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Tag: Bitcoin

  • Galaxy Digital Just Opened A Massive Long On Bitcoin And Ethereum

    Galaxy Digital Just Opened A Massive Long On Bitcoin And Ethereum

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    Galaxy Digital seems to be bullish on Bitcoin and Ethereum, as revealed by the latest data. The blockchain company recently invested heavily in Bitcoin and Ethereum positions amidst the ongoing increase in price. 

    While quoting data from DeFi portfolio tracker DeBank, Lookonchain showed that Galaxy Digital deposited 4,168 WBTC (worth $142 million) and 16,000 ETH (worth $28.6 million) into Aave and Compound. 

    Galaxy Digital Makes Huge Deposits Into DeFi Protocols

    Galaxy Digital has always been a Bitcoin supporter. Now, the company has made its move on the long-term future of Bitcoin and Ethereum.

    Specifically, the company deposited Wrapped Bitcoin and Ethereum worth a total of $170 million into decentralized protocols Aave and Compound as collateral to borrow $71.6 million in stablecoin USDT and $21.9 million in stablecoin USDC.

    The level of interest in DeFi protocols for the purpose of investing in cryptocurrencies is a shadow of what it was in 2021, during the peak of the DeFi boom. For instance, data from DeFi aggregator DeFiLlama puts the current total value locked (TVL) of the Aave protocol at $5.432 billion. 

    Bitcoin (BTC) is currently trading at $34.169. Chart: TradingView.com

    This represents a 72% fall from its highest point of $19.442 billion in October 2021. However, Galaxy Digital’s DeFi route to going long on Bitcoin and Ethereum signals what might be the return of belief in DeFi protocols.

    Why Galaxy Digital Is Going Long On Bitcoin And Ethereum

    Galaxy Digital has projected an upcoming Bitcoin bull run in one of its recent reports. According to the company, spot Bitcoin ETFs are a better way for conventional investors to enter into the crypto industry than current market products.

    These ETFs could attract billions into Bitcoin, reaching over $14.4 billion in inflows in the first year of their approval. With its recent investment move, Galaxy Digital is in a prime position to benefit from inflows into Bitcoin. 

    Mike Novogratz, the company’s CEO, also strongly believes that a Bitcoin bull run is around the corner. Even before spot Bitcoin EFT applications were made by BlackRock and other investment companies, Novogratz pointed toward the rising adoption from Asia as a potential catalyst for a Bitcoin bull run.

    At the time of writing, Bitcoin is trading at $34,194 and is looking to take a strong footing over $35,000. Ethereum has had a lesser price spike than Bitcoin in the past week and is currently trading at $1,786.

    On the other hand, both AAVE and COMP reacted to Galaxy Digital going long on Bitcoin and Ethereum on the DeFi protocols. These tokens are also up by 7.78% and 9.50%, respectively in a 7-day timeframe.

    Featured image from Shutterstock

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    Scott Matherson

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  • ARK Invest offloads GBTC shares

    ARK Invest offloads GBTC shares

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    ARK Invest, investor Cathie Wood’s firm, sold 66,342 units of Grayscale Bitcoin Trust (GBTC) for $1.66 million, at a closing price of $25.07 on Oct. 28, 2023.

    The price of Bitcoin (BTC) currently sits at $34,434.

    ARK Invest capitalizes on market recovery

    Recent reports indicate that Wood, who founded ARK Invest in 2014, has been reshaping her portfolio. Wood divested Grayscale Bitcoin Trust (GBTC) shares while acquiring shares in a cryptocurrency-related stock. 

    On Oct. 28, the fund sold 66,342 units of GBTC, amounting to $1.66 million based on the closing price of $25.07. 

    This sale aligns with the broader pattern of ARK Invest divesting GBTC shares, involving the sale of approximately $2.5 million in GBTC shares on Oct. 24.

    Ark Invest also sold GBTC shares in three sessions that week. On Oct. 24, around $2.5 million worth of GBTC shares were sold, equivalent to approximately 2% of ARK’s holdings in the trust. The following day, Oct. 25, ARK Invest sold about $1.8 million of GBTC shares for the second consecutive day. These GBTC sales might be connected to the firm’s filing for a Bitcoin-based ETF.

    Additionally, on Oct. 28, ARK Invest invested $12.4 million in a crypto-linked stock, the specific name of which was not disclosed. Besides this, ARK Invest has been actively purchasing shares in other companies. On Oct. 24, the fund acquired $2.4 million worth of shares in the popular trading platform Robinhood (HOOD).

    Crypto ETF’s breaking barriers 

    ARK Invest’s recent actions could be influenced by Bitcoin’s latest rally. The cryptocurrency’s value recently soared, reaching over $35,000 on Oct. 28.

    The spike in Bitcoin’s price is also linked to a recent court ruling in the Grayscale and SEC legal battle and the approval of a spot Bitcoin ETF, which appears imminent, according to experts. 

    The U.S. Court of Appeals for the DC Circuit ruling stated that the Securities and Exchange Commission (SEC) was mistaken in denying Grayscale, a major crypto investment firm, the opportunity to launch the first Bitcoin exchange-traded fund (ETF). This decision has broader implications, potentially affecting other companies like BlackRock and Fidelity, who are also interested in creating Bitcoin ETFs.

    The ruling, which faced multiple delays, stemmed from the SEC’s rejection of Grayscale’s application last summer. However, the denial was based on Grayscale’s inability to address concerns related to potential market manipulation and investor protections. Importantly, the SEC does not intend to challenge the recent court ruling, acknowledging its error in rejecting Grayscale Investments’ application for a spot Bitcoin ETF.

    This legal outcome has narrowed the discount on Grayscale Bitcoin Trust shares, underscoring the increased importance of the underlying asset’s price. Additionally, the ruling has opened the door for Bitcoin exchange-traded funds, indicating a positive shift in the regulatory landscape.

    ARK Invest, in addition to divesting shares in Grayscale Bitcoin Trust, has been acquiring shares in Robinhood. Notably, Wood has previously expressed confidence in Grayscale Investments, recognizing its significance within Barry Silbert’s Digital Currency Group.


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    Ogwu Osaemezu Emmanuel

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  • BTC above $35K, SBF testifies, Gemini, Elon Musk | Recap 

    BTC above $35K, SBF testifies, Gemini, Elon Musk | Recap 

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    This week saw Bitcoin (BTC) hit a new yearly high; Sam Bankman-Fried testifies; Gemini sues Genesis Global, Elon Musk has crypto plans and regulatory efforts resurface.

    Bankman-Fried testifies

    FTX founder Sam Bankman-Fried took the stand on day 13 of his trial to deliver testimony, leveraging a remarkable “I don’t recall” approach in his speech to the judges.

    Bankman-Fried claimed that FTX refrained from utilizing auto-deletion mechanisms for their decision-making channels and leaned heavily on Signal for security measures. Furthermore, he deflected accountability onto his legal counsel, underscoring his lack of knowledge regarding specific aspects.

    The 14th day of the trial also saw Bankman-Fried on the stand. He attributed Alameda’s management turmoil to his former partner, Caroline Ellison, and candidly admitted to utilizing customer funds for political contributions. 

    Key highlights from his testimony involved vehemently refuting any allegations of fraud, asserting that he sourced funds from various channels for Alameda, and expressing dissent toward his colleagues’ moniker for the company. 

    He claimed their extensive global travels as a pursuit of a more ‘adaptable’ regulatory landscape and emphasized how FTX’s assertive promotional endeavors were underpinned by loans from Alameda.

    Despite his proposing a $2 billion safety buffer, Alameda didn’t adhere to a hedge against its bets. Subsequently, in the autumn of 2022, he contemplated the closure of Alameda and told Adam Yedidia that FTX doesn’t possess an impervious shield against a collapse.

    Turkey and Taiwan step up

    Turkey reemerged in the crypto arena with a strategic agenda. They resolved to address cryptocurrency taxation and related regulatory measures as integral components of their 2024 Presidential Annual Program. In a departure from prior deliberations, tangible progress is now evident in the implementation of these regulations.

    Taiwan decided to take a serious stance on cryptocurrencies, exemplified by the introduction of the Virtual Asset Management Bill in their legislative body, the Legislative Yuan. 

    The bill is all about bringing some order to the local crypto industry, with a 30-page document that defines virtual assets, sets rules for asset operators, tightens consumer protection, and insists on industry cooperation and regulatory approvals as a prerequisite for operation.

    Regulatory uncertainty

    Meanwhile, the regulatory atmosphere in the US remained uncertain, with complaints from industry leaders piling up each day. This week, SEC commissioner Hester Peirce lent her voice against the agency’s crackdown on the crypto industry.

    Peirce expressed her dissatisfaction with the SEC’s approach to cryptocurrency enforcement, with a particular focus on their recent dispute with LBRY. She highlighted that LBRY had a functional blockchain with practical utility, and she attributed the SEC’s actions as a contributing factor to its demise. 

    Peirce raised questions regarding the overall benefit to investors and the market resulting from these actions. She characterized the SEC’s strategy in the crypto scene as “misguided” and posits that a more constructive path would involve developing clear regulatory frameworks instead of engaging in blame-oriented discourses.

    Kraken has reluctantly decided to start the sharing of user information with the IRS, effective from next month. This decision stemmed from a court mandate received in June, leaving the exchange with limited alternatives. 

    The IRS and Kraken had been embroiled in a protracted legal dispute since May 2021, with the tax authority’s primary aim being the identification of tax evaders. Despite Kraken’s persistent resistance, the Federal Court ultimately adjudicated in favor of sharing user data to facilitate tax compliance verification.

