Day: November 1, 2023

Starknet Draws Attention from Crypto Enthusiasts Following Celestia’s Recent Airdrop

Digital-asset markets in October brought what might be the first signs of a thaw in the industry deep freeze known as “crypto winter,” which has depleted project funds and led many companies to cut staff, as reported in prior editions of The Protocol. It’s been widely reported that bitcoin (BTC) had a strong month, buoyed by optimism that one or several new spot bitcoin exchange-traded funds or ETFs might soon win approval from the U.S. Securities and Exchange Commission. Among smart-contract platforms, Ethereum’s native token, ETH, was up for the…

Nearly $1b of Bitcoin leaves exchanges in 24 hours

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Nearly $1 billion worth of Bitcoin (BTC) was withdrawn from cryptocurrency exchanges in the last 24 hours, according to data gathered on from blockchain analytics platform Glassnode. Over the last 24 hours, approximately $612.3 million worth of Bitcoin flowed into exchanges while $1.5 billion was withdrawn, resulting in a net outflow of $936.5 million. This massive movement of Bitcoin off exchanges reduces the circulating supply available for trading. Ethereum (ETH) also saw significant outflows during the same period. Around $356.9 million entered exchanges while $544.6 million was withdrawn, for a…

Bitcoin (BTC) Price Flat as FOMC Leaves Rates Unchanged; Powell Press Conference Upcoming

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“Fed interest rate decisions have seen reduced medium-term directional impact on BTC as correlations reign moderate, K33 analysts Anders Helseth and Vetle Lunde noted in a market preview Tuesday. “We still expect a significant intraday volatility contribution from the Wednesday FOMC, as the market typically reacts with bursts of strongly correlated and heightened volatility during the FOMC hours.” Original

XRP Price Rally Threatened As Ripple Unlocks 1 Billion Tokens

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The XRP price rallied as recent reports from leading on-chain crypto tracker Whale Alert have revealed that Ripple Labs, the blockchain-based payment firm, has unlocked another 1 billion XRP as part of its monthly token unlock program. Origin Of Ripple Customary 1 Billion XRP Routine Today, the firm has unlocked yet another 1 billion tokens, performed in three separate transactions. Crypto tracker Whale Alert took to X (formerly Twitter) to share the alert with the crypto community, as each whale transaction was made one after the other. Related Reading: Ripples…

Bitcoin holds strong with higher market cap than Tesla despite bear market

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Bitcoin has maintained a higher market capitalization than electric vehicle powerhouse Tesla, despite about 50% below its all-time high. Bitcoin is currently valued at $669.75 billion, significantly higher when compared to Tesla’s market cap of $630.83 billion. This is noteworthy given that Bitcoin is trading around $34,500, far from its historic peak of nearly $67,000 in November 2021. For more context, Bitcoin is also worth more than the valuations of biotechnology giant Eli Lilly at $525.84 billion and payments behemoth Visa at $496.38. Even world’s leading microchip manufacturer Taiwan Semiconductor…

Visa completes digital Hong Kong dollar pilot test with local banks

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Payment processor Visa has completed the Hong Kong Monetary Authority’s central bank digital currency (CBDC) Pilot Programme with HSBC and Hang Seng Bank. According to the November 1 announcement, the e-HKD Programme involves tokenization of deposits, where the money deposited with a bank is minted on the firm’s own blockchain ledger with the backing of its balance sheet. As part of its key findings, Visa wrote:  “The time to final settlement for an interbank transfer, as confirmed through our pilot’s testing between the banks, was near real-time. Tokenized deposits were…

SafeMoon executive team charged with multiple fraud counts, arrests made

The United States Securities and Exchange Commission (SEC) announced Nov. 1 that it was charging SafeMoon and three of its executives with fraud and unregistered securities sales in connection with its SafeMoon token. The Justice Department unsealed charges against the men at the same time.  According to SEC allegations, SafeMoon creator Kyle Nagy, CEO John Karony and chief technology officer Thomas Smith withdrew assets worth $200 million from the project and misappropriated investor funds. The Justice Department is charging the men with conspiracy to commit securities fraud, conspiracy to commit wire fraud…

SEC Charges SafeMoon Team With Fraud, Offering Unregistered Crypto Securities

“Unregistered offerings lack the disclosures and accountability that the law demands, and they attract scammers like Kyle Nagy, who use these vulnerabilities to enrich themselves at the expense of others,” said David Hirsch, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit (CACU), referring to SafeMoon creator Nagy. The agency also accused CEO John Karony and Chief Technology Officer Thomas Smith in the fraud. Source

Analyst Outlines Breakout That Could Send Solana To $100

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Solana has performed exceptionally well in the October crypto market rally. But crypto analyst FieryTrading believes that this might just be the beginning for the SOL price. According to the analyst, once Solana breaks the resistance at $38, then it is headed for another 150% increase. Pushing Solana To Past Glory Solana already made its way through to $39 over the last day before losing some of its gains. But this has not eliminated the bullish trajectory of the altcoin. In fact, SOL’s continued uptrend plays into FieryTrading’s prediction for…