Tag: crypto updates

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Binance Acquires Japanese Crypto Exchange Sakura – Top Crypto Updates

Binance acquires Japanese crypto exchange Sakura

Binance, the world’s largest crypto exchange by volume, has acquired Sakura Exchange BitCoin (SEBC). As SEBC is already regulated by Japan’s Financial Services Agency (FSA), the acquisition will allow Binance to reenter the country. Binance said Japan will play a key role in the continued adoption of crypto given the size of its economy and its “huge potential in the emerging Web3 industry.”

Crypto prices today: Bitcoin up 1.3%, ETH rises 1%

Bitcoin is currently trading at $17,115.88, an increase of 1.38% over the previous day. Ethereum rose 0.96% over the last 24 hours to $1,282.82. Solana rose 1% to $13.86, while Cardano is trading higher by 0.5% at $0.316. Avalanche (AVAX) is up 1.22% to $13.08. The global crypto market cap stands at $859.51 billion, a 0.73% increase over the previous day.

Uniswap launches new NFT aggregator

Uniswap is launching an NFT aggregator on its website, five months after acquiring NFT trading aggregator Genie and its founder Scott Gray. Users can view non-fungible token (NFT) listings and global floor prices across seven marketplaces. They can also bulk-buy NFTs in a single transaction and list NFTs for sale across marketplaces. It offers 15% cheaper gas fees than other NFT aggregators. 

Telegram plans to build decentralized crypto exchange

Messaging platform Telegram has announced plans to build a decentralized crypto exchange. The company would start building “non-custodial wallets” and “decentralized exchanges” that would let millions of users safely trade their crypto. Telegram founder Pavel Durov called for steering the industry back towards decentralized applications and away from having to trust third parties. 

Bitcoin custody firm Casa to add ETH support

Casa, a popular Bitcoin self-custody firm, is adding Ethereum support to its platform. The company has announced plans to launch a refreshed app, with an enhanced look and feel that will improve user experience. Casa will also introduce Ethereum storage and new membership plans in the upcoming months.

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Brazil Legalizes Crypto as a Method of Payment – Top Crypto Updates

Brazil legalizes crypto as a method of payment

Brazil’s Chamber of Deputies approved a regulatory framework legalizing the use of crypto as a method of payment in the country. This gives a regulatory boost to the adoption of digital currencies and the expansion of the ecosystem. However, it does not grant cryptocurrencies the status of legal tender.

Crypto prices today: Bitcoin up 2.4%, ETH rises 5.3%

Bitcoin is currently trading at $16,878.94, an increase of 2.4% over the previous day. Ethereum rose 5.3% over the last 24 hours to $1,270.33. Solana rose 0.21% to $13.71, while Cardano is trading higher by 1.1% at $0.314. Avalanche (AVAX) is up 3.27% to $12.91. The global crypto market cap stands at $853.04 billion, a 2.07% increase over the previous day.

Phantom Solana wallet adds support for Ethereum, Polygon

Phantom, a self-custody wallet for Solana-based decentralized applications and NFTs, has added support for rival blockchains Ethereum and Polygon to its desktop, iOS, and Android apps. The company said an easy-to-use self-custodial wallet is essential as an alternative to centralized exchanges and firms that handle sensitive user data.

Phantom aims to offer a simple, easy-to-use wallet with a unified interface for storing and viewing assets across multiple blockchains.

FTX fallout os ‘opportunity’ to refocus on trust: OpenSea CEO

The CEO of NFT marketplace OpenSea, Devin Finzer, described the entire FTX collapse as an “opportunity” for the industry to rebuild with a focus on trust while further embracing decentralization. “I think for the broader crypto ecosystem, this is really an opportunity to invest in strong, continual trust with users,” he said.

Dominica releases national crypto token with Huobi, Tron

The Commonwealth of Dominica in the Caribbean reportedly issued its national token, DMC, on Tuesday. The country partnered with crypto exchange Huobi Global, TronDAO, and DMC Labs. The nation would roll out a Dominica Digital Identifier (DID) as a know-your-customer (KYC) verification standard. This can be used to open bank accounts, apply for loans, and other financial transactions.

