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Tag: Bitcoin

  • Medical Doctor Confesses to Paying Hitman $25K in Bitcoin to Kill His Girlfriend

    Medical Doctor Confesses to Paying Hitman $25K in Bitcoin to Kill His Girlfriend

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    A medical doctor pleaded guilty to using the dark web in a murder-for-hire plot against his girlfriend.

    The individual paid a total of over $25,000 worth of bitcoin to carry out the murderous plot, which was averted by authorities.

    $25,200 in Bitcoin for a Murder Plot

    According to a press release by the US Department of Justice (DOJ), James Wan, a 54-year-old medical doctor from Georgia, tried to employ the services of a hitman through the dark web marketplace to have his girlfriend killed.

    The medical doctor started interacting with the dark web marketplace on April 12, 2022, and placed an order to murder his girlfriend. Wan transferred half of the full payment amounting to $8,000 in BTC to an escrow wallet and provided personal details of his girlfriend, including her name, Facebook account, address, and car license plate, to make it easy for the hitman to do their job.

    However, the initial 50% down payment went to the wrong BTC address, causing the medical doctor to transfer another $8,000 worth of bitcoin, this time to the correct address. Wan sent another bitcoin payment worth $8,000 a week later to complete the payment for the job and also preferred the murder to look like an accident.

    The medical doctor, meanwhile, seemed to grow impatient, wanting the murder to happen as soon as possible.

    “How soon should work be done? I have submitted an Order and curious how quickly it should be carried out? Is there a way I can find out any progress? If there is anyone in my location?”

    According to the DOJ, Wan sent an additional $1,200 in Bitcoin on May 10, 2022, following BTC’s price drop, to make sure that the escrow account contained the full amount required for the murder job.

    More Individuals Paying in BTC for Murder

    Unfortunately for the medical doctor, the Federal Bureau of Investigation (FBI) stopped the murder from happening, with Wan confessing to his sinister move and canceling the order he placed on the dark web marketplace. His sentencing is expected to happen on Jan. 18, 2024.

    According to a statement by Keri Farley, Special Agent in Charge of FBI Atlanta:

    “Despite his cowardly concealment on the dark web, Wan’s cold-hearted murderous plot was averted due to the exceptional work of our team. He will now face the full consequences of the criminal justice system.”

    Meanwhile, Wan is not the only individual who has paid a hitman in BTC to kill a person. In August 2022, a Mississippi woman received a 10-year sentence for hiring an assassin to kill her husband. The woman paid $10,000 worth of BTC to carry out the job.

    Another medical doctor was sentenced to eight years in prison for paying hitmen BTC valued at over $60,000 to kidnap his wife and beat up a former colleague. Another individual also got a six-year jail term for paying bitcoin to a hitman to kill a child.

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    Anthonia Isichei

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  • Why Bitcoin Price Could Double To $60K In A Flash

    Why Bitcoin Price Could Double To $60K In A Flash

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    Bitcoin price action has been known to go “parabolic” when speculation in the crypto market is in full gear. Prices begin to rise rapidly with very few pullbacks in between.

    According to evidence, a parabolic structure is possibly building that could cause BTCUSD to “double” in a short amount of time. And with the first ever digital asset now above $30K per coin, it means a potential monstrous move to $60K could be on the horizon.

    Why BTC Could Teleport To $60K

    In technical analysis, an asset is said to have gone “parabolic” when an increasingly steep upward curve supports a series of higher highs and higher lows.

    Parabola typically forms in a sideways, horizontal range. After each higher low, price accelerates further, causing the angle of the slope to nearly go vertical.

    Bitcoin has done this several times throughout its short history. And after the longest bear market on record, the cryptocurrency could be ready for another parabolic rally.

    Has Bitcoin built another parabolic base? | BTCUSD on TradingView.com

    Bases Loaded, Bitcoin Number Up

    A comparison with the iconic parabolic curve example, possibly puts Bitcoin price at what would be the third touch and third base of a four-base pattern. A rounded parabolic curve is supporting a series of high timeframe higher lows.

    Base three is significant because it is said to produce a move where the asset “doubles in the shortest period of time.” With Bitcoin near $30K, $60K could be right around the corner if this is an accurate patter.

    Above base three is base four, meaning there is yet another zone of consolidation somewhere above that will touch down on the curved parabolic trend line a final time. From there, the next time it touches the curved line will be after a peak of the parabolic rally.

    BTCUSD_2023-10-23_08-56-18

    A glimpse into the future? | BTCUSD on TradingView.com

    Will Crypto Parabola Begin Again?

    Don’t believe this structure is possible in Bitcoin? Simply take a look at past cycles for an example. In the above chart, Bitcoin formed several bases in a row. After touching the X, price didn’t just “double,” it did 1,700% ROI. Even then, BTCUSD wasn’t done climbing, rallying another 700% from base four.

    These figures aren’t probable again, but it speaks to the fact that something big very well could be coming soon.

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    Tony "The Bull" Severino

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  • Blockchain Potential: A $2.1 Trillion Boost To Global GDP By 2030 – Report

    Blockchain Potential: A $2.1 Trillion Boost To Global GDP By 2030 – Report

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    In the age of growing digitalization, blockchain has emerged as a pivotal force propelling the progress of developing nations. This transformative shift is powered by the integration of cutting-edge technologies, including blockchain, with the capacity to revolutionize traditional economic sectors.

    By leveraging these technologies, developing countries can achieve improved efficiency, transparency, and innovation within their respective industries.

    Unlocking The Global Economic Potential Of Blockchain Technology

    A recent analysis by Agile Dynamics shows there is potential for the technology to significantly transform the landscape of international transactions. According to Agile analysts, the global implementation of blockchain technology has the potential to contribute over $2 trillion to the global gross domestic product (GDP) by the year 2030.

    The transformative potential of such a technology in international transactions extends far beyond the immediate financial benefits. Its decentralized and secure nature can revolutionize industries by streamlining supply chain management, reducing fraud, and enhancing transparency.

    Blockchain technology was first hailed as the next big thing due to its apparent invulnerability to hacking and a layer of transparency that could ensure stable asset trading. By definition, it is a digital system that keeps track of transactions done between computers connected in a peer-to-peer network, particularly those involving cryptocurrencies.

    Blockchain technology provides a multitude of advantages to enterprises, encompassing heightened levels of security and transparency, mitigation of fraudulent activities, and facilitation of transaction traceability. The decentralized character of the system promotes trust and enhances efficiency, leading to the optimization of operations and reduction of costs for businesses.

    Key Advantages And Perceptions Of Blockchain Technology

    The findings presented in the paper also points out that a significant majority of survey participants, specifically 75%, perceive the key advantage of blockchain technology to be the decrease in operational expenses. Subsequently, a significant proportion of 69% of respondents anticipate enhanced speed and efficiency.

    As of today, Bitcoin market cap is at $595 Billion on the daily chart: TradingView.com

    Additional advantages that have been emphasized include the augmentation of security and privacy, with a majority of 57% acknowledging this benefit. Furthermore, the encouragement of innovation has been recognized by 51% of respondents. Additionally, the optimization of financial procedures has been acknowledged as a benefit by 46% of participants.

    Researchers from Agile Dynamics assert that because of the potential of blockchain technology to fill in gaps in the financial systems of less developed nations, emerging markets would account for over half of blockchain’s growth. That does not imply, however, that the agency has come to the conclusion that leading economies have no applicable use cases.

    “By leveraging blockchain’s decentralization, data ownership, privacy, trust, and security, organizations can gain more control and autonomy over their technology infrastructure, reducing dependence on external entities and safeguarding their sovereignty,” Paul Lalovich, managing partner at Agile Dynamics, said.

    Featured image from Forbes

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    Christian Encila

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  • California Implements New Cryptocurrency Laws to Combat Bitcoin ATM Scams

    California Implements New Cryptocurrency Laws to Combat Bitcoin ATM Scams

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    Bitcoin (BTC) ATMs have become both convenient and worrying, with scammers taking advantage of unsuspecting victims. Authorities in the US and other jurisdictions are now waging a war against crypto-ATM-based scams.

    California takes a stance on new cryptocurrency laws

    The state of California has introduced rules for cryptocurrency transactions. Senate Bill 401, signed by Governor Gavin Newsom, means you can only make $1,000 worth of cryptocurrency transactions at ATMs each day, and starting in 2025, the maximum they can charge you is $5, or 15% of the transaction. Whichever is higher.

