Day: September 23, 2023

Ethereum network fees hit 2023 lows, on-chain activities rise

Ethereum network fees are currently at their lowest point in 2023. The Ethereum (ETH) blockchain witnessed a significant reduction in network fees, with users paying a mere $1.15 per transaction, Santiment data shows. The current decline in Ethereum’s transaction fees carries with it a historical pattern that bodes well for the network’s utility.  As transaction fees drop, Ethereum becomes a cheaper choice for users to interact with its versatile platform. This development holds the promise of boosting Ethereum’s overall market value. Lately, there has been a notable rise in the level…

Venezuela authorities seize Bitcoin mining machines

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Venezuelan security forces recently raided a criminal gang-controlled Tocorón prison and confiscated Bitcoin (BTC) mining machines, along with various weapons such as grenades, rocket launchers, and guns.  The Venezuelan government sent out over 11,000 soldiers and police to take back the Tocorón prison which served as the headquarters of the notorious Tren de Aragua gang. The development marked the first time that authorities would take action against the country’s most feared criminal group that extended its operations to neighboring countries.  According to reports, members of the feared gang were involved…

Binance.US scores against SEC, Mt. Gox delay repayments, and…

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Top Stories This Week SEC sees temporary setback in request to access Binance.US software The United States Securities and Exchange Commission has failed to win immediate access to Binance.US’s software, with the judge saying he isn’t “inclined to allow the inspection at this time.” The hearing was held on Sept. 18 to discuss the SEC’s motion to compel Binance to hand over detailed information and make its executives more available for depositions. In a hearing, Judge Faruqui said that he wasn’t “inclined to allow the inspection at this time.” Alternatively,…

Bitwise Withdraws Application, A Big Blow To Ethereum ETFs?

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In a recent development, asset manager Bitwise has withdrawn its application to transform its existing Bitcoin futures ETF (Bitwise Bitcoin Strategy Optimum Roll ETF) to one that invests in both Bitcoin and Ethereum futures contracts.  This has raised speculations about the reason for this decision and what it means for the Ethereum futures ETFs projected to launch in October. Why Bitwise Withdrew Its Application Reporting this development on his X (formerly Twitter) platform, Bloomberg Analyst James Seyffart stated that the asset manager has chosen to maintain only its Bitcoin exposure…

Coinbase shows interest in FTX’s European entity

Coinbase recently considered buying FTX Europe, highlighting the growing significance of crypto derivatives in global trading strategies. In the crypto trading space, derivatives have grown in significance, outpacing the popularity of spot trading. This trend is demonstrated by Coinbase’s recent interest in acquiring FTX Europe on Sept. 22, further underlining the expanding role of derivatives in global crypto trading strategies. Derivatives, which are intricate financial instruments taking their value from underlying assets like Bitcoin and Ether, have become the powerhouse in the crypto trade. Data from Kaiko Research highlights that…

Turingum partners with MarketAcross to accelerate Web3 adoption

MarketAcross, a global blockchain marketing firm, has partnered with Japanese Web3 specialist Turingum to expand its market reach and drive blockchain adoption. Fostering Web3 business growth  Turingum aims to gain access to international companies through MarketAcross and expand its global footprint. In contrast, MarketAcross expects to strengthen its presence in the Japanese blockchain landscape by reaching a broader clientele. The deal is expected to be a win-win scenario that promises brand visibility and new avenues for client acquisition. Empowering Web3 businesses One of the key aspects of this partnership is…

Distressed Debt Investors Pounce on $250,000,000 Worth of Bankrupt Crypto Exchange FTX’s Claims: Report

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Distressed debt investors are reportedly gobbling up hundreds of millions of dollars worth of bankrupt crypto exchange FTX’s claims. According to a new Bloomberg report, an analysis of their records indicates that investment firms such as Silver Point Capital, Diameter Capital Partners, Attestor Capital, Hudson Bay Capital Management and others have bought $250 million worth of FTX debts since the start of 2023. Bloomberg says that investors are operating in an unregulated bankruptcy claims market where debt contracts can be purchased for a fraction of what is owed. Thomas Braziel,…

Coinbase expands in Europe with new Bank of Spain license

Coinbase secured authorization from the Bank of Spain as an official Bitcoin (BTC) and digital assets exchange and custodial wallet service provider. This milestone empowers Coinbase to extend its complete range of offerings to both retail and institutional users in Spain and Europe. Coinbase secures Bank of Spain approval  In a Sept. 22 blog post, Nana Murugesan, the Vice President of International and Business Development at Coinbase, described the Bank of Spain’s approval as a significant achievement. Coinbase can now expand its services for retail consumers, institutional clients, and developer…

Hong Kong police arrest 11 people in ongoing JPEX crypto investigation 

Hong Kong authorities continue to investigate cryptocurrency exchange JPEX for alleged fraud and have received over 2,000 complaints from aggrieved investors. Eleven people have reportedly been taken into custody, including influencers who promoted the platform.  Hong Kong intensifies JPEX probe The police stated that investors, most of whom are inexperienced, invested in JPEX based on the company’s promise of high return on investments. As part of its efforts to push its services, JPEX not only tapped influencers but also put up adverts on Hong Kong’s Mass Transit Railway (MTR) train…

Is a Drop Below $0.5 Likely Before October?

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XRP has maintained its position within the confines of a symmetrical triangle pattern, with today’s modest surge doing little to alter its trajectory. This symmetrical triangle pattern has exerted significant influence over XRP’s price movements for the past month, indicating that it may continue to dictate the coin’s fate in the near future. The symmetrical triangle pattern is a technical analysis chart pattern characterized by converging trendlines, with one representing the coin’s lower highs and the other symbolizing its higher lows.  This pattern suggests a period of consolidation and uncertainty…