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🔔 MARKET MOVING NEWS! (08/02/24)
1️⃣ SEC Cracks Down on Another Crypto Lender With $3 Million In Fines ‼️
The U.S. Securities and Exchange Commission (SEC) has reportedly charged Florida-based TradeStation Crypto, Inc., for failing to register the offer and sale of a crypto lending product. Notably, TradeStation has agreed to settle the charges by paying a $1.5 million penalty without admitting or denying the SEC's findings.
TradeStation also agreed to pay an additional $1.5 million to settle an investigation brought by the North American Securities Administrators Association (NASAA) - a group of state securities regulators. NASAA stated that a task force of eight state securities regulators was involved in investigating TradeStation's crypto interest-earning program over the past year.
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2️⃣ Ethereum Upgrade Aimed At Lowering L2 TX Costs Eyes Mainnet Deployment ☄️
Ethereum’s Dencun upgrade, which introduces “proto-danksharding,” has reportedly completed its final stage of testing via the Holesky testnet successfully. The upgrade was triggered at 11:34 UTC and finalized shortly thereafter. The upgrade now awaits a date for its mainnet deployment and is widely expected to drive down transaction costs on Ethereum layer-2s.
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3️⃣ Prometheum Claims Ether Is A ‘Digital Asset Security’ With Launch Of Custody Services 🤨
Infamous special purpose broker-dealer license holder Prometheum Capital LLC is reportedly moving forward with providing institutional crypto custodial services after picking ether as its first offering. Notably, in a tweet announcing the move, Prometheum suggested that Ether would be treated as a security for custodial services on its platform.
Prometheum, Inc. Co-CEO Aaron Kaplan stated,
Prometheum is pleased to announce the launch of Prometheum Capital’s custodial services, initially focusing on ETH. These services have been purposely designed to align with the rigorous regulatory and compliance mandates outlined by federal security laws. Through this initiative, we aim to provide investors with a pathway for engaging with digital assets within the framework of established regulatory guidelines.
There is significant uncertainty associated with our expansion to new markets and the growth of our revenue base given the rapidly evolving environment associated with crypto assets. […] [We] cannot conclude it is probable we will be able to increase revenues substantially beyond levels that we have attained in the past in order to generate sustainable operating profit and sufficient cash flows to continue doing business without raising additional capital in the near future.
🔥 Rally Report 🔥
DYMENSION
The price of DYM has rallied by 38% in the past 24 hours.
WHY?!
☄️ Dymension released its mainnet today, opening the claim period for its native token ‘DYM.’
‼️ Notably, over one million addresses qualified for the airdrop of 70 million DYM (worth roughly $390 million). This accounts for 7% of its total supply. The price of the token has been rallying steadily since listing on CEXs.
If you want to buy or trade DYM, we have an exclusive $50K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
🚨 New Video Alert!! 🚨
Dencun is upon us! Ethereum began the rollout of one of its biggest upgrades at the beginning of January this year. But, what benefits will it have to Ethereum and the wider Layer 2 ecosystem? This video looks to answer just that.
It’s no secret that Ethereum is in desperate need of scalability. Whilst ETH is still a monolith in its own right, there have been many so-called “Ethereum killers” that have capitalised on areas where Ethereum falls short. Well, the Dencun upgrade is right around the corner, and those shortfalls could very soon become a thing of the past.
With sharding being a hot topic among Ethereum’s users, we take a look at the Dencun upgrade, how this will affect Ethereum in the long term, and what it could mean for the wider crypto market.
This is a video you cannot miss!
🔥 Rally Report 🔥
ETHEREUM NAME SERVICE
The price of ENS has rallied by 23% in the past 24 hours.
WHY?!
🤝 ENS announced a partnership with domain registrar GoDaddy that will allow users to link their domain names to ENS.
☄️ Users are bullish as this will allow GoDaddy users to send and receive cryptocurrency within hundreds of applications across the blockchain ecosystem using their preferred domain name.