    Initially, some Bitcoin ATMs allowed up to $50,000 in transactions with fees ranging between 12% and 25% above the value of the digital asset. These changes are intended to protect people from scams and high fees, explained Sen. Monique Lemon, one of the co-authors.

    Scammers taking advantage of the convenience of Bitcoin ATMs have been a growing concern, with the Federal Trade Commission reporting that more than 46,000 people have lost more than $1 billion to cryptocurrency scams since 2021. New transaction limits give victims more time to spot scams before loss of money. But Charles Bell of the Blockchain Advocacy Coalition worries that these rules could hurt the cryptocurrency industry and small businesses.



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    Explore Australia’s rapid rise in the global cryptocurrency ATM scene

    FBI Alerts About Bitcoin ATM and QR Code Scams

    The Federal Bureau of Investigation (FBI) has raised the alarm about fraudulent schemes exploiting ATMs for cryptocurrencies and quick response (QR) codes for payments. These schemes take various forms, including online impersonation, romance scams, and lottery fraud, all using cryptocurrency ATMs and QR codes as tools.

    QR codes, which smartphone cameras can scan, simplify cryptocurrency payments. However, criminals are now using it to trick victims into paying money. Victims are often asked to withdraw money from their accounts and use a QR code provided by scammers to complete transactions at physical cryptocurrency ATMs.

    Once the victim makes the payment, the cryptocurrency is transferred to the scammer’s wallet, making recovery nearly impossible due to the decentralized nature of cryptocurrencies. The FBI offers several tips to protect against these schemes, focusing on caution, verification, and avoiding cryptocurrency ATM transactions that promise anonymity using only a phone number or email.



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    Bitbuy is partnering with Canada’s largest Bitcoin ATM provider

    Cryptocurrency regulation efforts in California

    The passage of Senate Bill 401 in California is part of a broader effort to regulate the cryptocurrency industry while protecting consumers. Another law, scheduled to take effect in July 2025, will require digital financial asset companies to obtain licenses from the California Department of Financial Protection and Innovation. This represents a clear shift towards tightening government regulation and oversight in the world of digital finance.

    Gavin Newsom’s decision to sign these bills into law demonstrates California’s commitment to strengthening the cryptocurrency industry and protecting its citizens. Balancing innovation and security remains a challenge, especially in a rapidly evolving digital landscape.

    Bitcoin Depot’s historic debut on the NASDAQ

    In July, Bitcoin Depot, a leading bitcoin ATM operator, went public on the Nasdaq. This milestone comes after Bitcoin Depot merged with GSR II Meteora, a blank check company.

    The move to go public demonstrates the growing legitimacy and acceptance of cryptocurrencies in major financial markets.

    Authorities vs. illegal crypto ATMs

    The UK Financial Conduct Authority (FCA) is taking a strong stance against illegal cryptocurrency ATM operators. Using its power under money laundering regulations, the Financial Conduct Authority (FCA) has carried out raids on cryptocurrency ATMs suspected of illegal activities across England.

    The measures, which follow previous operations in east London and Leeds, are part of the Financial Conduct Authority’s (FCA) efforts to crack down on unregulated cryptocurrency operations. This highlights global pressure for stronger cryptocurrency regulation, mirroring steps taken in California. The balance between innovation and security remains a fundamental concern for regulatory bodies around the world.



    Read more:

    McLennan County Bitcoin ATM Lawsuit Resolved

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    Editorial Team

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  • Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered Today

    Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered Today

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    The flagship cryptocurrency, Bitcoin, is fast approaching $31,000 following its gains over the weekend. Analyzing this price action, crypto analyst Ali Martinez has predicted Bitcoin’s future trajectory as he suggests that the bears could regain dominance soon enough. 

    A Price Correction Imminent For Bitcoin

    In a post shared on his X (formerly Twitter) platform, Martinez noted the potential head-and-shoulders pattern that was forming on the Bitcoin daily chart following its upward trend. This chart pattern has always been considered bearish as it suggests that a trend reversal might be on the horizon, meaning there could be a dip in prices soon enough. 

    Source: X

    Confirming this assumption, Martinez stated that the daily chart (which he shared alongside the post) “hints at a possible sell signal emerging tomorrow [October 23].” According to him, this prediction is backed by the TD Sequential indicator, which is flashing “a green 9 candlestick.” The TD Sequential indicator helps traders identify the exact time of a potential reversal. 

    Martinez also alluded to the Relative Strength Index (RSI), which he mentioned has reached 74.21. He noted that this has been “a level triggering sharp corrections since March.” An RSI of over 70 also suggests that Bitcoin may be overbought with a price correction imminent. This impending price correction can only be averted if Bitcoin manages to clock “a daily candlestick close above $31,560.” 

    As of the time of writing, Bitcoin is trading at around $30,700, up by over 2% in the last twenty-four hours and a further 10% in the last seven days. 

    Options Market Could Contribute To Bitcoin’s Upward Momentum

    In a post on his X platform, Alex Thorn, Head of Firmwide Research, highlighted the role that options traders (short gammas in particular) could play in driving Bitcoin’s price higher in the short term. 

    Bitcoin 2Source: X

    He noted that the options market makers in Bitcoin are “increasingly short gamma as BTC spot price moves up.” This current positioning could help “amplify the explosiveness of any short-term upward move in the near term,” considering that these short gammas have to buy more Bitcoin to stay “delta neutral” as Bitcoin’s price continues to rise.

    From his analysis, Thorn was simply explaining that the option market makers will have to place ‘buy orders’ to hedge against their short positions as Bitcoin’s price continues to climb, thereby adding to buying pressure, which could cause the crypto’s price to rise higher.

    Meanwhile, he believes that the long gammas could provide a safety net for Bitcoin’s price in the event of a price reversal. These long gammas would have to buy back spots in order to remain delta-neutral, thereby providing support and helping resist any further decline (in the short term, at least). 

    Bitcoin price chart from Tradingview.com (crypto analyst)

    BTC bulls running out of steam | Source: BTCUSD On Tradingview.com

    Featured image from Crypto Buyers Club UK, chart from Tradingview.com

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    Scott Matherson

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  • Bitcoin Price Shoots Up to $31K But These 5 Altcoins Are Flying

    Bitcoin Price Shoots Up to $31K But These 5 Altcoins Are Flying

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    The weekend has been a big one for crypto markets, with BTC skyrocketing to a new multi-month peak at around $31,000.

    Moreover, the move has pushed total market capitalization to $1.19 trillion, its highest level since mid-August. 

    Solid Bitcoin Weekly Close

    Bitcoin prices neared $31,000 during the Monday morning Asian trading session. This is the highest they have been since mid-July, marking the fourth time the asset has visited this price level in 2023.  

    Analysts have observed the bullish weekly candle close, wiping out all losses over the past two months. 

    Moreover, BTC dominance is over 52%, its highest since April 2021. Analyst ‘CrediBULL Crypto’ said Bitcoin “is on the verge of a massive breakout, and dominance is going a lot higher before it shifts back to a downtrend.”

    Bitcoin’s 11% gain over the past week has moved MicroStrategy’s massive $4.6 billion investment back into the green. Nevertheless, traders have identified a head and shoulders pattern that could lead to another downside if it plays out. 

    Nevertheless, Bitcoin’s 2% daily gain has been dwarfed by the double-digit pumps for a handful of altcoins.  ‘CrediBULL Crypto’ commented:

    “The 5 out of 10,000 alts that are pumping right now are not the norm they are the exception- which is also why they have barely made a dent on BTC dominance.”

    Five Flying Altcoins

    Chainlink’s LINK has made a whopping 17% over the past 24 hours to reach $10.74 at the time of writing. The asset is now up 44% over the past seven days and is the top-performing altcoin today. 

    LINK has smashed through resistance at around $8 to reach its highest price since May 2022, when the Terra/Luna ecosystem collapsed. 

    AAVE is also on a tear, gaining 11% over the past day to hit $78.90 at the time of writing. However, it has returned to 2023 resistance levels that were last hit and rejected in mid-July. 

    Fantom (FTM) has also gained 11% on the day to reach $0.221. This is its highest price since the mid-August market dump. 