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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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Binance Deploys $1B for Crypto Recovery Fund – Top Crypto Updates

Binance allocates $1B for ‘Crypto Recovery Fund’

Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the fund size to over $2 billion. The fund would have a “loose” structure and be publicly visible on the blockchain. Binance first announced the launch of an “industry recovery fund” on November 14 to support firms that “are otherwise strong but in a liquidity crisis” amid the FTX collapse.

Crypto prices today: Bitcoin falls 1.5%, ETH down 2.4%

Bitcoin is currently trading at $16,434.13, a decline of 1.5% over the previous day. Ethereum fell 2.4% over the last 24 hours to $1,181.77. Solana fell 2.81% to $14.14, while Cardano is trading lower by 1.9% at $0.312. Avalanche (AVAX) is down 3.9% to $12.69. The global crypto market cap stands at $827.36 billion, a 1.29% decline over the previous day.

Singapore police probe Hodlnaut for alleged fraud

Singapore’s Commercial Affairs Department (CAD) launched a probe into troubled crypto lender Hodlnaut for “possible cheating and fraud.” Between August and November, the police received “multiple reports” that Hodlnaut and its directors had made “false representations” about the lender’s exposure to “a certain digital token.” 

Cardano DeFi project Ardana halts development

Ardana (DANA), a decentralized finance (DeFi) project built on the Cardano blockchain, has halted development. The project cited “funding and project timeline uncertainty” as the reason for ceasing operations. The project was working on stablecoin minting and foreign exchange services. DANA token is down over 80% in the last 24 hours.

Indian crypto exchanges seek to reassure investors after FTX collapse

Indian crypto exchanges are implementing measures to provide full transparency on their reserve funds to win back investor confidence after FTX’s collapse. Co-founder of CoinDCX, Sumit Gupta, said his exchange will publish its proof of reserves by the fourth week of November. CoinSwitch has declared that its crypto and fiat currency holdings exceeded the total amount held on behalf of its users.

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Bank of Japan to Trial Digital Yen – Top Crypto Updates

Bank of Japan to trial digital yen with three megabanks

The Bank of Japan (BoJ) has planned experiments on a Digital Yen with three megabanks and regional banks in the country. The central bank will analyse issues with deposits & withdrawals and how a Central Bank Digital Currency (CBDC) can operate during natural disasters and in areas without internet access. The experiment will last two years and the central bank will decide on issuing a CBDC in 2026.

Crypto prices today: Bitcoin up 1.2%, ETH rises 4.3%

Bitcoin is currently trading at $16,679.81, an increase of 1.24% over the previous day. Ethereum rose 4.3% over the last 24 hours to $1,209.61. Solana surged 10.6% to $14.48, while Cardano is trading higher by 1% at $0.318. Avalanche (AVAX) rose 3.87% to $13.19. The global crypto market cap stands at $839.02 billion, a 2.15% increase over the previous day.

BTC will become ‘less important’ for cybercrime payments: Kaspersky

Cybersecurity company Kaspersky reported that ransomware negotiations and payments may soon rely less on Bitcoin as a means of payment. It attributed this transition to improvements in technology that detects the flow and sources of BTC, as well as increased sanctions and market regulation. Kaspersky added that cybercriminals would instead look towards other digital currencies to facilitate their illicit payments. 

Ethereum software firm ConsenSys reveals it collects user data

Ethereum software firm ConsenSys revealed that it also collects user data related to its on-chain wallet service MetaMask. The company said it collects data related to user identification such as contact details and profile information. The crypto community on Twitter expressed their anger at the move as it invades user privacy. ConsenSys was one of the firms behind the Ethereum merge.

Global regulators to target crypto platforms after FTX crash

The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such ‘conglomerate’ platforms will be the focus for 2023, said global securities regulator IOSCO Jean-Paul Servais. He said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as credit rating agencies and compilers of market benchmarks.

