Month: August 2023

Price analysis 8/2: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

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Bitcoin is witnessing a strong battle between the bulls and the bears with the sellers currently holding a slight edge. Ratings agency Fitch downgraded the United States’ long-term credit rating from AAA to AA+ on Aug. 1 and this move dented the risk on sentiment. The U.S. equities markets witnessed profit-booking on Aug. 2 and the cryptocurrency market’s recovery stalled in its tracks. However, after the knee-jerk reaction, the markets may settle down. The cryptocurrency markets are likely to keep their focus on the news and events surrounding the Bitcoin…

US DoJ is concerned about a run on Binance should prosecutors bring fraud charges: Report

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The United States Department of Justice is reportedly considering charging cryptocurrency exchange Binance with fraud, but hesitating based on costs to consumers. According to an Aug. 2 Semafor report citing people familiar with the matter, Justice Department officials are concerned about an indictment against Binance causing a run on the exchange similar to what happened with FTX in November 2022. They are reportedly considering fines or non-prosecution agreements for Binance rather than criminal charges in an effort to reduce the harm to consumers. Binance was already reportedly the target of…

Buying Pressure Incoming? MicroStrategy Files Notice With SEC To Sell $750 Million In Stocks

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In a recent development, MicroStrategy, a US-based software firm, has announced intentions to raise about $750 million through stock sales. According to the platform, which is currently one of the biggest corporate holders of Bitcoin, proceeds realized from the sale will be used to purchase more Bitcoin. More BTC For MicroStrategy? In a filing with the United States Securities and Exchange Commission on August 1, MicroStrategy disclosed that it has entered into a sales contract with three companies, namely Canaccord Genuity, Cowen and Company, and Berenberg Capital, with respect to…

Ukrainian government reports $81M tax loss from unregulated crypto exchanges since 2013

According to data provided by the Ukrainian government, cryptocurrency exchanges offering services in the country have failed to contribute more than $81 million to the national budget in the last decade. In an Aug. 2 notice, the Economic Security Bureau of Ukraine reported unrelated crypto exchanges were responsible for at least 3 billion hryvnia in lost taxes — roughly $81 million — from 2013 to 2023. The government body said it had analyzed trading activity of exchanges created by residents of Ukraine which had roughly $55 billion in Bitcoin (BTC),…

KuCoin suspends Bitcoin and Litecoin mining pools

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied KuCoin, an exchange with over 20 million clients, will pause its Bitcoin and Litecoin mining pools on Aug. 16 as part of a shift towards its core business focus. Recent layoffs, rumored to have affected almost 30% of its workforce, prompted the move. The KuCoin Bitcoin mining pool’s hash rate currently stands at 9.60 EH/s. KuCoin changing tactics In an Aug. 1 announcement, KuCoin said it will temporarily suspend its pool service from Aug. 15, 2023, at…

U.S. Spot BTC ETF Approval Likelihood Raised to 65% by Bloomberg Analysts

Several major institutions, among them BlackRock, Fidelity, WisdomTree and Valkyrie, have in recent months filed applications for a spot bitcoin ETF to make investing in bitcoin more accessible. While the Securities and Exchange Commission (SEC) has in the past rejected such applications, many experts say there is a good chance that at least some of the applications will get approved, especially that of BlackRock, which has rarely been denied an ETF application in the past. Source

Bitcoin Funding Rates Most Positive Since Feb, Long Squeeze Soon?

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Data shows that Bitcoin funding rates have risen to the greenest levels since February 2023, something that could increase the risk of a long squeeze. Bitcoin Funding Rates Are At Highest Levels Since February As pointed out by an analyst in a CryptoQuant post, longs have accumulated in the market recently. The “funding rates” is an indicator that keeps track of the periodic fee that traders on the futures market are exchanging between each other right now. Related Reading: Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market…

Crypto Hedge Funds Will Shake Up the Industry: Crypto Long & Short

A perk of my CoinDesk job is being able to speak with capital allocators – enjoying some access to the tip of the spear, so to speak, of institutional investment within the crypto landscape. Last week, I met with Jonathan Man, chief investment officer at Valmar Capital, an emerging U.S. cryptocurrency hedge fund. The company focuses on uncorrelated returns while implementing a multi-strategy, absolute-return approach. Source