Day: October 16, 2023

Fake Spot ETF Approval Sparks BTC Surge, Obliterates $78M Shorts At $30,000

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In a flurry of market activity, false news surrounding the approval of a Bitcoin (BTC) Spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) sent shockwaves through the cryptocurrency community.  False Rumors of BTC Spot ETF Approval Trigger Volatility Initially reported by Cointelegraph, the news claimed that BlackRock’s iShares Bitcoin Spot ETF had received regulatory approval.  However, Bloomberg analyst James Seyffart promptly cast doubt on the report’s authenticity, stating that he could not find any confirmation of the news at the time. Seyffart stated:  I believe this…

Analyst suggests false Bitcoin ETF news was market manipulation

A popular crypto YouTuber known as Crypto Banter recently discussed how potentially fake news around a Bitcoin spot ETF approval caused a pump and dump in the Bitcoin price. In a video posted on Oct. 16th, the host explained that news circulated early in the day that the SEC had approved a Bitcoin spot ETF by BlackRock. This news caused the Bitcoin price to surge dramatically from around $28,500 to briefly over $30,000. However, the host revealed that the news turned out to be fake. BlackRock confirmed they did not…

Price analysis 10/16: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

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Stock markets flashed green at the weekly open, and crypto prices followed. After two successive weeks of gains, the S&P 500 Index (SPX) started the week on a positive note. This suggests a risk-on sentiment which is a bullish sign. The volatility is likely to pick up as 11% of the S&P 500 companies are expected to report results this week. The risk-on sentiment could boost buying interest in select cryptocurrencies. One area where bullish activity is seen is the Grayscale Bitcoin Trust (GBTC). Grayscale’s legal victories have reduced the…

Bitcoin Whale Addresses See Unprecedented Jump, Is $30,000 Possible?

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Bitcoin’s price performance last week may have disappointed investors, but there are indications of a growing momentum as the new week started. Bitcoin spiked up in the early hours of Monday to almost $28,000 before facing resistance that sent it back down.  It would seem whales have been making moves to push BTC up, as indicated by the increasing number of whale wallets. New Bitcoin mid-whale addresses, meaning addresses holding between 100-1,000 BTC, saw a huge single-day increase recently, according to data from analytics firm Santiment.  Unprecedented Growth in New…

Why Do Crypto Traders Care About Spot Market Bitcoin (BTC) Exchange-Traded Funds (ETFs)?

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The demand for ETF news is clear enough — as Blockworks reported, the Binance BTC/USDT market, which accounts for 8% of bitcoin daily trading volume, saw a 7% candle roughly 30 minutes after an unsourced, unproven tweet about BlackRock’s approval was posted. Mind you, this is in an industry that was already embarrassed by fake news that in 2022 WalMart was going to accept litecoin (LTC), a project that hasn’t been relevant since the year it was created. Original

Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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The estate belonging to the now-defunct crypto exchange FTX was just spotted staking over $144 million worth of Ethereum (ETH) rival Solana (SOL) as the firm’s bankruptcy process unfolds. According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens. Analysis from pseudonymous on-chain researcher Ashpool suggests FTX subsequently staked all of the tokens through Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital also stake through the platform.…

Bitcoin has a governance problem

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Charles Hoskinson, co-founder of the blockchain platforms Cardano (ADA) and Ethereum (ETH), criticized the governance practices of Bitcoin. When asked about Cardano’s plans for on-chain voting and decentralized decision-making during an Oct. 16 interview with crypto YouTuber Coin Bureau, Hoskinson said this approach contrasts with the “inability to upgrade” he has observed in Bitcoin. “[Bitcoin’s lack of governance has] held it back in in so many ways. […] [By drawing from successful governance systems] we can sort out a lot of the problems Bitcoin has had with its inability to…

ZK-focused Manta Pacific opts out of OP Stack for Polygon CDK

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Manta, a blockchain network focusing on zero-knowledge (ZK) applications, will migrate its software from OP Stack to Polygon CDK, according to an October 16 announcement. This means that Manta will not be integrated into the upcoming Optimism Superchain and will instead become part of the Polygon ecosystem. Manta Pacific block explorer. Source: Manta. Manta network is an Ethereum layer-2 focusing on zero-knowledge-based applications, including digital identity and privacy solutions. It launched a mainnet on September 12 and has processed more than 500,000 transactions. Manta was originally developed as an optimistic…

Binance halts new user registration due to UK crypto marketing regulations

Binance suspends new UK user registrations in response to recent changes in the country’s crypto marketing regulations set by the Financial Conduct Authority. Binance, one of the world’s leading crypto exchanges, has announced that it will stop the registration of new United Kingdom-based users starting on Oct. 16. This decision comes in a bid to abide by the latest directives set out by the UK’s Financial Conduct Authority (FCA). The regulatory shift, which was instituted on Oct. 8, has given firms registered with the FCA the latitude to either self-approve…