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മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
Bitcoin News
South Koreans Fascinated With Altcoins More Than Americans, Research Shows
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2146497443-768x433.jpg South Korean crypto traders are more inclined to invest in high-risk, high-reward altcoins than their American counterparts, according to a new report. The share of major cryptocurrencies like bitcoin and ethereum in the trading volumes on the largest Korean exchange is much smaller than the one registered on the leading U.S. exchange, the research indicates.
Majority of South Korean Investors Interested in Altcoins With Potential for High Profit
Many South Koreans favor a high-risk approach to crypto investments that can potentially return high rewards, the Web3 market strategy consulting firm Despread has established in a new study focused on trading on the country’s major cryptocurrency exchanges.
“The majority of individual investors on Upbit show strong interest in altcoins with high profit potential and tend to accept the associated high risks. This is considered one of the reasons for the high proportion of altcoin trading in the Korean market,” the authors said in a blog post.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/upbit-graph.jpg
Upbit is South Korea’s largest crypto trading platform, accounting for between 70 and 80% of the domestic exchange market this year. In February, the platform recorded its highest trading volume of $36 billion. It’s followed by Bithumb, Coinone, and Korbit.
Trading on America’s leading cryptocurrency exchange, Coinbase, is quite different. Unlike Upbit, which is dominated by individual investors, Coinbase’s trading volume is to a much higher degree driven by institutional players.
Institutions account for about 85% of the exchange’s total trading volume, according to its Q2 shareholder letter. These investors tend to pursue portfolio stability and as a result trading in bitcoin (BTC) and ethereum (ETH), the cryptos with the largest market cap, has a much larger share.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/coinbase-graph.jpg
Among the altcoins most actively traded in South Korea, in comparison with the global market, loom network (LOOM) claimed the top spot last week, recording the highest trading volume with a ratio of 62%, Despread revealed.
Loom was followed by ecash (XEC) with 55% and flow (FLOW) with 43%. Stacks (STX) and bitcoin SV (BSV) also made it to the rankings with ratios of 37% and 34% respectively, the company detailed in the report published Thursday.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/loom-graph.jpg
“While there are cryptocurrencies that receive temporary attention, such as loom network and flow, cases like stacks and ecash continue to receive consistent attention on Korean exchanges regardless of temporary events. These cases are noteworthy as they are consistently traded in the Korean market regardless of global trends,” the researchers noted.
Why do you think South Koreans are more inclined to invest in altcoins? Share your thoughts on the subject in the comments section below.
➖ Sent by @TheFeedReaderBot ➖
Bitcoin News
Binance Appoints New Regional Head for Eastern Europe and Central Asia
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2004046844-768x433.jpg Binance’s General Manager for Central and Eastern Europe, Kyrylo Khomiakov, will take responsibility for Central Asia as well. His promotion comes after the crypto exchange’s top executives in the region left the company last month, part of a string of executive exits at Binance this year. Kyrylo Khomiakov to Manage Binance’s Business in 14 Markets in Central and Eastern Europe and Central Asia
Binance, the largest digital assets exchange by daily trading volume, has appointed Kyrylo Khomiakov as its new regional head for Central and Eastern Europe (CEE) and Central Asia. Until now he was Binance’s General Manager for CEE.
Khomiakov will manage the company’s teams, focus on enhancing products and services and optimizing user experience to grow its business, a press release detailed. He will also oversee Binance’s marketing strategy and contacts with governments.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/kyrylo-khomiakov.jpg
“Having Kyrylo, who possesses a deep understanding of these local markets and plays an integral role in the Binance organization, taking responsibility for these regions is crucial. This appointment will ensure an effective allocation of our resources to uphold our position in this part of the world,” said Richard Teng, head of regional markets at Binance.
Kyrylo Khomiakov joined the cryptocurrency exchange in January 2022 and was initially responsible for Ukraine before taking charge of the business in the entire CEE region. He will now lead Binance across 14 countries in both Central and Eastern Europe and Central Asia.
“We’re focused on building a local presence in CEE and Central Asian countries. This way, we can build trust and create products that help our users every day,” Khomiakov stated, expressing his excitement about the opportunity to help the industry’s expansion in more regions.
Amid heightened regulatory pressure in the U.S. and the EU, Binance has sought to increase its presence in Eastern Europe and the post-Soviet space as part of its regional expansion. Since 2022, the leading global exchange has opened an office in Romania, a blockchain hub in Georgia, launched an educational program in Kazakhstan and offered to assist Azerbaijan with crypto regulations.
However, in late September, announced it’s exiting Russia, which had been an important market for the crypto trading company, and selling its Russian business. Its top two executives in the region, Regional Head of Eastern Europe and the Commonwealth of Independent States (CIS), Gleb Kostarev, and General Manager for Russia and the CIS countries, Vladimir Smerkis, left the exchange earlier that month. Binance saw a number of executive exits this year, most recently the departures of managers in the U.K. and France.
Do you expect Binance to announce new executive appointments in other regions in the near future? Tell us in the comments section below.
