Month: September 2023

Can one resignation tip the crypto trust scales?

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On Sept. 13, news broke of yet another high-level executive parting ways with Binance.US.  This time, it was none other than Brian Shroder, the CEO and president of the exchange, who, after two years in the hot seat, was heading for a “deserved break,” as Binance CEO Changpeng “CZ” Zhao was quick to announce on X (formerly Twitter) that same day. There has been some speculation regarding recent management changes at @BinanceUS. Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined…

MicroStrategy buys $147M worth of Bitcoin, now holds 158K BTC

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MicroStrategy, a business intelligence firm and major Bitcoin (BTC) investor, is sending a bullish signal to the market by announcing the acquisition of another big stash of cryptocurrency. Michael Saylor, co-founder and executive chairman at MicroStrategy, took to X (formerly Twitter) on Sept. 25 to announce a 5,445 BTC purchase by the firm. The latest Bitcoin stash was bought at an average price of $27,053 per BTC, or for $147.3 million in cash. According to a Form 8-K filing with the United States Securities and Exchange Commission, MicroStrategy and its…

Aptos (APT) Token Price Rallies While Major Cryptos Trade Lower

Aptos’ APT token was one of the only digital asset tokens trading in the green on Monday, rallying 10% over the past 24 hours. Bitcoin, the world’s largest cryptocurrency by market value, traded down almost 2% over the same time period. Chainlink’s LINK was the only other digital asset that gained on Monday, up 2% after a strong week last week. Looking forward, eToro analyst Simon Peters noted in a morning update that this week looks slow for cryptocurrencies due to few macroeconomic updates. “With little in the way of…

Why A Higher XRP Price Is Beneficial For Adoption

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In an era where crypto analysis is ever-evolving, some sentiments retain their significance. This was underscored when XRP influencer Crypto Eri delved into a statement from Ripple’s CTO, David Schwartz, that, although over five years old, still echoes pertinently within today’s cryptocurrency discourse. When Crypto Eri shed light on this older response from Schwartz, she revisited a debate on XRP’s value dynamics. The query, which originated on Quora, surrounded the speculation that institutions might prefer XRP’s price to remain low for optimizing transaction processes. However, Schwartz’s comprehensive clarification brought forth…

Evergrande Shares Fall 22% after Announcing Delay in Debt Restructuring Meeting Scheduled for Today

Evergrande has informed the Hong Kong Stock Exchange that it intends to delay a restructuring meeting because things are not going as planned. Shares of Chinese real estate company Evergrande Group fell up to 22% on Monday after the firm announced it would delay a debt restructuring meeting due today. According to data from MarketWatch, Evergrande shares are trading at HK$0.430, a 21.82% drop from its previous close at HK$0.550. In March, Evergrande announced plans for debt restructuring following heavy defaults. However, the company submitted a filing to the Hong Kong Exchange…

Crypto sees outflows for 6th consecutive week, XRP and SOL gain investor confidence

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Crypto investment products registered their sixth consecutive week of outflows in the week ending on Sept. 24. According to data shared by Coinshares, digital asset outflows from crypto investment products reached $9 million last week. Weekly crypto asset flows. Source: CoinShares Bitcoin (BTC) registered a third consecutive week of outflows with the past week’s outflows reaching $6 million. Short-bitcoin positions saw outflows of $2.8 million. On the other hand, Ethereum (ETH) registered its sixth consecutive week of outflows with $2.2 million flowing out over the past week. The largest altcoin…

Lumi Rental’s Shares Soar 30% on Riyadh Stock Exchange IPO Debut

Lumi IPO’s success is seen as a positive indicator for other Saudi companies contemplating going public. In a dazzling debut on the Riyadh stock exchange, Lumi Rental Co., the Saudi Arabian auto rental firm, witnessed its shares surge by an astonishing 30% on its first day of trading. The Initial Public Offering (IPO), valued at 1.09 billion Riyals ($290 million), not only exceeded expectations but also set the stage for a new era in the region’s automotive industry. Today, we listed on the Saudi Exchange (@Tadawul), a remarkable milestone in…

Crypto Analyst Says Prepare For 100% Increase In Bitcoin Price As Historical Pattern Forms

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Last week was a quiet one for Bitcoin, as the US dollar continues to gain ground in the foreign exchange market. Price action, in particular, has had Bitcoin breaking below the $26,500 support, indicating a potential risk of more losses below the $26,000 support in the near term.  Some analysts, however, are still betting on a new Bitcoin bull run in the near future. According to crypto analyst “Titan of Crypto”, the Bitcoin price is poised for a huge surge over the next year that could see it double in…

Upbit Resumes APT Token Deposits and Withdrawals Following Scam Airdrop

Though Upbit quickly moved to halt deposits and withdrawals, that decision came after the fake APT token had already made its way into 400,000 Aptos wallets. Upbit, the largest cryptocurrency exchange in South Korea, has resumed withdrawals and deposits of the Aptos (APT) token. This follows an earlier decision by the exchange to freeze deposits shortly after noticing what was an unusual amount of deposit attempts. According to a Sunday statement, Upbit’s system mistook a newly created fake APT token called “ClaimAPTGift.com” as the legitimate one. Though it quickly moved…