    Binance woes

    As Binance’s regulatory woes mounted, the company witnessed another departure this week. Binance’s Chief of Compliance for the UK, Jonathan Farnell, made a notable departure from the company. He had relinquished his senior position at Binance Europe in June and finalized his departure from Binance Markets Limited at the close of September. 

    Meanwhile, U.S. legislators Cynthia Lummis and French Hill believe a comprehensive examination of Binance is long overdue. They have written a letter to the Department of Justice, recommending a thorough investigation of Binance and Tether. 

    Apparently, apprehensions have surfaced regarding the potential use of cryptocurrencies for less-savory purposes. Senator Lummis is urging a closer scrutiny of this matter, with the letter co-signed by Rep. French Hill.

    This is in addition to existing legal issues Binance has with the U.S. SEC and the CFTC, and the recent staff departures. Amid these concerns, reports from this week suggested that Binance CEO Changpeng Zhao had seen his net worth drop by $11.9 billion to a current value of $17.3 billion.

    DCG, Genesis and Gemini take the spotlight 

    Notably, Digital Currency Group (DCG) and its bankrupt subsidiary Genesis Global took the spotlight this week along with Gemini, as the trio look to navigate their financial woes. DCG revealed a 23% surge in revenue to $188 million in its third-quarter revenue report. 

    Simultaneously, the company remains committed to resolving the financial obligations associated with its crypto-lending platform, Genesis. The financial boost is attributed to the crypto market’s recent resurgence, marking a rebound from the challenges of the previous year.

    However, DCG is still embroiled in legal troubles with Letitia James, the New York State Attorney General. Alongside Gemini and Genesis, DCG faces a lawsuit alleging involvement in a $1 billion investor-unfriendly scheme relating to Gemini’s Earn program.

    This week, Gemini and Genesis officially entered into a legal tussle over $1.6 billion worth of Grayscale Bitcoin Trust (GBTC) shares. Gemini filed a legal motion, aiming to nullify Genesis’ claim to these shares, stemming from their previous partnership in the Earn program.

    Gemini views these GBTC shares as a potential solution to assist stranded Earn Users who have been unable to access their funds since Genesis halted withdrawals. This conflict occurs within the context of Genesis’ ongoing bankruptcy, and Gemini suggests that Genesis may access funds intended for Earn customers. 

    Bitcoin hits new yearly high above $35K

    The chaos in the crypto scene did little to hamper Bitcoin’s growth. The asset continued to register more gains after its impressive performance last week. Amid the sustained bullish run, reports confirmed that Michael Saylor’s MicroStrategy was now seeing a $54.27 million profit in its bag as BTC traded at $29,925.

    Bitcoin continued the upsurge, eventually rallying to a high of $35,280 on Oct. 24, its highest value this year and since May 2022. The BTC rally reverberated across the crypto ecosystem, triggering an increase in crypto-related shares such as Coinbase’s COIN and Grayscale’s GBTC. As these shares increased, Ark Invest sold $5.8 million worth.

    In the wake of the renewed optimism, several industry leaders and crypto-focused firms began projecting higher price levels, especially in the context of a spot ETF approval. Grayscale predicted a 74% increase in Bitcoin’s value a year after the approval of a spot ETF.

    On Oct. 26, veteran market analyst Peter Brandt asserted that Bitcoin has already witnessed its bottom. The trader projected a sudden surge to new highs, in a journey characterized by rocky price movements. 

    Bitcoin eventually dropped from the $35,000 price threshold but has held up well above $34,000, sustaining the positive sentiments. However, not all pundits are bullish. Glauber Contessoto advised caution amid the price surge, warning it could be a bull trap.

    Overall, this week was generally bullish for Bitcoin, as the asset recorded five winning days out of seven. Bitcoin’s intraday losses only came up on Oct. 26 and 27, when the asset dropped by a mere 1.76% in both days. In all, BTC saw a 14.8% increase this week.

    Elon Musk’s big plans for crypto: analyst

    Elon Musk will likely incorporate Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and potentially other major cryptocurrencies into X’s services. The so-called “everything app” could also potentially utilize Lightning Network for instant transfers and have a built-in crypto wallet and exchange.

    If Musk executes these ambitions, it would be a huge catalyst for crypto adoption, according to analyst CryptosRUs. Combined with other potential developments like spot Bitcoin ETF approvals and new regulations in 2024, the analyst predicts it will be a breakout year for the crypto market.

    Also, in an all-hands call on Oct. 26, Musk reportedly shared his vision for X becoming a central hub for financial matters. With previous reports of quiet Dogecoin development and the CEO’s history of sparking price rallies, new 2024 features of X remain of interest to the cryptocurrency industry.


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    Wahid Pessarlay

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  • What if a Spot Bitcoin ETF Was Approved? Galaxy Digital Foresees Inflows in the First Year

    What if a Spot Bitcoin ETF Was Approved? Galaxy Digital Foresees Inflows in the First Year

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    Galaxy Digital, the crypto venture led by U.S. billionaire Mike Novogratz, has projected a substantial capital influx into spot Bitcoin exchange-traded funds (ETFs). According to the estimations, these ETFs could witness an impressive $14.4 billion in inflows during their inaugural year, potentially reshaping the investment landscape.

    The venture contends that the allure of spot Bitcoin ETFs surpasses existing investment avenues, such as trusts and futures, which currently hold assets valued at over $21 billion. It noted that ETF inflows could ramp up by $27 billion by the second year and $39 billion by the third year.

    Bitcoin ETFs Could Reshape Wealth Management

    The potential ramifications of this projection are profound. Not only does this forecast hint at a surge in investor interest, but it also signals a paradigm shift in the approach towards cryptocurrency investment.

    As of October 2023, Galaxy Digital posits that the wealth management sector in the United States could witness a monumental transformation, with assets managed by broker-dealers, banks, and Registered Investment Advisers (RIAs) collectively amounting to a staggering $48.3 trillion.

    Galaxy says that spot Bitcoin ETFs stand as a pivotal development, promising a secure and regulated means for investors to gain exposure to the cryptocurrency. These products would be facilitated through established partners, primarily traditional funds and banks with a demonstrated track record in customer protection and sound investment offerings.

    Meanwhile, recent market dynamics have demonstrated the demand for Bitcoin-based financial products. A mere rumor in the previous week led to an unprecedented 10% surge in Bitcoin prices within hours. Furthermore, the mere mention of BlackRock’s proposed Bitcoin ETF catalyzed a 12% upswing on Monday, compellingly showing the market’s responsiveness to ETF developments.

    Is Bitcoin Poised for a 74% Surge?

    Galaxy Digital’s projection of a $14.4 billion influx in the first year could contribute significantly to a remarkable 74% surge in Bitcoin prices. This anticipated increase is predicated on the assumption that the liquidity and price impact of billions of dollars in investments will transform the cryptocurrency’s value.

    The perceived limitations of existing investment products further underscore the urgency for these spot Bitcoin ETFs. High fees, low liquidity, and tracking errors are endemic issues that have hindered accessibility for a broad spectrum of investors.

    In addition to mitigating these existing challenges, spot ETFs promise greater operational efficiency, according to Galaxy. That includes advantages in fee structures, liquidity, and price tracking. While specific fee details have yet to be disclosed by Bitcoin ETF applicants, historical data indicates that such products generally offer lower fees than hedge or closed-end funds.

    The U.S. Securities and Exchange Commission (SEC) is evaluating applications from various industry players. Grayscale, BlackRock, Bitwise, VanEck, and several other prominent firms have submitted proposals for spot Bitcoin ETFs, totaling twelve. This dynamic signals the growing consensus on the potential of Bitcoin ETFs and the competitiveness amongst industry leaders seeking to pioneer this transformative financial instrument.

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    Wayne Jones

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  • Former Ripple (XRP) CTO, 7000 BTC in a Hardware Wallet and Their Potential Recovery: The Story

    Former Ripple (XRP) CTO, 7000 BTC in a Hardware Wallet and Their Potential Recovery: The Story

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    In September, a Seattle startup lab of white hat hackers sent proof to a senior writer at WIRED Magazine that they could crack the IronKey S200 thumb drive containing 7002 Bitcoins.

    But former Ripple CTO Stefan Thomas incredibly refused an offer by the Seattle startup, named Unciphered, to access the USB drive for him.

    Fmr. Ripple CTO Getting Closer to His 7002 Bitcoins

    Thomas told WIRED that he had already hired another team to work on the problem for him.

    The former Ripple Labs chief wants to give them a fair shake at retrieving the 7002 Bitcoins before hiring another company. He mentioned they might subcontract the Seattle firm if they can’t get a workable solution together.

    The cybersecurity firm that cracked IronKey S200 is not revealing its method. They did, however, produce three randomly generated passphrase terms for the memory stick without it being revealed to them.

    They say it only took 200 trillion tries using a high-performance computer to get three correct passphrase terms. It could be a chilling preview of how quantum computers could disrupt cryptocurrencies like Bitcoin and Ripple.

    The Perils of DIY Banking with Bitcoin

    It’s not only due to his experience working with Ripple Labs but also his personal experience with locking up 7002 Bitcoin on a thumb drive since 2011 that qualifies Thomas to offer a critical review of the “be your own bank” narrative that goes along with Bitcoin:

    “This whole idea of being your own bank – let me put it this way: Do you make your own shoes? The reason we have banks is that we don’t want to deal with all those things that banks do.”

    Ripple is a blockchain-based digital payments platform and currency exchange service used by financial institutions worldwide. Bitcoin is the originator of hash-based blockchains to quickly settle payments and operates on an open, peer-to-peer network.

    Ripple was trading at $0.55 at the time of writing. Bitcoin traded at $34,000.

