Tuesday, January 31, 2023

Digital Asset Inflows Hit $117M Last Week, Largest in Six Months

The report stated that investment products remain only 1.4% of total volumes on trusted crypto exchanges.

Digital-asset products saw inflows totaling $117 million last week, according to the crypto investment firm CoinShares. This marks the largest inflow recorded since July 2022.

Subsequently, the total asset under management (AuM) increased to $28 billion, recovering by 43% since the lows of November.

Bitcoin-tied investment funds alone recorded $116 million in inflows last week. Minor inflows into short-bitcoin of $4.4 million were also noted during the same time frame.

Sunday, January 29, 2023

Weekend Watch: Litecoin Soars 7.5% to 8-Month High, Bitcoin Stands Above $23K

 LTC is among the few altcoins with an impressive price surge over the past 24 hours.

Despite failing to overcome $23,500 once again in the past 24 hours, BTC is still slightly in the green today and stands above $23,000.

The altcoins are quite calm today, as only Litecoin stands out as a notable gainer.

Bitcoin Firm Above $23K

The start of last weekend saw bitcoin’s price surge from $21,000 to and beyond $23,000. Somewhat expectedly, reaching the latter meant tapping a multi-month high since BTC was stuck around $17,000 for months.

Friday, January 27, 2023

Legal Woes Pile up (Report)

The raid centers around suspected price manipulation of an unidentified coin.

More troubles for South Korean crypto exchange Bithumb brews as its offices were reportedly raided on Thursday.

Authorities launched an investigation into potential price manipulation of a coin listed on the platform, according to a report by Yonhap. The token in question has not been revealed.

Wednesday, January 25, 2023

Controversy surrounds crypto adoption in China

According to recent reports, there are still controversies based on improving tax integration of the crypto ecosphere in China. This is due to research and data collection from the state’s revenue authorities, who are against the assets and believe they are risk factors.

Crypto to be implemented in tax collection

Chinese revenue authorities are reportedly looking into large entities and individual investors based on their personal profit and income last year. 

Tesla Remained a Bitcoin Hodler During Q2 of 2022

Tesla sold 75% of its Bitcoin stash, but it kept the remaining 25% of its coins during the darkest of times.

Tesla, the electric car company led by Elon Musk, did not sell the remaining of its Bitcoin stash, as it was supposed to do during the 4th quarter of 2022, according to a filing published by the Securities and Exchange Commission (SEC).

Tesla’s BTC holdings should be priced at around $245 million, which would be the last 25% of all the Bitcoin purchased by the company during the Crypto Bullrun of 2021.

Tuesday, January 24, 2023

Gemini to lay off another 10% of its task force

Gemini is reportedly releasing 10% of its task force, citing fraud from “bad actors.” It is considered the third stage of the organization’s staff release since 2022.

Gemini conducts a third round of layoffs

Amid Gemini’s turmoil with Barry Silbert and Genesis’ Parent firm, Digital Currency Group, the cryptocurrency exchange has reportedly conducted a third round of layoffs, causing 10% of employees to lose their jobs.

Sunday, January 22, 2023

Indian Minister Says Crypto Transactions Are Fine as Long as They Follow Laws

 The Remarks coming barely two weeks before the annual budget hints that the government may go soft on crypto regulations. 

In a significant development that indicates that the Indian government may not fully chime with the central bank’s overly hostile stance against cryptocurrencies, a junior minister explained that such activities are fine as long as they follow existing laws. 

This is in sharp contrast to the Reserve Bank of India’s (RBI) ban on crypto in 2018 and not fully opening up to the sector even when the Supreme Court scrapped the RBI order in 2022, calling it illegal.  

Crypto Is Fine 

“There is nothing today that outlaws crypto as long as you follow the legal process,” Rajeev Chandrasekhar, Minister of State for Information Technology and Electronics, told an event on Thursday.

These remarks assume significance as the Indian government will be presenting the annual budget for the upcoming fiscal on February 1.

Local crypto exchanges and investors who have been facing an extremely unfriendly regulatory environment – from high taxation to denial of banking services – have asked for and are expecting some relief to be announced in the budget proposals, which come into force, after deliberations in the parliament, from April 1. 

Saturday, January 21, 2023

Bitcoin Mining Became Greener and More Efficient in 2022

Bitcoin’s sustainable energy mix is roughly 58.9% sustainable as of Q4 2022. 

Despite much turmoil in 2022, the Bitcoin mining industry’s hashing technology only continued to grow more efficient throughout the year, according to a new survey from the Bitcoin Mining Council (BMC). 

The industry also grew marginally greener, retaining a sustainable energy mix of over 58%.

Bitcoin is Green, Says BMC

In a press release on Thursday, the BMC confirmed that its members’ hashrate has increased from 95 exahashes from its inception in Q1 2022 to 119 exahashes by Q4 2022. An exahash is equal to 1 quintillion hashes – answers to a complex math problem produced by miners in a race to create Bitcoin’s next block. 