If you want to buy or trade ENS, we have an exclusive $50K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
🚨 New Video Alert!! 🚨
Happy February everyone! It’s time for your first weekly crypto review of the month. As you might have noticed, BTC, ETH, and other alts have been chopping sideways, and it seems nothing is happening.
However, it looks like this is going to be a big week. Besides continued spot Bitcoin ETF inflows and Ethereum’s Dencun upgrade, Chinese New Year is on the horizon, and this could be bullish for crypto.
Meanwhile, the stock market continues to hit new all-time highs which is crazy when you consider that the Fed said that they’re not done raising rates. As you’ll see though, there’s more to this story.
Enjoy!
🔔 MARKET MOVING NEWS! (04/02/24)
1️⃣ FTX Seeks Permission to Speedily Sell 8% Stake in Anthropic ‼️
Bankrupt crypto exchange FTX has reportedly filed a motion to sell its most significant remaining illiquid asset: the 8% stake the company holds in valuable AI startup Anthropic. Notably, FTX’s stake in the company is expected to fetch a price of over one billion dollars. The company has also filed a separate motion to shorten the deliberation period for the sale motion so that it can be heard at the bankruptcy court's next hearing on February 22. Objections to the motion are due by February 15.
The filing reads,
The flexibility to adjust the sale timeline will help facilitate such cooperation, including by allowing the Debtors to capture excess demand for Anthropic’s equity securities channeled from any of Anthropic’s financing rounds. Further, given the significant number and value of Anthropic Shares held by the Debtors, the flexibility to sell portions of Anthropic Shares at different times will help the Debtors monetise their interest.
🚨 New Video Alert!! 🚨
Are you looking for a new exchange?
Well, have we got a treat for you...
In our video today, we give you a complete review and step-by-step guide to Bybit. For those that don't know, this is one of the largest and most well known exchanges in the world.
However, are they really safe to use? And what are the common pitfalls that people make when using this exchange?
Our video will not only cover that but also give you some hints and tips to make sure that you are getting the most from the exchange.
Oh, and we also have an exclusive deal for you guys - one you won't find anywhere else.
So, be sure to watch right till the end!
🔔 MARKET MOVING NEWS! (02/02/24)
1️⃣ Three Arrows Capital Co-Founders’ OPNX Exchange Is Shutting Down 🔽
Crypto bankruptcy claims platform OPNX, which was launched by the co-founders of failed hedge fund Three Arrows Capital (3AC), has announced that it will officially cease all operations and shut down by Feb. 14. The company advised customers to settle their positions by Feb. 7 at 08:00 UTC and withdraw their money by Feb. 14. Notably, the price of OPNX’s native OX token plummeted 38% following the announcement, from a price of $0.01 to $0.006 in less than an hour.
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2️⃣ Larry David Calls Himself an 'Idiot' for Doing Infamous FTX Super Bowl Ad 🥴
In an interview with the Associated Press this week, comedian Larry David spoke out about his infamous Super Bowl commercial for Sam Bankman-Fried's cryptocurrency exchange FTX, which collapsed months after the ad.
He was self-effacing, stating
I asked people, friends of mine who were well-versed in this stuff, 'Should I do this ad?' They said, 'Yeah, this is totally on the up and up,' ... So, like an idiot, I did it.
We are on a mission to fundamentally change the internet so that everyone in the world is empowered to equitably access its value. Building the infrastructure to make that happen is no easy feat. Regrettably, the team’s rapid growth in the last bull market diluted qualities that enable us to execute in this manner. We must return to those qualities.
The Settlement Agreement is the product of extensive negotiations between the SEC and GGC. The proposed settlement will, among other benefits to the Debtors’ estates, resolve the Civil Action Claim filed by the SEC in these Chapter 11 Cases and eliminate the risks, expenses, and uncertainty associated with protracted litigation against the SEC.