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    Wesley Messamore

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  • Bitcoin Spot ETF Approval: The ‘Most Important’ Short-Term Catalyst For BTC Price? | Bitcoinist.com

    Bitcoin Spot ETF Approval: The ‘Most Important’ Short-Term Catalyst For BTC Price? | Bitcoinist.com

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    The Bitcoin price has been on a mesmeric run in the past few weeks, largely due to talks of the potential approval of a Bitcoin spot ETF (exchange-traded fund) in the United States. And there has been broad commentary about what is to come for the premier cryptocurrency should the Securities and Exchange Commission (SEC) greenlight the current applications for a spot ETF.

    Cantor Fitzgerald, a prominent investment and brokerage firm, is amongst the latest entities to weigh in on the possibility and the potential impact of a Bitcoin spot ETF in the United States.

    Here’s Why Cantor Fitzgerald Thinks Bitcoin Spot ETF Will Be Approved 

    According to a Bloomberg report, Josh Siegler and Will Carlson, research analysts at Cantor Fitzgerald, are becoming “increasingly confident” that the highly-anticipated Bitcoin spot ETF would receive the approval of the SEC in the US. 

    The Cantor Fitzgerald analysts believe that the SEC, which has been reluctant to approve the Bitcoin investment product due to various market concerns, is now more likely to greenlight the modified and newly filed applications.

    The report highlighted that “a comprehensive surveillance-sharing agreement with a regulated market of significant size” might force the hands of the SEC. Interestingly, all the pending spot ETF filings appear to now include a surveillance-sharing agreement in order to detect and address market irregularities.

    Furthermore, Cantor’s analysts mentioned the recent ruling in favor of Grayscale, which overturned the SEC’s rejection of the asset manager’s proposal to convert its Bitcoin trust into an ETF. Siegler and Carlson added:

    Ultimately, the court found that the SEC failed to explain why it approved Bitcoin futures ETFs, but rejected Grayscale’s spot offering, despite substantial evidence that the two products are similar, across several regulatory factors.

    Finally, Siegler and Carlson believe “a Bitcoin spot ETF approval is the most important short-term catalyst for Bitcoin’s price.” To support this assertion, the analysts cited the latest price rally by the premier cryptocurrency, which all began with an erroneous headline that BlackRock’s ETF had been approved.

    The Cantor Fitzgerald analysts added:

    The approval of a spot Bitcoin ETF in the US will be “a bedrock moment” for Bitcoin’s long-term adoption and legitimization.

    Bitcoin Price Overview

    As of this writing, Bitcoin trades at $34,104, with a negligible 0.2% increase in the past 24 hours. The market leader has been moving mostly sideways since failing to close above $35,000 – its highest level in almost 18 months – earlier this week.

    Nevertheless, BTC has maintained a huge portion of its profit on the weekly timeframe, with a substantial 13.2% gain in the past seven days. Meanwhile, the premier cryptocurrency has jumped nearly 27% in the past two weeks, according to CoinGecko data.

    Bitcoin price thickens on the daily timeframe | Source: BTCUSDT chart on TradingView

    Featured image from iStock, chart from TradingView

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    Opeyemi Sule

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  • Bitcoin : Crypto Spot Trading Volumes Climb To 8-Month Highs

    Bitcoin : Crypto Spot Trading Volumes Climb To 8-Month Highs

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    Bitcoin’s surge past $35,000 on the 24th and 25th of October took the crypto world by surprise, as it indicated what might be the beginning of a new bullish sentiment. Trading volumes for the world’s largest cryptocurrency hit their highest levels since March, showing that interest in Bitcoin is booming once more.

    The entire crypto market saw an inflow of funds during the week, leading to a surge in market cap. Data from CoinGecko shows that the entire market cap increased from $1.184 trillion on Sunday, October 22, to $1.312 trillion on Wednesday, October 25. Most of this inflow went into Bitcoin, which saw its share of the cryptocurrency market increase from 49.58% to 51.47 % during this same time period. 

    Chart From CoinGecko

    Daily Crypto Exchange Volumes Reach 8-Month High

    The recent boom in Bitcoin and cryptocurrency prices pushed Bitcoin daily trading volumes on crypto exchanges to their highest level since March. According to The Block’s data dashboard, the seven-day moving average for spot exchange volumes across multiple exchanges hit $24.12 billion on Thursday and $23.98 billion on Friday, respectively. In comparison, Bitcoin trading volume on exchanges was at $11.02 billion on the first day of the month. 

    Chart from The Block

    A similar metric from IntoTheBlock shows Bitcoin transactions reaching 1.4 million BTC as bulls looked to push Bitcoin to $35,000.

    Chart from IntoTheBlock

    Trading volumes are an important metric because higher volumes suggest greater interest and activity in a market. It means more people are actively buying and selling, leading to more liquidity and volatility.

    Whale activity also increased during this time period, as indicated by on-chain trackers. Whale transaction tracker Whale Alerts has shown various BTC transactions amounting to millions of dollars to and from crypto exchanges. 

    BTCUSD trading at $34,187 on the weekend chart: TradingView.com

    What’s Next? More Bitcoin Movement?

    Bitcoin has since formed a resistance level around $35,000 and is now trading in a range. At the time of writing, Bitcoin is trading at $34,150, still up by 14.47% in a 7-day timeframe. While price action seems to be moving sideways at the moment, there are still hopes of continued momentum from the bulls to push BTC past $35,000 in the new week. 

    Matt Hougan, CEO of crypto index fund manager Bitwise, has hinted at a further inflow of money into Bitcoin. Hougan makes this prediction on spot Bitcoin ETFs to project an inflow of around $50 billion within the first five years of its launch. Others like crypto financial services platform Matrixport have made more optimistic claims. 

    Data from analytics platform mempool.space has shown a sustained increase in activity on the BTC network. If bulls continue to maintain a strong push, we could see Bitcoin reach as high as $45,000 in the early days of November.

    Featured image from Shutterstock

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    Scott Matherson

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  • SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

    SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

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    Top Stories This Week

    Sam Bankman-Fried takes the stand on FTX’s collapse

    Sam “SBF” Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while acknowledging making “big mistakes” during the companies’ explosive growth. Highlights of his testimony include denying directing his inner circle to make significant political donations in 2021, as well as claims that FTX’s terms of use covered transactions between Alameda and the crypto exchange. Additionally, Bankman-Fried testified that he requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude within the next few days.

    ‘Buy Bitcoin’ search queries on Google surge 826% in the UK

    Google searches for “buy Bitcoin” have surged worldwide amid a major crypto rally, with searches in the United Kingdom growing by more than 800% in the last week. According to research from Cryptogambling.tv, the search term “buy Bitcoin” spiked a staggering 826% in the U.K. over the course of seven days. In the United States, data from Google Trends shows that searches for “should I buy Bitcoin now?” increased by more than 250%, while more niche searches, including “can I buy Bitcoin on Fidelity?” increased by over 3,100% in the last week. Zooming out further, the search term “is it a good time to buy Bitcoin?” saw a 110% gain worldwide over the last week.

    US court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF

    The United States Court of Appeals has issued a mandate following a decision requiring Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF) to be reviewed by the Securities and Exchange Commission (SEC). In an Oct. 23 filing, the “formal mandate” of the court took effect, paving the way for the SEC to review its decision on Grayscale’s spot Bitcoin ETF. The mandate followed the court’s initial ruling on Aug. 29 and the SEC’s failure to present an appeal by Oct. 13. To date, the SEC has yet to approve a single spot crypto ETF for listing on U.S. exchanges but has given the green light to investment vehicles linked to Bitcoin and Ether futures.



    Coinbase disputes SEC’s crypto authority in final bid to toss regulator’s suit

    The U.S. Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator. In an Oct. 24 filing in a New York District Court, Coinbase chastised the SEC, claiming its definition for what qualifies as a security was too wide, and contested that the cryptocurrencies the exchange lists are not under the regulator’s purview. The SEC sued Coinbase on June 6, claiming the exchange violated U.S. securities laws by listing several tokens it considers securities and not registering with the regulator.

    Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6B

    Cryptocurrency exchange Gemini filed a lawsuit against bankrupt crypto lender Genesis on Oct. 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust. They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program. That collateral is currently worth close to $1.6 billion. According to the suit, Gemini has received $284.3 million from foreclosing on the collateral for the benefit of Earn users, but Genesis has disputed the action, preventing Gemini from distributing the proceeds. Genesis filed for bankruptcy in January. It had suspended withdrawals in November 2022, which impacted the Gemini Earn program.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $34,143, Ether (ETH) at $1,789 and XRP at $0.54. The total market cap is at $1.26 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Pepe (PEPE) at 72.08%, Mina (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%. 

    The top three altcoin losers of the week are Bitcoin SV (BSV) at -10.27%, Toncoin (TON) -3.14% and Trust Wallet Token (TWT) at -0.82%.

    For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

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    Most Memorable Quotations

    “The witness [Sam Bankman-Fried] has an interesting way of responding to questions.”

    Lewis Kaplan, senior judge of the U.S. District Court for the Southern District of New York

    “When it comes to illicit finance, crypto is not the enemy – bad actors are.”

    Cynthia Lummis, U.S. senator

    “I should say, I am not a lawyer, I am just trying to answer based on my recollection. […] At the time [at] FTX, certain customers thought accounts would be sent to Alameda.”

    Sam Bankman-Fried, former CEO of FTX

    “Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.”

    Gary Gensler, chair of U.S. Securities and Exchange Commission

    “I do not believe there has been a single serious conversation regarding a settlement between Ripple […] and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh.”

