Day: October 4, 2023

FTX founder Sam Bankman-Fried’s trial day 2: Recap

FTX founder Sam Bankman-Fried’s criminal trial for fraud resumed at 10 a.m. New York time, as Federal Judge Lewis A. Kaplan moved to conclude jury selection and hear opening statements from attorneys on both sides. Senior District Judge Lewis A. Kaplan is presiding over the case, and Assistant U.S. Attorney Nicolas Roos is leading the prosecution. The defense is being led by Mark Cohen. Here are the latest live updates from inside the courtroom on day 2:  Judge Kaplan wrapped up initial juror picks around 11:20 a.m. ET, with 12…

XRP Derivatives Volume Soars by over 200%, Could This Signal A Price Breakout?

In a remarkable turn of events, XRP derivatives trading volume has experienced an astonishing surge of 204% within a mere 24-hour period. This surge coincides with the recent disclosure by Judge Torres regarding the denial of the Securities and Exchange Commission’s (SEC) interlocutory appeal against Ripple Labs.  Judge’s Ruling Against SEC Boosts XRP Sentiment According to data from Coinglass, a leading cryptocurrency analytics platform, XRP derivatives trading volume has witnessed an unprecedented spike, reflecting a significant increase in market activity.  XRP derivative surge in the past 24 hours. Source: Coinglass. This surge…

Stellar, PwC publish ‘framework’ to judge emerging market blockchain projects

The Stellar Development Foundation, developers of the Stellar network, released a financial inclusion framework for judging the efficacy of emerging market blockchain projects. The framework was developed in cooperation with consultants PricewaterhouseCoopers International (PwC) and was explained in a white paper published on September 25.  Using this framework, the teams concluded that blockchain payments solutions significantly increased access to financial products by lowering fees to 1% or less. They also found that blockchain products have increased the speed of payments and helped users to avoid inflation. Financial inclusion framework parameters.…

Central banks will face unfamiliar challenges to achieve CBDC inclusivity, study says

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A common argument made in favor of central bank digital currency (CBDC) is that it could boost financial inclusion. The nuances of how to accomplish that goal, or even what “financial inclusion” means, remain to be explored, a Bank of Canada discussion paper said. It concluded that central banks will face a range of unfamiliar and nontraditional challenges to create an inclusive CBDC.  By “identifying material barriers and describing the realities of inequity underlying the aggregate statistics that are commonly used” the authors of the paper identified three types of…

Here’s The Level Bitcoin Must Conquer If Rally Has To Return

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Here’s the level, according to on-chain data, that Bitcoin might have to conquer if the rally has to make a real comeback. Bitcoin Is Currently Near Short-Term Holder Cost Basis In a new post on X, analyst Root shared a chart revealing that the BTC price has recently been retesting the short-term holders’ cost basis or the realized price (STHs). The “realized price” here measures the average price at which Bitcoin investors acquired their coins. When the spot price is trading above this indicator, the holders are in a state…

Blockchain-Based Settlement Platform Launches in Hong Kong

Synapse is able to simultaneously create settlement instructions for all parties along the settlement chain, facilitating concurrent processing, while also providing near-instantaneous status updates to all parties involved in the trade, a technical pamphlet explains, which is important when connecting traders in two different markets. Source

Will Bitcoin Price Crash To $10,000? Bloomberg Expert Reveals When

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Many analysts have weighed on the potential trajectory of the flagship cryptocurrency, Bitcoin. This time, Bloomberg analyst Mike McGlone has highlighted the possibility of Bitcoin price declining further and when this could happen. Bitcoin Price Could Decline Further In a tweet on his X (formerly Twitter) platform, McGlone noted that Bitcoin risks declining to $10,000 (which could happen by year-end) as it continues to battle the $30,000 resistance level.  This resistance level has long been touted as the key to a sustained breakout in Bitcoin’s price. However, going by the…

Cocoa broker testifies to Bitcoin holdings on FTX in Sam Bankman-Fried trial

The prosecuting attorneys in the criminal case against former FTX CEO Sam Bankman-Fried, also known as SBF, have started to call witnesses. According to an Oct. 4 X (formerly Twitter) thread by Inner City Press, the Assistant United States Attorneys presented testimony from a London-based cocoa broker named Marc-Antoine Julliard who used FTX for crypto trading. Julliard spoke on learning about the crypto exchange from a friend, seeing advertisements for the firm by Gisele Bündchen, and using the FTX mobile app for trading cryptocurrencies including Dogecoin (DOGE). In testimony before…