Tag: crypto markets

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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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Thailand Tightens Rules on Crypto Advertising – Top Crypto Updates

Thailand tightens rules on crypto advertising 

Thailand’s Securities & Exchange Commission (SEC) has rolled out new rules on advertising for crypto companies after the industry has come under greater scrutiny from authorities. Crypto firms have to clearly show investment risks in advertisements and provide a balanced view of potential risk and returns. Information of advertising terms must also be given to regulators.

Crypto prices today: Bitcoin up 0.8%, ETH rises 3.1%

Bitcoin is currently trading at $20,100.41, an increase of 0.8% over the previous day. Ethereum is up 3.15% over the last 24 hours to $1,592.06. Solana rose 1.62% to $31.59, while Cardano is trading higher by 2.9% at $0.459. Polygon (MATIC) jumped 6.6% to $0.883. The global crypto market cap stands at $984.34 billion, a 1.32% increase over the previous day.

Celsius seeks to return some customer funds in court filing

Bankrupt crypto lender Celsius said in a court filing that it would seek to return some of its customers’ funds. The company wanted to release nearly $50 million in digital assets belonging to customers who were a part of the “custody” program— accounts that stored crypto but did not generate returns. Customers of the custody program owned their assets, while customers using the Celsius “earn” or “borrow” programs had invested their assets expecting a return. 

Helium crashes 15% following proposed move to Solana

Helium’s HNT has lost significant value since developers proposed a plan to move the network over to Solana. HNT is down 32% over the past week and 47% in the last 30 days. This could indicate that investors and users may not be fully onboard with the ambitious plan.

Compass Mining to shut down Georgie mines, citing high energy costs

Compass Mining, a Bitcoin (BTC) mining rig service, was notified that the owner of lucrative mining hubs 2 and 3 located in Georgia would shut down amid rising energy costs. Since Compass sells Bitcoin mining hardware and contracts for facilities, it did not have an influence over the decision.

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Vauld Proposes to Set Up Committee of Creditors – Top Crypto Updates

Vauld proposes to set up Committee of Creditors

Crypto lending platform Vauld reached out to its customers seeking their interest to be a part of a proposed Committee of Creditors (CoC) to whom it owes money. In an e-mail sent out on August 31 to its customers, the company responded to concerns of creditors planning to seek legal representation and withdrawal of allowances during Vauld’s ongoing restructuring process.

Over the last two months, Vauld has halted withdrawals and suspended operations due to financial troubles.

Crypto prices today: Bitcoin falls 1.7%, ETH down 2.9%

Bitcoin is currently trading at $19,940.82, a decline of 1.7% over the previous day. Ethereum is down 2.89% over the last 24 hours to $1,542.94. Solana fell 3.98% to $31.04, while Cardano is trading lower by 2.7% at $0.446. Avalanche (AVAX) has fallen by 3.6% to $18.94. The global crypto market cap stands at $972.06 billion, a 1.8% decline over the previous day.

California crypto licensing bill awaits Governor’s signature

California Governor Gavin Newsom is set to sign a recently passed bill that would require digital asset exchanges and other crypto companies to obtain a license to operate in the state. The Digital Financial Assets Law is also known as California’s “BitLicense”. The proposed law aims to foster responsible innovation by licensing and regulating the activities of crypto exchanges.

Bitcoin mining difficulty spikes

According to BTC.com, the mining difficulty for Bitcoin (the world’s biggest crypto) jumped by 9.26% over the last two weeks. The Bitcoin network’s mining difficulty is at the highest level since January. Mining difficulty refers to the level of complexity involved in the mathematical process behind mining. Miners need to solve complex equations to produce a valid block that can be added to the blockchain. 

Paraguay’s President vetoes crypto mining law

Paraguay’s president, Mario Abdo Benítez, vetoed a bill that would have regulated various digital asset activities, including the commercialization of crypto mining in the country. The primary reason behind the president’s decision against the bill was that crypto mining uses high amounts of energy but brings relatively low employment benefits. 