    John Deaton, attorney

    “He [Sam Bankman-Fried] thought he was going to take that money, and […] he would out-trade the market and put the money back and end up as a half-a-trillionaire, but it never works like that.”

    Anthony Scaramucci, founder of SkyBridge Capital

    Prediction of the Week 

    Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in

    Bitcoin surfed $34,000 at the end of the week as attention turned to BTC price performance against macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.

    The largest cryptocurrency avoided significant volatility as the weekly and monthly closes — a key moment for the October uptrend — drew ever nearer.

    “I think Bitcoin will hang around this range for some time,” popular pseudonymous trader Daan Crypto Trades told X subscribers in one of several posts on Oct. 27. “Roughly $33-35K is what I’m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade,” he wrote.

    FUD of the Week 

    UK passes bill to enable authorities to seize Bitcoin used for crime

    Lawmakers in the United Kingdom have passed legislation allowing authorities to seize and freeze cryptocurrencies like Bitcoin if used for illicit purposes. Introduced in September 2022, the passed legislation aims to expand authorities’ ability to crack down on the use of cryptocurrency in crimes like cybercrime, scams and drug trafficking. One of the provisions of the bill permits the recovery of crypto assets used in crimes without conviction, as some individuals may avoid conviction by remaining remote.

    Scammers create Blockworks clone site to drain crypto wallets

    Phishing scammers have cloned the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into connecting their wallets to a crypto drainer. A fake Blockworks site displayed a fake “BREAKING” news report of a supposed multimillion-dollar “approvals exploit” on the decentralized exchange Uniswap and encouraged users to visit a fake Etherscan website to rescind approvals. The fake Uniswap news article was posted on Reddit across several popular subreddits.

    Kraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL in Canada

    Kraken will suspend all transactions related to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar in Canada in November and December. The suspensions may not surprise many Canadian cryptocurrency users, as they come on the heels of several other notable exchanges taking similar actions throughout 2023. OKX ceased operations in Canada in June after Binance announced its intention to do so in May.

    5,050 Bitcoin for $5 in 2009: Helsinki’s claim to crypto fame

    Helsinki has a long and fascinating history with cryptocurrency, including the first exchange of Bitcoin for United States dollars.

    Australia’s $145M exchange scandal, Bitget claims 4th, China lifts NFT ban: Asia Express

    Australian police bust $145 million money laundering scam, Bitget gains market share in Q3, China unblocks NFTs, and more.

    How blockchain games fared in Q3, Upland token on ETH: Web 3 Gamer

    $2.3B tipped into Web3 games so far this year, ex-GTA devs’ studio teams up with Immutable, Brawlers to launch on Epic Games Store, and more.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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  • Early Bitcoin Adopter Says XRP Price Is Closer To $10 Than You Think – Here’s Why

    Early Bitcoin Adopter Says XRP Price Is Closer To $10 Than You Think – Here’s Why

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    A Bitcoin adopter has outlined the various achievements of XRP, foreseeing a significant price increase for the cryptocurrency that could move it closer to the $10 milestone. 

    Bitcoin OG Says XRP $10 In Sight

    In an X (formerly Twitter) post, Bitcoin OG, Lucky predicted that the value of XRP could significantly appreciate, pushing closer to the $10 mark. He stated that he had been observing the operations and state of affairs of the XRP ecosystem since July. He also expressed admiration for the XRP team, highlighting the strength and commitment the team has displayed during its lengthy legal battle with the United States Securities and Exchange Commission (SEC).

    Lucky commended the XRP team for its effort in staying strictly committed to the growth and health of its community. He mentioned many of the achievements made by XRP in recent months including multiple partnerships and the integration of XRP payments with renowned crypto exchanges like Bitstamp and Bitso. 

    He stated several ongoing expansion projects in the XRP ecosystem, including XRP utilities incorporated into the XRP ledger as well as the increased user base for the XRP Xumm wallet. 

    “With more developments and projects like the Xumm wallet steadily pouring into the XRP Ledger and gaining upwards of 600,000 users in 3 months, $XRP will grow massively,” Lucky said. 

    Total crypto market cap currently at $1.2 trillion. Chart: TradingView.com

    Calling attention to all the recent developments in the XRP network, Lucky stated that XRP is on a path to explosive growth and he believes that the price of the cryptocurrency is already inching up to a $1 or $10 milestone. 

    “If I’m being honest, I’d say that the $XRP price isn’t as far from $1 or $10 as we think, looking at the current ecosystem developments,” Lucky stated. 

    Whales Move Over 55 Million XRP To Crypto Exchanges 

    Whale Alert, a prominent blockchain tracker and analytics system known for reporting large crypto transactions, has released new data showing deep-pocketed crypto investors moving millions of XRP tokens from unknown wallets into two major crypto exchanges.

    Whale Alert disclosed two major XRP transactions on Friday to Bitstamp and Bitso. One transaction showed an XRP whale transferring 27,000,000 XRP tokens worth $14,879,092 to Bitstamp. Another transaction revealed 28,500,000 worth $15,704,941 moved to Bitso. 

    These large-scale transactions have caused mixed reactions within the XRP community as the price of XRP has shown tendencies to react according to the actions of prominent cryptocurrency whales.

    Although the identity of the whales remains a mystery, the crypto community is closely monitoring the possible motivations behind these significant transactions and how they could impact the broader XRP market. 

    Featured image from iStock

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    Scott Matherson

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  • Bitcoin Predictions To Keep An Eye On As Price Reclaims $34,000

    Bitcoin Predictions To Keep An Eye On As Price Reclaims $34,000

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    Bitcoin has once again reclaimed $34,000 even as the euphoria around the possibility of a Spot Bitcoin ETF being approved soon. Following this, there is the need to look at the predictions of certain analysts who have weighed on the future trajectory of the flagship cryptocurrency from its current price action. 

    Where Is Bitcoin Headed From $34,000?

    In a post shared on his X (formerly Twitter) platform, the CEO and Founder of trading platform MN Trading, Michaël van de Poppe, stated that the crypto was fighting $34,700 as resistance and that if it were to break out from that level, the crypto token could rise to as high as $37,000 to $38,000.  

    He also seemed to suggest that $32,600 and $33,100 were key support levels to keep an eye on as he labeled them “areas of longing.” Another crypto analyst, CryptoTony, projects that Bitcoin could still spike up to $36,000 before “rejecting and letting the range begin.” 

    Bitcoin Halving has become an important metric in making price predictions as the event draws near. In line with this, crypto analyst CryptoCon mentioned that the 2-Year-Old Cumulative Bands MVRV (Market Value to Realized Value) indicates that the pre-halving woes have occurred. 

    BTCUSD is currently trading at $34.142. Chart: TradingView.com

    Bearing this in mind, CryptoCon seemed bullish on the crypto token as he stated that “Bitcoin has something special in store for us next.” The analyst had recently predicted that Bitcoin could hit $45,000 as early as November based on their analysis of historical data and past cycles. 

    Another crypto analyst, Crypto Rover, also mentioned using technical analysis that a bull flag was breaking out on the charts. This suggests that the rally already experienced might be nothing compared to what is on the way. 

    Bitcoin In A League Of Its Own

    Several crypto analysts have, over time, noted the correlation between BTC and the stock market. Bitcoin is said to experience a decline whenever stocks are down and an upward trend whenever these stocks are on the rise. However, recent data suggests that this trend might be over (for now, at least).

    In a post on the X platform, Bitcoin Magazine noted that Bitcoin has so far decoupled from the Nasdaq, S&P 500, and Dow Jones this month. Bitcoin is up by over 28% in October, while the Nasdaq and S&P500 have had a relatively quiet month with just over 3% gains this month. 

    Bitcoin is also hitting new highs (this year) in its dominance over the broader crypto market. Data from TradingView shows that the coin’s dominance currently stands at close to 54%. The flagship cryptocurrency has enjoyed an upward trend since the year began and hasn’t seen any significant competition from Ethereum despite talks about ‘The Flippening.’

    Featured image from iStock

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    Scott Matherson

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  • Bitcoin Price Dual Outlook: Experts Eye $87,000 In 2025

    Bitcoin Price Dual Outlook: Experts Eye $87,000 In 2025

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    The current stability of Bitcoin price around the pivotal $34,000 mark suggests the potential for a continued bullish trend, but analysts remain uncertain whether indicators strongly support an upward trajectory or if a regression to $27,000 is imminent.

    Presently valued at $34,150, Bitcoin has shown lateral movement in the past day. With a notable 15% gain in the prior week, Bitcoin retains its position as a leading cryptocurrency based on market capitalization, showcasing its resilience amidst market fluctuations.

    The current climb of Bitcoin, which has reached the significant milestone of $35,000, has elicited a positive and surprising reaction among the market as a whole. Despite its initial surge, the cryptocurrency underwent a modest correction and subsequently retreated to a value of $34,000.

    Bitcoin Price: No Way But Up

    The latest report from finder.com illuminates the insights and predictions provided by industry experts regarding the future trajectory of Bitcoin’s price. This comprehensive forecast delves into the potential developments and shifts anticipated in the value of this cryptocurrency, offering a detailed analysis based on expert opinions and market trends.

    The report serves as a valuable resource, providing a glimpse into the prospective pathways and factors that might influence Bitcoin’s value in the coming period, offering a nuanced understanding of the digital currency’s potential directions.

    According to the consensus of 31 experts in cryptocurrency and fintech assembled by Finder, the average prediction anticipates Bitcoin (BTC) to conclude this year at approximately $30,000 and then surge to $87,000 by the culmination of 2025.

