investors. Despite the relief bounce and uncertainty surrounding the crypto market due to the FTX fiasco, the price of Dogecoin (DOGE) has continued to show immersed strength, holding nicely above the key support zone of $0.075. The Domino effect of the FTX saga and other large investors has halted the market, as the market has yet to make a significant move, raising concerns about where the market is headed. (Data from Binance) Related Reading: Bitcoin Bulls Get Rejected As $16,700 Proves Too Strong; Here Is What To Expect Dogecoin (DOGE) Price Analysis On The Weekly Chart Despite the uncertainty and turbulence that has affected the price of Dogecoin (DOGE) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.   Dogecoin (DOGE) has suffered more price loss, as the price dropped from a high of $0.73 to a weekly low of $0.055, leading to speculation of a further drop to $0.03 as price rallied to a high of $0.15 before facing a rejection. DOGE’s price declined from a weekly high of $0.15 to a region of $0.073 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low. Weekly resistance for the price of DOGE – $0.95. Weekly support for the price of DOGE – $0.08. Price Analysis Of DOGE On The Daily (1D) Chart The price of LINK remains considerably strong in the daily timeframe as the price trades above $0.085 after DOGE saw its price decline from $0.15 to $0.073 recently.  DOGE’s price needs to break and hold above $0.095 for the price to have a chance to rally high to a region of $0.15 and possibly $0.2 as the price looks good trading above the 50 and 200 EMA values of $0.085 and $0.083 respectively acting as minor support on the daily timeframe.   The price of DOGE needs to reclaim and trade above $0.1 for a short-term relief bounce. If the price of DOGE fails to flip the region of $0.1 and gets rejected below $0.07, we could see more rejections in DOGE price. Daily resistance for the DOGE price – $0.095. Daily support for the DOGE price – $0.08. Related Reading: Tron Latest Update Seen Giving TRX Price A Boost – Here’s Why Featured Image From zipmex, Charts From Tradingview
Source : News Btc
Added today

Chainlink Extends Accumulation By 200 Days; Will Bulls Push For A Breakout?

LINK’s price retraces to its 200 days range as the price aims for a breakout ahead of its staking scheduled in December 2022.  LINK’s price remains strong as bulls reclaim $6 despite uncertainty in the market traders and investors remain cautious.  LINK’s price bounces from a low of $5.5 on the daily timeframe as the price reclaims $6.5 as price trades below the 50 Exponential Moving Average (EMA) The price of Chainlink (LINK) has had a tough time recently after a successful breakout from its accumulation zone. Still, the price was rejected after 190 days of range movement as the price has continued in this price action for an additional 10 days as Chainlink (LINK) staking draws ever closer. Despite the relief bounce from Chainlink (LINK), the price remains below the key region of interest, which would entice many buyers. The Domino effect of the FTX saga and other large investors has halted the market, as the market has yet to make a significant move, raising concerns about where the market is headed. (Data from Binance) Related Reading: Dogecoin Jumps 10% As Gokhshtein Claims Buterin And Musk Will Work Together For DOGE Chainlink (LINK) Price Analysis On The Weekly Chart Despite the uncertainty and turbulence that has affected the price of Chainlink (LINK) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.   Chainlink (LINK) has suffered more price loss, as the price dropped from a high of $45 to a weekly low of 5.5, leading to speculation of a further drop to $3.  LINK’s price declined from a weekly region of $9.2 to a region of $5.5 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low. The price of LINK has responded well, holding off sell-off and bouncing off from $5.5, rallying to a high of $6.8. Weekly resistance for the price of LINK – $8. Weekly support for the price of LINK – $5.5. Price Analysis Of LINK On The Daily (1D) Chart The price of LINK remains considerably strong in the daily timeframe as the price trades above $6.5 after LINK saw its price decline from $9.2 to $5.5 recently.  LINK’s price needs to break and hold above $8 for the price to have a chance to rally high to a region of $10 and possibly $12 ahead of its anticipated staking coming up in December, as many trader and investor thinks the price of LINK should be worth more.  Daily resistance for the LINK price – $7.5. Daily support for the LINK price – $6.5. Related Reading: Tron Latest Update Seen Giving TRX Price A Boost – Here’s Why Featured Image From zipmex, Charts From Tradingview 
Source : News Btc
1 days ago

Binance Coin Revives Its Bullish Strength Above $290; Will Bulls Defend This Area?

BNB’s price bounces off from $250 as the price rallies to a high of $300 as bulls take charge of the price.  BNB’s price remains strong as bulls reclaim $300 despite uncertainty in the market traders and investors remain cautious.  BNB’s price bounces from a low of $250 on the daily timeframe as the price reclaims $300 as price trades above the 50 Exponential Moving Average (EMA) The price action demonstrated by Binance Coin (BNB) has recently been a better performer rallying from $250 to a weekly high of $300 than the previous week as the market suffered from some price decline affecting most crypto assets. Despite the relief bounce from BNB (BTC), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance) Related Reading: Bitcoin Bulls Get Rejected As $16,700 Proves Too Strong; Here Is What To Expect Binance Coin (BNB) Price Analysis On The Weekly Chart Despite the uncertainty and turbulence that has affected the price of Binance Coin (BNB) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.   Binance Coin (BNB) has suffered more price loss, as the price dropped from a high of $600 to a weekly low of $250, leading to speculation of a further drop to $200-$150.  BNB’s price declined from a weekly region of $400 to a region of $250 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low.  The price of BNB has responded well, holding off sell-off and bouncing off from $250, rallying to a high of $300, where the price faced rejection breaking higher. The price of BNB needs to hold above $310 to keep alive the hope of a relief bounce.  Weekly resistance for the price of BNB – $310. Weekly support for the price of BNB – $290. Price Analysis Of BNB On The Daily (1D) Chart The price of BNB remains considerably strong in the daily timeframe as the price trades above $290 after BNB saw its price decline from $400 to $250 recently.  BNB’s price continues to struggle as the price looks good as the price aims to break and hold above the daily price of $305, which corresponds to the 50 and 200 EMA. The price of BNB needs to reclaim and trade above $310 for a short-term relief bounce. If the price of BNB fails to flip the region of $310 and gets rejected below $270, we could see more rejection in BNB price to a region of $200 and even lower.  Daily resistance for the BNB price – $310. Daily support for the BNB price – $290-$270. Related Reading: On-Chain Data Shows Signs Of Fresh Bitcoin Accumulation Featured Image From Coinfomania, Charts From Tradingview
Source : News Btc
1 days ago

On-Chain Data Shows Signs Of Fresh Bitcoin Accumulation

On-chain data shows signs of some fresh Bitcoin accumulation taking place during the last month. Bitcoin UTXOs Aged 1 Week To 1 Month Have Risen Up In Recent Days As pointed out by an analyst in a CryptoQuant post, UTXOs purchased between 1 week and 1 month ago have risen since the FTX crash. The relevant indicator here is the “Realized Cap – UTXO Age Bands,” which tells us which age group has what percentage of the Bitcoin realized cap. The “realized cap” here refers to a type of BTC capitalization model in which the crypto’s cap is calculated by weighing each coin in the circulating supply against the price at which it was last moved, and then taking the sum for the entire supply. This capitalization method is different from the usual market cap, where all the coins are simply multiplied with the current BTC price. Related Reading: Bitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows The “age bands” are groups that define the time period under which the UTXOs falling into it were last moved. For example, the “1m-3m” age band includes all UTXOs that haven’t shown any movement since between 1 and 3 months ago. Now, the age band of relevance in the current discussion is the “1w-1m” group. Here is a chart that shows how the realized cap contribution of this Bitcoin band has changed during the past couple of years: Looks like the value of the metric has been trending up recently | Source: CryptoQuant As you can see in the above graph, the realized cap of the Bitcoin UTXOs falling into the 1w-1m band was in a decline during the bear market and had reached very low values by the time the FTX collapse rolled around. Since the crash, however, the age band has been observing a rapid uptrend. This means that there have been a large number of coins purchased between 1 week and 1 month ago. Related Reading: Dump Incoming? Rogue BTC-e Sends $165 Million In Bitcoin To Personal Wallets And Exchanges Based on this trend, it seems like some investors have been busy accumulating at the lows that have been seen after the crash, despite the wider market feeling uncertainty due to the FTX contagion possibly causing a cascade of bankruptcies of other platforms. BTC Price At the time of writing, Bitcoin’s price floats around $16.5k, down 1% in the last week. Over the past month, the crypto has lost 15% in value. Below is a chart that shows the trend in the price of the coin over the last five days. The value of the crypto seems to have returned to a flat curve during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Source : News Btc
1 days ago

Bitcoin Bulls Get Rejected As $16,700 Proves Too Strong; Here Is What To Expect

BTC’s price is rejected from breaking above $16,700 as this region is too strong for bulls.  BTC’s price remains bearish in the high timeframe as most traders and investors remain cautious.  BTC’s price bounces from a low of $15,500 on the daily timeframe as the price reclaims $16,500 as price struggles to break higher above the 50 Exponential Moving Average (EMA) The price action demonstrated by Bitcoin (BTC) in recent times has been better than the previous week as the market suffered from some price decline affecting most crypto assets. Despite the relief bounce from Bitcoin (BTC), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance) Related Reading: Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December Bitcoin (BTC) Price Analysis On The Weekly Chart Despite the uncertainty and turbulence that has affected the price of Bitcoin (BTC) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.   Bitcoin (BTC) has suffered more price loss, as the price dropped from a high of $69,500 to a weekly low of $15,500, leading to speculation of a further drop to $12,000.  BTC’s price declined from a weekly region of $20,500 to a region of $15,500 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low.  The price of BTC bounced off from $15,500, rallying to a high of $16,700, where the price faced rejection breaking higher. The price of BTC needs to hold above $16,000 to keep alive the hope of a relief bounce.  Weekly resistance for the price of BTC – $18,500. Weekly support for the price of BTC – $15,500. Price Analysis Of BTC On The Daily (1D) Chart The price of BTC remains considerably strong in the daily timeframe as the price trades above $16,000 after BTC saw its price decline from $20,500 to $15,500 as the market continues in its state of uncertainty.  BTC’s price continues to struggle as price aims for more relief bounce from this region. The price of BTC needs to reclaim and trade above $18,500 for a short-term relief bounce. If the price of BTC fails to flip the region of $17,500, we could see more rejection in BTC price to a region of $15,500 and even lower.  Daily resistance for the BTC price – $17,500. Daily support for the BTC price – $15,500. Related Reading: Dogecoin Jumps 10% As Gokhshtein Claims Buterin And Musk Will Work Together For DOGE Featured Image From zipmex, Charts From Tradingview 
Source : News Btc
1 days ago

Bitcoin To Plunge Further? Long-Term Holders Ramp Up Selling

On-chain data shows Bitcoin long-term holders have ramped up their selling recently, something that could lead to further plunge in the crypto’s price. Bitcoin Exchange Inflow CDD Has Spiked Up Over The Last Day As pointed out by an analyst in a CryptoQuant post, the current rise in the CDD is the largest since 6th October. A “Coin Day” is the quantity that 1 BTC accumulates after staying still for 1 day in a single address. If a coin that has amassed some number of Coin Days finally moves to another wallet, its Coin Days counter resets, and the Coin Days are said to be “destroyed.” The “Coin Days Destroyed” (CDD) metric keeps note of the total number of such Coin Days being destroyed throughout the network on any given day. Another version of this indicator is the “exchange inflow CDD,” which measures only those Coin Days that were reset because of transactions to centralized exchanges. Now, here is a chart that shows the trend in the Bitcoin exchange inflow CDD over the past month: The value of the metric seems to have spiked up during the last day or so | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange inflow CDD has shown a sharp rise in its value recently. There is a cohort in the BTC market called the “long-term holder” (LTH) group, which includes all investors who hold onto their coins for long periods without moving them. Related Reading: Bitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows Because of the dormancy of their coins, thes LTHs accumulate a large numbers of Coin Days. As such, whenever these holders do move their coins, the CDD usually spikes up due to the scale of Coin Days involved. The current spike in the Bitcoin exchange inflow CDD thus suggests that some LTHs have deposited their coins to exchange wallets. As the exchanges in question are spot platforms, it’s possible that this movement of coins was made for selling purposes. Related Reading: Bitcoin Shakes Off the Bears and Aims for $20,000 By End Of Year, Can It Make It? From the graph, it’s apparent that both the previous big spikes in the indicator were followed by declines in the price of Bitcoin. If the latest surge was also because of LTHs preparing to dump their coins, then the crypto is likely to observe bearish trend this time as well. BTC Price At the time of writing, Bitcoin’s price floats around $16.4k, down 2% in the last week. Over the past month, the crypto has lost 15% in value. Looks like the price of the coin has been back to moving sideways in the last few days | Source: BTCUSD on TradingView Featured image from ZdenÄ›k Macháček on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Source : News Btc
1 days ago

Tron Latest Update Seen Giving TRX Price A Boost – Here’s Why

Investor interest in Tron is growing as the protocol receives updates. The new Java-tron GreatVoyage-4.6.0 upgrade, codenamed Socrates, is a required update that includes crucial enhancements that greatly improve the protocol’s ability to utilize storage. Since time is of the essence, here is a quick rundown of TRX: Major new enhancements that will smooth out the protocol’s operation have been released The proposal from PancakeSwap has the potential to be a strong positive catalyst Current price action is negative, but a reversal would be bullish 📢Java-tron GreatVoyage-4.6.0(Socrates) has been released! 🛠It is a mandatory update, contains a few important features: ✅update the checkpoint mechanism of data storage ✅optimize the storage structure of resource delegation relationship — TRON DAO (@trondao) November 23, 2022 That’s not all good news, either. PancakeSwap just made an announcement to its user base that it would be accepting TRX into its Syrup staking pool. The price of TRX eventually reflects all of this. Using a weekly time frame, CoinGecko reports that TRX’s price rose 0.8%. Everything looks and sounds fantastic, but what do the experts have to say about it? To Uptrend, Or Not To Uptrend? It doesn’t look like it’ll form an uptrend on the charts, and that might be for a number of reasons. It’s worth noting that the Bollinger band is establishing a crunch zone immediately following the cup formation in TRX. Related Reading: Polkadot Soars 8% In Last 24 Hours Courtesy Of Its Dev’t Activity, NFT Ecosystem Growth Chart: TradingView The impending decline may be part of a larger cup-and-handle structure with an ascending triangle serving as its handle. The regression model also reveals that the present decline is robust, with Pearson’s R value hitting 0.61, indicating that despite positive events on-chain, pain is not out of the question for TRX. The fact that the RSI is still in the oversold bottom half further confirms a downward trend. All of this is occurring as TRX trades at $0.0525 per coin. On a 4-hour timeframe, the technical indicators are optimistic, as the RSI is rising and the bollinger band is widening. As this indicator oscillates between overbought and oversold, the rising RSI value is accompanied by a decline in price. According to CoinGlass, the TRX derivatives market is improving slightly as exchange financing rates improve. TVL decreased on the DeFi side of Tron from $4.31 billion to $4.29 billion. Chart: Coinglass Not Enough Momentum TRX investors and traders are unquestionably instilled with confidence by recent events. According to CoinGlass, this is further underlines by the fact that more traders are entering long holdings than short positions. However, based on the metrics, they should proceed with caution, as the technicals indicate that TRX will experience further losses. However, short-term traders could target the $0.056 barrier, as this would be a good place to begin a rally. Related Reading: Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December TRX total market cap at $4.88 billion on the daily chart | Featured image from WallpaperAccess, Chart: TradingView.com
Source : News Btc
1 days ago

Dogecoin Jumps 10% As Gokhshtein Claims Buterin And Musk Will Work Together For DOGE