Around Nov. 11, 2022, Hernandez used a fake ID with an FTX employee’s details to convince AT&T to transfer the mobile phone account to another SIM card. The alleged ringleader of the group, Powell—who uses online monikers ‘R$’ and ElSwapo1—then used various authentication codes to access FTX’s crypto wallets.
6️⃣ Hamas Victims Sue Binance Over Alleged ‘Assistance’ To Terrorists ▶️
Families of hostages and victims of Hamas in Israel are reportedly suing crypto exchange Binance for its alleged role in processing transactions associated with the terrorist group and others operating in the region. Notably, the plaintiffs have also named former Binance CEO Changpeng Zhao, along with the governments of Iran and Syria, as defendants in the lawsuit.
They are reportedly seeking damages under the United States Anti-Terrorism Act, claiming the defendants provided “substantial assistance” to terrorists. They claim that Binance processed numerous transactions associated with Hamas and related Palestinian terrorist groups between 2017 and mid-2023.
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🔥 Rally Report 🔥
RONIN
The price of RON has rallied by 5% in the past 24 hours.
WHY?!
☄️ The rally seems to come after a couple of notable events in the world of Axie Infinity. Notably, a rare NFT monster from Axie Infinity recently sold for 105 Ethereum (worth approximately $246,000). Axie Infinity developer Sky Mavis also launched on Tuesday its seventh in-game competitive season in Axie Infinity Origins.
📈 Additionally, Ronin has also been recently seeing a steady rise in users and momentum due in part to the success of the social farming game ‘Pixels’.
If you want to buy or trade RON, we have a 40% trading fee discount for you on OKX!
🔗 https://www.coinbureau.com/deals/trading/okx/
🔔 MARKET MOVING NEWS! (31/01/24)
1️⃣ Ethereum's 'Dencun' Upgrade Goes Live on Second Testnet, With Just One Remaining 🚀
The "Dencun" upgrade - Ethereum’s biggest upgrade since early 2023, reportedly went live on the Sepolia testnet (the second of three test networks) on Thursday at 22:51 UTC (5:51 PM ET) and finalized at 23:10 UTC. Notably, this brings the "proto-danksharding" feature a step closer to reality. The next deployment of the upgrade will be on Ethereum’s final testnet, Holesky. This is scheduled to occur next week, on Feb. 7. After that, developers will finalise a date to activate Dencun on the main blockchain.
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2️⃣ Argentina Scraps Crypto Regularisation in Milei’s New Economic Reform 🥶
The Argentina government has reportedly removed the asset regularization clause from the Law of Bases and Starting Points for the Freedom of Argentines. Notably, the clause gave citizens the option to legalise crypto holdings, even if they’re overdue on tax declarations. According to the Minister of the Interior, Guillermo Francos, the decision to eliminate the asset regularisation clause from the bill was based on the fact that “it delayed the treatment” of the initiative in parliament.
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3️⃣ SEC Plans to Dismiss Case Against DEBT Box After Admitting Inaccurate Statements Were Made 🤡
The U.S. Securities and Exchange Commission (SEC) is reportedly planning to dismiss its lawsuit against crypto startup DEBT Box after the agency's lawyers admitted inaccurate statements were made in court. Specifically, the agency told Utah U.S. District Court Judge Robert Shelby that it planned to dismiss the action without prejudice. This means that the SEC can still refile its case. Notably, the application for dismissal comes after the Judge threatened to sanction the agency for its misrepresentations in the case.
The SEC’s filing reads,
The Commission has determined that the best way to proceed is to dismiss this action without prejudice. Thus, the Commission has authorized the filing of a motion to dismiss this action without prejudice, which will be forthcoming. […] While the Commission recognizes that its attorneys should have been more forthcoming with the Court, sanctions are not appropriate or necessary to address those issues.
🚨 New Video Alert!! 🚨
It’s not quite Monday, but close enough! That means it’s time for another weekly crypto review, and we’ve got some serious alpha for you today.