    BTCUSD trading at $34,097 on the weekend chart: TradingView.com

    Futurist Joseph Raczynski presents a slightly lower estimate, suggesting Bitcoin price will finish 2023 at a value of $29,000 but forecasts an increase to $80,000 by the conclusion of 2025. Raczynski emphasizes the pivotal role of the US Securities and Exchange Commission Bitcoin ETF approval, indicating that the potential approval of a spot ETF could potentially lead to a doubling of Bitcoin’s value.

    Mitesh Shah, the CEO of Omnia Markets, said that it is anticipated Bitcoin will reach a closing value of $35,000 before the end of the current year. Furthermore, Shah projects that the value of the top cryptocurrency will experience a significant increase, reaching $105,000 by the year 2025.

    “The approval of any BTC ETF would open the floodgates for institutional investment, and the announcement of such approval would likely result in an immediate spike in Bitcoin price,” he said.

    On Halvings, ETFs And Investor Confidence

    Shah is representative of the subset comprising 20% of the questioned population who have the expectation that approval for ETFs will be granted within the present calendar year. He made an observation regarding the increasing agreement among experts that the SEC will ultimately grant approval for a Bitcoin ETF, with Blackrock’s proposal being considered the most probable contender.

    According to Manraj Chandok, a trader at Wirex, it is his belief that there will be limited fluctuations in the price of Bitcoin until the occurrence of the halving event. The halving event refers to the reduction of the block subsidy reward, which denotes the quantity of Bitcoin granted to miners, by fifty percent. The anticipated timeframe for this event is April 2024.

    Image: Shutterstock

    For his part, Damian Chmiel, a senior analyst and editor at Finance Magnates, said it is anticipated that Bitcoin will experience a stabilization phase at a value of $30,000 within the current year. Furthermore, Chmiel predicts that the value of BTC can potentially reach $50,000 by the year 2025.

    “Next year’s halving could be a game-changing event for Bitcoin. I still believe that the crypto will eventually reach new all-time highs and achieve a six-figure valuation,” he said.

    The recent surge of Bitcoin’s value to $35,000 has engendered a sense of assurance among investors, leading them to exhibit a greater inclination towards venturing into more speculative prospects within the cryptocurrency market.

    Meanwhile, Santiment has reported a notable rise in forthcoming and active positions for Bitcoin, accompanied by a significant gain of $922 million in open interest over the course of the previous week. This development signifies an increasing level of trust in the potential of Bitcoin.

    Featured image from Shutterstock

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    Christian Encila

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  • Roundhill files for Bitcoin Covered Call ETF

    Roundhill files for Bitcoin Covered Call ETF

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    Roundhill Financial has submitted a proposal to create a Bitcoin Covered Call ETF in the wake of the anticipated approval of Bitcoin spot ETFs by the SEC.

    New York-based investment advisor Roundhill Financial has reportedly moved in anticipation of the Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs). It forwarded a proposal to create a Bitcoin Covered Call ETF.

    According to Eric Balchunas, a senior ETF analyst with Bloomberg, Roundhill’s ETF proposal will be a fusion of a Bitcoin (BTC) futures ETF with additional call and put options to generate income.

    The move marks Roundhill’s continued interest in crypto-related offerings, evident from their previous filings for an Ethereum (ETH) futures ETF alongside VanEck and Volatility Shares.

    It also comes amid increased buzz in the crypto space as players wait for the SEC’s Bitcoin spot ETF approval, with many jumping the gun on its announcement several times.

    SEC Chair Gary Gensler recently confirmed that the agency examines between eight to ten applications for a spot Bitcoin ETF, emphasizing the rigorous review process each application undergoes.

    His words have sparked heightened expectations among stakeholders, causing Bitcoin prices to rise to $35,000 in the last few days.

    BlackRock files for Russell 2000 small cap buy-write ETF

    Elsewhere, BlackRock has reportedly filed for a Russell 2000 small capitalization buy-write ETF. 

    This ETF aims to replicate the Russell 2000 Index’s performance, offering investors a diversified exposure to stocks with smaller market capitalizations, starkly contrasting to the large-cap-focused S&P 500 index.

    The investment management firm, with over $9 trillion in assets, has also proposed an iShares spot Bitcoin ETF, which has already been listed on the Depository Trust & Clearing Corporation (DTCC). Analysts suggest the listing is a sign of potential approval of the product by the SEC.

    BlackRock was also recently on the wrong end of a $2.5 million fine imposed by the SEC following allegations of publishing misleading investment information.

    The charge was related to BlackRock’s investment in Aviron Group, a film distribution company, which the investment firm allegedly inaccurately described as a “diversified financial services” company.


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    Julius Mutunkei

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  • Bitcoin hits $35k: deep dive into prospects

    Bitcoin hits $35k: deep dive into prospects

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    Bitcoin (BTC) recently reached $35,000, sparking optimism in the crypto market. IntoTheBlock has analyzed key factors shaping its future, from institutional interest to cyclical patterns. 

    Institutional support for Bitcoin

    Crypto market data analysis platform IntoTheBlock takes a dive into Bitcoin’s on-chain metrics this week, shedding light on its immediate and long-term prospects. Bitcoin’s resilience is evident, buoyed by both tactical strategies and institutional backing.

    According to the report, Bitcoin’s fees have surged by 44.8%, mirroring increased transaction activity during the recent price rally. Meanwhile, Ethereum’s (ETH) fees have nearly doubled in just seven days, propelled by Uniswap’s transaction volumes, which reached their highest levels since June.

    Exchange netflows, measuring the net balance of crypto assets flowing in and out of centralized exchanges, tell an important story. Bitcoin, during this week, recorded $190 million in outflows, signifying a trend of assets leaving exchanges. In contrast, Ethereum saw $100 million in inflows, pointing to growing interest.

    Bitcoin after $35k

    Bitcoin has finally touched $35,000, a milestone unseen since May 2022. Bitcoin has already experienced growth of over 100% this year, which serves as an indication of the market’s robustness.

    According to the report, numerous factors contribute to the assessment that the crypto market may enter a phase.

    In terms of transaction volume, there has been an increase in Bitcoin blockchain transactions exceeding $100,000. This surge points towards involvement from investors.

    Notably, the advent of Bitcoin spot ETF applications has further fueled the appetite of whales and institutions for Bitcoin. A similar surge in high-value transactions occurred in late June following BlackRock’s ETF filing. Today, these transactions have exceeded those levels, aligning with Bitcoin’s new yearly highs. This upswing in institutional activity might foretell what lies ahead in 2024.

    Bitcoin price levels

    Based on on-chain data tracking buying activity, significant price levels that Bitcoin might target can be identified.

    The recent $35,000 mark represents the next resistance point, with 664,000 holders acquiring 340,000 BTC.

    If this level is surpassed, the next concentrated trading activity is expected to be around $38,000-$39,000, where 333,000 BTC were acquired.

    In case of a correction, buying activity seems to concentrate just above $30,000, with 553,000 BTC changing hands.

    Biden’s influence on Bitcoin

    In parallel news, there are reports that President Joe Biden is summoning tech executives to the White House to unveil new regulations.

    Some believe these regulations, if enacted, could have implications for the crypto industry. Such developments carry significance for Bitcoin and crypto enthusiasts, who must monitor these proceedings closely.

    Arthur Hayes’ insights

    Arthur Hayes, the former CEO of BitMEX, offers a unique perspective. He believes that Bitcoin is signaling future growth.

    According to him, as the United States becomes more involved in global conflicts, the risk of worldwide escalation increases.

    Simultaneously, the US Federal Reserve faces ongoing inflation but has paused interest rate hikes. This dynamic creates an environment that might favor assets like Bitcoin and gold, especially during global inflation driven by war.

    Bitcoin price analysis

    Currently, Bitcoin is priced at $33,986 and has risen by 14% over the past seven days, per data from CoinGecko.

    With a circulating supply of 20 million BTC and a market cap valued at $665,905,427,610, Bitcoin remains quite promising.

    The RSI value for Bitcoin stands at 83.7, indicating support around the $30,000 level. If this positive momentum continues, Bitcoin might potentially target resistance at $40,000.


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    Ogwu Osaemezu Emmanuel

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  • Bitcoin Price To $39,000? Here’s The Key Level To Watch | Bitcoinist.com

    Bitcoin Price To $39,000? Here’s The Key Level To Watch | Bitcoinist.com

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    Over the past week, Bitcoin price reached new multi-month highs largely due to the euphoria of the potential approval of a spot exchange-traded fund (ETF). While the recent momentum appears to have waned in the past few days, there are signs that the premier cryptocurrency may not be done just yet.

    Crypto analytics platform IntoTheBlock has offered an insight into the present action and future trajectory of Bitcoin, highlighting major levels investors might want to keep an eye on.

    This Could Happen If Bitcoin Price Closes Above $35,000

    In a post on the X (formerly Twitter) platform, IntoTheBlock shared the next Bitcoin price levels to watch out for. The on-chain data tracker stated that investors can identify where the price of BTC may be heading based on the recent buying activity recorded on-chain.

    According to IntoTheBlock’s analysis, the recent multi-month high of $35,000 is the next major resistance level for Bitcoin. On Wednesday, October 25, Bitcoin touched – albeit failed to close above – the $35,000 mark for the first time since mid-2022

    Furthermore, the on-chain analytics platform highlighted that more than 664,000 addresses bought about 340,000 BTC at the $35,000 level. If Bitcoin’s price manages to breach and stay above this mark, investors could see the market leader travel to around $39,000, where the next major resistance lies.

    On the flip side, if the current momentum continues to cool off and there is further downward movement, the BTC price could go as low as the $30,000 mark. According to IntoTheBlock, there seems to be concentrated buying activity just above the psychological price level, with nearly 1.5 million addresses purchasing 553,000 BTC around this point.

