Day: December 22, 2022

FTX Acquisition of Blockfolio Was Mostly Funded with FTT Tokens

The FTT token was also a major factor in the implosion of FTX. New details about the investments of FTX Derivatives Exchange into BlockFolio, a crypto brokerage firm have been published by Bloomberg. According to the media firm, FTX financed over 94% of the $84 million it paid for the platform using FTT, a digital token it created. With the funds paid, FTX took a 52% stake in BlockFolio in 2020 and the bankrupt exchange which at the time was only a year old had the option to buy up…

Huobi Partners with Payment Giant Visa to Launch Huobi Visa Card

Huobi and Visa share similar goals in wanting to bridge the gap that exists between the crypto ecosystem and traditional finance. Huobi, one of the world’s leading virtual assets exchanges, today announced its partnership with the digital payment platform Visa. According to the post, the partnership will help the exchange to develop what it calls the “Huobi Visa Card”, and issue the same across the world. Huobi to Promote Adoption of Virtually Assets By all means, Huobi sees the plan as one that will bring more ease of access to…

US Treasury Yields in Their Lows as Earlier Sell-Off Ends

As the Treasury yields bounce, the top market indices also have their share of mixed performance, and the crypto industry continues to wallow in losses. After recording a sell-off earlier in the week, the US Treasury yields have declined as investors return to the bond market. An unexpected move by the Bank of Japan in tweaking its yield curve controls sparked global bonds to sell off earlier in the week. Meanwhile, the financial institution took the step to shield the impact of protracted monetary stimulus measures. On the other hand,…

Twitter Introduces BTC and ETH Price Charts on App

Soon after the announcement by the official Twitter account, Elon Musk retweeted the launch of this novel feature, claiming that this was one of the many product launches added to the Financial Twitter. Social media platform Twitter has now introduced a new feature on the app which allows users to search the keywords to get the price rise and fall of Bitcoin (BTC) and Ether (ETH). This can be done easily by typing in the names or tickers on the search option. This follows as an improvement of $Cashtags and…

Binance Dispels FUD Of A ‘Financial Black Box’

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In addition to the macroeconomic headwinds, the Binance rumors and the uncertainty surrounding Grayscale/DCG are clouding the sentiment in the Bitcoin market. In a renewed attempt to dispel the “FUD,” Binance released a detailed report today in which the world’s largest crypto exchange addresses current questions from the media and the community. Even though analytics firms like CryptoQuant and Nansen recently confirmed the existence of customer funds on-chain, one of the biggest accusations against Binance at the moment is that it is a “financial black box”. Critics claim that the…

Bitcoin low volume sparks BTC price warning as metric hits ‘value zone’

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Bitcoin (BTC) price action may be “unsustainably high” as one metric hits its highest levels in seven months. Data from on-chain analytics firm Glassnode confirms that on Dec. 21, Bitcoin’s network value to transaction (NVT) signal reached levels not seen since April. Bitcoin activity may not support $17,000 BTC price Created by statistician Willy Woo, NVT essentially measures the ratio between on-chain activity and the Bitcoin price. NVT signal modifies its readings by using a 90-day moving average of daily transaction volume instead of raw data, something Glassnode says “improves”…

Ripple CEO compares Wells Fargo billions mismanagement with FTX collapse

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Amid the heated-up news steam about the FTX drama, Ripple CEO Brad Garlinghouse has tried to turn the public’s attention to another case regarding the misdeeds of traditional finance. A $3.7 billion fine for mismanagement at Wells Fargo bank was treated as, in Garlinghouse’s words, “barely a blip on the radar.” Ripple CEO expressed his concern with the lack of public attention to the Wells Fargo case in his tweet on Dec. 21: The world is (appropriately) outraged by SBF and FTX’s fraud, but when Wells Fargo mismanages billions in…

Twitter Adds Crypto, Stock Prices in Search Results

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US SEC Declares FTX’s Native Token FTT as Security

The SEC stated that the operations of the FTT token and the buy-and-burn program initiated by crypto exchange FTX are synonymous with stock buyback and thus constitute the behavior of securities. In a complaint filed late Wednesday, December 21, the US Securities and Exchange Commission (SEC) said that crypto exchange FTX sold its native FTT tokens as an investment contract and is a “security”. Is FTT a Security? The massive selling of FTT tokens by Binance and others triggered a major downfall for the crypto exchange FTX. Since the FTX…