Thursday, January 19, 2023

Bitcoin hodlers won’t give in

 Data provided by on-chain analytics firm Glassnode shows that the amount of bitcoin (BTC) in circulation that has not moved in over the last 10 years has reached an all-time high of 2,612,163.979 BTC.

Glassnode data also shows that the percentage of the total supply of bitcoin that has not moved in at least five years has also reached an all-time high of 27.678%, and the amount that has not moved in over 2 years has also reached an all-time high of 48.551%.

This data suggests that a significant portion of the total supply of bitcoin is being held for long-term investment.

Justin Sun transfers over $280m in sudden spike

 Justin Sun — co-founder of ethereum (ETH) and tron (TRX) — likely moved over $281 million worth of tokens since Jan. 16.

Data gathered from blockchain analytics service Arkham Intelligence show that transactions sent from or to Justin Sun’s known wallets since Jan. 16 are worth a total of nearly $282 million.

When examining this data, it must be kept in mind that much of that is the same assets being moved into Sun’s wallets and immediately out. As of press time, there is no explanation for this on-chain activity.

Wednesday, January 18, 2023

Top 11 crypto market predictions for 2023

After the bull run in 2021 that saw increased crypto adoption, the crypto industry was impacted by numerous setbacks. The initial correction in 2022 started with a drop of around 20% and 31% in January alone. 

By November, it had declined by more than 70% from its previous peak in November 2021.

Several factors contributed to this volatility, including the US Federal Reserve’s interest rate hikes and rising inflation. In this article, we will dive into what the crypto market will look like in 2023 as we cover the top predictions. 

Bitcoin will lead a bull market

2022 has been rough for crypto after its value dropped more than 50% over the past year. 

US DOJ Issues International Cryptocurrency Enforcement Action

The DOJ has arrested the founder of BitZlato, a crypto exchange heavily involved in facilitating crypto crime.

On Wednesday, the United States Department of Justice announced an international cryptocurrency enforcement action.

The Department arrested the founder of BitZlato – a Chinese crypto exchange involved in servicing financial criminals

Tuesday, January 17, 2023

Binance Burns $620 Million Worth of BNB

Binance removed over two million of its native cryptocurrency from circulation.

The world’s largest cryptocurrency exchange continues with its goal to reduce the overall BNB in circulation to 100 million.

To do so, the company announced completing the 22nd burn of its native token.

Binance’s statement informed that it has removed 2.064 million BNB from circulation, worth almost $620 million at today’s prices.

Monday, January 16, 2023

The bulls have returned, bitcoin is bouncing back

 Bitcoin is in the middle of a massive rally, but will it last?

Bitcoin (BTC) gained nearly 21% in the previous seven days, and was trading at $20,994. At the same time, ethereum (ETH) was trading at $1,549, up more than 16%.

While the market is recovering from Terra’s collapse, the bankruptcy of leading DeFi players such as Celsius and Voyager, and the high-profile collapse of FTX, favorable sentiments have finally resurfaced for the cryptocurrency market.

According to CoinMarketCap, the overall market cap, which was $982bn at the time of writing, is approaching the $1 trillion mark due to bullish sentiment, a level not seen since November 2022.

Sunday, January 15, 2023

Argo Blockchain’s BTC Production in December Crippled by a Winter Storm

The miner produced only 147 BTC in December, compared to 198 BTC in November, because of the snow blizzard that hit Texas.

The bitcoin mining giant – Argo Blockchain – mined 147 BTC in December, roughly 25% less than the production levels registered in November.

The main reason for the decrease was a massive winter storm that hit the US last month and negatively affected the company’s Helios facility in Dickens County, Texas.

Thursday, January 12, 2023

Bitcoin Soars to $19,000 Amid $380 Million in Liquidations

Bitcoin has returned to a trading price last seen before FTX’s implosion.

Bitcoin has returned to $19,000 for the first time since October, soaring beyond its low trading range established after FTX’s collapse.

The move has many on crypto twitter calling for a new bull market – though some believe it’s a bull trap. 

Bitcoin traded for $17,911 early on Thursday, experiencing some volatility after December’s CPI inflation clocked in at 6.5%. 
The asset pumped by roughly $1000 at about 17:35 UTC, and has maintained its elevated price level since then. By 19:47 UTC, Bitcoin had reached $19,036, before pulling back to $18,864 at writing time.
Data from Coinglass shows that the crypto market has experienced $382 million worth of liquidations within the past 24 hours, affecting over 59,000 traders, stemming from recent volatility. 
Most of these liquidations took place on ETH trades, which alone accounted for $165 million in wiped trades. 
The biggest liquidations took place on OKX, on a BTC-USDT swap with a value of $3.52 million.

