Month: September 2023

Ripple Labs chair slams Biden, Gensler for having ‘screwed up’ on crypto

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The United States’ legal system is set to bring the crypto industry “back in the game” after the Biden administration “screwed up” its crypto policy, says Ripple Labs chair and co-founder Chris Larsen. Speaking to Bloomberg on Sep. 7 about his firm’s July partial win against the Securities and Exchange Commission, Larsen argued the regulator lost on “everything that was important to [it] and important in the regulation of the industry.” “The U.S. screwed up here on crypto and blockchain policy. This is the beginning now through the courts, unfortunately…

Ethereum Price Could See Lift-off Unless This Support Gives Way

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Ethereum price is eyeing an upside break above $1,650 against the US Dollar. ETH must stay above $1,600 to start a fresh increase in the near term. Ethereum is slowly moving higher from the $1,620 support zone. The price is trading above $1,632 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support near $1,622 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a steady increase if there is a close above the $1,650 resistance. Ethereum Price Eyes…

Solana Announces Hyperdrive Hackathon | Blockchain News

Solana, a leading blockchain platform, unveiled its latest initiative, Hyperdrive, in a series of tweets on September 6, 2023. The event is described as an engineering and business competition where teams can transform an idea into a fully operational project within a span of five weeks. Key Highlights Grand Prize & Speciality Prizes: Solana has partnered with various entities for specialty prizes in categories such as Mobile Apps by MagicEden, Finance/Payments by Helio Pay, AI by UXD Protocol, DePIN by ionet official, Crypto Infrastructure by Ironforge Cloud, Gaming by Phantom,…

Crypto market makers’ profits rapidly shrinking amid liquidation, legal woes

Growing operational costs, lack of trust, and legal scrutiny mark massive losses for crypto market makers.  The once lucrative crypto market making sector is navigating choppy waters, with soaring operational costs and a $2 trillion market slump. The latest wrinkle is a loss of trust in market makers, fueled by a spate of legal accusations against key players like Wintermute Trading Ltd. Major liquidity providers such as Auros and GSR Markets Ltd. are diversifying across exchanges, using off-platform storage for digital assets, and even deploying borrowed tokens as collateral. However,…

Bitcoin Bulls Continues To Struggle, Here’s Why Upsides Could Be Limited

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Bitcoin price is still consolidating above $25,500. BTC might attempt an upside correction, but upsides might be limited above the $26,200 resistance. Bitcoin is still trading in a range above the $25,500 support zone. The price is trading below $26,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $25,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could attempt to recover but the bears might remain active near $26,200. Bitcoin Price Stuck In Range…

VanEck, ARK filings ‘officially’ start clock for spot Ethereum ETFs: Analyst

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The race for the United States’ first spot Ethereum exchange-traded fund has officially begun after new 19b-4 filings by the Chicago Board Options Exchange (CBOE), which will “ultimately start the clock” for an SEC decision.   On Sept. 6, the CBOE filed two 19b-4 applications to the United States securities regulator, requesting for the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF investment products to be listed on CBOE’s BZX Exchange. In a series of tweets, Bloomberg ETF analyst James Seyffart noted that as opposed to the previously submitted S-1 filings, the…

Celsius Network files ‘adversary complaint’ against EquitiesFirst

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Bankrupt crypto lender Celsius Network has filed a complaint against lending firm EquitiesFirst Holdings in a bid to recoup assets. According to a sealed adversary complaint filed on Sept. 6, Celsius is seeking injunctive relief and a declaratory judgment associated with the “recovery of money/property” — according to the title of the docket. The filing named both EquitiesFirst and its CEO Alexander Christy as defendants. Additionally, Celsius filed a summons on the same day, requiring that the private lender provide a motion or answer within 35 days. The sealed adversary complaint…

San Francisco lost its chance of becoming a global crypto hub

Chris Larsen, the co-founder and executive chairman of Ripple Labs Inc., believes San Francisco was once poised to become the global blockchain capital. Unfortunately, Larsen now believes this status was lost amid hostile US government policy and regulatory crackdowns. In a Sept. 6 report, Larsen believed the US government killed San Francisco, the city where Ripple, the crypto payments company, calls home, from being what it could have been. He attributes this to the Biden administration deciding they wanted to push this industry offshore. As a result, London, as evidenced…

US DOJ freezes Alex Mashinsky’s assets in Celsius case

On August 16, US Department of Justice (DoJ) prosecutors filed a sealed order to freeze Alex Mashinsky’s business accounts and a Texas property co-owned by Kristine Mashinsky, the defendant’s spouse.. As a result, bank accounts and properties owned by Mashinsky have been frozen as part of a criminal investigation involving the former CEO of Celsius. The freeze affected four of Mashinsky’s accounts at Goldman Sachs, registered under the company name Koala LLC, and three accounts from SoFi Bank, SoFi Securities, and First Republic. Additionally, another account held under the name…

Crypto whales shuffle millions via Binance amid regulatory scrutiny

Amid executive departures and trading suspensions, Binance faces liquidity concerns as whale activity reveals a complex pattern. Binance, the world’s leading crypto exchange, remains under scrutiny while the community maintains a cautious stance concerning its general liquidity. In the past week, several high-level executives from the exchange’s APAC and Eastern Europe divisions have resigned. Moreover, Binance has temporarily suspended trading of multiple altcoins, including the BUSD stablecoin, in response to mounting regulatory pressure. As these issues converge, whales appear to be changing tact, shuffling coins around. Data from crypto analysis…