Day: November 17, 2023

Wormhole becomes independent entity following spin-off from Jump Trading

Jump Trading has spun off its cross-chain protocol, Wormhole, into an independent entity amidst a backdrop of major security breaches and ongoing regulatory scrutiny. Jump Trading has officially separated Wormhole, a prominent cross-chain protocol, establishing it as an independent entity. This move, as reported by Bloomberg, has led to the departure of key Wormhole figures, including CEO Saeed Badreg and COO Anthony Ramirez. Wormhole’s history is marred by a major security breach in 2022, resulting in a loss of approximately $320 million, marking it as one of the most substantial…

Fidelity seeks green light for Ethereum ETF, following BlackRock’s filing

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Fidelity, an asset management firm overseeing $4.5 trillion in assets, has become the latest firm to seek approval for a spot Ethereum (ETH) exchange-traded fund (ETF). In a filing with the United States Securities and Exchange Commission (SEC) on November 17, Fidelity proposes to list and trade shares of the Fidelity Ethereum Fund on the Cboe BZX Exchange.   “According to the Registration Statement, each Share will represent a fractional undivided beneficial interest in the Trust’s net assets. The Trust’s assets will consist of ETH held by the Custodian on behalf of…

OpenAI Ousts CEO Sam Altman, Triggering 10% Plunge in Worldcoin (WLD) Value

OpenAI dismissed CEO Sam Altman due to transparency issues. Worldcoin (WLD) faces a 10% drop as Altman’s dismissal shakes the crypto market. The board of directors at OpenAI announced today the dismissal of its CEO, Sam Altman, citing a lack of transparency in his communications with the board. According to the statement published on the OpenAI blog, the board conducted a careful and reflective review process, concluding that Altman was not consistently truthful in his statements, hindering the board’s ability to fulfill its responsibilities. “Mr. Altman’s departure follows a deliberative…

Top US Crypto Exchange Coinbase Introduces New On-Chain Payments Protocol

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Top US-based crypto exchange platform Coinbase is announcing a new on-chain payments protocol. In a new company blog post, Coinbase says that it’s setting a new standard for on-chain payments that will make them cheaper and faster for consumers. According to Coinbase, the open-source update will ensure “clarity, reliability, and a consistent experience for all users,” greatly enhancing the payment process for both merchants and customers. “At Coinbase we believe that on-chain is the new online. Just like the internet broke down barriers, democratized access to information and made knowledge…

Analyst Predicts 100% Increase Following Breakout

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Cardano may not be a top gainer in the crypto market but that does not mean that it has fallen behind. During the altcoin rally, the price of Cardano’s native coin ADA has gone from a low of $0.25 to a high of almost $0.4 before correcting back downwards. This positive trend has been preserved even through the crypto market dip and it seems that there is only one thing in the way of Cardano’s rise to a new yearly high. Falling Wedge Pattern Holds Back Cardano According to a…

Sen. Elizabeth Warren highlights risks of crypto scams targeting senior investors

Senator Elizabeth Warren’s proposed Digital Asset Anti-Money Laundering Act, aimed at combating crypto-related scams, ignites a complex debate over the balance between regulation and innovation in the digital finance arena. In a Nov. 16 hearing, Senator Elizabeth Warren (D-Mass) voiced concerns about cryptocurrency’s role in financial scams, particularly those targeting older investors. Warren’s criticisms align with the introduction of her Digital Asset Anti-Money Laundering Act bill, aimed at curbing such fraudulent activities. During the hearing, Steve Weisman, a senior lecturer at Bentley University, highlighted the anonymity afforded by cryptocurrencies as…

‘Primitive’ stablecoin lacks mechanisms that maintain fiat stability: BIS

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Stablecoins lack crucial mechanisms that guarantee money market stability in fiat, and an operational model that gave regulatory control to a central bank would be superior to private stablecoin, a study released by the Bank for International Settlements (BIS) found. The authors used a “money view” of stablecoin and an analogy with onshore and offshore USD settlement to probe the weaknesses of stablecoin settlement mechanisms.  Per the study: “In both Eurodollar and FX markets, when private bank credit reaches the limits of its elasticity [that is, loses the ability to…

3 metrics DeFi traders can watch in order to spot the next crypto bull market

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The decentralized finance (DeFi) market has been one of the most exciting and volatile sectors in the crypto outside of Bitcoin (BTC). In 2020, the DeFi sector experienced a bull market that saw the total value locked (TVL) in decentralized finance protocols surge from $1 billion to over $100 billion. However, the DeFi market has also been prone to significant corrections. In 2021, the DeFi market experienced a correction that saw the TVL fall from $100 billion to $40 billion. Despite the volatility of the DeFi market, there are ways…

CoinShares Predicts $141,000 Bitcoin Price, Forecasts $14.4 Billion Inflows From ETFs

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In a recently published report by CoinShares, analyst James Butterfill delves into the relationship between inflows into Bitcoin exchange-traded funds (ETFs) and changes in the Bitcoin price.  The report addresses the critical question of how much inflow into ETFs could be anticipated upon launching a Bitcoin spot ETF in the US and the potential impact of these flows on the Bitcoin Price. Bitcoin ETFs Could Attract $14.4 Billion Inflows Butterfill highlights Galaxy’s analysis, which estimates that the United States has approximately $14.4 trillion in addressable assets. Assuming a conservative scenario…