Month: July 2023

Bitcoin holds steady above $30,000 as selling pressure intensifies

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) has remained above $30,000 for the past month despite market indicators suggesting weakness. All that while, miners have been trying to liquidate their holdings. The broader cryptocurrency market gained $70 billion in less than five hours after a US judge ruled in favor of Ripple and XRP on July 13. The Bitcoin price rose to $30,800 on July 13 but fell below $30,000 twice in the past week, dropping to as low as $29,685 on July…

COIN CEO Brian Armstrong to Meet New Democrat Coalition Members About Crypto Legislation: Bloomberg

The meeting will concern “digital-asset legislation and related issues including tax, national security, privacy and climate,” the report said. Recently, lawmakers from the House and Senate have introduced separate bills in an attempt to bring clarity to crypto regulation, though the reality of a divided Congress means it’s unclear whether such efforts will bear fruit. Source

MOON Rockets 170% as Speculations Around Reddit’s Rule Change Pushed Community Tokens Higher

Note that community points have always been tradable, but it’s troublesome to trade those through the Reddit app, per ONG. “It’s easy to send CPs to other Reddit users from the app, but to trade them, one has to export the private key from the Reddit wallet and import it into a crypto wallet. Then trade the CPs on an Arbitrum Nova DEX,” ONG said in a tweet thread. Source

Thodex CEO sentenced to Turkish prison for failure to submit tax documents

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Three months after Faruk Fatih Özer — the founder and former CEO of Thodex — was detained in Türkiye, he received a prison sentence of seven months and 15 days for failing to submit documents requested during the trial. Thodex was once one of the biggest crypto exchanges in Türkiye before it suddenly shut down and Özer fled to Albania. Following a Red Notice by Interpol, Özer was extradited back to Türkiye to be held responsible for the investors’ roughly $2 billion worth of cryptocurrencies. While Özer maintained innocence throughout…

US SEC accepts BlackRock’s spot Bitcoin ETF application

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The US Securities and Exchange Commission (SEC) has accepted BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF). The SEC’s official calendar now shows BlackRock’s application will be published in the Federal Register, starting a 21-day public comment period. On the docket BlackRock’s application to launch a spot Bitcoin exchange-traded fund (ETF) has been added to the SEC docket as part of the proposed rule change process.  This latest development, recorded on July 13, represents a significant milestone…

Crypto headcount surges over 100% since 2019 despite implosions

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Despite several high-profile cryptocurrency implosions, the number of people working in the industry has soared over the past four years. According to findings by the crypto research startup K33, the number of crypto-related employees has surged nearly 160% since 2019. In a report titled “The Emerging Crypto Industry,” K33 estimated that the total headcount of people working in crypto as of 2023 amounted to nearly 190,000 persons. The estimations also suggested that the number of such professionals stood at just around 73,000 people in 2019. According to the data, the…

Levered Bullish Longs Getting Liquidated as Bitcoin Market Softens

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Futures trading involves the use of leverage, meaning traders can take large long/short position by depositing a relatively small amount of money, called a margin, with the exchange providing the rest of the value. That exposes futures traders to liquidations – forced closure of long/short positions due to margin shortages often caused by the market moving against the direction of the levered bet. Original

Celsius sells $23.5 million of tokens days after former CEO was arrested

Celsius Network, which filed for bankruptcy in 2022, is selling its crypto holdings as the broader market recovers, partly due to Ripple’s win against the US Securities and Exchange Commission (SEC). Data provided by Lookonchain shows that Celsius has already sold roughly $23.5 million worth of cryptocurrencies — including $8.5 million of chainlink (LINK), $7.84 million of synthetix (SNX), $3 million of BNB, $2.26 million from 1inch (1INCH), and $1.9 million worth of ox protocol (ZRX).  Moreover, screenshots shared by the data provider also suggest that Celsius has deposited almost 439,000 FTT,…

Threads copies Twitter again, introduces ‘rate limits’ to combat bots

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Mark Zuckerberg’s Twitter alternative, Instagram Threads, has been forced to implement rate limits in response to a growing number of reports citing spam attacks and crypto-shilling bots. Instagram head Adam Mosseri announced the introduction of rate limits in a July 17 post on the Threads app. Adam Mosseri’s explanation for the introduction of rate limits on Threads. Source: Threads “Spam attacks have picked up so we’re going to have to get tighter on things like rate limits, which is going to mean more unintentionally limiting active people (false positives). If…

Aave deploys DAI stablecoin competitor on Ethereum

Aave has launched its algorithmic stablecoin, GHO, backed by multiple crypto assets, including ethereum (ETH). GHO will be an alternative to DAI, a stablecoin minted by MakerDAO. Aave’s GHO is live  After more than one year in development, Aave, the world’s second-largest decentralized finance (DeFi) protocol, has launched GHO (pronounced “go”), an overcollateralized decentralized algorithmic stablecoin on Ethereum.  On July 15, Aave said DeFi market participants could mint the GHO stablecoin by depositing supported collateral assets into the Aave Protocol V3 on Ethereum.  Unlike popular stablecoins like tether (USDT), issued by centralized entities,…