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Tag: crypto

  • How Banking Giant HSBC Is Using Blockchain Platform To Change The Gold Trading Game | Bitcoinist.com

    How Banking Giant HSBC Is Using Blockchain Platform To Change The Gold Trading Game | Bitcoinist.com

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    HSBC Holdings Plc, one of the world’s leading bullion banks, has launched a blockchain-based platform to modernize the traditional and manual processes of the London gold market. The new platform tokenizes ownership of physical gold housed in HSBC’s London vault, offering a digital representation of gold bars for trading.

    A Modern Twist to Gold Trading: HSBC Tokenizes Physical Gold

    In an interview, Mark Williamson, the Global Head of FX and Commodities Partnerships and Propositions at HSBC, disclosed that their innovative system employs distributed ledger technology. This “cutting-edge” system uses digital tokens to represent gold bars, facilitating seamless trade through HSBC’s single-dealer platform.

    However, HSBC is not the first to venture into using blockchain for simplifying gold investment. In 2016, crypto startup Paxos collaborated with Euroclear to create a blockchain-based settlement service for the London bullion market trades. Although their partnership dissolved a year later, Paxos continued to provide Pax Gold, a digital token backed by physical gold, currently holding a market value of $479 million, according to recent data.

    HSBC stands out in this field due to its substantial footprint and impact on the bullion market. Being one of the biggest custodians of precious metals and one of the four clearing members in the London gold market, HSBC plays a crucial role in a sector that witnesses over $30 billion worth of gold transactions daily.

    Bringing Blockchain to the Bullion: A Step Towards Modernization

    Despite the London gold market’s vast size, with approximately 698,000 gold bars valued at $525 billion stored in the Greater London area, it remains heavily reliant on outdated manual record-keeping and operates entirely over the counter. HSBC’s blockchain platform aims to simplify and streamline this process, providing clients with an easier way to track their gold ownership down to the serial number of each bar.

    HSBC’s tokenized system is designed to enhance accessibility and efficiency, with one token equivalent to 0.001 troy ounces, compared to the standard 400 troy ounces for a London gold bar. While the initial focus is on institutional investors, the platform has the potential for future adaptation to enable direct investment in physical gold by retail investors, subject to local regulatory approval.

    This initiative is part of HSBC’s broader efforts to integrate blockchain technology across its operations, including HSBC Orion, an existing platform for issuing and storing digital bonds. As the financial industry witnesses an uptick in blockchain-based applications from major institutions like JPMorgan Chase & Co., Euroclear, and Goldman Sachs Group Inc., the market is poised to see whether these innovations will be embraced at scale and deliver the promised enhancements to the traditional financial infrastructure.

    As Bitcoinist reported, HSBC’s integration of blockchain technology for gold trading taps into the burgeoning tokenized assets industry, which is predicted to reach a staggering $16 trillion by 2030. The industry’s rapid evolution and promise have positioned certain cryptocurrencies for potentially astronomical growth.

    The XRP Ledger ecosystem is pioneering in the tokenized assets space, aiming to transform real-world assets, including real estate, into digital form. Ripple’s ongoing collaborations with global banks to explore practical applications for central bank digital currencies (CBDCs) further solidify XRP’s presence in this domain.

    On another front, TrueFi and Pendle Finance are emerging as significant players, innovatively bridging traditional finance and the blockchain. TrueFi is changing the lending sector with its TRU token, offering crypto loans without collateral instead of relying on a user’s creditworthiness.

    Pendle Finance, with a current $65 million market cap, is not only making strides in real-world assets but also inviting institutional investors to the blockchain, offering a suite of financial products. As the tokenized assets industry grows, these cryptocurrencies are well-positioned to reap the benefits.

    As of this writing, Bitcoin trades at $34,500 with sideways movement on low timeframes.

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

    Cover image from Unsplash, chart from Tradingview

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    Reynaldo Marquez

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  • PayPal’s $158M PYUSD Stablecoin Market Cap Shaken By SEC Subpoena | Bitcoinist.com

    PayPal’s $158M PYUSD Stablecoin Market Cap Shaken By SEC Subpoena | Bitcoinist.com

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    In a recent report by Reuters, online payment system company PayPal announced plans to bolster its market value by $4 billion, seeking to streamline operations to appease investors. However, investor optimism was tempered by disclosing a subpoena from the US Securities and Exchange Commission (SEC) related to PayPal’s stablecoin PYUSD.

    PayPal’s $4 Billion Value Boost Amidst SEC Subpoena

    Before market opening on Thursday, PayPal’s shares surged by 7% to reach $55.16, fueled by a full-year profit forecast that assuaged concerns of a spending slowdown. 

    The company’s new CEO, Alex Chriss, acknowledged the need for cost reduction, stating, “Simply put, our cost base remains too high.” Chriss emphasized aligning resources with the most profitable growth priorities in their strategic realignment.

    Per the report, the positive forecast reflects consumers’ “resilient” financial health, enabling them to sustain their spending habits despite lingering economic uncertainties. 

    Analysts, including Tien-tsin Huang from J.P. Morgan, praised Chriss’ remarks, citing his “insightful assessment” of the company’s challenges and a solid framework for improving growth and profitability. William Blair, a leading brokerage firm, also expressed encouragement regarding PayPal’s narrowed focus on profitable growth.

    While PayPal’s market value expansion was well-received, the disclosed SEC subpoena signifies continued regulatory scrutiny in the cryptocurrency industry. 

    Despite a recent high-profile court loss against Grayscale Investments, the SEC’s Enforcement Division sent the subpoena to PayPal, requesting document production. 

    Notably, PayPal made history as the first major financial technology firm to embrace digital currencies for payments and transfers when it launched its dollar-backed stablecoin in August. 

    Acknowledging the SEC’s scrutiny, PayPal reiterated its cooperation with the subpoena, according to the report.

    PYUSD Stablecoin Gains Traction 

    According to data from CoinMarketCap, PayPal’s PYUSD stablecoin has garnered significant attention in the digital currency space, boasting a notable market cap and significant trading volume. 

    With a market cap of approximately $158,763,822, PYUSD currently ranks 240th among digital assets. Furthermore, PYUSD has experienced a 24-hour trading volume of $2,847,923, ranking it at 482nd. 

    The volume-to-market cap ratio, a key metric that measures the liquidity and relative trading activity of an asset, stands at 1.80% for PYUSD. This figure highlights the notable trading activity surrounding the stablecoin, with a significant portion of its market cap being actively traded within 24 hours. 

    PYUSD’s circulating supply currently stands at 158,956,937 tokens. This signifies the number of stablecoins in circulation and utilized for various transactions and financial activities. 

