To the extent that higher interest rates compete with risk assets for investor dollars, the idea of a lower rate regime might provide a boon to bitcoin. The opposite – of course – also holds, and should tomorrow’s inflation report come in faster than anticipated, crypto prices are likely to give back more of their October advance. Original
Decentralized U.S. dollar stablecoin protocol Raft claims that despite multiple security audits, the firm still suffered a security exploit leading to the loss of $6.7 million last week. According to the project’s Nov. 13 post-mortem report, a few days prior, a hacker borrowed 6,000 Coinbase-wrapped staked Ether (cbETH) on decentralized finance protocol Aave, transferred the sum to Raft, and minted 6.7 million Raft stablecoin, dubbed “R,” using a smart contract glitch. The unauthorized minted funds were then swapped off the platform through liquidity pools on decentralized exchanges Balancer and Uniswap,…
Undoubtedly establishing itself as a standout performer in the expansive altcoin market, Solana has achieved exceptional growth over the course of the past year, marking an impressive surge of nearly 300%. This remarkable ascent underscores Solana’s resilience and appeal within the cryptocurrency landscape. The cryptocurrency has not merely kept pace but has outpaced many of its counterparts, solidifying its status as a noteworthy investment choice. Presently exchanging hands at approximately $58, Solana exhibits an impressive display of relentless upward momentum, notably experiencing a noteworthy 40% surge in value within the…
FTX’s former general counsel, Can Sun, and former Alameda Research software developer Armani Ferrante have teamed up to start Trek Labs, a Dubai-based company that recently obtained a license from the Virtual Assets Regulatory Authority, or VARA, which regulates digital assets in the emirate, the Wall Street Journal reported last week. Source
Digital asset investment products saw net inflows of $293 million last week, bringing year-to-date inflows to a total of $1.14 billion. That makes 2023 as having the third highest yearly inflows on record, said Coinshares. Much of that is thanks to the last three weeks, which have witnessed nearly $900 million in net inflows. Source
Bitcoin (BTC) has risen more than 120% year-to-date, indicating that the crypto sentiment has improved significantly. Solid buying has resulted in a sharp increase in crypto wallets holding more than $1 million in Bitcoin this year from 23,795 on Jan. 1 to 81,925 currently, according to BitInfoCharts data. After the substantial rally, Bitcoin could face headwinds in the near term as investors digest the macroeconomic data and events due this week. The Consumer Price Index data is set to be released on Nov. 14, followed by the Producer Price Index…
While the United States Federal Reserve decided to hold interest rates at its November meeting, they remain at their highest level since well before the global financial crisis (GFC) of 2008-09. The Federal Funds rate stands at 5.25-5.5%, similar to the United Kingdom’s 5.25%, while in the European Union it is at a record high of 4%. This is being driven by high inflation, which remains sticky throughout the developed Western world. It is so sticky that some, including Citadel’s Ken Griffin, are predicting it will hang around for a…
Analysts say the fast-approaching halving will likely cut miners’ USD value revenue to $500 million monthly. The fourth Bitcoin (BTC) halving, expected to happen on April 23, 2024, will likely bring miners’ revenue in the U.S. dollar back to the FTX crash epoch, slashing it by half. Bitcoin mining revenue in BTC vs USD | Source: Glassnode According to calculations done by Glassnode, the value issued to Bitcoin miners via newly minted supply is currently standing at the $1 billion per month level. However, after the 2024 halving, it would…
Taiwan cryptocurrency exchange Bitgin is under investigation by the country’s police force for money laundering. According to local news reports early this week, Yuting Zhang, the firm’s COO, was arrested by Taiwanese police for his alleged role in the “Eighty-Eight Guild Hall” money laundering incident. Previously Zhemin Guo and Chengwen Tu, two local businessmen, were accused by police of operating a multi-billion-dollar money laundering scheme by using their foreign exchange offices and crypto exchange accounts to launder proceeds of crime obtained via wire fraud from overseas. Chengwen Tu is also…
Polygon’s native coin MATIC continues to gain traction as the cryptocurrency experienced an impressive increase in whale transactions over the past 30 days, bolstering price growth for the digital asset and the ecosystem. Whale Activities Propels Polygon MATIC’s Growth Recently, Polygon MATIC’s whale transaction volume significantly increased over the past 30 days, which has sparked increased interest in the crypto asset. Whale transactions are classified as transactions that are over $100,000. Data from on-chain analytics firm IntoTheBlock has revealed a 3,800% increase in whale transactions within the Polygon network. The…