    Polygon (MATIC) is up 9% to reach a ten-week high of $0.621 at the time of writing. Meanwhile, Aptos (APT) has gained a similar amount over the past 24 hours to reach $6.20, its highest since mid-August.

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    Martin Young

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  • Bitcoin Breaches Halfway Mark To $31,000

    Bitcoin Breaches Halfway Mark To $31,000

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    The price of Bitcoin is maintaining an upward trajectory, catching many off guard this weekend. As of now, BTC has surged by 2.4% in the last 24 hours, and sustaining a 13% rally in the last week. At $30,865, according to data by Coingecko, the top crypto is just inches away from reaching the vaunted $31K, a territory it briefly crossed in April 10 this year.

    The $30,000 mark holds considerable significance for Bitcoin, functioning as both a psychological milestone and a technical resistance point. Psychologically, it represents a round number that influences investor sentiment, inspiring confidence when surpassed and raising concerns when it becomes a barrier.

    BTC nears the $31K level. Source: Coingecko.

    Technically, $30,000 historically acts as a level where selling pressure tends to intensify, impacting short-term and long-term price movements. As a result, this price level is closely monitored by traders and investors, making it a critical reference point in the cryptocurrency market.

    The Anticipated Boost: Bitcoin ETF’s Impact On The Crypto Market

    There’s a lot of excitement about the possibility of the U.S. Securities and Exchange Commission allowing a Bitcoin exchange-traded fund (ETF). This could be a big boost for the struggling cryptocurrency market. Mike Novogratz, the CEO of Galaxy Digital, thinks it’s very likely that the U.S. will approve this kind of investment fund for Bitcoin soon. This news could be a major reason for Bitcoin’s price to go up.

    Bitcoin may soon break over its overhead resistance and begin a rapid surge, according to trading group Stockmoney Lizards. They anticipate widespread participation in the ETF and a subsequent surge in the run-up to the halving in April 2024.

    BTCUSD inching closer to the key $31K territory. Chart: TradingView.com

    The financial industry is currently witnessing the active participation of major players such as BlackRock, which manages assets above $10 trillion. These firms are also actively pursuing the approval of their applications for exchange-traded funds (ETFs), thereby creating an environment filled with eager expectation.

    As a result of Bitcoin’s steady ascent, tokens formed by the forking of the alpha coin, namely Bitcoin Cash (BCH) and Bitcoin SV (BSV), had a significant surge of up to 26%, surpassing other altcoins in terms of gains. This surge may indicate a potential manifestation of enthusiasm.

    BTC price action in the last 24 hours. Source: Coingecko

    Prospects Of A Bitcoin ETF In Late 2023 Or Early 2024

    Several industry experts are suggesting that the long-anticipated approval of a spot Bitcoin exchange-traded fund (ETF) could materialize sometime between late 2023 and early 2024. This revelation has sent ripples of excitement throughout the cryptocurrency community and the broader financial world.

    If BlackRock’s spot Bitcoin ETF is approved, Matrixport, a provider of cryptocurrency services, projects that the price of Bitcoin would rise to between $42,000 and $56,000. The community of U.S. registered investment advisors and prospective investment inflows from gold ETF investors form the basis of the extremely optimistic forecast.

    A Bitcoin ETF is a big deal because it makes it easy for regular folks to invest in Bitcoin without needing to deal with all the complicated stuff that comes with digital currencies. It’s like a bridge that connects the regular money world with the wild world of cryptocurrencies, which could help more people get into Bitcoin.

    (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 Collection FRAC Lorraine

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    Christian Encila

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  • Bitcoin Price Hold Strong At $30K: Indicators Point More Upsides To $31.2K

    Bitcoin Price Hold Strong At $30K: Indicators Point More Upsides To $31.2K

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    Bitcoin price is gaining pace above the $30,000 resistance. BTC is showing positive signs and might rally further above toward the $31,200 level.

    • Bitcoin started a fresh increase above the $28,500 and $28,800 resistance levels.
    • The price is trading above $30,000 and the 100 hourly Simple moving average.
    • There is a key bullish trend line forming with support near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could continue to rise toward the $31,200 resistance level.

    Bitcoin Price Regains Strength

    Bitcoin price formed a support base above the $27,500 level. BTC started a steady increase and cleared a few hurdles near the $28,500 resistance zone.

    The bulls gained strength and managed to push the price above the main $30,000 resistance zone. A new multi-week high is formed near $30,600 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $29,715 swing low to the $30,600 high.

    Bitcoin is now trading above $30,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $30,000 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $29,715 swing low to the $30,600 high.

    Source: BTCUSD on TradingView.com

    On the upside, immediate resistance is near the $30,400 level. The next key resistance could be near $30,600. A clear move above the recent high might send the price toward the $31,200 resistance. The next key resistance could be $32,000. Any more gains might send BTC toward the $33,200 level in the coming sessions.

    Are Dips Limited In BTC?

    If Bitcoin fails to rise above the $30,600 resistance zone, it could start a downside correction. Immediate support on the downside is near the $30,150 level.

    The next major support is near the $30,000 level and the trend line. If there is a move below the trend line support, the price may perhaps decline toward the $29,500 level or the 100 hourly Simple moving average.

    Technical indicators:

    Hourly MACD – The MACD is now gaining pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

    Major Support Levels – $30,150, followed by $30,000.

    Major Resistance Levels – $30,400, $30,600, and $31,200.

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    Aayush Jindal

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  • Meitu Focuses on AI Growth, Moves Away from BTC, ETH Investments

    Meitu Focuses on AI Growth, Moves Away from BTC, ETH Investments

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    Meitu (1357), the pioneering Hong Kong-listed company known for its ventures into cryptocurrencies, has recently announced a strategic shift away from digital assets like Bitcoin and Ethereum.

    The company, which made headlines in 2021 for investing around $100 million in cryptocurrencies, has revealed that its growth is now driven primarily by its artificial intelligence (AI) business.

    Meitu Credits Subscription System for Fiscal Success

    Kang Yicong, senior investor relations manager of Meitu, recently confirmed that the company no longer focuses on buying and holding digital assets and may consider selling them in the future. She explained that the decision is rooted in the changing global economic environment, which has prompted many companies to rethink their spending habits. This shift, in turn, has created an opportunity for Meitu’s products to gain traction in the market.

    Kang Yicong stated that the company’s turnaround from losses to profitability is largely attributed to its subscription system, which has shielded its earnings from the volatile macroeconomic landscape. Additionally, Meitu’s AI business has been a significant growth driver in attracting new subscribers and contributing to profits.

    Meitu’s current strategic focus lies in video production, complementing its venture into AI. In early October 2023, the company unveiled its enterprise AI vision solution, MiracleVision 3.0, capitalizing on the global AI craze driven by technologies like ChatGPT. Kang Yicong emphasized that AI is expected to play a pivotal role in the company’s development, especially in expanding its subscription base and contributing to profits.

    Meitu’s $100 Million Crypto Investment Journey

    Meitu’s experience in the cryptocurrency market involved a substantial investment that initially faced losses. However, recent market recoveries have allowed the company to reverse approximately 190 million yuan in impairment losses related to its cryptocurrency holdings. Kang Yicong clarified that Meitu ceased purchasing cryptocurrencies after 2021, citing the decision as a strategic one.

    Looking ahead, Kang Yicong expressed optimism about the overseas market, with a growing demand for Meitu’s AI-powered painting and other functions. The company intends to design and launch products with a global perspective, initially targeting Southeast Asia, Japan, South Korea, Europe, and the United States. Local development strategies will be tailored to adapt to each region’s unique conditions and demands.

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    Wayne Jones

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  • Bitcoin Daily Chart Signals Impending Sell-Off, Analyst Says

    Bitcoin Daily Chart Signals Impending Sell-Off, Analyst Says

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    Popular crypto analyst Ali Martinez has painted a negative picture of Bitcoin’s possible price trajectory within the next 24 hours. In the last day, the premier cryptocurrency is up by 0.7% and briefly traded above the $30,000 mark. However, Martinez believes the crypto market leader will soon lose all these recorded gains and experience a price dip unless a certain condition is met.

