Ray ◱ ◱ (@100889) • Hey
Wed3 is growing fast and my only hope is that one day it can replace Wed2, we are strong together, follow me for great news about NFTs and the world of cry
- The pair was up 2.5% on the day at the time of writing, setting a precedent for strong moves on major altcoins.
Concerns had centered on the role of leveraged traders in sparking the upside, with open interest increasing by nearly $ 1 billion in less than 24 hours on Bitcoin alone.
Despite this, the market looked eager to recoup more of the ground lost during the descent from two-year highs of $ 49,000 on Jan. 11.
- Crypto company Bakkt, backed by the Intercontinental Exchange (ICE) and launched in 2019 to a great deal of fanfare — has just warned it may not have enough cash to stay in business over the next 12 months.
On Feb. 7, Bakkt filed an amendment to its quarterly report with the Securities and Exchange Commission, with one section on risk factors containing a warning that it may “not be able to continue as a going concern.”
- CleanSpark Inc. is set to double its hash rate in the first half of 2024 after the Bitcoin
miner agreed to purchase four new mining facilities before the reward for mining the cryptocurrency is halved.
CleanSpark announced on Feb. 6 that it bought three mining facilities in Mississippi for $ 19.8 million, which will produce an immediate 2.4 exahashes/ second (EH/s) once the purchase is finalized.
- FTX filed a motion in a Delaware court on Feb. 1 to sell its claim for $ 175 million against bankrupt digital financial services firm Genesis Global Capital. The claim was made by the bankrupt cryptocurrency exchange’s associated hedge fund Alameda Research.
- Celsius has emerged from Chapter 11 bankruptcy in the United States and is set to start distributing $ 3 billion worth of crypto and fiat to creditors, along with launching a new Bitcoin
In a Jan. 31 press release, the crypto lender said its bankruptcy exit sees the creation of Ionic Digital, Inc., a Bitcoin mining company managed by crypto mining firm Hut 8 and headed by Hut 8 Chief Commercial Officer Matt Prusak.
- Neuralink’s brain implant aims to assist those with debilitating injuries or paralysis to interact with a phone or computer just by thinking, Musk said, noting that the first product from Neuralink is called Telepathy.
“Imagine if Stephen Hawking could communicate faster than a speed typist or auctioneer. That is the goal.”
- Hayes: Bitcoin appreciates 2024 inflation risk
Bitcoin may still be 75% up versus a year ago, but it faces a perfect storm of downside volatility catalysts this quarter.
For Hayes, these come in several guises: the Red Sea conflict between the United States and the Houthis with its impact on global shipping, the U.S. presidential election race and Federal Reserve policy.
- Just a week after South Korea’s Financial Services Commission (FSC) warned against trading United States-based spot Bitcoin
exchange-traded funds (ETFs), the Office of the President is now urging the regulator to reconsider its stance.
On Jan. 18, the Office of the President of the Republic of Korea — also referred to as the Yongsan Presidential Office — asked the FSC to refrain from having a “do” or “not” directive for ETFs, according to a local report from Maekyung. In a rough translation, Tae-yoon Sung, head of the presidential policy office, said:
- Trillion-dollar asset management firm Franklin Templeton’s recent praise for the Solana network on X (Twitter) has sparked new hope for a potential Solana exchange-traded fund (ETF) in the distant future.
In a Jan. 16 social media post, the asset manager’s official X account — which was temporarily manned by the firm’s digital asset team — said it was “impressed” by numerous developments in the Solana ecosystem under Anatoly Yakovenko’s leadership.
- Cantor Fitzgerald CEO Howard Lutnick believes the new United States spot Bitcoin exchange-traded funds (ETFs) will have limited impact on confidence in cryptocurrency after it took such a beating last year, he expressed at the World Economic Forum (WEF) in Davos, Switzerland. But, he had good words to say about Tether.
- United-States based crypto investment products have "dominated" inflows over the past week after the approval of spot Bitcoin ETFs in the country, according to the latest report from CoinShares.
In a Jan. 15 Digital Asset Fund Flows report, CoinShares head of research James Butterfill noted that United States-based funds saw a whopping $ 1.24 billion of inflows from the week ended Jan. 12, while Canada, Germany, and Sweden-based products experienced outflows due to "basis traders looking to switch from Europe to the US."
- Over the past day, tens of thousands of crypto X users have flooded the platform, celebrating the approval of spot Bitcoin ETFs. The hashtag #BitcoinETF is trending on X, while the search term “Bitcoin ETF” reached a maximum score of 100 on Google Trends.
Many crypto X users have described the day as "historic" — a total of 11 issuers received their approvals to list and trade their Bitcoin ETFs on United States exchanges.