    The total supply of PYUSD also aligns with the circulating supply, indicating that there are no additional tokens planned for issuance beyond the current amount. This fixed supply ensures stability and predictability for PYUSD users and investors.

    All around, despite the SEC’s subpoena, PYUSD has emerged as a significant player in the stablecoin ecosystem. The unfolding situation and potential further actions by the SEC against PayPal’s PYUSD stablecoin, along with their potential implications for the company’s operations, are yet to be determined.

    The total crypto market cap’s retracement after reaching the $1,30 trillion mark on Tuesday. Source: TOTAL on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • SafeMoon Executives Face DOJ Arrests And SEC Charges – SFM Plummets More Than 50%

    SafeMoon Executives Face DOJ Arrests And SEC Charges – SFM Plummets More Than 50%

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    The US Securities and Exchange Commission (SEC) recently announced charges against SafeMoon, its creator Kyle Nagy, the company’s CEO, John Karony, and CTO, Thomas Smith. 

    The SEC alleges that these individuals orchestrated a “massive fraudulent scheme” involving the unregistered sale of SafeMoon (SFM), a “crypto asset security” as defined by the SEC. 

    Per the complaint, instead of delivering the promised profits and taking the token “Safely to the Moon,” the defendants allegedly wiped out billions in market capitalization, misappropriated investor funds, and withdrew over $200 million in crypto assets for personal use.

    On this matter, David Hirsch, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit, emphasized the need for caution in the decentralized finance (DeFi).

    SEC Charges SafeMoon And Executives 

    According to the complaint, Kyle Nagy assured investors that funds in SafeMoon’s liquidity pool were safely locked and inaccessible to anyone, including the defendants. 

    However, according to the SEC’s investigations, large portions of the liquidity pool were never locked, and the defendants allegedly misappropriated millions of dollars, indulging in extravagant purchases such as McLaren cars, luxury homes, and lavish travel.

    The SEC’s complaint reveals that SFM’s price skyrocketed by over 55,000 percent before plummeting nearly 50 percent when the public discovered that the liquidity pool was not locked as claimed. 

    Notably, Karony and Smith allegedly used misappropriated assets to manipulate the market and prop up SafeMoon’s price through wash trading.

    The SEC’s complaint, filed in the US District Court for the Eastern District of New York, charges the defendants with violating registration and anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. 

    Indictment Unsealed Against Executives For Securities Fraud

    An indictment was also unsealed in federal court in Brooklyn, charging Braden John Karony, Kyle Nagy, and Thomas Smith with conspiracy to commit securities fraud, wire fraud, and money laundering conspiracy. Breon Peace, United States Attorney for the Eastern District of New York, announced the arrests and charges.

    United States Attorney Peace emphasized the commitment to pursuing fraudsters in the digital asset space, stating that their “ill-gotten gains” would not protect them from justice. 

    Ivan J. Arvelo, Special Agent-in-Charge of Homeland Security Investigations, New York, highlighted the “relentless pursuit” of individuals exploiting investors and the financial system for personal gain. 

    It is noteworthy that the charges in the indictment are allegations, and the defendants are presumed innocent until proven guilty.

    SFM Token Crashes To Lowest Trading Price Since Launch

    Following the recent disclosure of the news, SFM has experienced a significant crash, plummeting by over 52%. Currently, the token is trading at $0.00009142, marking its lowest trading price since its launch in 2022. This substantial decline of over 72% within the past year underscores the severity of the case.

    SFM’s crash in recent hours on the daily chart. Source: SFMUSDT on TradingView.com

    Furthermore, when examining other time frames, the token has seen declines of 49%, 34%, and 24% over the past seven, fourteen, and thirty days, respectively. These figures highlight the ongoing downward trend and emphasize the magnitude of the situation.

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • November To Witness Over $450M In Token Unlocks: Aptos And Avalanche Take The Lead

    November To Witness Over $450M In Token Unlocks: Aptos And Avalanche Take The Lead

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    The crypto market is set to experience significant token unlocks in November, with projects such as Aptos (APT), Avalanche (AVAX), and Hashflow (HFT) leading the way.

    These unlocks are anticipated to release more than $320 million worth of tokens, contributing to the overall $450 million set to enter circulating supplies in the crypto market this month.

    It is worth noting that such substantial releases could have immediate and long-term effects on both the price and availability of these digital assets.

    Aptos And Top Players In November’s Token Release

    Token unlocks are events where previously locked tokens become available for trading, often increasing a project’s circulating supply. These events are critical moments for projects, as they can signal maturation and a new phase of market dynamics. 

    Aptos, a Layer 1 blockchain created by former Meta executives, is expected to have the most significant token unlock by value, releasing 24.8 million APT tokens, currently representing about $165.6 million at today’s price.

    Aptos’s upcoming unlock on November 12 is not just substantial in value but also notable for its distribution, with core contributors, investors, the community, and the Aptos Foundation all set to receive portions of the release.

    Meanwhile, Avalanche, another Layer 1 blockchain, is preparing for its considerable token unlock later in the month on November 24, which will see 9.54 million AVAX tokens (valued at approximately $99.3 million at today’s price) released, marking 2.7% of its circulating supply.

    Hashflow, a multi-chain decentralized exchange, is slated to have the largest token release by circulating supply percentage. It is poised to unlock 160.38 million HFT tokens, approximately 73.9% of its circulating supply, on November 7, injecting roughly $42 million into the market.

    The distribution of these tokens will span early investors, ecosystem development, the core team, and community rewards, adding another layer to the economic activities of the project.

    Other Notable November Token Unlocks

    Other projects like Optimism (OP), ApeCoin (APE), and Sui (SUI) are also scheduled for significant token unlocks this November. However, they pale in comparison to the top three in terms of value. Optimism is set to unlock 24.16 million OP tokens worth $32.4 million.

    Apecoin (APE) is poised for an unlock of 15.60 million APE tokens worth $19.5 million, and SUI is to unlock 34.62 million tokens valued at $14.6 million at today’s market prices.

    Each unlock carries potential implications for the broader crypto market, as they may affect liquidity, trading volume, and investor sentiment. Furthermore, out of these six tokens above set to unlock this month, Aptos and Avalanche are the top gainers.

    Aptos (APT) price is moving sideways on the 4-hour chart. Source: APT/USDT on TradingView.com

    Currently, both assets are up 38% and 22%, respectively, in the past 14 days. APT trades at $6.82, down by 2% over the past 24 hours, while AVAX trades at $11.02, down by 2.7% over the same period, at the time of writing.

    Featured image from Unspkash, Chart from TradingView

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    Samuel Edyme

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  • You Won’t Believe How Much Crypto Whistleblowers Made From The CFTC | Bitcoinist.com

    You Won’t Believe How Much Crypto Whistleblowers Made From The CFTC | Bitcoinist.com

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    The CFTC has paid a staggering amount of money to crypto whistleblowers for providing sensitive information that led to the successful launch of several enforcement actions. 

