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  • Crypto Analyst Predicts Top Altcoins To Make A 10x In 90 Days

    Crypto Analyst Predicts Top Altcoins To Make A 10x In 90 Days

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    In his latest YouTube video titled “If I Had To 10X My Money In 90 Days, I’d Buy This Crypto Altcoin”, Miles Deutscher, renowned crypto analyst Miles Deutscher presented a refined outlook on altcoins he believes are positioned for significant gains in the next 90 days. Originally aiming to spotlight altcoins capable of a 20x return by the cycle’s end, Deutscher adjusted expectations based on realistic market analysis, highlighting those with the potential for a 10x increase.

    Altcoins With A 10x Potential

    Deutscher began his analysis by addressing the volatility and uncertainty inherent in the crypto markets, particularly within the altcoin sector. “A 20X return is not easy,” he explained, detailing the necessity of venturing deep into the risk curve and focusing on altcoins with smaller market caps to achieve such high returns. “You’re gonna need to go for coins in the one to $200 million market cap region, maybe $500 million to a billion,” he added.

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    Recognizing the often unpredictable nature of the crypto market, Deutscher revised his approach: “So I’m actually going to reduce this question to 10x. I think 10x is much more realistic for many alts. I like the risk reward on a 10x more, than a 20x.”

    Deutscher highlighted several altcoins he believes hold the potential for substantial gains:

    Dogwifhat (WIF): Positioned as the premier meme coin on the Solana blockchain, WIF was discussed with particular enthusiasm by the analyst. With a current market cap of around $3.7 billion, Deutscher forecasted a possible climb to $37 billion, supported by strong community backing and favorable market conditions. He cited recent price movements and community engagement as indicators of an imminent rise, “WIF is starting to break out past this level [at around $3.60] on the daily, which is super bullish.”

    Pepe (PEPE): Another meme coin, Pepe, was noted for its volatility and high-risk, high-reward nature by Deutscher. Despite achieving a 70x return personally, Deutscher still foresees a lot of potential. However, he also advised viewers on the strategy of taking profits progressively, underscoring the necessity to secure gains in a high-volatility environment.

    Prime (Gaming Sector): Turning to the gaming niche, PRIME was mentioned by the crypto analysis as a promising candidate for a 10x increase, leveraging the growing popularity and investment flowing into blockchain-based gaming.

    Related Reading

    Fantom (Infrastructure) and AIOZ (DePin/AI): Both Fantom and AIOZ were recognized for their technological innovations and potential market growth, with Deutscher predicting feasible 10x gains due to their solid technological foundations and market positions. “Fantom (FTM) can 10x. AIOZ can 10x,” he stated.

    Risk Management In Crypto

    Importantly, Deutscher emphasized the differentiation in investment strategies based on coin type and market position. While coins like Solana and Ondo Finance might not present a 10x gain, their market leadership and stability offer lower yet significant returns, which can be crucial for maintaining balance within a diversified portfolio.

    “Can Solana and Ondo Finance (ONDO) 10x? Maybe not, but they’re leaders in their respective sectors. So you may be happy with a 3, 4x there. Not everything needs to be a 10x. This is what you also have to understand. Certain coins in your portfolio have a different purpose. You go in with bigger size, they’re safer. So you’re not taking on as much risk,” Deutscher explained.

    He also discussed riskier ventures such as Astroport, which, due to its lower market cap, presents a classic high-risk, high-reward scenario. “The lower the market cap, the easier it is to pump because the less liquidity it takes to impact the price,” Deutscher noted, highlighting the speculative nature of such altcoins.

    At press time, WIF traded at $3.46.

    WIF price rejected at the 0.618 Fib, 1-day chart | Source: WIFUSD on TradingView.com

    Featured image created with DALL·E, chart from TradingView.com

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    Jake Simmons

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  • After WIF, BONK: Top Crypto Trader Buys These 2 Memecoins

    After WIF, BONK: Top Crypto Trader Buys These 2 Memecoins

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    Memecoins are once making waves in the crypto market. In the last 24 hours, 4 of the 10 best-performing cryptocurrencies in the top 100 are meme coins. The biggest gainers include BONK (+10.2%), PEPE (+4.8%), WIF (+4.7%) and FLOKI (+4.1%). With meme coins slowly regaining, crypto traders are seemingly focusing on lesser-known coins.

