Month: July 2023

Bitcoin Bollinger Bands echo move that ended in 40% January gains

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Bitcoin (BTC) is lining up a burst of volatility that could rival its 40% January gains, on-chain data suggests. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode revealed the tightest Bollinger Bands since the start of 2023. BTC price due “strong moves” — but direction unknown BTC price has acted in a tight range for an entire month, using $30,000 as a focal point for sideways behavior. This, popular analyst Aksel Kibar says, is putting both bulls and bears to the test. “Seems like…

Exploring how crypto loans can benefit businesses and individuals

Cryptocurrencies are transforming lending practices. Crypto loans, or digital asset-backed or blockchain-based loans, can offer businesses and individuals perks that traditional lending mechanisms often struggle to provide.  Access to liquidity One of the primary advantages of crypto loans is their ability to provide quick access to liquidity. Traditional loan processes can be cumbersome and time-consuming, involving extensive paperwork and credit checks. In contrast, crypto loans leverage blockchain technology and smart contracts, enabling borrowers to access funds swiftly. This accessibility is particularly beneficial for businesses requiring immediate capital for operational expenses,…

Dota 2, Rocket League pros ‘want to explore’ Web3 and blockchain gaming

While game developers seem to hate the idea of Web3 coming into games, players who compete in gaming tournaments for a living are more open to trying out blockchain gaming. Professional Dota 2 player Erik Engel for Gaimin Gladiators, more commonly known by his gamer tag “Tofu,” expressed his thoughts on Web3 and how it can help gamers in a statement sent to Cointelegraph. Engel, who has won over $400,000from various major tournaments in the Dota 2 competitive gaming scene, said it’s refreshing to see companies make “more out of…

US Justice Department to double its crypto team, target ransomware crimes

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The United States Department of Justice (DoJ) has said it will double the number of staff on its crypto crime team established in 2021. The unit will add to its number of acting prosecutors and get a new leader. On July 20, the DoJ published the remarks made by Principal Deputy Assistant Attorney General Nicole Argentieri at the Center for Strategic and International Studies. In her speech, Argentieri announced the merger of two DoJ teams: the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET).…

Bitcoin no longer asset of choice for criminals — former Elliptic crypto advisor

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Crime in Web3 is shifting away from Bitcoin (BTC) to stablecoins, and Ponzi schemes remain prevalent, according to Elliptic’s former head of technical crypto advisory. Tara Annison shared the latest insights from the murky world of cryptocurrency-related crime during a presentation on the final day of EthCC in Paris, addressing a wide variety of ways digital assets are either facilitating crime or being used to launder funds.  The presentation drew Web3 crime insights from Elliptic, Chainalysis and TRM Labs, with Annison talking in her capacity as a former employee of Elliptic…

Digital yuan integration introduced to Chinese business air travel

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As the pilot program for China’s central bank digital currency (CBDC), the digital yuan, takes off, Chinese business travelers will reportedly be able to pay for flight tickets using the new currency.  A collaboration between China Merchants Bank, a commercial banking firm and the Civil Aviation Administration led to the introduction of an e-CNY platform, aiming to facilitate transactions for travelers in the aviation network, the China civil aviation news agency said in a report. According to the agency, the newly introduced platform enables companies and entrepreneurs to utilize the digital…

ProShares Says BITO ETF Has Tracked Bitcoin Price Closely, Futures-Trading Concerns Are Unwarranted

From the very beginning, observers speculated BITO and other futures-based ETFs would significantly underperform bitcoin due to costs associated with rolling over, or selling expiring futures contracts and buying the next set. Usually, longer-dated futures contracts trade at a premium to those closer to expiry, a condition known as contango. The contango tends to steepen during bull runs, and the steeper the contango, the higher the costs, and the so-called contango bleed. Source

FTX Leadership Seeks Return of Over $1B in Cash, Stocks From Former Execs Bankman-Fried, Wang, Ellison

According to the filing, FTX issued more than $725 million worth of equity to Bankman-Fried, former CTO and Co-Founder Gary Wang, Director of Engineering Nishad Singh, and former Alameda Research CEO Caroline Ellison. Of this $725 million, $447.8 million allegedly went to Singh, and the lawsuit documents how it was recorded as a loan between Singh, trading arm Alameda and FTX. Source

US state agency issues alert on crypto fraud happening over social media

The Vermont Department of Financial Regulation (DFR), a United States state agency, warned citizens against rising crypto investment frauds perpetrated over popular social media sites. On June 25, 74-year-old Naum Lantsman lost his life savings — $340,000 — to a crypto scam orchestrated over Instagram and Telegram. The DFR referenced the incident as it stressed “the need for Vermonters to exercise extreme caution and vigilance when using or investing in cryptocurrency.” A snippet of Vermont’s investor alert against crypto scams. Source: dfr.vermont.gov Instagram has been rated as the top platform connected…