    CFTC Whistleblowers Cash In

    This year, the Commodity Futures Trading Commission (CFTC) received an influx of tips from informants on illegal dealings in cryptocurrency and environmental fraud. 

    According to the annual report on the Whistleblower Program, the CFTC has released $16 million in rewards to whistleblowers this year. The agency granted over $15 million to two informants alone who had been actively involved in major enforcement cases, providing crucial information and assistance to the agency. 

    Collectively, the CFTC has awarded close to $350 million to whistleblowers and has ordered $3 billion worth of enforcement sanctions in cases related to the awards. 

    In an X (formerly Twitter) post released on October 31, Official Account Commissioner at the CFTC, Christy Goldsmith Romeo stated her optimism on the progress the agency has continuously achieved in executing enforcement actions due to the information provided by whistleblowers this year.

    Romeo said that she was well aware of the importance of informants in the agency’s investigation processes. She commemorated the bravery and actions of the informers, stating that whistleblowers were crucial to safeguarding customers. 

    “Very proud of these offices and their outsized results. As a former IG, I know firsthand how important whistleblowers are. The CFTC could not fully protect customers and markets w/o them,” Romeo stated. 

    She added, “As a former Inspector General who knows firsthand how important whistleblowers are, I wholeheartedly support whistleblowers and the CFTC’s Whistleblower Program, and am very proud of the Program’s outsized results.”

    Total market cap at $1.24 trillion | Source: Crypto Total Market Cap on Tradingview.com

    CFTC’s Latest Reports On Crypto Scams

    The CFTC Commissioner has disclosed that a significant portion of the information provided by whistleblowers this year has revolved around cryptocurrency illegalities. 

    Romeo commented on the increase in crypto scams, stating that the rapid growth of the crypto industry has attracted reprobate crypto fraudsters and encouraged illegal activities in the digital asset space. 

    “The majority of the tips received this year involved crypto—an area that continues to have pervasive fraud and other illegality,” Romeo stated. 

    Over the years the cryptocurrency industry has experienced many forms of fraud and scams including Ponzi schemes, phishing attacks, rug pulls, and more, and the CFTC has been active in its pursuit of illegal operations in the crypto industry. 

    One of its most recent investigations was focused on Binance, one of the world’s largest crypto exchanges. The CFTC filed a lawsuit against Binance, accusing the exchange of offering illegal commodities trading products to residents in the United States. Responding to the lawsuit, Binance filed a motion to dismiss the complaint. 

    The regulator’s commissioner stated that many retail customers are under the jurisdiction of the CFTC, and as such, more severe efforts have been taken by the CFTC Whistleblower Program to protect customers during this period of elevated cryptocurrency scam activities. 

    Additionally, Romeo commended the CFTC’s Office of Customer Education and Outreach on its efforts towards enlightening customers on crypto scams. She welcomed CFTC’s newly announced initiative, the Environmental Fraud Task Force, and stated that she was looking forward to favorable results from whistleblowers in these areas.

    Featured image from CNBC, chart from Tradingview.com

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    Scott Matherson

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  • Sam Bankman-Fried’s Defense Breaks Down: Testifies To Issues Within FTX | Bitcoinist.com

    Sam Bankman-Fried’s Defense Breaks Down: Testifies To Issues Within FTX | Bitcoinist.com

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    The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), continued on October 31, with the prosecution cross-examining the defendant. Despite the line of questioning from the prosecutor, SBF managed to spin his narrative on what went on at the crypto exchange. However, it remains to be seen if this will be enough to sway the jury. 

    Sam Bankman-Fried Says He Didn’t Know Much About The Bug 

    So far, the prosecution had been able to establish that Sam Bankman-Fried was in the know of everything that went on at the defunct crypto exchange and trading firm Alameda Research and, in fact, was the mastermind of all the illicit activities that went on there.

    With this in mind, the defendant was hell-bent on creating doubts in the minds of the jury members. While on cross-examination, the defendant feigned ignorance to some of the questions put forward by the federal prosecutor as to what went on at both companies.

    The prosecution asked the defendant if his employees had told him about the bug in the fiat account. In response, he stated that he only became aware because he overheard when they were talking about it. However, he was too preoccupied to deal with the situation at the time. 

    As to why he didn’t follow up on it, Sam Bankman-Fried stated that his employees had told him that they were working on it, and considering the amount of faith he had in them, he trusted them to handle it. He also alluded to how they worked as a team at the crypto exchange, and he wasn’t necessarily in charge of handling everything, as everyone had tasks delegated to them. 

    FTX Founder Feigns Ignorance To Happenings At Alameda

    While still on cross-examination, the FTX founder was asked about who made the trading decisions at Alameda, of which he suggested that he wasn’t aware of some of the things that went on in the firm despite being the CEO at the time.

    He was quick to point out that former associate and Alameda’s ex-CEO Caroline Ellison was the head of trading at the time the North Dimension account was set up. 

    The defendant, however, seemed to shoot himself in the leg when he stated that he believed that spending customers’ deposits “folded” into risk management. Probably to show good faith, he then stated that he was simply concerned about customers’ portfolios during his time as CEO of Alameda. 

    Meanwhile, Bankman-Fried also admitted that he “was paying attention but not as much” but as much as he should have as the CEO of FTX. From his testimony, it is evident that the defendant is simply trying to counter the statements of his former associates that he was totally in control of everything that went on in both companies. 

    The trial is set to continue on November 1, with the defense expected to close its case this week, after which the case will move on to rebuttals. The case is expected to come to a close by the end of next week, with a verdict from the jury coming soon after. 

    FTT bulls maintain dominance above $1.2 | Source: FTTUSDT on Tradingview.com

    Featured image from Shutterstock, chart from Tradingview.com

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    Scott Matherson

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  • Bitcoin Price Tide: Could ASIC Miner Values Signal An Approaching Crypto Surge?

    Bitcoin Price Tide: Could ASIC Miner Values Signal An Approaching Crypto Surge?

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    Adam Back, the co-founder and CEO of Blockstream, has recently drawn attention to a notable correlation, which is that the prices of ASIC (Application-Specific Integrated Circuit) miners tend to align with Bitcoin prices.

    This parallel trend has been confirmed historically, with the miners peaking in price during the 2021 Bitcoin bull run, just as BTC reached its peak of $69,000.

    Back’s analysis shows that even as the market navigates through changing tides, the fate of mining equipment is an important piece of the puzzle for understanding the overall ecosystem.

    The CEO of Blockstream also suggests that the price of ASIC miners is not just a reflection of manufacturing costs or technological advancements but also an indicator of market sentiment toward Bitcoin itself.

