Day: August 25, 2023

JPMorgan Shares Prediction On Bitcoin’s Next Move: What You Need To Know

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In the latest research report, financial giant JPMorgan Chase & Co. has recently shared its belief in Bitcoin and the crypto market. Bloomberg reported, citing data from the financial services firm, that the current downtrend phase in the crypto market might just be nearing its conclusion. Notably, the deceleration in the market momentum, primarily attributed to a series of positive legal and regulatory developments that eventually lost steam, is in its last stretch, according to the banking institution. Market Dynamics And Future Predictions JPMorgan’s analyst, Nikolaos Panigirtzoglou, analyzed the situation…

Multichain $1.5B hack investigation, Shibarium eyes relaunch, Base, Optimism join hands: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The past week in DeFi saw developers behind Base and Optimism protocols join hands to develop a revenue and governance sharing framework. The $1.5-billion Multichain hack has seen some new evidence — read our detailed investigation to learn about every aspect of the exploit and the plight of the victims thereafter. Blockchain security provider Quantstamp introduced a new DeFi tool to detect…

Binance P2P removes sanctioned Russian banks from payments list

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Crypto exchange Binance has removed “yellow” and “green” payment options from its peer-to-peer (P2P) service after being criticized for using these code words to represent sanctioned Russian banks, Cointelegraph confirmed on Aug. 25. Payment method searches for color-themed code words result in no hits. Source: Binance Binance’s peer-to-peer exchange service is a message board allowing users to offer to buy or sell cryptocurrency. It also functions as a crypto escrow service. However, unlike Binance’s main exchange platform, it leaves fiat payments to be handled by users, and no fiat money…

Bloomberg Analyst Predicts Bitcoin Crash Below $10,000

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Bitcoin (BTC), the world’s largest cryptocurrency, has experienced a period of stability around the $26,000 mark following the recent speech by Federal Reserve Chair Jerome Powell.  Powell reiterated the central bank’s commitment to maintaining a 2% inflation target in his speech. As economists discuss the implications of this goal, market observers, including Bloomberg’s Senior Macro Strategist Mike McGlone, have weighed in on the potential impact of an impending recession on BTC’s price. Bitcoin Faces Bearish Outlook? During his speech, Chair Powell stressed the importance of implementing a “sufficiently restrictive” policy…

Judge denies stakeholders request for representation in Celsius bankruptcy case

Judge Martin Glenn shot down efforts to have a special shareholders class declared in the Celsius Network bankruptcy case in a court document filed on Aug. 25. The judge also declined to settle whether or not the CEL token was a security.  In a motion filed on July 25 and heard before the United States Bankruptcy Court Southern District New York on Aug. 14, investor Otis Davis asked the court to create a legal class for investors to be considered separate from Celsius Network employees and customers. Davis also requested…

Judge denies stakeholders’ request for representation in Celsius bankruptcy case

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Judge Martin Glenn shot down efforts to have a special shareholders class declared in the Celsius Network bankruptcy case in a court document filed on Aug. 25. The judge also declined to settle whether or not the Celsius (CEL) token was a security.  In a motion filed on July 25 and heard before the United States Bankruptcy Court for the Southern District of New York on Aug. 14, investor Otis Davis asked the court to create a legal class for investors to be considered separate from Celsius Network employees and…

PayPal’s PYUSD struggles with early adoption — Nansen

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PayPal’s recently released stablecoin PayPal USD is facing challenges gaining traction, on-chain data reveals. According to findings from blockchain analytics firm Nansen, roughly 90% of PayPal USD (PYUSD) is currently held in stablecoin issuer Paxos Trust’s wallets. Holdings on crypto exchange wallets stand at nearly 7% of the total supply, according to the report, with balances on Kraken, Gate.io and Crypto.com. Uptake among so-called “smart money” investors — a term used to describe well-informed or professional investors — is negligible.  Breakdown of PayPal’s PYUSD top holders: Source: Nansen PayPal’s stablecoin debut in early…