Bitcoin News
$720 Million Lost via 117 Hacking Incidents in Q3 of 2023 — Study
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2274967411-768x432.jpg During Q3 of 2023, there were a total of 117 hacks in which $720 million was stolen via access control breaches and rug pulls among other security incidents, a new study has found. While the losses ($49.80 million) from rug-pull incidents are significantly lower than the $449 million lost via access control and reentrancy, the study data shows rug-pulling incidents as the most prevalent form of attack.
Human Factor ‘Most Exposed Part of the Crypto Industry’
According to the latest Web3 security report by the blockchain security auditor Hacken, there were a total of 117 hacks in Q3 of 2023 while the value of funds stolen in this period topped $720 million. For context, there were 131 hacks in the preceding quarter yet only $327 million was stolen.
As noted in the study report, access control breaches were again the most financially damaging attacks “causing $449 million in losses from just 8 incidents.” The report added that the category’s average losses of tens of millions of dollars per incident again show that “the human factor remains the most exposed part of the crypto industry.”
While the losses ($49.80 million) from rug-pull incidents are significantly lower than the $449 million lost via access control and reentrancy, the study data shows rug-pulling incidents as the most prevalent form of attack.
“Another glaring trend is the prevalence of rug pulls – a type of exit scam characterised by a sudden withdrawal of liquidity, often accompanied by changes in tokenomics or the project’s smart contract. Understanding the anatomy of this scam is crucial because they make up most exploits this year. Despite the relatively low average check cashed by the malicious actors of $638,594, it’s one of the simplest scams to prevent,” the report stated.
Projects With Poor Audit Scores
On why cybercriminals still siphon user funds via this tactic, the Hacken report revealed that approximately 15%, or 12 out of 78, examined rug pull incidents had been audited. Furthermore, the report noted that many users often overlook a project’s poor audit score. However, such a score may sometimes indicate an even deeper problem.
To illustrate, the Hacken report cites the audit findings from Magnate Finance, which unequivocally declared that “a deployer could manipulate the token.” Unfortunately, many users “continued to participate in protocol for almost 3 months after the audit results.” As a result, the deployer was able to “remove LPs in multiple transactions” and more than $5 million was stolen.
Meanwhile, the report urged users to analyze token ownership, liquidity conditions, and audit outcomes before investing their funds. Users should also prioritize projects with renounced admin controls and community-led finances, the report added.
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin News
New Law Expands Police Powers to Seize Crypto in UK
https://static.news.bitcoin.com/wp-content/uploads/2023/10/british-law-royal-assent-768x432.jpg A new law that gives law enforcement agencies greater powers to seize, freeze, and recover crypto assets has entered into force in the U.K. The law introduces provisions for police to “seize crypto assets more easily and convert them into money before a forfeiture hearing has taken place,” the British government explained, adding: “In exceptional circumstances, there will also be a power to destroy seized cryptocurrency.”
Economic Crime and Corporate Transparency Act 2023
The U.K. government announced Thursday that the Economic Crime and Corporate Transparency Act 2023, which aims to “fight fraud, counter corruption, and bolster legitimate business,” has received Royal Assent. After being introduced to Parliament in September 2022, the bill underwent a year of debate and amendments before receiving Royal Assent and becoming law.
The Economic Crime and Corporate Transparency Act introduces powers that will allow British authorities to “proactively target organized criminals and others seeking to abuse the U.K.’s open economy,” the announcement details, elaborating:
Law enforcement agencies will benefit from greater powers to seize, freeze and recover cryptoassets.
“The National Crime Agency (NCA) will additionally gain greater powers which compel businesses to hand over information which is suspected to be used for money laundering or terrorist financing,” the announcement adds. “Unnecessary reporting by businesses will also be reduced, enabling the private sector and law enforcement to focus their existing resources on tackling high value and priority activity.”
Graeme Biggar, Director General of the National Crime Agency, commented: “This act is long-awaited and welcome. For too long criminals and corrupt elites have abused U.K.”
The British government further stated: “New powers will additionally allow law enforcement to target illicit cryptoassets. The NCA’s National Assessment Centre estimates that over £1 billion of illicit cash was transferred overseas using cryptoassets in 2021.” The announcement continues:
The act has introduced provisions for police and the NCA to seize cryptoassets more easily and convert them into money before a forfeiture hearing has taken place. In exceptional circumstances, there will also be a power to destroy seized cryptocurrency.
What do you think about this new U.K. law that expands police powers to seize, freeze, and recover crypto assets? Let us know in the comments section below.
Bitcoin News
JPMorgan Settles Transactions for $1 Billion Daily Using JPM Coin
https://static.news.bitcoin.com/wp-content/uploads/2023/10/1e005e04-0da7-4ac4-a987-19f2975cd6fe-768x432.jpg JPMorgan announced that it is registering transactions for $1 billion daily using its own currency, jpm coin. JPMorgan Global Head of Payments Takis Georgakopoulos added that while these movements are denominated in U.S. dollars mostly, the institution is seeking to expand on that in the future.
JPMorgan’s JPM Coin Sees $1 Billion in Movements Daily
JPMorgan has reported that jpm coin, the cryptocurrency created by the financial giant, is being used to settle $1 billion daily. According to statements from JPMorgan’s Global Head of Payments Takis Georgakopoulos, the bank plans to expand on jpm coin’s usage in the future, widening adoption.
