7
മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
CoinDesk
Tokenized U.S. Treasury Market Grows Nearly 600% to $698M as Crypto's RWA Race Intensifies
Tokenized versions of U.S. Treasuries grew nearly seven-fold so far in 2023 as competition between investment offerings and blockchain venues intensified.
CoinDesk
Sam Bankman-Fried's Post-Collapse Media Blitz Has Clearly Backfired
The FTX founder was grilled Monday by a prosecutor, who used the many words he said to journalists after his crypto company's collapse against him.
Bitcoin News
Crypto Exchanges Face Historic Liquidity Crunch Ahead of Bitcoin Halving
https://static.news.bitcoin.com/wp-content/uploads/2023/10/excabbdggdhj-768x432.jpg About 60,000 bitcoins valued at just over $2 billion were removed from trading platforms in the past 90 days. The number of bitcoins on centralized exchanges is slightly more than 2 million. A recent report from Falconx says swings in the market have been exacerbated by a persistent lack of liquidity.
Crypto Exodus: Over $2 Billion in Bitcoins Pulled from Exchanges in 90 Days
The count of bitcoins on centralized exchanges has plummeted to a multi-year low, with a mere 36,000 BTC exceeding the 2 million mark. This starkly contrasts the 2.513 million BTC stashed on trading platforms as of November 5, 2022.
Within a span of under a year, exchanges saw a reduction of 477,000 BTC. Fast forward to July 31, 2023, and about 2.096 million bitcoins were held on these trading platforms. This implies that, at current BTC exchange rates, a hefty sum of $2 billion in bitcoins, or 60,000 BTC, has been withdrawn from these platforms.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/bitcoin-exchange-reserve-all-exchanges-2.png
The same can be said about the number of ethereum (ETH) kept on centralized exchanges. Data from cryptoquant.com indicates that on November 5, 2022, there were 23.14 million ETH held on trading platforms.
On October 30, 2023, the count of ether is down to 14.57 million, which means 8.57 million ethereum worth $15.64 billion have been removed from exchanges in less than a year. Stablecoins too have been taken off exchanges or redeemed by the central issuers.
Exchanges that held $35 billion in stablecoin assets last November now have only $17.34 billion. This indicates more than $17 billion in ERC20-based stablecoins were either redeemed or removed.
The lack of liquidity might be behind the recent volatility in the cryptocurrency market. A Falconx report on Monday, citing Coin Metrics data, says the crypto market’s depth in 2023 has reached its lowest point. With bitcoin’s halving approaching, these liquidity cycles may get deeper.
What do you think about the lower amount of crypto assets held on exchanges over the last 90 days and year? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
OKX Latest Proof of Reserves Shows Exchange Over-collateralized
The latest proof of reserves shows that the exchange is 103% collateralized with bitcoin, ether, and USDT.
CoinDesk
Do Kwon's Terraform Labs Seeks Early Court Rejection of U.S. SEC Case
Terraform Labs and its co-founder, Do Kwon, are asking a federal judge to side with them in the U.S. Securities and Exchange Commission (SEC) fraud case, arguing that the regulator hasn't managed to prove the crypto company was offering securities.
CoinDesk
Starknet Foundation Showers STRK Tokens on Contributors, Though They're Not Trading Yet
The foundation, formed in November 2022 after the initial developer StarkWare minted 10 billion STRK tokens, is now awarding early contributors to the Ethereum layer-2 network – even though they're locked for trading at least until next April.
y trends. Nevertheless, in 2023, BTC and other cryptocurrency assets mounted a remarkable resurgence, while the precious metal gold has been nearing its historical high.
However, the shadow of another black swan event, reminiscent of March 11, 2020, hangs over us, enveloped in uncertainty. Today, a tangible sense of unease prevails, driven by the reverberations of significant stimulus efforts, wars and global conflicts, and the specter of inflation. The potential for such an occurrence remains unquestionably plausible, given the current state of global tensions and market volatility. Last week, the social media account on X called “Crypto Nova” wrote that the only circumstance under which bitcoin could significantly drop in value would be a massive black swan event.