- The United States Securities and Exchange Commission (SEC) will likely still go ahead with a decision on spot Bitcoin exchange-traded funds this week despite opening an investigation into a recent hack of its social media account.
The SEC’s X account was “compromised” on Jan. 9, leading to an unknown party using the account to post that spot Bitcoin ETFs were approved in the United States. The message was deleted around 20 minutes later but caused widespread ruckus on social media and the markets. The SEC reportedly said it is engaging with law enforcement to get to the bottom of the incident.
- As for Grayscale’s DeFi Fund, among the changes is the removal of the Curve DAO (CRV) token from the portfolio. The new basket is formed by Uniswap
with 41.11% allocation, Lido (LDO) holding 23.90%, MakerDAO
with 13.39%, Aave
at 12.63%, and Synthetix
- A tweet from Grayscale’s legal chief that he was “just filling out some forms,” in addition to a widely shared tweet from a reporter has fueled speculation that approval could come through within the next day.
Several analysts still expect potential approvals to come next week, however.
- Tuttle Capital Management, an exchange-traded fund (ETF) issuer, has filed for six proposed leveraged and inverse Bitcoin ETFs with the United States securities regulator — in hopes to offer “magnified” returns from a spot Bitcoin ETF.
Tuttle Capital filed three N1-A forms with the Securities and Exchange Commission on Jan. 3, filings used by investment companies to create new open-ended mutual funds
traded in a narrow range this week and is on target to form the third consecutive Doji candlestick pattern on the weekly chart. The cryptocurrency markets did not receive any support from the United States equities markets, which ended the week on a negative note. The S&P 500 Index dropped 1.3% while the Nasdaq closed down 1.9%.
Bitcoin’s weakness has dragged several altcoins lower, with many testing multi-week lows. This indicates that the broader crypto market is in a firm bear grip. Negative markets make it difficult for buyers to identify short-term bullish trades as rallies hardly sustain. However, it could be a good time for long-term investors to build a portfolio.
- Support my twitter guys
- Order types are a set of software instructions that execute specific trade pairs at exact market pricing thresholds. This form of automation has been around for a while, but the new AI-driven order type is the first of its kind to use real-time reinforcement learning AI to execute orders
This should have the follow-on effect of substantially speeding up orders placed with the system. In a blog post accompanying the approval announcement, Nasdaq states that dynamic M-ELO demonstrated a “20.3% increase in fill rates and an 11.4% reduction in mark-outs” during its research and testing
- Venom foundation
- Support my twitter thanks
- New twitter is here, support me thanks
- Support my twitter guys
- According to data from blockchain analytics platform Arkham Intelligence, since Aug. 31, the FTX wallet has transferred $6.23 million worth of Ether
and more than $4 million in altcoins.
These included null.2 million of FTX Token
, null.8 million worth of Uniswap
, null.3 million of HXRO (HXRO), $550,000 worth of SushiSwap
and $260,000 worth of Frontier Token (FRONT) — which were all moved to another FTX wallet by way of the Wormhole Bridge.
- Give some love to my twitter guys, I talked about Phaver
- Are $tipcoin and tis the same, or is there something interesting behind it?
- Check my last tweet about Worldcoin
- According to an Aug. 31 blog post, Robinhood completed a purchase of 55,273,469 shares for roughly $606 million following a filing with the United States Securities and Exchange Commission. The shares, originally held by Bankman-Fried and FTX co-founder Gary Wang through Emergent Fidelity Technologies, were seized in January by the U.S. Department of Justice.
The purchase had been expected. Robinhood’s board of directors announced the approval of the deal in the company’s Q4 2022 report, and an Aug. 30 SEC filing said the U.S. District Court for the Southern District of New York had approved the purchase “free and clear of any claims, interests, liens and encumbrances.” Robinhood made the repurchase agreement with the U.S. Marshals Service.
- According to SEC filings dated Aug. 31, the commission has designated a longer period in which it may review spot Bitcoin
ETF applications from WisdomTree, VanEck, Invesco Galaxy, Bitwise and Valkyrie, as well as the Wise Origin Bitcoin Trust proposed by Fidelity. The SEC will have another 45 days upon publication in the Federal Register to consider the proposed rule changes allowing listing of the investment vehicles, giving the regulator until October to approve, deny or delay a decision.
- In a Aug. 30 post on X (Twitter), Bloomberg senior ETF analyst Eric Balchunas said they have raised the chances to 75% from an earlier 65% — due to the unanimity and decisiveness at which the United States Court of Appeals Circuit reached its decision in the recent case.
“The judges unanimously repudiated the SEC’s arguments, and the agency will struggle to justify further denials as it faces deadlines,” Bloomberg analysts James Seyffart and Elliot Stein added in a separate Aug. 30 note.