    Analyst Stamps $31,560 As Crucial Zone For Bitcoin Traders

    On Sunday, Ali Martinez made a post on X in an attempt to evaluate the formation of a potential head-and-shoulders pattern on the Bitcoin daily chart. Generally, such patterns indicate the market bulls are struggling to drive an asset’s price to a higher value. 

    Martinez states that indicators on the BTC daily chart are pointing to an incoming price dip within the next day. For example, he noted that the TD sequential indicator, designed to identify possible points of trend reversals, is showing a green 9 candlestick, which can be interpreted as a potential sell signal.

    The veteran crypto analyst also points to the Relative Strength Index RSI, another indicator targeted at recognizing trend reversals. Martinez stated the RSI on the BTC daily chart has crossed 74.21, a level known to induce “sharp” price retracements since March. 

    However, Ali Martinez has provided a clause to his latest price prediction. The analyst stated that BTC could avoid this incoming sell-off but only if the token closes its current daily candlestick above the $31,560 price mark. 

    At the time of writing, BTC is trading at $29,960, with an 11.6% gain in the last week. Meanwhile, the token’s daily trading volume is currently up by 18.25%. With a market cap of $584.38 billion, Bitcoin remains the world’s most valuable crypto asset.

    Growing Investor Confidence In Bitcoin

    In other news, there appears to be a high level of growing confidence in Bitcoin at the moment. Recent data from IntoTheBlock revealed a notable increase in long-term Bitcoin holdings, as 80% of circulating BTC has not been moved from an investor wallet in the last six months. 

    Furthermore, a crypto analyst with the X username Slim Daddy also shared that the total balance of BTC owned by hodlers, i.e., investors that have held Bitcoin for over a year, has recently reached a new height of 13.45 million Bitcoin. 

    The analyst believes the continuous accumulation of Bitcoin has been the driving force behind the token’s robust price performance despite a series of market turbulent events. The maiden cryptocurrency has remained among headlines in 2023, with an astounding gain of 70% since the start of the year. 

    BTC trading at $29,913.04 on the hourly chart | Source: BTCUSDT chart on Tradingview.com

    Featured image from IT News Africa, chart from Tradingview

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    Semilore Faleti

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  • SEC drops charges against Ripple, crypto exchanges address Israel-Hamas war, Bitcoin crosses $30K | Weekly Recap

    SEC drops charges against Ripple, crypto exchanges address Israel-Hamas war, Bitcoin crosses $30K | Weekly Recap

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    This week, U.S. regulators dropped charges against Ripple’s executives; Coinbase addresses Hamas’ use of crypto; Bitcoin crosses $30,000 amid discussions surrounding spot ETFs.

    SEC waves the white flag

    This week, the U.S. Securities and Exchange Commission (SEC) dropped its charges against Ripple’s executives Brad Garlinghouse and Chris Larsen. However, court documents confirmed that this dismissal does not signify the conclusion of the SEC’s case against Ripple. 

    Both parties are actively engaged in negotiations to address Ripple’s alleged violations related to its Institutional Sales of XRP. They have established a deadline of Nov. 9 to establish a briefing schedule, or they may face court intervention.

    XRP responded with a rally. The asset surged 7.6% in an inter-day uptick, conquering the $0.50 and $0.51 price thresholds in one fell sweep.

    Separately, Ripple is seeking a Senior Manager of Shareholder Communications. The move generated significant attention in the crypto community. Speculation was rife that this move might indicate potential initial public offering (IPO) plans from Ripple. The job description outlines responsibilities related to managing major undertakings, including mergers, and acquisitions.

    Fake news on BTC ETF approval

    Meanwhile, as the SEC continues to delay a response on the multiple spot BTC ETF applications on its desk, crypto media outlet Cointelegraph reported Monday that the agency has approved BlackRock’s iShares spot BTC ETF application. 

    The report was summarily dismissed by BlackRock and the SEC, with both parties confirming that the agency is still reviewing the application. However, the effects of the fake news were felt in the market. Bitcoin jumped toward the $30,000 mark on the back of the report before dropping quickly. 

    As the market reacted to the report with a surge, a large investor placed a remarkable $5.7 billion wager in the Bitcoin Futures market. The market also saw $42 million in short liquidations, as disclosed by CryptoQuant chief Ki Young Ju.

    Shortly after BlackRock debunked the claims, BlackRock CEO Larry Fink discussed them on Fox Business but neglected to highlight any specifics surrounding the ETF application. He emphasized that the uproar in the market was due to a growing interest in cryptocurrencies among institutional clients.

    However, industry pundits believe the effects of the fake news could be used by the SEC to reject the Bitcoin ETF applications on the grounds of market susceptibility to manipulation. 

    Market analysts, such as Bitfinexed, support this view, presenting a case for market manipulation in potential ETF denials. Nonetheless, Bloomberg experts remain optimistic, predicting that there is a 90% chance of the SEC approving a spot BTC ETF by early 2024.

    Another slew of global regulatory efforts 

    This week witnessed another slew of regulatory efforts and enforcement actions. Despite being stretched with its ongoing lawsuits against Ripple, Coinbase and Binance, the SEC still had some time to slap a fine on another crypto entity. 

    Digital asset firm Thor Technologies and CEO David Chin received a $1.05 million fine from the SEC for allegedly distributing unlicensed securities. They offered project tokens as investment opportunities, which the SEC claims violated securities provisions. They now face a substantial penalty for their actions.

    The crypto scene witnessed one of the effects of the SEC’s continued crackdown on the industry. LBRY announced its closure due to insurmountable debts, including SEC-related and legal obligations. Their court case resulted in a $111,000 settlement as they lost the judgment to the regulator amid debt to other entities.

    The FBI and New York AG come for crypto projects

    The FBI also took center stage this week. The agency fined six individuals in New York for engaging in unlicensed cryptocurrency exchange activities between July 2021 and September 2023. 

    They conducted covert crypto-to-cash conversions on the darknet, failing to comply with FinCEN’s licensing requirements. While most face consequences, one was released on conditional terms.

    New York Attorney General Letitia James also jumped on the enforcement party this week. She filed a billion-dollar lawsuit against Gemini Trust, Genesis Capital, and Digital Currency Group, alleging deceptive practices in the crypto space. 

    The suit focuses on Gemini’s ‘Gemini Earn’ program, where they allegedly failed to disclose Genesis’ instability. Letitia aims to restrict these companies’ operations in New York’s financial sector, sparking crypto controversy.

    Coinbase’s growth moves

    Amid the chaos in the industry, Coinbase made two growth-oriented moves this week. The exchange introduced a perpetual futures offering for its Advanced retail users outside the U.S. The offering supports four crypto assets: BTC, ETH, LTC and XRP. Trading began on Oct. 18, the day of the announcement.

    Coinbase disclosed plans to extend its foothold in the European market, applying for a new EU license under the upcoming MiCA regulation, slated to take effect in December 2024. The exchange’s expansion plans come amid the regulatory uncertainty in the U.S.

    Nana Murugesan, Coinbase’s VP of International and Business Development, confirmed their commitment to the European Union. Having first flocked to Ireland in 2018, the company aims to make the country its European base amid its expansion plans.

    Concerns surrounding Israel-Palestine conflict

    The Israel-Palestine conflict spilled into this week, with casualties mounting up. As the escalation progressed, market leaders expressed apprehension about Hamas leveraging crypto for donations. Reports suggested that Binance blocked over 100 accounts tied to Hamas at the request of Israel.

    This week, Coinbase echoed the concerns raised by industry leaders. The American exchange expressed its stance against the use of crypto for donations by groups such as Hamas. They noted that they have a team of 400 individuals under their compliance unit. The work of this team is to report any suspicious activity in this regard.

    Amid the growing concerns, the U.S. Treasury sanctioned Gaza-based crypto exchange Buy Cash, leveraged by Hamas for crypto donations. Additionally, the Treasury extended these sanctions to ten key members of Hamas and their financial associates in Qatar, Algeria, Turkey, and Sudan.

    A favorable week for Bitcoin

    Despite the chaos this week, the Bitcoin market saw favorable movements. These bullish metrics started surfacing on Oct. 16, when reports revealed that BTC whales have continued to accumulate more tokens, as the asset held firm above $26,000.

    While the fake news on the approval of the BTC ETF artificially pumped BTC to $30,000 on Oct. 16, this rally was unsustainable, leading to a crash to $28,500 by the end of the day. BTC faced two days of constant loses following this development, as market participants actively sold off their holdings.

