Day: June 15, 2023

Bittrex withdrawals set to resume after bankruptcy court gives green light

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Cryptocurrency trading platform Bittrex is expected to resume customer withdrawals on June 15 following an order from a judge in the United States Bankruptcy Court for the District of Delaware. The decision does not settle the question of the subordination of U.S. government claims, which had led to objections against its plan. “Objections (if any) to the Motion having been withdrawn, resolved or overruled on the merits,” Judge Brendan Shannon’s June 13 order read. It went on to stipulate that nothing in the motion or the order constituted a finding…

Jack Dorsey backs bitcoin development with $5m investment

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Jack Dorsey, the Twitter co-founder, made a commitment to support bitcoin developers by pledging $5,000,000. The funds will be distributed over a span of five years, with an annual contribution of $1,000,000, as stated by Brink’s recent announcement on Twitter. More support for bitcoin Block CEO Jack Dorsey and his philanthropic organization Start Small have committed to a substantial $5 million donation to Brink, an organization established in 2020, dedicated to providing fellowship and grant programs…

Decentralized Social Media Platform Lens Protocol Embraces Open Governance

Currently, there are three live proposals, according to the announcement. The first proposal establishes the open governance model, while the second and third proposals are centered around open standards. The second proposal “will encourage third-party algorithms and machine learning (ML) services to be integrated into Lens Protocol,” while the third proposal defines “how metadata is classified, organized and labeled within Lens,” as stated in the announcement. Source

Wormhole, Axelar Take Top Honors

After a comprehensive review involving code evaluation and direct interaction with the bridge teams, the committee approved Wormhole and Axelar for Uniswap’s specific use case of protocol governance. Other bridges including LayerZero, Celer, DeBridge and Multichain did not meet the foundation’s criteria. The report leaves open the possibility for some protocols to be reevaluated following future updates. Source

Coinbase redeems $65M in convertible notes at 29% discount

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According to a June 15 announcement, cryptocurrency exchange Coinbase has entered into an agreement for the redemption of $64.5 million in 0.50% Convertible Senior Notes due 2026. However, the company estimates it will only need $45.5 million in cash to consummate the agreement due to the notes’ 29% discount to par value. Coinbase wrote:  “The Repurchases are expected to close on or about June 20, 2023, subject to the satisfaction of customary closing conditions. Following such closings, approximately $1.373 billion principal amount of the Notes will remain outstanding.” Alesia Haas,…

3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout

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Bitcoin (BTC) is copying the prelude to its 2020 breakout to an “insane” extent, the co-founders of Glassnode have said. In a tweet on June 15, Yann Allemann and Jan Happel highlighted three BTC price metrics that are anything but bearish. Metrics echo Bitcoin’s “major reversals and rallies” BTC/USD reached local highs of $31,000 in April but, since then, has dipped around 20%. Sentiment has taken a beating in the process, with downward price predictions becoming the norm in the intervening weeks. While recent events have placed additional pressure on…

3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout

Bitcoin (BTC) is copying the prelude to its 2020 breakout to an “insane” extent, the co-founders of Glassnode have said. In a tweet on June 15, Yann Allemann and Jan Happel highlighted three BTC price metrics which are anything but bearish. Metrics echo Bitcoin’s “major reversals and rallies” BTC/USD reached local highs of $31,000 in April, but since then has dipped around 20%. Sentiment has taken a beating in the process, with downward price predictions becoming the norm in the intervening weeks. While recent events have placed additional pressure on…

New York bans CoinEx exchange, seizes $1.7M in crypto assets

Hong Kong-based crypto exchange CoinEx has been banned from operating in New York by Attorney General Letitia James. According to an announcement on June 15, over $1.7 million worth of the exchange’s funds were seized for allegedly failing to register as a securities and commodities brokerage. The agreement resolves a previous lawsuit against CoinEx from February, when the New York state accused it of falsely representing itself as an exchange and failing to register with local authorities. “As part of today’s consent order, CoinEx is banned from offering, selling, or…

BlackRock nears bitcoin ETF filing, partnering with Coinbase custody

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied BlackRock, the asset management company with a staggering $9 trillion under its control, is said to be on the verge of applying to a bitcoin exchange-traded fund (ETF). Insider sources have revealed that progress is being made in preparing the application. Working alongside a trusted custodian According to reports, the New York City-based investment giant is planning to partner with Coinbase Custody, a leading cryptocurrency storage and management platform.  JUST IN: $9 trillion asset manager BlackRock…

Crypto BTC Trading Volumes Drop in Q2 to Yearly Lows

In terms of individual token market share of trading volume across Q2, bitcoin has lost around 20 percentage points since its peak at the end of March. Ether outperformed bitcoin, taking a 5 percentage point increase in share of volumes. Binance’s BNB rose from 2% of volumes to over 7% in the last few days amid the Binance regulatory fear. Source