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El Salvador Working on Digital Asset Issuance Law – Top Crypto Updates

El Salvador prepares Digital Asset Issuance Law

El Salvador is working on a Digital Asset Issuance Law, which would facilitate operations/transactions with any crypto asset. The law would regulate the transfer operations of any digital asset and aims to promote the efficient development of the digital asset market and protect the interests of acquirers. El Salvador was the first country to declare Bitcoin as legal tender.

Crypto prices today: Bitcoin up 4.8%, ETH rises 6.5%

Bitcoin is currently trading at $16,476.92, an increase of 4.8% over the previous day. Ethereum rose 6.5% over the last 24 hours to $1,159.58. Solana surged 15% to $13.08, while Cardano is trading higher by 4.4% at $0.315. Avalanche (AVAX) rose 9.3% to $12.68. The global crypto market cap stands at $821.12 billion, a 5.31% increase over the previous day.

Bitpanda secures operating license in Germany

The German Federal Financial Supervisory Authority (BaFin) has granted the Crypto Custody and Proprietary Trading license to crypto asset firm Bitpanda. The license is based on a new regime introduced by the German financial regulator in January 2020. Bitpanda can now actively offer its services in Germany while creating a safe and fully regulated environment for crypto investment.

CoinMarketCap launches proof-of-reserve tracker for crypto exchanges

Crypto tracking website CoinMarketCap has introduced a proof-of-reserve feature for centralized crypto exchanges to improve transparency for crypto participants. The data is currently available for seven centralized crypto exchanges, including Binance, KuCoin, and Bitfinex.

CMC will provide info on the type of tokens in which the reserves are held. It also shows the addresses, balance, and value of assets in the associated wallets.

Magic Eden eyes gaming, brand NFTs

NFT marketplace Magic Eden said it will add support for NFTs minted on Polygon. The company sees Polygon as a major up-and-coming platform for NFT-powered video games and brand NFTs. Polygon enables significantly faster and cheaper transactions than Ethereum, making it an ideal option for projects that require large amounts of digital assets.

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Investors Shorting BTC, ETH in Record Numbers – Top Crypto Updates

Antalya, Turkey - May 21, 2021: Close up shot of Bitcoin and alt coins cryptocurrency

Investors are shorting BTC, ETH in record numbers: Report

According to a report from CoinShares, a large number of institutional investors are betting on the price of Bitcoin, Ethereum, and other cryptos to go down. Institutional investor sentiment was deeply negative last week, as short product inflows represented 75% of the total inflows— the largest inflow on record. [Short products allow investors to bet on the price of an asset going down.]

Crypto prices today: Bitcoin down 2.5%, ETH falls 3.5%

Bitcoin is currently trading at $15,721.15, a decline of 2.5% over the previous day. Ethereum fell 3.5% over the last 24 hours to $1,090.11. Solana is down 2.9% to $11.46, while Cardano is trading lower by 1.35% at $0.302. Avalanche (AVAX) fell 3% to $11.61. The global crypto market cap stands at $780.37 billion, a 2.48% decline over the previous day.

Genesis Trading warns of possible bankruptcy: Report

According to a Bloomberg report, crypto firm Genesis Trading has warned that it may be facing bankruptcy. The company’s lending arm suspended services last week and failed to raise funds. Due to the collapse of FTX, the company was facing “abnormal withdrawal requests” and requested for a $1 billion bailout last week.

Lawmakers urge Fidelity to drop Bitcoin Retirement Plan

U.S. Senators sent a letter to investment giant Fidelity Investments, warning it against offering Bitcoin to customers following the collapse of FTX. Fidelity is America’s largest provider of 401(k) savings accounts. [A 401(k) plan is an employer-sponsored personal pension account.] In April, the firm launched a new product offering companies and their participating employees access to Bitcoin. 

Bitget registers in Seychelles, eyes global expansion

Singapore-based crypto derivatives exchange Bitget has registered in Seychelles as it looks to expand its services. The company plans to set up more regional hubs on its expansion roadmap. Last week, the exchange started operations in Brazil and will allow users to make crypto purchases in Brazilian reals.