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Crypto Markets Fall on Release of Fed Minutes – Top Crypto Updates

Crypto markets dip on release of Fed minutes

Crypto markets fell after the U.S. Federal Reserve released minutes from its July 27 meeting in which the agency said it will continue to hike interest rates in order to manage inflation. The minutes stated that inflation was still too high, despite the labor market being strong and unemployment low—and there was no evidence it would subside just yet. Inflation in the U.S. is currently at a four-decade high. 

Crypto prices today: Bitcoin falls 3.8%, ETH down 5%

Bitcoin is currently trading at $23,395.64, a decline of 3.8% over the previous day. Ethereum fell 4.9% over the last 24 hours to $1,842.99. Solana fell 7.45% to $40.88, while Cardano is trading lower by 5.12% at $0.538. Avalanche (AVAX) has fallen by 6.82% to $25.85. The global crypto market cap stands at $1.12 trillion, a 4.08% decline over the previous day.

Coinbase has a serious insider trading problem: Report

Three finance researchers at the University of Technology in Sydney claim that insider trading is “systemic” in the crypto industry. They have estimated that such activity has taken place on up to 25% of Coinbase listings in the last four years, resulting in at least $1.5 million in ill-gotten profits. “Our findings identify cases that are yet to be prosecuted,” they wrote.

Coinfund launches $300M Web3 fund to bet on next ‘industrial revolution’

Crypto-focused investment firm Coinfund is launching a massive $300 million venture capital fund for Web3 founders looking to finance their crypto projects. The fund will prioritize a “founders first” philosophy when identifying Web3 projects that already have early traction in the market and aim to shape the next blockchain-based version of the internet.

Crypto scam revenue falls 65% amid market downturn: Report

As per Chainalysis 2022 Crypto Crime Report, revenue from crypto scams fell 65% year-on-year (YoY) to $1.6 billion so far this year as crypto prices declined. The total number of individual transfers to scams was at its lowest level in four years. The fall in asset prices made fraud schemes less alluring. Also, there are fewer inexperienced people in the market now than when prices were increasing.

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CFTC May Become Primary Regulator of Crypto Markets – Top Crypto Updates

CFTC may become primary regulator of crypto spot markets

Three different bills have been introduced in the U.S. to empower the Commodity Futures Trading Commission (CFTC) to be the primary regulator of the crypto spot markets. It will lead to more safeguards for consumers, market integrity, and innovation in the digital commodities space. The bill would allow the CFTC to regulate all crypto assets that are not classified as securities by the Securities & Exchange Commission (SEC).

Crypto prices today: Bitcoin, ETH up 3%

Bitcoin is currently trading at $23,754.8, an increase of 3.24% over the previous day. Ethereum rose 3% over the last 24 hours to $1,734.6. Solana rose 6.6% to $42.6, while Cardano is trading higher by 5.1% at $0.542. Avalanche (AVAX) jumped 9.85% to $28.57. The global crypto market cap stands at $1.12 trillion, a 2.91% increase over the previous day.

Crypto, rupee withdrawals being processed normally: WazirX after ED raids

Crypto exchange WazirX said crypto and rupee withdrawals are being processed normally after the Enforcement Directorate (ED) raided one of its directors and froze bank balances to the tune of Rs 64.67 crore. ED conducted searches on one of the directors of Zanmai Lab Pvt Ltd, which owns WazirX. It has issued the freezing order of Wazirx’s bank balances as part of an ongoing money laundering probe against some fraudulent smartphone-based loan apps backed by Chinese funds.

North Korean hackers behind attempted deBridge Finance attack: Co-Founder

Alex Smirnov, the co-founder of deBridge Finance, reported that his company was the target of an attempted cyberattack by the North Korean Lazarus Group. deBridge provides a cross-chain interoperability and liquidity protocol for transferring data and assets between blockchains. The attack came via a spoofed email received by several deBridge team members that contained a PDF file named “New Salary Adjustments”.