Crypto influencer David Gokhshtein has told his nearly 700,00 followers on Twitter that he expects Ethereum co-founder Vitalik Buterin and and Elon Musk to join forces to upgrade Dogecoin. The Dogecoin price, possibly triggered by Gokhshtein’s speculation, saw a massive spike of more than 12% at one point in the aftermath. The price shot up from $0.0823 to as high as $0.0913 on Binance. At press time, however, DOGE was already experiencing a slight correction of the swing and was trading at $0.0882. “I feel that we’ll all seen Vitalik and Elon working together to somehow upgrade DOGE”, Gokhshtein tweeted and added that “they won’t work on Bitcoin — well because Vitalik tried that in the past and was kicked and Elon is interested in turning something that started off as a joke into something serious.” However, it is important to remark that neither Musk nor Buterin have commented on Gokhshtein tweet. Related Reading: Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend The crypto-influencer is making a pure speculation, presumably based on previous statements made by both individuals. Musk is known to be one of the biggest, if not the biggest Dogecoin (DOGE) supporter. His tweets have caused massive swings in the DOGE price in the past. Last but not least, there are rumors and hints – which Musk has never fully dispelled – that Musk himself is the biggest holder of Dogecoin (DOGE). Deep Dogecoin Ties Between Buterin And Musk Vitalik Buterin, for his part, has already spoken out several times on the subject of a DOGE upgrade from proof of work to proof of stake. According to Buterin, Dogecoin has been in consideration for a move to proof-of-stake for some time. Buterin shared this assessment at Mainnet 2022, a crypto conference held Sept. 21-23 in New York. Back in August 2021, the Dogecoin Foundation announced its re-launch. First established in 2014, the foundation has since been able to count on the support of the Ethereum mastermind. Related Reading: Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December Buterin joined the board of the newly established Dogecoin Foundation as one of its four-member advisory team. A representative of Elon Musk is also on board. This is not necessarily surprising given the Tesla CEO’s previous activities regarding Dogecoin. Not least, Musk had called for a drastic reduction in transaction fees on the Dogecoin network, among other things. Moreover, Buterin has donated large amounts of DOGE to the Dogecoin Foundation several times in the past, the last time in November 2021. A year ago, he donated 20 million DOGE. So, even though Gokhshtein’s statement is pure speculation, there are indeed some connections between the two personalities that make a joint effort not seem impossible.
Source : News Btc
1 days ago

Key On-Chain Indicator Signals Bottom Is In; Ethereum Core Devs Endorse EIP-4844

The downfall of FTX has also left its mark on the Ethereum (ETH) price. Over the last 30 days, Ether has recorded a drop of around 20%. At press time, the price was at $1,171, just above the crucial support level of $1,100. In the short term, the ETH price has found support at $1,171. However, if the key resistance at $1,230 is not breached in the next few days, a retest of the level at $1,100 could be on the cards. An important on-chain indicator for Bitcoin indicates that this does not have to be the case. Since the crypto market is heavily dependent on Bitcoin as the largest cryptocurrency by market cap, a bottoming of BTC, could also mean accelerated gains for altcoins, led by Ethereum. As cryptocurrency exchange ByBit notes in its analysis of the market today, the MVRV (Market Value to Realized Value Ratio) of short-term Bitcoin holders has exceeded that of long-term holders (HODLers) for the first time this cycle. Related Reading: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,250 The MVRV shows periods of market euphoria when the market value was significantly higher than the realized value, meaning the cost basis for Bitcoin purchases. “This could suggest a possible bottom formation, especially when direction traders are doing better than HODLers with strong convictions,” the analysis states. Ethereum: EIP-4844 Implementation in March? Meanwhile, Ethereum investors can look forward to highly positive news. As Tim Beiko summarized, Ethereum developers are working towards including EIP-4844 (also known as proto-danksharding). This is a highly anticipated scaling proposal, in a future mainnet upgrade. Whether EIP-4844 will be rolled out with Shanghai in March is currently pending. However, a decision could be made on December 08. This is when the next ACD, the last one in 2022 will be held. Beiko stated that” it’d be great to wrap up the year with the final specs for Shanghai”. Related Reading: Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend So far, EIP-3651 (Warm COINBASE), EIP-3855 (PUSH0 statement), EIP-3860 (Limit and counter init code) and EIP-4895 (Beacon chain push withdrawals as operations) are guaranteed for the Shanghai hard fork of Ethereum. EIP-4844 is intended to introduce a new transaction format called shard-blob transaction. This allows data to be stored off-chain and accessed temporarily by Ethereum nodes. Liam Horne, CEO of OP Labs, the developer of Optimism that uses roll-ups, expressed that L2 fees could become much cheaper. “This is a GAME CHANGER for the rollup-centric roadmap, as fees could be lowered ~100x,” Horne said. Ethereum co-founder Vitalik Buterin commented on EIP-4844 as following: This is a crucial first step to massively lower fees on L2, helping to make it affordable for much larger numbers of users to directly use on-chain applications instead of relying on cefi intermediaries. Yesterday, the broadest commitment across all developer teams was that EIP-4895 should happen quickly, ideally around March. “There are other things they [the Ethereum client teams] are working on in parallel, and if these can make it at the same time, we should include them, but withdrawals guide the fork,” Beiko summarized. At the same time Beiko confirmed that EIP- 4844 is the second most important thing. Thus, if all goes according to plan, proto-danksharding still has a chance to be integrated in the Shanghai hard fork.
Source : News Btc
1 days ago

Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December

Litecoin (LTC) is currently experiencing a sharp price correction, going down by more than 4% during the last hour, according to latest tracking from Coingecko. At the time of this writing, the crypto asset is trading at $75.94 after hovering around the $78 region for most of the day. With its recent price dump, the altcoin trimmed its seven-day gains to 20% from a high of 33% this week. Still, LTC’s current performance is impressive as it managed to go up by 33.5% over the last 30 days. Litecoin caught the attention of many crypto enthusiasts on November 23 when it went on a bullish run that enabled it to reach the $81 marker and increase its market capitalization by more than $1 billion. Currently, in that category, LTC ranks 13th in Coingecko’s list, keeping an overall valuation of $5.39 billion. Related Reading: Polkadot Soars 8% In Last 24 Hours Courtesy Of Its Dev’t Activity, NFT Ecosystem Growth What It Would Take For LTC To Hit Higher Levels Next Month By besting the likes of Bitcoin and Ethereum in terms of weekly gains, Litecoin put itself in the position to be among the crypto assets that experts are keeping an eye on. In fact, crypto trading expert Rekt Capital shared his thoughts about the conditions that must be met by LTC in order to sustain its energy and perform better come December. “LTC upside wicks have gone up to as high to the $85-$98 region before ultimately rejecting there. Price needs to Monthly close & hold above $67 to move higher next month,” said the pseudonymous crypto figure. Rekt Capital also pointed out that given Litecoin’s history of being rejected from the greater demand region, it needs to keep the $67 price territory when November ends for its uptrend to be confirmed and for it to test higher price levels. Analyst Bullish About Momentum For Litecoin Meanwhile, well-known crypto analyst Altcoin Sherpa also shared its take on what awaits Litecoin following its impressive run despite the bearish market that now engulfs the crypto space. It noted that after LTC successfully flipped its 200-day Exponential Moving Average, there is no doubt that the next stop for the crypto asset is the $100 territory. That though, could only happen if the digital asset is able to continue its upward trend. Cryptocurrency data provider Coincodex, however, might have to disagree with this bullish sentiment for the altcoin as its forecasts are not looking good for Litecoin right now. According to its prediction, in five days, LTC will trade at $74.60 and one month from now, the asset will change hands at $62.04. Although Litecoin might have the chance to close November with a higher trading price than the $67 crucial marker, it would appear the asset is in for another downhill drive as the tail-end of 2022 nears. Related Reading: SUSHI Latest Feats Are Quite Impressive, But Crypto Must Overcome Rough Terrain LTC total market cap at $5.3 billion on the daily chart | Featured image from Sweden.se, Chart: TradingView.com
Source : Cointelegraph
Added today

How blockchain technology is used in supply chain management?

Blockchain benefits the supply chain industry by enhancing the traceability, transparency and tradability of goods and services that move along the value chain.

Source : Cointelegraph
Added today

Sustainability: What do DAOs need to succeed in the long run?

The growing presence of projects identified as DAO raises the question: What makes them sustainable across time and technology changes?

Source : Cointelegraph
Added today

Bitcoin’s new ‘worst case scenario’ puts BTC bear market bottom near $6K

Bitcoin capitulation action could send BTC price back to an area double the 2018 bear market bottom, says Decentrader’s Filbfilb.

Source : Cointelegraph
Added today

IIROC-registered Canadian crypto exchange Coinsquare suffers data breach

On Nov. 19, Coinsquare had to temporarily shut down operations to investigate an unusual activity on its platform.

Source : Cointelegraph
Added today

SEC chair’s crypto oversight strategy in question as ecosystems collapse

Congressman Tom Emmer showed concerns about the oversight strategy implemented by Gary Gensler, the chair of the U.S. Securities and Exchange Commission for the crypto ecosystem.

Source : Cointelegraph
Added today

Binance proof of reserves is ‘pointless without liabilities:’ Kraken CEO

According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets.

Source : Cointelegraph
Added today

Programming languages prevent mainstream DeFi

Asset-oriented programming makes fundamental functions native to the programming language. DeFi needs more of that to improve security.

Source : Cointelegraph
Added today

Trouble in the Bahamas following FTX collapse: Report

Locals say they are having to contend with vacant apartments and the loss of job opportunities once provided by the collapsed exchange.

Source : Cointelegraph
Added today

Crypto Biz: Institutions short Bitcoin as SBF is ‘deeply sorry’ for FTX collapse

The fallout from the FTX collapse continues to reverberate across the crypto market. Institutions are using this opportunity to short BTC.

Source : Cointelegraph
1 days ago

American regulators to investigate Genesis and other crypto firms

Alabama and several other U.S. states are investigating alleged securities violations and connections with retail investors.

Source : Cointelegraph
1 days ago

DeFi sparks new investments despite turbulent market: Finance Redefined

The last week of November remained turbulent for the crypto market as majority of the DeFi tokens struggled with the market volatility.

Source : Cointelegraph
1 days ago

$15.5K retest is more likely, according to Bitcoin futures and options

Bybit launching a $100 million fund and Binance’s proof of reserves might have marked the cycle low at $15,500.

Source : Cointelegraph
1 days ago

How bad is the current state of crypto? On-chain analyst explains

Despite the widespread loss of confidence in crypto following the FTX collapse, Bitcoin’s on-chain data gives investors hope.

Source : Cointelegraph
1 days ago

Amber Group’s co-founder Tiantian Kullander passes away at 30

Tiantian Kullander, known to many as TT, unexpectedly died in his sleep on Nov. 23.

Source : Cointelegraph
1 days ago

Price analysis 11/25: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

Bitcoin and most major altcoins are witnessing a relief rally but higher levels are likely to attract strong selling by the bears.

Source : Cointelegraph
1 days ago

Disaster looms for Digital Currency Group thanks to regulators and whales

Regulators failed to regulate, and venture capital firms invested without conducting the proper due diligence.

Source : Cointelegraph
1 days ago

FTX’s collapse could change crypto industry governance standards for good

Following FTX’s downfall, experts believe that centralized exchanges will be faced with increased regulatory scrutiny, potentially eliminating a lot of players from the fray.

Source : Cointelegraph
1 days ago

1inch releases new tool to protect traders against ‘sandwich attacks’

The company said that the new tool works by allowing users to submit transactions directly to validators.

Source : Cointelegraph
1 days ago

Binance publishes official Merkle Tree-based proof of reserves

Two weeks after its initial pledge for Merkle Tree-backed proof of funds, Binance releases its official response to liquidity transparency.

Source : Cointelegraph
1 days ago

Here’s how centralized exchanges aim to win back users after the FTX collapse

“We need to stop telling people to trust us and give them an actual reason to,” said Eric Demuth, CEO of Bitpanda.

Source : Cointelegraph
1 days ago

Turkey seizes FTX assets in the country amid the ongoing investigation

Turkey’s Financial Crimes Investigation Board has seized assets belonging to Sam Bankman-Fried after launching an investigation into FTX’s affairs in the country.

Source : Cointelegraph
1 days ago

Bitcoin addresses holding at least 1 BTC close in to a million

Exchange balances continue to deplete while the number of “wholecoiner” Bitcoin addresses hits new highs.

Source : Cointelegraph
1 days ago

FTX stake in US bank raises concerns about banking loopholes

The chairman of the rural bank, Jean Chalopin, also happens to be the chairman of Deltec Bank, which has Tether and Alameda both on its client list.

Source : Cointelegraph
1 days ago

ConsenSys addresses MetaMask IP collection, claims nothing has changed

ConsenSys says the IP address data collected through MetaMask users will not be monetized or “exploited.”

Source : Cointelegraph
1 days ago

Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC now

Bitcoin is printing significant bullish divergences with BTC price in line for a “massive bull run,” new analysis argues.

Source : Cointelegraph
1 days ago

Crypto lender Matrixport seeks $100M funding despite lending crisis

Bitmain-backed crypto lender Matrixport is the other half of a new funding round targeting a $100 million raise.

Source : Cointelegraph
1 days ago

How does the FTX collapse affect Dubai’s crypto ecosystem?

CoinMENA CEO Talal Tabbaa believes that the FTX collapse will not change the vision of the UAE to become a global crypto hub.

Source : Cointelegraph
1 days ago

Uzbekistan issues first crypto licenses to two local ‘crypto stores’

Starting from January 2023, only licensed cryptocurrency firms will be allowed to provide cryptocurrency trading services to Uzbek citizens.

Source : Cointelegraph
1 days ago

CoinList addresses ‘FUD’ on withdrawals, cites technical issues for delays

CoinList blamed “custodian issues” with one suffering an outage affecting “many tokens” on the platform as the reason for reported withdrawal problems.

Source : Cointelegraph
1 days ago

StarkNet makes Cairo 1.0 open source in first step toward community control

StarkNet has prioritized scalability over composability and transparency. But it’s now working on making its tech open-source.

Source : CryptoNinjas
9 days ago

Crypto exchange Coinbase to support Easy Bank Transfers for UK users

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.

Source : CryptoNinjas
11 days ago

Biconomy releases new SDK for better crypto and blockchain development

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.

Source : CryptoNinjas
12 days ago

Trust Wallet launches anticipated browser extension of its crypto management app

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.

Source : CryptoNinjas
16 days ago

BlockFills launches end-to-end enterprise crypto trading technology stack

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.

Source : CryptoNinjas
16 days ago

HashKey Group receives approval to operate crypto exchange from Hong Kong SFC

Hash Blockchain Limited (HBL), a member of the HashKey Group (HashKey), a blockchain asset financial services group in Asia, announced today it has received approval from the Securities and Futures Commission of Hong Kong (SFC) to operate a virtual asset trading platform, under a Type 1 (dealing in securities) license and a Type 7 (automated […]

The post HashKey Group receives approval to operate crypto exchange from Hong Kong SFC appeared first on CryptoNinjas.

Source : CryptoNinjas
17 days ago

Pundi X’s on-chain payment app for merchants now called Cashier Pro, adds Tron

Pundi X, a blockchain payments startup, recently announced that its “On-chain payment” function within its XPOS crypto point-of-sale platform is now known as “Cashier Pro” and available for all merchants. Cashier Pro enables merchants to accept crypto payments from 3rd party blockchain wallet users across multiple blockchain networks, including Bitcoin Lightning Network, BNB Chain, Ethereum, and […]

The post Pundi X’s on-chain payment app for merchants now called Cashier Pro, adds Tron appeared first on CryptoNinjas.

Source : CryptoNinjas
19 days ago

Solana-powered sports wagering platform BetDEX to launch ahead of World Cup

BetDEX Labs, the company behind BetDEX, a new sports betting exchange for peer-to-peer wagering, this week announced that the BetDEX Exchange will officially launch on the Solana mainnet on Thursday, November 17th, which coincides with the beginning of the 2022 World Cup. Just recently, BetDEX became one of the first licensed sports betting exchanges built […]

The post Solana-powered sports wagering platform BetDEX to launch ahead of World Cup appeared first on CryptoNinjas.

Source : CryptoNinjas
23 days ago

Crypto exchange company OKX secures registration in Bahamas, opens office in Nassau

OKX, one of the largest crypto exchanges by volume and a leading web3 platform, today announced its registration as a Digital Asset Business in The Bahamas under the newly adopted Digital Assets and Registered Exchanges (DARE) Act. The company has also formed a new subsidiary, OKX Bahamas, for which it appointed Dr. Jillian Bethel, a […]

The post Crypto exchange company OKX secures registration in Bahamas, opens office in Nassau appeared first on CryptoNinjas.