    The Miners’ Market: A Reflection Of Bitcoin’s Value

    According to Back in a video posted on X (formerly known as Twitter), during the prelude to the 2021 bull market, the price of ASIC miners was low, mirroring the anticipation and optimism of the Bitcoin community for a significant rally.

    However, as Bitcoin’s value skyrocketed, so did the price for these mining machines, hitting a peak of $120/Terrahash (TH) alongside Bitcoin’s all-time high. Yet, with the subsequent decline in BTC value, the demand and price for ASIC miners plummeted, currently trading hands at under $15/TH—a stark contrast to their previous highs.

    Despite a positive momentum for Bitcoin this year, ASIC miner prices have remained subdued. However, Back maintains an optimistic outlook for a potential resurgence in ASIC miner prices.

    The CEO of Blockstream suggests that as Bitcoin enters deeper into a bull phase, the value of these essential mining components is likely to increase.

    Back points to the upcoming Bitcoin Halving — an event that historically impacts Bitcoin’s price due to the reduced rate at which new Bitcoins are generated — as a possible catalyst for Bitcoin’s price surge and a parallel rise in ASIC miner values.

    Bitcoin Path To Reclaim $35,000

    Despite several predictions and analyses about Bitcoin, the top crypto has continued to move at its own pace. After retracing from the previously tapped $35,000, the asset has begun to thrive to reclaim that price zone.

    Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Currently, the asset trades at $34,269, down by 1.1% in the past 24 hours. However, looking at its weekly performance, Bitcoin still appears to be in gains. Though it has dropped by 0.7% in the past 7 days, it is still up by 20% in the past two weeks.

    Back mentioned that the Bitcoin Halving appears as a significant milestone that could precede a notable increase in Bitcoin’s price, typically starting around six months post-halving.

    While the CEO of Blockstream hesitates to make a definitive prediction about the exact outcome this time, he remains optimistic about Bitcoin’s prospects, positing that the cryptocurrency could still grow further this year or next year.

    Featured image from Unsplash, Chart from TradingView

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    Samuel Edyme

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  • Ripple Partner’s Staggering XRP Holdings Revealed, Do They Know Something You Don’t?

    Ripple Partner’s Staggering XRP Holdings Revealed, Do They Know Something You Don’t?

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    In a recent development, the crypto holdings of Ripple’s most recent partner, Uphold, have been highlighted as further evidence that the Web3 financial platform is very bullish on the Ripple ecosystem and the utility token XRP, which is used to facilitate transactions on Ripple Payments (formerly known as ODL). 

    Uphold’s Largest Crypto Holding

    In a post on his X (formerly Twitter) platform, pro-XRP legal expert John Deaton quoted a report that stated that XRP made up Uphold’s largest crypto holding. The platform is said to hold $1.25 billion worth of the token in customer funds. This is more impressive as Uphold’s customers only hold $168 million worth of Bitcoin on the platform.    

    Deaton could not hold back his surprise at these figures as it meant that there were almost 10 times more XRP on the platform in comparison to BTC. As to the reason why Uphold may have such a large XRP holding, YouTuber Matt stated that it could be from the platform getting all the businesses from their competitors when they delisted the token. 

    Major crypto exchanges, including the second largest crypto exchange by trading volume, Coinbase, delisted the XRP token after the Securities and Exchange Commission (SEC) filed a lawsuit against the company and its executives back in 2020.

    While agreeing with Matt’s comment, Deaton also mentioned how XRP contributed to Uphold’s growth, noting that the token represented “62%” of the company’s trading fees for over two years. He further mentioned how Uphold only had five million users when he signed up on the platform, but now, it boasts 30 million users. 

    XRP On The Platform Set To Increase

    The XRP holdings on the platform are expected to increase with the newly forged partnership between Ripple and Uphold. As part of the partnership, Uphold will provide its infrastructure to be used in furtherance of the Ripple Payments service, which focuses on cross-border transactions. 

    Uphold will further provide Ripple with the liquidity needed to process these transactions. To achieve this, Uphold has stated that it won’t use its existing customers’ XRP holdings but will instead use its “expertise” to source XRP on the open market. 

    Uphold has, over time, shown to be a firm believer in Ripple’s vision, and many in the XRP community seem to be very supportive of the partnership, with some highlighting how Uphold stuck by the token through “thick and thin.”

    At the time of writing, XRP is trading at around $0.57, up over 2% in the last 24 hours, according to data from CoinMarketCap.

    Token price surges pasts $0.6 | Source: XRPUSD on Tradingview.com 

    Featured image from Shutterstock, chart from Tradingview.com

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    Scott Matherson

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  • Crypto Halloween Nightmare: MEME, MEMEPAD, And TITANX Tokens Collapse, Traders Lose 100%

    Crypto Halloween Nightmare: MEME, MEMEPAD, And TITANX Tokens Collapse, Traders Lose 100%

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    In a chilling development on Halloween Day, the crypto community was hit with disturbing news as PeckShield, a renowned blockchain security company, revealed a series of rug pulls over the past few hours.

    Rug pulls, a form of cryptocurrency scam, involve sudden and deliberate value drops in specific tokens, accompanied by the perpetrators swapping the native tokens for Ethereum (ETH). The meme coins affected by the rug pulls were identified as MEME, MEMEPAD, and TITANX.

    Multiple Rug Pulls Shake Crypto Market On Halloween

    According to PeckShield’s X (formerly Twitter) post, the MEME token on the Ethereum blockchain experienced a jaw-dropping 100% drop in value. The address 0xBd72…5871 was responsible for swapping a staggering 4,854,740,126,240,000 MEME tokens for approximately 43.68 ETH. 

    It is important to note that the rug pull token shared the same name as the legitimate MEME token, adding to the confusion.

    Similarly, the MEMEPAD token on Ethereum suffered an identical 100% value drop. The address 0xBd72…5871 conducted a swap of 4,854,740,126,240,000 MEMEPAD tokens for around 44.84 ETH. 

    MEMEPAD’s rug pull. Source: MEMEPAD on TradingView.com

    Once again, the fraudulent crypto rug pull shared the same name as the genuine MEMEPAD token, compounding the deceitful nature of the scam.

    Additionally, the TITANX token launched two days ago, October 28, on Ethereum experienced a staggering 100% value decline. 

    The address 0xBd72…5871 executed a swap of 4,854,740,126,240,000 TITANX tokens for approximately 46 ETH. Mirroring the previous instances, the rug pull token masqueraded under the same name as the legitimate TITANX crypto token.

    Fantom Foundation Funds Vanish

    In alarming events, the Fantom (FTM) Foundation finds itself entangled in a harrowing tale of fund drains and swift token swaps. PeckShield has reported two significant incidents involving the Fantom Foundation’s finances, leaving the organization with substantial losses.