Zipmex to start releasing Bitcoin, Ether for customers

Crypto exchange Zipmex will release Ethereum and Bitcoin tokens this week, allowing 60% of its customers to retrieve their digital assets after a suspension of withdrawals from its Z Wallet product. In July, Zipmex halted withdrawals from Z Wallet, which it said had $53 million worth of cryptocurrencies exposed to Babel Finance and Celsius.

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Zipmex Files for Bankruptcy Protection in Singapore – Top Crypto Updates

Zipmex files for bankruptcy protection in Singapore

Southeast Asia-focused crypto exchange Zipmex has filed for bankruptcy protection in Singapore. It has become the latest victim of the global downturn in digital currencies. The company is working to address its exposure of $53 million to crypto lenders Babel Finance and Celsius. Meanwhile, Thailand’s Securities and Exchange Commission is looking into potential losses among the public after Zipmex temporarily suspended withdrawals on July 20.

Crypto prices today: Bitcoin rises 4%, ETH up 4.7%

Bitcoin is currently trading at $24,095.4, an increase of 3.9% over the previous day. Ethereum rose 4.75% over the last 24 hours to $1,724.26. Solana jumped 9.4% to $43.64, while Cardano is trading higher by 4.17% at $0.528. Polygon (MATIC) surged 9.4% to $0.969. The global crypto market cap stands at $1.11 trillion, a 4.71% increase over the previous day.

Miami to launch 5,000 Ethereum NFTs with TIME, Mastercard, Salesforce

Miami city’s Mayor Francis X. Suarez has shared plans to release 5,000 Ethereum non-fungible tokens (NFTs) later this year. The city is partnering with TIME magazine publisher Time USA, Mastercard, and Salesforce for the project. The NFTs will be designed by 56 different Miami artists, representing the city’s 56 square mile area.

Ethereum’s final Testnet merge set for early August

The Goerli/Prater testnet deployment will occur next week. It is the final test to be completed before Ethereum’s much-anticipated transition to proof of stake. Proof-of-stake is a crypto consensus mechanism for processing transactions and creating new blocks in a blockchain. Testnets like Goerli are essentially trial runs that prepare for the merge by moving the entire Ethereum mainnet over to a test network environment.

US Fed, FDIC order Voyager to stop misleading claims over deposit insurance

The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) have ordered crypto lender Voyager Digital to stop making “false and misleading” claims that its customer’s funds were insured by the government. Voyager had claimed that its customer’s funds are insured by the FDIC in the event of its collapse. Earlier this month, Voyager filed for bankruptcy in New York after halting customer transactions on its platform.

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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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Crypto Crash Devalues Ukraine Govt’s Crypto Fundraise – Top Crypto News

Crypto crash devalues Ukraine govt’s crypto fundraise

Ukraine plans to continue to tap crypto investors to help raise funds after a crash in token prices wiped out its fundraising efforts in May. On March 19, the Ukrainian government said it had raised more than $60 million worth of crypto. But two months later, the total amount raised was only worth $51.5 million.

All the funds raised in the “Aid for Ukraine” fund were stored in crypto. The government was able to spend $45 million on equipment for Ukraine’s army before the crash.

Crypto prices today: Bitcoin up 1.6%, ETH up 0.21%

Bitcoin is currently trading at $29,785.75, a 1.6% increase over the previous day. Ethereum rose 0.21% over the last 24 hours to $1,983.62. Solana fell 1.17% to $49.08, while Cardano is trading higher by 0.4% at $0.520. Avalanche (AVAX) fell 2.2% to $26.62. The global crypto market cap stands at $1.27 trillion, a 0.99% increase over the previous day.

Brave adds Solana support and Ramp Wallet functionality in latest update

Privacy web browser Brave’s latest desktop release now includes support for the Solana blockchain and its SOL and SPL tokens. Brave Wallet can be used to buy, sell, and hold SOL and SPL tokens through the non-custodial payment platform Ramp. Ramp allows users to buy crypto directly from their Brave Wallet instead of having to purchase crypto on an exchange and then transfer it to a wallet.  