Source : CryptoNinjas
31 days ago

Crypto services company Blockchain.com opens waitlist for new Visa debit card

Today, crypto services company Blockchain.com, announced the launch of its new Visa debit card. With the Blockchain.com Visa card, users can spend any crypto in their Blockchain.com Wallet without fees while earning 1% back in crypto on all purchases. Key Features: Works like a debit card – Pay from crypto or cash balances anywhere Visa […]

The post Crypto services company Blockchain.com opens waitlist for new Visa debit card appeared first on CryptoNinjas.

Source : CryptoNinjas
106 days ago

Crypto exchange Kraken’s second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT

Kraken, the popular crypto exchange, has announced the results of its second 2022 Proof of Reserves audit, which has now been expanded beyond *BTC, and ETH* to include USDT, USDC, XRP, ADA*, and DOT.  *Indicates Proof of Reserves audit covered assets held both on Kraken’s spot exchange and Kraken’s staking platform. The addition of five […]

The post Crypto exchange Kraken’s second reserves audit adds 5 new assets: USDT, USDC, XRP, ADA, and DOT appeared first on CryptoNinjas.

Source : CryptoNinjas
107 days ago

Blocknative releases new tool to enable high-speed propagation of ETH transactions

Blocknative, a web3 infrastructure company, today launched the Transaction Distribution Network (TDN). This tool allows blockchain users to respond to pre-chain risks and opportunities faster than ever, ensuring each transaction has the best chance of getting into the next block. The result is better, more predictable outcomes when submitting or replacing transactions. TDN works by […]

The post Blocknative releases new tool to enable high-speed propagation of ETH transactions appeared first on CryptoNinjas.

Source : CryptoNinjas
107 days ago

SynFutures plans to integrate with Router Protocol to improve multi-chain access

SynFutures, a decentralized derivatives exchange, announced today a new partnership with Router, a cross-chain protocol that enables fund transfer, asset swaps, and cross-chain applications. The projects will work together to expand their respective ecosystems and explore integration, taking a crucial step in SynFutures’ mission to become a multi-chain trading platform. Cross-chain, or blockchain interoperability, refers […]

The post SynFutures plans to integrate with Router Protocol to improve multi-chain access appeared first on CryptoNinjas.

Source : CryptoNinjas
108 days ago

New Serum powered DEX for Solana from Vybe Network launches

Today it was announced from the Serum community the launch of Vybe DEX, a data-driven trading interface powered by Serum’s central limit order book & matching engine, built by Vybe Network. Vybe Network is a data infrastructure solution that enables the Solana community to query, index, and share on-chain data to build web3 dApps and […]

The post New Serum powered DEX for Solana from Vybe Network launches appeared first on CryptoNinjas.

Source : CryptoNinjas
108 days ago

Brazil payment app PicPay launches new crypto exchange service with Paxos technology

PicPay, a Brazil-based payment app, has announced will now allow its users to buy, sell and hold cryptocurrencies, in its first foray into the crypto market. Today, PicPay launches its cryptocurrency exchange service, which initially supports trading of Bitcoin and Ethereum, as well as USDP. The exchange is operated in partnership with Paxos, a blockchain […]

The post Brazil payment app PicPay launches new crypto exchange service with Paxos technology appeared first on CryptoNinjas.

Source : CryptoNinjas
108 days ago

BitPay teams with Dosh to enable cashback rewards on crypto debit card

BitPay, the bitcoin and crypto payment processing platform, announced today that users of its BitPay Card will now be rewarded with automatic cashback rewards when swiping the card at thousands of retailers. Thanks to a new partnership with Dosh, when spending with the BitPay Card, users will see crypto cashback rewards add up directly in […]

The post BitPay teams with Dosh to enable cashback rewards on crypto debit card appeared first on CryptoNinjas.

Source : CryptoNinjas
109 days ago

“Move-and-earn” app STEPN to utilize LINE Blockchain for the Japanese market

LINE, the Japanese corporation specializing in mobile technologies, announced today that LINE Xenesis and Find Satoshi recently concluded an MOU aiming to utilize LINE Blockchain in the localization of STEPN for the Japanese market. STEPN is a “move-and-earn” blockchain game that lets players earn crypto assets equivalent to the number of steps they’ve taken. Since […]

The post “Move-and-earn” app STEPN to utilize LINE Blockchain for the Japanese market appeared first on CryptoNinjas.

Source : CryptoNinjas
109 days ago

Crypto risk & intel platform Merkle Science extends its Series A to over $24M

Merkle Science, a predictive crypto risk and intelligence platform, today announced an extension of more than $19 million to its Series A funding round, this now brings the total raised to over $24 million. New investments will help accelerate the company’s growth and be used for expansion across the U.S. and Europe, as well as […]

The post Crypto risk & intel platform Merkle Science extends its Series A to over $24M appeared first on CryptoNinjas.

Source : CryptoNinjas
109 days ago

Tetrix and Pitaka crypto wallet launch ‘Tetrix Link’ to digitize contact exchange

Today it was announced by Filipino-led blockchain Tetrix Network and Pitaka crypto wallet, the launch of Tetrix Link, an NFC card that enables users to select and store information, such as their personal contact details and relevant social media accounts, and share these data when they tap or hover over their card to an NFC-enabled […]

The post Tetrix and Pitaka crypto wallet launch ‘Tetrix Link’ to digitize contact exchange appeared first on CryptoNinjas.

Source : CryptoNinjas
110 days ago

THORWallet expands DeFi swap functionality with Rango Exchange integration

THORWallet, a non-custodial wallet that allows users to swap native crypto-assets across chains and earn passive income on them, today announced a new partnership with multi-chain DEX, Rango Exchange. For the first time, THORWallet DEX users can now execute cross-chain swaps on assets beyond those available in THORChain pools, starting with cross-chain swaps compatible with […]

The post THORWallet expands DeFi swap functionality with Rango Exchange integration appeared first on CryptoNinjas.

Source : CryptoNinjas
110 days ago

pSTAKE’s BNB liquid staking solution (stkBNB) is now live

pSTAKE, a liquid staking protocol that unlocks liquidity for staked assets, announced its BNB liquid staking solution (stkBNB) is now live on mainnet. Users can leverage their stkBNB tokens to pursue DeFi opportunities across the BNB Chain ecosystem. Launched today, stkBNB is now live on PancakeSwap to provide liquidity pools, yield-farming, and yield optimization. More […]

The post pSTAKE’s BNB liquid staking solution (stkBNB) is now live appeared first on CryptoNinjas.

Source : CryptoNinjas
110 days ago

DeFi liquidity mining platform Grizzly.fi collects $26M in ‘Community Fair Launch’

Grizzly.fi, a crypto yield farming platform, announced today it has collected $26 million in its so-called ‘Community Fair Launch.’ The raise is the best performing in history on BNB Chain without a launchpad. The project collected four times more than the previous record holder on the Binance BNB Chain, making them the 10th biggest BNB […]

The post DeFi liquidity mining platform Grizzly.fi collects $26M in ‘Community Fair Launch’ appeared first on CryptoNinjas.

Source : CryptoNinjas
113 days ago

New Overledger release now supports QRC-721 NFTs on Tokenise developer API

Quant Network, the provider of enterprise-grade blockchain solutions, announced today that its blockchain gateway Overledger now provides users the ability to create native QRC-721 non-fungible tokens (NFTs) and deploy them onto the Ethereum, Polygon, and XDC mainnets. Developers can work with QRC-721 through Overledger Tokenise, one of Quant’s premium APIs, which enables even those with […]

The post New Overledger release now supports QRC-721 NFTs on Tokenise developer API appeared first on CryptoNinjas.

Source : CryptoNinjas
114 days ago

CME Group set to list euro-denominated Bitcoin (BTC) and Ether (ETH) futures

CME Group, a leading derivatives marketplace, today announced its plans to expand further its cryptocurrency derivatives offering with the introduction of Bitcoin and Ether futures denominated in EUR on Monday, August 29th, pending regulatory review. Designed to match their U.S. dollar-denominated counterparts, Bitcoin Euro and Ether Euro futures contracts will be sized at five bitcoin […]

The post CME Group set to list euro-denominated Bitcoin (BTC) and Ether (ETH) futures appeared first on CryptoNinjas.

Source : CryptoNinjas
114 days ago

Polkadot-based gateway Astar Network now supported on blockchain development platform Alchemy

Alchemy, a blockchain development platform, announced it now supports Polkadot parachain Astar Network, delivering developers more tools and services to build on the multi-chain smart contract hub. “Supporting the developer ecosystem is Astar’s driving motivation. By partnering with Alchemy and making their blockchain engine available to Astar developers, we will bring even more innovation and […]

The post Polkadot-based gateway Astar Network now supported on blockchain development platform Alchemy appeared first on CryptoNinjas.

Source : CryptoNinjas
115 days ago

Crypto intel platform Metrika adds support for Hedera network activity & performance

Metrika, an operational intelligence platform for blockchain and distributed ledger networks, today announced a collaboration with Hedera to provide enhanced visibility and transparency for the different applications across the company’s network ecosystem. The Hedera network ecosystem will now have access to Metrika’s blockchain and distributed ledger technology (DLT) monitoring and analytics platform, offering the community […]

The post Crypto intel platform Metrika adds support for Hedera network activity & performance appeared first on CryptoNinjas.

Source : Wallet Invester
1524 days ago

Bitcoin $6609.990 – CryptoCurrency Trading Report – 24.09.2018 09:08

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.

Source : Wallet Invester
1524 days ago

Bitcoin $6668.000 – CryptoCurrency Trading Report – 24.09.2018 08:08

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.

Source : Wallet Invester
1524 days ago

Bitcoin $6640.360 – CryptoCurrency Trading Report – 24.09.2018 07:08

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.

Source : Wallet Invester
1524 days ago

Bitcoin $6674.850 – CryptoCurrency Trading Report – 24.09.2018 06:07

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.

Source : Wallet Invester
1524 days ago

Bitcoin $6686.310 – CryptoCurrency Trading Report – 24.09.2018 05:07

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.

Source : Wallet Invester
1524 days ago

Bitcoin $6704.570 – CryptoCurrency Trading Report – 24.09.2018 04:07

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.

Source : Wallet Invester
1524 days ago

Bitcoin $6709.350 – CryptoCurrency Trading Report – 24.09.2018 03:07

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.

Source : Wallet Invester
1524 days ago

Bitcoin $6709.780 – CryptoCurrency Trading Report – 24.09.2018 02:07

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.

Source : Wallet Invester
1524 days ago

Bitcoin $6687.450 – CryptoCurrency Trading Report – 24.09.2018 01:07

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.

Source : Wallet Invester
1524 days ago

Bitcoin $6692.560 – CryptoCurrency Trading Report – 24.09.2018 00:07

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.

Source : Finance Magnates
3 days ago

ASIC Seeks Civil Penalty from Block Earner for Unlicensed Crypto Offerings

<p>Australian financial market regulator continues its crackdown against illegal cryptocurrency offerings, with its latest civil penalty proceedings against Web3 Ventures Pty Ltd, operating under its tradename Block Earner.</p><p>The <a href="https://www.financemagnates.com/tag/asic/" target="_blank">Australian Securities and Investments Commission</a> (ASIC) alleged that the fintech company provided unlicensed financial services with its cryptocurrency offerings and operated an unregistered managed investment scheme.</p><p>Block Earner does not have an Australia Financial Services (AFS) license but is an AUSTRAC-registered digital currency exchange. It offered several cryptocurrency-based fixed-yield earning products, including USD Earner, Gold Earner and Crypto Earner, collectively known as Earner Products.</p><p>According to ASIC, these 'Earner Products' are financial products that fall under managed investment schemes and require proper licensing. It is now seeking declarations, injunctions and pecuniary penalties.</p><p>"We are concerned that Block Earner offered financial products without appropriate registration or an Australian Financial Services license, leaving consumers without important protections," said Sarah Court, the Deputy Chair at ASIC. "Simply because a product hinges on a crypto-asset, does not mean it falls outside financial services law."</p><p>Actions against Crypto Firms</p><p>Earlier, the Aussie regulator temporarily <a href="https://www.financemagnates.com/cryptocurrency/asic-temporarily-halts-holons-cryptocurrency-funds/" target="_blank">suspended three cryptocurrency funds of Holon</a>, citing inappropriate target market determination. On top of that, it is seeking <a href="https://www.financemagnates.com/cryptocurrency/asic-sues-bps-for-misleading-promotion-of-qoin-tokens/" target="_blank">civil penalties from BPS Financial</a> for alleged false representation when marketing for Qoin, a crypto asset token.</p><p>Court added: "ASIC is aware that many consumers are interested in purchasing or investing in crypto-assets. Crypto-assets are risky, inherently volatile and complex, and ASIC remains concerned that potential investors in crypto-assets may not fully appreciate the risks involved. ASIC supports the development of an effective regulatory framework covering crypto-assets to protect consumers and investors."</p><p>Meanwhile, the regulator <a href="https://www.financemagnates.com/cryptocurrency/asic-suspends-ftxs-afs-license/" target="_blank">suspended the license of the local entity of FTX</a> until May 2023 following the collapse of the cryptocurrency exchange giant. The regulator even warned against <a href="https://www.financemagnates.com/forex/asic-warns-against-fake-ipo-investment-frauds/" target="_blank">fake initial coin offering </a>(ICO) fraud and showed how to spot a cryptocurrency scam.</p> This article was written by Arnab Shome at www.financemagnates.com.
Source : Finance Magnates
3 days ago

Huobi Global Rebrands to Huobi, Aims for a Caribbean Office

<p> Huobi, a major <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_1" class="terms__main-term">cryptocurrency exchange</a> founded in China, has launched and refreshed its brand and changed its name from 'Huobi Global' to 'Huobi'. According to Wednesday's press release, the newest branding strategy unites with the global expansion plans and the recent acquisition by About Capital, a Hong Kong-based buyout fund.</p><p class="MsoNormal">The name <a href="https://www.financemagnates.com/tag/huobi/">Huobi</a> originates from two Chinese characters representing 'perpetual vitality' and 'determination to win'. The name is meant to reflect the platform's desire to return to the ranks of the three most prominent cryptocurrency exchanges in China and provide professional cryptocurrency management services.</p><p class="MsoNormal">"Huobi will keep focusing on creating cutting-edge assets and supporting assets with strong market potential, as well as empowering communities built on projects. In keeping with the spirit of using science and technology for good, Huobi will strive to build a safer and more stable environment for users to participate in early-stage quality projects," Huobi commented in a press release.</p><p class="MsoNormal">The Chinese cryptocurrency platform wants to start its global expansion by establishing its new branch in the Caribbeans, utilizing local laws supporting the crypto expansion and the common use of the English language. </p><p class="MsoNormal">At the same time, Huobi intends to strengthen its investments in Europe and Southeast Asia, aiming to offer new solutions and products to its existing user base. The exchange intends to explore mergers and acquisitions and recruit global talent from the cryptocurrency and <a href="https://www.financemagnates.com/terms/b/blockchain/" target="_blank" id="be18ed01-45fc-4044-b447-06802a10dbcd_1" class="terms__secondary-term">blockchain</a> industries to accelerate its growth.</p><p class="MsoNormal">Huobi Moves Around the World</p><p class="MsoNormal">One of the oldest crypto exchanges, established back in 2013, began global moves a long time before the current rebranding. In May 2022, <a href="https://www.financemagnates.com/cryptocurrency/news/huobi-global-acquires-bitex-expands-presence-in-latin-america/">Huobi acquired Bitex</a>, a crypto exchange with a strong presence in Argentina, Chile, Paraguay and Uruguay, to enhance its business in the Latin America region. LATAM is currently one of the fastest-growing digital asset regions in the world, remaining in the top 5 in terms of cryptocurrency adoption.</p><p class="MsoNormal">Four months later, <a href="https://www.financemagnates.com/cryptocurrency/regulation/huobi-gains-regulatory-approval-in-the-british-virgin-islands/">Huobi gained regulatory approval</a> from the Financial Services Commission (FSC) for the British Virgin Islands. The authorization was granted to Huobi's local branch, Brtuomi Worldwide Limited (BWL). The new license will enable Huobi to start derivatives and spot crypto trading in new jurisdictions.</p><p class="MsoNormal">However, the last few months have not proved to be totally trouble-free. In June, <a href="https://www.financemagnates.com/cryptocurrency/news/huobi-to-shut-down-thai-operations-in-july/">Huobi informed the public about shutting down its operations in Thailand</a> due to the cancellation of its local license after the digital asset services provider failed to fix system issues despite several extensions.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Source : Finance Magnates
3 days ago