    Top Crypto Trader Focuses On These 2 Memecoins

    According to data from on-chain analysis service Lookonchain, the renowned crypto trader known as “paulo.sol” has been making significant moves into new memecoin territories. Paulo.sol, who has previously amassed substantial profits from meme coins like BONK, WIF, and BODEN, is now shifting his focus to acquiring significant stakes in PUPS and POPCAT.

    Lookonchain’s recent posts on X (formerly Twitter) provide a deep dive into paulo.sol’s past and present investment patterns. “What a legend! Paulo.sol has realized profits of $9.51M on WIF, $7.04M on BODEN, and $6.28M on BONK,” Lookonchain tweeted. In total, the crypto trader has made $22 million in realized profits.

    The posts further reveal that paulo.sol bought into BONK early in November 2023, capturing substantial gains as its value surged. “As early as Nov 11, 2023, paulo.sol noticed the rising of BONK and bought BONK. He made ~$6.28M by buying BONK at low prices and selling at high,” the data provider stated.

    The crypto trader continued his strategy by investing in WIF and BODEN in December 2023 and March 2024, respectively, following their sharp price increases. Notably, “paulo.sol did not buy WIF and BODEN when they first went online, but paid attention to and bought heavily when they first rose sharply,” Lookonchain observes.

    As of now, paulo.sol continues to hold 12.87 million BODEN tokens valued at approximately $7.6 million and 1.87 million WIF tokens worth around $5.7 million. However, his most recent activities show a pivot towards new meme coins, PUPS and POPCAT, sparking interest among investors and analysts alike.

    Lookonchain noted, “We noticed that paulo.sol is buying PUPS and POPCAT recently. He spent $1.77M to buy 4.3M POPCAT at $0.42 today. And he has spent $5.97M to buy 101,712 PUPS at $59 since Apr 11, becoming the largest holder of PUPS on Solana.”

    The impact of paulo.sol’s investment has been palpable in the market dynamics of the newly favored meme coins. Despite a general downturn in the memecoin sector, POPCAT’s price surged by 52% today, trading at approximately $0.51 with a trading volume increase of 51% to $166 million. Over the past nine days, POPCAT has risen a whopping 410%.

    On the other hand, PUPS is seeing a price drop of 4.2% today, trading at $36.96, with a 27% fall in trading volume to $2.82 million. Since reaching an all-time high above $152 on April 14 (on Coinex), the PUPS price is down more than 78%.

    PUPS price, 4-hour chart | Source: PUPSUSD on TradingView.com

    Featured image from Binance Academy, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • Sam Bankman-Fried Sentenced To 25 Years In Prison

    Sam Bankman-Fried Sentenced To 25 Years In Prison

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    Crypto mogul and former CEO of FTX Sam Bankman-Fried was sentenced to 25 years in prison for defrauding hundreds of thousands of customers, leaving investors and lenders short by more than $11 billion. What do you think?

    “It’s such a shame, by the time he gets out, he’ll have no idea what all the new scams are.”

    Alana Patterson, Slum Developer

    This Week’s Most Viral News: March 29, 2024

    “Sooner or later, crypto was going to attract someone only interested in making a quick buck.”

    Keaton Singh, Boiling Water Attendant

    “There’s no way he can compete with all that alternate prison currency.”

    Melanie Potts, Unemployed

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  • Who Lost Money in FTX? Tom Brady, Kevin O’Leary and More | Entrepreneur

    Who Lost Money in FTX? Tom Brady, Kevin O’Leary and More | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Additional reporting by Sherin Shibu.

    The collapse of Sam Bankman-Fried’s FTX crypto empire was not only felt by those deep in the crypto community — some big-name entrepreneurs and celebrities lost a lot of money, too.

    Although SBF allegedly led investors to believe he could bring them high returns with little risk, more than a million people may have been affected by the collapse, and big-spending-crypto-newbies quickly found out that trading crypto isn’t for the faint of heart.

    RELATED: Sam Bankman-Fried Sentenced to 25 Years in Prison for Multibillion-Dollar Crypto Fraud

    In November, Bankman Fried was found guilty on seven counts of fraud, embezzlement, and criminal conspiracy for orchestrating “one of the biggest financial frauds in American history” after a bank run exposed an $8 billion hole in company accounts and a piggy bank relationship with Alameda Research crypto trading firm.

    Bankman-Fried was sentenced on Thursday in a Manhattan federal court to 25 years in prison.

    Southern District of New York Judge Lewis Kaplan said that Bankman-Fried was “extremely smart” and agreed with prosecutors that Bankman-Fried “wanted to be a hugely, hugely politically influential person in this country.”