The analyst told her 79,000 followers that last year’s market conditions were distinctly different from the present. The market strategist cited numerous negative factors from the previous year, including the absence of upcoming ETF catalysts, no near-term halving event, and the collapse of major crypto entities like FTX, Terra, and Celsius, alongside worsening inflation. The next day one person replied, “I still think it’s a bit too early to post this. A significant black swan event can change everything in an instant.”
“Yeah but making a bet on a black swan event happening is statistically less likely to happen at this point,” Crypto Nova responded.
What do you think about the market crash of March 11, 2020? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Bitcoin’s Black Swan — A Retrospective on 2020’s ‘Black Thursday’
https://static.news.bitcoin.com/wp-content/uploads/2023/10/bs-768x432.jpg Almost four years have elapsed since the market crash of March 11, 2020, widely known as “Black Thursday.” During that turbulent period, the value of bitcoin plummeted by more than 50% in a 24-hour span, reaching $3,867 per unit. This ominous date, etched indelibly in financial history, is synonymous with a “black swan” event, characterized by its profoundly adverse nature and the near-impossibility of prediction. The following narrative embarks on a retrospective journey through the events of that memorable day in 2020. Reflecting on the Black Thursday Market Crash and Its Aftermath
March 11, 2020, proved to be an intense day in the financial world, with few assets immune to the market’s tumultuous response. It is now enshrined as a black swan event and bears the moniker of “Black Thursday” in the financial history books. This seismic shift was largely triggered by the escalating instability brought about by the Covid-19 pandemic. On that day, the World Health Organization (WHO) officially declared Covid-19 a pandemic, a proclamation that reverberated across various sectors of the global economy.
U.S. equity markets were rocked, as the Dow Jones, S&P 500, and Nasdaq Composite experienced their most significant single-day declines since “Black Monday” in 1987. Wall Street encountered a brief yet pivotal trading halt lasting 15 minutes due to the mandated “circuit-breaker” threshold. Moreover, in the subsequent days, global markets observed significant declines, reaching a critical juncture on March 16, 2020, when worldwide markets collectively plummeted by roughly 13%.
Precious metals experienced substantial depreciation, oil prices plunged to historic depths, and the cryptocurrency market witnessed a sharp decline in valuations. For instance, on March 10, 2020, the closing price of bitcoin (BTC) stood at $7,886 per coin, only to plummet to a low of $3,867 per unit on March 11, 2020. That week, the entire crypto market economy hovered just above $140 billion, in stark contrast to today’s valuation of $1.27 trillion. Although bitcoin endured a more than 50% drop within a 24-hour period, this low price proved short-lived.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/stmp.jpg
The very next day, BTC rebounded to above the $5,000 mark, and by the end of March, it closed at $6,410. Following the events of Black Thursday, whistleblower Edward Snowden remarked that he “felt like buying bitcoin” on that fateful day. Bitcoin and other global financial assets swiftly rebounded, with crypto markets, precious metals, stocks, and commodities showing signs of recovery by April 2020. The revival was attributed to several factors, including the anticipation of a gradual return to normalcy following the pandemic.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/crypto_liquidity_following_black_thursday__1_-png.webp
However, the most significant factor was the unprecedented government stimulus measures that were implemented, surpassing any in history. This sparked a surge in the real estate market, a meteoric rise in crypto assets, an upswing in the stock market, and quite literally, a bubble in virtually everything. In November 2021, bitcoin achieved a lifetime high of $69,000 per unit, and the crypto economy’s total value surpassed $3 trillion. However, since that time, government stimulus programs have concluded.
Central banks, including the Federal Reserve, have implemented aggressive monetary tightening policies, leading to increases in interest rates. A prolonged and frigid crypto winter has persisted since the onset of the downturn, with stock markets encountering several setbacks following their 2021 peaks. A substantial segment of global markets has witnessed deflationar[...]
CoinDesk
Retail CBDC Could Add Unique Value, but Further Investigation Is Needed, Hong Kong Central Bank Says
A retail central bank digital currency could add unique value to the existing payments ecosystem and enable new types of economic transactions, but further investigation is needed, Hong Kong's central bank said.
CoinDesk
Bitcoin Shows No Signs of Overheating, Despite Doubling This Year: Analysis
Bitcoin has doubled this year. The bullish trend may continue unabated as key indicator shows no signs of overheating, according to IntoTheBlock.