    However, the asset made a comeback on Oct. 19, increasing by 5.53% from Oct. 19 to Oct. 21. Amid this upsurge, Bitcoin crossed the $30,000 mark, hitting a three-month high of $30,379. Despite a drop from this high, BTC is still up 10.2% from the value it started the week with.


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    Wahid Pessarlay

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  • Bitcoin Critic Kicks Against Spot ETF Hype, Predicts Low Institutional Investment

    Bitcoin Critic Kicks Against Spot ETF Hype, Predicts Low Institutional Investment

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    The price of Bitcoin (BTC) moved above $30,000 in the last few hours, according to data from CoinMarketCap. However, as with multiple instances in the past week, the crypto market leader was unable to sustain its bullish momentum, dipping by 0.6% in the last hour.

    As the BTC market continues its battle against the $30,000 resistance zone, Bitcoin critic and gold advocate Peter Schiff has weighed in on the ongoing discourse surrounding the potential effects of the approval of a spot Bitcoin exchange-traded fund (ETF).

    Bitcoin ETF Will Not Boost Institutional Investment, Schiff Says

    In a post on X on Saturday, Peter Schiff stated that contrary to popular beliefs, the availability of more Bitcoin ETFs will likely not result in a higher level of institutional investment in the world’s largest crypto asset.

    Schiff’s heavy take comes at a time in which several asset managers are currently trying to gain approval to launch the first-ever spot Bitcoin ETF in the US. 

    Since the onset of this ETF saga in June, many market analysts have lauded the potential positive effects a spot Bitcoin ETF could produce, with some predicting BTC’s price to trade above $100,000.

    According to a recent report by blockchain analytics firm CryptoQuant, the approval of a spot market ETF could result in BTC attaining a market cap of $900 billion and a total crypto market cap growth of $1 trillion. 

    However, Peter Schiff presents an opposing theory to this debate as he believes investment brokers will likely not be purchasing such funds for their clients due to certain “liability.” 

    In this context, “liability” likely refers to the risk factors attached to crypto investments, which include the crypto market volatility and lack of clear regulations in the US, among others.

    Peter Schiff believes that with such existing “liability,” investment professionals will not promote or recommend a Bitcoin ETF to their clients. 

    In the best-case scenario, he states that investment in Bitcoin ETFs – including a spot Bitcoin ETF – will likely occur through unsolicited buy orders whereby a client makes a specific request to purchase such funds. 

    The ETF Saga Continues

    In other news, the Bitcoin ETF saga has garnered more attention in recent weeks as more bullish predictions continue to roll in.

    Most recently, Paul Grewal, Chief Legal Officer at Coinbase, stated that the American largest exchange is confident the SEC will definitely greenlight a spot Bitcoin ETF following the commission’s recent court loss against Grayscale.

    Meanwhile, certain asset managers, including BlackRock and Ark Invest, have reviewed their ETF applications, indicating signs of an ongoing dialogue with the SEC, a move which typically precedes an approval by the securities regulator.

    For now, it remains unknown if a spot Bitcoin ETF will eventually grace the US markets, but analysts have penned down January 10 as the expected date of approval.

    Thereafter, Peter Schiff’s theory can be put to the test. However, it is worth stating that BTC did gain by 7% on October 16 following the fake news on the approval of BlackRock iShares ETF.

    At the time of writing, BTC trades at $29,890.35 with a 0.6%  gain in the last day. Meanwhile, the token’s daily trading volume is down by 12.67% and valued at $13.35 billion

    BTC trading at $29,885.27 on the hourly chart | Source: BTCUSDT chart on Tradingview.com

    Featured image from American Enterprise Institute, chart from Tradingview

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    Semilore Faleti

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  • By The Numbers: Here’s How MicroStrategy’s Bitcoin Strategy Is Going

    By The Numbers: Here’s How MicroStrategy’s Bitcoin Strategy Is Going

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    MicroStrategy’s Bitcoin holdings are now in profit again. MicroStrategy is well known to be one of the largest Bitcoin buyers in recent years. The company is such a believer in Bitcoin that it sold some of its stocks to increase its Bitcoin holdings. This would seem extreme to some investors, but as suggested by recent price action, MicroStrategy’s Bitcoin strategy seems to be paying off. 

    How MicroStrategy’s Bitcoin Strategy Is Going

    MicroStrategy started investing in Bitcoin in 2020, becoming one of the first companies to do so. The firm started by buying $250 million worth of Bitcoin in August 2020 and hasn’t slowed down since. In its latest move, MicroStrategy acquired approximately 5,445 Bitcoins for approximately $147.3 million between August 1, 2023, and September 24, 2023. According to the company’s purchase filing, as of September 24, 2023, MicroStrategy owns approximately 158,245 Bitcoins bought at an approximate price of $4.68 billion.

    On the other hand, Bitcoin has had one of the strongest advances in the crypto market in recent weeks and is now trying to build a strong momentum over $30,000. At the time of writing, Bitcoin is up by 11.08% in a seven-day timeframe. Although the cryptocurrency is now trading at $29,838, it crossed over $30,000 in multiple instances during the week. 

    Amidst all this upheaval in the market, MicroStrategy’s Bitcoin holdings have taken a turn for the better in terms of profitability. Given that the total Bitcoin holdings of MicroStrategy were purchased at an average of $29,582 per coin, the company has now achieved a total profit of about $67.4 million with Bitcoin at $30,000.

    Bitcoin price nearing the $30K level today. Chart: TradingView.com

    A Sturdy Bitcoin Approach?

    Bitcoin has been on an incredible run over the past year, massively outpacing the stock market and most other mainstream investments. The cryptocurrency is now in a prime position for a price surge in the coming months. Many financial analysts have hinted that a bull run to a new all-time high for the cryptocurrency could be on the horizon, especially as the industry awaits the approval of a spot Bitcoin ETF from the US SEC.

    It’s been a while since MicroStrategy’s Bitcoin holdings turned a profit, as Bitcoin has been saddled with various market crashes. According to CryptoQuant data, MicroStrategy benefited massively during the 2021 bull run. But things have been calm since then, with the company only topping up its Bitcoin holdings from time to time. 

    As it stands, MicroStrategy stands to benefit more than most companies in the event of a new bull run. If Bitcoin reaches $50,000, MicroStrategy’s holdings would be almost double its current worth. The company will likely keep buying more Bitcoin over time as it plans to make Bitcoin a large percentage of its total assets.

    Featured image from ETF Database

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    Scott Matherson

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  • Bitcoin Developer Sounds Alarm: There’s A Backdoor In The Lightning Network

    Bitcoin Developer Sounds Alarm: There’s A Backdoor In The Lightning Network

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    Bitcoin’s Lightning Network was designed to make Bitcoin transactions faster and cheaper. But according to a recent discovery by a now former Lightning developer Antoine Riard, there’s a major security flaw in the network that puts users’ funds at risk. Taking to a thread on the Linux Foundation’s public mailing list, Riard detailed the new discovery of a security risk in the Lightning Network that could allow hackers to easily get control of the Layer 2 protocol.

    Developer Departs From Bitcoin Lightning Network Over Security Concerns

    The Bitcoin Lightning Network is a “layer 2” payment protocol that operates on top of the Bitcoin blockchain. It enables fast, low-cost transactions between participating nodes. Since its inception, the Bitcoin Layer 2 protocol has been well accepted, although various vulnerabilities have been reported.

    Users can instantaneously send and receive Bitcoin thanks to the Lightning Network, which facilitates the creation of a network of payment channels between users without waiting for transactions to be confirmed on the blockchain. However, Riard claims that there’s a new malevolent danger out there called the replacement cycling attack, which puts the network in a perilous position.

    Cycling attack works by specifically targeting payment channels to steal funds from mempools. These attacks are not easy but can be carried out by very sophisticated players. It essentially works by changing the transaction signature of a victim’s timeout transaction in a mempool by a new transaction without leaving a trace on the network. Although simple cycling attacks can be easily mitigated, Riard warns that a very sophisticated attack could leave payment channels exposed to hackers.

    https://x.com/mononautical/status/1715736832950825224?s=20 

    Related Reading: Bitcoin In Peril? Is BTC ‘Fighting Crucial Levels’ Or Winning?