    Kaplan stated that the loss amount to the victims of Bankman-Fried’s crimes surpassed $550 million and that investors lost billions.

    Meanwhile, FTX’s new CEO John Ray, who stepped in for SBF after the company filed for bankruptcy, said the company has located $5 billion in cash and other assets, and while they are not done discovering unearthed funds, they plan to also sell over $4.6 billion in additional holdings as well.

    It’s unclear how the recovered funds will be divvied up, but typically in bankruptcy proceedings, only bond-holders are eligible to recoup a portion of their losses, while those with equity stakes are left at a loss, according to Markets Insider.

    Sequoia Capital likely suffered the greatest loss for an outside investor in the exchange with its $200 million investment, which peaked at $350 million in January 2022, according to data obtained by Forbes.

    RELATED: Who Is FTX Founder Sam Bankman-Fried?

    While Sequoia reportedly told investors its FTX investment was offset by its $7.5 billion in realized and unrealized gains, Singapore investment company Temasek didn’t get as lucky.

    The company reportedly invested $210 million for 1% of FTX and $65 million for 1.5% of FTX U.S. but has since determined its stakes to zero.

    Additionally, investment company Paradigm is said to have invested $215 million, while the Ontario Teachers’ Pension Plan invested $75 million, and has since written its investment to zero.

    Here’s a look at some of the famous faces who lost big in the FTX crypto collapse.

    Tom Brady

    Tom Brady is the most famous face to promote and invest in FTX — and he also may have suffered the greatest individual loss. The Tampa Bay Buccaneers quarterback owned over 1.1 million common shares of FTX Trading, which equaled about $45 million before the company went bankrupt, according to Bloomberg.

    While his investment is now zero in the wake of the collapse, he previously advocated for the exchange and appeared in several promotional ads with his now ex-wife Gisele Bündchen.

    Gisele Bündchen

    Along with her now ex-husband, Tom Brady, the supermodel also lost a significant portion of her wealth in the exchange. Bündchen reportedly owned 680,000 FTX shares, which were valued at about $25 million.

    Kevin O’Leary

    The Shark Tank entrepreneur was a fierce advocate for SBF’s FTX before the crypto exchange’s fall. As a paid spokesperson for the company, O’Leary owned 32,000 shares in FTX and 110,000 shares of FTX US. He said his shares were valued at $1 million during a U.S. Senate Banking Committee in December, adding that he has since “written them off to zero.”

    O’Leary told CNBC’s “Squawk Box” in December that he was paid around $15 million to act as a paid spokesperson for the brand and put just under $10 million into the crypto exchange. But he said his crypto investment is now equal to zero.

    Robert Kraft

    New England Patriots owner Robert Kraft also fell victim to FTX. He reportedly owned about 630,000 total FTX-related shares through KPC Venture Capital LLC, an entity connected to the Kraft Group.

    Using O’Leary’s valuation, the NFL team owner may have lost an eight-figure investment.

    Robert Belfer

    Billionaire oil baron Robert Belfer, who was once known as the heir to bankrupt gas company Enron, also reportedly lost millions with FTX’s collapse. Two firms linked to the Belfer family held shares in both FTX and FTX US with a combined stake of $34.5 million, according to court documents obtained by the Financial Times. Belfer was also notably entangled in Bernie Madoff’s infamous Ponzi Scheme.

    Anthony Scaramucci

    Donald Trump’s former communications director was also wrapped up in the FTX collapse with his alternative investment company, SkyBridge Capital. Last September, FTX acquired 30% of SkyBridge Capital, per The Street, and while the details of the deal are unknown, Scaramucci said he was also at a loss despite the purchase.

    “We lost money in general because the overall portfolio is going down as a result of this debacle, so yes I guess yes,” he said when asked about the collapse in November at the Bloomberg New Economy Forum in Singapore.

    RELATED: ‘I Didn’t Steal Funds, and I Certainly Didn’t Stash Billions Away’: Sam Bankman-Fried Speaks for the First Time Since His Arrest

    Stephen Curry

    Stephen Curry was one of the many celebrities to endorse FTX with his various commercials and his 2021 partnership with the brand. Like Brady and Bündchen, Curry also got a stake in FTX for his work with the company.

    Curry’s team, the Golden State Warriors, was also entangled in the scandal after FTX agreed to pay $10 million for an international rights sponsorship deal that gave the exchange in-area signage, exclusive brand placements, and the rights to the team’s NFTs in December 2021.

    Curry is also named in a class action lawsuit that claims the celebrities who endorsed FTX participated in deceptive strategies to “induce confidence and to drive consumers to invest in what was ultimately a Ponzi scheme,” according to the lawsuit.