FSMA Warns against Clone of CoinDesk and 30 Fraudulent Trading Platforms

<p> The Financial Services and Markets Authority (<a href="https://www.financemagnates.com/tag/fsma/" target="_blank">FSMA</a>), Belgium's financial market regulatory watchdog, flagged 30 <a href="https://www.financemagnates.com/terms/o/online-trading/" target="_blank" id="93afd583-ea4d-45cf-a1e0-8d951e5d8f48_1" class="terms__secondary-term">online trading</a> platforms offering unlicensed services in the country. A clone of CoinDesk, a popular crypto news website owned by venture capital firm Digital Currency Group (DCG), is one of them. </p><p class="MsoNormal">Potential fraudsters' names and website addresses present a broad mix of contracts for difference (<a href="https://www.financemagnates.com/tag/cfds/" target="_blank">CFDs</a>), wealth management and cryptocurrency trading services. Some of these platforms are ApexCryptoLive, Bitnexltd, FortuneFX, Spotchains, Vexxsel and a <a href="https://www.financemagnates.com/terms/c/clone/" target="_blank" id="c02bac54-0735-474c-8969-06d3fdb49589_2" class="terms__main-term">clone</a> website of CoinDesk dubbed Coinsdesk (coinsdesk.org). At the time of writing, the website is no longer available. </p><p class="MsoNormal">The complete list, which was prepared after the Belgian regulator received complaints from consumers, is available on the <a href="https://www.fsma.be/en/warnings/fsma-identifies-new-fraudulent-online-trading-platforms-3">regulator's website</a>.</p><p class="MsoNormal">Fraudsters Use Aggressive Tactics</p><p class="MsoNormal">According to the most recent FSMA press release, the listed platforms act "very aggressively" to obtain new clients and persuade the victims to grant remote access to their personal computers. Popular tactics also include encouraging people to deposit growing sums of money after unsuccessful investments and providing the option to withdraw funds after making one more final deposit. </p><p class="MsoNormal">Users who have been scammed in this manner often complain about the inability to get their money back and the lack of contact with the fraudsters after they invested their money. The FSMA warns that, in most cases, these are blatant examples of investment crime.</p><p class="MsoNormal">"Fraudsters not only act without the necessary authorizations, but they also divert the invested funds. In such cases, investors are unable to recover their funds because these illegal service providers are generally located abroad," Belgium's FSMA commented.</p><p class="MsoNormal">The newest list was published two months after the Belgian market watchdog <a href="https://www.financemagnates.com/forex/belgiums-fsma-red-flags-40-trading-platforms-as-fraudulent/">flagged 30 other online trading platforms</a> for their fraudulent activities.</p><p class="MsoNormal">According to the most recent report by the FSMA on financial fraud <a href="https://www.financemagnates.com/forex/financial-frauds-in-belgium-jumped-by-60-in-h1-2021/">published</a> in October 2021, the number of investment scams in the first half of last year jumped by 60% compared to the same period a year earlier.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Source : Finance Magnates
1 days ago

How Blockchain, Digital assets, and Web3 Unlock Financial Inclusion Globally

<p>Albeit the world is aggressively progressing toward a digital economy, millions of people and communities lack even the most basic amenities. In Sub-Saharan Africa, for example, over 80 million adults remain unbanked and have to resort to cash for all transactions. Whereas the Middle East and North African region count for about 20 million adults with no bank accounts, including 10 million in the Arab Republic of Egypt, according to the <a href="https://globalfindex.worldbank.org/">Global Findex 2021 database</a>.</p><p>Government policies promise to bring about financial inclusivity, but the results are null to disappointing. The vulnerable and underprivileged sections of society still have no access to financial services such as banking, insurance, equity products, etc. Bill Gates, the Co-Chair of the Bill and Melinda Gates Foundation, once said: “The world must build a more inclusive and resilient economy and provide a gateway to prosperity for billions of people.” </p><p>In the endeavour to elevate financial inclusion, blockchain technology sparks a new ray of hope for the underserved community. </p><p>How Is Blockchain Revamping the Game?</p><p>The question is ‘how?’ (i) Blockchain facilitates the account opening process. (ii) <a href="https://www.financemagnates.com/terms/b/blockchain/" target="_blank" id="be18ed01-45fc-4044-b447-06802a10dbcd_4" class="terms__main-term">Blockchain</a> is immutable and reinforces trust. (iii) It addresses the issue of high fees, etc. Listed below are some innovative blockchain projects aiming to accelerate marginalised inclusion and socio-economic growth.</p><p>Fuse Partners with ChromePay to Bolster Financial Inclusivity in Sub-Saharan Africa</p><p>In Sub-Saharan Africa, the lack of an identity document, to date, remains a barrier against achieving financial inclusion, per the Global Findex 2021 database. Note that nearly 30% of adults lack identification documents. However, to cure the problem, WEB 3 has given impetus to a novel decentralised identity service, also known as DID. DID enables people to control their own digital identity without depending on any centralised or certified authority.</p><p>Fuse, a WEB 3 payments platform has partnered with ChromePay, an identity-based payment solution, to bolster financial inclusivity in Africa. The alliance centers around ChromePay's decentralized identity service, or DID, which the companies claim will enable millions of Africans lacking identity documents to participate in the WEB 3 economy. Wielding the Fuse blockchain, ChromePay will provide users with numerous digital financial services.</p><p>Shariah-Compliant Blockchain to Bolster the Global Muslim Community</p><p>The goal of halal blockchains is to build financial systems that would abide by Islamic views and traditions on finance, and, therefore, unlock access to financial services for the 2-billion Muslim community worldwide. One of such networks is Haqq – Arabic for "truth". It aims to bolster innovations and sustainable long-term growth via a dedicated DAO and Dapps on it. </p><p> According to its documentation, 10% of the issued amount of its native cryptocurrency is deposited into the Evergreen DAO each time a new coin is minted. Moreover, this DAO is governed by network participants. With the motive of bringing direct economic value to the community, the Evergreen DAO either invests in Islamic Internet projects or donates deposits directly to Islamic charities.</p><p>Halal Blockchain of South-East Asia Ensures Food Authenticity</p><p>Islam is experiencing rapid growth in terms of population. <a href="https://www.pewresearch.org/">Pew Research Center</a> (2018) claims Islam will expand as the world's largest religious group in the looming fifty years. While the growing population has spurred the demand for Halal food, there is persistent stress in the community regarding Halal food authenticity. However, Sreeya an Indonesia-based major poultry industry player, pledged to diminish this stress.</p><p>In 2020, Sreeya collaborated with blockchain-based company HARA and data analytics firm Dattabot to implement a blockchain-based traceability system. The cultivation of a traceability system enabled consumers to trace the entire journey of the poultry at the slaughterhouse, thus, stimulating customer confidence in the Halal process. Unsurprisingly, Sreeya also received a Halal certification.</p><p>Digital Revolution Accelerates Financial Inclusion</p><p>“The digital revolution has catalysed an increase in the access and use of financial services across the world, transforming ways in which people make and receive <a href="https://www.financemagnates.com/terms/p/payments/" target="_blank" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45_2" class="terms__secondary-term">payments</a>, borrow, and save,” said the President of the World Bank Group, David Malpass. </p><p>The advent of WEB 3 and the widespread adoption of blockchain undoubtedly illustrates a bullish and novel option for financial inclusion of the unbanked, underbanked and unserved, allowing them to engage freely with the global economy.</p> This article was written by Mohammed AlKaff AlHasmi at www.financemagnates.com.
Source : Finance Magnates
2 days ago

Binance Aims for $1 Billion Crypto Recovery Fund

<p class="MsoNormal text-align-justify">Binance, the world’s largest cryptocurrency exchange, is aiming to amass about $1 billion dollars in a crypto recovery fund targeted at purchasing distressed digital assets.</p><p class="MsoNormal">Changpeng Zhao, Binance’s CEO, told Bloomberg Television on Thursday that the leading exchange is willing to extend the target amount if need be. The fund will be open to contributions from participants in the cryptocurrency industry, the CEO added.</p><p class="MsoNormal">Over a week ago, Zhao announced that it was forming an industry recovery fund “to reduce further cascading negative effects of FTX.” In addition, the fund will help “projects who are otherwise strong but in a liquidity crisis,” Zhao said.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2</p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1592044496174612482?ref_src=twsrc%5Etfw">November 14, 2022</a></blockquote><p class="MsoNormal">Crypto Troubles</p><p class="MsoNormal">The leading crypto exchange’s announcement comes weeks after the cryptocurrency exchange, FTX, <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/">filed for bankruptcy protection</a> in the United States following <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/">a liquidity crisis</a> and <a href="https://www.financemagnates.com/cryptocurrency/binance-pulls-out-of-ftx-acquisition-crypto-chaos-ensues/?utm_source=FMnewsletter&utm_medium=email&utm_campaign=10.11.22%2F">a failed bail-out attempt</a> from Binance. New revelations from the bankruptcy proceedings suggest that FTX could owe up to 1 million creditors as the once-beloved exchange <a href="https://www.financemagnates.com/cryptocurrency/ftx-saw-complete-failure-of-corporate-controls-under-bankman-fried/">was poorly managed</a> under Sam Bankman-Fried, its Founder and former CEO.</p><p class="MsoNormal">In the past few months, the crypto markets have been thrown into turmoil with the failure of major crypto firms. In May, <a href="https://www.financemagnates.com/cryptocurrency/was-terra-luna-death-spiral-a-result-of-an-inside-job/">Luna and TerraUST collapsed</a>, wiping out an estimated $60 billion from the cryptocurrency market. In the aftermath of this collapse, the crypto asset broker, Voyager Digital and the digital asset lender, Celcius Network <a href="https://www.financemagnates.com/cryptocurrency/news/voyager-calls-alamada-ftxs-offer-low-ball-bid-bankman-fried-hits-back/">went bankrupt</a>. </p><p class="MsoNormal">Initially, FTX <a href="https://www.financemagnates.com/cryptocurrency/ftx-us-wins-bid-to-acquire-voyager-digitals-crypto-assets/">won the bid</a> to acquire Voyager Digital. However, with the crypto exchange struggling with its crumbling empire, <a href="https://www.financemagnates.com/cryptocurrency/binanceus-wants-to-acquire-bankrupt-crypto-lending-platform-voyager/">Binance has started positioning itself</a> to take over the bankrupt cryptocurrency brokerage firm. On the other hand, the cryptocurrency markets continue to suffer price hits, with Bitcoin earlier this week sinking to its lowest level since November 2020.</p><p class="MsoNormal">Bybit Offers Support</p><p class="MsoNormal">Meanwhile, Bybit, a cryptocurrency exchange with headquarters in Singapore, <a href="https://www.financemagnates.com/cryptocurrency/bybit-supports-crypto-market-makers-with-100m-fund/">launched a $100 million fund</a> on Thursday to support old and new market markers “during this challenging period.” The exchange plans to provide up to $10 million to institutional clients on its platform as well as to dedicated account managers.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">“We are all in this together, and it’s up to everyone to do what they can to support our industry, and this is one way we are helping to give back” - <a href="https://twitter.com/benbybit?ref_src=twsrc%5Etfw">@benbybit</a> 💪💪<a href="https://twitter.com/hashtag/Bybit?src=hash&ref_src=twsrc%5Etfw">#Bybit</a> <a href="https://twitter.com/hashtag/TheCryptoArk?src=hash&ref_src=twsrc%5Etfw">#TheCryptoArk</a> <a href="https://t.co/mX8jW6O3vG">https://t.co/mX8jW6O3vG</a></p>— Bybit (@Bybit_Official) <a href="https://twitter.com/Bybit_Official/status/1595739661942415360?ref_src=twsrc%5Etfw">November 24, 2022</a></blockquote><p class="MsoNormal">According to the latest data from CoinMarketCap, Bybit, with $389.5 million in crypto spot volume, ranks 11th on the list of the largest crypto exchanges. Binance continues to lead the table, with $12.3 billion in crypto spot volume in the past 24 hours.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
Source : Finance Magnates
1 days ago

Binance Launches Proof of Reserves for Bitcoin

<p class="MsoNormal text-align-justify">Binance, the world’s largest cryptocurrency exchange by trading volume, on Friday launched the Proof of Reserves (PoR) for its Bitcoin (BTC) holdings in its latest show of transparency to reassure customers of its health following the sudden collapse of top cryptocurrency exchange FTX.</p><p class="MsoNormal">A PoR is an independent audit conducted by a third party that seeks to confirm that a digital asset custodian truly holds the assets it claims it has in reserves to secure customers' funds. The <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank">fall of once-beloved FTX</a> is currently driving renewed interest in PoR in the cryptocurrency community.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">As part of our ongoing commitment to transparency, we have provided new updates on <a href="https://twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw">#Binance</a>’s Proof of Reserves. Further updates for <a href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw">$ETH</a>, <a href="https://twitter.com/search?q=%24USDT&src=ctag&ref_src=twsrc%5Etfw">$USDT</a>, <a href="https://twitter.com/search?q=%24USDC&src=ctag&ref_src=twsrc%5Etfw">$USDC</a>, <a href="https://twitter.com/hashtag/BUSD?src=hash&ref_src=twsrc%5Etfw">#BUSD</a> & <a href="https://twitter.com/hashtag/BNB?src=hash&ref_src=twsrc%5Etfw">#BNB</a> will be coming in the near future.Stay tuned.</p>— Binance (@binance) <a href="https://twitter.com/binance/status/1596115656059109377?ref_src=twsrc%5Etfw">November 25, 2022</a></blockquote><p class="MsoNormal">Merkle Tree Data</p><p class="MsoNormal">The new update comes two weeks after Binance <a href="https://www.financemagnates.com/cryptocurrency/cryptocom-releases-cold-wallet-addresses-of-select-largest-assets/">published the cold wallet addresses</a> and balances of six of the 600 coins traded on its platform. Details shared by the top exchange showed that it has about 475,000 BTC, 4.8 million ETH, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC and 58 million BNB.</p><p class="MsoNormal text-align-justify">In a statement shared with Finance Magnates on Friday, Binance noted that it has also made it possible for users to verify its BTC holdings with the Merkle Tree data structure. The exchange described the PoR for BTC as “the first interaction of the feature,” adding that it will introduce verification for Ether, USDT, USDC, BUSD and BNB "soon."</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">A Merkle Tree is a cryptographic tool that enables the consolidation of large amounts of data into a single hash.On <a href="https://twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw">#Binance</a>, you can use Merkle's Trees to verify your <a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a> is held 1:1, and you can have it verified by a third-party audit agency. Here's how it works ⤵️ <a href="https://t.co/ZH1DN27jWO">pic.twitter.com/ZH1DN27jWO</a></p>— Binance (@binance) <a href="https://twitter.com/binance/status/1596202200266846208?ref_src=twsrc%5Etfw">November 25, 2022</a></blockquote><p class="MsoNormal">“Binance is also working to onboard an independent third-party auditor to validate the Merkle Tree data,” the exchange said, adding that it has designed a new PoR site to show that it holds client funds in full, with reserves.</p><p class="MsoNormal">“So, in simple terms, when a user deposits one Bitcoin, Binance’s reserves increase by at least one Bitcoin to ensure client funds are fully backed. People will be able to check the site and see Binance’s Proof of Reserves, showing Binance’s reserve ratio alongside customer liabilities,” <a href="https://www.financemagnates.com/tag/binance/" target="_blank">Binance</a> explained.</p><p class="MsoNormal text-align-justify">‘Massive Undertaking’</p><p class="MsoNormal">In the statement, Changpeng Zhao, Binance’s CEO and Founder described the new project as “a massive undertaking.” He added that developing the data required for the majority of assets under the exchange's custody requires a few weeks.</p><p class="MsoNormal">“Given recent events, it is understandable that the community will demand more from crypto exchanges, far more than what is currently required of traditional financial institutions. That’s why we are pleased to provide this latest feature for our users to verify their funds,” Zhao explained. </p><p class="MsoNormal">The CEO assured that the firm was working to get the next update out as quickly as possible to meet the expectations of the cryptocurrency community.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
Source : Finance Magnates
4 days ago

