Day: January 16, 2024

BRC-20 trading volumes surge 10x since November 2023, data shows

Trade volume for BRC-20 tokens increased $10-15 million to more than $500 million since November 2023, as per data from Kaiko. Tokens minted on the Bitcoin blockchain are gaining momentum as their trading volumes increased by ten times since the end of 2023, according to Kaiko data. In a report on Jan. 15, the Paris-based analytics blockchain firm revealed that trading volumes for BRC-20 tokens skyrocketed from $10 million in November 2023 to more than $500 million in January, attributing the increase to Binance, which recently launched spot and perpetual…

BTC and CBDCs have potential to ‘de-dollarize’ world, says Morgan Stanley

Experts at the investment bank Morgan Stanley believe that Bitcoin (BTC) and CBDCs can challenge the dollar. In a new Morgan Stanley report, analysts indicate that BTC could put the U.S. dollar ahead as a global currency, which accounts for about 60% of international foreign exchange reserves. Morgan Stanley’s head of digital assets, Andrew Peel, notes that this shift is significantly accelerated by the SEC approving a list of spot Bitcoin ETFs in the United States, with weekly inflows into new products exceeding $1.18 billion. Apart from this, BTC has…

Elon Musk and Other 4 World’s Wealthiest Men Double Their Fortune in 3 Years

Meanwhile, Oxfam revealed that across 52 countries, the average real wages of nearly 800 million workers have fallen, resulting in a combined loss of $1.5 trillion over the last two years. According to a new report by Oxfam, a global organization dedicated to combating inequality and ending poverty, the combined wealth of the world’s top five wealthiest men has more than doubled from $405 billion in March 2020 to $869 billion in November 2023.  The report was published on January 15, just on the day when the World Economic Forum…

Crypto Research Firm Says ‘Sell All Your Cardano (ADA)’

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K33 Research, a prominent entity in the cryptocurrency research sector, has released a scathing report on Cardano (ADA), sparking widespread discussion in the crypto community. The report bluntly advises investors to divest from Cardano, citing a lack of meaningful use for its native token, ADA. Sell All ADA Now? In a detailed examination, K33 Research asserts that the Cardano network suffers from a significant lack of practical application, which is essential for the inherent value of its native token. The report states, “A smart contract network needs meaningful use for…

Ethereum Classic Maintains 32% Steady Rise

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The recent approval of the first Bitcoin spot exchange-traded fund (ETF) in the United States by the Securities and Exchange Commission (SEC) has reverberated across the cryptocurrency landscape, triggering a significant surge in various altcoins, with Ethereum Classic (ETC) taking the spotlight. Often overshadowed by its more well-known sibling, Ethereum, ETC has emerged as the clear winner in the aftermath of the groundbreaking news, experiencing an impressive surge of over 31% in the past seven days. Ethereum Classic Trading Volume Up Since the SEC’s approval of the Grayscale Bitcoin ETF…

Celsius CEO Requests to Drop Two Charges Linked to Fraud and Manipulation

The court filing contends that the government’s handling of cryptocurrencies creates an inconsistency and contradiction between the second count of commodities fraud and the first count of securities fraud. Legal representatives for former Celsius CEO Alex Mashinsky have filed a motion in federal court seeking the dismissal of charges related to commodities fraud and market manipulation. The motion, filed on January 12 in the United States District Court for the Southern District of New York, urges the judge to drop two felony counts expected to be brought against Mashinsky at…

SEC Agrees to Postpone Do Kwon and Terraform Trial until US Extradition Expected in March

The Terraform Labs trial has now been postponed until after Do Kwon is successfully extradited to the US from Montenegro. The United States Securities and Exchange Commission (SEC) has agreed to delay the trial of Terraform Labs founder Do Kwon. According to a Monday filing, the trial will not begin until Kwon’s extradition to the US. The filing, submitted in the US District Court for the Southern District of New York, states that SEC was prepared to begin the trial initially scheduled for January 29. However, the Commission has agreed…