    Sam Bankman-Fried, Tom Brady, Gisele Bundchen, Kevin O’Leary, Shaquille O’Neal, Udonis Haslem, David Ortiz, William Trevor Lawrence, Shohei Ohtani, Naomi Osaka, and Larry David were also mentioned in the suit.

    Naomi Osaka

    Tennis star Naomi Osaka also signed a long-term partnership agreement with FTX in March that was supposed to help bring women into the crypto world, according to Reuters. She was given an equity stake in the company and received compensation in the form of crypto.

    David Ortiz

    Red Sox baseball legend David Ortiz also signed on to be an FTX ambassador in October 2021 and agreed to be compensated in cryptocurrency, per CoinDesk. At the time, he agreed to release multiple NFT collections, while FTX agreed to sponsor the David Ortiz Celebrity Golf Classic and donate to the David Ortiz’s Children’s Fund. It’s unclear if the fund will be required to repay the donations if they are found to have been made with customer money.

    Check out our Dirty Money Podcast for our take on Crypto Crook Sam Bankman-Fried.

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    Sam Silverman

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  • The Science of Crypto Forensics Survives a Court Battle—for Now

    The Science of Crypto Forensics Survives a Court Battle—for Now

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    On March 12, Russian-Swedish national Roman Sterlingov was found guilty of money laundering conspiracy and other violations by a federal jury in Washington, DC, for having operated Bitcoin Fog, a service criminals used to launder what authorities claim was hundreds of millions of dollars in ill-gotten gains.

    The conviction was heralded by the US Department of Justice as a victory over crypto-enabled criminality, but Sterlingov’s lawyers maintain the case against him was flawed and plan to appeal. They allege that the nascent science used to collect evidence against him is not fit for the purpose.

    The DOJ investigation used blockchain forensics, a technique whereby investigators scrutinize the public trail of crypto transactions to map the flow of funds. In a statement, Lisa Monaco, deputy attorney general for the US, described the DOJ as “painstakingly tracing bitcoin through the blockchain” to identify Sterlingov as the pseudonymous administrator behind Bitcoin Fog.

    Bitcoin and other cryptocurrencies have acquired an undeserved reputation for being less traceable than conventional money, but evidence collected this way has brought down many criminals over the past decade. Blockchain forensics was crucial to the trial of Ross Ulbricht, founder of the infamous Silk Road marketplace. But in the Bitcoin Fog case, the defense has pulled this investigative technique into the spotlight, effectively putting crypto tracing on trial in place of their client. The case is a “first-of-its-kind,” says Tor Ekeland, legal counsel to Sterlingov. “Nobody has challenged blockchain forensics before, because it’s brand-new.”

    Before Sterlingov’s trial, his attorneys asked the presiding judge to determine the admissibility of evidence from blockchain forensics experts that had used software from a firm called Chainalysis, which expedites the otherwise tedious process of sifting through the blockchain. He ruled the evidence was admissible.

    That decision has been characterized by Michael Gronager, Chainalysis CEO, as an endorsement of his firm and its methods. “We are now the only company in the world with a stamp of approval for our ability to look at a blockchain and create evidence,” he says. But Ekeland says he will work with Sterlingov to appeal both the guilty verdict and the judge’s ruling on the validity of blockchain forensics. The conviction of Sterlingov is the latest example of the unhappy phenomenon, claims Ekeland, whereby “newly emergent junk science leads to unjust verdicts.”

    Beth Bisbee of Chainalysis, formerly the company’s head of US investigations, disputes that characterization. “The evidence that the government presented to the jury demonstrated the exact opposite,” says Bisbee, who testified as an expert witness at the trial. “Our methods are transparent, tested, reviewed, and reliable.”

    Natsec Threat

    Until it was shut down by US law enforcement in 2021, Bitcoin Fog supplied what’s known as a crypto mixing or crypto tumbling service. Funds belonging to many parties are pooled, jumbled up, and spat out into brand-new wallets, masking the origin of the coins held in each. Mixers were originally promoted as a way to improve the level of privacy cryptocurrency could afford consumers, but they have been readily co-opted for the purpose of money laundering. Bitcoin Fog was among the first mixers to emerge, in 2011, making it “the longest-running bitcoin money laundering service on the darknet,” the DOJ says.

