Month: July 2023

FTX claims portal becomes unavailable shortly after going live

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Bankrupt cryptocurrency exchange FTX launched a customer claims portal which stayed live for roughly an hour before going offline for unknown reasons. Many social media users reported the FTX claims portal went live on July 11, offering customers of the failed crypto exchange who had accounts with FTX, FTX.US, Blockfolio, FTX EU, FTX Japan, and Liquid the opportunity to access their account information and submit claims for consideration in the firm’s restructuring proceedings. According to FTX’s Kroll page, users had until Sept. 29 to submit claims. Customer Claims portal is…

Cardano network activity and ADA’s oversold price action hint at a powerful breakout

Caradano’s native gas-paying token ADA received a big blow at the start of June when the SEC regarded it as a security in its lawsuit against Binance and Coinbase. The lawsuit triggered a 42.5% drop in ADA’s price from $0.37 to a two-year low at $0.21 within a few days after SEC’s lawsuit. Additionally, the token faced further downside selling pressure due to delisting on U.S.-based trading apps Robinhood and eToro. However, under the hood, the network has been making progress with an uptick in DeFi activity after a scalability…

This is why miners are selling their bitcoin at levels not seen since 2019

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Recent data shows a major increase in the amount of bitcoin moved by miners from the mining pool to crypto exchanges, but the price of the flagship cryptocurrency continues to show resilience. Selling volume by miners hit its highest level on Friday since March 2019, according to blockchain data firm Glassnode. The day BlackRock filed for a spot bitcoin ETF , selling volume jumped to its highest level since September 2017. This selling behavior, implied by miners’ moving mined bitcoin to exchanges, began at the end of May. Miners are…

Bitcoin continues dominance as 3rd week of fund inflows correct previous months’ outflows

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A third straight week of positive digital asset inflows has fully corrected nine previous weeks of outflows for the market, according to a report from CoinShares published on July 10.  This week’s inflows registered $136 million. Bitcoin (BTC) funds continued their trend of holding the anchor position, with 98% of the inflows coming from BTC. The other 2% mostly came from Ether (ETH), multi-asset holdings, and a handful of altcoins. Source: Screenshot, CoinShares  After nine weeks where digital asset outflows outpaced inflows, this third consecutive week of positive movement brings the…

UK Treasury plans to exclude derivatives and ‘unbacked’ tokens from regulatory sandbox

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The Treasury Department of the United Kingdom has proposed excluding unbacked crypto assets and derivatives from its plans for a digital securities sandbox. In a consultation paper released on July 11, HM Treasury said the regulatory sandboxes that will be established under the country’s Financial Services and Markets Act will provide the U.K. government the time to modify existing legislation, if needed, for crypto products. The proposed framework was aimed at giving firms the opportunity to operate as Parliament considers where its products or services may fall under existing regulations.…

Bitcoin ETF hopium fades as on-chain and futures data reflect traders’ muted activity

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The price of Bitcoin (BTC) has been trading between $29,900 and $31,160 for the past 18 days, causing concern among investors who are looking for explanations for the lack of a clear trend.  After a 25.5% rally between June 15 and June 23 leading to Bitcoin’s highest level in 13 months one would expect investors to become more active and optimistic, but the lack of BTC’s ability to sustain prices above $31,000 and neutral on-chain and derivatives data do not corroborate this thesis. Bitcoin ETF expectations faced a harsh regulatory…

EthCC and Crypto's Latent Biases

A major Ethereum conference set for Paris is not drawing the same criticisms and concerns around last year’s DevCon in Bogota, Colombia. If the industry wants to grow, it must take a truly global perspective. Source

Algorand decentralized lending protocol Algofi to shut down by end of year

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Algofi, the borrowing and lending protocol built on decentralized finance blockchain Algorand, will soon shut down. According to a July 11 announcement, developers’ “belief in the strength of Algorand’s technology and novel consensus algorithm has not wavered,” however, the Algofi platform will nevertheless wind down soon: “A confluence of events has taken place that no longer makes building and maintaining the Algofi platform to the highest standards a viable path for our company. Due to this, we will begin sunsetting the platform and put the platform in withdrawal-only mode shortly.”…

BlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, Bloomberg analyst says

$30 trillion worth of capital could suddenly unlock for the Bitcoin market if a Bitcoin spot ETF is approved by the U.S. Securities and Exchange Commission, according to Bloomberg ETF analyst Eric Balchunas.  That is the estimated amount of assets controlled by financial advisors in the U.S., who would be willing to get exposure to Bitcoin through a regulated exchange-traded fund.   “ETF is the format in which the boomers and the financial advisors prefer their investments delivered in”, Balchunas explained in an exclusive Cryptox interview.  Blackrock’s application for a Bitcoin…