Coinbase becomes first Bitcoin company among Fortune 500

Coinbase has become the first crypto-focused company to be included in the Fortune 500. The US-based crypto exchange recorded $7.8 billion in revenue for the 2021 financial year, ranking 437th on the list. The company derives a bulk of its revenue from trading fees.

Crypto risks could spill over into wider economy: ECB

A European Central Bank (ECB) report stated that financial institutions using crypto/digital assets as a form of payment could increase “spillover to the wider economy”. Regulators have been looking into the devastating collapse of the Terra blockchain coins. It has raised questions on the stability of algorithmic stablecoins like UST, which are not backed by a fiat currency.

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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.

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Bitcoin Dominance Falls Under 40% – Top Crypto News

Bitcoin dominance falls under 40%

Reports say that Bitcoin dominance has fallen under 40%. While Bitcoin critics claim this means that BTC is losing its first-mover competitive advantage, others are anticipating the “altcoin season” is just around the corner.

Raoul Pal believes institutions have finished taking profits as the year winds up

Raoul Pal suggested that profit-taking by institutions was the likely reason for recent Bitcoin sell-offs, but that the selling is likely done for now.

ASIC reveals how it infiltrated crypto ‘pump and dump’ Telegram groups

The Australian financial watchdog has revealed the details of how it took down ASX traders suspected of taking part in a coordinated Telegram pump and dump scheme.

Korean government tells Apple and Google stores to take down P2E games

The Korean Games Committee has strengthened its stance against P2E games by saying those games should not receive an age rating needed to get listed on app marketplaces.

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Will Crypto Law Help Turkey? Top Crypto News

Japan’s Taxes on Crypto Firms Are Leading Some to Leave the Country

Founders face hefty corporate taxes when listing tokens and individual investors are taxed up to 55% on gains. As a result of Japan’s tax reforms on crypto, firms are leaving the country.

Dogecoin Foundation works with Ethereum co-founder on DOGE staking

Dogecoin Foundation is working on a staking mechanism in collaboration with Ethereum co-founder Vitalik Buterin. 

Turkey’s crypto law is ready for parliament, President Erdoğan confirms

Once implemented, the crypto law will implement a new economic model that can potentially help recover the lira’s falling value. As you know, Turkey has been taking unconventional decisions to control inflation and the situation is getting worse day by day.

Just 1.3 million Bitcoin left circulating on crypto exchanges

According to a report, only 1.3 million Bitcoin is left on exchange wallets. This is 6.3% of total bitcoin supply. 

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US to Introduce Crypto Bill – Top Crypto News

US lawmaker planning to introduce comprehensive crypto bill in 2022

Cynthia Lummis’ proposed bill reportedly aims to provide regulatory clarity on stablecoins, guide regulators around asset classes and offer consumer protections. In addition, the U.S. senator reportedly proposed creating an organization under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission to oversee the crypto market.

President Bukele fires back at critics on ‘Bitcoin experiment’

The Salvadoran president has been a mainstay in news headlines due to his government’s regular BTC purchases and absolute pro-Bitcoin stance. He has made frequent statements and comments to support the original cryptocurrency while refusing to budge in the face of criticism that Bitcoin is a bad idea for the nation.

Global search interest for ‘NFT’ surpasses ‘crypto’ for the first time ever

For the week ending on Christmas, global searches for the term “NFT,” which refers to nonfungible tokens, have surpassed “crypto,” according to Google Trends. The sharp increase in search traffic for NFTs offers a clear indication that digital collectibles have entered mainstream consciousness.

Carolina Hurricanes now accepts Shiba Inu

Carolina Hurricanes, an ice hockey team in North Carolina will accept payment in SHIB  in collaboration with BitPay.

Hive Blockchain to mine more Bitcoin than Ethereum this quarter

Hive Blockchain, a publicly-traded crypto mining company, expects to produce 6,900 Ether and 670 Bitcoin for the fiscal quarter ending 31st December.