In an recent interview with Bloomberg, Georgakopoulos stated:
JPM Coin gets transacted on a daily basis mostly in US dollars, but we again intend to continue to expand that.
Jpm coin allows making transactions denominated in dollars and recently in euros using the Qorum blockchain, a distributed ledger created by the bank in 2016 and sold to the Ethereum software company Consensys in 2020.
Announced in 2019 by JPMorgan and beginning to be used commercially in 2020, jpm coin is one of the few blockchain applications being used by banks to reach this level of adoption, even if the amount pales in comparison to the $10 trillion transacted using JPMorgan’s traditional banking solutions, according to Bloomberg.
Blockchain Retail Adoption
Georgakopoulos hinted at a possible application of deposit tokens for retail purposes. Deposit tokens, which JPMorgan considers an evolution of stablecoins, represent a claim on a deposit at a regulated financial institution, like a bank.
Georgakopoulos detailed:
The next step in that journey is to think about how you can create a more retail version of that, so that you can bring that same efficiency to consumers.
JPMorgan announced its interest in deposit tokens in February, seeing promise in this tech and profiling it as another implementation for programmable money, explaining that such tokens “can become a strong foundation for digital money and an important part of a broader tokenized asset ecosystem.”
More recently, in September, sources stated the bank was developing a platform that would use deposit token technology to bring quick settlements and payments to its institutional customers. However, the institution would not offer these services until the project is revised and approved by U.S. regulators, and it would supposedly be ready for launch a year after this approval.
What do you think about JPMorgan’s implementation of jpm coin for settlements? Tell us in the comments section below.
Bitcoin News
Ethereum’s Dencun Upgrade Faces Setback — Delay Amid Testing Requirements
https://static.news.bitcoin.com/wp-content/uploads/2023/10/dencun-768x432.jpg The highly anticipated Dencun upgrade for the Ethereum blockchain won’t be making its debut in 2023 as initially expected. Ethereum’s core developers have decided to push back the upgrade’s release until at least 2024, a revelation made during the latest All Core Developers meeting. After the meeting, software developer Tim Beiko took to social media to provide an update on the expected timeline for the upgrade.
Ethereum’s Dencun Upgrade: Mainnet Release Now Anticipated in 2024
The primary objective of the Dencun upgrade is to elevate Ethereum’s performance on multiple fronts, including scalability, security, and user-friendliness. One of its key features is the introduction of “data blobs,” a novel transaction type designed to optimize data storage and accessibility for layer two (L2) rollups built upon the Ethereum platform. Originally, the upgrade was planned to be divided into two distinct segments: Deneb, targeting the Consensus Layer, and Cancun, focusing on the Execution Layer.
However, post-meeting, Beiko shed light on the need for additional testing before the upgrade can be safely deployed on the mainnet. While the Execution Layer teams expressed their readiness to commence testing on the Goerli testnet, the Consensus Layer teams indicated that they require a few more weeks to finalize their codebase adjustments. Furthermore, the mev-boost pipeline has yet to undergo testing across all clients.
A significant moment during the meeting occurred when the developer behind Prysm, the Ethereum proof-of-stake client written in Go, remarked, “there’s no way” Dencun would be prepared for the mainnet this year. Given these circumstances, the anticipated fork on the Goerli testnet is now expected to occur no earlier than late November. Typically, testnets necessitate a minimum of two weeks between forks, implying that the Dencun upgrade is likely to debut on the mainnet after the 2023 holiday season and into 2024.
Beiko emphasized, “Nothing here is set/final, of course, but there’s at least a path being drawn towards mainnet.” The developers will persist in their testing efforts and coordination in the coming months to ensure a seamless rollout of the upgrade when the time arrives. Additionally, the developer added, “By next week’s ACDC, we’ll launch devnet-11 will all clients being setup with mev-boost and try to run a Goerli shadow fork.”
What do you think about devs postponing the Dencun upgrade until next year? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Sam Bankman-Fried Started Buying Solana's SOL at 20 Cents Using 'Alameda Profits,' He Says at His Trial
"I believed the funds came from Alameda’s operating profits" as well as third-party lenders, he testified Friday at his fraud and conspiracy trial.
uld still see bitcoin dip,” Soloway confided in Makori. In addition to monitoring bitcoin, Soloway has set his sights on gold, expressing optimism about its potential to surge by the close of this year or in 2024. He asserted, “We’re talking at least the potential for $2,400 to $2,500 gold in 2024,” wrapping up the analysis with his gold forecast.
What do you think about Soloway’s predictions? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Bitcoin Skyrockets, Yet South Korea Experiences a ‘Kimchi Discount’ Instead of the Usual Premium
https://static.news.bitcoin.com/wp-content/uploads/2023/10/prem-768x432.jpg Bitcoin has soared, doubling its value since the start of the year. Yet, intriguingly, the famed “Kimchi premium” in South Korea remains absent in this current surge of bullish activity. This is a notable deviation from previous bull markets, where the phenomenon was prominently observed. In fact, this time around, BTC prices in South Korea are trading at a discount compared to other parts of the world.
Despite the Won Ranking as the 5th Largest Bitcoin Trading Pair, South Korea Sees Unprecedented ‘Kimchi Discount’
This month, bitcoin has exhibited remarkable performance, appreciating 27.9% against the U.S. dollar. As of 10:15 a.m. EDT, BTC hovered just above the $34K mark, boasting a seven-day gain of 14.8%.