As you might have noticed, BTC appears to be on the brink of a breakout of a breakdown. At the time of writing this, it looks like the breakout is coming.
However, there are some bearish factors moving around in the background that would turn this apparent breakout upside down.
Be sure to watch until the end!
📣📣 MARKET MOVING NEWS! (30/01/24)
1️⃣ HyperVerse's Alleged Ponzi Scheme Raked in Nearly $2B, Hired Actor as Fake CEO 🥶
According to a recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC), online investment business HyperVerse, which operated under several names including HyperFund, HyperCapital and HyperTech, was a nearly $2 billion fraudulent crypto investment scheme with a fake CEO at its helm.
Specifically, the SEC alleges that Sam Lee, an Australian founder who lives in the United Arab Emirates, and Brenda "Bitcoin Beutee" Chunga, a promoter of the business from Maryland, cheated investors by promising them quick riches and operating the business as a "pyramid and Ponzi scheme." Chunga has reportedly agreed to settle the SEC accusations.
Notably, the SEC stated,
HyperFund even hired an actor to pretend to be the new CEO when HyperVerse was launched. [… ] With no apparent legitimate source of revenues, investor withdrawals were paid with new investor deposits
This is a chain built exclusively for gamers and gaming studios, and every step of the way, our development team made sure to implement any and all aspects a targeted gaming audience could ask for. Over the last 12 months, over 200 games have committed to building on Immutable, bringing our market share close to 70%. 2024 is going to be the year a large number of these games go live, and we’ll see tens of millions of players adopt the next gaming experience.
🔔 MARKET MOVING NEWS! (07/02/24)
1️⃣ U.S. SEC Clears 'Dealer' Rule Expansion That Could Rope in DeFi ‼️
The U.S. Securities and Exchange Commission (SEC) has reportedly voted to adopt rules that widen its definition of a dealer. Notably, this will require market participants who have significant liquidity-providing roles to comply with federal securities laws, including those dealing in crypto securities. Notably, some speculate this could impact liquidity providers on DeFi platforms as well.
The SEC stated,
The commission is not excluding any particular type of securities, including crypto asset securities, from the application of the final rules. The dealer framework is a functional analysis based on the securities trading activities undertaken by a person, not the type of security being traded.
There are many areas with respect to digital assets where we do have clear regulatory authority, but we’ve identified some gaps where, for consumer investor protection and to address financial stability risk, it would be useful for Congress to take action to fill those gaps. […] The CFTC, for example, doesn’t have supervisory regulatory authority with respect to spot markets in commodities like Bitcoin.
🔔 MARKET MOVING NEWS! (06/02/24)
1️⃣ Haru Invest Execs Arrested in South Korea for Allegedly Stealing $828M Worth of Crypto 👮
According to local media reports, South Korean authorities have arrested three executives of yield platform Haru Invest for allegedly stealing 1.1 trillion won ($828 million) worth of crypto from around 16,000 customers. Notably, the report states that the company’s CEO is among the three arrested by the Joint Investigation Team of Virtual Asset Crimes of the Seoul Southern District Prosecutors' Office. Haru also allegedly invested most of its client deposits through one individual while falsely advertising that deposits were managed with “risk-free distributed investment techniques.”
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2️⃣ Judge Says Ripple Must Hand Over Financial Statements to SEC ‼️
Judge Sarah Netburn has reportedly ordered Ripple to produce additional information about the company's financials and institutional sales of XRP, handing a win to the Securities and Exchange Commission. Notably, the order comes after Southern District Court of New York Judge Analisa Torres ruled that sales of XRP to institutional investors were unlawful securities sales last year.
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3️⃣ ENS Collaborates With GoDaddy To Link Web Domains With Blockchain Names 🌐
Ethereum Name Service has reportedly partnered with domain registrar GoDaddy to allow users to link their domain names to ENS at zero cost. Notably, the partnership aims to bridge the gap between traditional DNS and blockchain technology, with no additional costs or technical expertise required for users.
