Day: October 3, 2023

Ethereum ETFs Face Lackluster Debut From Small Investors: Is The Hype Fizzling Out?

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Yesterday’s launch of futures-based Ethereum (ETH) exchange-traded funds (ETFs) delivered underwhelming results, with shallow trading volumes indicating a deficient demand for ETH exposure. Furthermore, a recent report by The Wall Street Journal report by The Wall Street Journal, it was revealed that the launch of the first Ethereum exchange-traded funds on Monday generated little interest from small investors.  These ETFs provided individual investors access to the second-largest cryptocurrency through brokerage accounts. However, per the report, most of the futures-based Ether ETFs ended the day in the red, with a combined…

Bitcoin price drops its early week gains — Here is why

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Bitcoin (BTC) price gained 6% from Oct. 1 to Oct. 2 but after failing to break the $28,500 resistance, the price dropped by 4.5% on the same day. This decline happened because of the disappointing performance of Ether (ETH) futures exchange-traded funds (ETFs) that were launched on Oct. 2 and concerns about an upcoming economic downturn. Bitcoin price index, USD. Source: TradingView This correction in Bitcoin’s price on Oct. 3 marks 47 days since Bitcoin last closed above $28,000 and has led to the liquidation of $22 million worth of…

425 Billion Tokens on the Move

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Shiba Inu (SHIB) tokens worth a staggering $3.2 million have made their way onto Coinbase, according to recent data on Etherscan. This substantial transaction, involving a jaw-dropping 425 billion SHIB tokens, has raised eyebrows within the cryptocurrency community.  The timing of this move couldn’t be more intriguing, as Shiba Inu has been experiencing a rollercoaster ride alongside the broader crypto market. Shiba Inu’s recent price action has been nothing short of dramatic. It surged in tandem with other cryptocurrencies but is now confronting significant resistance. The pivotal 50 EMA (Exponential…

Crypto suffered 153% YoY increase in hacks and scams in Q3: Immunefi

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Crypto and Web3 projects suffered a 153% increase in attack incidents from July to September 2023 compared to the same period in 2022, according to a report from blockchain security platform Immunefi. In Q3 2022, there were a total of 30 attack incidents. But in Q3 2023, this number swelled to 76. Nearly $686 million was lost in the recent quarter.  Immunefi Q3 2023 report. Source: Immunefi The highest loss came from the Mixin hack of September 25, which drained approximately $200 million. The Multichain hack was the second-worst attack…

Sam Bankman-Fried’s FTX Spurred Almost $300M Loss for Crypto Market Maker Jump Trading, Michael Lewis Says in ‘Going Infinite’

The book says Jump was “near the top” of the list of FTX’s 50 “biggest accounts whose owners had been unable to remove their money from the crypto exchange,” Lewis wrote. Jump Trading lost $206 million while its affiliated trading firm, Tai Mo Shan Ltd., lost more than $75 million, according to the book, which cited documents discovered by Constance Wang, ex-chief operating officer of FTX. Source

SBF lawyers request to block Ukrainian user’s testimony via video, calling circumstances not ‘exceptional’

Lawyers representing Sam Bankman-Fried have rejected a request from prosecutors to let a Ukrainian client of FTX testify via video link in a trial set to commence today, on Oct. 3. On Sep. 30, prosecutors filed an appeal with Judge Lewis A. Kaplan, seeking to overturn the opposition and enable two-way video conferencing for testimony, given that the majority of FTX’s customers and victims are located outside the U.S. One client from Ukraine, known as “FTX Customer-1,” is unable to travel due to the country’s wartime laws. Prosecutors argue that…

Dogecoin Takes Center Stage In Elon Musk’s X IPO Rumors

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The crypto community is buzzing with excitement as rumors spread about a possible collaboration between the CEO of Pershing Square Capital Management and Elon Musk’s X. Ackman’s desire to potentially work with X has grabbed the attention of investors, raising questions about the possible impact on the cryptocurrency market, specifically on digital coins like Dogecoin.  Ackman Signals Willingness To Strike Deal With Musk’s X According to reports from The Wall Street Journal, Bill Ackman, an American Billionaire hedge fund manager and founder and CEO of Pershing Square, has stated his…

Bitcoin drives digital asset inflows for the first time in 6 weeks: Report

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Cryptocurrency assets experienced inflows for the first time in six weeks during the week of Sep. 22-28, according to the latest Digital Asset Fund Flows Weekly Report from European digital assets management firm CoinShares. Bitcoin was the biggest gainer with inflows in the amount of $20.4 million for the week. Good week, everyone. Here are the latest #FundFlows and observations by CoinShares Head of Research @JButterfill. This week inflows: US$21m (after 6 weeks of outflows) We believe these inflows are a reaction to a combination of positive price momentum, fears…