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Binance Doesn’t See Viable Business in India – Top Crypto Updates

Binance doesn’t see viable business in India: CZ

“To be honest, I don’t think India is a very crypto-friendly environment,” said Binance CEO Changpeng “CZ” Zhao. He blamed the country’s high tax environment for making the market not so viable for global players. “If you are going to tax 1% on each transaction, there is not going to be that many transactions,” said CZ. Binance, the world’s largest crypto exchange by volume, is still operational for users in India.

Crypto prices today: Bitcoin up 1.24%, ETH rises 1.1%

Bitcoin is currently trading at $16,796.62, an increase of 1.24% over the previous day. Ethereum rose 1.18% over the last 24 hours to $1,218.61. Solana fell 4.06% to $13.7, while Cardano is trading higher by 0.5% at $0.329. Avalanche (AVAX) rose 0.12% to $13.18. The global crypto market cap stands at $836.89 billion, a 1.03% increase over the previous day.

‘Severe’ outflows from Gemini, OKX, and Crypto.com: JP Morgan

JPMorgan analysts reported that investors are pulling funds out of major crypto exchanges as a result of the collapse of FTX. All major exchanges experienced outflows last week but Gemini, OKX, and Crypto.com had the most “severe” draining of funds. Analysts also said that the stablecoin market is getting smaller—and this may continue to hurt the price of other major cryptos like Bitcoin. 

Bahamas regulators confirm they directed SBF to move assets

The Securities Commission of the Bahamas said it ordered the contents of FTX’s crypto wallets to be transferred to government-controlled wallets on the previous Saturday. The regulator made the order under existing authorities that allow for it to take action if it needs to protect clients or their funds. It’s also unclear whether and when exactly these transfers may have occurred.

Solana NFT protocol Metaplex announces layoffs

Solana NFT protocol maker Metaplex has undergone a company-wide round of layoffs, as FTX’s collapse continues to spread across the Web3 ecosystem. In the days following FTX’s collapse, SOL dropped a staggering 60% in value. Metaplex’s layoffs are yet another data point in the still-to-be-accounted-for ripple effects of the collapse. 

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SBF, Binance to Testify on FTX Collapse – Top Crypto Updates

House Committee calls on SBF, Binance to testify on FTX collapse

The U.S. House Financial Services Committee will hear from Sam Bankman-Fried (SBF) on the collapse of his crypto empire FTX next month. Binance, which offered to buy FTX before pulling out after seeing its financial statements, will also testify along with SBF’s trading firm Alameda Research and other related entities.

Crypto prices today: Bitcoin falls 1.8%, ETH down 3.8%

Bitcoin is currently trading at $16,555.61, a decline of 1.8% over the previous day. Ethereum fell 3.85% over the last 24 hours to $1,199.91. Solana fell 1.26% to $14.2, while Cardano is trading lower by 4.2% at $0.326. Avalanche (AVAX) fell 3% to $13.13. The global crypto market cap stands at $829.49 billion, a 2.17% decline over the previous day.

Crypto liquidity provider B2C2 offers to buy loans from Genesis

Prominent crypto market maker B2C2 has offered to purchase loans from the struggling crypto financial firm Genesis. On Wednesday, the lending arm of Genesis said it was pausing redemptions and new loan originations as it was severely impacted by FTX’s collapse. B2C2 will work with Genesis and its counterparties to replace/divert existing loans at Genesis Global Capital to B2C2. 

CoinSwitch says it holds sufficient reserves to match customer investments

Indian crypto change CoinSwitch confirmed that its overall holdings of crypto and INR balances are higher than those of customers’ holdings on the platform. Its assurance comes in the wake of the collapse and bankruptcy of FTX. Millions of customers lost money, triggering a chain reaction that has impacted other crypto companies and eroded trust in the digital asset.

Uniswap passes Coinbase as #2 Ethereum exchange

Uniswap, a decentralized exchange (DEX) nearly doubled the volume of Ethereum (ETH) transactions compared to Coinbase over the past few days. Binance remains in first place in ETH transactions, with over $1.7 billion in the past 24 hours. DEXs like Uniswap are quickly rising in popularity in the wake of the collapse of FTX, a centralized exchange (CEX).

