Day: October 31, 2023

SEC’s Gary Gensler advises crypto industry in Bitcoin whitepaper anniversary post

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Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), called for compliance from an industry he has frequently tagged as “rife with fraud”. Gensler advised cryptocurrency operators and service providers to stop tricking investors in his message to the digital industry on the Bitcoin white paper’s 15th anniversary.  Rhetoric from the SEC’s Chairman has consistently painted virtual currencies akin to the wild west, where bad actors defraud unsuspecting customers with the guise of decentralized technology.  The regulator’s short address saluted Satoshi Nakamato’s brainchild as the progenitor of crypto…

Circle to phase out consumer accounts, but business and Mint will remain

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Stablecoin issuer Circle will close out consumer or individual accounts on November 30, according to emails received by Circle customers on October 31. In an email to Cointelegraph, the stablecoin issuer confirmed that it is closing the accounts but confirmed that business and institutional “Mint” accounts will remain available. On the morning of October 31, crypto user Evanss6 posted an image to X (formerly Twitter) of an email that Circle customers allegedly received. The email stated that individual accounts are being closed “as part of Circle’s strategic review.” The customer…

Bitcoin bonanza or bust? NVT surge stirs mania fears

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The network value to transactions (NVT) ratio for Bitcoin has reached its highest level in five years, hitting 1,779.542 on Oct. 31st, according to data from Glassnode. The NVT ratio is used to evaluate whether Bitcoin is overvalued or undervalued. The NVT ratio works similarly to the price-to-earnings (P/E) ratio used in stock markets. A high NVT ratio indicates that Bitcoin’s market valuation is exceeding the value transmitted through its payment network. This can happen when Bitcoin is experiencing high growth and investors are valuing it as a high return…

MVRV Has Entered The “Danger” Zone

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On-chain data shows the Ethereum Market Value to Realized Value (MVRV) ratio has entered inside a danger zone that has historically led to tops. Ethereum MVRV Ratio Has Surged Into The Danger Zone Recently In its latest insight post, the on-chain analytics firm Santiment has talked about some underlying metrics related to ETH. First, the firm has pointed out how the trading volume of the cryptocurrency has gone down since Ethereum’s surge from a few days back. The value of the metric has been sharply going down recently | Source:…

Tether attestation shows cash and cash equivalents of 86% as loans decline

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The reserves for stablecoin issuer Tether contained approximately 86% cash and cash equivalents as of September 30, according to a new attestation report from accounting firm BDO. This is the highest percentage of cash and cash equivalents that have ever made up Tether’s reserves. Tether today releases its attestation for Q3 /2023.- cash & cash equivalent portion of reserves is all time high at 85.7%, yielding ~$1B – US T-bill (direct and indirect) exposure at $72.6B– reduced secured loans by $330M– investments in energy, bitcoin mining and P2P tech… https://t.co/PXQ1H5gqUX…

Celestia releases mainnet beta with 580,000 users receiving airdrop

The modular blockchain Celestia has launched its mainnet beta and distributed its native TIA token to 580,000 users, aiming to address scalability and stability issues prevalent in monolithic blockchains. Celestia, a modular blockchain, has launched its mainnet beta, signaling a shift towards scalable and stable blockchain solutions. This follows the distribution of its TIA token to 580,000 users, showcasing significant user adoption and interest. Monolithic blockchains like Ethereum (ETH) and Solana (SOL) have struggled with scalability and stability issues, leading to the rise of modular blockchain solutions like Celestia. Unlike…

SBF criminal trial moves to closing arguments

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The ongoing criminal trial involving FTX founder Sam “SBF” Bankman-Fried will move into closing arguments on Nov. 1.  On day 15 of the SBF trial, lead defense attorney Mark Cohen’s request for acquittal was denied by presiding Judge Lewis Kaplan. Instead, the case will move to closing arguments from both sides at 9:30 am ET (1:30 pm UTC) on Nov. 1, with all evidence discovery concluded. Attorneys from both sides declined to call any further witnesses.  SBF has pleaded not guilty to all seven fraud-related charges in his criminal case…

The NFT Market Has Crashed. What Should Artists Do Now?

Such communities are invaluable, providing artists with a stable foundation that shields them from the unpredictable fluctuations of any market. The reality of the current Web3 ecosystem is that traditional NFT promotional and marketing techniques no longer work in a bear market, and that means artists have to be more creative and innovative with how they promote their work and engage collectors. This could involve creating alternative and recurring revenue streams using a variety of tools including free claims, paid mints, memberships, incorporation of physical items and IRL experiences. Source

Ripple Partner’s Staggering XRP Holdings Revealed, Do They Know Something You Don’t?

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In a recent development, the crypto holdings of Ripple’s most recent partner, Uphold, have been highlighted as further evidence that the Web3 financial platform is very bullish on the Ripple ecosystem and the utility token XRP, which is used to facilitate transactions on Ripple Payments (formerly known as ODL).  Uphold’s Largest Crypto Holding In a post on his X (formerly Twitter) platform, pro-XRP legal expert John Deaton quoted a report that stated that XRP made up Uphold’s largest crypto holding. The platform is said to hold $1.25 billion worth of…