Intriguingly, during this upward trajectory, bitcoin prices on South Korea’s top crypto exchanges, Upbit and Bithumb, are slightly lower. This scenario stands in stark contrast to the “Kimchi premium” observed in previous years, which typically manifested during crypto bull runs, pushing BTC’s value several hundred dollars above the global average.
Currently, bitcoin trading is thriving in South Korea, with cryptocompare.com data revealing that BTC is the fifth largest trading pair in the country, accounting for 3.73% of all BTC’s global trades.
Despite BTC’s global trading price of $34,059 at the time of writing, it is exchanging hands at $33,902 on Upbit and approximately $33,869 on Bithumb. This translates to a $157 and roughly $190 per unit discount on Upbit and Bithumb, respectively.
Contrary to the “Kimchi premium,” where not just BTC, but also other cryptocurrencies like XRP and ETH would experience price elevations, the current discounts are uniquely impacting bitcoin’s value.
Ethereum, for example, is exhibiting a minor discount discrepancy of around $10-15 per unit. On the trading front, Bithumb recorded approximately $408 million in global trades on Friday, while Upbit saw a much higher $1.7 billion. Among Bithumb, Coinone, and Korbit, Upbit dominates in the country, commanding nearly 80% of South Korea’s crypto trading volume.
South Korea’s government and regulators from the country have tried to curb the “Kimchi premium” and put the trend to an end. While there is no sign of a premium, a “Kimchi discount” still brings an opportunity for arbitrage.
What do you think about the lack of the “Kimchi premium” during bitcoin’s current upswing? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Dydx Chain Unveils Network Fee Distribution and USDC Trading Fee Allocation
https://static.news.bitcoin.com/wp-content/uploads/2023/10/dydx-768x432.jpg The Dydx chain, a proof-of-stake blockchain network, has successfully launched its mainnet and introduced dydx as its layer one (L1) token. On October 26, at 1 p.m. EDT, the network’s validators created the first block, signifying the start of a new era for the Dydx chain. The introduction of dydx as the L1 token brings with it enhanced utility, including the distribution of network fees to validators and stakers, and the allocation of trading fees to stakers in the USDC stablecoin.
Dydx Chain’s Mainnet Goes Live, Introducing Dydx as Integral L1 Token
Located in Zug, Switzerland, the Dydx Foundation oversees the Dydx chain, ensuring a secure and efficient operation of the network. Utilizing the Cosmos SDK and leveraging CometBFT for consensus, the Dydx network requires validators to stake its native tokens, contributing to the network’s security and governance. The development team’s announcement sent to Bitcoin.com News details that the L1 protocol token is pivotal in upholding the integrity and functionality of the blockchain.
The distribution of network fees on the Dydx chain is designed to incentivize participation and investment in the network. Validators and stakers are rewarded with a share of the protocol fees, acknowledging a crucial role in maintaining network security and stability. This mechanism aims to ensure a fair and transparent distribution of rewards, aligning the interests of all parties involved.
A unique aspect of the Dydx chain’s fee structure is the allocation of trading fees to stakers in the form of usd coin (USDC). The announcement on Friday details that this approach provides a stable and reliable source of rewards for stakers, mitigating the volatility often associated with crypto rewards. The Dydx team believes the use of USDC can add an extra layer of security and trust for participants in the network. On the other hand, the L1 dydx token provides utility functions, according to the team.
“The utility functionalities of a token reflect the usability of that token within a given protocol,” Dydx explained. “In the case of the Dydx chain, the utility of the network’s L1 token is apparent in three areas: Staking, Security and Governance,” the Dydx Foundation added.
What do you think about the Dydx Foundation’s latest announcement concerning the Dydx chain, its L1 token, and the distribution of stablecoin fees? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
What’s the Deal With Sam Bankman-Fried’s ‘Advice of Counsel’ Defense
And why is it causing so much controversy in court?
CoinDesk
Bitcoin Catches Market Cap of Elon Musk's Tesla Amid ETF-Fueled Rally, but Traders Cautious Ahead of Fed Meeting
The Fed is widely expected to hold rates steady next week, but traders will be watching for signals about future policy moves.
CoinDesk
Gemini Sues Bankrupt Lender Genesis, Its Former Partner, Over $1.6B Worth of GBTC
Cryptocurrency exchange Gemini has sued lending firm Genesis Global over 60 million GBTC shares that were pledged as collateral for Gemini's Earn users.
Bitcoin News
Prosecutors Probe Sam Bankman-Fried’s Memory in FTX Case Without Jury
https://static.news.bitcoin.com/wp-content/uploads/2023/10/sbf-2-768x432.jpg Federal prosecutors questioned Sam Bankman-Fried in an ongoing hearing on Wednesday about his message deletion practices and the alleged use of customer funds while he was CEO of now-bankrupt crypto exchange FTX.
FTX Founder Faces Intensive Cross-Examination by Prosecutors in Ongoing Trial
Prosecutors focused on Sam Bankman-Fried‘s use of the encrypted messaging app Signal, including his enabling of auto-delete features in 2021. Bankman-Fried said he did not seek specific legal approval for auto-deleting messages, but believed it was allowed under FTX’s document retention policy implemented that year. Bankman-Fried’s testimony was recorded by Matthew Russell Lee from the Inner City Press.
