Category: Exchanges

Decentralized Exchange Altcoin Soars Nearly 70% in a Week Amid Massive Support for Proposed Cuts in Token Supply

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One decentralized exchange (DEX) platform is skyrocketing as its community shows overwhelming support for its proposed supply cut of tokens. In a new proposal, over 97% of the community members of decentralized crypto exchange PancakeSwap (CAKE) voted to lower the digital asset’s token supply to a maximum cap of 450 million. “Now that CAKE has achieved consistent deflation for several months and is focusing on accelerating our journey to ultrasound CAKE, this proposal aims to reduce the CAKE token’s total supply to a maximum cap of 450 million CAKE. With…

Crypto Exchange Bitzlato “Temporarily” Halts Withdrawals

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Troubled crypto exchange Bitzlato has suspended withdrawals and technical support to its customers, calling it a “temporary measure.” The suspension came weeks after the co-founder and former CEO of the exchange, Anatoly Legkodymov, pled guilty and agreed to dissolve the crypto exchange. “At the moment, we are faced with the need to suspend special balance withdrawals and technical support. This is a temporary measure to prepare for and go through the upcoming court hearings regarding the seizure of user assets in France. We are determined and optimistic about this issue,”…

Swych Finance Releases the Next Generation of Decentralized Perpetual Exchanges

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Picture a world where the traditional rules of the game don’t bind cryptocurrency trading. This is where perpetual decentralized exchanges (PDEXs) come into play, a relatively new kid on the block in the grand scheme of DeFi. The market is constantly changing, and perpetual DEXs have been a game-changer, growing their market cap beyond $2 billion. But it’s not been a walk in the park. Despite their innovative approach, these platforms have been nudging for space in a market heavily dominated by CEXs. It’s like David versus Goliath – with…

Solana Surges Nearly 83% in a Week As SOL’s Decentralized Exchange Volumes Now Rank Second After Ethereum’s

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New data from decentralized finance (DeFi) tracker DeFiLlama reveals that surging altcoin Solana (SOL) is now the top traded digital asset on decentralized exchanges (DEXs) behind Ethereum (ETH). Solana’s trading DEX volume has soared by more than 25% in the past week for a total of $5.6 billion, catapulting it into the second highest traded digital asset on DEXs, according to DeFiLlama. On December 13th, Solana ranked just fourth by DEX trading volume. Ethereum is the top traded DEX asset with $8.89 billion in trading volume in the past week. Source:…

Solana Decentralized Exchange Altcoin Skyrockets More Than 95% This Week Amid Roaring Network Growth

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The native token for a decentralized exchange (DEX) built on Solana (SOL) has skyrocketed by more than 95% this week amid roaring network growth. Raydium (RAY) is an on-chain order book automated market maker (AMM). The project’s native token, RAY, is trading at $1.72 at time of writing, up from around $0.88 one week ago. The 144th-ranked crypto asset by market cap is also up nearly 16% in the past 24 hours and more than 1,140% since the start of 2023. RAY’s recent gains have materialized as the Raydium protocol…

FTX Values Claims of Creditors Based on Prices of Digital Assets During Collapse of Exchange

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Recent court documents indicate FTX’s creditors’ digital asset claims will be based on the near-bottom crypto prices at the time of the disgraced exchange’s collapse back in November 2022. A recent disclosure statement shows that FTX’s lawyers are proposing that claims regarding digital assets will be calculated and processed by converting the value of the crypto into cash based on the exchange rate on November 11th, 2022, the day the now-defunct exchange commenced its Chapter 11 case. Crypto prices had cratered at the time due to the FTX turmoil and…

Coinbase (COIN), Fidelity, Pantera, a16z Cryptocurrency Outlooks

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Spot Bitcoin ETF will be ‘bloodbath’ for crypto exchanges, analyst says

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While the crypto community eagerly awaits the possible approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, some analysts are warning this could potentially trigger unwanted consequences for cryptocurrency exchanges. Several industry observers have predicted that a spot BTC ETF could start trading in early 2024, in an event that, when paired with Bitcoin’s upcoming block reward halving expected in April, Blockstream CEO Adam Back believes could propel BTC to $100,000. Bitcoin proponents such as Jan3 CEO Samson Mow have said that approval of a spot Bitcoin…

US Government Slaps $1,200,000 Penalty on San Francisco Crypto Exchange for Violating Russia/Ukraine Sanctions

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A San Francisco-based crypto exchange has reached an agreement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to settle its potential civil liability for violating US sanctions related to Russia and Ukraine. In a new enforcement release, the OFAC says that CoinList Markets (CLM) has agreed to pay over $1.2 million as a settlement for processing hundreds of transactions that violated the government’s embargo policies. The agency says the exchange complied with some of the sanction measures including denying access to users with IP addresses in prohibited…