- The decision was “a slaughterfest of the SEC arguments,” Cinneamhain Ventures founder Adam Cochran said on X (formerly Twitter). “This changes everything. Time to pay attention again,” influencer Miles Deutscher chimed in.
The initial enthusiasm was tempered by the understanding that the decision was limited in its scope and the SEC has options for its next steps. Grayscale released a statement in which chief legal officer Craig Salm said:
“We appreciate that the D.C. Circuit’s opinion acknowledged that this case presented a straight-forward question about equal treatment under the law.”
- Crypto’s newest decentralized social media (DeSo) app friend.tech has been met with intense criticism over a decision to punish users who opt in to forks or copycat versions of its tokenized social media platform.
“To make sure loyal users are rewarded fairly during our beta, users moving to forks and copies will automatically opt out of earning Points and forfeit existing points,” wrote the official friend.tech X account in an Aug. 28 tweet.
- Friend.tech had a buzzy beta version launch on Coinbase’s layer-2 Base on Aug. 11. A week later, its fees surpassed null million in 24 hours on Aug. 19 outshining Uniswap and the Bitcoin network.
However, its fees have since cratered. Daily fees peaked at null.7 million on Aug. 21, but dropped over 87% to around $215,000 on Aug. 26 according to DefiLlama.
Transactions on Friend.tech also declined over 90% from the nearly 525,000 peak on Aug. 21 with just over 51,000 transactions on Aug. 27, Dune Analytics data complied by Crypto Koryo shows, leading many on X (Twitter) post condolences for the network.
- In an Aug. 26 update, Pauly disclosed that the Pepecoin team possesses approximately $16–17 million in PEPE tokens distributed across nine wallets. Surprisingly, the insiders refrained from selling the holdings. Instead, they strategically offloaded PEPE from a centralized exchange (CEX) wallet, establishing a substantial short position.
“I’ll likely be working with multiple branches of law enforcement to ensure that @degenharambe & the rest of his partners on the @pepecoineth team get brought to justice as soon as possible. Their greed & crimes have caused undue harm to many.”
- The Internal Revenue Service (IRS), the agency responsible for tax collection in the United States, released proposed regulations on the sale and exchange of digital assets by brokers. Under the rules, brokers would be required to use a new form to report to simplify tax filing and cut down on tax cheating.
The proposed Form 1099-DA would “help taxpayers determine if they owe taxes, and […] avoid having to make complicated calculations or pay digital asset tax preparation services in order to file their tax returns,” according to a Treasury Department statement. It added:
Claim your wallet ID and do crypto on/off-ramp, effortlessly. Ready, set, XGo!
“Under current law, taxpayers owe tax on gains and may be entitled to deduct losses on digital assets when sold, but for many taxpayers it is difficult and costly to calculate their gains.”
- According to data from blockchain custody app Safe Global, the wallet address transferred 16 trillion Pepe tokens — approximately 3.8% of the total supply — to three exchanges and an unverified wallet address.
Data shows $8.2 million worth of Pepe was sent to OKX, $6.5 million to Binance and $434,000 to Bybit, while an additional $400,000 was transferred to an unknown wallet.
- Bitcoin price has been trapped inside the $25,800-26,300 range since Aug. 19, underscoring a growing bias conflict among traders after its 12.5% decline in the month.
Currently, the Bitcoin market has become calmer in the days leading up to the Federal Reserve's annual Jackson Hole gathering on Aug. 24-26.
- The Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) unveiled their findings in an Aug. 23 report that also detailed a number of cases where a CBDC wasn't exclusively required to achieve the stated use case.
- Crypto mining firm Hive Blockchain sent a signal to the tech industry when it dropped “blockchain” from its namesake in July, opting to call itself Hive Digital Technologies and reflect its artificial intelligence foray.
The decision is part of a wider movement from crypto miners to pivot outside of digital currency mining, amid depressed crypto prices. January saw crypto mining firm Riot Blockchain rebrand to Riot Platforms while June saw crypto miner Applied Digital announce a $460 million deal to host AI cloud computing in its data center.
- Friend.tech, a new decentralized social media (DeSo) app has rapidly become one of the hottest new things in crypto, with over 64,000 new users and more than 24,000 ETH in trading volume since its beta version launch of Aug. 11.
While many crypto industry heavyweights have praised the app for bringing thousands of people on-chain and inspiring sign-ups from even non-crypto figures — such as gaming YouTuber Faze Banks and Russian protest group Pussy Riot — some have warned it's at risk of burning out.
Built on Coinbase’s layer-2 network Base, friend.tech is a platform that allows users to purchase shares of their friends and influencers, which in turn grants them access to a private chat with that user.
