Day: November 23, 2022

Gemini Says Crypto Exchange Working To Find Solution for Users To Redeem Funds From Struggling Earn Product

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The crypto exchange Gemini says it’s working to “find a solution” so its customers can redeem funds from its interest-earning program, Gemini Earn. The program was impacted last week when its leading partner, blue-chip crypto lender Genesis, halted customer withdrawals due to liquidity issues stemming from the collapse of 3AC and FTX. Says Gemini this week, “We continue to work with Genesis Global Capital, LLC (Genesis) — the lending partner of Earn — and its parent company Digital Currency Group, Inc. (DCG) to find a solution for Earn users to…

Here’s why $16.5K is critical for November’s $1.14B Bitcoin options expiry

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Bitcoin (BTC) faced a 7.3% drop between Nov. 20-21 as it tested the $15,500 support. While the correction seems small, the movement has caused $230 million in liquidations in futures contracts. Consequently, bulls using leverage came out ill-prepared for the $1.14 billion monthly options expiry on Nov. 25. Bitcoin investors’ sentiment worsened after Genesis Trading, which is part of the Digital Currency Group (DCG) conglomerate, halted payouts at its crypto lending arm on Nov. 16. More importantly, DCG owns the fund management company Grayscale, which is responsible for the largest…

Crypto’s Future Will Be Based on Self-Custody and Regulation: Kraken’s Dave Ripley

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ETC Sees 14% Gains Amidst Crypto Market Recovery

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Ethereum Classic (ETC) is currently trading at $19.65, an increase from its previous price. The crypto, presently ranked at number 23 on CoinMarketCap, shows signs of life. The 24-hour trading volume of the token stands at $332,995,651.  The 24-hour low of ETC stands at $18.20, while the high was at $20.15. The market capitalization of Ethereum Classic also gained above 8% and is currently valued at $2,704,849,374. The crypto market, in general, has been on a downward trend. This week has been more positive, with some tokens rallying positively. Traders…

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US lawmakers ask DOJ hold FTX execs accountable ‘to the fullest extent of the law’

Two Democratic members of the United States Senate have called on the Justice Department to investigate the collapse of FTX and potentially prosecute individuals involved in wrongdoing. In a Nov. 23 letter to U.S. Attorney General Merrick Garland and Assistant Attorney General Kenneth Polite, Senators Elizabeth Warren and Sheldon Whitehouse requested the Justice Department launch an investigation into crypto exchange FTX’s downfall with the “utmost scrutiny.” The lawmakers cited the impact the collapse of a major firm in the crypto space had had on related companies — lending companies including…

Crypto Market Back To High Correlation As All Indexes Closely Follow Bitcoin

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Data shows the crypto market has become highly correlation again in the past week as all indexes have been closing following Bitcoin. All Market Cap Weighted Crypto Indexes Have Been Moving Together Recently According to the latest weekly report from Arcane Research, the 30-day ETH-BTC correlation now has a value of 0.95. To assess the performance of the different portions of the market as a whole, the coins are divided into the “crypto indexes.” The criteria for putting any asset into an index is using its market cap. The “market…

Dubai Multi Commodities Centre to Issue Gold Backed Tokens Using the Xinfin Blockchain Protocol – Blockchain Bitcoin News

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The Dubai Multi Commodities Centre (DMCC) has announced a new partnership with the firm Comtech Gold in order to digitize gold trading. The DMCC said the tokenized precious metals are backed by DMCC Tradeflow-registered gold bars, and each tokenized gold bar “will be backed by a Tradeflow warrant.” DMCC to Digitize Tradeflow-Registered Gold Bars via the Xinfin Blockchain Dubai Multi Commodities Centre (DMCC) is a UAE Free Zone established in 2002, and it’s considered the region’s authority when it comes to commodities trade and enterprise. DMCC is one of many…