Month: January 2023

BTC metrics exit capitulation — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts the last week of January in fine form after sealing its highest weekly close in five months.  Despite opposition, the largest cryptocurrency is holding on to its newfound strength and continues to surprise market participants. This is no mean feat — market sentiment has plenty to spook it and initiate a rethink among investors. Macro conditions remain uncertain, while within Bitcoin, research has highlighted whales on exchanges potentially moving prices artificially with huge amounts of liquidity. Nonetheless, Bitcoin has seen its most impressive gains percentage-wise in over…

South Africa adds new cryptocurrency standards to advertising code

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South Africa’s Advertising Regulatory Board (ARB) has included a new clause for the cryptocurrency industry aimed at protecting consumers from unethical advertising. Companies and individuals in South Africa must abide by certain advertising standards pertaining to the provision of cryptocurrency products and services in a new clause introduced to Section III of the country’s advertising code. The first clause requires that adverts, including cryptocurrency offerings, must ‘expressly and clearly’ state that investments may result in the loss of capital ‘as the value is variable and can go up as well as…

CryptoUnity – Created with Beginners, for Beginners

Place/Date: – January 23rd, 2023 at 10:09 am UTC · 4 min read Source: CryptoUnity The world of finance is constantly evolving and one of the newest players in the field is CryptoUnity. Cryptocurrencies are slowly but surely taking over the world, expanding their presence and thus their practicality. It is widely believed that they will sooner or later take over the financial world, but that comes with its advantages and disadvantages. One of the disadvantages of cryptocurrencies is that they, due to their basis in the technical world, exclude…

Polygon-Ethereum ERC-20 Bridge Is the Most Active, Locks $2.18 Billion

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The Ethereum-Polygon ERC-20 bridge is the most active, data on January 23 reveals. Polygon-Ethereum Bridge Dominant As of January 23, there were $2.18 billion of assets locked in the Ethereum-Polygon ERC-20 Bridge, almost twice the value of assets locked between the Ethereum and Arbitrum bridge which, at the time of writing, stood at $1.36 billion. Another Plasma bridge, connecting Ethereum and Polygon, is also the third most active, locking over $894 million as of press time.  ETH Bridges TVL| Source: Etherscan The Arbitrum: L1 Custom Gateway, Arbitrum: L1 ERC20 Gateway, the…

Elon Musk Plans to Roll Out Zero Ads Subscription Model for Twitter

Tesla CEO Elon Musk intimated plans to revamp Twitter ads, including a zero ads subscription option for interested users. Elon Musk plans to implement a zero-ads subscription model on the popular microblogging platform Twitter. The Tesla chief executive’s intent to revamp Twitter advertisement frequency and size is part of ongoing improvement processes at the company. Commenting on his proposed higher-priced zero-ad subscription model development, Musk said: “Ads are too frequent on Twitter and too big. Taking steps to address both in coming weeks.” Musk also explained that Twitter supports its advertising partners via new code…

Genesis Bankruptcy Case Scheduled for First Hearing on January 23rd 

The bankruptcy hearing for embattled crypto lender Genesis commences today at a New York Southern District court.  According to court filings, the first hearing for the bankruptcy case of crypto lender Genesis Capital will occur on January 23rd. The documents state that a judge of the US Bankruptcy Court for the Southern District of New York will preside over the case. Genesis Hearing Breakdown As the first step in Genesis’ bankruptcy hearing, the court will deliberate a number of decisions. These include whether to accept the requested Chapter 11 relief by…

Token dump following Binance listing raises insider trading suspicions

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Insider trading has become a burning topic in the crypto ecosystem, especially in light of the recent conviction of an ex-Coinbase manager’s brother. The insider trading charges were believed to be the first involving cryptocurrency, and now another set of wallet addresses with transaction history linked to Binance listings has raised suspicion. Conor Grogan, director of Coinbase, took to Twitter to flag the transaction activity of a few anonymous wallets over the past 18 months. The anonymous wallets allegedly bought multiple unlisted tokens minutes before their listing announcement on Binance…

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,…