Day: October 29, 2023

Crypto industry observing unprecedented fraud scenarios

A new study reveals startling statistics on the rise of deep fake fraud in the crypto industry. According to a recent Sumsub report, 2023 has been marked by increasing professionalization in fraud tactics, with 77% of crypto companies observing new patterns and schemes. Deep fakes, in particular, continue to pose a significant challenge, with 70% of companies interviewed noting an uptick in their use to defraud victims. Our annual crypto report is here! 👏https://t.co/B7zKLCpFPQ Check out State of Verification and Monitoring in the Crypto Industry 2023 for the latest insights…

UK risks regulating NFTs the wrong way, says Mintable CEO

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The United Kingdom’s government is in danger of regulating nonfungible tokens (NFTs) in a way that doesn’t suit the true nature of the nascent technology, says Mintable CEO and founder Zach Burks.   In an interview with Cointelegraph, Burks said he believes a recent report from a U.K. parliamentary committee significantly exaggerates the role NFTs play in copyright infringement and fails to recognize that they are more than just volatile digital pictures. “NFTs are in a transition phase where they’re moving away from the speculative boom of PFPs, and now it’s going…

Bitcoin price hovers near $35K as ETH, APT, QNT and RUNE turn bullish

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Hopes of approval for a spot Bitcoin (BTC) exchange-traded fund by the United States Securities and Exchange Commission boosted Bitcoin’s price by 27% in October. This improved sentiment, attracting aggressive buying by crypto investors. Bloomberg senior ETF analyst Eric Balchunas highlighted in a post on X (formerly Twitter) that ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get regulatory consent in the U.S. in 2021, saw its second biggest trading week ever at $1.7 billion. Similarly, Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. The sharp…

VanEck amends application for spot Bitcoin ETF

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Asset manager VanEck filed an amended application for a spot Bitcoin (BTC) exchange-traded fund (ETF) on Oct. 27 with the United States Securities and Exchange Commission (SEC), according to the regulator’s database. The amended filing highlights that a seed capital investor purchased in October the Seed Creation Baskets — a block of 50,000 shares of the proposed ETF — with Bitcoin prices determined by MarketVector Bitcoin Benchmark Rate, an index used as a reference price of the cryptocurrency. According to finance lawyer Scott Johnsson, the filing suggests the fund seeding…

BTC ETF speculation sparks meme coin market surge

This past week saw a diverse set of tokens participating in an upswing, and the meme coin Pepe (PEPE) was the star of the show. In the wake of the recent crypto market turbulence, spurred by speculation about Bitcoin spot ETF acceptance, PEPE has made waves with its announcement of burning more than $5.5 million worth of tokens.  This move led to a significant 30% price hike in a single day, propelling PEPE to its peak in two months. The growth, set against the backdrop of potential Bitcoin spot ETF…

El Salvador’s Bitcoin adoption to fuel economic renaissance

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Gabor Gurbacs, a VanEck adviser, believes that El Salvador’s pro-Bitcoin approach might pave the way for it to become the “Singapore of the Americas.” El Salvador, the world’s first country to embrace Bitcoin (BTC) as legal tender, has sparked mixed reactions globally. While some view this move with excitement, others remain skeptical.  Gurbacs anticipates a surge in investment capital and immigration that will drive El Salvador’s economic growth in the coming years. He envisions El Salvador mirroring the success story of Singapore by embracing Bitcoin as a legal tender, leading…

Brazil’s USDT adoption soars in 2023, makes up 80% of all crypto transactions

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Stablecoin Tether (USDT) has seen a significant surge in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country, according to data from Brazil’s revenue service agency.  As of mid-October, USDT transactions in Brazil this year amounted to $271 billion Brazilian reais (~$55 billion), almost double the volume of Bitcoin (BTC) transactions in the country, which were $151 billion reais (~$30 billion). Stablecoins are cryptocurrencies designed to have a stable value, often pegged to the value of fiat currencies, like the U.S. dollar and the Brazilian real. USDT…

Analyst Predicts Terra LUNA To Surge By 80-100% Following Key Event

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LUNA, the native token of the Terra 2.0 blockchain, was among the many gainers in the past week positively affected by Bitcoin’s impressive rally toward the $35,000 mark. According to data from CoinMarketCap, LUNA is up by 13.96% in the last seven days, providing some relief for investors who have had to endure the token’s bearish form in the previous weeks leading to this price rise.  As expected, LUNA’s current bullish form has now attracted much attention, with some analysts speculating there could be more gains in the coming weeks. …

ARK Invest offloads GBTC shares

ARK Invest, investor Cathie Wood’s firm, sold 66,342 units of Grayscale Bitcoin Trust (GBTC) for $1.66 million, at a closing price of $25.07 on Oct. 28, 2023. The price of Bitcoin (BTC) currently sits at $34,434. ARK Invest capitalizes on market recovery Recent reports indicate that Wood, who founded ARK Invest in 2014, has been reshaping her portfolio. Wood divested Grayscale Bitcoin Trust (GBTC) shares while acquiring shares in a cryptocurrency-related stock.  On Oct. 28, the fund sold 66,342 units of GBTC, amounting to $1.66 million based on the closing…

QTUM price up as trading volume surges 283%

The price of Qtum (QTUM) has grown by more than 19% in the last 24 hours, accompanied by a 283% rise in its trading volume. The recent bullish market sentiment sparked by expectations around Bitcoin (BTC) seems to have rubbed off on QTUM. The coin, ranked 112 by market capitalization on CoinGecko, is currently trading at $3.10. It had gone as high as $3.21 in the last day. QTUM price chart | Source: CoinGecko Data from CoinMarketCap shows traders moved more than $188 million worth of QTUM in the last…