Day: November 13, 2023

Bitget drops plans to seek crypto license in Hong Kong

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Cryptocurrency trading platform Bitget has dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related considerations. Bitget officially announced on Nov. 13 that its Hong Kong division, BitgetX, accessible by the domain BitgetX.hk, will cease operations by Dec. 13, 2023. As Bitget decided not to apply for a VATP license, the firm will have to permanently withdraw from the Hong Kong market, the announcement notes. The company has strongly encouraged users to withdraw crypto assets from BitgetX before Dec. 13. “After this…

Chinese hackers use fake Skype app to target crypto users in new phishing scam

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A new phishing scam has emerged in China that uses a fake Skype video app to target crypto users As per a report by crypto security analytic firm SlowMist, the Chinese hackers behind the phishing scam used China’s ban on international applications as the basis of their scam, as several mainland users often search for these banned applications via third-party platforms, to obtain hundreds of thousands of dollars. Social media applications such as Telegram, WhatsApp, and Skype are some of the most common applications searched for by mainland users, so…

‘It will be a multichain world’

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While many participants in the crypto space continue to advocate for only a single blockchain, some believe that the future will be made up of multiple blockchains working together.  From Toronto in 2017 to now, we’ve taken #RippleSwell around the world. I closed out this year’s event with a fireside chat with CNBC’s @dan_murphy talking about how we’ll get to the next phase of enterprise crypto adoption with regulatory clarity. 1/2 https://t.co/kXLxeAGaEk — Brad Garlinghouse (@bgarlinghouse) November 11, 2023 At a keynote fireside chat during the Ripple Swell 2023 event…

Stablecoin firm Tether minted 4B USDT in 4 weeks: Data

Major stablecoin issuer Tether has been increasingly minting new USDT (USDT) tokens, issuing 4 billion USDT over the past month. Tether issued another 1 billion of Tether on the Tron blockchain on Nov. 10, the blockchain data provider Whale Alert reported. The latest USDT minting came just a few days after Tether issued another 1 billion USDT on Ethereum on Nov. 9, in addition to 2 billion USDT issued in two batches on the Tron blockchain on Nov. 3 and Oct. 19, according to Whale Alert data. Tether chief technology…

What is Gresham’s law, and how does it relate to cryptocurrencies?

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Gresham’s law, explained Gresham’s law has historically influenced the circulation of currency and continues to impact economic behavior by addressing how individuals prioritize different forms of money. Gresham’s law is a principle in economics that states that when two different forms of money are in circulation, individuals typically spend or trade the money they believe to be more valuable while hoarding or using the money they believe to be less valuable.  A common way to summarize this is “bad money drives out good.” Here, “good money” is defined as a…

Bitcoin Price Hard Crash Or Mega Pump: Why $31,000 Holds The Key

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The Bitcoin price has been trading in a tight range around the $37,000 price level through the weekend. This tight trading suggests that there is a lot of fighting going on right now between the bulls and the bears as each camp tries to gain an upper hand over the other. As this tug of war continues, a crypto analyst has presented the most important level that will determine whether the bulls or the bears will claim dominance. $31,000 Is The Magic Number For The Bitcoin Price Crypto analyst Ben…

Bitcoin miners earned $44M in a day to record annual all-time high

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The Bitcoin (BTC) mining community recorded its annual all-time high (ATH) on Nov. 12 after raking in over $44 million in block rewards and transaction fees.  The revenue from Bitcoin mining primarily comes from rewards for confirming Bitcoin transactions and creating new blocks using high-tech computer equipment known as mining rigs. Miners currently receive 6.25 BTC for every successful block creation in addition to the transaction fees.  On Nov. 12, the daily Bitcoin mining rewards crossed $44 million for the first time in 2023, a number last seen in April…

Bithumb Aims for Groundbreaking Kosdaq IPO in 2025

In tandem with the IPO preparations, Bithumb has initiated efforts to improve its corporate structure. Bithumb, one of South Korea’s leading crypto exchanges, is reportedly gearing up for a groundbreaking Initial Public Offering (IPO) on the KOSDAQ, South Korea’s equivalent of the Nasdaq Composite (INDEXNASDAQ: .IXIC). Bithumb IPO: An Ambitious Move A recent report from local news outlet Edaily indicates that Bithumb is setting its sights on becoming the first digital asset company to go public on the South Korean stock market, with the anticipated listing date slated for the…

GBTC Discount Narrows With Spot BTC, ETH ETF Approvals Expected Soon

“Recent extreme market volatility showed Arbitrum is still the lead performer in the L2 race, capturing six times the 24-hour trading volume of Optimism, and 25 times that of Base,” Ben Yorke, WOO Ecosystem VP said in a note shared with CoinDesk, referring to layer-2 blockchains. “That said, what’s clear is that Ethereum is still ultimately the end boss, overseeing more than twice the volume of all Layer 2 scaling solutions combined – driven in part by the volatility surrounding Blackrock’s apparent filing for an ETH ETF.” Source