Chain News by Thebittimes.Com

Bitcoin has risen above $38,000, clearing the path for a rally higher. Will altcoins follow? Bitcoin (BTC) broke above the overhead resistance of $38,000 on Nov. 24, indicating that the sentiment is positive and bulls have kept up the pressure. Independent Reserve CEO Adrian Przelozny told Cointelegraph that the “next two years are going to be good,” and market activity is likely to pick up in early 2024. The major catalysts for next year is the Bitcoin halving in April and applications for a spot Bitcoin exchange-traded fund, some of which have a deadline for a decision in January. With two main events on the horizon, Bitcoin is likely to find buyers on dips. Daily cryptocurrency market performance. Source: Coin360 Analysts expect a retracement from $40,000 in the near term. That could be one of the reasons why Cathie Wood’s investment firm, ARK Invest, has been gradually selling into strength. The firm sold about 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past mon...

Over $100 million in digital assets were transferred from a wallet belonging to crypto exchange Poloniex in what security firms believe to be a massive hack. A crypto wallet belonging to the digital asset exchange Poloniex has experienced suspicious outflows, as seen on blockchain explorer Etherscan. Blockchain security firms believe that the company was breached, leading to as much as $100 million in crypto being drained by the attackers.  On Nov. 10, millions of crypto assets were transferred from an account labeled Poloniex 4 on Etherscan. Initial estimates of the losses were around $60 million. However, it was later determined that, according to blockchain security firm CertiK, the incident was likely a "private key compromise." The security firm also noted that the funds have already been transferred to four externally owned accounts (EOAs), with some accounts being swapped into Ether (ETH). .@Poloniex is suspected to have been hacked. The Poloniex address '0xA910...

The JPEX scandal has grown to become one of the largest fraud case in the country with over 2300 victims and losses estimated over $175 million. Hong Kong security chief Chris Tang Ping-keung has vowed to bring justice to people who fell victim to the JPEX crypto exchange fraud, local media has reported. The security chief's office on Wednesday said that the police are actively looking for the key operators behind the JPEX crypto exchange that orchestrated the country’s largest digital asset fraud. During a press conference on Sept. 27 Chris Tang revealed that the police have made 12 arrests in the case so far and seized more than $1 million (8 million Hong Kong dollars) in cash, as well as assets worth $9.8 million (77 million HK dollars), including real estate and virtual currency, according to a report  by the South China Morning Post. Tang added that the police are actively looking for the ringleaders in the case and called their capture a major factor in solving the ca...

The strength in the United States dollar index could keep Bitcoin and select altcoins under pressure in the near term. Bitcoin’s (BTC) weakness on Sep. 24 shows that the bears remain in control. Sellers are trying to pull the price below $26,000 but the bulls are likely to defend the level with vigor. Buyers are trying to achieve a positive monthly close for Bitcoin in September for the first time since 2016. If they can pull it off, it will be a major sentiment booster as October generally favors the buyers. According to CoinGlass data, Bitcoin has seen a negative monthly close in October only on two occasions, in 2014 and 2018. However, Bitcoin bulls will find it difficult to maintain the momentum if macroeconomic headwinds persist. Daily cryptocurrency market performance. Source: Coin360 Another risk to the cryptocurrency recovery may come from the strength in the greenback, which has risen for ten straight weeks, its longest winning streak since 2014. The United States dollar inde...

Additional information suggests the possibility that this whale might be selling their XRP assets, as it had previously moved 14 million XRP to Bitso just a few hours earlier. As XRP (XRP) struggles to maintain upward momentum following Judge Analisa Torres’ summary judgement in the United States Securities Exchange Commission v. Ripple Labs case that XRP isn’t a security, investors appear to be selling off their holdings. Adding to this, a significant whale has moved 29 million XRP, valued at over $15 million, to a crypto exchange amid a price decline approaching the support level. Whale Alert posted on Aug. 24 that a large holder transferred 29.3 million XRP worth $15.13 million to Bitstamp exchange. Additional information suggests the possibility that this whale might be selling their XRP assets, as it had previously moved 14 million XRP to Bitso just a few hours earlier. The decision by Judge Torres to permit the U.S. SEC to submit an interlocutory appeal regarding XRP token sale...

Centralized and decentralized solutions could come together in one exchange, creating a fusion that can redefine finance. In the rapidly changing cryptocurrency landscape, the convergence of centralized exchanges (CEX) and decentralized exchanges (DEX) is emerging as a step toward a more inclusive and efficient financial ecosystem. This integration represents a profound shift that bridges the strengths of both worlds, combining the ease of use and liquidity of CEX with the autonomy and security of DEX. As these two seemingly disparate paradigms merge, can we expect their harmonious coexistence to reshape how we trade, invest and interact with digital assets? To explore this topic, Stella Chan, chief marketing officer at semi- centralized crypto exchange Phemex, shared her perspective on decentralization , Phemex’s hybrid management model and the innovative concept of soulbound tokens. CT: Could you tell us more about the transition of Phemex from a centralized exchange to a hybrid o...

Evan Luthra says Bitget froze his account in April. The exchange claims it was done on suspicions of market manipulation related to the sale of REELT tokens. Update (Aug. 18 at 2:09 pm UTC): This article has been updated with both sides’ perspectives and additional information. Further commentaries are expected from both sides. 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 (USDT) while attempts to seek clarification went unanswered.  Luthra’s involvement with the ReelStar project serves as a backdrop to these events. The influencer was hired as an adviser to ReelStar, a startup developing a social media app for creators. As compensation, Luthra was offered Reel Tokens (REELT), the project’s utility token. Upon its listing, the influencer sold 1.3 million REELT tokens on Bitget. Luthra’s account was th...