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Nike Launches .Swoosh Web3 Platform – Top Crypto Updates

Nike launches .Swoosh Web3 platform

Apparel giant Nike has launched a new Web3 platform called .Swoosh that will offer Polygon-based NFT products. The platform will be the epicenter for Nike’s digital efforts around Web3. It will spotlight the brand’s NFTs and virtual apparel initiatives, including future ways for customers to become co-creators and share in digital product royalties.

Crypto prices today: Bitcoin up 0.5%, ETH rises 1%

Bitcoin is currently trading at $16,819.92, an increase of 0.5% over the previous day. Ethereum rose 1% over the last 24 hours to $1,265. Solana rose 0.9% to $14.5, while Cardano is trading higher by 1.87% at $0.336. Avalanche (AVAX) rose 1.05% to $13.26. The global crypto market cap stands at $846.05 billion, a 1.1% increase over the previous day.

Alameda Research was frontrunning FTX token listings: Report

Crypto compliance firm Argus reported that Sam Bankman-Fried’s Alameda Research used prior knowledge of tokens that were scheduled to be listed on FTX to buy them ahead of the public announcements and then sold them for a profit. Between the start of 2021 and March of this year, Alameda held $60 million worth of 18 different tokens that were eventually listed on FTX. 

Crypto hedge fund Ikigai loses access to ‘large majority’ of assets on FTX

Ikigai Fund founder Travis Kling announced on Twitter that most of its assets are stuck in the bankrupt FTX. He said that Ikigai plans to continue trading the assets that the firm has left outside of FTX and decide what to do with its venture fund.

After FTX filed for bankruptcy, several crypto companies and investment funds revealed that they had exposure to FTX. This includes $95 million from the Ontario Teachers Pension Fund and $30 million from the crypto investment group CoinShares.

Fed’s top financial regulator urges ‘guardrails’ for crypto

The top U.S. Banking regulator at the Federal Reserve has urged Congress to pass legislation that would impose regulation on cryptos. “Recent events in crypto have highlighted the risks to investors and consumers associated with new and novel asset classes and activities when not accompanied by strong guardrails,” said Michael Barr, the Fed’s vice chair for supervision.

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Binance Starts Recovery Fund for Crypto Projects – Top Crypto Updates

Binance starts recovery fund for crypto projects facing liquidity crisis

Binance CEO Changpeng Zhao said his crypto exchange is setting up an industry recovery fund to help rebuild the industry. The fund help projects who are otherwise strong, but are facing a liquidity crisis. Other crypto firms like Tron, Huobi Global, and Poloniex will also support Binance in its initiative. 

Crypto prices today: Bitcoin up 0.2%, ETH rises 0.5%

Bitcoin is currently trading at $17,752.9, an increase of 0.23% over the previous day. Ethereum rose 0.54% over the last 24 hours to $1,250.55. Solana rose 4.18% to $14.5, while Cardano is trading lower by 0.8% at $0.331. Avalanche (AVAX) rose 1.8% to $13.2. The global crypto market cap stands at $832.82 billion, a 0.71% decline over the previous day.

Bahamas Police investigating potential ‘criminal misconduct’ by FTX

A team of financial investigators from the Bahamas Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate potential criminal misconduct by FTX. The new investigation is a direct response to the events of Friday night when more than $650 million in funds left FTX in unauthorised transfers.

Binance CEO pushes for crypto self-custody

Binance CEO Changpeng Zhao called on members of the crypto community to take personal control of their digital assets using Trust Wallet. The push for self-custody comes as investors rethink how to keep their assets safe in the wake of crypto exchange FTX’s collapse and a subsequent hack that drained $600 million worth of coins from its wallets.

Acquired by Binance in 2018, Trust Wallet is a decentralized hot wallet facilitating the storage of cryptos and non-fungible tokens.

Crypto exchange AAX suspends withdrawals

Crypto exchange AAX has suspended activity, citing a scheduled upgrade that had been delayed by turbulent markets. The failure of a third-party partner means services will be delayed for as long as 10 days. Users’ balances have to be manually restored after a partner failed, causing the system to record abnormal data

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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.