CoinDesk
LIVE: Sam Bankman-Fried Tells Jury 'Run on the Bank' Felled FTX
Sam Bankman-Fried will continue his defense Monday against allegations he committed fraud and conspired to commit other forms of fraud in operating FTX and Alameda Research.
CoinDesk
LastPass Hack Victims Lose $4.4M in a Single Day
Hackers siphoned a total of $4.4 million in crypto from at least 25 LastPass users on Oct. 25, according to blockchain analyst ZachXBT.
Bitcoin News
South African Crypto Platform Pins Hope on ‘Phased Asset Recovery’ Proposal
https://static.news.bitcoin.com/wp-content/uploads/2023/10/safr55555555-768x432.jpg A South African crypto investment platform has expressed hopes that an asset recovery proposal will result in users regaining access to funds blocked after its custody partner froze withdrawals. The crypto platform said it has also engaged regulators whom it hopes will help expedite resolution of the matter.
No Timeline Given
The South African cryptocurrency investment platform Revix has said it is hopeful an asset recovery proposal put forward by its custody partner Haru Invest will ultimately result in users regaining access to blocked funds. However, Sean Sanders, the CEO of Revix, noted that while this may be positive news for users, his company is still unsure of when this process is set to be completed.
As previously reported by Bitcoin.com News in June, Revix began restricting users’ access to a portion (24%) of their funds. At the time, the crypto investment platform argued that the abrupt suspension of withdrawals by its South Korea-based custody partner had necessitated this decision.
Although some have drawn parallels between what happened to Celsius and Haru Invest, in his remarks published by Moneyweb, Sanders said it is still premature for anyone to make such conclusions.
“It’s not correct to compare Haru to Celsius just yet, as information hasn’t emerged on what exactly happened at Haru. However, Haru has publicly communicated that it plans to distribute assets it holds, which infers that there is value to be returned,” Sanders reportedly said.
The CEO added that his firm will continue to monitor the recovery efforts as well as ensure users get the highest possible value. According to the Moneyweb report, Revix has engaged regulators with the hopes that this will also help expedite the resolution of the matter.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
CoinDesk
UK Publishes Final Proposals for Crypto, Stablecoin Regulation
The U.K. government published its final proposed rules for crypto and stablecoins on Monday.
CoinDesk
Ethereum Has Layer 0 Power. But It Could Still Blow It
Before it becomes foundational infrastructure for the next stage of the internet, there are three risks that the blockchain needs to avoid, says Paul Brody, head of blockchain at EY.
CoinDesk
On Bitcoin White Paper's 15th Anniversary, Wall Street Threatens to Swallow Its One-Time Challenger
The titans of finance are increasingly driving a space that, to many, was designed to put them out of business.
Bitcoin News
Bank of Spain Report: Most Spaniards Don’t Want Digital Euro, 65% Would Not Use It
https://static.news.bitcoin.com/wp-content/uploads/2023/10/firefly-a-digital-euro-token-with-a-flag-of-spain-in-the-background-27489-1-768x432.jpg A recent report issued by the Bank of Spain that inquires about how Spaniards use cash for payments has revealed the low degree of confidence they have in a hypothetical digital euro. 65% of the citizens surveyed reported that they would not use the digital euro as they feel comfortable with the payment options available today.
Bank of Spain Report Evidences Cash Preference
A recent report of the Bank of Spain has revealed the low preference that an upcoming digital euro, the proposed European central bank digital currency (CBDC), would have compared to other payment alternatives. The report, which studied the evolution of the use of cash by Spaniards, took a representative sample of 1,606 citizens of the general population and 1,616 linked to small stores and hospitality services.
Cash is still the most used form of payment for Spaniards, according to the report, with 65% of the Spanish population using cash daily. Credit and debit cards follow while payment apps and electronic payments are marginally used but growing compared to last year’s report.
The report shows that even with the 1,000-euro limit established for cash payments in the Antifraud law passed in 2021 and the reduction of ATMs, Spaniards still use cash as one of their main payment methods.
Digital Euro Stats
The digital euro is still relatively unknown for Spaniards: only 20% of the general population has heard about its possible issuance.
Besides the low awareness rate about this new digital payment method, most of the surveyed users disliked the idea of using a hypothetical digital euro. 65% of the users consulted stated they would not use the digital euro as they feel comfortable with today’s available payment methods.