Bitget Opens in Seychelles, Wants to Double Staff Globally

<p> Bitget, a major cryptocurrency <a href="https://www.financemagnates.com/terms/t/trading-platform/" target="_blank" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6_1" class="terms__main-term">trading platform</a>, announced on Tuesday that it registered a new office in Seychelles to accelerate its global expansion. The digital assets exchange also wants to increase its current workforce by 50%, reaching 1,200 employees by the first three months of next year.</p><p class="MsoNormal">According to the press release, <a href="https://www.financemagnates.com/tag/bitget/">Bitget</a> operations are 'decentralized' without specific headquarters. Instead, the platform is opening branches in strategic locations to cover as many markets as possible.</p><p class="MsoNormal">The Bitget branch in Seychelles was registered under the 2016 International Business Companies Act. In the past few weeks, the cryptocurrency exchange established new branches in LATAM and Asia markets, continuing the expansion set in the corporate strategy.</p><p class="MsoNormal">"We see Seychelles as a friendly region for the crypto community. We have been working for several months on this registration and are happy to announce the development now. The registration in Seychelles offers a constructive environment for Bitget, enabling us to unlock collaborations with partners and strengthen banking relationships, along with our expansion with different partnerships," Gracy Chen, the Managing Director of Bitget, said.</p><p class="MsoNormal">"It is crucial for us to recruit high-calibre candidates globally and set up regional hubs to aid local communication and coordination in strategic markets simultaneously."</p><p class="MsoNormal">To better address current user demand and support the future growth of its core business, Bitget wants to employ more market professionals worldwide, setting a new target of a headcount of 1,200 by the end of next quarter. In June 2022, Bitget employed 450 people and in only four months, the number jumped by 78% to over 800.</p><p class="MsoNormal">Bitget Increased Protection Fund after FTX Turmoil</p><p class="MsoNormal">The cryptocurrency platform has confirmed over the past month that it is betting on more aggressive expansion. In October, Bitget signed a partnership agreement with <a href="https://www.financemagnates.com/cryptocurrency/leo-messi-becomes-bitget-crypto-exchange-ambassador/">Lionel (Leo) Messi</a> and announced the newest addition to its trading offering dubbed <a href="https://www.financemagnates.com/cryptocurrency/bitget-presents-insights-social-trading-platform/">'Bitget Insights'</a>.</p><p class="MsoNormal">Reacting to the market turmoil caused by <a href="https://www.financemagnates.com/cryptocurrency/bitget-raises-protection-fund-to-300m-after-ftx-turmoil/">the collapse of the FTX</a> <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_2" class="terms__secondary-term">cryptocurrency exchange</a>, the platform has <a href="https://www.financemagnates.com/cryptocurrency/bitget-raises-protection-fund-to-300m-after-ftx-turmoil/">decided</a> to increase the value of its Protection Fund to $300 million. The Protection Fund was originally introduced a few months ago with a fund worth $200 million.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Source : Finance Magnates
4 days ago

FTX’s Collapse Troubles African Fintech Firms

<p class="MsoNormal text-align-justify">The collapse of the once-beloved cryptocurrency exchange, FTX, is having an impact on some fintech companies in Africa. </p><p class="MsoNormal">Days after FTX <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/">filed for Chapter 11 bankruptcy</a> protection in the United States, Nestcoin, a Nigerian web3 startup, announced that it was laying off some of its employees as the firm held its assets (cash and stablecoins) on FTX. This was “to manage our operational expenses,” the startup said. </p><p class="MsoNormal">Nestcoin, which was launched in November 2021, explained that it had raised capital from a range of investors last year, including Alameda Research, a <a href="https://www.financemagnates.com/terms/q/quantitative-trading/" target="_blank" id="32ff8617-02f8-4edf-bede-2633a34faa07_1" class="terms__main-term">quantitative trading</a> firm and corporate sibling of FTX. </p><p class="MsoNormal">"For context, Alameda's equity is less than 1%. We used the closely-associated exchange, FTX, as a custodian to store a significant proportion of the stablecoin investment we raised -- i.e. our day-to-day operation budget," Yele Bademosi, Nestcoin's Founder explained in a statement shared on Twitter.</p><p class="MsoNormal">Additionally, Nestcoin clarified that it was not engaged in any trading "but simply custodied our assets on the FTX exchange."</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">An update shared with our investors earlier today on the FTX incident and its impact on <a href="https://twitter.com/Nestcoin?ref_src=twsrc%5Etfw">@Nestcoin</a>. <a href="https://t.co/0Mjo4SYF7R">pic.twitter.com/0Mjo4SYF7R</a></p>— YB (25,25) ⏳ (@YeleBademosi) <a href="https://twitter.com/YeleBademosi/status/1592144271163142145?ref_src=twsrc%5Etfw">November 14, 2022</a></blockquote><p class="MsoNormal">Finance Magnates in February reported that the Nigerian firm, whose portfolio includes a crypto education media, a gaming guild and a blockchain-based payment gateway, <a href="https://www.financemagnates.com/cryptocurrency/serena-williams-invests-in-netcoin-to-make-crypto-mainstream-in-africa/" target="_blank">raised $6.45 million</a> in a funding round that saw the participation of Alameda Research and tennis star Serena Williams’ Serena Ventures. </p><p class="MsoNormal">Other FTX Investments in Africa</p><p class="MsoNormal">However, Nestcoin is only one of a handful of African startups that have received funding support from FTX and sister Alameda Research. In November last year, Chipper Cash, an African fintech <a href="https://www.financemagnates.com/terms/u/unicorn/" target="_blank" id="9bfecec8-3709-4352-ac8a-79370b9279af_1" class="terms__secondary-term">unicorn</a> and cross-border payments firm, raised $150 million from a Series C extension round led by FTX. </p><p class="MsoNormal">Additionally, Alameda Research has invested in MARA, an Africa-focused crypto exchange startup with locations in Nigeria and Kenya; VALR, a South Africa-based digital asset trading platform; and Jambo, a Congo-based web3 startup. </p><p class="MsoNormal">In May 2022, MARA <a href="https://www.financemagnates.com/cryptocurrency/mara-to-build-pan-african-crypto-exchange-advise-cars-president/">raised $23 million</a> in equity and token sales from Alameda Research, Coinbase Ventures and Distributed Global. Also, earlier this year in March, VALR’s US$50 million Series B funding round enjoyed the participation of Alameda Research and top venture capitalists. Furthermore, in February 2022, Jambo raised $7.5 million from Alameda Research and Coinbase to build the “web3 onboarding portal of Africa.”</p><p class="MsoNormal"> Although most of these firms have confirmed that they had zero exposure to FTX, eyes are on them, especially, <a href="https://www.financemagnates.com/cryptocurrency/exchange/ftx-fallout-reveals-a-shambolic-operation/" target="_blank">as events unfold</a> in the aftermath of FTX’s collapse. </p><p class="MsoNormal">Foiled Expansion to Africa?</p><p class="MsoNormal">In one of the latest developments in Africa with regard to FTX's collapse, the Bahamas-headquartered crypto exchange lost its Financial Service Provider (FSP) license in South Africa. This is as Ovex, a South Africa-based cryptocurrency market marker, removed the digital asset firm as its juristic representative. In April last year, The market maker raised R60 million (about $3.5 million) from FTX.</p><p class="MsoNormal">Meanwhile, TechCrunch reported that FTX processed billions of dollars monthly in Africa before it crumbled. Additionally, the crypto exchange was planning to establish an office in Nigeria, Africa’s most populous nation and largest economy, the outlet reported.</p><p class="MsoNormal">In other news, AZA Finance, a Kenya-based payment automation and settlement platform, recently <a href="https://www.financemagnates.com/cryptocurrency/ftxs-bankruptcy-aza-finance-denounces-listing-of-its-entities-in-filing/">denounced FTX’s listing</a> of BTC Africa and 22 of its subsidiaries in its Chapter 11 bankruptcy filing. Elizabeth Rossiello, the CEO and Founder of AZA Finance, clarified that it only entered into a commercial partnership with FTX Africa to help expand web3 in Africa by building "regulated, safe and low-cost payment rails" for FTX. </p><blockquote class="twitter-tweet"><p dir="ltr" lang="en"><a href="https://twitter.com/FTX_Official?ref_src=twsrc%5Etfw">@FTX_Official</a> did NOT acquire <a href="https://twitter.com/aza_africa?ref_src=twsrc%5Etfw">@aza_africa</a> or E4F - this list is incorrect. We were partners ONLY and there was no shareholding. We are licensed in multiple jurisdictions and our shareholding is public. Clearly FTX org chart is as messy as the rest of it</p>— Elizabeth Rossiello (@e_rossiello) <a href="https://twitter.com/e_rossiello/status/1591105632400478208?ref_src=twsrc%5Etfw">November 11, 2022</a></blockquote><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Notice: AZA Finance & our entities are not affected by the <a href="https://twitter.com/FTX_Official?ref_src=twsrc%5Etfw">@FTX_Official</a> bankruptcy, nor by the events of this week. FTX are not shareholders in<a href="https://twitter.com/aza_africa?ref_src=twsrc%5Etfw">@aza_africa</a>, E4F or other entities of ours - the circulating list/org chart is incorrect. We remain stable, open, & running normally. <a href="https://t.co/uvHtXn09pu">https://t.co/uvHtXn09pu</a></p>— AZA Finance (@aza_africa) <a href="https://twitter.com/aza_africa/status/1591116398675521536?ref_src=twsrc%5Etfw">November 11, 2022</a></blockquote><p class="MsoNormal">The FTX later released a statement clarifying that it does not own BTC Africa and its subsidiaries companies. </p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Press Release: Clarification on Certain Entities Not Included in Chapter 11 Filings. <a href="https://t.co/rxmY2f2iTB">pic.twitter.com/rxmY2f2iTB</a></p>— FTX (@FTX_Official) <a href="https://twitter.com/FTX_Official/status/1591268382036602881?ref_src=twsrc%5Etfw">November 12, 2022</a></blockquote><p class="MsoNormal">In April this year, FTX entered a partnership with AZA Finance to roll out its digital asset services in West Africa. The plan, according to a Bloomberg report, was to launch the services in a few months' time, spreading out gradually across the continent over the next two years from that time. </p><p class="MsoNormal">However, the collapse of the once-beloved exchange means that this plan for Africa may never materialize.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
Source : Finance Magnates
4 days ago

Finastra Enables Digitalization of OTC Derivatives

<p> Finastra, a provider of financial software apps, announced on Tuesday a partnership with Fragmos Chain, a blockchain technology platform, which will enable the digitalization of over-the-counter (<a href="https://www.financemagnates.com/tag/otc/" target="_blank">OTC</a>) derivatives. </p><p class="MsoNormal">According to the press release, banks and financial institutions can digitalize their OTC products, reducing the risks and costs usually associated with manual processing. It is possible due to the automation of derivative confirmation and post-transaction processes.</p><p class="MsoNormal">Fragmos Chain is a cloud <a href="https://www.financemagnates.com/terms/b/blockchain/" target="_blank" id="be18ed01-45fc-4044-b447-06802a10dbcd_2" class="terms__main-term">blockchain</a> platform that provides digitalized post-trade derivatives. Due to the integration with Finastra's solutions, market participants will take advantage of smart contract capabilities to improve regulatory reporting. <a href="https://www.financemagnates.com/terms/d/distributed-ledger-technology-dlt/" target="_blank" id="5f586236-27b9-47a7-8088-da7635d6aab2_1" class="terms__secondary-term">Distributed ledger technology (DLT</a>) will allow better matching of trades, cash flows and market events for timely and hassle-free settlement of transactions. </p><p class="MsoNormal">"Our partnership enables us to transform our customers' business models by providing a digital market infrastructure underpinned by DLT. Integrating Fragmos Chain with Finastra's Summit, via our open platform for innovation FusionFabric.cloud, will help to reduce the challenges associated with traditional post-trade processes, such as reconciliations and disputes, to support a bank's continued growth," Benoit Riquet, the Chief Product Officer, Treasury & Capital Markets at Finastra, said.</p><p class="MsoNormal">"We are delighted to partner with Fragmos Chain, bringing the benefits of our open ecosystem to our customers on top of our functionally rich trading solution."</p><p class="MsoNormal">Finastra's partnership with Fragmos Chain should transform the way banks are interoperating and eliminate paper by automating all post-trade processes, Daniel Ivanier, the <a href="https://www.financemagnates.com/tag/ceo/" target="_blank">CEO </a>at Fragmos Chain, commented.</p><p class="MsoNormal">OTC Crypto Market Gains Popularity</p><p class="MsoNormal">At the same time, OTC instruments for the cryptocurrency market, including pos-trade services, are gaining popularity. </p><p class="MsoNormal"><a href="https://www.financemagnates.com/cryptocurrency/news/b2c2-launches-options-trading-for-otc-crypto-market/">B2C2</a>, a cryptocurrency market-maker owned by Japan's SBI Holdings, recently expanded its offering to include electronic options trading for OTC cryptocurrency products. It further provides options for post-trade functionalities.</p><p class="MsoNormal">Two weeks earlier, <a href="https://www.financemagnates.com/institutional-forex/hidden-road-introduces-otc-prime-brokerage-for-crypto/">Hidden Road</a>, a credit network for institutional investors, launched its first OTC prime brokerage service for digital tokens. The new platform onboarded most of the top 25 global liquidity providers, catering to international and US counterparties.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Source : Finance Magnates
1 days ago

Singapore Police Investigating Crypto Platform Hodlnaut for Fraud

<p>Singapore police are investigating local cryptocurrency lending and borrowing platform, Hodlnaut, and its directors for alleged cheating and fraud.</p><p>According to the official press release of <a href="https://www.financemagnates.com/tag/singapore/" target="_blank">Singapore</a> police, the investigation came following multiple reports of allegations of false representations by the troubled crypto exchange.</p><p>"Between August and November 2022, the Police received multiple reports alleging that Hodlnaut and/or its directors had made false representations relating to the company's exposure to a certain digital token. Arising from these police reports, the CAD is investigating Hodlnaut and its directors for possible cheating and fraud offenses under Sections 417 and 424A of the Penal Code 1871," the police stated.</p><p>The troubles of Hodlnaut surfaced when the platform suspended all activities, including withdrawals and deposits, in August. The step was taken after the platform reportedly lost $189.7 million due to the collapse of the Terra ecosystem.</p><p>Additionally, the Singapore-based crypto company revealed the exposure of over SGD 18.3 million ($13.3 million) earlier this month to now collapsed <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_1" class="terms__main-term">cryptocurrency exchange</a> <a href="https://www.financemagnates.com/tag/ftx/" target="_blank">FTX</a>.</p><p>The Singapore police are now asking Hodlnaut customers to report their deposits on the platform or any suspicious activities. "If you have deposited digital tokens with Hodlnaut and believe that you may have been defrauded through, among others, false representations made by Hodlnaut, you may wish to lodge a police report," the press release added.</p><p>Singapore Focus on Crypto Regulations</p><p>Several cryptocurrency startups flocked to Singapore after the Chinese government's crackdown on the exchange. However, recently the local industry has faced several setbacks with <a href="https://www.financemagnates.com/cryptocurrency/vauld-filed-a-moratorium-order-for-protection-against-its-creditors/" target="_blank">several local entities' collapsing</a>.</p><p>The Monetary Authority of Singapore (MAS) oversees local crypto companies and is now <a href="https://www.financemagnates.com/cryptocurrency/singapores-mas-proposes-restrictions-on-retail-crypto-trading/" target="_blank">tightening regulations</a> around the industry. It proposed several rules recently, mainly around the circulation of stablecoins and the restriction of retail activities. It even wants to prohibit cryptocurrency lending services to retail investors.</p> This article was written by Arnab Shome at www.financemagnates.com.
Source : Finance Magnates
1 days ago

Can LP Tokens Add Value to DeFi Lending Ecosystems?