    The first incident occurred on October 17, 2023, when wallets associated with the Fantom Foundation were drained of approximately $7 million worth of cryptocurrencies, equivalent to around 4,500 ETH.

    Additionally, on October 26, the Fantom Foundation faced another devastating event. An unidentified entity, the “Fantom Foundation Drainer,” executed a bold move by swapping a staggering 8,087,377.97 DAI for 4,560.52 ETH. 

    The gravity of the situation intensified when the Fantom Foundation Drainer swiftly executed another swap on October 30, converting the 4,560.52 ETH back into approximately 8.3 million DAI within a mere 30 minutes. 

    The Fantom Foundation is now faced with the daunting task of investigating the breaches, identifying the culprits, and fortifying its security infrastructure to prevent future incidents. 

    Crypto
    FTM’s token uptrend over the past 30 days on the daily chart. Source: FTMUSDT on TradingView.com

    Despite recent developments, the native token of the Fantom protocol, FTM, is trading at $0.2388, reflecting a 1% increase in the past 24 hours. 

    Notably, the token has experienced a substantial surge across various time frames. Presently, it has maintained an upward trend, with gains of over 6% and 30% in the seven-day and fourteen-day periods, respectively. 

    Over the year-to-date period, the token has recorded a 5% increase. These figures indicate the token’s positive performance and growth trajectory.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Crypto Innovation Unleashed? UK HMT Unveils Significant New Regulatory Update | Bitcoinist.com

    Crypto Innovation Unleashed? UK HMT Unveils Significant New Regulatory Update | Bitcoinist.com

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    In a significant development for the crypto industry, the United Kingdom’s His Majesty’s Treasury (HMT) has released its long-awaited update on the regulatory framework for crypto assets. 

    According to Brian Quintenz, Head of Policy at a16z Crypto, a venture capital fund, the announcement signals the UK’s commitment to fostering an open, well-regulated, and technologically advanced capital market that embraces the potential of cryptocurrencies and blockchain technology.

    UK Takes Proactive Stance, Setting Clear Path For Crypto Regulation

    The HMT’s response to the crypto asset regulatory regime covers several key aspects. Firstly, it excludes airdrops from the token issuance regulatory perimeter, recognizing that they do not constitute a public offering. 

    Additionally, the statement clarifies that non-fungible tokens (NFTs), including in-game purchases and sales of digital items, are considered out of scope, emphasizing their classification as non-financial services activity.

    According to Quintenz, the UK government’s approach to decentralized finance (DeFi) reflects a cautious yet forward-thinking stance. The HMT acknowledges the potential role of DeFi in financial services as the crypto asset sector expands and blockchain-based solutions gain wider adoption. 

    Importantly, the government emphasizes that it does not intend to ban DeFi, aligning with its innovation-forward approach.

    Addressing concerns over crypto trading, the HMT strongly disagrees with characterizing it as gambling or advocating for an outright ban. It highlights the divergence such approaches would have from international regulatory workstreams and the potential negative impact on crypto-based innovation. 

    However, the statement acknowledges the need for additional clarity on concepts of decentralization and protection of customers from legacy risks associated with centralization.

    Furthermore, the regulatory framework emphasizes managing risks while encouraging innovation, recognizing the developing nature of the crypto asset sector and its evolving complexities. 

    Additionally, the government is exploring the potential benefits of Distributed Ledger Technology (DLT) in financial market infrastructures and sovereign debt management.

    Clearing The Path For Innovation? 

    The proposed regulatory framework aims to establish a proportionate and clear regulatory environment that enables firms to innovate while maintaining financial stability and regulatory standards. It includes plans to bring centralized crypto exchanges, custody services, lending platforms, and other core activities under financial services regulation for the first time.

    According to the update, the UK government acknowledges the transformative potential of digital assets and the need for an enhanced regulatory framework to realize their benefits while effectively managing risks. The proposed regulatory regime will be incorporated within the existing framework established by the UK’s Financial Services and Markets Act 2000 (FSMA), leveraging its credibility and regulatory clarity.

    The HMT’s regulatory framework is subject to consultation and stakeholder engagement. The government will carefully consider the responses and issue further technical consultations on specific rules. 

    An engagement group, chaired by the Economic Secretary to the Treasury, will facilitate ongoing dialogue with key industry participants, ensuring their insights inform establishing a clear regulatory framework that supports innovation and consumer protection.

    As the UK takes proactive steps towards effective crypto asset regulation, it aims to strike a delicate balance between encouraging innovation, managing risks, and providing regulatory clarity. The unveiled framework positions the UK as a global hub for web3 and reinforces its commitment to embracing the transformative potential of digital assets in the financial landscape.

    The total crypto market cap continues to climb to levels not seen since April. Source: TOTAL on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Top 4 Must-Watch Bitcoin And Crypto Events This Week

    Top 4 Must-Watch Bitcoin And Crypto Events This Week

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    In a week brimming with anticipation, the Bitcoin and crypto market is poised to witness a series of significant events that could steer the trajectory of digital assets. From pivotal price action in Bitcoin to crucial decisions by the US Federal Reserve (Fed), and from landmark trials to influential crypto conferences, the week is packed with developments that could have substantial implications for investors and the crypto industry alike.

    So here’s a detailed look at the top four events that are expected to capture the market’s attention in the coming days.

    #1 Bitcoin At $40,000 This Week?

    Bitcoin’s recent performance has been nothing short of impressive. The leading cryptocurrency marked its highest weekly close since May 2022, with a 15% gain last week. The bullish sentiment is further fueled by the anticipation of a spot Bitcoin ETF. Currently, Bitcoin is in a consolidation phase, but renowned technical analyst, “Titan Of Crypto,” believes there’s more to come.

    Sharing a chart, he said via X:

    Bitcoin at $40,000 next week? BTC is trying to break out from both bullish pennant and the inside bar’s range. Tenkan starts pointing up. If the following conditions are matched: Kijun follows Tenkan, daily candle manages to close above the range and stay above $34.5k. [Then,] Bitcoin could teleport to $40k in a blink of an eye.

    Bitcoin price prediction | Source: X @Washigorira

    #2 Fed Rate Decision And FOMC

    The Federal Open Market Committee (FOMC) is set to make its rate decision on Wednesday, November 1, 2023, at 2:00 pm, followed by a press conference with Fed chair Jerome Powell at 2:30 pm. The consensus among analysts is that the FOMC will maintain the target range for the federal funds rate at 5.25 to 5.5. The CME FEDWatch tool supports this, with 96.2% expecting no change.

    CME FedWatch tool
    CME FedWatch | Source: CME

    Notably, market conditions have become far more fragile than they were a year ago. The Fed needs to navigate their battle against inflation carefully as it can’t afford a severe recession.