Only 20% would complement their current payment methods using the digital euro. However, preference for the digital euro decreases while age increases, as younger users are more open to adding it to their payment methods.
For polled citizens between 18 and 24 years old, the proportion of users open to this new payment tech rises to 34%, while for users older than 65, it plummets to 7%.
The European Union (EU) has not decided on issuing the digital euro yet, but the project recently entered its preparation phase, which will serve for “finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform and infrastructure.”
What do you think about the digital euro and its lack of popularity in Spain? Tell us in the comments section below.
CoinDesk
Crypto Funds See Largest Inflow in 15 Months, With Bitcoin, Solana Leading Rally: CoinShares
Ether-based funds continue to fall out of favor, with outflows for the year now totaling $125 million.
CoinDesk
What Will Wall Street’s Bitcoin Narrative Be?
With Bitcoin ETFs round the corner, financial institutions are gearing up to promote BTC investing. The message is likely to obscure Bitcoin’s origins but could be useful for native-crypto companies, argue Dave Birnbaum and David Waugh, from Coinbits.
CoinDesk
Marshall Islands Further Strengthen's Law That Made DAOs Legal Entities
The Republic of the Marshall Islands has passed legislation that takes its already advanced law for decentralized autonomous organizations (DAOs) a step further.
Bitcoin News
Bitcoin Difficulty Soars to Record 62.46 Trillion, Miners Unfazed Amidst Tight Competition Between Foundry and Antpool
https://static.news.bitcoin.com/wp-content/uploads/2023/10/bitcoindifff-768x432.jpg On October 29, 2023, Bitcoin’s difficulty rose 2.35%, reaching a record 62.46 trillion. This uptick represented the fourth consecutive rise over the preceding six weeks. The next difficulty epoch is slated for November 12, 2023, and as it stands, the recent spate of increases seems to have left miners undeterred, with the total hashrate demonstrating both resilience and stability.
Bitcoin Difficulty Marks 2.35% Uptick in Fourth Consecutive Rise
After a 6.47% increase on October 16, Bitcoin’s difficulty has risen again. On October 29, 2023, at block height 814,464, the network saw a 2.35% boost in difficulty, moving from 61.03 trillion to a new high of 62.46 trillion.
This development has made mining bitcoin block rewards more challenging than at any previous point in history. Despite this increased complexity, bitcoin miners remain unfazed, sustaining a total hashrate of just above 450 exahash per second (EH/s).
https://static.news.bitcoin.com/wp-content/uploads/2023/10/diffddd.jpg
Currently, block times remain below the ten-minute average, with data indicating speeds ranging from nine minutes and 17 seconds to slightly above the nine-minute mark per block. A total of 42 mining pools are contributing a minimum of 3 gigahash per second (GH/s) to the Bitcoin blockchain.
Furthermore, nearly 17 pools boast upwards of 1 EH/s of hashpower dedicated to mining bitcoin. On October 30, 2023, around 26 mining pools are operating with approximately 1 petahash per second (PH/s) of hashpower.
A mere 48 hours ago, Antpool held the reins as the predominant mining pool. However, recent statistics reveal that Foundry has taken the lead, boasting 27.02% of the total hashrate, while Antpool follows closely with 26.58%.
Together, these two pools govern a staggering 53.6% of the network’s entire hashrate. Over the past week, Foundry and Antpool have been locked in a close race in terms of hashrate, with Foundry slightly ahead on October 30, with 120 EH/s compared to Antpool’s 118 EH/s.
What do you think about the recent difficulty rise? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Biggest Movers: SOL Hits Near 1-Year High, Gaining 9% on Monday
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1986636659-768x432.jpg Solana surged to near a one-year high to start the week, as bulls pushed the cryptocurrency above the $35.00 level. Today’s surge comes as the global crypto market cap rallied, following a recent bout of consolidation. Avalanche also edged higher, surging by 5% today.
Solana (SOL)
Solana (SOL) was one of the notable gainers in the market on Monday, as the token climbed above the $35.00 mark.
Following a low of $32.29 on Sunday, SOL/USD rose to an intraday high at $35.17 to start the week.