    In the past few years, the US government has cracked down on crypto mixers, which it considers a threat to national security. After taking down Bitcoin Fog, the US Treasury sanctioned Tornado Cash, another mixer, in 2022. The year after, it took down another, ChipMixer, and charged the founder with money laundering. To identify the individuals behind these operations, investigators had to follow the crypto money.

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    Joel Khalili

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  • 7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week

    7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week

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    There are a couple of events to watch out for this week, as they could prove pivotal in determining the future trajectory of the crypto market. These events could provide some certainty to the market or cause investors to wait on the sidelines for more favorable market conditions. 

    Events That Could Affect The Market This Week

    Some Federal Reserve officials are scheduled to speak at different events this week. One of them is Governor Lisa Cook, who will give a lecture on March 25. Fed Chair Jerome Powell will also participate in a discussion at the Monetary Policy Conference on March 29. 

    Their speeches are significant as they could provide valuable insights into the current state of the economy and what to expect from the Federal Reserve regarding interest rates in its fight against inflation. Macroeconomic factors like interest rates usually impact the crypto market and partly determine the sentiments among crypto traders.

    The crypto market is usually bullish whenever the Federal Reserve adopts a dovish stance on whether or not to hike interest rates. Therefore, these officials sounding positive in their speeches could help boost investors’ confidence in the crypto market since they would be less worried about things on the macro side. 

    Meanwhile, several economic data will be released this week, including the Consumer Confidence and Consumer Sentiment data and the Personal Consumption Expenditures (PCE) index. These releases offer insights into the economy’s strength and guide the Fed in deciding on future interest rate decisions. 

    Crypto Needs A Big Win This Week

    Stakeholders and investors in the industry will no doubt hope that the events lined up for this week will provide a momentum boost for the crypto market. Last week was one to forget as things cooled after weeks of seeing the flagship crypto, Bitcoin, and altcoins make significant runs. This downward trend is believed to have been due to some external factors.

    One of them is the net outflows that the Spot Bitcoin ETFs recorded throughout last week, with many investors taking profits from the various funds. These Bitcoin ETFs had previously seen an impressive amount of inflows into them, which positively affected Bitcoin’s price. As such, a trend of outflows was also expected to influence Bitcoin’s price, although negatively. 

    These Spot Bitcoin ETFs will again be in the spotlight this week, with the crypto community waiting to see if the sentiments among the ETF investors will change. A sustained trend of profit-taking this week could spark another decline in the crypto market. 

    Total market cap chart at $2.47 trillion | Source: Crypto Total Market Cap on Tradingview.com

    Featured image from CNBC, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Solana’s price rises to $160, highest level since January 2022 as memecoin mania rises | TechCrunch

    Solana’s price rises to $160, highest level since January 2022 as memecoin mania rises | TechCrunch

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    Dogwifhat and politically-inspired tokens of President Biden and Trump also see price spikes


    Jacquelyn Melinek

    7 hours

    The token behind Solana, a layer-1 blockchain that’s competitive with the Ethereum blockchain, has been through the wringer after it plummeted from a high of about $260 to a low around $8 in early 2023. But like every good movie with a character redemption arc, Solana has one too.

    The cryptocurrency passed $160 on Wednesday, marking its highest price since January 2022. It’s the fourth largest cryptocurrency (excluding stablecoins) by market cap behind bitcoin, ether and BNB, in that order, and it’s up 44.8% on the month and about 676% from the year-ago date, according to CoinMarketCap data.

    The blockchain behind the token is well known for its NFT marketplace, which is the second largest by all-time sales volume at $5.2 billion, as well as its decentralized finance (DeFi) ecosystem and more recently, developers’ ability to churn up memecoins on its chain faster than I can write this article. So it’s not surprising that the growth and traction on its blockchain is also being transpired through to its token.

    Since mid-December, a number of Shiba Inu dog-themed tokens on the Solana blockchain like Bonk and dogwifhat have taken off. The two tokens, which try to capitalize on the popularity of the original dog-based memecoin, Dogecoin, are up 150% and 600% on the month, respectively. The dogwifhat community also self-funded about $700,000 in less than four days to get the token shown on the external surface of the new Las Vegas Sphere – and people paid through USDC, the second-largest stablecoin, not dollars, to do it.

    And don’t worry, cat lovers: kitty-themed tokens like Popcat that are also showing crazy gains. For context, Popcat’s price increased 3,205% on the month.

    Bonk and Solana’s web3 smartphone Saga gained more attention after savvy crypto traders realized they could redeem 30 million tokens of BONK, worth between $500 to $800 in December, on the device. At current prices, the 30 million in free BONK tokens is worth almost a grand.