<p>Currently, there is over $41 billion Total Value Locked on DeFi protocols. Decentralized exchanges and lending protocols accumulate the lion's share of this TVL. However, as DeFi stands, unique possibilities exploiting the convergence of these two dominant markets are still to be leveraged.</p><p>Liquidity providers (LPs) in Automated Market Maker (AMM) models like Uniswap and SushiSwap receive in their wallets 'pool shares', or LP tokens, in exchange for the tokens they deposit in the pools. Liquidity tokens represent a fractional stake in a liquidity pool. LP tokens can be staked for earning rewards through yield farming or leveraged to take out crypto loans. </p><p>To effectively represent someone's share of the pool and allow it to be freely exchanged, LP tokens are the best option due to the dynamic nature of the token pair, which changes proportionally whenever a transaction is made. When someone cashes in their pool balance, the same number of liquidity tokens are burned. </p><p>In certain digital asset exchanges (DEXs), LP tokens are regular ERC-20 tokens. Some DEXs employ <a href="https://www.financemagnates.com/tag/nfts/" target="_blank">NFTs</a> as liquidity provider tokens, including the widely used Uniswap v3 and its clones. However, composability issues may still be addressed by encasing non-fungible liquidity tokens into ERC-20 tokens. </p><p>In all of DeFi, LP tokens may be traded, purchased, and used just like any other currency. However, there are currently only a small handful of viable options for deploying LP tokens into the DeFi ecosystem.</p><p>The True Value of LP Tokens in a DeFi Ecosystem</p><p>The key value of LP tokens lies in their composability. Within crypto, composability is the ability of decentralized applications (dApps) and DAOs to integrate the features of one another. Most traders nowadays use liquidity mining as their primary strategy for making use of LP tokens' composability capabilities. </p><p> Liquidity mining, to put it simply, is the practice of incentivizing participants to add to a given pool of liquidity by providing incentives to those who do so. Programs designed for liquidity mining provide a user interface for staking LP tokens in exchange for incentives. </p><p><a href="https://www.financemagnates.com/tag/defi/" target="_blank">DeFi</a> lending platforms leveraging liquidity mining programs can use LP tokens for their project's governance, and enable the fixed-interest markets to function well. Leveraging LP tokens also allow projects to minimize the volatility of their native currency. </p><p>Most importantly, LP tokens can serve as proof that an investor has lent crypto assets to a DeFi liquidity pool, and that the tokens must be burnt in order to get their assets back. It can also be used to unlock new layers of access or <a href="https://www.financemagnates.com/terms/y/yield/" target="_blank" id="cfaa38df-248b-415d-a58f-1c65a6b5fdac_2" class="terms__secondary-term">yield</a> farming opportunities within a DeFi platform.</p><p>Although lending secured by LP tokens has been done before, it is still in its formative stages. There usually aren't enough safeguards to ensure the platform's stability and financial viability under the existing alternatives.</p><p>How LP Tokens Can Add Value to Existing DeFi Investment Protocols</p><p>Facilitating borrowing against LP tokens is likely to provide positive results. Since LP tokens are highly underexplored, the borrower's capital is locked up even more profoundly than with other cryptocurrencies. </p><p>Via overcollateralized loans, liquidity providers will gain access to stablecoin capital without having to liquidate their LP assets. This allows investors to leverage their exposure to the liquidity pool's yields or to take part in further DeFi opportunities. This approach enables them to maximize capital efficiency while generating income through platform fees. </p><p>LP tokens can deliver benefits for projects that actively provide liquidity to specific pools, such as the ETH pool. They may unlock the value in their LP tokens and use it toward things like operating expenses, research and development, and investments without sacrificing any of the tokens' liquidity. As long as their loan holdings remain adequately overcollateralized, projects may avoid unwinding LP positions or selling governance tokens, which is particularly helpful in a downturn market like the present one.</p><p>How to Integrate LP Tokens into a Lending Platform?</p><p>In theory, integrating LP tokens into a lending platform is a rather straightforward process. </p><p> An LP token’s value is simply the value of the assets it can be exchanged for, and the liquidity of a token is a function of the liquidity of the assets it represents. One need not worry about the tokens' available <a href="https://www.financemagnates.com/terms/l/liquidity/" target="_blank" id="47c3bef3-27ee-4953-8504-159e1b829b33_19" class="terms__main-term">liquidity</a>. They may be exchanged for these underlying assets, which are often far more liquid. Therefore, the difference is little. The Loan-To-Value Ratio of the LP token must take into account the impact of impermanent loss. </p><p>However, certain obstacles still must be overcome before this becomes a reality. When determining the LP token's redemption value, the platform must compile a pricing feed that factors in the cost and proportion of the underlying assets. The Liquidator Reward Percentage must be adjusted to account for the additional gas expenses necessary to liquidate these tokens. </p><p> While there hasn't been an extensive analysis of three-sided LP instruments, we expect that the same concerns remain relevant as with two-sided/paired liquidity pools. Liquidators may have more assets to sell, which is the most noticeable difference. </p><p> If these issues are resolved, DeFi lending protocols will be able to whitelist any relevant LP token into their platforms swiftly.</p> This article was written by Brian Pasfield at www.financemagnates.com.
Source : Finance Magnates
1 days ago

Starling Bank Bans All Crypto-Related Transactions, Cites ‘High Risk’

<p>Starling Bank, a challenger bank in the United Kingdom, is now banning its customers from making any transaction related to <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" target="_blank" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed_1" class="terms__main-term">cryptocurrencies</a> using its cards. The digital bank is citing the “high risk” of crypto activities behind its move.</p><p>The challenger bank did not reveal anything officially until one of its customers complained about failed cryptocurrency transactions on social media.</p><p>“We always review our position in relation to financial crime. We consider crypto activity to be high risk. We’ve taken the decision to prevent all card <a href="https://www.financemagnates.com/terms/p/payments/" target="_blank" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45_1" class="terms__secondary-term">payments</a> to crypto merchants and to implement further restrictions on outgoing and incoming transfers,” Starling Bank wrote in a Tweet.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Hi there 👋 We always review our position in relation to financial crime. We consider crypto activity to be high risk. We’ve taken the decision to prevent all card payments to crypto merchants and to implement further restrictions on outgoing and incoming transfers.</p>— Starling Bank (@StarlingBank) <a href="https://twitter.com/StarlingBank/status/1595095825884930050?ref_src=twsrc%5Etfw">November 22, 2022</a></blockquote><p>A Challenger bank</p><p><a href="https://www.financemagnates.com/tag/starling-bank/" target="_blank">Starling</a> had 2.7 million customers, according to its latest official metrics. Additionally, the digital bank <a href="https://www.financemagnates.com/fintech/news/starling-bank-sees-93-increase-in-annual-revenue/" target="_blank">generated £188 million in revenue</a>, which jumped 93 percent, in fiscal 2022. It became a profitable company, turning over £30 million in pre-tax profits.</p><p>It was not the first time Staring <a href="https://www.financemagnates.com/cryptocurrency/regulation/cryptocurrencies-are-facing-an-absolute-ban-in-9-countries/" target="_blank">cracked down on crypto</a>. The challenger bank suspended payments to crypto exchanges for a month in May 2021, citing “high levels of suspected financial crime with payments to some cryptocurrency exchanges.”</p><p>While Starling banned crypto transactions with all of its cards, several other UK banks imposed restrictions on crypto transactions only with their credit cards. Lloyds, NatWest and Virgin reportedly have not allowed crypto transactions with their credit cards since 2018.</p><p>Though Starling did not specify anything, its latest crackdown on crypto might have been influenced by the recent collapse of FTX. The Sam Bankman-Fried-founded cryptocurrency exchange, one of the reputed and aggressively growing crypto startups, collapsed within days due to some controversial and allegedly fraudulent decisions by its former CEO. </p><p>Now, financial market regulators worldwide are becoming vigilant after the <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank">FTX</a> fall out. Several regulators, including the ones in Australia and Cyprus, have suspended the licenses of local FTX entities. At the same time, the Bahamian watchdog transferred the customer assets held by the local FTX entity to <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-regulator-justifies-move-to-cease-local-ftx-clients-assets/" target="_blank">government-controlled wallets</a>.</p> This article was written by Arnab Shome at www.financemagnates.com.
Source : Finance Magnates
1 days ago

Crypto Exchange Bitget Introduces Brazilian Real Trading Pairs

<p class="text-align-justify">Bitget, a cryptocurrency exchange now based in Seychelles, has introduced Brazilian real (BRL) trading pairs as the first batch of its new on-ramp fiat trading pairs for spot traders on its platform. </p><p class="text-align-justify">Bitget announced on Friday that the new pairs includes USDT/BRL, ETH/BRL and BTC/BRL even as “the team is looking to roll out more fiat currency trading pairs on the plaform.” </p><p class="text-align-justify">“The new solution provides users with the option of spot trading cryptocurrency direct with fiat currency, therefore, lowering the reliance on stablecoins and over-the-counter services,” Bitget said.</p><p>The new development comes a week after Bitget launched its operations in Brazil and enabled crypto purchases with Brazilian reals. The firm also integrated with the Brazilian government’s Pix payment system and announced that its users will be able to executive withdrawals in the country’s fiat currency by November 30.</p><p>In the Friday statement, Bitget noted that it launched the fiat on-ramp service in partnership with Pix. However, it added that the system runs alongside off-ramp solutions it current provides globally.</p><p>Furthermore, Bitget noted that the trading pairs will first be introduced to markets in Latin America “where the adoption rate of crypto is highest amongst the general public.” The exchange added that the region is an important market for its global expansion.</p><p>Eyes on Global Expansion</p><p>Speaking on the new development, Gracy Chen, Bitget’s Managing Director described the launch as “one of our significant milestones this year.” Last month, the firm <a href="https://www.financemagnates.com/cryptocurrency/bitget-presents-insights-social-trading-platform/">launched ‘Biget Insights,’</a> a feature that makes trading insights from verified traders on social media accessible to Bitget’s users.</p><p>“To create accessible gateways to serve the international communities, we will be working hand-in-hand with top-notch and recognized payment solution providers to be compliant in linking local economies, businesses, and marketplaces with digital assets. We hope this will bring a better experience and easier accessibility to more users, which is crucial for crypto mass adoption,” Chen explained, speaking on the trading pairs.</p><p>Earlier this month, Bitget <a href="https://www.financemagnates.com/cryptocurrency/bitget-raises-protection-fund-to-300m-after-ftx-turmoil/">increased its protection fund,</a> which was first introduced in July, to $300 million following FTX's collapse. The exchange also announced the <a href="https://www.financemagnates.com/cryptocurrency/bitget-opens-in-seychelles-wants-to-double-staff-globally/">opening a Seychelles office</a> some days ago, months after disclosing that it will <a href="https://www.financemagnates.com/cryptocurrency/bitget-to-increase-its-global-workfoce-despite-global-crypto-layoffs/">double its global workforce</a> despite contrary developments in the crypto industry.</p><p>Meanwhile, in Octobr, Bitget expanded its sports deal roster by <a href="https://www.financemagnates.com/cryptocurrency/leo-messi-becomes-bitget-crypto-exchange-ambassador/">unveiling football star Lionel Messi</a> as it brand ambassador. The crypto firm currently manages sports deal with football clubs Juventus F.C. (Italy) and Galatasaray (Turkey).</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
Source : Finance Magnates
2 days ago

The Bahamas Regulator Justifies Move to Cease Local FTX Clients' Assets

<p>The Securities Commission of The Bahamas on Wednesday released a statement justifying its move to cease the customer assets of the local <a href="https://www.financemagnates.com/tag/ftx/" target="_blank">FTX</a> entity, FTX Digital Markets Ltd (FDM). It came after several questions were raised against the action of the Bahamian regulator.</p><p>"It is unfortunate that in Chapter 11 filings, the new CEO of FTX Trading Ltd. misrepresented this timely action through the intemperate and inaccurate allegations lodged in the Transfer Motion," the regulator stated.</p><p>"It is also concerning that the Chapter 11 debtors chose to rely on the statements of individuals they have (in other filings) characterized as unreliable sources of information and potentially 'seriously compromised'."</p><p>The Bahamas financial market watchdog gained a court order on November 12 to make the collapsed cryptocurrency exchange <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-regulator-orders-ftx-to-transfer-cryptos-to-government-wallets/" target="_blank">transfer local customers' digital assets to government-controlled wallets</a> for 'safekeeping'.</p><p>"Given the nature of digital assets and the risks associated with hacking and compromise, the Commission determined that placing FDM into liquidation was not sufficient to protect the customers and creditors of FDM," the regulator added.</p><p>Further, the cyberattack on FTX, resulting in the theft of at least $1 billion in cryptocurrencies, justified the regulator's move.</p><p>The Collapse</p><p>FTX, valued at $34 billion in the last funding round, collapsed earlier this month. Several misdeeds of its Founder and the former CEO, Sam Bankman-Fried surfaced over the weeks – he reportedly used client deposits. He created a complex loan structure with sister entities backed by the native exchange token, FTT.</p><p>FTX.com, FTX US, Alameda Research and over 130 other affiliates filed for Chapter 11 bankruptcy proceedings in Delaware. In addition, the Bahamian entity <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/" target="_blank">filed for bankruptcy</a> but Chapter 15 protection in a New York court. The liquidators of FTX have now agreed to move the proceedings of FTX's Bahamas entity to Delaware.</p><p>"The Commission will continue to evaluate the situation, continue to act in accordance with directions issued by the Supreme Court of The Bahamas, collaborate with other supervisory authorities, and take such further actions as needed to preserve the assets of FDM and to safeguard the interests of customers and creditors of FDM," the Securities Commission of The Bahamas added.</p><p>"In addition, the Commission will continue to investigate the facts and circumstances regarding FTX's liquidity crisis and any potential violations of Bahamian law and hold any responsible companies and individuals accountable, in cooperation with other regulatory agencies and law enforcement both in The Bahamas and in other affected countries in connection with their own investigations."</p><p>On top of that, the scale and impact of the collapse of FTX prompted other global regulators to clarify their situation. The Monetary Authority of Singapore recently clarified that <a href="https://www.financemagnates.com/cryptocurrency/singapores-mas-ftx-not-licensed-protection-of-local-users-impossible/" target="_blank">FTX is not regulated under its jurisdiction</a>, and thus the protection of its local clients is impossible.</p> This article was written by Arnab Shome at www.financemagnates.com.
Source : Finance Magnates
2 days ago