    BTC market cap currently at $584.24 billion. Chart: TradingView.com

    What This Means For The Future Of The Lightning Network

    The vulnerabilities uncovered in the Lightning Network codebase are troubling for the future of Bitcoin’s scalability solution. Riard’s discovery seems to have ruffled a few feathers of Bitcoin investors, as revealed by comments on social media platforms. 

    In what looks like his second memo on the issue, Riard mentions that addressing the issue may require significant rewrites of critical components of the network’s base layer. Defending against the backdoor may also require modifications to the underlying public Bitcoin ecosystem.

    “I think this new class of replacement cycling attacks puts lightning in a very perilous position, where only a sustainable fix can happen at the base-layer, e.g adding a memory-intensive history of all-seen transactions or some consensus upgrade,” Riard said.

    https://x.com/WhaleWire/status/1715686930476655030?s=20 

    Riard has since stepped down from the development of the Lightning Network, with plans to focus now on Bitcoin core development. Data from DefiLlama shows the TVL of the Lightning Network is now at $159.74 million. Its future of depends on how developers and the Bitcoin community respond to this news. A quick, transparent fix of the vulnerability to restore trust should be the important next step. 

    On the other hand, the price of Bitcoin just crossed $30,000. Renowned financial author Robert T. Kiyosaki predicts that Bitcoin will reach $135,000 very soon.

    Featured image from Crypto News

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    Scott Matherson

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  • Can Bitcoin (BTC) Surpass $70,000 In The Next 6 Months? Analyst Provides Answers

    Can Bitcoin (BTC) Surpass $70,000 In The Next 6 Months? Analyst Provides Answers

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    The recent surge in Bitcoin’s price over the weekend caught many market observers by surprise. The alpha coin marked a 1.5% gain in the last 24 hours, bringing Bitcoin’s value above the psychologically important $30,000 threshold, which also serves as a key resistance level.

    At the time of writing, Bitcoin was trading at $30,154, up 12% in the last seven days, data from crypto market tracker Coingecko shows. On October 16th, the cryptocurrency briefly spiked to around $30,000 on Binance due to false reports of an approved spot Bitcoin ETF. However, as soon as the truth about these reports came to light, the market swiftly corrected.

    Just two days later, Bitcoin once again rallied to $30,000, but it struggled to maintain this crucial level, facing resistance and fluctuations. These multiple attempts indicate the significance of the $30,000 price point as a key battleground for Bitcoin’s near-term price movements.

    Influential Factors Behind Bitcoin’s Recent Surge

    The recent surge in Bitcoin’s price doesn’t have a clear cause, but it’s likely driven by market optimism surrounding the potential approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission.

    This optimism is based on the belief that a Bitcoin ETF approval would offer more accessible and regulated exposure to the cryptocurrency, attracting institutional and retail investors and further legitimizing the asset within traditional finance. The anticipation of this regulatory milestone is a key factor influencing Bitcoin’s price at present.

    Jebb, a prominent crypto analyst, has examined the 200-weekly simple moving average in Bitcoin trading. Jebb stressed the importance of this moving average as a prediction of Bitcoin’s future bull markets, based on its previous record.

    BTCUSD nearing the $30K territory. Chart: TradingView.com

    This moving average, he noted, has consistently proven to be a vital and insightful indicator, offering valuable insights into the complex dynamics of Bitcoin’s price movements.

    In the video, Jebb dispelled the myth that Bitcoin’s price fell sharply below the 200-weekly moving average in 2022, rendering it obsolete. He maintained that outside variables, like the Federal Reserve’s artificially inflated 2021 price of Bitcoin, had an impact on the decline.

    He emphasized that these exceptional circumstances played a pivotal role in the 2022 downturn, underscoring that the 200-weekly moving average remains a valuable metric for predicting Bitcoin’s future trajectories, given the return to more typical market conditions.

    Bullish Signals For Bitcoin’s Future

    According to Jebb’s analysis, in the absence of intervention from the US central bank, the price of Bitcoin would have experienced a surge to around $50,000 instead of $70,000, followed by a correction to approximately $20,000 as opposed to $27,000.

    All of these criteria support a Bitcoin bull market. Jebb predicted that Bitcoin might rise $50,000 to $70,000 in six months based on his findings. This estimate gives Bitcoin’s price growth potential an extra boost by taking into account the April 2024 halving event.

    Moreover, the analyst went on to introduce a diverse array of technical indicators that strengthen the prospect of an impending bull market for Bitcoin. Among these indicators, he drew attention to the weekly chart’s Moving Average Convergence Divergence (MACD), the Relative Strength Index (RSI), and the Lux Algo signals.

    Featured image from AccountingWEB

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    Yuna Rin

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  • Solana On Fire With Over 34% Rally Within A Week – Details

    Solana On Fire With Over 34% Rally Within A Week – Details

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    The cryptocurrency industry has demonstrated a strong positive trend throughout the course of the week, with leading cryptocurrencies experiencing substantial increases in their market value. Moreover, the price of Solana (SOL) has exhibited superior performance compared to prominent cryptocurrencies, experiencing a notable increase of more than 34% in value over the course of one week.

    Solana is a widely recognized Layer-1 network renowned for its scalability. The Solana network is characterized by its rapid confirmation times and has a thriving ecology and community. Over the course of the previous 24-hour period, there has been a notable increase of 15% in the trading volume of the SOL cryptocurrency, accompanied by a positive trend in its price.

    Even with its continued stellar performance, Solana is still making waves in the market. According to data from CoinMarketCap, as of October 21, Solana’s spot price was nearly $29, up 9% compared to its previous 24-hour price.

    Since the beginning of October, the Solana price has exhibited a confined trading range between $23 and $24, suggesting a lack of enthusiasm among investors for the aforementioned cryptocurrency. Subsequently, the coin underwent a decline in value, leading to a breach of its support level by the price.

    The SOL price had a significant gain of 25% throughout the preceding 30-day period. At the time of writing, the market capitalization of the altcoin stands at $9,740,214,861. Based on the Solana price forecast, financial analysts see a potential increase to $31 by the end of 2023.

    The current increase in SOL’s valuation is the result of multiple drivers. One key factor is the Solana ecosystem’s rapid expansion and advancement, especially in the field of decentralized finance (DeFi).

    SOL market cap currently at $12.5 billion. Chart: TradingView.com

    Frankie Candles provided the cryptocurrency community with a window into the extensive growth of the Solana network by sharing visual evidence that demonstrated the bustling activity occurring ‘behind the scenes’ within the Solana network.

    Can The ‘Ethereum Killer’ Soar Higher?

    The token has exhibited a proven trend reversal, transitioning from a bearish trajectory that commenced in July and persisted until September, to a positive trajectory. Following a significant shift in a critical level, the cryptocurrency that is believed to pose a threat to Ethereum may potentially enter a price range of $30.00, which holds psychological significance.

    Meanwhile, SOL is approaching a significant pattern testing phase. According to a seasoned macro investor, if the endeavor is successful, it may potentially pave the way for a substantial increase of 66% in value. The individual’s viewpoint is in accordance with the prevailing trend of optimism surrounding the crypto.

    Raoul Pal, a famous macro investor and market analyst, has been very positive about SOL for most of the year. The price of the token went up 171% during this time. He also said that there are some signs that the great rise could get even bigger.

    (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 Coin Culture

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    Christian Encila

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  • NY sues crypto firms, FTX’s Nishad faces 75 years in jail, and Grayscale’s new BTC filing: Hodler’s Digest, Oct. 15-21

    NY sues crypto firms, FTX’s Nishad faces 75 years in jail, and Grayscale’s new BTC filing: Hodler’s Digest, Oct. 15-21

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    Top Stories This Week

    Grayscale files for new spot Bitcoin ETF on NYSE Arca

    Major cryptocurrency investment firm Grayscale Investments has filed a new application with the U.S. Securities and Exchange Commission for a new spot Bitcoin exchange-traded fund (ETF). The new filing aligns with Grayscale’s ongoing effort to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, according to a statement from the firm. The news comes weeks after Grayscale won an SEC lawsuit for its spot Bitcoin ETF review, with a court of appeals ordering the SEC to explain why it rejected Grayscale’s application in June 2023. The company also filed with the SEC to list an Ether futures ETF in September.