    After a memorable week dominated by the anticipation of a Bitcoin spot ETF, the Bitcoin price has been relatively quiet in the past few days. As of this writing, the premier cryptocurrency trades at $34,121, reflecting no significant price change in the past 24 hours.

    BTC’s Institutional Interest Continues To Rise

    Surging institutional interest is believed to be one of the major factors contributing to the recent positive Bitcoin price. As Bitcoinist reported earlier, BTC’s price ascent is deeply rooted in burgeoning institutional demand.

    In a separate report, IntoTheBlock has highlighted the rise of institutional interest in Bitcoin. According to data from the on-chain analytics platform, the number of BTC transactions over $100,000 surpassed 23,400 on Tuesday, October 24, marking a new high in 2023.

    Number of Bitcoin Large Transactions | Source: IntoTheBlock/X

    IntoTheBlock specifically pointed to the recent spot exchange-traded fund as the force behind the rising institutional interest in Bitcoin. The last time this metric witnessed a significant spike was in June 2023 when BlackRock filed for a BTC spot ETF.

    Bitcoin Price

    Bitcoin price trades around $34,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

    Featured image from iStock, chart from TradingView

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    Opeyemi Sule

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  • Injective Rules Top 50 Crypto Ranking With 60% Hike – Here’s Why

    Injective Rules Top 50 Crypto Ranking With 60% Hike – Here’s Why

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    The cryptocurrency known as Injective (INJ) has exhibited a remarkable increase in price, exceeding 900% since the commencement of the year, even in the face of a general downward trend in the digital currency market.

    The price of INJ has remained unaffected by the extensive consolidation observed in the cryptocurrency market since Thursday.

    On Friday, it had a 10% increase, reaching a trading value of $13.15. The current market valuation of the coin stands at over $1 billion. This places the cryptocurrency at the 44th position in terms of rankings based on market capitalization.

    Injective Nears Historical Peak Amidst Strong Partnerships

    The interoperable Layer-1 blockchain, which facilitates the operation of decentralized finance apps (DApps) in the future generation, is approaching its historical peak value of $31.40, positioning it as one of the top-performing cryptocurrencies in the current year.

    Prominent blockchain protocol Injective has the support of Dallas Mavericks owner and billionaire Mark Cuban.

    At the time of writing, INJ was trading at $13.55, and registered a solid 59% increase in the last week, according to figures by crypto market tracker Coingecko.

    Source: Coingecko

    The price range of Injective hit a peak value of nearly $12.8 during a 24-hour period. This represents the highest value observed in almost two years. The rise in the value of the token cannot be attributed entirely to the recent surge in Bitcoin prices.

    The increase is also influenced by Injective’s efforts to strengthen its position in the market through its relationship with Google and the introduction of a new product by Helix exchange.

    Unlike other blockchains like Ethereum, Solana, and Cardano, Injective’s focus is entirely on the financial industry. Provides developers with the tools they need to build dApps for a wide range of financial use cases, from lending and savings to derivatives trading and even oracles.

    The Injective network is notable for its lightning-fast processing speeds and low transaction fees.

    INJ market cap currently at $61.11 billion on the daily chart: TradingView.com

    Nexus Integration With Google Cloud Expands Accessibility For Users

    The Injective development team made an announcement last week regarding the integration of “Injective Nexus” with Google Cloud. This integration signifies a major development, as it enables the larger mainstream world to access core chain data through the Analytics Hub in BigQuery.

    The Google team said via a blog post:

    “Google Cloud to date has only offered BigQuery datasets for major blockchain networks like Bitcoin and Ethereum […] now, Injective will become part of this prominent group of Layer-1 chains.”

    Meanwhile, a bullish trend in the near and medium term is confirmed by a golden confluence in the Exponential Moving Averages (EMAs) on the daily chart. Moreover, the bullish crossover of the MACD lines supports this optimistic feeling and improves the picture.

    Moreover, the implementation of pre-launch futures for forthcoming tokens by Helix DEX, a decentralized exchange on Injective, has sparked considerable attention.

    Injective witnessed a significant surge in staked INJ, surpassing the $400 million mark on Monday.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Kate Trysh/Unsplash

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    Christian Encila

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  • Nobody Cares About Bitcoin (BTC) In The US: Google Trends

    Nobody Cares About Bitcoin (BTC) In The US: Google Trends

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    If Google Trends data is anything to go by, it could mean that Americans don’t care about Bitcoin (BTC) or the interest is ultra-low and falling despite the series of bullish events in the last few days. 

    Americans Are Not Interested In Bitcoin?

    A spot check of Google Trends over the past years shows that not only are searches related to “buy Bitcoin” discouragingly falling but are at 2023 lows, with related average daily searches scoring less than 20. The only time “buy Bitcoin” searches spiked was in early September when it rose to a score of 70, an indicator that more people were curious, willing to explore, and even buy the world’s most valuable coin.

    Sentiment is a crucial factor in crypto because it can influence prices. To illustrate, when sentiment improves, crypto investors are more likely to buy and hold on to their treasured coins in hopes of riding the emerging trend and raking in profits.

    Related Reading: The Plot Thickens: Sam Bankman-Fried Incriminates Lawyers In FTX Fraud

    Conversely, when crypto assets begin falling, as in 2022 and the second half of 2023, holders will often flee to safety, selling their coins for stablecoins like USDT or cash. In some instances, however, without an option, investors will look to exit for an established coin like Bitcoin or Ethereum (ETH), pumping those respective assets.

    As the market evolves, sentiment can be influenced by news events, regulatory developments, or influencer comments. Elon Musk, the owner of X, the social media platform, has been sued on allegations that the billionaire deliberately conducted a pump-and-dump scheme, manipulating Dogecoin (DOGE) prices and profiting at the expense of others.

    SEC Likely To Approve The First Spot Bitcoin ETF In The US

    Google Trends is one of the tools users can use to gauge crypto sentiment. However, looking at events in the United States, interest in BTC is yearly low. This is despite the community expecting the Securities and Exchange Commission (SEC) to approve the first spot Bitcoin Exchange-Traded Fund (ETF). 

    After several attempts in the past, analysts have been gradually increasing the odds of the strict regulator green-lighting the first Bitcoin ETF in Q4 2023 or early 2023. Still, it needs to be clarified whether the agency will authorize one or multiple products simultaneously. If the SEC disapproves a Bitcoin ETF, JPMorgan analysts led by Nikolaos Panigirtzoglou said the agency could face “legal troubles.”

    Bitcoin price on October 27| Source: BTCUSDT on Binance, TradingView

    In anticipation of the product and ahead of Bitcoin halving in 2024, the coin recently broke above July 2023 highs, registering a new 2023 high above $35,000. Though prices have been steadying, the uptrend remains, and traders expect more gains.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Here’s what Sam Bankman Fried said in his first full day on the stand in his $8 billion fraud trial

    Here’s what Sam Bankman Fried said in his first full day on the stand in his $8 billion fraud trial

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    Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, walks outside the Manhattan federal court in New York City, U.S. March 30, 2023. 

    Amanda Perobelli | Reuters

    FTX founder Sam Bankman-Fried told jurors in his criminal trial on Friday that he didn’t commit fraud, and that he thought the crypto exchange’s outside expenditures, like paying for the naming rights at a sports arena, came out of company profits.

    On Friday morning, defense attorney Mark Cohen asked Bankman-Fried if he defrauded anyone.

    “No, I did not,” Bankman-Fried responded.

    Cohen followed by asking if he took customer funds, to which Bankman-Fried said “no.”

    Bankman-Fried, 31, faces seven criminal counts, including wire fraud, securities fraud and money laundering, that could land him in prison for life if he’s convicted. Bankman-Fried, the son of two Stanford legal scholars, has pleaded not guilty in the case.

    Prior to the defendant’s appearance on the stand, the four-week trial was highlighted by the testimony of multiple members of FTX’s top leadership team as well as the people who ran sister hedge fund Alameda Research. They all singled out Bankman-Fried as the mastermind of a scheme to use FTX customer money to fund everything from venture investments and a high-priced condo in the Bahamas to covering Alameda’s crypto losses.

    Courtroom sketch showing Sam Bankman Fried questioned by his attorney Mark Cohen. Judge Lewis Kaplan on the bench

    Artist: Elizabeth Williams

    Prosecutors walked former leaders of Bankman-Fried’s businesses through specific actions taken by their boss that resulted in clients losing billions of dollars last year. Several of the witnesses, including Bankman-Fried’s ex-girlfriend Caroline Ellison, who ran Alameda, have pleaded guilty to multiple charges and are cooperating with the government.

    ‘Significant oversights’

    On Friday, Bankman-Fried acknowledged that one of his biggest mistakes was not having a risk management team. That led to “significant oversights,” he said.

    At the start of his testimony, Cohen walked Bankman-Fried through his background and how he got into crypto. The defendant said he studied physics at the Massachusetts Institute of Technology and graduated in 2014. He then worked as a trader on the international desk at Jane Street for over three years, managing tens of billions of dollars a day in trading. That’s where he learned the fundamentals of things like arbitrage trading.

    In the fall of 2017, Bankman-Fried founded Alameda Research.

    “This was when crypto was starting to become publicly visible for the first time,” Bankman-Fried testified.

    He said people were excited about it, watching bitcoin, which had jumped from $1,000 to $10,000 in a two-month period. Banks and brokers weren’t involved yet and it seemed like there would probably be big demand for an arbitrage provider, he said.

    “I had absolutely no idea” how cryptocurrencies worked, Bankman-Fried said. “I just knew they were things you could trade.”

    The first Alameda office was in an Airbnb in Berkeley, California, he said. It was listed as a two bedroom but they used the couch in the living room as a third bed and also repurposed the attic as a fourth bedroom.

