Day: November 2, 2023

​​JPEX scandal won’t hurt Hong Kong crypto vision: Financial Secretary

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The Hong Kong government says the recent $165 million alleged scandal involving crypto exchange JPEX won’t  stifle its Web3 vision for the region. In a Nov. 2 keynote at Hong Kong Fintech Week, the region’s Secretary for Financial Services and the Treasury Christopher Hui said the saga hasn’t affected the government’s plan. “We’ve been asked many times whether JPEX will affect our determination to grow the Web3 market — the answer is a clear ‘no.’” Hui was referring to the financial scandal involving the Dubai-based exchange JPEX, where 2,500 locals…

SEC charges SafeMoon and founders with crypto securities fraud 

SafeMoon and executive team members, like Kyle Nagy, were indicted in the Eastern District of New York in connection to an international multi-million dollar fraud scheme. On Nov. 1, the U.S. Securities and Exchange Commission (SEC) charged Braden John Karony, Kyle Nagy and Thomas Smith with conspiracy, fraud and money laundering over their involvement in SafeMoon. According to the SEC, the token was offered as unregistered crypto asset securities. The three stand accused of using their roles as founder, CEO, and CTO respectively to inflate SafeMoon toward a $5.7 billion…

Bitcoin Price Resumes Rally, Another 5% Increase On The Cards?

Bitcoin price cleared the key $35,000 resistance. BTC is showing positive signs and might rally toward the $36,200 and $37,000 levels in the near term. Bitcoin is gaining pace above the $35,000 resistance. The price is trading above $35,000 and the 100 hourly Simple moving average. There was a break above a rising channel with resistance at $34,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is showing positive signs and might rise toward the $37,000 resistance in the near term. Bitcoin Price Breaks…

Solana gains 80% in a month as Firedancer goes live on testnet

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Solana (SOL) has posted 30-day gains of nearly 81%, and has rallied over 30% in the past week amid the testnet launch of the blockchain’s loawaited scaling solution Firedancer. SOL reached over $41 on Nov. 2 touching highs it hasn’t seen since August last year, Cointelegraph Markets Pro data shows. Long touted as an “Ethereum killer” — SOL has vastly outperformed its rival Ether (ETH) which posted under 11% gains in the past month. Three-month SOL price chart with gains up nearly 81% in 30 days. Source: Cointelegraph Markets Pro…

SafeMoon Executives Face DOJ Arrests And SEC Charges

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The US Securities and Exchange Commission (SEC) recently announced charges against SafeMoon, its creator Kyle Nagy, the company’s CEO, John Karony, and CTO, Thomas Smith.  The SEC alleges that these individuals orchestrated a “massive fraudulent scheme” involving the unregistered sale of SafeMoon (SFM), a “crypto asset security” as defined by the SEC.  Per the complaint, instead of delivering the promised profits and taking the token “Safely to the Moon,” the defendants allegedly wiped out billions in market capitalization, misappropriated investor funds, and withdrew over $200 million in crypto assets for personal…

More ADA Delegators Staking, But Why Are Bears Dominant?

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Citing Messari data, one user on X, @JaromirTesar, notes that despite the effects of the crypto bear market, which has adversely affected valuation and activity, there are more Cardano (ADA) holders willing to stake their assets, helping secure the network and earn staking rewards at the same time.   More Delegators Staking ADA, Confidence Remains High Sharing a screenshot on November 1, the user notes that roughly 250 ADA holders have opted to stake their coins daily for the past year. By the end of Q3 2023, there were 1.31 million delegators, up…

PayPal earns recognition as cryptoasset business in the UK

According to an Oct. 31 update, PayPal UK Limited secured registration as a cryptoasset business by the Financial Conduct Authority (FCA). This makes PayPal the fifth firm to receive the FCA’s crypto registration this year, alongside names like Interactive Brokers, Bitstamp and Komainu. One of the 14% approved Under PayPal’s listing on the FCA website, the status can now be found as “Registered Since Oct. 31, 2023” for “certain cryptoasset activities.” In a statement to a local news site, a spokesperson said that this announcement “enabl[es] the transfer of PayPal’s UK customer…

MicroStrategy’s Bitcoin bag is up $900M amid BTC price surge

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Business intelligence firm MicroStrategy has notched a paper gain of $900 million on its stack of 158,400 Bitcoin, spurred by optimism over the potential approval of spot Bitcoin exchange-traded funds. The Michael Saylor-founded firm added 6,067 Bitcoin (BTC) since the third quarter, including another 155 in October, according to MicroStrategy’s Nov. 1 results filing. In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence…

Analyst Reveals Why Ethereum Is Underperforming Against Bitcoin

Ethereum has been notably underperforming Bitcoin through this latest rally. Here’s why this is so, according to a CryptoQuant analyst. Ethereum Net Taker Volume Has Been Mostly Negative Recently In a new post on X, CryptoQuant Netherlands community manager Maartunn has pointed out what the “net taker volume” for Ethereum is looking like. The net taker volume here is an indicator that keeps track of the difference between the taker buy volume and taker sell volume on the Bitcoin futures market. When the value of this metric is positive, it…