Day: November 7, 2023

Wintermute claims NEAR backed out of $11M stablecoin redemption deal

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The NEAR Foundation and Aurora allegedly reneged on an offer to convert $11 million worth of USN stablecoins, Wintermute founder and CEO Evgeny Gaevoy has claimed. In a Nov. 7 X (Twitter) post, Gaevoy claimed NEAR refused to honor a commitment to facilitate the sale of $11.2 million worth of its stablecoin USN for the FTX estate. 3. Summary To reiterate, I see this situation very clearly as: – NF committed to backstop USN and earmarked money for it– Aurora accepted the redemption in August (and only last week backtracked…

Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important

The XRP price is still in an incredibly bullish position despite the recent pullback and the general sentiment in the community matches this bullishness. One crypto analyst explains the current trend as the altcoin having entered what is referred to as a “markup phase.” XRP Price Leaves Accumulation To Markup Phase Crypto analyst and trade The Signalyst took to TradingView to share an interesting phase that the XRP price had entered. Using a chart, the crypto analyst outlined where the altcoin’s price had been in the past, where it is…

Crypto’s Bromance With U.S. CFTC May Be One-Sided, Enforcement Record Shows

In recent years, Behnam’s agency has routinely been held up in crypto circles as the preferred U.S. regulator. Industry insiders have suggested its handling of digital assets is much more reasonable than its sister agency, the Securities and Exchange Commission (SEC.) But while the CFTC’s reach and staff may be more limited than the SEC’s, its enforcement preferences reveal that crypto is in its crosshairs. Source

SOL Price Reaches $41, But What’s Happening In Solana Ecosystem?

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Solana (SOL) has garnered significant attention in the cryptocurrency market, surpassing its peers with an impressive 79% upward trend over the past 30 days. As its price continues to soar, inquiries have arisen regarding the reaction of the Solana ecosystem to this surge. About this subject, the Jarvis Labs team has offered intriguing insights into the ongoing SOL bull run and the condition of its ecosystem, addressing the factors influencing its growth. Is The Solana Ecosystem Lagging Behind? Despite SOL’s price surge, the Total Value Locked (TVL) on Solana has…

Robinhood (HOOD) to Expand Cryptocurrency Trading Into EU

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How Crypto Trading Platforms Must Adapt

In the wake of FTX, regulatory concerns have intensified, spotlighting the need for stricter oversight of exchanges, enhanced consumer protection and a global standard to curb regulatory arbitrage. The collapse has sparked industry debates on the risks of centralized platforms, emphasizing the need for better risk management and a potential shift towards decentralized exchanges all while impacting market stability and investor confidence and necessitating steps to rebuild trust. Source

Expect new IRS crypto surveillance to come with a surge in confiscation

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As the Internal Revenue Service (IRS) pushes forward with its proposal to increase cryptocurrency surveillance, a past report might offer a clue for how this information may be used in practice. In short, with the IRS set to keep tabs on Americans’ cryptocurrency usage through an expected 8 billion new returns, it seems the Department of Justice (DOJ) may soon have the tools it wants to start confiscating cryptocurrency at an unprecedented rate.  The issue stems from a 2022 report written by the DOJ in response to Executive Order 14067.…

Data highlights Bitcoin’s potential path to $40K amid global economic turbulence

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Bitcoin (BTC) has been trading within a narrow 4.5% range over the past two weeks, indicating a level of consolidation around the $34,700 mark.  Despite the stagnant prices, the 24.2% gains since Oct. 7 instill confidence, driven by the impending effects of the 2024 halving and the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. Investors worry about the bearish global economic outlook Bears expect further macroeconomic data supporting a global economic contraction as the U.S. Federal Reserve holds its interest rate above 5.25% in…

How Sam Bankman-Fried Mastered the Art of Crypto Marketing

Bankman-Fried’s fate illustrates that the crypto world, like any other, is not immune to dishonesty and deception. Furthermore, it emphasises the importance of transparency, ethical conduct and accountability in this nascent landscape and the consequences of unethical practices and the negative impact they can have on the entire ecosystem. Source