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Crypto Market Faces Biggest Outflows in 3 Months – Top Crypto Updates

Crypto market faces biggest outflows in 3 months

Crypto investment products experienced their biggest outflows in three months. Digital asset investment firm CoinShares reported that investors took out $23 million last week. Inflows (investors putting money into crypto products) were experienced only in short Bitcoin funds, which bet on the price of BTC going down. The outflows can be attributed to the fallout of FTX.

Crypto prices today: Bitcoin up 1.6%, ETH rises 2.8%

Bitcoin is currently trading at $16,468.48, an increase of 1.60% over the previous day. Ethereum rose 2.88% over the last 24 hours to $1,206.09. Solana rose 2.6% to $13.7, while Cardano is trading higher by 1.78% at $0.311. Avalanche (AVAX) is up 1.34% to $12.49. The global crypto market cap stands at $834.86 billion, a 1.87% increase over the previous day.

Line to shut down US crypto exchange next year

Japan-based Line is shutting down its U.S. exchange Bitfront in the new year to focus on its other blockchain ventures. New signups have been suspended, and services will be slowly turned off over the next four months. Line, which also runs the LINE blockchain system and the Link (LN) token, said the decision had been taken in the best interest of its other projects.

FTX resumes post-bankruptcy payments to employees

FTX said it will resume “ordinary course payments” of salary and benefits to employees worldwide and certain non-U.S. contractors. The announcement comes a week after FTX’s legal counsel filed a motion to pay compensation, benefits, and relief to its employees and vendors. You can read more about FTX’s collapse here.

BlockFi files for bankruptcy

Crypto lender BlockFi filed for bankruptcy protection on Monday. It recently suspended withdrawals amid the ongoing fallout from exchange FTX’s bankruptcy filing. According to a press release, BlockFi has about $257 million in cash on hand. BlockFi had several assets deposited on FTX and was still owed some of the credit FTX had extended.

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U.S. Banks Launch a Digital Dollar Blockchain Pilot – Top Crypto Updates

U.S. banks launch a Digital Dollar blockchain pilot

A group of banking institutions, including HBSC, Mastercard, and Wells Fargo, announced the launch of a proof-of-concept digital money platform called the Regulated Liability Network (RLN). The platform will use distributed ledger technology (or blockchain) to create opportunities to improve financial settlements. It would also draw participation from central banks, commercial banks, and regulated non-banking financial institutions.

Crypto prices today: Bitcoin up 0.14%, ETH falls 1.3%

Bitcoin is currently trading at $16,855.02, an increase of 0.14% over the previous day. Ethereum rose 1.36% over the last 24 hours to $1,249.2. Solana fell 1% to $14.36, while Cardano is trading higher by 0.88% at $0.341. Avalanche (AVAX) rose 1.52% to $13.48. The global crypto market cap stands at $847.45 billion, a 0.01% increase over the previous day.

Sony files patent for tracking in-game digital assets with NFTs

Global entertainment giant Sony applied for a patent in 2021 for a system that tracks digital assets in video games using blockchain technology—specifically NFTs. The company wants to use blockchain to record digital media assets, gameplay, and video clips and include a unique token for the digital item with a unique identifier and metadata that would identify properties of the digital asset.

BlockFi plans bankruptcy filing and layoffs amidst FTX collapse

Crypto lending platform BlockFi has retained an advisor to look into a possible Chapter 11 bankruptcy filing and is preparing for job cuts. The crypto lender paused all customer withdrawals last week as crypto exchange FTX collapsed. In its exploration of next steps, BlockFi has also had talks with Binance about possible financial help.

NFT platform, art collective launch collaboration in aid of Ukraine

laCollection, a non-fungible token (NFT) platform, has launched a series of collaborations with international artists to raise funds for Ukrainian cultural institutions. The initiative consists of a series of NFTs designed by Ukrainian artist Irina Ozarinskaya. It acts as membership cards, enabling private visits to the studios of artists involved in the collective and other events.