When asked if he should have preserved messages with former Alameda CEO Caroline Ellison containing financial spreadsheets, Bankman-Fried replied “Yes. For example, verbal discussions were not required to be reported.” Prosecutors also questioned if Bankman-Fried violated the policy by deleting messages about shutting down Alameda and its reported $13 billion hole. He responded:
I don’t recall such conversations.
Prosecutors also asked about FTX customer funds being transferred through Alameda entity North Dimension bank accounts. Bankman-Fried signed documents listing it as a trading firm but said he was not aware of it actually conducting trades. When asked if he discussed the use of the account to accept customer funds with lawyers, Bankman-Fried said, “I’m not entirely sure.”
Bankman-Fried claimed he did not discuss with lawyers that the funds were coming from FTX customer accounts. “I would not characterize it that way. So no, I didn’t discuss that with lawyers,” he stated. Bankman-Fried maintained during testimony that he did not believe he should embezzle customer assets. He expressed this sentiment at a moment when responding to the prosecutor’s question wasn’t obligatory. Nevertheless, he emphasized his perceived necessity to provide an answer.
“You don’t have to answer after sustained,” Bankman-Fried’s lawyer Mark Cohen said. “Haven’t you been here for four weeks?”
The proceedings in Judge Kaplan’s courtroom are set to resume Friday morning Eastern Time (ET), with the prosecution team gearing up for an extensive line of inquiry. Despite facing multiple charges, Bankman-Fried has maintained a stance of innocence, entering a not guilty plea to all allegations. It’s noteworthy, just like the first part of his testimony, that the federal prosecutors conducted their interrogation in the absence of a jury.
What do you think about Bankman-Fried’s testimony and cross-examination by federal prosecutors? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Standard Chartered-Backed Zodia Markets Gains Registration in Ireland
Ireland is emerging as an attractive destination for crypto firms; Coinbase designated the country as its EU hub earlier this month.
Bitcoin News
Bitcoin, Ethereum Technical Analysis: BTC Rebounds From Recent Declines to Start the Weekend
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2200932293-768x432.jpg Bitcoin started the weekend tracking around the $34,000 level, as prices rebounded following a two-day winless run. The cryptocurrency has begun to consolidate in recent days, following strong gains earlier in the week. Ethereum moved back closer to the $1,800 level.
Bitcoin
Bitcoin rose back above the $34,000 level on Saturday, which comes following recent price consolidation.
After hitting a low of $33,416.89 on Friday, BTC/USD rallied to an intraday high of $34,201.77 to start the day.
The move saw bitcoin snap a two-day losing streak, which came after the cryptocurrency was significantly overbought.
Despite the uncertainty of the past few days, the 14-day relative strength index (RSI) remains in this territory.
As of writing, the index is tracking at 81.21, which comes as bulls implemented an interim floor at the 80.00 mark.
If this level holds throughout the weekend, bulls may make another run towards the $35,000 level.
Ethereum
Ethereum (ETH) rebounded from Friday’s drop, making a run back towards the $1,800 level to start the weekend.
ETH/USD peaked at $1,796.57 on Saturday, which comes after the price fell to a low of $1,751.44 less than 24 hours ago.
This climb means that the world’s second largest cryptocurrency has traded higher for nine of the last ten sessions.
Looking at the chart, this latest rally comes as the 10-day (red) moving average continues its uptrend versus its 25-day (blue) counterpart.
Additionally, the RSI found a floor at 68.00, using it as a springboard to a current reading of 69.94.
Bulls will likely make further runs towards $1,800, despite overall price strength being overbought.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ethereum to hit $1,800 this weekend? Leave your thoughts in the comments below.
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Bitcoin News
Alex Jones Lost a 10K-Bitcoin Stash Gifted by Max Keiser — Now He Can Regain It Doing a Quiz
https://static.news.bitcoin.com/wp-content/uploads/2023/10/19ccad7c-976a-4c91-a8c4-ddeeddf0a552-768x432.jpg International journalist and Bitcoin maximalist Max Keiser is giving Infowars host Alex Jones the chance of regaining a gift of 10,000 bitcoin he lost. According to Keiser, Jones will have the chance to recover the stash by answering a trivia round consisting of 5 questions. However, Jones has not answered Keiser’s call at the time of writing.
Max Keiser Will Give Alex Jones Opportunity to Recover 10,000 Bitcoin
Bitcoin enthusiast and journalist Max Keiser took to social networks to allow Infowars host Alex Jones to regain the 10,000 bitcoin he lost when BTC was priced at $5. According to Jones, Max gave him a laptop containing the bitcoin in a meeting, but Jones did not care for the item, which got lost in undisclosed circumstances.
Jones disclosed this loss on a show two years ago, when he revealed that this indeed happened. At the time, Jones stated:
Ten years ago … Max Keiser comes to me and he says I have 10,000 bitcoins for you. This is the future. It will be the new global currency. He is on record.
When he later revealed what happened, the show hosts called him a “f*cking idiot” and invited him to find the lost laptop. “I deserve it,” Jones added after being slapped twice.