ENS founder Nick Johnson stated,
With this milestone, we are furthering our mission to build a more secure, decentralized, and user-friendly internet. ENS, much like DNS, is a public good and a core part of the internet infrastructure. By pairing up ENS names and GoDaddy domains, we will streamline the way users interact with web domains, blending the familiarity of the DNS with the potential of blockchain technology.
🔔 MARKET MOVING NEWS! (05/02/24)
1️⃣ Exit Polls Indicate El Salvador's Bitcoin-Friendly President Nayib Bukele Could Win Re-Election 🤔
According to a CoinDesk report, exit polls show El Salvador's bitcoin-friendly president Nayib Bukele is on his way to another five-year term. Bukele also tweeted that his team’s data indicates he will emerge victorious with “more than 85% of the votes and a minimum of 58 of 60 deputies in the Assembly." Notably, the country plans to issue its long-awaited bitcoin-backed "Volcano bonds" this year. The bonds received regulatory approval in December and are expected to fund a BTC mining industry powered solely by renewable energy.
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2️⃣ South Korea Proposes Vetting Process For Crypto Executives To Strengthen Oversight ☄️
South Korea’s Financial Services Commission (FSC) has reportedly proposed new amendments that would require new executives of crypto projects to get regulatory approval before they start working in crypto companies.
If enacted, crypto firms will be required to report changes in personnel to the financial regulator. The proposed amendments also seek to give the FSC the authority to suspend the review of a crypto company’s license registration if the company or its members are being investigated by local or international regulators.
The FSC stated that it intends to “improve” the pain points of the current law that oversees the local crypto industry. Notably, the amendments are set to undergo revision by the Ministry of Government Legislation and a voting process by the FSC and are expected to be enacted at the end of March.
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3️⃣ Spanish Treasury to Seize Crypto To Pay Tax Debts 🥶
The Spanish Ministry of Finance, led by María Jesús Montero, is reportedly developing legislative reforms to the General Tax Law to allow the Spanish Tax Agency to identify and seize crypto assets owned by taxpayers who have overdue debts.
The move is part of the Treasury’s plan to fight tax evasion more aggressively. Notably, the ministry is looking to force banks and electronic money institutions to report on all card transactions. Spanish residents holding any crypto assets on non-Spanish platforms have until the end of next month to declare them to the tax authorities.
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4️⃣ Hong Kong Urges Crypto Investors To Check Platform Status As Licencing Deadline Looms ‼️
In a notice published earlier today, Hong Kong’s Securities and Futures Commission reminded investors to only trade on licensed trading platforms. Notably, the regulator reiterated the deadline for crypto trading platforms to submit their license applications was Feb. 29. On that note, it urged investors to check their platform’s regulatory status on March 1. Platforms failing to submit their application before the deadline will reportedly be required to close down their businesses in the region by May 31.
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🚨 New Video Alert!! 🚨
If you want to know what’s going to happen next in the crypto market, all you need to know is the macro and crypto factors that could move prices around.
There is no shortage of crypto research firms out there which do exactly that, and one of the best is Coinshares. They recently put out a report that reveals what they’re seeing for crypto in 2024.
Not surprisingly, they have some very bullish predictions, but they caution that bearish macro factors could appear, such as another big SEC crackdown of a crypto project or company.
This is a video you can’t miss!
🔔 MARKET MOVING NEWS! (03/02/24)
1️⃣ Thai Regulator Orders Zipmex to Suspend Digital Asset Trading and Brokerage Services ❌
Thailand’s Securities and Exchange Commission (SEC) has reportedly ordered crypto exchange Zipmex to suspend its digital asset trading and brokerage services temporarily. Notably, the SEC stated that Zipmex has 15 days to “correct its financial position and operational deficiencies” as previously ordered by the financial regulator. Post correction, the crypto exchange will reportedly be allowed to resume normal operations upon receiving permission from the SEC.