    New York Attorney General sues Gemini, Genesis, DGC for allegedly defrauding investors

    New York’s attorney general has filed a lawsuit against cryptocurrency firms Gemini, Genesis and Digital Currency Group (DCG) for allegedly defrauding more than 23,000 investors through the Gemini Earn investment program. The suit claims that Gemini assured investors that the program was a low-risk investment, while investigations carried out by the office of New York State Attorney General Letitia James found that Genesis’ financials “were risky.” The lawsuit also charges Genesis’ former CEO, Soichiro Moro, and its parent company’s CEO, Barry Silbert, with defrauding investors by attempting to conceal more than $1.1 billion in losses. In addition, the court case looks to ban Gemini, Genesis and DCG from operating in the financial investment industry in New York.

    Former FTX engineering director faces up to 75 years in prison following guilty plea

    Nishad Singh, the former engineering director at now-defunct crypto exchange FTX, faces up to 75 years in prison for charges related to defrauding users of the crypto exchange. He pleaded guilty to fraud charges as part of his cooperation agreement with the U.S. prosecutors. During his testimony this week, Singh said that when liquidity issues at FTX began in November 2022, he felt “suicidal for some days” while dealing with alleged inconsistencies between the exchange’s public statements and its activities behind the scenes. Singh also claimed that Bankman-Fried had the habit of deciding on purchases through Alameda Research by himself.



    Binance shutting down European Visa debit card in December

    Binance Visa debit card services will close down in the European Economic Area in December, marking the latest setback for Binance. The termination of the card services was announced a day after the exchange restored euro deposits and withdrawals, which had been unavailable for a month after payments processor Paysafe dropped the exchange. Binance is still not onboarding new users in the United Kingdom due to the loss of a third-party service provider.

    Elon Musk, Mark Cuban team up to contest SEC trial strategies

    Elon Musk, Mark Cuban and others have collaboratively submitted a shared amicus brief to the Supreme Court of the United States to raise concerns about the U.S. Securities and Exchange Commission’s (SEC) approach to conducting internal proceedings without the inclusion of juries. The context of this legal challenge centers around the SEC vs. Jarkesy case. George Jarkesy argues that the SEC’s internal adjudication process, which lacks a jury and is overseen by an administrative law judge appointed by the commission, contradicts his Seventh Amendment rights. Effectively resulting in a single entity fulfilling the roles of judge, jury and enforcer.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $29,590, Ether (ETH) at $1,607 and XRP at $0.52. The total market cap is at $1.12 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bitcoin SV (BSV) at 59.00%, Stacks (STX) at 25.91% and MX TOKEN (MX) at 25.26%. 

    The top three altcoin losers of the week are Conflux (CFX) at -8.03%, Frax Share (FXS) and Sui (SUI) at -6.35%.

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

    Read also


    Features

    Unforgettable: How Blockchain Will Fundamentally Change the Human Experience


    Features

    The Metaverse is awful today… but we can make it great: Yat Siu, Big Ideas

    Most Memorable Quotations

    “We are all part of a bigger game, and Bitcoin is one of the strongest levers in that.”

    Edward Snowden, technologist and whistleblower

    “Using publicly available information to learn is not stealing. Nor is it an invasion of privacy, conversion, negligence, unfair competition, or copyright infringement.”

    Google

    “I felt betrayed, something I’d put in blood, sweat and tears for five years turning out so horrible.”

    Nishad Singh, former engineering director of FTX

    “The games funded 2 years ago are going live over the next 12 months. We will see hits.”

    Robbie Ferguson, co-founder and president of Immutable

    “After extensive DAO forum discussion followed by community vote, the sunsetting of the Lido on Solana protocol was approved by Lido token holders and the process will begin shortly.”

    Lido Finance

    “Any innovation — especially this one with financial impact, cultural value and status — will attract questioning during its downs.”

    Anjali Young, co-founder of Collab.Land

    Prediction of the Week 

    BTC price hits 2-month high amid bet Bitcoin will break $32K ‘soon’

    On Oct. 20, data from Cointelegraph Markets Pro and TradingView captured new two-month Bitcoin highs of $30,233 on Bitstamp. BTC price showed continued strength during the Asia trading session on the same day, with a slight comedown taking the spot price back below $29,500.

    With volatility still evident, market participants argued that a weekly candle close was needed in order to establish the rally’s true staying power. For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) at $28,627 was of particular importance.

    “This move is one to watch, but what I’m watching for right now is to see if this Weekly candle closes above the 100-Week MA and if next week’s candle can stay above it with no wicks below,” Alan wrote in part of an X post on the day. “Some might consider that a confirmation of a bull breakout, but this market is known for squeezes and fake outs so I’m looking for more confirmations. For me BTC will also need to take out prior resistance at $30.5k, $31.5k and ultimately $33k to call a bull breakout confirmed and validated.”

    FUD of the Week 

    Fantom Foundation hot wallet hacked for $550K

    The Fantom Foundation, the developer of the Fantom network, has been hacked for over $550,000 worth of cryptocurrency. The foundation confirmed the attack on X, claiming that most of the funds stolen belonged to other users and that 99% of the foundation’s funds remain safe. Blockchain security researchers initially reported that the attacker stole approximately $7 million in crypto. The Fantom Foundation later released an official statement saying that some of the wallets labeled “Fantom: Foundation wallet” were mislabeled by block explorers and that not all the stolen funds were from the foundation.

    TrueCoin’s third-party vendor breach potentially leaks TUSD user data

    TrueUSD (TUSD) announced a potential leak of certain Know Your Customer (KYC) and transaction history data after one of TrueCoin’s third-party vendors was compromised. The company was the operator of the TUSD stablecoin until July 13, 2023. The impact of the attack and the resultant data leak is yet to be identified, as the total number of users’ data was not revealed during the announcement. Data collected from such breaches — names, email addresses and phone numbers, among others — are typically used for phishing attacks. Attackers reach out to unwary investors by mimicking various crypto services, often promising high profits in short amounts of time.

    Web3 game project allegedly hired actors to pose as executives in $1.6M exit scam

    The development team for gaming project FinSoul carried out an alleged exit scam, siphoning away $1.6 million from investors through market manipulation, according to a recent report from blockchain security platform CertiK shared with Cointelegraph. The FinSoul team allegedly hired paid actors to pretend to be its executives, then raised funds for the sole purpose of developing a gaming platform. However, instead of actually creating the platform, the FinSoul team allegedly transferred $1.6 million in bridged Tether from investors to itself. Blockchain data indicates developers then laundered the funds through cryptocurrency mixer Tornado Cash.

    Big Questions: What did Satoshi Nakamoto think about ZK-proofs?

    What was once a passing interest of Bitcoin inventor Satoshi Nakamoto, zero-knowledge-proof technology is now a major part of the crypto world.

    Ethereum restaking: Blockchain innovation or dangerous house of cards?

    “Restaking” involves reusing staked Ether to earn fees and rewards. The restaked tokens can then help secure and validate other protocols. But many fear restaking could disrupt Ethereum’s chain itself.

    Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express

    Bitmain allegedly fires staff for speaking out against salary cuts, Hong Kong investors lose faith in crypto after JPEX scandal, Bitget gets a new crypto credit card and more.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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    Cointelegraph By Editorial Staff

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  • Coinbase Exec Uses The Law To Back Why SEC Should Approve A Spot Bitcoin ETF | Bitcoinist.com

    Coinbase Exec Uses The Law To Back Why SEC Should Approve A Spot Bitcoin ETF | Bitcoinist.com

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    Coinbase’s Chief Legal Officer, Paul Grewal has recently used the law to back the approval of a Spot Bitcoin Exchange Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC), highlighting that the US regulator should fulfill its responsibilities.

    Coinbase CLO Optimism On The Approval Of A Spot BTC ETF

    In an interview on Friday, with CNBC’s Arjun Kharpal, Paul expressed his optimism about the approval of Bitcoin ETF applications by the SEC. The Coinbase CLO said that he is quite confident that the SEC will soon approve a spot Bitcoin ETF, backing his belief under the law.

    “I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law,” Paul stated.

    Following the interview, Paul highlighted his beliefs in the early success of approval, noting that the firms that have stepped forward with well-structured ETF proposals for these products and services are crucial players in the financial service industry.