Max Keiser’s 10K-Bitcoin Quiz
Nonetheless, it seems that destiny might reunite Jones with 10,000 bitcoin (valued at approximately $340 million), as Keiser recently posted this message on X:
I’ll be back on Alex Jones later this week with a quiz. If he can answer all 5 questions correctly, he gets his 10,000 bitcoin.
Jones, who was ordered to pay $1.5 billion due to his claims about the Sandy Hook school shootings, declared bankruptcy after the 2022 verdict. A recent ruling determined that Jones still needs to pay most of this amount despite filing for personal bankruptcy.
The regained gift might help the embattled journalist to face this situation. According to Keiser, Jones has not communicated with him to confirm his participation in the proposed quiz. On October 25, he declared:
Alex hasn’t confirmed a date or time yet. Is he about to lose the chance to own 10,000 bitcoin AGAIN!!!
Many have inferred that Keiser might still have a backup of the wallet containing the BTC gift.
What do you think about Alex Jones’ lost bitcoin stash and Max Keiser’s 10K-bitcoin quiz? Tell us in the comments section below.
and the Bank Secrecy Act,” adding:
To that end, we strongly support swift action by the Department of Justice against Binance and Tether to choke off sources of funding to the terrorists currently targeting Israel.
What do you think about the lawmakers asking the DOJ to consider criminal charges against Binance and Tether? Let us know in the comments section below.
Bitcoin News
US Lawmakers Ask DOJ to Consider Criminal Charges Against Binance and Tether
https://static.news.bitcoin.com/wp-content/uploads/2023/10/binance-lummis-768x432.jpg Two U.S. lawmakers have asked the U.S. Department of Justice (DOJ) to consider criminal charges against Binance and Tether, alleging that the two crypto platforms were used to fund Hamas. “We urge the Department of Justice to carefully evaluate the extent to which Binance and Tether are providing material support and resources to support terrorism through violations of applicable sanctions laws and the Bank Secrecy Act,” the lawmakers stressed. Lawmakers Concerned About Binance and Tether
The office of U.S. Senator Cynthia Lummis (R-WY) announced Thursday that the senator from Wyoming and U.S. Representative French Hill (R-AR) have sent a letter to U.S. Attorney General Merrick Garland urging the Department of Justice (DOJ) “to swiftly investigate Binance and Tether.” They alleged that the two cryptocurrency platforms have been used to fund Hamas and “have a history of allowing illegal activity to occur.”
Lummis is a member of the Senate Banking Committee while Hill is the chair of the House Financial Services Committee’s Subcommittee on Digital Assets. Senator Lummis highlighted “the need for federal investigators to crack down on bad actors in the crypto asset space after reports surfaced that showed Hamas used crypto assets to fund their war in Israel,” the announcement describes. She wrote on social media platform X on Thursday:
When it comes to illicit finance, crypto is not the enemy — bad actors are. I sent a letter asking DOJ to finish its investigation and consider criminal charges against Binance and Tether after reports they served as intermediaries for Hamas and engaged in illicit activities.
“We write to you in light of shocking reports that unregulated, centralized crypto asset intermediaries based outside the United States have facilitated significant illicit finance activity over the last two years, including providing significant terrorism financing for Hamas’ malevolent attack,” the letter begins. The lawmakers added: “We urge you and the Department of Justice to reach a charging decision on Binance that reflects their level of culpability and expeditiously conclude your investigations into the ongoing illicit activities involving Tether.”
The letter cites an article published by the Wall Street Journal on Oct. 10 stating that Hamas, Palestinian Islamic Jihad, and Hezbollah have received crypto funding since August 2021. While acknowledging that the level of funding reported in the article is “likely not accurate,” the lawmakers said: “We believe it is nonetheless imperative that the Department of Justice hold bad actors accountable if they are shown to facilitate illicit activity.”
This week, blockchain analytics firm Elliptic clarified that there is no evidence to support the assertion that Hamas has received significant volumes of crypto donations. The firm added that the data it provided “has been misinterpreted.”
The letter proceeds to describe as an unregulated crypto platform based in Seychelles and the Cayman Islands that has “historically been linked to illicit activity,” noting that the firm is “purportedly the subject of a current Department of Justice investigation.”
Moreover, Lummis and Hill stated: “It is well-known that Tether is knowingly facilitating violations of applicable sanctions laws and the Bank Secrecy Act by failing to conduct adequate customer due diligence and screenings despite being aware that its product is used to facilitate terrorism and other illicit activities.”
The lawmakers concluded, “We urge the Department of Justice to carefully evaluate the extent to which Binance and Tether are providing material support and resources to support terrorism through violations of applicable sanctions laws[...]
Bitcoin News
SEC Considering 8-10 Spot Bitcoin ETF Applications, Says Chair Gary Gensler
https://static.news.bitcoin.com/wp-content/uploads/2023/10/gensler-bitcoin-etfs-768x432.jpg The U.S. Securities and Exchange Commission (SEC) is currently considering between eight and 10 bitcoin exchange-traded fund (ETF) applications, according to SEC Chairman Gary Gensler. He insisted that “the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.” SEC Chair Gary Gensler on Spot Bitcoin ETFs
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said Thursday that the regulator has eight to 10 spot bitcoin exchange-traded fund (ETF) applications under review. The SEC has not yet approved a spot bitcoin ETF, even though the agency has greenlighted several ETFs linked to bitcoin futures contracts.