Binance.US Wants to Acquire Bankrupt Crypto Lending Platform Voyager

<p> Changpeng 'CZ' Zhao, a Chief-Executive Officer (CEO) of <a href="https://www.financemagnates.com/tag/binance/" target="_blank">Binance</a>, a leading <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_1" class="terms__main-term">cryptocurrency exchange</a>, confirmed his plans to prepare another offer for acquiring the bankrupt crypto lender, Voyager Digital on Thursday.</p><p class="MsoNormal">In September 2022, Sam Bankman-Fried's (SBF's) crypto exchange FTX won an auction to purchase Voyager Ditial's assets at around $50 million. However, before the deal was finalized, the exchange collapsed, and the crypto lender was still available for purchase.</p><p class="MsoNormal">Reports from last week revealed that Binance.US, the American arm of leading cryptocurrency exchange Binance, was once again preparing a bid for the assets of the bankrupt lending platform. The information was confirmed during Bloomberg's interview with CZ on Thursday.</p><p class="MsoNormal">"Binance.US will make another bid for Voyager now, given <a href="https://www.financemagnates.com/tag/ftx/" target="_blank">FTX </a>is no longer able to follow through on that commitment," CZ said.</p><p class="MsoNormal">An earlier purchase proposal by Binance was rejected over alleged concerns that the takeover could pose a national security threat to the US government. According to CZ, rumors might have been spread by the FTX exchange to exclude competitors from bidding.</p><p class="MsoNormal">The CEO of Binance once again dodged the allegations that his exchange is a Chinese company.</p><p class="MsoNormal">"Binance is not a Chinese company. We are not related to China at all. The company is mistakenly believed to be Chinese because I look Chinese," CZ added. As Zhao <a href="https://www.binance.com/en/blog/from-cz/who-is-guangying-chen-and-is-binance-a-chinese-company-2386330931319516973">reminded</a> us a few months ago, he is a citizen of Canada. </p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">"Binance is not a Chinese company, we are not related to China at all."CEO Changpeng "CZ" Zhao (<a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw">@cz_binance</a>), who is considering a bid for assets of bankrupt crypto firm Voyager, said on <a href="https://twitter.com/BloombergTV?ref_src=twsrc%5Etfw">@BloombergTV</a> his company is mistakenly believed to be Chinese "because I look Chinese" <a href="https://t.co/Wqos9XTeW5">pic.twitter.com/Wqos9XTeW5</a></p>— Bloomberg Crypto (@crypto) <a href="https://twitter.com/crypto/status/1595673091803226112?ref_src=twsrc%5Etfw">November 24, 2022</a></blockquote><p class="MsoNormal">Binance Benefited from FTX Collapse</p><p class="MsoNormal">The collapse of FTX not only allowed Binance to return to its attempt to acquire <a href="https://www.financemagnates.com/tag/voyager/" target="_blank">Voyager Digital</a> but also improved the platform's market share. According to the recent report by <a href="https://www.coingecko.com/research/publications/countries-impacted-ftx-collapse">CoinGecko</a>, Binance's market share increased by seven percentage points after the FTX crisis to 64%. </p><p class="MsoNormal">The same report shows that the collapse of the SBF cryptocurrency <a href="https://www.financemagnates.com/terms/e/exchange/" target="_blank" id="b5da6e64-2afe-421d-9b81-16404b7d59d6_7" class="terms__secondary-term">exchange</a> hit south Korean, Singaporean and Japanese markets the hardest. These countries together accounted for more than 15% of global traffic to the FTX.com website on a monthly basis.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Source : Finance Magnates
4 days ago

Bitpanda Obtains Crypto License in Germany

<p> Bitpanda, a cryptocurrency exchange <a href="https://www.financemagnates.com/terms/s/startup/" target="_blank" id="faa35d08-52b2-4b16-9fca-cc970781391c_1" class="terms__main-term">startup</a> from Austria, has registered in Germany as a crypto custody service and proprietary trading provider. Through its local branch, Bitpanda Asset Management GmbH, the platform can now independently offer its products to German traders and investors.</p><p class="MsoNormal">According to the press release, <a href="https://www.financemagnates.com/tag/bitpanda/">Bitpanda</a> had been applying for German authorization for months. After successfully finishing the licensing procedure, the cryptocurrency startup is currently licensed in the Czech Republic, Sweden, the UK, <a href="https://www.financemagnates.com/cryptocurrency/regulation/bitpanda-gains-crypto-license-in-spain/">Spain</a>, Italy and France.</p><p class="MsoNormal">Multiple licenses in different jurisdictions will better separate customers' funds from the exchange's assets, providing them with greater security, the CEO and Co-Founder of Bitpanda, Eric Bemuth, said in a statement. </p><p class="MsoNormal">Bitpanda is the first fintech unicorn from Austria. The company raised $170 million in March 2021, which pushed its valuation to $1.2 billion. The Series B funding round was led by the venture capital firm, Valar Ventures, founded by Andrew McCormack, Peter Thiel and James Fitzgerald. It was one of the largest amounts of capital raised in the Old Continent.</p><p class="MsoNormal">"Bitpanda will be able to maintain an order book and directly market services for crypto assets, enabling them to provide a secure and regulated environment for German customers to invest in a wide range of <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" target="_blank" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed_1" class="terms__secondary-term">cryptocurrencies</a>," the company said in a press release quoted by CoinDesk.</p><p class="MsoNormal">Crypto Regulations in Europe Getting Closer?</p><p class="MsoNormal">Following the <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/">FTX cryptocurrency exchange's collapse</a>, regulators worldwide are taking a closer look at the digital asset industry. Many experts believe this will lead to substantial and restrictive regulation of the entire industry. </p><p class="MsoNormal">The European Union, where Germany is a major member, is getting closer to regulating the niche. The entity has finalized a framework for supervising crypto service providers and issuers who would like to operate in any of the 27 member states.</p><p class="MsoNormal">However, the regulations at the European level will not come into force until 2024. Therefore, individual countries, including Germany or <a href="https://www.financemagnates.com/tag/france/">France</a>, are issuing their own regulatory licenses. However, the French are ready to discard the local regulatory system for cryptocurrencies when the European Markets in Crypto Assets (MiCA) comes into force.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Source : Finance Magnates
4 days ago

The Upbeat Case and the Downcast Take On Crypto

<p>The FTX debacle, coming at the end of a testing year, has caused a sense of crisis in the crypto world, from which, broadly, two camps emerge. One is optimistic and takes a long-range perspective, while the other insists that regardless of your timeframe, this storm is categorically different.</p><p>The Upbeat Case</p><p>According to this view, we genuinely are in an era of significant technological change, and at the center of that shift is a new iteration of money, finance, and the web, based around cryptocurrencies and blockchain technology.</p><p> From this perspective, should we be concerned about the implosion of FTX, and the wildly reckless, possibly stimulant-exacerbated behavior displayed at the top levels of its management?</p><p> In the short-to-medium-term, yes, we probably should care. There will be serious, ongoing consequences, there are lessons to be learned and changes to be made, and when it comes to extending sympathy to those harmed, absolutely, we should be generous.</p><p> But, equally, at the frontiers of any new technological expansion, there will be eccentric behavior that veers across established boundaries, along with explosive bubbles, and raised levels of speculation.</p><p> In a recent blog post, Antonio Garcia Martinez, tech veteran and author of Chaos Monkeys, a best-selling insight into Silicon Valley, tech culture, and venture capital, colorfully summarized, partly from historical parallels and partly from his own experience, the reality of such moments:</p><p> “Technological progress has always been driven by bubbles led by lunatics. The cover photo above [viewable in the <a href="https://blog.spindl.xyz/p/the-ftx-freakout">original post</a>] is of the mayhem surrounding the South Sea Bubble which wrecked none other than Isaac Newton; the end result was royal regulation of joint-stock companies….what we’d now call corporations. Innovation starts in mad genius and grift and bubbles, and ends in establishment institutions that go on to reject the next round of mayhem.”</p><p> And, Garcia Martinez goes on to observe that,</p><p> “Everything you see now has happened before, and it’ll happen again. The script is the same, just the casting and props change.”</p><p> This seems not to suggest that what happened at FTX is okay, not by a long shot, and it can be assumed that if we have any remaining trust in our systems, there will be repercussions for those involved at the top (although admittedly, not everyone does have trust in our systems, and <a href="https://www.financemagnates.com/tag/crypto/" target="_blank">crypto</a> was supposed to be a remedy for at least part of that problem).</p><p> However, what’s indicated by this very zoomed-out reading of events at FTX is that while what happened there is messy and destructive, it is not more than a sub-plot within a much larger, and overall more optimistic storyline that cannot be derailed, and certainly not by single agents (as the FTX wreck mainly comes down, in the end, to the former-CEO, Sam Bankman-Fried and the corruption he oversaw).</p><p> Additionally, the out-of-the-ordinary aspect of the FTX scandal is actually, in essence, not without historical precedent. Such shocking tales have occurred before, in a variety of contexts, and we are not dealing with an apocalyptic, crypto-destroying event.</p><p>The Downcast Take</p><p>The counter-view is that, well, we are dealing with an apocalyptic, crypto-destroying event. This view emphasizes the possibility that institutional investors and VCs become, as a result of 2022’s crypto collapses, and culminating (so far) in FTX, irretrievably jittery around crypto.</p><p> By this reckoning, monied investors develop crypto-PTSD and will run for cover at the mere mention of <a href="https://www.financemagnates.com/tag/blockchain/" target="_blank">blockchains</a> or decentralization, meaning, as a result, that substantial web3 funding reverses course.</p><p> Ultimately, the money runs out, crypto valuations go into freefall, and, as crypto has relied to a large extent on rising prices to attract newcomers, activity declines, with regard not only to institutional investors and retail buyers but also the blockchain developers at the heart of it all, who migrate back to reliable, safely centralized web2 environments.</p><p> This scenario does not require that blockchains are wiped forever from the digital realm but suggests that they will revert to niche status, with niche applications, niche user-communities, and correspondingly downsized valuations.</p><p> What makes this an end-of-the-road scenario, as opposed to a regular old bear market moment, is that it posits the situation not as a reset from which to resume the upward climb but as a permanent state of affairs.</p><p>From this point-of-view, crypto took aim, overshot and got cocky, and now it rebounds back to its rightful place: not nothing, but not the historical new paradigm it was briefly sold as, either.</p><p> It’s a coherent proposition, but the problem with the doom-laden, or detachedly pragmatic, thesis is that almost any bear market capitulation can appear roughly that bleak, because advanced pessimism, by definition, is what capitulation requires: if enough participants don’t give up completely amid an almost-total collapse in conviction, then a lower low is still on the table.</p><p>Familiar Timing</p><p>On balance, one persistently familiar factor indicating that rebuilding should occur is the timing of current events. Those who track <a href="https://www.financemagnates.com/tag/bitcoin/" target="_blank">Bitcoin’s</a> four-year halvings have predicted unwaveringly that the current or soon-incoming lowest point for crypto should occur towards the end of 2022.</p><p> Although a specific trigger for the final capitulation wasn’t specified, the idea that there could be a (temporarily) devastating event to finally put paid to the bullish excess of the previous couple of years was widely touted, and, as it happens, FTX appears to have provided the called-for finale (with the caveat that there could still be further shocks in store).</p><p> Incompatible Systems?</p><p>It seems strange that something focused on transparency and decentralization (crypto) should be forced ill-fittingly into opaque and strongly centralized systems (platforms such as <a href="https://www.financemagnates.com/tag/ftx/" target="_blank">FTX</a> and <a href="https://www.financemagnates.com/tag/Celsius/" target="_blank">Celsius</a>).</p><p> Crypto must exist on its own terms if it is to mean anything at all, so perhaps it should be no surprise that the current bear market has pressured centralized crypto entities into collapsing under the weight of their own recklessness and duplicity. Crypto was, by its nature, not intended to slot in obligingly with existing ways of operating.</p><p> The period just navigated feels now like it was a transient phase: the years that crypto pretended to be something it wasn’t, or rather, that some fast-moving opportunists pretended crypto was something it wasn’t, and it ended with a few lessons: allow crypto to operate as intended, or it might wipe you out, and be skeptical of anyone positioning themselves as though they can assume stewardship of things that have no center.</p> This article was written by Sam White at www.financemagnates.com.
Source : Finance Magnates
3 days ago

Iris Energy Switches Off Its Mining Hardware, Feels the Crypto Winter

<p> Iris Energy, an Australian-based cryptocurrency firm publicly listed on Wall Street (<a href="https://www.financemagnates.com/tag/iris-energy/" target="_blank">NASDAQ:IREN</a>), has switched off a part of its mining hardware used as collateral in a $107.8 million loan. According to the <a href="https://www.sec.gov/Archives/edgar/data/1878848/000114036122042419/ny20005141x6_6k.htm">newest</a> regulatory filing at the US <a href="https://www.financemagnates.com/terms/s/securities-and-exchange-commission-sec/" target="_blank" id="3718b4df-fc5f-479a-861e-f52759439c15_1" class="terms__main-term">Securities and Exchange Commission (SEC</a>) from 21 November 2022, the company's electricity costs increased by 312% over one year.</p><p class="MsoNormal">The secured miners owned by Non-Recourse SPV 2 and Non-Recourse SPV 3 produced insufficient cash flow. Their operations generated around $2 million in crypto profit monthly, which is significantly below the debt obligation of $7 million.</p><p class="MsoNormal">Iris Energy was forced to reduce its hash power to 3.6 exahashes per second (EH/s). However, the company intends to increase its mining potential. It wants to benefit from $75 million in prepayments made to Bitmain, a mining rigs manufacturer, as part of its contracted 7.5 EH/s machines for independent mining.</p><p class="MsoNormal">Moreover, the company announced some preliminary financial results for the third quarter of 2022. Operating revenues reached $16.2 million, which is a significant increase from $10.4 million reported in the previous quarter. However, as mentioned at the beginning, the company had to cover a substantial increase in electricity costs to $6.6 million from $.16 million reported in the same period last year.</p><p class="MsoNormal">A Growing List of Miners' Problems</p><p class="MsoNormal">The Aussie cryptocurrency mining company is not the only firm whose operations have recently been hovering on a thin profitability line. The prolonged 'cryptocurrency winter', a situation where major assets move in a sideways trend at multi-month lows for an extended period, visibly cut potential profit.</p><p class="MsoNormal"><a href="https://www.financemagnates.com/terms/b/bitcoin/" target="_blank" id="261088a9-0f41-4202-a73c-31f75ba6bd93_1" class="terms__secondary-term">Bitcoin</a> has now lost 80% since its historic highs in 2021 when it cost nearly $70,000. Revenues and valuations of publicly traded mining companies on Wall Street are falling accordingly. </p><p class="MsoNormal">Iris Energy's shares have slipped 90% this year alone, and its rival <a href="https://www.financemagnates.com/cryptocurrency/canaan-feels-the-bitcoin-blues-net-income-down-90/">Canaan</a> has lost 50%. The company reported its third-quarter figures in the first half of November, showing a 90% drop in net income.</p><p class="MsoNormal">On top of that, <a href="https://www.financemagnates.com/cryptocurrency/hive-revenues-down-45-in-q3-despite-higher-btc-production/">HIVE Blockchain Technologies Ltd.</a> and <a href="https://www.financemagnates.com/cryptocurrency/hut-8-loss-deepens-despiite-higher-mining-rate/">Hut 8 Mining Corp.</a> felt the 'Bitcoin blues' and reported a sharp decline in revenues despite increasing hash power and a total number of mined cryptos.</p><p class="MsoNormal">The daily profit of BTC miners is now $13 million, which is the lowest in more than two years. Bitcoin currently costs less than $17,000, and until it moves back higher, the condition of the mining industry will certainly not improve. </p> This article was written by Damian Chmiel at www.financemagnates.com.
Source : Finance Magnates
3 days ago

FINRA Authorises WinsdomTree, Greenlights Blockchain-Enabled Funds

<p> WisdomTree Securities, a subsidiary of the NYSE-listed financial company, WisdomTree, has received Financial Industry Regulatory Authority (<a href="https://www.financemagnates.com/tag/finra/" target="_blank">FINRA</a>) authorization as a broker-dealer. The newly obtained membership enables the transaction <a href="https://www.financemagnates.com/terms/e/execution/" target="_blank" id="60010adb-9e25-4bff-9822-c9210deec853_1" class="terms__main-term">execution</a> in blockchain-enabled funds offered by WisdomTree Prime mobile app.</p><p class="MsoNormal">The newest announcement is another step in building the company's digital strategy, which is an evolution and extension of its core ETF business. The Securities and Exchange Commission (<a href="https://www.financemagnates.com/tag/sec/" target="_blank">SEC</a>) recently declared the WisdomTree Short-Term Treasury Digital Fund effective (the first blockchain-enabled fund prepared by WidsdomTree). What is more, the company broadened its strategic agreements with key payments, fintech firms and banking players. </p><p class="MsoNormal">"FINRA membership approval is a key regulatory milestone, for us, leading up to the launch of WisdomTree Prime, enabling us to act as an intermediary for customers to transact in new blockchain-enabled funds," Jarrett Lilien, the President and COO of WisdomTree, said.</p><p class="MsoNormal">"As always, our priority is to provide investors with the best product structure – which is ETFs today, and we believe blockchain-enabled funds are the best product structure of tomorrow."</p><p class="MsoNormal"><a href="https://www.financemagnates.com/tag/wisdomtree/" target="_blank">WisdsomTree </a>assets under management (AuM) exceed $79.1 billion. The company is currently offering over 50 cryptocurrency-focused ETFs and ETPs based on <a href="https://www.financemagnates.com/terms/b/bitcoin/" target="_blank" id="261088a9-0f41-4202-a73c-31f75ba6bd93_1" class="terms__secondary-term">Bitcoin</a> (BTC), Ethereum (ETH), Polkadot (DOT), Cardano (ADA), Solana (SOL) and crypto baskets merged in indices.</p><p class="MsoNormal">WisdomTree Reported Mixed Results in Q3</p><p class="MsoNormal">According to the latest financial quarterly report published in late October, WisdomTree operating revenues in the three-month period which ended 30 September 2022 reached $70.9 billion, falling modestly when compared to the last quarter and the same period a year earlier.</p><p class="MsoNormal">Additionally, the AuM dropped to $70.9 billion, declining from $74.3 billion reported in the second quarter and $72.8 billion from <a href="https://www.financemagnates.com/tag/q3/" target="_blank">Q3 </a>2021. WidsomTree's net inflows stood at $1.7 billion, which was visibly lower on a quarterly basis ($3.9 billion in Q2 2022), but surpassed historical averages and the result from last year when the index was at $0.5 billion.</p><p class="MsoNormal">"Operating expenses increased 13.3% as compared to 2021 primarily due to higher incentive compensation and headcount, professional fees including $4.5 million incurred in response to an activist campaign and professional fees associated with our digital assets initiative, fund management and administration costs, marketing expenses, sales and business development expenses, other expenses and third-party distribution fees," WidsomTree commented in the financial report.</p><p class="MsoNormal">When it comes to cryptocurrencies, the digital assets AuM ended Q3 at $163 million, rising from $151 million in Q2, but falling significantly from $295 million reported in Q3 2021. Cryptocurrencies still account for only a tiny proportion of Wisdom Tree's assets (0.3%), but the company wants to bet on the dynamic growth of its offering within this booming industry.</p><p class="MsoNormal">"Our approach is to bring crypto mainstream and to bring mainstream exposures," the company added in the latest quarterly report.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Source : Finance Magnates
2 days ago