    He started FTX in 2019. Trading volume grew substantially on FTX from a few million dollars a day to tens of millions of dollars that year to hundreds of millions of dollars in 2020. By 2022, that number was up to $10 billion to $15 billion per day in trading volume, he said.

    Bankman-Fried said Alameda was permitted to borrow from FTX, but his understanding was that the money was coming from margin trades, collateral from other margin trades or assets earning interest on the platform.

    At FTX, there were no general restrictions on what could be done with funds that were borrowed as long as the company believed assets were greater than liabilities, Bankman-Fried testified.

    In 2020, a routine liquidation gone wrong led to some of the special borrowing permissions at Alameda, he said. The risk engine was sagging under the weight of growth. A liquidation that should have been in the thousands of dollars was in the trillions of dollars. Alameda was suddenly underwater because of closing the position.

    The incident exposed a larger concern, that the potential of an erroneous liquidation of Alameda could be disastrous for users.

    Bankman-Fried said he talked to FTX’s engineering director Nishad Singh and co-founder Gary Wang, both of whom testified earlier on behalf of the prosecution. He suggested creating an alert, which would prompt the user to deposit more collateral, or a delay, Bankman-Fried said. In response to this feedback, Singh and Wang told Bankman-Fried they had implemented a feature like that, he said, adding that he later learned it was the “allow negative” feature.

    Bankman-Fried testified that he wasn’t aware of the amount Alameda was borrowing or its theoretical max. As long as Alameda’s net asset value was positive and the scale of borrowing was reasonable, increasing its line of credit from so that Alameda could keep filling orders was fine, he said. Earlier testimony from Singh and Wang suggested the line of credit was raised to $65 billion, a number Bankman-Fried said he was not aware of.

    Tough sell

    Convincing the jury will be a tall order for Bankman-Fried after a mountain of damning evidence was presented by the government.

    Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money.

    The defense’s case, which consists of Bankman-Fried’s testimony along with that of two witnesses who took the stand Thursday morning, hinges largely on whether the jury believes the defendant didn’t intend to commit fraud.

    The logo of FTX is seen on a flag at the entrance of the FTX Arena in Miami, Florida, November 12, 2022.

    Marco Bello | Reuters

    In Friday afternoon testimony, Bankman-Fried was asked about FTX’s marketing and promotions.

    He said there were 15 people on the marketing team, and noted that he got more involved with it as time progressed. In particular, he discussed the naming rights in 2021 for the basketball arena in Miami, which was to be a 19-year deal for $135 million.

    Bankman-Fried said the sponsorship of FTX Arena would deliver returns for the company and create wide brand awareness because even he, as an “average level sports fan,” could name dozens of stadiums. He said the investment would be about $10 million a year, or 1% of revenue. The company had been deciding among a few different stadiums, including the homes to the NFL’s New Orleans Saints and Kansas City Chiefs, Bankman-Fried said.

    A crucial part of his testimony came when Bankman-Fried said he thought the stadium deal funding was coming from revenue from the exchange and returns from venture investments, as opposed to customer money.

    Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. He said having available property to rent was a necessary incentive if the company wanted to poach developers from Facebook and Google.

    As for the venture investments, Bankman-Fried said he thought that money was coming from Alameda’s operating profits and third-party lending desks. Alameda’s venture arm was renamed Clifton Bay Investments, which Bankman-Fried said was a first step in building a dedicated venture brand.

    When asked about loans he took from the business, Bankman-Fried said they were to pay for venture investments and political donations. He said that, as the primary owner of Alameda, he thought he had a few billion dollars in arbitrage profit from the past few years and there was no reason he couldn’t borrow from it. He said the loans, except for the most recent one prior to the firm’s bankruptcy filing, were all documented through promissory notes.

    Bankman-Fried said he never directed Singh or former FTX executive Ryan Salame to make political donations. Salame pleaded guilty in September to federal campaign finance and money-transmitting crimes, admitting that from fall 2021 to November 2022, he steered tens of millions of dollars of political contributions to both Democrats and Republicans in his own name when the money actually came from Alameda.

    Bankman-Fried, who allegedly used FTX customer funds to help finance over $100 million in political giving during the 2022 midterms, testified that he talked to politicians about pandemic prevention and crypto regulation. He said he had a vested interested in crypto policy even though FTX’s U.S. operation was relatively small, because the company was seeking to offer crypto futures products in the U.S.

    Bankman-Fried then discussed his public persona. He said he hadn’t intended to be the public face of the company because he’s “naturally introverted.” But a few interviews went well, and it snowballed from there. He said he was the only person at the company that the press sought.

    He wore T-shirts and shorts because they were comfortable and said he let his hair grow out because he was busy and lazy.

    Bankman-Fried was photographed at the 2022 Super Bowl in Los Angeles with Katy Perry. He told the jury, which was previously presented with the photo by the prosecution, that he thought it was natural to go to the game because he was in town for meetings and the company had a commercial running.

    “I thought maybe it would be interesting,” he said.

    Shifting blame to his ex-girlfriend

    The afternoon testimony largely focused on Bankman-Fried’s repeated and unsuccessful request to Ellison that she hedge Alameda’s risk. Bankman-Fried said in late 2021, he had talked to Ellison about putting on trades to protect against the risk of market moves since Alameda had been leveraged long, meaning they would lose money if the market went down.

    Ellison said she would look into it, which Bankman-Fried said he “interpreted” as her being “far less enthusiastic about it.” Over the course of 2022, Bankman-Fried said every two months he would check in to see if Alameda had hedged, and each time he was told not yet, but Ellison would say she was planning to do so in the near future.

    Specifically, Bankman-Fried said he had talked with Ellison and Ramnik Arora, who had been the head of product at FTX, about putting a $2 billion hedge on the company’s investment in Genesis Digital Assets, a bitcoin miner. He told the jury that the hedge was never made.

    There was also more detail on how Bankman-Fried was told about FTX’s $8 billion liability. According to the defendant, in October 2022, developers built a Google database that included financial data. That’s where Bankman-Fried noticed the negative $8 billion balance, which he said he was “very surprised” to see.

    Cohen then brought the jury through the summer months of 2022, a time when Alameda’s lenders, specifically Genesis, BlockFi, Celsius and Voyager, all had direct conversations with Bankman-Fried about the need for emergency capital. In the end, only BlockFi and Voyager received funds from Alameda and Bankman-Fried.

    In late 2021 and early 2022, Bankman-Fried said he wanted FTX revenue to be above $1 billion because it was a round number. He asked company executives if there were ways to reach that mark. Singh said he’d dealt with it by staking the company’s investment in crypto token Serum, a way of putting the coins to work. That had added another $50 million in revenue. Bankman-Fried testified that he was “a little surprised” they found that additional money, but it got him to $1 billion.

    — CNBC’s Dawn Giel contributed to this report

    WATCH: Sam Bankman-Fried testifying in his criminal case

    Sam Bankman-Fried set to testify at fraud trial in what experts deem a major gamble for the case

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  • This Bitcoin Metric Peaks Again: Will BTC Hit $60,000 As Before?

    This Bitcoin Metric Peaks Again: Will BTC Hit $60,000 As Before?

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    The price of Bitcoin stands firm around the critical area of $34,000, hinting at further bullish potential. However, market analysts wonder if enough clues point to the upside or if BTC will return to $20,000.

    As of this writing, BTC trades at $34,150 with sideways movement in the last 24 hours. The cryptocurrency recorded a 15% profit the previous week and remains a top coin performer by market cap.

    BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview

    Bitcoin On-Chain Activity Rises Hinting At A Bull Run?

    Data from the analytics platform mempool.space shows an increase in on-chain activity on the Bitcoin network. This spike occurred in February 2023, when BTC transactions rose above 50 Mega Virtual bytes (MvB).

    According to the analytics platform, the above metric measures the size of transactions and blocks on the BTC network. The larger the transaction, the more space they required.

    As seen in the chart below, each time there is a rise in the price of BTC, there is a surge of activity leading to the rally. This happened in 2017, and 2021, and it is happening this year, which suggests the ecosystem is blooming, onboarding more users, and preparing for a more significant rally like in the previous year.

    Bitcoin DeFi Bitcoin News Leather Crypto BTC BTCUSDT
    BTC on-chain activity on the rise in 2023, increase precedes market rally? Source: mempool.space

    In addition to the increase in activity, it is possible to see the decline in the metric during the bear market and conclude bull markets record high activity. In contrast, the bear market records much less user activity, and they are generally cheaper to transact.

    However, unlike 2017 and 2021, this year, this ecosystem saw the implementation of non-fungible tokens (NFTs) and new applications boosting these metrics. Thus, it is harder to determine if the current rally can reach similar levels than in previous years as the BTC DeFi ecosystem attracts more users looking to leverage the network for utility rather than long-term investing.

    BTC DeFi Makes A Difference In Key BTC Metric? A Chat With The Team Behind “Leather”

    The surge in BTC on-chain activity could be attributed to the cyclical nature of the crypto market. When the price of BTC and others rise, or there is an expectation of further profits, more users on-board the network.

    As a result, the number of transactions recorded increases. However, many believe that with the implementation of NFTs in the BTC ecosystem, transaction activity can no longer be attributed to a new bullish cycle.

    If so, rising activity metrics could become useless when measuring the sustainability of a BTC rally. To answer this question, we spoke with Mark Hendrickson, a General Manager at Trust Machines, a company working on a Bitcoin DeFi wallet. This is what he told us:

    What is “Leather,” and what is your goal in the Bitcoin ecosystem?