Wednesday, January 11, 2023

📣 Cosmos-based e-Money discontinues euro-backed stablecoin

Cosmos-based electronic payment system e-Money has stopped issuing its euro-backed stablecoin EEUR citing bear market conditions. They can exchange their tokens for USDC or Cosmos-native assets like atom and osmo. 

Customers who wish to redeem amounts larger than 100,000 EEUR can do so directly for euros, the announcement added. These users will have to pass through customer identification checks and the process will take up to five business days. e-Money stated that unwinding its stablecoin project was a difficult decision. “Given the current market conditions, that effort has unfortunately reached a stage where it is prudent and responsible to wind it down,” the project stated.

Saturday, January 7, 2023

Bank of France Governor Thinks Crypto Companies Should Abide by Stricter Rules

The “disruption” in the crypto sector is the main reason for more stringent rules, Villeroy stated.

Francois Villeroy de Galhau – Governor of Banque de France – believes cryptocurrency firms should obtain tougher regulatory licenses to continue providing their services.

He also stated France should introduce stricter rules for domestic digital asset entities as soon as it is ready with its legislation instead of waiting for other European countries. 

Mutant Ape Planet scammer also probably pulled rug on Crazy Camels and Fashion Ape NFTs

Pseudonymous blockchain sleuth ZachXBT discovered that Aurelien Michel — the man recently charged for running the Mutant Ape Planet non-fungible token (NFT) exit scam — also pulled the rug in the Crazy Camels and Fashion Ape NFT collections.

In his research, ZachXBT uncovered that the Binance address where Michel moved his ill-gotten Mutant Ape Planet proceeds also received funds from the Crazy Camels and Fashion Ape NFT exit scams.

Friday, January 6, 2023

Crypto-Focused Bank Silvergate Slashes 40% Workforce, Abandons Several Projects

CEO Alan Lane said that Silvergate currently maintains a cash position in excess of its digital asset-related deposits.

The FTX collapse has accelerated lay-offs as the sector struggles to weather the incessant turmoil.

Crypto-focused bank – Silvergate Capital – has become the latest to slash 40% of its workforce, which is around 200 employees, according to a Wall Street Journal report on Thursday.

AAG releases MetaOne wallet to open more economic opportunities in the metaverse

 AAG, a web3 infrastructure company dedicated to building software and expanding economic opportunities throughout the world via the metaverse, has released its flagship product, the MetaOne® Wallet. 

In a press release on Jan. 4, AAG said the objective is to onboard more people into the metaverse, creating more opportunities in this developing sphere, and as they do so, save users the need to store their seed phrases. The demand by wallet providers for users to safely store their seed phrases, which are required for verification and approval of web3 transactions, is among the many reasons slowing down adoption. 

Thursday, January 5, 2023

Logan Paul Plans to Sue Coffeezilla Over CryptoZoo Allegations

Meanwhile, Paul has threatened to sue the blockchain investigator.

Logan Paul has been at the receiving end of seemingly endless controversies since his career took off as a media star. His two-year-old NFT venture – Crypto Zoo – is now under intense scrutiny.

The latest development has ruffled a lot of feathers in the space. The crypto scam allegations are yet to fizzle out, but the investigative journalist who interviewed purported investors of the project has dropped bombshell allegations about Paul and his team members.

Wednesday, January 4, 2023

Disgraced FTX founder SBF pleads not guilty

Reports today allege that Sam Bankman-Fried, the founder and ex-CEO of FTX, plead not guilty to a range of charges. The ex-CEO is facing criminal charges, which include money laundering and wire fraud.

Bankman-Fried pleads not guilty

Tuesday, January 3, 2023

Former Bithumb chair Lee Jung-Hoon found not guilty

Lee Jung-hoon, the former chairman of Bithumb, is now free of all charges in South Korea. He was alleged to have defrauded the business of $70 million during the acquisition of the crypto exchange.

Monday, January 2, 2023

2022 in Review: Top 15 Stories of the Year

As the year winds down and we anticipate 2023, Coinspeaker has put together a recap of some of the most newsworthy events of 2022. 

The year 2022 saw so many ups and downs, as well as breakthroughs and setbacks in the crypto, fintech, and technology space. Here are the top 15 stories that grabbed our attention throughout this year.

The Top 10 Biggest Crypto Fundraisers of 2022

Despite the bear market and declining venture capital investments, here are the top 10 biggest crypto fundraisers this year.

The crypto sector experienced significant challenges in the first half of 2022, with the prices of major assets like bitcoin (BTC) and ether (ETH) experiencing a 50%+ drop in value. The situation was further exacerbated by the collapse of the Terra ecosystem in the second quarter, which had a ripple effect on the industry. As a result, major industry players such as Three Arrows Capital, Celsius Network, and Voyager Digital filed for bankruptcy later in the year.

'Groundhog Day' in Crypto as Bitcoin Again Plunges Following New Record

The world's largest crypto briefly rose above $70,000 Friday, but immediately tumbled about 5% to below $67,000 It's deja vu all ove...