    I think that the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services. So that, I think, suggests that we will see progress there in short order.

    However, Paul did not give a time frame as to when the approval will happen since the final decision about the approval ultimately lies with the SEC. However, he is still confident that the US regulator is likely to approve a Bitcoin ETF in a short period due to recent developments.

    Paul further backed his optimism following the SEC’s recent court setback when a judge from the US Court of Appeals stated that the US regulator had no grounds to deny Grayscale’s approval to convert its Grayscale Bitcoin (BTC) into a spot Bitcoin ETF, calling the SEC’s decision an arbitrary move.

    “I think that, after the U.S. Court of Appeals made clear that the SEC could not reject these applications on an arbitrary or capricious basis, we’re going to see the commission fulfill its responsibilities. I’m quite confident of that,” Paul stated.

    BTC breaks above $29,800 | Source: BTCUSD on Tradingview.com

    In addition, Paul also highlighted the SEC’s failure to file an appeal on the ruling indicating a potential approval of a spot BTC ETF soon within the stipulated timespan that was given to them by the court.

    If an approval of a Spot ETF is made, BTC could experience a major rally. A Bitcoin ETF serves as a means for investors to invest in BTC without having to make a direct purchase of the digital asset from an exchange. 

    One of the major cryptocurrency exchanges that will benefit a lot from any Bitcoin ETF approval is Coinbase. This is because the crypto exchange’s common stock is held in portfolios tailored to give investors exposure to cryptocurrencies.

    JPMorgan On A Spot Bitcoin ETF Approval

    Analysts from JPMorgan, have also expressed their optimism on a Bitcoin ETF approval, that the ETF product could be available to the public by this Christmas.

    Due to recent developments following the approval of a Spot Bitcoin ETF, the financial giant believes that there is a high chance that an ETF could gain approval before January 10, 2024.

    In addition, analysts from Bloomberg also believe that there is a 90% chance that a Bitcoin ETF will be approved next year.

    Featured image from Forkast News, chart from Tradingview.com

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    Scott Matherson

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  • Schwab bank deposits down 30% YoY, Bitcoin up 50%

    Schwab bank deposits down 30% YoY, Bitcoin up 50%

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    The Charles Schwab Corp. is experiencing a decline in customer deposits amid the rising interest rates in the U.S., while Bitcoin (BTC) is up by 50% year-over-year.

    Schwab’s financial odyssey

    Charles Schwab, recently spotlighted by Finbold, has experienced a notable decline in bank deposits, even as the price of BTC continues to rise significantly.

    The firm, known for its Bitcoin skepticism, reported disappointing third-quarter (Q3) results: consumer bank deposits saw a 28% year-on-year.

    Charles Schwab also recorded a 23.5% drop in net interest revenue. Overall revenue hovered at around $4.61 billion — a 16.2% decrease from Q2.

    Charles Schwab’s stock has experienced a decline of over 25% in both the last quarter and the year-over-year period, contrasting Bitcoin’s positive price performance. The world’s largest cryptocurrency by market capitalization has surged by 55.5% since Oct. 21, 2022. It’s currently trading at $29,804 at the time of this update.

    Presently, Charles Schwab, which trades under the ticker SCHW, is trading at $50.87 per share. That’s a drop from $68.19 per share three months ago and $68.26 per share on Oct 21, 2022.

    Meanwhile, Charles Schwab’s CEO and Co-Chairman, Walter William Bettinger, expressed concern that the Federal Reserve’s measures, while curbing inflation, are coming at a substantial price for markets, consumers, investors, and companies like Schwab. 

    Bitcoin price analysis 

    Bitcoin is currently priced at $29,782.94, accompanied by a 24-hour trading volume of $11,336,554,361.46. This reflects a 0.72% price uptick in the last 24 hours and a notable 10.71% increase over the past seven days. With a circulating supply of 20 million BTC, Bitcoin’s market capitalization stands at more than $581.2 billion.

    On Oct. 16, Bitcoin experienced a significant price surge, nearing $28,500. This rally was triggered by a U.S. court ruling in favor of Grayscale Investments against the SEC in their case, resulting in an upswing in Bitcoin’s value.

    However, On Aug. 17, Bitcoin experienced a sharp 9% decline, plummeting to just over $26,000. This abrupt drop was triggered by reports revealing that SpaceX, Elon Musk’s space travel company, had devalued its Bitcoin holdings by $373 million in the previous year and 2021.

    The news of SpaceX’s Bitcoin devaluation and subsequent sale caused widespread panic in the cryptocurrency market, leading to a massive sell-off not only in Bitcoin but also in other cryptocurrencies. The fall in Bitcoin’s price occurred hours after The Wall Street Journal disclosed that SpaceX had offloaded the virtual currency.

    This sudden downturn had a domino effect, causing a market-wide slump, with major tokens like Litecoin plummeting by 14%.

    According to CoinGlass, a cryptocurrency trading platform, the market witnessed a $1 billion reduction in cryptocurrencies over the past 24 hours, with Bitcoin accounting for nearly half of the losses. The sell-off was further exacerbated by concerns related to inflation and the potential for another interest rate hike by the US Federal Reserve.

    Market experts and professional traders indicated that the sudden drop was likely a result of market structure and liquidations rather than a singular fundamental catalyst.

    This incident underscored the inherent volatility of the cryptocurrency market and emphasized how news and events can significantly influence its value. Despite this turbulence, Bitcoin’s long-term potential is a transformative technology capable of revolutionizing various industries.

     


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    Ogwu Osaemezu Emmanuel

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  • Bitcoin ETF Mania Sparks A Surge In Google Searches

    Bitcoin ETF Mania Sparks A Surge In Google Searches

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    The excitement surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) located in the United States is developing, as evidenced by the spike in Google searches for this cutting-edge financial instrument. The increased interest from the general public and retail investors highlights the growing excitement about the possible early 2024 launch of a spot Bitcoin ETF.

    According to Google Trends data, this week will mark the peak value of 100 for the global search value of the term “spot Bitcoin ETF” over a five-year period, indicating the highest level of interest among users.

    The search value for “Bitcoin ETF” has also increased to 39, the highest level since ProShares’ futures-based ETF was launched two years ago.

    Search Trends Highlight Enthusiasm

    The increase in searches indicates that more people are actively looking for information on these financial products and how they can affect the market capitalization of Bitcoin, which is currently the largest cryptocurrency in the world.

    After the US Securities and Exchange Commission missed a deadline to contest a significant legal setback, market players are becoming more optimistic that the SEC will approve a spot Bitcoin ETF early next year.

    The fact that the deadline was missed has increased confidence and raised hopes for the ETF’s adoption in 2024, which will unleash a wave of liquidity.

    Bitcoin moving closer to the $30K territory. Chart: TradingView.com

    Acceptance of a position a recurring topic in the cryptocurrency world is the Bitcoin ETF, which is frequently regarded as a gauge of the currency’s widespread acceptance. Leading asset management companies, such as Ark Invest and BlackRock, are vying for the top spots in ETF approval.

    Cathie Wood takes charge of Ark Invest, and she has carefully modified its applications. An agreement with Coinbase that emphasizes the division of the trust’s assets from the custodian is one such modification.

    This answers the SEC’s earlier worries about spot Bitcoin ETF applications lacking strong surveillance-sharing arrangements.

    Looking Ahead: The Future Of Spot Bitcoin ETFs

    The anticipation for the possible introduction of a spot ETF intensified around three months ago when significant participants in conventional financial markets, such as BlackRock, submitted applications for one.

    This development helps explain why Bitcoin performs better than other cryptocurrencies in addition to shielding it from unfavorable macroeconomic developments.

    The regulatory environment is still a major concern as excitement grows. The first Bitcoin ETF in the US is expected to be approved, and the cryptocurrency community is excited about this development, believing it will further establish Bitcoin’s standing in the mainstream financial industry.

    The spike in Google searches is indicative of the growing interest in cryptocurrencies and the need for cutting-edge financial solutions.

    To sum up, the growing demand for spot Bitcoin ETFs is evidence of how digital assets are developing and how they are being incorporated into conventional financial markets.

    The future of spot Bitcoin ETFs is bright, with significant support from important stakeholders and a regulatory landscape that is rapidly embracing these innovations.

    Featured image from Forkast News

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    Yuna Rin

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