Regarding bitcoin ETF decisions, the SEC chairman stated:
They’ll come potentially to the five-member commission. I’m not going to prejudge them but I don’t have anything on timing. They all have various different filing dates.
Gensler did not specify the eight to 10 spot bitcoin ETF applications the SEC is reviewing. However, based on public records, there are 12 spot bitcoin ETF applications pending review at the SEC, including Grayscale’s application to covert its bitcoin trust (GBTC) into a spot bitcoin ETF.
Other applicants include Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. The securities regulator has delayed all decisions on spot Bitcoin ETFs. Eight applications have the latest possible review dates in the first quarter of next year, and three have the latest review dates in the second quarter.
The price of bitcoin soared earlier this week on speculation that Blackrock, the world’s largest asset manager, is close to launching its bitcoin ETF. Moreover, the U.S. Court of Appeals for the D.C. Circuit ordered the SEC earlier this week to reconsider Grayscale Investments’ spot bitcoin ETF application. Some analysts, including those at JPMorgan, are expecting the SEC to approve multiple spot bitcoin ETFs at once.
On Wednesday, Gensler talked about cryptocurrency regulation at the 2023 Securities Enforcement Forum, stating:
There is nothing about the crypto asset securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws.
“As I’ve previously said, without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws,” he continued. “Further, it follows that most crypto intermediaries — transacting in these crypto asset securities — are subject to the securities laws as well.”
Gensler previously stated that all crypto tokens, excluding bitcoin, are securities. His litigation-heavy approach to regulating the crypto industry has drawn much criticism. He has repeatedly claimed that crypto is a field rife with fraud, abuse, and misconduct.
What do you think about the statements by SEC Chairman Gary Gensler? Let us know in the comments section below.
CoinDesk
Bitcoin's 14% Weekly Gain Signals 'End of an Era' as Big Tech Dumps, Analyst Says
Bitcoin's advance this week coupled with gains across all digital asset sectors, highlighting the breadth of the crypto rally.
Bitcoin News
Biggest Movers: TON Leads Bears, as Price Nears Fall Below $2
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2374926785-768x432.jpg Toncoin was a notable mover on Friday, as the cryptocurrency edged lower for a second straight session. Price fell by as much as 4% earlier in the day, as price approached a breakout below the $2.00 mark. On the other hand, solana continued to trade around the $33.00 mark.
Toncoin (TON)
Toncoin dropped for a second straight day on Friday, as bears pushed the cryptocurrency close to a breakout below the $2.00 level.
Following a high of $2.17 during yesterday’s session, TON/USD slipped to an intraday low of $2.07 earlier today.
As a result of the decline, toncoin continued to track a one-week low, and close to a key price floor of $2.00.
One reason TON remains above the aforementioned level is as a result of the 14-day relative strength index (RSI), which is above its own floor at 50.00.
In the event that this point is broken, there is a strong possibility that bearish sentiment will significantly increase.
If so, traders will possibly be targeting a lower support point of $1.90.
Solana (SOL)
Solana (SOL) made slight gains earlier in the day, as the token hovered close to a one-year low above $33.00.
SOL/USD rose to a peak of $33.30 during today’s session, after falling to a low at $30.80 on Thursday.
Earlier gains have since faded, with the world’s seventh largest cryptocurrency now trading at $32.37.
From the chart, it appears that the 14-day RSI is marginally above a floor at 74.00, with a current reading of 74.43.
Should bulls sustain this level, there is a good chance that solana could make another run towards $35.00.
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Will solana reach $35.00 during November? Let us know your thoughts in the comments.
Bitcoin News
Market Expert Gareth Soloway Explores Bitcoin’s Future Amidst Rising Treasury Yields and ETF Speculation
https://static.news.bitcoin.com/wp-content/uploads/2023/10/gggggggg-768x432.jpg Year-to-date, bitcoin (BTC), the leading digital currency by market cap, has witnessed a staggering increase of over 100%, sparking curiosity about the duration of its upward trajectory. In a Thursday interview with Gareth Soloway, the head market strategist at inthemoneystocks.com, the expert delved into the potential longevity of this rally. Soloway also touched upon the upcoming gathering of the U.S. Federal Reserve and the ascent of 10-year treasury yields to a pinnacle unmatched in the last 16 years. Bitcoin’s Longevity Examined by Market Strategist Gareth Soloway; Anticipates Gold Surge
On a Thursday marked by a downturn in U.S. equities, resulting in a sea of red across the stock market, precious metals, and the crypto markets stood resilient, weathering the storm with grace. Gareth Soloway, the chief market strategist at inthemoneystocks.com, engaged in a thorough discussion about the U.S. and global economies with Michelle Makori, the leading anchor and editor-in-chief at Kitco News.
During their exchange, Soloway pinpointed the Federal Reserve as the market’s current focal point, speculating on whether the central bank will opt to increase the federal funds rate. He underscored the noteworthy development of the 10-year treasury yields surging past 5% for the first time in a span of 16 years.