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Coinbase Lays Off Over 60 Employees – Top Crypto Updates

Coinbase lays off over 60 employees

Coinbase is laying off more than 60 staff in its recruiting and institutional onboarding departments. The latest round of layoffs is a sign that the exchange may still be trying to cut costs in the ongoing bear market. The company’s layoffs also come just five months after the exchange laid off 18% of its staff to prepare for what it said at the time could be an “extended crypto winter.”

Crypto prices today: Bitcoin up 3%, ETH rises 6.8%

Bitcoin is currently trading at $17,243.2, an increase of 3.05% over the previous day. Ethereum rose 6.8% over the last 24 hours to $1,258.91. Solana rose 10.2% to $17.1, while Cardano is trading higher by 2.4% at $0.360. Avalanche (AVAX) rose 3% to $14.87. The global crypto market cap stands at $869.91 billion, a 3.8% increase over the previous day.

FTX US warns users that trading could be halted in a few days

FTX US alerted users on a potential halt to trading functionality “in a few days”. The company is facing a severe liquidity crunch and attempting to raise money to keep it out of bankruptcy. Although FTX US has been referred to as a separate company from the global FTX.com business, the companies are intertwined. 

Following the news, millions of dollars worth of crypto have been pulled off FTX over the past couple of hours.

Crypto lender BlockFi halts withdrawals

Crypto lender BlockFi Inc. is pausing withdrawals and limiting activity on its platform, becoming the latest casualty of the sudden collapse of FTX. “Given the lack of clarity on the status of FTX.com, FTX US, and Alameda, we are not able to operate business as usual,” said BlockFi in a statement. The company also added that its priority is to protect its clients.

US senators commit to advancing crypto bill despite FTX collapse

United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse. If the DCCPA passes into law, the Commodity Futures Trading Commission (CFTC) would be granted an extension of regulatory powers over the crypto sector. 

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Uniswap Labs Acquires NFT Aggregator Genie – Top Crypto Updates

Uniswap Labs acquires NFT aggregator Genie

Uniswap Labs has acquired Genie, a non-fungible token (NFT) marketplace aggregator. This move is part of its mission to unlock universal ownership and exchange on its platform. Uniswap is now integrating NFTs into its product line, beginning with the web app. Later integrations will include developer application programming interfaces (APIs) and widgets. 

Crypto prices today: Bitcoin falls 4.2%, ETH down 6% 

Bitcoin is currently trading at $20,176.16, a decline of 4.2% over the previous day. Ethereum is down 6.11% over the last 24 hours to $1,080.24. Solana fell 7.6% to $34.19, while Cardano is trading lower by 6.5% at $0.465. Avalanche (AVAX) fell 8.3% to $16.13. The global crypto market cap stands at $887.51 billion, a 4.1% decline over the previous day.

Indian investors lose Rs 1,000 crore in fake crypto exchanges: Report

Researchers at CloudSEK (a cyber security firm) have unearthed a new scam called CoinEgg, which defrauded as much as Rs 1,000 crore from Indian investors. The scammers used fake domains and social media accounts to persuade users to invest in fake exchanges. After making victims invest, the attackers approached them as investigative agents who could “help” with the scam.

Black Hills Energy signs first deal under new blockchain tariff

US-based Black Hills Energy has completed its first agreement to provide power to a crypto mining facility under Wyoming’s Blockchain Interruptible Service Tariff. The unidentified facility will be one of the largest bitcoin mining operations in the region. It is expected to be operational and purchasing energy by the end of the year.

Crypto lender BlockFi gets $250 million bailout from FTX

Crypto lender BlockFi has received a $250 million revolving line of credit from crypto exchange FTX to help strengthen its balance sheet. The agreement will give BlockFi access to capital amid the crash in the crypto markets. Last week, the company said it was reducing its headcount by ~20%. BlockFi is also implementing other cost-cutting measures like reducing marketing spending and executive compensation.