This is the highest level the cryptocurrency has hit since November 6 last year, when the price was trading above $37.00.
Solana was one of the biggest tokens to fall following the FTX fraud scandal, however price has made steady gains since then.
Today’s surge comes as the relative strength index (RSI) rallied above a ceiling at 74.00, and now sits at 77.33.
SOL remains above $35.00 as of writing, however, bulls could begin taking profits in the coming days.
Avalanche (AVAX)
Avalanche (AVAX) made sizable gains to start the week, moving by as much as 6% higher during the day.
AVAX/USD peaked at $11.60 on Monday, which comes less than 24 hours after falling to a bottom at $10.92.
This has resulted in avalanche rising to its strongest point since October 7, when price last surpassed a ceiling at $11.70.
Earlier gains have marginally faded, with AVAX now sitting at $11.57, and this comes as the RSI hit a ceiling at 70.00.
Price strength is now hovering at 69.40, however bulls will likely look to break this mark, and force a move above 70.00 in the coming days.
Register your email here to get weekly price analysis updates sent to your inbox:
Could avalanche reach $12.00 in November? Let us know your thoughts in the comments.
CoinDesk
DeFi Market Recovers From 30-Month Low as Volume Hits Highest Point Since March
The total value of all assets locked on decentralized finance (DeFi) protocols has surged to a three-month high of $42 billion after being at its lowest point since February 2021 just two weeks ago.
CoinDesk
First Mover Americas: Bitcoin Ticks Along Above $34K
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 30, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
CoinDesk
Animoca Brands Courts $50M Investment From Saudi Arabia's NEOM
Animoca will build Web3 service capabilities with global commercial application alongside NEOM to support its aspirations as a futuristic tech hub.
CoinDesk
Celestia's TIA Token Trades at $3.15 on Futures Market Ahead of Airdrop
TIA, the native token of modular blockchain network Celestia, is trading at $3.15 on decentralized derivatives exchange Helix ahead being issued later this week.
Bitcoin News
Bitcoin, Ethereum Technical Analysis: ETH Moves Back Above $1,800, BTC Remains Near Recent Highs
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2124116891-768x432.jpg Ethereum once again rallied above the $1,800 level on Monday, ahead of a highly significant week of U.S. economic data. Over the next few days consumer confidence, and nonfarm payrolls will be reported, ahead of a Federal Reserve policy meeting. Bitcoin continued to trade close to the $35,000 zone.
Bitcoin
On Monday, bitcoin remained near the $35,000 level, ahead of a key week of economic data from the United States.
BTC/USD peaked at the $34,743.26 mark to start the week, after falling to a low at $34,173.38 on Sunday.
This resulted in bitcoin moving closer to an 18-month high at $35,157, which was last struck on October 25.
Bitcoin chart by TradingView
Since hitting a low of $33,400 on Friday, BTC has made consecutive gains, and this comes after the relative strength index (RSI) found a stable floor at 79.00.
As of writing, the index is tracking at 82.52, which is still significantly above the overbought mark.
Should price now continue to increase, there is a good chance that price strength will edge closer to a ceiling at 87.00.
Ethereum
Ethereum (ETH) rose above the $1,800 level to start the week, following a second straight day in the green.
Following a low of $1,779.36 on Sunday, ETH/USD rose to a high of $1,827.13 earlier in today’s session.
As a result of the move, the world’s second largest cryptocurrency rose to its highest point since last Thursday.
Ethereum chart by TradingView
From the chart, it appears that the rally came as the RSI neared its long-term resistance level of 75.00.
Currently, the index is tracking at 72.20, with ethereum marginally below its earlier peak at $1,817.
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum remain above $1,800 for the rest of this week? Leave your thoughts in the comments below.
CoinDesk
Bitcoin Whales Take Charge as Number of $100K Transactions Surge
The number of transactions of over $100,000 processed on the Bitcoin blockchain rose to a new year-to-date high last week.
CoinDesk
Sam Bankman-Fried Implied His Friends Lied About His Role in FTX's Collapse
Sam didn't do it. He didn't defraud anyone, he didn't steal customer funds – he just built a company which "turned out basically the opposite" of the product he envisioned when he founded FTX: "A lot of people got hurt – customers, employees – and the company ended up in bankruptcy." At least, that's his story.