    A: Leather is a web3 wallets built around Bitcoin based technologies and applications. And so you can think of Leather, simply put as MetaMask for Bitcoin in the sense that we want to provide a robust user experience for connecting to applications built with Bitcoin and Bitcoin layers in which users can do a lot of the same sort of things that they can concurrently only do on smart contracts enabled L1 chains, but to do them actually on Bitcoin.

    So, Leather has the ability to connect the applications, identify yourself to those applications based on your Bitcoin addresses and your associated assets with those applications prompts for signed transactions that are essentially actions for those applications and to do so across layers. (…) We also want to facilitate the movement of liquidity between L1 and L2 (networks) and do so in a very seamless manner.

     

    A lot of people, for many reasons, are unfamiliar with the Bitcoin DeFi ecosystem. Can you tell us more about it, and what is Leather’s role in it? Also, what do you say to users who want Bitcoin to remain unchanged, the way it has been since its inception in 2009?

    A: Bitcoin based DeFi, I’d say is generally taking place these days or sort of emerging in two places. You have primitives for Bitcoin based divide on Bitcoin itself. That’s an L1 (Layer one), mostly driven by Ordinals and within Ordinals fungible token standards like BRC 20. And then you have also Bitcoin related taking place on Layer2 like Stacks that have smart contract functionality. (…) most of that’s taking place via Ordinals on the layers. It’s taking place mostly through the native smart contracting capabilities of those layers.

    To the question of people who want Bitcoin to remain unchanged, I think that the folks who are working on Bitcoin-related functionality, I’d say Bitcoin web3 in general, which includes DeFi. We’re trying actually to do more with Bitcoin without having to change Bitcoin really at all. So actually our general approach is to try to extend what you can do with Bitcoin without having to change it fundamentally because we do, of course, want to respect all the work that’s gone into Bitcoin to date and we’d love the security profile of Bitcoin. And that has to do with taking a relatively conservative approach. And so if you look at Ordinals, for example, which is really an innovation based on taproot introduced fairly recently, there’s a lot of innovation going on as a result of taproot ordinals without having really changed anything else about Bitcoin. It is a design space that is actually quite respectful of Bitcoin as blockchain.

     

    There is a theory that every bull run is preceded by an increase in on-chain activity, with fees following prices on their way to new highs. What do you think of network activity right now? Do you think much of it can now be attributed to Ordinals and other applications?

    A: Going back to the start of the year, Ordinals has been a huge exception to the general rule of the crypto bear market because we’ve experienced essentially two bull runs inside of Ordinals itself, which I think have boosted Bitcoin’s position and definitely has boosted network activity on Bitcoin and fee rates have gone up as a result of it. And really shown that this idea of storing data on chain on Bitcoin beyond just simple transactions and applying those primitives to various web3 applications, whether it’s art or whether it’s new token standards, that can have a huge effect on just how Bitcoin is used and also valued. (…) it’s hard for me to really pinpoint any given reason why any given month the Bitcoin may have gone up in price because of other factors, but it, it’s pretty clear that it has an overall effect (on network activity). Ordinals has been a positive influence on the interest in Bitcoin.

     

    ETFs, store of value, Gold 2.0, Halving, and now Bitcoin DeFi, what is the current narrative dominating the BTC market? And which narrative will gain more prominence in the long run?

    A: I think the dominant narrative around Bitcoin is probably that in the wake of the last crash, really it’s a spillover from last year. I think there are a lot of weaker technologies, weaker platforms and assets that were shaken out and people ran away from and they’ve taken more safe harbor and Bitcoin come back to Bitcoin as really the one that’s stood the test of time. So that combined with the fact that people, since the start of the year with Ordinals in particular have opened up to that there are more frontiers to what you can do with Bitcoin. I think that combination has really driven sort of a renewed enthusiasm around Bitcoin. It’s a combination of, it’s been around the longest, it’s the most secure, plus it’s not a dinosaur that can’t evolve still. It actually has a lot of potential. It actually has both of those qualities that are very attractive, secure and conservative in one way, but it’s also more innovative and there’s more potential than people had realized before on the other hand.

    Cover image from Unsplash, chart from Tradingview

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    Reynaldo Marquez

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  • FTX And Alameda Research Sell $13.35 Million Of Assets, What’s Their Strategy?

    FTX And Alameda Research Sell $13.35 Million Of Assets, What’s Their Strategy?

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    Addresses related to FTX, the bankrupt crypto exchange, and Alameda Research, the trading wing associated with the exchange, have cumulatively transferred $13.35 million of assets to Binance, a crypto exchange via Wintermute Trading, over the last 24 hours. 

    Related Reading: Linqto’s Ray Fuentes Reveals The Factors That Could Drive A Ripple IPO In 2024

    FTX Sells $13.35 Million Of Coins

    According to Lookonchain, an on-chain tracker, FTX and Alameda Research last deposited COMP, the governance token of Compound, and RNDR, the native token of Render, on October 26, an indicator that the project is actively liquidating assets after finding approval in late September 2023.

    FTX transfer tokens to Binance| Source: Lookonchain on X

    COMP prices are relatively stable at spot rates, steadying at a key resistance level. The token is also up 20% from October 2023 lows and is within a bullish formation, moving inside the range established from June to July 2023. Even so, for the uptrend to take shape, traders expect more gains that would push the token above September 2023 highs at $50, a psychological level.

    COMP price on October 26| Source: COMPUSDT on Binance, TradingView
    COMP price on October 26| Source: COMPUSDT on Binance, TradingView

    On the other hand, RNDR is extending gains, marching higher when writing. To illustrate, the token is up 60% from September lows, with bulls remaining resilient, looking at the formation in the daily chart. Bulls have been shaking off bear attempts as they target to reclaim May 2023 highs at around $2.9. This is a critical liquidation line that, if broken, could see RNDR register new 2023 highs.

    FTX received court approval to sell tokens and repay creditors in September 2023. Judge John Dorsey of the U.S. Bankruptcy Court in the District of Delaware approved the motion, allowing FTX to sell up to $100 million of tokens weekly, including Bitcoin and Solana, to repay its creditors.

    Then, the exchange said the proceeds from the sale would be used to repay its creditors in a “fair, orderly, and efficient manner.” As part of this, FTX will also liaise with creditors to develop a distribution plan.

    FTX Is Bankrupt And SBF Is Under Trial In Manhattan

    FTX went bankrupt in late 2022, triggering a series of liquidations that saw leading crypto assets slump to worrying levels, including Bitcoin and Ethereum. By Q4 2022, Bitcoin was changing hands at around $16,000, worsened by sentiments that saw crypto users rush to exchanges, withdrawing their coins, worrying that there would be a contagion.

    The leg down, however, marked the last phase of the bear run since asset prices spectacularly recovered in Q1 2023 before closing H1 2023 with solid gains. The Sam Bankman-Fried (SBF) trial in a Manhattan court is ongoing while FTX managers search for ways to make creditors whole. SBF is blamed for mismanaging the crypto exchange and pilfering user funds into billions.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Crypto Analyst Who Called Bitcoin’s Parabolic Rally Picks Altcoin Set To Pop

    Crypto Analyst Who Called Bitcoin’s Parabolic Rally Picks Altcoin Set To Pop

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    Predicting the Bitcoin price movements and when altcoin prices will rally again is not a small feat but one analyst has managed to do so. Crypto analyst TonyTheBull has been calling for a bull market, saying that this cycle differs from previous ones in the fact that there will be a rally this year.

    This proved to be true last week when the price of Bitcoin started surging and hit as high as $35,100. Now the analyst has called the next altcoin to outperform, and it already is.

    Fetch (FET) Is Next Altcoin In Line

    In the latest iteration of the CoinChartist (VIP) newsletter, crypto analyst TonyTheBull revealed that Fetch (FET) was his next pick after the Bitcoin breakout. He revealed that he had previously bought FET which ended up outperforming in January, and believes the same will be the case here as well.

    FET which is one of the top AI-powered crypto tokens is already on the rise after the analyst called it at the $0.24 level. TonyTheBull also posits that a Raging Bull indicator flipping on would be able to confirm further upside. “Waiting for the Raging Bull to turn on would help confirm increased bullishness in the altcoin,” the newsletter read.

    Source: CoinChartist

    The Raging Bull Indicator, explained the analyst, “was designed using the Relative Strength Index to help indicate when Bitcoin or other assets are in a bull market, and more importantly, and impulsive like trend.” Basically, this indicator helps to show the strength of a cryptocurrency.

    Looking at FET’s performance since the call, it has already climbed over 30% and is now trading above $0.3, hitting a local peak of $0.32 on Wednesday.

    Fetch AI FET price chart from Tradingview.com (Bitcoin altcoin crypto analyst)

    FET price sitting above $0.29 | Source: FETUSD on Tradingview.com

    Bitcoin Not The Only One Looking Good

    Despite Bitcoin still looking incredibly bullish on the charts, the analyst points out some altcoins that have had their Raging Bull Indicators turned on this year as well. The first on the list is Solana whose indicator turned on for the first time since 2022. Following this, the digital asset went on a massive run but it might not be done.

    TonyTheBull revealed that the last time this indicator was turned on, Solana blew up by 500%, and then continued on to do a 17,000% rally. So if it sticks to historical performance, the Solana rally might only be in its early stages.

    Solana SOL altcoin Bitcoin

    Source: CoinChartist

    The next altcoin to appear on the list is Chainlink’s LINK. LINK moved from around $7 to over $11 in a matter of days. But just like Solana, this coin may only be in its early stages. LINK’s Raging Bull Indicator last turned on in 2019 and the coin saw a “700% in the near term, and more than 9,000% in total.” The analyst further added, “This might not be a setup to sleep on.”

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