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Binance US Sued For Promoting UST, LUNA – Top Crypto Updates

Binance US sued over promoting, selling UST and LUNA

A class-action lawsuit was filed against Binance.US, alleging that the crypto exchange misled consumers about the safety of Terra’s stablecoin UST and native token LUNA. The lawsuit also claims Binance violated federal law by selling UST and LUNA. Plaintiffs noted that the digital assets should have been registered with the US Securities & Exchange Commission (SEC).

Crypto prices today: Bitcoin crashes 12%, ETH down 8.6%

Bitcoin is currently trading at $22,331.84, a decline of 12.13% over the previous day. Ethereum fell 8.6% over the last 24 hours to $1,218.9. Solana is up 8.8% to $30.46, while Cardano is trading higher by 5.6% at $0.492. Avalanche (AVAX) rose 5.27% to $17.07. The global crypto market cap stands at $957.92 billion, a 6.15% decline over the previous day.

NFT floor prices fall amid crypto crash

Values of non-fungible tokens (NFTs) are plunging alongside traditional crypto. The floor price (lowest price NFT can be purchased) of the blue-chip NFT Bored Ape Yacht Club has dropped 14% in the last 24 hours. Mutant Ape’s floor price is down 16%. However, NFT trading volume has risen sharply over the past 24 hours, up 54% over the previous period.

WazirX partners with MoEngage to boost customer engagement

WazirX has partnered with insights-led customer engagement platform MoEngage to boost the adoption of Web3 and crypto in India. The crypto trading platform will use AI-driven insights to offer course corrections to its customers whenever needed. WazirX aims to boost its customer onboarding and app promotion with respect to the crypto industry in India.

BlockFi, Crypto.com lay off hundreds as digital coins crash

Crypto trading and lending exchanges BlockFi and crypto.com have laid off hundreds of employees amidst the crash in the crypto markets. BlockFi CEO Zac Prince said that the company is reducing its headcount by roughly 20%. Coinbase has announced slow hiring and reportedly revoked over 300 job offers.

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BlockFi to Pay Largest SEC Fine Ever – Top Crypto News

BlockFi to pay largest SEC fine ever for a crypto case

Crypto lending platform BlockFi has settled with the US Securities and Exchange Commission (SEC) over charges the company allegedly offered interest accounts without registering them under the Securities Act. The company will pay $100 million in penalties, including $50 million to settle charges from 32 states. This is the largest penalty ever assessed in a crypto enforcement action.

Crypto prices today: Bitcoin up 3.2%, ETH rises 5.5%

Bitcoin is currently trading at $43,589, a 3.2% increase over the previous day. Ethereum has surged 5.5% over the last 24 hours to $3,030. Solana rose 7% to $101.4, while Cardano is up 3.6% to $1.07. Polygon (MATIC) rose 5.7% to $1.72. The global crypto market cap stands at $1.95 trillion, up 3.96% over the previous day.

UK Tax Authorities seize 3 NFTs involved in $1.8M fraud investigation

According to BBC, Her Majesty’s Revenue and Customs (HMRC) has seized three NFTs as part of a wider investigation concerning VAT (goods and services tax) fraud. This is the first time HMRC has seized an NFT. The deputy director of economic crime, Nick Sharp, said this example “serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC”.

Indian crypto enthusiasts seek reassessment of new taxes

The representatives of India’s crypto industry have appealed to the government to re-examine the budget proposal to impose a tax deducted at source (TDS) on cryptos, citing it will be difficult to comply with. They have also sought clarity on transactions with residents of a country with which India has a double taxation avoidance agreement.

Crypto worse than Ponzi schemes, banning them advisable: RBI Deputy Governor

Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar said that banning crypto is the most advisable choice for India. He stated that crypto is akin to Ponzi schemes and “may even be worse”. “There are strong reasons to keep them away from the formal financial system,” he added.