    Bank of America commented on the upcoming meeting, stating, “We still do not expect a hike in November, as the Fed is clearly worried about the extent of financial tightening. But today’s robust spending and inflation data keep a December hike on the table.”

    Goldman Sachs economists added, “Fed officials appear to have signaled that they will not be hiking at their November meeting next week… the story of the year so far has been that economic reacceleration has not prevented further labor market rebalancing and progress in the inflation fight.”

    #3 Sam Bankman-Fried’s Trial Nears End

    The high-profile trial of Sam Bankman-Fried, related to the collapse of the FTX exchange, is nearing its conclusion. As the trial resumes on Monday, October 30, 2023, Bankman-Fried will continue his direct examination by his defense lawyer, presenting an alternative narrative to the testimonies of former employees and witnesses against him.

    Following this, the government will cross-examine him, potentially leading to a rebuttal case by the prosecution. This part of the trial is expected to consume most of the week, with the jury likely to make a decision by next week’s end.

    #4 Solana Breakpoint Conference

    Solana’s annual Breakpoint conference is set to kick off today in Amsterdam, the Netherlands. The event, which runs from October 30 to November 3, will feature Solana Labs CEO Anatoly Yakovenko, key project leaders from the Solana ecosystem, and speakers from Stripe and Visa.

    Historically, Breakpoint has been a platform for significant announcements. Last year, Solana Labs unveiled a $100 million social media fund and a $150 million blockchain gaming fund. This year, there’s buzz around RNDR – Render Network’s team, which is expected to launch Render 2.0 soon. The entire conference will be livestreamed on X and Solana’s YouTube channel.

    At press time, Bitcoin traded at $34.555.

    Bitcoin price
    Bitcoin price rise above $34,500, 1-day chart | Source: BTCUSD on TradingView.com

    Featured image from Matt Noble / Unsplash, chart from TradingView.com

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    Jake Simmons

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  • Unveiling The Data: Is Bitcoin Gaining Ground As The New Gold?

    Unveiling The Data: Is Bitcoin Gaining Ground As The New Gold?

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    The divergence between Bitcoin’s price and the sentiment surrounding it might signify an oncoming bearish trend in the future. Negative feelings and comments about Bitcoin seem to be outweighing the positive ones, potentially leading to a shift in its trajectory.

    This surge in negative sentiment contradicts the surges in Bitcoin’s price and trading activity witnessed in recent days. Despite its current value at $34,100, a downturn in overall sentiment regarding BTC has emerged.

    Interestingly, the correlation between Bitcoin and gold has remarkably elevated positive sentiment around the leading cryptocurrency, as it is increasingly perceived as a hedge against economic uncertainty.

    At the time of writing, Bitcoin was moving toward the key $35k level with a 0.7% increase in the last day, and a solid 11.4% in the last week, according to figures by Coingecko.

    Bitcoin: Appeal Increasing As Form Of Investment

    Although a recent drop in sentiment about BTC has been observed – at least during the timeframes when the crypto started bouncing back and forth between the $34K level – it was gaining popularity as an investment overall.

    Bitcoin’s connection with gold had reached the highest level since the banking crisis broke out earlier this year, recent data have shown.

    Since the start of this year’s banking crisis, data shows that the link between Bitcoin and gold has skyrocketed. This trend is notable because it shows a growing correlation between Bitcoin and gold.

    This suggests a possible shift in investor behavior toward safe-haven assets like precious metals and digital currencies in times of economic turmoil.

    Amidst the present economic unpredictability, traders are aggressively looking for ways to protect their investment. Gold has always been the conventional safe haven investment choice during times of unrest.

    As uncertainty looms large, traders and investors are diversifying their strategies beyond the conventional reliance on gold. This evolving mindset reflects a growing interest in alternative asset classes, including cryptocurrencies like Bitcoin, marking a shift away from the traditional perceptions of wealth protection.

    More traders are now setting their sights on the alpha crypto as the next big thing in investment

    BTCUSD nears the halfway mark to the key $35K territory. Chart: TradingView.com

    The Role Of Miners And Stability Of Bitcoin 

    The scarcity of Bitcoin is increasingly becoming a focal point that experts believe could have a significant impact on its future price trends. As the creation of new Bitcoins slows due to the escalating mining difficulty, the overall supply of Bitcoin is affected.

    The rising mining difficulty, a reflection of the increased computational effort required to mine new Bitcoins, not only affects the supply but also influences the stability of Bitcoin.

    The recent surge in mining difficulty has made the process of creating new coins more challenging. Consequently, this factor could have a profound effect on the overall supply of Bitcoin in the market, potentially leading to increased scarcity.

    Source: Blockchain.com

    Stabilizing The Crypto Market

    The relationship between miner profitability and selling pressure underscores a crucial aspect of Bitcoin’s stability. As miner revenues rise, the reduced willingness to sell holdings diminishes the overall market selling pressure, which is pivotal for the stability of Bitcoin.

    As Bitcoin gains traction as a hedge against economic instability, the ongoing debate centers on its potential to surpass gold as the new go-to safe-haven asset. The comparison between Bitcoin and gold unfolds, signaling a shift towards Bitcoin’s prominence in the dynamic financial landscape.

    Featured image from Shutterstock

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    Christian Encila

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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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  • XRP Price Prediction: Analyst Points Out Incoming Mega Bounce, Here’s The Target

    XRP Price Prediction: Analyst Points Out Incoming Mega Bounce, Here’s The Target

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    Another bullish prediction has come in for the XRP price which is arguably more optimistic than many would expect. This time around, a crypto analyst is expecting XRP to use up its stored energy for an explosive rally that could see the altcoin rally to $27, well above its all-time high. 

    XRP Price Suppressed During Last Bull Run Because Of SEC Lawsuit

    Crypto analyst ERGAG CRYPTO recently predicted that XRP is poised for a massive 4,000% price surge. ERGAG made this prediction in an X post, detailing how this price surge can be actually possible. According to the analyst, XRP’s price was suppressed during the last major crypto bull run in 2021 due to an ongoing lawsuit from the SEC against Ripple Labs, XRP’s creator. 

    While Bitcoin and other altcoins were hitting new all-time highs, the XRP price struggled to keep up due to fears the lawsuit could severely impact the project’s future. For instance, during this time period, Bitcoin skyrocketed by 23X, and Ethereum also went up a whopping 58X. 

    A federal judge in the United States has since determined that the programmatic sales of XRP do not constitute the selling of securities. Now that the lawsuit seems to be coming to an end with a settlement in sight, XRP is poised to make up for lost time and shoot up with this lost energy. 

    The analyst predicts the XRP price could rally 40 times from its current level to $27 in the subsequent bull run, which would exactly coincide with the Fibonacci 1.618 indicator from the 2017 peak to the 2020 bottom.

