Day: November 12, 2023

Former FTX execs launch exchange in wake of fraud scandal

Former FTX executives, including a witness against Sam Bankman-Fried, have launched a new crypto platform called Backpack that pledges transparency. According to the Wall Street Journal report, Can Sun, the former general counsel for FTX and a key witness in the trial of founder Bankman-Fried, is behind the new venture. A beta version of Backpack is expected to launch soon. A group of former FTX executives, including one who served as a key witness against Sam Bankman-Fried, are teaming up to build a new cryptocurrency exchange that aims to solve…

Moody’s gives US negative credit rating, Bitcoin benefits

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Moody’s recently downgraded the U.S. credit rating outlook to “negative” from “stable.” This has led to speculation that Bitcoin could be a safe haven asset for investors looking to hedge against the potential risks of a weakening U.S. economy. Moody’s Investors Service has indicated a potential downgrade of the U.S.’s top credit rating. The downgrade is attributed to large fiscal deficits, a decline in debt affordability, and continued political polarization within the U.S. Congress.  While the U.S. still maintains an “AAA” rating for the moment, the credit rating agency’s downgrade…

VET, IMX, GRT and ALGO show bullish setups as Bitcoin trades above $37K

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Bitcoin (BTC) is on target to end the week with gains of about 6%, indicating continued demand from the bulls. MicroStrategy co-founder Michael Saylor said during a speech at the 2023 Australia Crypto Convention on Nov. 10 that Bitcoin’s demand on a monthly basis could surge between two to 10 times by the end of 2024. Additionally, the halving will reduce the supply by half. Saylor expects both these events will cause the price “to adjust up.”  With almost a general consensus that Bitcoin’s price will move higher in 2024,…

Bithumb sets sights on IPO to rebalance crypto power

Bithumb gears up for a pioneering initial public offering (IPO), targeting a market shake-up against Upbit’s dominant 85% share in the virtual asset industry. In a move that aims to disrupt Upbit’s 85% stronghold on the market, Bithumb Korea is reportedly pioneering an IPO in the virtual asset exchange industry.  The strategy could underscore a trust-centric approach deemed crucial for regaining Bithumb’s leading position in the Korean crypto exchange space. The IPO will reportedly occur in the latter half of 2025, with a primary focus on a KOSDAQ listing and…

THORChain (RUNE) Notches 31.5% Gain To Attain New Yearly Peak

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RUNE, native token of the cross-chain decentralized exchange THORChain, is currently one of the best-performing cryptocurrencies in the market, boasting of a 31.5 % price increase in the last 24 hours.  Based on data from Coingecko, this price gain only underlines the remarkable bullish form of RUNE in the past few weeks, as the token is up by 115.0% and 212.3% on the 14-day and 30-day charts, respectively.  Interestingly, this sustained bullish pressure in the RUNE market has resulted in the DeFi coin attaining a new yearly high of $5.31…

Ripple’s XRPL solution readies for significant upgrade

Ripple’s XRP Ledger (XRPL) is rolling out an upgrade as part of a two-week activation countdown, with backing from over 80% of validators. The amendment aims to reduce obscured order books, improving XRPL’s overall functionality. XRPL introduces fixReducedOffersV1 XRPL is gearing up for new features, and users on the Ripple v1.11.0 or earlier versions are urged to update their software, particularly for the critical fixReducedOffersV1 addressing DEX issues. For the upgrade to get executed, an 80% consensus must be reached within a 14-day period. According to the XRPL v1.12.0 update,…

Poloniex suffers breach, BlackRock’s ETH

This week, Poloniex suffered a breach. BlackRock seeks to launch an Ethereum (ETH) ETF as it awaits a decision on the Bitcoin (BTC) application. BTC targeted $38,000 amid a sustained rally. Meanwhile, regulators reply to Binance. Poloniex hacked for $100m Poloniex faced a security hiccup on Nov. 10, as its hot wallet experienced an unauthorized outflow, resulting in a loss exceeding $33 million, according to earlier reports. Justin Sun, the current majority shareholder of Poloniex, affirmed that the exchange remains financially stable and pledged full reimbursement for the assets. The…

Will Bitcoin Hit $100,000 By 2024? Spotlight On Potential Drivers

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In addition to the widespread attention and media coverage, there exist many elements and forces that have the potential to significantly influence the trajectory of Bitcoin. In the face of the dynamic landscape of cryptocurrencies, as the year 2023 draws to a close, there exists a climate of conjecture, optimism, and tangible eagerness. Bitcoin, the pioneering digital entity, finds itself amidst this tumultuous environment, projecting a substantial influence of possibilities and prospects. The inquiry arises: Is it plausible that in 2024, the attainment of the highly sought-after $100,000 threshold will…

Raft halts stablecoin minting following security breach

The defi platform Raft has temporarily suspended the minting of its R stablecoin due to a security vulnerability that resulted in a substantial loss.  The company is currently investigating the incident and has promised to keep its users updated. Existing users, however, can continue with loan repayments and collateral retrieval. We are aware of a potential security vulnerability. We are currently investigating and will provide an update as soon as we can. — Raft (@raft_fi) November 10, 2023 Raft co-founder David Garai confirmed the attack on their platform, which saw…

Pre-ETF BTC price ‘crash’ or $150K in 2025? Bitcoin forecasts diverge

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Bitcoin (BTC) will “most likely” see a serious price drawdown before a key date for institutional investors dawns, says gold bug Peter Schiff. In recent X activity, the longtime Bitcoin skeptic sounded the alarm over recent BTC price gains. Schiff bets on a BTC price “crash” before ETF launches Bitcoin is a favoirte topic of criticism for Peter Schiff, the chief economist and global strategist at asset management firm Europac. Throughout the years, he has repeatedly insisted that unlike gold, Bitcoin’s value is destined to return to zero, and that…