Day: August 17, 2023

FTX-Linked Farmington State Bank Slapped with Fed Enforcement Action

Farmington, which operates under its Moonstone Bank name, “improperly” pivoted to a pro-digital assets business plan in 2022 without notifying, and obtaining approval from, its supervisors, the document said. The joint enforcement action from the Federal Reserve Board and the Washington State Department of Financial Institutions bars the Washington state-based bank from “making dividends or capital distributions, dissipating cash assets and engaging in certain activities” without its supervisors’ permission. Source actionBankEnforcementFarmingtonFedFTXlinkedSlappedState CryptoX Portal

BlockFi opens crypto withdrawals for eligible US users following court order

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Many customers at defunct crypto lending firm BlockFi have reported being able to withdraw funds for the first time in months following an order from a United States bankruptcy court. In an Aug. 17 update on X, BlockFi said it had opened withdrawals for wallets of eligible users in the U.S. in accordance with a bankruptcy court order. The lending firm said the withdrawals did not extend to many wallets controlled by international users, but legal proceedings were ongoing. “As authorized by the Court in the Wallet Order, eligible clients…

Bitcoin Plunges To $28,500, Will This Historical Support Hold Again?

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Bitcoin has plunged toward the $28,500 mark during the past day, which happens to be quite near a historically significant support line. Bitcoin Is Now Near The Short-Term Holder Realized Price As pointed out by an analyst in a CryptoQuant post, BTC’s latest drawdown has brought it near the realized price of the short-term holders. The “realized price” here refers to a metric that’s derived from the “realized cap” model of Bitcoin. The realized cap calculates the total valuation of the asset by assuming that the actual value of any…

Fuse CEO Mark Smargon says blockchain payments apps will rival Visa, not Ethereum

Episode 16 of Hashing It Out explores one of the most popular cryptocurrency use cases: payments. Mark Smargon, CEO of Fuse, joins host Elisha Owusu Akyaw to discuss various Web3 payment solutions and how Fuse contributes to businesses’ adoption of cryptocurrency payments.  Smargon explained that the payment network’s strategy involves looking beyond investments to focus on everyday use cases like payments, which will likely bring more sustainable adoption. Despite the goal, Smargon recounted the difficulty in convincing people and investors that businesses would adopt blockchain payments when starting Fuse in…

Dormant Bitcoin Wallet With 1,005 BTC Awakens, Sell Pressure Incoming?

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An anonymous Bitcoin wallet holding 1,005 BTC recently woke up after 13 years of dormancy. This dormant wallet was one of the earliest Bitcoin wallets created, having received its first 1,000 BTC transaction in November 2010, just a little over a year after the Bitcoin mainnet launched.  During this time of Bitcoin’s humble beginnings, its price never even broke above $0.20. However, the recent reactivation of this wallet has sparked speculation of whether a massive sell-off of the coins could be incoming. 💤 💤 💤 A dormant address containing 1,005…

Sam Bankman-Fried Is Now in Jail

It’s a bit of a truism in journalism that any headline that ends in a question that can be answered with “yes” or “no” will usually be answered with “no.” A few weeks ago, however, I asked “Is Sam Bankman-Fried Going to Jail?” and in a rejection of that truism, the answer was “yes.” Source

Bitcoin support levels to watch as BTC price aims at $28K

Bitcoin (BTC) is struggling to avoid further losses this week as an extended sideways trading period risks ending in a breakdown. BTC price action, long constricted by resistance above $30,000, is looking increasingly unstable, data from Cryptox Markets Pro and TradingView shows. The latest Federal Reserve minutes served to sharpen Bitcoin bears’ game on their release on Aug. 16, with buyside interest declining to send BTC/USD to near two-month lows of $28,300. Given the narrow trading range in place since June, the drop was significant, even if totaling less than $1,000…

Tether CTO Paolo Ardoino says Bitcoin mining needs better analytical tools

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Stablecoin issuer Tether (USDT) is building specialized software to optimize Bitcoin mining and renewable energy operating using data analytics, following recent investment endeavors into both categories. In conversation with Cointelegraph, Tether CTO Paolo Ardoino expanded upon details of its in-development mining software which aims to deliver improved analytics and performance of mining sites. Related: Tether’s game plan in El Salvador: Why invest in Volcano Energy? Moria, named after the dwarven mining kingdom from The Lord of the Rings trilogy, is being built by Ardoino and a team of developers. Tether’s CTO had…