Speaking to Cointelegraph, crypto commentator Yazan pointed out a number of troubling factors that led him to believe the app has between six and eight weeks before both share prices and general activity begin to nosedive.
- Published on Aug. 17, CoinGecko’s report revealed that only 65 countries are profitable for solo Bitcoin miners, based solely on household electricity costs. Among these, 34 countries are in Asia, while Europe only has five.
However, solo Bitcoin miners find themselves at odds with the worldwide average of household electricity costs.
“The average household electricity cost to mine one Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023 ($30,090.08),” the report stated.
The report identified Italy as the costliest country for household Bitcoin mining at $208,560.33 per Bitcoin. As of the time of publication, this indicates that the cost of mining one Bitcoin in Italy is the equivalent to the value of approximately eight Bitcoins.
This was followed by Austria at $184,352.44, and Belgium at $172,381.50.
- Crypto influencer Evan Luthra has brought a lawsuit against crypto exchange Bitget for freezing his account after a new token listing in March. According to Luthra, the exchange suspended his withdrawals and froze $200,000 in Tether
while attempts to seek clarification went unanswered.
Luthra’s involvement with the Reel Star project serves as a backdrop to these events. The influencer was hired as an adviser to Reel Star, a startup developing a social media app for creators. As compensation, Luthra was offered Reel Token (REELT), the project’s utility token. Upon its listing, the influencer sold 1.3 million REELT tokens on Bitget. Luthra’s account was then frozen under suspicion of market manipulation. Regarding the decision, a spokesperson from Bitget told Cointelegraph:
- The price of Bitcoin was even lower on crypto exchange Bitfinex, hitting a low of $24,715 before on making a partial recovery back above $26,000.
Initial reactions from the X (Twitter) community have pegged the price drop to reports that SpaceX wrote down the value of BTC it previously acquired by $373 million and sold the cryptocurrency, while others have pointed to China’s Evergrande Group filing for Chapter 11 bankruptcy in New York.
The fall has taken Bitcoin's market cap below $500 billion for the first time since June 16 and hit lows not seen since June 20.
- Airdrop Hunter
- As per the application, the fund will not directly invest in Ether but will seek to purchase a number of ETH futures contracts. Ether is the native coin of the Ethereum blockchain, used for peer-to-peer transactions within the decentralized network.
“Ether may be regarded as a currency or digital commodity depending on its specific use in particular transactions. Ether may be used as a medium of exchange or unit of account,” reads the document, which adds that “although a number of large and small retailers accept ether as a form of payment in the United States and foreign markets, there is relatively limited use of ether for commercial and retail payments. Similarly, ether may be used as a store of value, [...] although it has experienced significant periods of price volatility.”
- As previously reported by Cointelegraph, the offering was touted as the first spot or physical-backed Bitcoin
fund that would allow investors to gain exposure to a financial product that is physically backed by BTC.
The new exchange-traded fund (ETF) is set to trade under the BCOIN ticker, while the product was approved by the Guernsey Financial Services Commission back in October 2021. As reported by Blockworks, Fidelity Digital Assets will handle the custodial elements of the BCOIN ETF.
- The company said in an Aug.15 filing that it has between 25,000 to 50,000 creditors and estimated liabilities between $100 million to $500 million compared to $50 million to $100 million worth of estimated assets.
"The Company intends to file a number of motions with the Bankruptcy Court designed to facilitate the Company’s orderly evaluation of all strategic alternatives, including potentially a sale of the Company’s assets and operations," it said in an accompanying press release.
It added it anticipates the motions will include requests to continue to pay wages and benefits to employees.
- The United States’ securities regulator could completely u-turn its approach to crypto enforcement, depending on a key election in the United States in 2024, according to former SEC official John Reed Stark.
In an Aug. 13 tweet, the former SEC Office of Internet Enforcement chief predicted that a Republican President could drastically shift the crypto-regulatory tide, including the potential resignation of SEC chief Gary Gensler.
- Judge revokes Sam Bankman-Fried’s bail, remands him to custody
FTX’s former CEO, Sam “SBF” Bankman-Fried, had his bail revoked by a federal judge in response to the release of information to The New York Times allegedly intended to intimidate witnesses. During a hearing on Aug. 11, Judge Lewis Kaplan revoked Bankman-Fried’s bail and remanded him to custody, likely at the Putnam County Correctional Facility. Once his October trial begins, he could be moved to the Metropolitan Detention Center in Brooklyn. Bankman-Fried was reportedly led out of the courtroom in handcuffs. In Kaplan’s view, Bankman-Fried’s interviews with NYT reporters resulted in sharing information with the likely intention “to hurt and frighten” former Alameda Research CEO Caroline Ellison, his former colleague and girlfriend.