Emphasizing the significance, Soloway remarked that a 5% yield on the 10-year treasury “is very, very important to the psychology of the market.” Echoing Bill Gross’ prediction, he anticipates a recession could unfold by the year’s fourth quarter, highlighting a stark contrast in consumer confidence across different income brackets.
Soloway observed, “I think you look at the economy right now and you could argue that half the population has already been in a recession.” He also speculated on the Federal Open Market Committee (FOMC) meeting scheduled for the following week, suggesting the Fed might opt to halt its rate hikes, given the evident market stress.
“They see the stress that’s gone on in the markets,” the analyst added.
Shifting the focus to bitcoin (BTC), Soloway speculated on the potential approval of a spot bitcoin exchange-traded fund (ETF), cautioning that it might trigger a substantial sell-off. While acknowledging bitcoin’s impressive performance, he questioned its resilience against a possible 15-20% asset sell-off in the Nasdaq, expressing concern that a 35% plunge in the stock market could eventually instill fear and panic among bitcoin holders. Soloway declared:
You’ll probably get [an ETF] approval by year-end or early in 2024. If bitcoin is still up here, you may not go higher. It may be already factoring in the approval. It’s very possible it could be a sell on the news.
Looking ahead, Soloway pondered the future narratives that could propel bitcoin’s price post-ETF approval. He acknowledged the growing acceptance of BTC as a legitimate asset class by “big money,” paralleling it with gold. In the event of tumultuous times ahead for stock markets, he envisions a surge in demand for bitcoin, predicting that the next resistance during this run-up might hover around $47,000 per unit.
“Many of these ETF institutions have probably been accumulating for the last couple of months, knowing that eventually an approval will come. And so, there may not be as many buyers for the spot ETF,” Soloway said.
Nevertheless, it’s within the realm of possibility that BTC might plummet to the $15,000 bracket, especially if the stock markets take a nosedive and widespread panic ensues. “Panic is panic; it’s the biggest emotion we have, it’s the most intense, and if we did have that scenario, you co[...]
CoinDesk
LIVE: Sam Bankman-Fried Tells Jurors: I Made 'Mistakes' at FTX, and 'a Lot of People Got Hurt'
The former crypto billionaire's lawyer focused on trying to spin prosecutors' narrative about FTX and Alameda Research's collapse in a way more favorable to SBF.
CoinDesk
Binance Founder CZ's Wealth Falls About $12B as Trading Revenue Slumps: Bloomberg
Changpeng Zhao's wealth dropped to $17.2 billion from a previous estimate of $29.1 billion.
CoinDesk
Crypto Miners Lobby U.S. Lawmakers to Counter Environmental 'Misunderstanding'
When crypto mining is discussed in the U.S. Congress, it's often tied to claims that mining operations are environmental parasites, sapping finite energy resources. But representatives of that sector flooded offices on Capitol Hill this week to argue their businesses can help stabilize the power grid, tie into renewable resources and foster domestic technology.
Bitcoin News
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US Consumer Sentiment Report
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1836343015-768x432.jpg Bitcoin slipped below the $34,000 level earlier in today’s session, ahead of the upcoming consumer sentiment report in the United States. Data on Thursday showed that the U.S. economy grew at a rate of 4.9% in Q3, largely driven by consumer spending. Ethereum moved below the $1,800 level to start the day.
Bitcoin
Bitcoin slipped below the $34,000 mark on Friday, as markets consolidated ahead of U.S. consumer sentiment figures.
BTC/USD fell to a low at $33,762.32 earlier in today’s session, which comes following a peak at $34,649.40 the day before.
As a result of the decline, bitcoin continued to pull away from a recent 18-month high, as bears began to gradually seize market sentiment.
Bitcoin chart by TradingView
This comes as the relative strength index (RSI) remained in overbought territory, with a current reading of 83.68.
Bulls in the market seem reluctant to let go of their positions, and have gone on to once again push BTC above $34,000.
Overall, BTC remains nearly 15% higher than at the same time last week, despite the recent price consolidation.
Ethereum
Ethereum (ETH) also edged lower in today’s session, falling below the $1,800 mark in the process.
After reaching a high of $1,857.81 on Thursday, ETH/USD dropped to a bottom at $1,764.01 earlier in the day.
This decline has seen ETH snap a seven-day bull run, pushing the cryptocurrency away from a multi-month high in the process.
Ethereum chart by TradingView
The drop coincided with the RSI failing to breach a resistance level of 74.00, and it is now tracking at a reading of 71.13.
Traders who are holding onto their long positions may begin to reconsider this, should the index fall below the 70.00 mark.
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Could we see momentum shift lower this weekend? Leave your thoughts in the comments below.
CoinDesk
Sam Bankman-Fried’s Terrible, Horrible, No Good, Very Bad Day
Sam Bankman-Fried began his testimony like the brilliant former golden boy from crypto’s better days. He ended the longest, strangest, most torturous day yet of his criminal trial more imperiled than ever before.
CoinDesk
Ethereum’s Dencun Upgrade Is a Step Toward a Scalable Settlement Layer: Goldman Sachs
The upgrade will enhance the blockchain’s scalability using rollups, will optimize gas fees and improve the network’s security, the report said.