    Source: X

    Although a timeline for the next bull run is not known at the moment, ERGAG puts this spike to happen around mid-2024.

     

    What’s Next For XRP?

    The entire crypto market has witnessed gains since the middle of October, and the XRP price hasn’t been left out. Bitcoin, for instance, attained a new yearly high of $35,150. At the time of writing, XRP is trading at $0.547, up by 5.73% in the past seven days. 

    Although its price is relatively low compared to other altcoins, XRP is still one of the strongest in the entire market, occupying the 5th spot in terms of market cap. 

    ERGAG CRYPTO has also had some very optimistic price predictions for XRP in the past. While a $27 price point seems very overachieving, XRP could easily smash through its previous all-time high of $3.84 in the next bull market. The analyst had initially predicted that the altcoin might not see a new all-time high by July 2028.

    Shiba Inu price chart from Tradingview.com (SHIB whales)

    XRP sees slight retracement | Source: XRPUSD on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

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    Scott Matherson

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  • What Happened To The Plan To Sell FTX To Binance? Sam Bankman-Fried Tells All | Bitcoinist.com

    What Happened To The Plan To Sell FTX To Binance? Sam Bankman-Fried Tells All | Bitcoinist.com

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    The former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), took the stand once again on October 27. This time, it was in front of the jury as Bankman-Fried had a lot to say about what went on at his former company, including revelations about how he planned to sell the exchange to its one-time competition, Binance.

    Why Sam Bankman-Fried Wanted To Sell FTX To Binance

    According to a live report by CNN, SBF stated that he saw himself selling FTX to Binance when he and co-founder Gary Wang first started it in 2019 due to the number of crypto exchanges that already existed and the fact that he had no idea of how the company was going to get customers.

    However, that idea was quickly shut down as Binance is said to have used an internal team to build its exchange platform. Following this, Sam Bankman-Fried noted that he was more motivated than ever to build something out of FTX despite the initial challenge of growing its customer base. 

    In the weeks after that, the defendant began to feel more hopeful and felt there was a “20% of success,” which he saw as “a huge opportunity” considering the profitability that the biggest exchanges enjoyed.

    FTX went on to become one of the biggest exchanges, even surpassing the second-largest crypto exchange by trading volume, Coinbase, at some point. While on the stand, Bankman-Fried revealed that he felt the “design philosophies” of some exchanges then “didn’t make a lot of sense,” so the exchange capitalized on that to create a niche for itself.

    The crypto exchange was seen as more alluring to high-volume traders due to its cheaper trading fees and the fact that the crypto exchange had a more advanced risk engine. The risk engine (which was responsible for liquidations) considered the trader’s account (rather than just a particular trade) whenever it liquidated a customer’s position. 

    Bankman-Fried Sticks To His Story

    Meanwhile, SBF, who has continued to deny any wrongdoing in how he ran FTX and Alameda Research, once again stated on the stand that he didn’t defraud customers. The defendant responded in the negative while replying to a question from his primary counsel, Mark Cohen, on whether he defrauded anyone or not. 

    While giving his testimony, Sam Bankman-Fried sought to counter the testimonies of witnesses like Wang, Caroline Ellison, and Nishad Singh, as he suggested that they had more leeway than they seemed to have suggested. His close associates had earlier heaped all the blame on the defendant by suggesting that they simply followed Bankman-Fried’s orders as he was totally in control.

    Ellison, in particular, had accused Bankman-Fried of directing her to commit the crimes when she used FTX customers’ funds to repay lenders and for other purposes. However, SBF noted that Caroline was the one in charge of Alameda Research and that she even declined when he asked her if she wanted another co-CEO after Sam Trabucco resigned. 

    FTT token remains on an upward trajectory | Source: FTTUSDT on Tradingview.com

    Featured image from Fox Business, chart from Tradingview.com

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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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  • Aptos Hits Record TVL High – Will APT Evade A Market Retraction?

    Aptos Hits Record TVL High – Will APT Evade A Market Retraction?

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    Since the second week of October, there was a noticeable surge in demand for Aptos’ native cryptocurrency APT. This increased interest led to a robust phase of Total Value Locked (TVL) growth.

    Ultimately, this surge in demand for APT resulted in Aptos achieving its highest-ever TVL value of $74 million during the trading session on Thursday, October 26th.

    This surge in TVL is a crucial metric for decentralized finance (DeFi) platforms, showcasing the total value of assets, tokens, or cryptocurrencies locked within the platform’s smart contracts.

    Aptos TVL. Source: DefiLlama

    Aptos Surges Amidst Rising Investor Confidence

    The increase in demand for Aptos’ native cryptocurrency, APT, further demonstrates growing investor confidence and interest in the platform’s utility, potentially indicating an expanded user base or enhanced use case scenarios within the Aptos ecosystem.

    At the time of writing, APT was trading at $6.69, up 4.5% in the last 24 hours, and etching a notable 31.5% increase in the last seven days, according to figures by crypto market tracker Coingecko.

    Source: Coingecko

    This rally can be partially due to Aptos’ distinct position as a proof-of-stake blockchain that uses a cutting-edge smart contract programming language, to facilitate quicker and less expensive transactions on its network.

    For this reason, a lot of cryptocurrency fans frequently associate Aptos with certain decentralized Web3 applications, with a focus on the domain of non-fungible tokens (NFTs).

    AptosOne recently launched Graffio, an NFT-based art display platform. This tool simplifies NFT art creation, with standout features including waived gas fees for social media logins and the creation of an exclusive Graffio wallet.

    APTUSDT currently trading at $6.80 billion on the daily chart: TradingView.com

    APT Price On Bullish Run With 24% Gain 

    The announcement led to a surge in Aptos (APT) price from $4.88 to $6.03 between October 20 and 23, a nearly 24% increase, prompting experts to predict a bullish trend continuing to $7.20 around end of next month.

    Its current value of $6.69 reflects a notable climb of 36% since mid-October, demonstrating a robust upward trend. The increase in price underscores the promising prospects for the future of Aptos and its indigenous digital currency, APT.

    APT seven-day price action. Source: Coingecko

    As Aptos achieves its all-time high in Total Value Locked (TVL), the soaring trajectory of APT’s price and the platform’s advancements in NFT technology have sparked significant optimism.

    The recent market surge and robust momentum hint at the potential for sustained growth and increased interest in APT. Despite concerns looming over a possible market retraction, the record-breaking TVL and the remarkable rise in APT’s value prompt a hopeful outlook, suggesting that Aptos and its native token may be well-positioned to weather potential market fluctuations and maintain their upward trajectory in the near future.