The court seeks to address issues related to orders that rejected the SEC's plea to seal the Hinman speech documents and Ripple's request to seal information regarding XRP sales. In the most recent update in the legal proceedings of the United States Securities and Exchange Commission (SEC) against Ripple Labs, Judge Torres grants permission for an investment banker declarant to make an appearance.  According to a court filing, Judge Analisa Torres granted permission for Andrew A. Kunsak from the law firm Sidley Austin LLP to serve as an investment banker declarant in the ongoing lawsuit of U.S. SEC v. Ripple Labs. Previously, Ripple had objected to a similar appearance by an investment banker declarant affiliated with the law firm that supported the U.S. SEC's position, prompting concerns among the defendants. “Andrew A. Kunsak of Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019, a member of this Court in good standing, hereby respectfully enters an app...

After weeks of low volatility, Bitcoin bulls are trying to make a comeback, but the rise in the U.S. dollar index may limit the upside recovery. Bitcoin (BTC) has been stuck inside a tight range in August. Glassnode lead on-chain analyst Checkmate highlighted that the spread between the upper and lower Bollinger Bands for Bitcoin has shrunk to 2.9%, its third tightest ever.  Typically, periods of low volatility are followed by a range expansion. The longer the time spent inside a range, the stronger the eventual breakout from it. The only problem is that it is difficult to time the breakout with certainty. Therefore, traders should be watchful else they may miss out on the opportunity to ride the next trending move. Daily cryptocurrency market performance. Source: Coin360 One reason that could be weighing down on the risky assets is the strength in the U.S. dollar index (DXY), which has risen for four consecutive weeks. In contrast, the United States equities markets entered a correct...

Bitcoin price surged to $31,000 as a handful of BTC spot ETF applications and Fed chair Jerome Powell's views on stablecoins appear to have improved crypto investors' view of the market. BlackRock’s application for a spot Bitcoin (BTC) exchange-traded fund (ETF) has encouraged other financial firms to follow suit. First, it was the New York-based asset management fund WisdomTree which made a new filing on June 21 for a Bitcoin ETF. This was then followed by investment manager Invesco, which reactivated its application for a spot ETF. These announcements boosted investor sentiment, resulting in a short squeeze and additional buying interest from traders who may have been waiting on the sidelines. The slew of events over the past few days has increased buying interest in Bitcoin, which sent its market dominance to above 50% on June 19. Daily cryptocurrency market performance. Source: Coin360 The short-term traders who are expecting a quick rally to the all-time highs may be in ...

Coinbase crypto exchange originally started planning its Japanese expansion during a bear market of 2018. Despite Bitcoin (BTC) returning to pre-FTX collapse price levels, the contagion still affects the industry, forcing Coinbase cryptocurrency exchange to close operations in Japan. Coinbase officially announced on Jan. 18 that the firm will be terminating operations in Japan and conduct a complete review of its Business in the country due to market conditions. All Coinbase Japan customers will have about a month to withdraw their fiat and crypto holdings from the platform by Feb. 16. After Feb. 17, the remaining crypto assets held by Coinbase Japan customers will be automatically converted to the Japanese yen (JPY). Fiat currency deposits will not be available from Jan. 20. The firm noted that clients will be able to move the assets to any other virtual asset service provider, a self-custodial wallet as well as Coinbase Wallet. Customers can also liquidate their portfolio and withd...

According to a report by Nansen, approximately $94.2 million has flowed out of the exchange within the past week. Cryptocurrency Exchange Huobi has seen over $94.2 million dollars in net outflow s within the past week. Within the past 24 hours alone, approximately 60 million dollars flowed out of the exchange, according to a report by crypto analytics company Nansen. In the past 24 hours, Huobi has seen a significant increase in net outflows $60.9M* of the $94.2M* net outflow in the past week occurred in the past day alone *Contains Ethereum, Avalanche, BNB Chain, Fantom, & Polygon flows pic.twitter.com/JV1Tg13QMY — Nansen (@nansen_ai) January 6, 2023 Nansen also reported that a significant portion of withdrawals was mainly in Tether (USDT), USD Coin (USDC), and Ether (ETH), from wallets with high balances.  The significant increase in outflow s from the exchange was allegedly triggered by rumors circulating on Twitter about Huobi laying off staff and shutting down internal ...

Days after USDN lost its peg with USD, Waves CEO and founder Sasha Ivanov promised that his new stablecoin will be “undepeggable." Sasha Ivanov, founder and CEO of the Waves blockchain platform, is planning to launch a new Stablecoin amid the ongoing crisis of the Waves-backed stablecoin , Neutrino USD (USDN). Ivanov took to Twitter on Dec. 20 to announce the USDN situation resolution plan alongside a new Stablecoin project. “I will launch a new stablecoin,” Waves founder wrote, adding that there is going to be a “USDN situation resolution plan set in motion before.” He stressed that nothing new will be launched or announced until the USDC plan resolution is set in motion. Without specifying the details on the nature of the upcoming stablecoin, Ivanov promised that the stablecoin will be “undepeggable.”  “The most important thing is to make people whole eventually, let's focus on that.” Neutrino USD is an algorithmic crypto-collateralized stablecoin pegged to the United Sta...