Day: September 5, 2023

Bitcoin and crypto are about to embark on a ‘much stronger fundamental’ rally, Bernstein predicts

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The setup for the next bitcoin bull run has become even clearer wiafter last week’s landmark ruling in Grayscale’s suit against the Securities and Exchange Commission delivered what Bernstein calls a “game changer” for asset managers. This time, however, it will be led by institutions rather than retail investors, which helps explain why crypto prices remain stagnant despite having several positive catalysts in recent weeks. “The strong showing in the courts (Ripple and Grayscale in two months), improved ETF chances and the progressive institutional interest are positioning crypto for an…

Over 41% of trading venues offer crypto services, survey reveals

A World Federation of Exchanges survey found that 41% of the participating trading venues already offer crypto-related services or products. Furthermore, according to the survey results published on Sept. 5, 24% of the platforms without such offerings plan to offer crypto-related products or services. The study was focused on cryptocurrency trading infrastructure and included comments from 29 trading venues. While most platforms already offer crypto products or services to their customers or plan to, over a third do not have such plans. The World Federation of Exchanges also found that…

SEC vs Service Provider Developments Keeps Market Volatility Up – Blockchain News, Opinion, TV and Jobs

By Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International (CSE:FNQ).  Bitcoin (BTC) closed last week around $26,000, a 0.5% decrease in price from its previous week’s closing price of $26,100. Last week was pretty hectic, following the lawsuit win for Grayscale against the SEC. The court said that the SEC’s decision to reject the Grayscale Bitcoin ETF application was arbitrary and capricious and did not offer adequate explanations for the rejection.The SEC will now evaluate the Grayscale Bitcoin ETF application again and give a new verdict…

Bitcoin Trade Volumes Beat YTD Average As Inflows Resume: Are Bulls Taking Over?

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Bitcoin, the world’s largest cryptocurrency, has had a few progress and setbacks in the past year. This has been reflected in digital asset investment products. However, new data shows that while outflows from digital investment products have dominated for another week, Bitcoin has shown some resilience to record a weekly inflow of $3.8 million.  Bitcoin Trading Volume 90% Above The YTD Average In its latest report on digital asset investment products, Coinshares has shown Bitcoin investment products received net inflows despite the whole market seeing minor outflows. During the same…

80 Chinese crypto influencer accounts shut down in latest crackdown

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Sina Weibo, one of the most popular Chinese social media apps with over 258 million daily active users, has removed 80 influencer accounts promoting cryptocurrency activities citing official legislation. According to the Sept. 5 announcement, 80 crypto influencer accounts with over 8 million in total followers had been “proactively removed” by Weibo. The accounts were accused of breaching eight regulations related to telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety for their role in promoting cryptocurrencies.  The platform has been periodically sweeping out crypto accounts ever since China’s…

Sybil Attack Targets Airdrop of Connext’s NEXT Token for $38K

The wallet in question, created just four hours before the airdrop for NEXT went live, was able to filter more than 200 claims to itself through multiple wallets. The airdrop was restricted to one claim per wallet. This strategy, known as a sybil attack, involves creating numerous wallets that are eligible to claim the airdrop before instantly selling the tokens for profit. Source

Will it Sustain Above the $60 Mark?

Litecoin (LTC) has found itself in a tight consolidation phase, firmly locked within the $60 to $70 range since mid-August. Despite several attempts to break above the $70 resistance level, bulls seem to be running low on aggressiveness. As of the latest data from CoinGecko, LTC is trading at $62.99, reflecting a 1.8% decline over the past 24 hours and a seven-day slump of 3.1%. In recent weeks, LTC bulls have diligently defended the August 2022 range-high of $63, preventing a drop below this crucial support level. However, their efforts…

Coinbase to upsize debt repurchase by $30M

Cryptocurrency exchange has upsized its debt buyback offer from $150 million to $180 million. According to the Sept. 5 announcement, Coinbase will commit a total of $180 million to buying back its 3.625% Senior Notes due 2031. The offer will lapse on Sept. 18 at 11:59 pm Easten Time.  At the time of announcement, $50 million in tendered notes had been accepted for purchase, with an additional $211 million in tendered notes that had not been accepted, for a total of $261 million. Per Coinbase’s offer, investors would receive 67.5…