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2️⃣ DOJ Charges Duo for Crypto Mining in School District Amid US Energy Scrutiny ⚡️
The United States Department of Justice (DOJ) has reportedly charged two senior staff members of the Patterson Joint Unified School District for allegedly operating a crypto-mining operation on the premises of the district’s 10 schools. Notably, the duo utilised school resources and ran up electricity costs.
The DOJ stated,
They purchased high-end graphics cards and used those cards, together with other school district property and electricity, to operate a cryptocurrency mining farm at the school district.
🔥 Rally Report 🔥
PYTH NETWORK
The price of PYTH has rallied by 25% in the past 24 hours.
WHY?!
📈 The rally comes after crypto exchange Binance announced that it will list Pyth Network’s PYTH token with the Seed Tag applied. Notably, the Seed Tag is applied to new tokens that Binance believes will exhibit higher volatility and risks compared to other listed tokens.
🔍 According to the announcement, PYTH will have four trading pairs, namely PYTH/BTC, PYTH/USDT, PYTH/FDUSD and PYTH/TRY. Notably, trading for these spot trading pairs begins at 12:00 UTC today.
If you want to buy or trade PYTH, we have an exclusive $50K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
🚨 New Video Alert!! 🚨
There are hundreds of unelected and unaccountable international organisations that have a disproportionate impact on our daily lives. One of the biggest is the World Economic Forum.
Each year, the World Economic Forum hosts an annual conference in a small Swiss town called Davos where the world’s most powerful, wealthy, and influential people meet to plan our collective future.
Of course, they do this entirely without our input, and many of the policies they propose are objectively harmful to the average person. That’s why today we’re going to summarise some of what they said.
Enjoy!
🔔 MARKET MOVING NEWS! (01/02/24)
1️⃣ Bitcoin Price Stumbles After Fed Dashes Hopes for Rate Cuts in March 📉
The price of Bitcoin dipped on Jan. 31 shortly after the United States Federal Reserve decided to leave interest rates at their current level and hosed down hopes of a potential rate cut in March. Notably, IG Markets analyst Tony Sycamore told Cointelegraph that the Fed’s hawkish sentiment could spell trouble for U.S. equities and risk assets such as Bitcoin. This is because it makes it cheaper to borrow capital when the Federal Reserve cuts rates. This in turn increases overall spending activity and risk-on behavior in the economy.
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2️⃣ Celsius to Distribute $3B Crypto to Creditors as Firm Emerges from Bankruptcy ☄️
According to a recent press release, crypto lender 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. Notably, creditors will also receive a stake in Celsius’ newly formed Ionic Digital Inc. mining operation in addition to their cash claims. Celsius stated that Ionic Digitial will “continue to deliver recoveries to creditors” and that it expects its stock to be publicly traded “once the requisite approvals are received.”
David Barse and Alan Carr, members of the special board committee that steered the bankruptcy, stated
When we were appointed in June 2022, everyone assumed Celsius would disappear completely like the other crypto lenders that were filing bankruptcy around the same time. Our exit from bankruptcy is the culmination of an extraordinary team effort.
While such secured loans are widely overcollateralized, Tether accumulated enough excess reserves to cover the entirety of the exposure. This is in response to the community's past expressed concerns about this part of the portfolio.
The costs and risks of creating a viable exchange from what Mr. Bankman-Fried left in the dumpster were simply too high.
However, Chapter 11 bankruptcy protections could allow the firm to lodge an appeal without needing to post the bond. A successful appeal of the SEC’s claims would reportedly reduce Terraform’s liabilities and potentially lead to positive financial outcomes for the debtor, creditors and the community.
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According to a Financial Times report, crypto exchange Binance now allows larger traders to keep their assets at independent banks. Notably, users of the exchange were previously limited to holding their assets on the exchange or at its custodial partner, Ceffu. However, the new policy allows its customers to now use other crypto-friendly institutions such as Swiss banks Sygnum or FlowBank.
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