Day: December 27, 2023

Binance’s CZ Adds $25B to His Net Worth in 2023, Ranks among World’s Richest Despite Regulatory Challenges

CZ is not the only popular crypto figure that made it to Bloomberg’s world’s 500 richest people in 2023. Brian Armstrong had a net worth of $7.25 billion. Changpeng Zhao (CZ), the founder and former CEO of Binance, has once again made it to Bloomberg’s Billionaires Index for 2023 despite facing regulatory challenges in the United States. The former Binance boss CZ ranked 35th on the list of the world’s wealthiest individuals as of December 27, 2023, boasting a total net worth of $36.2 billion. He closely trailed behind Citadel’s…

Why is crypto down today?

The crypto market has started consolidating in the week between Christmas and New Years Day, after registering significant growth over the past month.  According to data provided by CoinGecko, the leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have historically witnessed sideways movements with less bearish momentum at the start of the holidays in 2021 and 2022. The broader crypto market also recorded slight declines during the end of December in the past two years.  Per CoinGecko, the global crypto market capitalization declined from a local high of $1.764 trillion on…

MicroStrategy’s BTC investment yields over 300% investor gain in 2023

MicroStrategy’s big investment in Bitcoin has yielded considerable gains for its investors, as the company’s stock has experienced a remarkable 308% increase over the course of this year. MicroStrategy has come out as one of the biggest gainers in the US among companies valued at $5 billion or more in terms of share prices. According to a report by CNBC on Dec. 26, MicroStrategy’s allure to investors stems almost exclusively from its Bitcoin (BTC) holdings, unlike its technology counterparts, which depend on revenue growth and market share. The company’s stock…

Long Crypto Traders See $190M in Losses as Bitcoin Retreats After Apparent Mt.Gox Repayments

The drop came as the Mt. Gox crypto exchange appeared to be starting to repay customers who lost 850,000 bitcoin (BTC), now valued at around $36 billion, on Tuesday. Some participants in the mtgoxinsolvency subreddit group said they had received payouts in yen over Paypal. Others, who’d chosen to receive cash into bank accounts, said they had not seen any inflows. Source CryptoX Portal

PanCakeSwap Soars 50% After 10 Million Tokens Burned

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The recent increase in value of PancakeSwap has captured the attention of the cryptocurrency community, as its token, CAKE, witnessed an extraordinary 54% surge in just the past seven days. With a robust market capitalization of nearly $900 million and an impressive fully diluted valuation of $1.3 billion, PancakeSwap has solidified its position as a significant player in the decentralized finance (DeFi) space. Strategic Token Burn Propels PanCakeSwap Ascendancy One of the key strategies contributing to PancakeSwap’s success lies in its proactive approach to managing token supply. In a strategic…

Bitcoin holders at ATH, two whales accumulate over 19k BTC

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Bitcoin (BTC) has been consolidating around the $42,500 mark as the holiday season ends and 2024 begins. Data shows that two whales have accumulated a significant amount of BTC as the price looks bullish. Bitcoin is down by 0.5% in the past 24 hours and is trading at $42,450 at the time of writing. The asset’s market cap is still hovering above $831 billion with a daily trading volume of $27.7 billion. BTC price, whale activity, RSI and total amount of holders – Dec. 27 | Source: Santiment On-chain data…

Grayscale updates spot Bitcoin ETF filing amid Silbert’s resignation

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Crypto asset manager Grayscale has updated its S-3 filing for a spot Bitcoin (BTC) ETF. According to Bloomberg analyst James Seyffart, Grayscale filed an updated filing with the U.S. Securities and Exchange Commission (SEC) the same day Barry Silbert — CEO of parent company Digital Currency Group — announced his resignation from Grayscale’s board of directors. “Even Grayscale is accepting the SEC’s Cash-only creation/redemption edict. Looks like they’re bending the knee.” James Seyffart, Bloomberg analyst Some crypto market commentators have speculated that Silbert’s departure could significantly increase the chances of Grayscale…

Kyber Network Takes Swift Action After $48 Million Breach, Implements Critical Decisions

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Decentralized finance (DeFi) platform Kyber Network has taken significant steps to address the aftermath of a massive security breach in November, with CEO and co-founder Victor Tran at the helm. Despite the challenges posed by the “Elastic exploit”, KyberSwap’s core business, including the aggregator and limit order functions, remains fully functional, according to the latest statement. Kyber Network Response To Elastic Exploit As stated by Tran, Kyber Network is preparing to launch the Zap API, this is expected to enable decentralized applications (dApps), wallets, and other projects to serve as…

Bitcoin Price Faces Rejection – Why BTC Could Revisit $40K Before Fresh Increase

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Bitcoin price extended its decline below the $42,650 zone. BTC is showing a few bearish signs and might extend its decline toward the $40,000 support. Bitcoin seems to be following a bearish path below the $43,500 level. The price is trading below $43,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down toward the $40,500 and $40,000 support levels. Bitcoin Price…