Bybit Supports Crypto Market Makers with $100m Fund

<p> Bybit, a major cryptocurrency platform, informed on Thursday that it established an institutional clients support fund worth $100 million. According to the press release, the crypto exchange wants to offer additional protection to its customers during a 'challenging period' for the digital assets industry.</p><p class="MsoNormal">Institutional clients, as well as existing and new <a href="https://www.financemagnates.com/terms/m/market-makers/" target="_blank" id="bbc9bf4f-3ca2-4e0e-bfa4-ff5600362667_1" class="terms__main-term">market makers</a> on Bybit's platform, will be able to obtain a maximum of $10 million. A similar decision was announced by <a href="https://www.financemagnates.com/tag/binance/" target="_blank">Binance</a>, the largest cryptocurrency exchange in the world, over a week ago. This action aims to stop the adverse effects of the collapse of FTX cryptocurrency exchange, which the entire industry is still experiencing.</p><p class="MsoNormal">"We are all in this together, and it's up to everyone to do what they can to support our industry, and this is one way we are helping to give back," Ben Zhou, the CEO and Co-Founder of <a href="https://www.financemagnates.com/tag/bybit/" target="_blank">Bybit</a>, said.</p><p class="MsoNormal">Exchanges are also trying to rebuild the trust of their retail customers. For example, <a href="https://www.financemagnates.com/cryptocurrency/bitget-raises-protection-fund-to-300m-after-ftx-turmoil/" target="_blank">Bitget increased the investor's Protection Fund to $300 million</a> after the FTX collapse, and its initial value was raised by $100 million to reassure traders.</p><p class="MsoNormal">Proof-of-Reserves to Calm the Nerves</p><p class="MsoNormal">In addition to protection funds for institutional and retail players, exchanges have begun to roll out Proof-of-Reserves (PoF) to ensure that they have enough cryptocurrency assets in their vaults to keep operations liquid and uninterrupted.</p><p class="MsoNormal">A Proof-of-Reserve (<a href="https://www.financemagnates.com/tag/proof-of-reserves/" target="_blank">PoR</a>) is an audit of a crypto <a href="https://www.financemagnates.com/terms/e/exchange/" target="_blank" id="b5da6e64-2afe-421d-9b81-16404b7d59d6_4" class="terms__secondary-term">exchange</a>'s finances run by an independent firm. Many major cryptocurrency exchanges decided to implement Proof-of-Reserves after the FTX crisis, e.g., Kraken, Binance and <a href="https://www.financemagnates.com/cryptocurrency/cryptocom-releases-cold-wallet-addresses-of-select-largest-assets/">Crypto.com</a>.</p><p class="MsoNormal">However, widespread panic is dominating current sentiment on crypto assets. According to a recent Glassnode report, 172,700 bitcoins are leaving cryptocurrency exchanges on a monthly basis, which is the highest rate to date. It is more than during the 2020 pandemic low and more than during the collapse of the Terra ecosystem, events that also caused far-reaching panic.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Source : Bitcoin Magazine
2 days ago

Data Shows That Bitcoin’s Lightning Network Has Solved The Scalability Problem

A data-driven exploration proving that Lightning scales bitcoin payments beyond Visa and that second-layer innovation is the way.
Source : Bitcoin Magazine
2 days ago

Giving Thanks For Bitcoin And Bitcoiners

Bitcoiners have helped me store my money in a secure way that I know is decentralized and impossible to debase.
Source : Bitcoin Magazine
3 days ago

Trusted Third Parties Continue To Be Security Holes

The recent FTX collapse has demonstrated the shortfalls of third parties. Successful businesses in the future will incorporate multisig into their operations.
Source : Bitcoin Magazine
3 days ago

El Salvador Takes First Step To Issue Bitcoin Volcano Bonds

A digital securities bill has been presented to El Salvador’s Congress, paving the way for the issuance of bitcoin-backed bonds.
Source : Bitcoin Magazine
3 days ago

How I'll Talk To Family Members About Bitcoin This Thanksgiving

The best way to address your family members at this year’s Thanksgiving dinner when the orange coin comes up in conversation.
Source : Bitcoin Magazine
3 days ago

RGB Magic: Client-Side Contracts On Bitcoin

RGB is a method of ownership verification built on Bitcoin that allows for the continuation of Bitcoin’s properties.
Source : Bitcoin Magazine
4 days ago

Martin Luther’s Reformation Teaches Us How Bitcoin Can Be Successful

The Lutheran Reformation is a useful time period that can enlighten Bitcoiners with lessons that will help further the mission of hyperbitcoinization.
Source : Bitcoin Magazine
4 days ago

Proof Of Resilience: Financial Freedom Through Bitcoin In Africa

Bitcoin offers financial opportunities that have been explicitly taken from Africans in recent history.
Source : Bitcoin Magazine
4 days ago

How The FTX Collapse Could Leave Blockfolio Users Exposed

The data necessary to analyze previous Blockfolio entries is now mixed up into the massive cryptocurrency exchange’s collapse.
Source : Bitcoin Magazine
5 days ago

Should Full Replace-By-Fee Be Merged Into Bitcoin Core?

Weighing the pros and cons of the current debate in the Bitcoin community about whether to include full RBF into the next Bitcoin Core update.
Source : Bitcoin Magazine
5 days ago

Bitcoin Is Protection From Time Theft Of All Kinds

Bitcoin is the first line of defense for people when they have restricted access to their money or inflation is eating away at their savings.
Source : Bitcoin Magazine
6 days ago

Data Suggests Bitcoin Holders Remain Steadfast

Looking at metrics that give more weight to bitcoin held for the long term, the conviction of holders is stronger than ever and only growing.
Source : Bitcoin Magazine
6 days ago

Our Relationship To Money Helps Us Understand Bitcoin

Reflecting on our relationship to money can give us insight into the way that dollars have failed us and bitcoin can provide an alternative.
Source : Bitcoin Magazine
7 days ago

Regulations Will Lead To A Two-Tiered Bitcoin Society

FTX is the greatest excuse, whether planned or not, to further control bitcoin on-ramps and take away the possibility of self-custody and true ownership.
Source : Bitcoin Magazine
7 days ago

Crypto Lender Genesis Is On The Chopping Block As Contagion Continues

Genesis needs a $1 billion liquidity injection by Monday and Gemini sees significant bitcoin outflows as fears of insolvency spread throughout the industry.
Source : Bitcoin Magazine
7 days ago

Forget The Federal Reserve, The Market Is Pivoting Anyway

CPI numbers from the U.S.-led markets to rally, leaving bitcoin in the dust as FTX shocked the crypto world. The Federal Reserve tests out a CBDC.
Source : Bitcoin Magazine
7 days ago

Will Bitcoin Be Used By The Entire World?

Worldwide adoption of bitcoin could mean smoother, more equitable trade and more financial access for those currently excluded.
Source : Bitcoin Magazine
7 days ago

Pension Funds Must Adopt Bitcoin Or Risk Insolvency

The recent U.K. pension fund crisis reveals the only option for such entities: adopting bitcoin as soon as possible.
Source : Bitcoin Magazine
8 days ago

The State Will Stifle Innovation, Unless We Opt Out With Bitcoin

As governments around the world prepare for central bank digital currencies, it is imperative that we use bitcoin to solve challenges of the 21st century.
Source : Bitcoin Magazine
8 days ago

The FTX Failure Shows Why I Hate Trading And Investing

Trading risky assets on centralized exchanges is the opposite of the saving Bitcoin incentivizes.
Source : Bitcoin Magazine
8 days ago

Fiat Currencies Around The World Face The Same Fate As The FTX Fiasco

Dylan LeClair and Mark Moss break down the FTX implosion, the current GBTC discount and how the global macro environment will affect the bitcoin price.
Source : Bitcoin Magazine
8 days ago

The Challenges Of Bitcoin Adoption Aren't Stopping Salvadorans

Citizens of El Salvador still face certain obstacles in their bitcoin adoption journey, but still look forward to the future.
Source : Bitcoin Magazine
9 days ago

Blockstream Launches BOL2: Community For Bitcoin Development

Along with other bitcoin companies, Blockstream is spearheading a developer community to further Lightning and layer-2 development.
Source : Bitcoin Magazine
9 days ago

Bitcoin Songsheet: How Fiat Money Ruins Civilization

Fiat money leads to a degradation of incentives, creating a society motivated only by the consumption of resources and zero value production.
Source : Bitcoin Magazine
9 days ago

FTX Exchange Release Day One Bankruptcy Filing: “Complete Failure”

The newly appointed CEO of FTX provides initial bankruptcy filing calling previous management a “complete failure” and details misuse of corporate funds.
Source : Bitcoin Magazine
9 days ago

El Salvador To Buy One Bitcoin Every Day: President Bukele

El Salvador President Nayib Bukele yesterday announced the country would begin purchasing one bitcoin every day, starting today.
Source : Bitcoin Magazine
9 days ago

Scarce City Launches Bitcoin ECommerce Platform SatsCrap

The marketplace lets users buy and list any legal products in return for bitcoin and is running a holiday promotion until November 28.
Source : Bitcoin Magazine
9 days ago

The Crypto Contagion Intensifies With More Dominoes To Fall

A look into the next potential dominoes in the crypto native contagion, along with a comparison of the recent historic levels of withdrawals.
Source : Bitcoin Magazine
9 days ago

FTX’s Collapse Reveals Deeper Questions About Bitcoin Adoption Versus Speculation

The exchange’s collapse will change the motivations for bitcoin adoption and re-orient educational routes.
Source : Bitcoin Magazine
10 days ago

FTX And Bitcoin: The Good, The Bad And The Ugly

The collapse of FTX teaches valuable lessons, alongside the certainly negative aspects of contagion spreading in the industry.
Source : Bitcoin Magazine
10 days ago

Built On Bitcoin’s Lightning Network, BLIP Wants To Make Your Chats Unstoppable

The new BLIP app promises secure and private communication leveraging Bitcoin’s Lightning Network and a novel encryption method, Hexum.
Source : Bitcoin Magazine
10 days ago

Michael Saylor Is The Bitcoin Twitter Personality Of The Year: Survey

Bitcoin Magazine’s first annual survey also found that Bitcoiners value BTC-related policy over party in politics.
Source : Bitcoin Magazine
10 days ago

Genesis Global Capital Halts Bitcoin, Crypto Withdrawals

Following the implosion of FTX and the locking up of over $175 million, Genesis’s lending arm faces a liquidity crisis and is actively seeking new capital.
Source : Bitcoin Magazine
10 days ago

Decentralizing Defection: How Bitcoin Circumvents Tyranny

Bitcoin allows everyone who wants to defect out of government-controlled money into sovereign, non-inflatable wealth.
Source : Bitcoin Magazine
10 days ago

The Path For Bitcoin To Be True Digital Cash

The original intent for bitcoin involved regular usage — and that needs to be encouraged in order to see full adoption.
Source : Bitcoin Magazine
10 days ago

European Countries That Want To Boost Their Revenue Need Bitcoiners

Bitcoiners are incredible members of the community that contribute greatly to the countries they reside in.
Source : Bitcoin Magazine
11 days ago

DC-Based Coffee Company Launches Bitcoin Blend In Honor Of El Salvadoran Farmers

The limited-edition run will donate a portion of tin sales to empower the growing coffee industry of El Salvador.
Source : Bitcoin Magazine
11 days ago

The Chaffening

Aristophanes wants people who think resisting the regime is "moving too slowly" to realize how much has changed in the last twenty-five years thanks to the internet.
Source : Bitcoin Magazine
11 days ago

The Warning Signs Were There: The Collapse Of FTX Was Inevitable

The reality of the situation in “crypto” is people have discovered a way to recreate the corruption that exists in the incumbent financial system.
Source : Bitcoin Magazine
11 days ago

Bitcoin Helps Users Avoid The Downfall Of FTX

An open letter to friends and family who are worried about the future of bitcoin due to the fiat business practices and subsequent collapse of FTX.
Source : Bitcoin Magazine
11 days ago

How The FTX Collapse Spiked Fees On Popular Bitcoin Exchanges

The collapse of an industry titan exposes how various bitcoin brokerages could experience massive differences in the cost of bitcoin.
Source : Bitcoin Magazine
11 days ago

After FTX Implosion, It's Time To End Bitcoin's Dysfunctional Relationship With Crypto

Michael Saylor’s recent dysfunctional relationship comment perfectly summarizes the disconnect between bitcoin and crypto.
Source : Bitcoin Magazine
12 days ago

The Bitcoin Maxis Warned You About FTX

What the FTX failure means for Bitcoin, and why it may be the best thing to happen in 2022 as well as the catalyst for the next bull market.
Source : Bitcoin Magazine
12 days ago

Failure Of FTX: The Evil Results Of ‘Altruistic’ Intentions

We must learn from the historic collapse of Sam Bankman-Fried’s FTX cryptocurrency exchange before the world economy suffers a similar fate.
Source : Bitcoin Magazine
12 days ago

Crypto Exchanges Need Proof Of Reserves: Bitcoin Policy Institute Report

A new report from the Bitcoin Policy Institute discusses why the industry needs to adopt proof of reserves following the bankruptcy of FTX exchange.
Source : Bitcoin Magazine
12 days ago

Elon Musk: Bitcoin Will Survive The Crypto Winter

The chief of Twitter and Tesla said that bitcoin ‘will make it’, but the financial winter may last quite some time following recent events in the ecosystem.
Source : Bitcoin Magazine
12 days ago

Is The Bitcoin Price Being Suppressed By Central Planners?

With the continual rejection of a bitcoin spot ETF but approval of a futures ETF, the SEC is tipping the scale in favor of controlling the market.
Source : Bitcoin Magazine
12 days ago

Exploiting The Lightning Bug Was The Ethical Choice

By publicly exploiting a bug on Lightning that could have put users’ funds at risk, the developer was acting in the best interests of Bitcoin node runners.
Source : Bitcoin Magazine
13 days ago

The Bitcoin User Experience Is Still In Its Infancy

Bitcoin is a nascent technology and like the days of flip phones, it has a ways to go until it reaches a similar stage like where we are today with smartphones.
Source : Bitcoin Magazine
13 days ago

Samuel Adams’ Vision For Revolution Fits Into A Bitcoin Economy

The framing of the American Revolution can be adapted to Bitcoin for helping people understand the values of community support and mutual aid.

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