Day: November 11, 2023

FTX Sues Bybit in Attempt to Recover $953M Withdrawn Prior to Chapter 11 Filing

FTX management has been trying to recover funds from multiple sources including beneficiaries of donations made by the firm and its former CEO Sam Bankman-Fried. FTX bankruptcy advisors have sued cryptocurrency exchange ByBit Fintech Ltd in an attempt to recover funds withdrawn prior to its collapse. According to a Bloomberg report, FTX management filed a lawsuit in a Delaware court on Friday against Bybit’s investment branch, Mirana Corporation and two corporate affiliates.  FTX’s bankruptcy advisers sued crypto exchange Bybit and two corporate affiliates to recover cash and digital assets valued…

Will the SEC approve or buy more time?

As the U.S. Securities and Exchange Commission (SEC) stands at the brink of a pivotal crypto decision, the crypto sphere is abuzz with anticipation regarding the approval of spot Bitcoin exchange-traded fund (ETF) applications. With a window open until Nov. 17, the SEC is evaluating a dozen applications, including Grayscale’s conversion of its GBTC trust product. Will the SEC finally greenlight a spot BTC ETF? While approval of a spot Bitcoin ETF is not assured, the decision by the SEC is eagerly anticipated by both regulators and cryptocurrency enthusiasts. The…

Solana soars over 175% despite ongoing FTX troubles

Coinciding with the crypto market’s newfound bull run, Solana (SOL) has made significant strides, rising by over 175% in the last 30 days. The recent crypto market upturn has not only propelled Bitcoin (BTC) to an 18-month-high but also triggered massive gains for Solana, effectively pushing it over the $20 billion market cap milestone.  FTX wallets unstake $160M in SOL Recently, analysts at Lookonchain reported a substantial unstaking of $160 million worth of SOL from FTX-linked wallets. This move resulted in a dip in the price of Solana’s native SOL…

THORChain hits year-high, spikes over 15% in last 24 hours

THORChain (RUNE) has shown robust performance in the last few days on its way to reaching its highest level of the previous 12 months. According to crypto price aggregator CoinGecko, the price of THORChain’s native cryptocurrency, RUNE, is currently at a year-high $4.65. The price is 15.1% higher than it was 24 hours ago. At that time, it began the day with a negative momentum before a bull takeover of the market pushed it to $4.00. RUNE price chart | Source: CoinGecko The token has been on the up since…

CEL token enjoys uptick despite dramatic Celsius bankruptcy

Crypto lender Celsius Network continues to face legal upheavals as it embarks on a new journey post-bankruptcy. Meanwhile, its native CEL token has seen a 40% increase in the past seven days.  Navigating legal challenges Celsius Network’s transition unfolds against a backdrop of legal challenges and financial turbulence. The recent court endorsement of the firm’s strategic shift toward crypto mining signifies a crucial milestone for the company, aiming to rectify the predicament of customers who have so far endured prolonged fund inaccessibility.  Amidst these developments, revelations by the Commodity Futures…

Binance Freezes $11.8 Million In Stolen Assets Following Kidnapping Incident

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Chief Executive Officer of Binance, Changpeng “CZ” Zhao, has shared a report in which the exchange intervened in the theft of millions of dollars worth of crypto assets. Through a fast response operation, the Binance Global Head stated they were able to prevent the bad actors from making away with over 90% of the stolen loot. Binance Confiscates $11.8 Million In Assets Belonging To Kidnapped Clients In a Friday post on X, CZ stated that executives from one of Binance’s client companies were deceived into going on a business trip…

Bitcoin price will continue dwarfing Ethereum, analyst says

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Into The Cryptoverse CEO Benjamin Cowen recently discussed Ethereum’s (ETH) performance in relation to Bitcoin’s (BTC) dominance as the flagship digital asset. In a recent YouTube video, Cowen suggests a continued rise in Bitcoin dominance (BTC.D), indicating that Ethereum may lag behind and show smaller gains compared to BTC.  Cowen explains that his crypto portfolio has predominantly held more Bitcoin because he anticipates that BTC will outperform numerous assets, though not all.  Additionally, Cowen notes that Ethereum against Bitcoin (ETH/BTC) is encountering substantial resistance after falling below the trendline and…

New All-Time Highs For Bitcoin In 2023? Analyst Shares Prediction

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The flagship cryptocurrency, Bitcoin, is up by over 100% year-to-date (YTD). Despite these impressive gains, there is still reason to believe that the crypto token’s resurgence isn’t done, as there could still be new highs before the year runs out based on analysis from prominent figures in the community.  Bitcoin To Hit $69,000 This Year? In a post shared on his X (formerly Twitter) platform, prominent crypto analyst Dave the Wave suggested that Bitcoin could surge to its previous highs this last quarter of the year. Although he didn’t state…

Nearly 50 Jurisdictions Partner To Enable Automatic Info Exchange Between Crypto Trading Firms and Tax Agencies

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Nearly 50 nations including the US are collaborating to enable automatic information exchange between crypto trading firms and tax agencies. In a new press release, the government of the United Kingdom (UK) says that the coalition of jurisdictions is partnering up to create the Crypto-Asset Reporting Framework (CARF) as a means of ensuring tax compliance and combating tax evasion. “To keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded, we welcome the…

Arthur Hayes Predicts Bitcoin to Reach $1 Million and Ethereum to Hit $100,000 

Last month, Hayes made a similar forecast, noting that Bitcoin could reach from $750,000 to $1 million towards the end of the current decade. After his visit to Rapa Nui, commonly known as Easter Island, Arthur Hayes, the co-founder and former CEO of leading crypto derivatives platform BitMEX, has once again predicted that Bitcoin (BTC) could reach $1 million, with Ethereum (ETH) soaring to $100,000. In an unexpected turn, Hayes humorously hinted that the island’s ancestors might have provided him with a tip-off on the impending bull market that could…