    (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 Shutterstock

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    Christian Encila

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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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  • Nigerian Crypto Twitter Up In Arms As Prominent Influencer Rug Pulls STIMMY Coin | Bitcoinist.com

    Nigerian Crypto Twitter Up In Arms As Prominent Influencer Rug Pulls STIMMY Coin | Bitcoinist.com

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    Unfortunately, rug pulls have become synonymous with the crypto market as scammers see it as an opportunity to make quick cash. One such rug pulls has hit the Nigerian crypto X (formerly Twitter) community, where what is assumed to be one of the most trusted influencers rug-pulled a project that raised $300,000 in its presale.

    The Genesis Of Stimmy Coin (STIMMY)

    Surfing through the X (formerly Twitter) posts related to the Stimmy Coin, it looks to be that the coin was created as a parody of the stimulus checks received by United States residents during the COVID-19 lockdowns.

    The coin seemed to gain popularity quickly due to the founder being widely known in the Nigerian crypto community. The founder Feyi, whose X (formerly Twitter) account @feyi_x has over 84,000 followers, was able to get widespread popularity for the STIMMY project by organizing social media contests, and the likes.

    Interestingly, browsing posts of the founder revealed that he had always been a vocal critic of founders who rug-pulled or scammed investors, which is how he garnered such a loyal following. This following grew as he readied to launch his project.

    On the day of the presale, Feyi would go the unconventional route of asking investors to send ETH to a personal wallet address instead of using an established presale platform like Pinksale. From this point onward, the project seems to be doomed.

    After raising $300,000 in the presale, tokens were distributed to participants and STIMMY coin was listed on decentralized exchanges, which is where the cracks began to show. At first, there was less than half of the presale funds added to the liquidity pool, which meant participants were in losses right out the gate. Nevertheless, many kept the faith as they believed in Feyi.

    The next crack to show was that marketing for the STIMMY coin seemed to be nonexistent despite the founder holding around $150,000 in his personal wallet. The funds were never deployed for marketing and presalers were never once in profit. Not long after, Feyi disappeared from social media and began moving the spoils of his scam to Binance. However, this was not the end.

    Feyi And Developer Pull Liquidity Pool For STIMMY Crypto

    The STIMMY liquidity pool was initially locked for four months and even this gave investors a pause as it showed the founder of the cryptocurrency may be up to no good. Investors will eventually be proven right in their assumptions when the liquidity was unlocked on Friday, October 27.

    As soon as the unlock happened, the $85,000 in ETH left in the liquidity pool was promptly moved out and bounced through multiple wallets in what looks to be a strategy to conceal the funds, and apparently ended up on the KuCoin exchange.

    In true X fashion, users began their own investigations and figured out the developer behind the project who reportedly goes by the X handle @DevPanther999. The developer’s LinkedIn page has since been doxxed and is being circulated on social media already. The founder, Feyi, has also been doxxed with his images being circulated on social media by victims of the rug.

    By pulling the liquidity, the founder and team behind the STIMMY project have done a complete rug pull, leaving investors who were already sitting in losses holding completely worthless coins that they can no longer sell.

    The project comes as a warning of the dangers of investing in untested and unproven crypto founders. Additionally, it is also a big blow to a country (Nigeria) that has struggled to have projects from the region taken seriously on the global stage, further damaging an already fragile reputation.

    Total market cap at $1.23 trillion | Source: Crypto Total Market Cap on Tradingview.com

    Featured image from Cryptoknowmics, chart from Tradingview.com

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    Scott Matherson

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  • Sam Bankman-Fried admits he thought FTX would fail

    Sam Bankman-Fried admits he thought FTX would fail

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    Sam Bankman-Fried, founder of collapsed cryptocurrency exchange FTX, testified Friday that he believed his company would fail.

    Bankman-Fried testified in the U.S. District Court for the Southern District of New York that FTX was founded on the premise of offering a seamless solution to crypto investors. They could trade from one platform instead of relying on hundreds of wallets, he told jurors. But when the company struggled to get customers in the door, Bankman-Fried’s strategy shifted to selling to competitor Binance. That plan backfired when Binance created its own exchange platform.

    “I thought there was maybe a 20 percent chance of success,” Bankman-Fried testified, giving the company an 80 percent chance of shutting down within a few months.

    Bankman-Fried also testified Friday that he knew “basically nothing” about cryptocurrency before founding the exchange in 2019.

    The 31-year-old has pleaded not guilty to seven counts of fraud and conspiracy charges. Prosecutors allege that Bankman-Fried and others involved in FTX’s operations defrauded customers out of billions of dollars to cover losses and pay back loans owed by sister fund Alameda Research. Caroline Ellison, Bankman-Fried’s one-time girlfriend, testified against him earlier this month.

    Bankman-Fried’s Former Girlfriend Testified Against Him

    As Newsweek previously reported, Caroline Ellison, 28, Bankman-Fried’s former girlfriend and the one-time chief executive officer of Alameda Research, FTX’s sister exchange, testified against Bankman-Fried in mid-October. Ellison said that she worked with Bankman-Fried to steal billions of dollars from customers to cover losses and debt owed by Alameda.

    During her testimony, prosecutors accused Bankman-Fried of bullying Ellison by scoffing, laughing and shaking his head.

    FTX’s downfall

    FTX fell apart in November 2022.

    First, industry news outlet CoinDesk published an article that said Alameda held a significant amount of FTX’s cryptocurrency token, FTT. This caused FTX competitor Binance to announce its plans to sell its FTT, sending the market price of FTT into a spiral. Customers then sought out withdrawals as the price crashed, causing FTX to scramble to keep up with withdrawal requests.

    Binance, which had signed an offer to buy FTX, quickly withdrew it, and before long, anonymous sources were telling outlets like The Wall Street Journal and The New York Times that as much as $8 billion in customer funds were unaccounted for.

    FTX Founder Sam Bankman-Fried arrives at Manhattan Federal Court on July 26, 2023. Bankman-Fried admitted in October that he thought FTX would fail.
    Michael M. Santiago/Getty Images

    FTX, Alameda Research and about 100 affiliated entities filed for bankruptcy on November 11, 2022. Around that time, anonymous sources told The Wall Street Journal that FTX siphoned $10 billion in customer funds to Alameda Research, stating Bankman-Fried, Ellison and others knew about this.

    Right after FTX’s bankruptcy, Bankman-Fried resigned. And then, about $473 million of FTX’s crypto assets were wiped out in what FTX characterized as “unauthorized transactions.” The price of Bitcoin tumbled to its lowest level since 2020.

    In mid-December of 2022, Bankman-Fried was arrested in the Bahamas after prosecutors filed criminal charges against him. Shortly after Bankman-Fried’s arrest, Ellison and FTX chief technology officer Gary Wang pleaded guilty to fraud charges.