Day: January 23, 2023

China-backed Blockchain Project Proposes SWIFT Alternative for Stablecoins and CBDCs – Finance Bitcoin News

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The company developing China’s blockchain network wants to create a system for international settlements with stablecoins and state-issued digital currencies. The plan is to establish a platform facilitating the use of these two fiat-based digital assets in foreign trade. Company Behind China’s Blockchain Push Aims to Make Stablecoins and State Coins Interoperable Hong Kong-based Red Date Technology, the designer of China’s state-backed Blockchain-based Service Network (BSN), has launched a new project to implement both stablecoins and central bank digital currencies (CBDCs) in cross-border payments. The initiative was announced this week…

JPMorgan Sees Coinbase Benefitting from Upcoming Ethereum Shanghai Update

JPMorgan believes as many as 95% of Coinbase Global’s retail customers will opt in for the staking service after the Shanghai update. Ahead of the upcoming Shanghai Update of the Ethereum network, analysts at American multinational investment bank, JPMorgan Chase & Co (NYSE: JPM), are optimistic that Coinbase Global Inc (NASDAQ: COIN) will be among the major beneficiaries. With the Shanghai update scheduled to go live in March, investors will be able to withdraw their staked Ethereum, some going as far back as December 2020 when the deposit address for…

US Regulator Seize $700M Worth of Assets Linked to FTX and SBF

A majority part of the seized assets include 55.3 million shares of Robinhood with its current worth of around $526 million. Last week, prosecutors from the United States seized a staggering $700 million worth of assets owned or belonging to the collapsed crypto exchange FTX and its disgraced founder Sam Bankman-Fried (SBF). As per the court filings submitted last Friday, January 20, US federal prosecutor Damian Williams noted that the “government respectfully gives notice that the property is subject to forfeiture”. This covers a long list of assets including shares,…

Bitcoin Price Rises to $23K for First Time since August Fueled by Whales’ Accumulation

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Bitcoin price has obliterated FTX and Alameda losses after rallying more than 33 percent in the past three weeks. Bitcoin price continued with its past few weeks’ rally over the weekend to hit $23k. Although the asset has scaled down to $22,700 during the early Asian trading session on Monday, Bitcoin’s market dominance has risen to 41.90 percent. Following the three-week pump, Bitcoin’s market capitalization has topped $438,187,899,265 fueled by huge whale accumulation, according to on-chain data. According to market intelligence platform Santiment, Bitcoin addresses holding between 1,000 to 10,000…

Are Big Players No Longer Interested In Bitcoin?

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Bitcoin prices are trending higher, but big players appear hesitant to buy into the current rally. Bitcoin Reserves Dropping On-chain data shows that exchange, digital asset banks, and miner BTC reserves are relatively lower. Over the past weeks, the spot price of BTC has soared over 40%, bottoming at around $15,300 registered in Q4 2022. Bitcoin has now risen to retest $23,300, reaching a new Q1 2023 high. Bitcoin Price on January 23| Source: BTCUSD on BitStamp, Trading View As history shows, the spike in Bitcoin prices should be at…

Crypto Gaming Token AXS Surges 40% Ahead of $64 Million Token Unlock

Some observers have long argued that the impact of unlocks accentuate the prevailing market trend. “Large unlocks of tokens are a complex event that interface with market psychology. Simply put, large unlocks can be bullish catalysts in bulls, and bearish catalysts in bears. They unlock liquidity to continue the prevailing trend,” Chris Burniske, co-founder of New York-based crypto-focused venture firm Placeholder tweeted in April 2021, explaining the bullish reactions to token unlocks that took place in early 2021. Source

Cardano Network Quickly Recovers After Brief Node Outage

“The real takeaway for me is how impressively resilient the cardano network is. Something took down ~60% of nodes and the network recovered in a few minutes, and continued producing blocks throughout,” Pi Lanningham, chief technology officer of Cardano-based decentralized exchange SundaeSwap, tweeted. Source CardanoNetworkNodeOutagequicklyRecovers CryptoX Portal