Month: January 2023

Bitcoin price taps $17.5K as traders in ‘disbelief’ doubt crypto rally

boss

Bitcoin (BTC) staged a brief but promising return to $17,500 overnight on Jan. 11 as newfound strength lingered. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Bitcoin fails to win over skeptical traders Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting new local highs of $17,504 on Bitstamp. Almost tying with the peak from Dec. 16, the pair displayed rare upside momentum against a backdrop of some of the lowest volatility ever seen over the holiday season. Now, traders and analysts anticipate an erratic reaction to upcoming macroeconomic data…

Judge Clears Binance.US Bid to Acquire Bankrupt Crypto Lender Voyager Digital

Voyager attorney said that the Binance.US deal is in the best interest of Voyager’s creditors and would help them get their crypto back much faster. On Tuesday, January 11, bankrupt crypto lender Voyager Digital received initial approval to sell its assets to Binance.US in a proposed $1 billion deal. In New York, US Bankruptcy Judge Michael Wiles gave a green flag to Voyager to proceed with its purchase agreement with Binance.US. However, the judge has asked other attorneys working on the deal to revise the proposed order documents before approving…

Group One Declares 13.5% Options Ownership in MicroStrategy

With Bitcoin gathering some decent gains since the new year, MicroStrategy saw its shares climb 34.21%. According to a filing with the Securities and Exchange Commission (SEC), proprietary trading firm Group One has acquired options to buy 1.3 million shares of MicroStrategy (NASDAQ: MSTR). Group One presents itself as a market maker in US equity opinions, providing liquidity over diverse securities. On the other hand, MicroStrategy is the largest independent publicly-traded business intelligence company, popular for its Bitcoin holdings. The company was the first to acquire Bitcoin as a primary treasury reserve asset.…

Web 3.0 Accelerator Beacon Graduates 13 Innovative Crypto Startups

Besides the funding, the handpicked projects will receive cross-industry mentorship from other Beacon contributors. Beacon, a Web 3.0 accelerator has completed its inaugural program with 13 innovative blockchain startups that were presented during its Demo Day event. As reported by TechCrunch, the first Cohort graduating from Beacon, known as Cohort 0 was selected from a multitude of applicants from different countries and continents. Beacon remains the brainchild of Sandeep Nailwal, Polygon co-founder with key contributions from top builders and executives in the broader Web3.0 ecosystem. The goal of Beacon is…

Polkadot Records New Achievements In Dev’t Activity, But Why Is DOT Price Down?

boss

Polkadot (DOT) has ushered in the first week of 2023 on a strong note, rising 8% in the last seven days, data from Coingecko shows, Wednesday.  The ecosystem itself has been very bullish recently, following the trend of the crypto market. According to Polkadot Insider, who posted an on-chain update of the ecosystem, Polkadot is registering new users on-chain, peaking on January 6th at 2,126 new users.  The ecosystem also saw gradual increases in revenue. Compared to December’s final week– which includes January 1st, in line with Polkadot Insider’s chart–…

90% of WazirX’s User Assets are in Binance Wallets, According to Proof Of Reserves Report

CoinGabbar, a third party platform that tracks crypto assets, released WazirX’s proof of reserves. At the time of writing, WazirX had $285 million of total user assets, displayed in the form of stablecoin USDT, which is pegged to the U.S. dollar. Of the total user assets, around 92% or $259.07 million was held in Binance wallets, with $26.45 million being held in other exchanges. Source

Binance Addresses Reports Regarding Its BUSD Peg

Globally-renowned exchange Binance recently admitted that its BUSD peg was inadequately undercollateralized by $1 billion.  On Tuesday, Binance admitted to flaws in its system that cost the platform its Binance Smart Chain BUSD peg and left it at least $1 billion undercollateralized at some point. According to a Binance spokesperson: “The process of maintaining the peg involves many teams and has not always been flawless, which may have resulted in operational delays in the past. Recently, the process has been much improved with enhanced discrepancy checks to ensure it’s always 1-1…

Crypto exchange Zipmex probed by Thai SEC amid buyout

boss

The cryptocurrency exchange Zipmex is the focus of a new probe by the Securities and Exchange Commission (SEC) of Thailand for a breach of local rules.  A Bloomberg report revealed that local authorities are looking into an activity that they believe may be in violation of business rules for digital asset service providers. This includes its offerings of certain digital asset products According to the Thai SEC, Zipmex has until Jan. 12 to clarify whether it has been functioning as a “digital-asset fund manager without permission” in Thailand. If true,…

UK Nears Stablecoin Launch, Considers CBDC in Long Term

Griffith expects the stablecoin to lead up to the introduction of a CBDC. Following a meeting with the UK Parliament, the UK’s Economic Secretary to the Treasury has affirmed that the country will likely launch a stablecoin soon. Andrew Griffith stated this while speaking to the UK Parliament Treasury Committee about crypto assets on January 10. While emphasizing the country’s commitment to becoming a global crypto hub, Griffith said introducing a stablecoin would be the first step in the process. He noted that the stablecoin would be used for wholesale…