Day: August 17, 2023

US Fed takes action against bank linked to FTX’s Alameda Research

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Federal Reserve (Fed) has taken enforcement action against Farmington State Bank, based in Washington, and its parent company, FBH Corporation. This action follows undisclosed changes to the bank’s business plan. Previously known as Moonstone Bank, the bank had close ties to FTX’s trading division, Alameda Research. In a statement on Aug. 17, the Fed clarified that this action aims to ensure a controlled winding down of the bank’s operations. This move is vital to protect the bank’s depositors and…

Bitcoin price briefly dips below $26K, falling to two-month lows

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The price of Bitcoin (BTC) fell around 8% in a span of 10 minutes, causing the cryptocurrency to dip well under $26,000 before partially recovering. BTC was hovering around $27,677 on Aug. 17 at 9:30 pm UTC time before tumbling just over 8% to $25,409, according to Coinmarketcap. Bitcoin fell to a low of $25,409. Source: Coinmarketcap The price of Bitcoin was even lower on the crypto exchange Bitfinex, hitting a low of $24,715 before making a partial recovery back above $26,000. Initial reactions from the X (Twitter) community have pegged the…

Will Bitcoin Volatility Continue? These Metrics Say Yes

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Bitcoin has observed some sharp price action today, and if data of these metrics is to go by, the asset may not be done being volatile just yet. Bitcoin’s Open Interest And Leverage Ratio Have Remained High As explained by an analyst in a CryptoQuant post, some metrics are forming a pattern that can lead to more volatility in the cryptocurrency’s price. These indicators are the open interest and the estimated leverage ratio. The “open interest” refers to the total amount of Bitcoin futures contracts that are open on all…

US BlockFi clients free to withdraw funds after court order

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Numerous US-based clients of the defunct crypto lending firm, BlockFi, have reported being able to access their accounts following a directive from the US Bankruptcy Court for the District of New Jersey on Aug. 16. In an update on Aug. 17, BlockFi said it had initiated the withdrawal process for eligible users’ wallets in the US, conforming to the directives of the bankruptcy court, nine months after suspending withdrawals.  Even so, international users will have to…

Tornado Cash lawsuit judge sides with US Treasury in motions for summary judgment

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A federal judge in Texas has sided with the United States Department of the Treasury by granting a motion for summary judgment in a lawsuit concerning Tornado Cash brought by six individuals backed by crypto exchange Coinbase. In an Aug. 17 filing in the U.S. District Court for the Western District of Texas, Judge Robert Pitman denied a motion filed in April by plaintiffs Joseph Van Loon, Tyler Almeida, Alexander Fisher, Preston Van Loon, Kevin Vitale and Nate Welch requesting partial summary judgment in a case over controversial mixer Tornado…

Bitcoin Faces A Weekly Double Top; This Needs To Happen

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In a recent analysis of the Bitcoin price, seasoned crypto analyst Rekt Capital discussed the looming presence of a potential double top formation on the weekly chart. The scenario paints a picture of impending volatility, with both bullish and bearish narratives emerging from this often foreboding pattern. “The BTC Double Top still remains intact,” tweeted Rekt Capital, emphasizing the technical structure’s significance. He continues, “Weekly Bearish Divergence lends additional bearish confluence to this structure as well. More, the bear div is developing a new lower high (dotted green) relative to…

SpaceX sold $373M worth of Bitcoin acquired in 2021-2022: Report

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Aerospace technology firm SpaceX reportedly sold roughly $373 million worth of Bitcoin (BTC) it acquired starting in 2021. According to an Aug. 17 report in the Wall Street Journal, SpaceX recorded $373 million worth of Bitcoin holdings on its balance sheet in 2021 and 2022, but has since sold the crypto asset. The news outlet reportedly viewed documents on the firm’s financials showing roughly $5.2 billion in total expenses for 2022, and $5.4 billion in 2021 and 2022 for acquiring property and equipment in addition to research and development costs.…

Blockchains Keep Launching, From Sei (and Its $SEI token) to Shibarium (and Its $SHIB)

SEI HELLO! Sei, a new layer-1 blockchain built using Cosmos technology, launched to the public, and its native SEI token garnered more than $1 billion in trading volume after being listed on crypto exchanges including Gate.io and Binance. The project is notable because it was designed as an application-specific blockchain meant for trading, in contrast to more general-purpose networks like Ethereum that could theoretically support a wider range of use cases. Jay Jog, co-founder of Sei Labs, which led the new blockchain’s development, said that the “solution” to providing faster…

Crypto Exchange Coinbase (COIN) Will Suspend Trading with Tether’s USDT, MakerDAO’s DAI and RAI Stablecoins in Canada

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