Day: June 23, 2023

Etherscan launches AI-powered Code Reader: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The past week in DeFi was filled with artificial intelligence (AI)-centered developments on Etherscan, Polygon’s latest security update and on-chain sleuth ZachXBT’s ongoing lawsuit supported by multiple crypto personalities. Etherscan launched an AI-powered code reader to retrieve and interpret the source code of specific contracts, while the Polygon co-founder proposed a zero-knowledge Ethereum Virtual Machine (zkEVM) upgrade to improve the protocol’s security.…

Volatility Shares Trust aims for listing of leveraged Bitcoin futures ETF

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A company behind providing cryptocurrency-linked and other exchange-traded funds (ETFs) has filed with the United States Securities and Exchange Commission (SEC) for listing shares of a leveraged Bitcoin futures ETF. Volatility Shares Trust filed Form 8-A with the SEC on June 23, suggesting that the firm was preparing to launch an investment vehicle the regulator could consider a class of securities under its purview. The registration statement listed the Volatility Shares “2x Bitcoin Strategy ETF” under the ticker symbol BITX, which would offer leveraged exposure to Bitcoin (BTC) corresponding to…

Bitcoin price data suggests bulls will succeed in holding $30K as support this time

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Bitcoin (BTC) has been trading above $31,000 after its 24.3% rally between June 15 and June 23, which caught many off guard. For bears, that meant facing $165 million in short futures contract liquidations, but the unexpected rally also brought some degree of discomfort for investors using Bitcoin derivatives. Inflation remains the biggest question mark for traditional markets, a point highlighted by the recent 50-basis-point interest rate increase by the Bank of England, followed by similar moves in Norway and Switzerland, leading to the highest cost of capital in over…

Judge blocks Bankman-Fried’s attempt to obtain key documents in fraud prosecution: Report

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Sam Bankman-Fried, the co-founder of FTX, has been denied his request to obtain documents from a Silicon Valley law firm, Fenwick & West LLP, as part of his defense strategy in his ongoing federal fraud case, Bloomberg reported. Bankman-Fried had hoped to use thes documents to support his claim that he relied on legal advice while engaging in the activities for which he is currently facing prosecution. In a recent development, Bankman-Fried’s legal team approached the judge overseeing the case, urging the prosecution to hand over the documents obtained from…

Sequoia partner says investing in FTX was the right move: Report

American venture capitalist Alfred Lin, a partner at Sequoia Capital, stood up for the firm’s multimillion-dollar investment in the now-bankrupt crypto exchange FTX.  Speaking at Bloomberg’s Tech Summit, Lin said if he were tasked with evaluating FTX again for the first time, Sequoia would likely make the same investment decision. “I looked at the work we did in 15 different ways. […] We probably would have made the investment again,” Lin reportedly stated. Sequoia Capital has about $85 billion of assets under management, with investments in major technology companies and…

Pepecoin (PEPE) vs. Dogecoin (DOGE): Is a flippening on the horizon?

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PEPE quietly pulled off a 100% rally earlier this week, raising questions on whether the frog-themed memecoin will become a serious Dogecoin competitor. A few months ago Pepecoin came and went, bringing quick, unimaginable riches to early investors and turning latecomers into reluctant bag holders. While the chart resembles the standard crypto pump-and-dump scheme, Pepecoin’s (PEPE) price action this week suggests that the frog-themed token could be the newest contender to Dogecoin (DOGE) in the memecoin sector. Dogecoin has dominated the memecoin space for years. Many copycats of dog-themed tokens, like…

Price analysis 6/23: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT

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Bitcoin price looks ready to turn $31,000 to support, and many altcoins are following with double-digit gains. The rush to apply for a spot Bitcoin (BTC) exchange-traded fund (ETF) rejuvenated the bulls but this news is likely to boost the price only to a certain distance. As the price moves up, the risks of a crash increase if none of the ETF applications are approved. Trading firm QCP Capital is not convinced that a spot ETF will see the light of the day in the near term. Another point of…

Bitcoin surpasses $31k for the first time since April

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin surpassed the $31,000 mark, with investor optimism fueled by the anticipation of spot bitcoin exchange-traded funds (ETFs) and the entry of prominent players into the digital currency industry. Bitcoin cash (BCH) and bitcoin SV (BSV) also join today’s top gainers with a 32.39% and 20.19% gains, respectively. Behind the surge in value Bitcoin’s price surged past the $30,000 mark on June 21, driven by an optimistic sentiment among traders who foresee potential spot bitcoin ETFs…

Belgian financial regulator orders Binance to cease all virtual currency services

The Belgian Financial Services and Markets Authority (FSMA) has ordered major cryptocurrency exchange Binance to stop offering crypto exchange and custody wallet services.  In a June 23 notice, the FSMA said that by Binance offering crypto-related services “from countries that are not members of the European Economic Area,” the exchange was violating Belgian laws on anti-money laundering (AML) and combating the financing of terrorism (CFT). The financial regulator said Binance must cease “with immediate effect” all related services in Belgium. According to the FSMA, Binance controlled an estimated 19 companies…