    In recent weeks, a number of politically inspired memecoins on the chain also have gained traction, like jeo boden, doland tremp and the crudely-named elizabath whoren, with market capitalizations of $71.8 million, $47.8 million and $8.8 million, respectively, at the time of publication. (If you’re wondering if I misspelled those tokens based on U.S. politician’s names, I didn’t.)

    Even Coinbase, the largest crypto exchange in America, shared steps on its website how to buy some of these tokens in the U.S., through other avenues off its own platform. In order to trade some of these cryptocurrencies on Solana, users need the native chain’s token to pay a nominal fee, fractions of a penny. (Please note none of this is financial advice, but one of the reasons that could point to Solana’s price increase.)

    Memecoins in general have seen a huge rally as the crypto market continues to thaw from its most recent winter. This, alongside airdrops from projects’ tokens, have sparked interest in Phantom, a crypto wallet heavily used across the Solana ecosystem, which has seen its active user base more than triple in the past year to 3.2 million monthly active users.

    While majority of these tokens have no underlying utility – dogwifhat is literally named after a dog wearing a knitted hat – people are still rallying behind them, arguably in hopes of getting rich quick or because they resonate with the eccentric, tsunami-like communities these assets create.

    But what goes up, often comes down, and the quick rise of some memecoins is often followed often extreme busts, sometimes within days of launching. While some may retain price support for months, as we’ve seen with a handful of tokens, it’s important to consider that not everything that shines like glitter is gold.

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    Jacquelyn Melinek

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  • Crypto After Death: How To Pass On Your Assets?

    Crypto After Death: How To Pass On Your Assets?

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    Understanding the challenges of crypto after death is vital for anyone investing in digital assets. Without proper preparation, your digital wealth could become inaccessible after your passing. This guide aims to navigate the complexities of managing cryptocurrencies after death. It covers essential steps, from documenting holdings to navigating legal considerations, ensuring your digital legacy is secure and your loved ones are taken care of.

    The Importance Of Planning For Crypto After Death

    In the realm of crypto, your investments don’t automatically transfer to your next of kin upon your demise. The absence of traditional banking or legal structures in the crypto world means the responsibility of managing and passing on your assets falls entirely on you. Planning becomes essential to ensure that your crypto holdings do not get locked away in the digital world, but instead, serve as a valuable part of your legacy.

    Proper planning not only secures your assets but also simplifies the process for your beneficiaries. It mitigates the risk of loss due to forgotten passwords or keys and prevents potential legal hurdles that your loved ones might face. As the crypto market continues to mature, understanding and preparing for the implications of crypto after death becomes increasingly crucial.

    Understanding The Unique Challenges Of Cryptocurrencies After Death

    Navigating the unique challenges of crypto after death is crucial for effective estate planning. Cryptocurrencies operate on technology that inherently promotes anonymity and security. While these features are advantageous for protecting your assets during your lifetime, they pose significant challenges after death. The absence of a central authority like a bank means there is no straightforward process to claim or transfer assets.

    Accessing cryptocurrencies after death requires knowledge of private keys or seed phrases, which are often known only to the asset holder. Without proper planning and communication, these crucial pieces of information might never reach the intended beneficiaries, leading to permanent loss of the assets.

    Additionally, the legal landscape surrounding digital assets is still evolving, which adds another layer of complexity to managing crypto after death. Recognizing these challenges represents the initial step toward crafting a robust plan to ensure your digital assets are passed on as intended, streamlining the process for your loved ones as much as possible.

    How To Pass On Your Crypto After Death

    Understanding how to pass on your crypto after death ensures that your investments continue to benefit your loved ones, aligning with your wishes and intentions. This section outlines the essential steps you need to take to prepare your digital estate, focusing on documentation, secure information sharing, and the mechanisms to ensure a smooth transition of your assets.

    Crypto after death

    Essential Steps

    1. Inventory Of Assets: Begin by compiling a comprehensive list of your cryptocurrencies, including wallet addresses, balances, and the platforms where they are stored.
    2. Instructions For Access: Provide detailed instructions on how to access your wallets, including hardware devices or any specific software needed.
    3. Legal Documentation: Consult with a legal professional to integrate your digital assets into your estate planning. This includes wills, trusts, or any other relevant legal documents that ensure your crypto assets are recognized and managed as part of your estate.
    4. Backup And Security: Make sure to securely back up all information pertaining to your crypto holdings, including access instructions and legal documents, in a manner that allows your executor or beneficiaries to access it when needed.

    Documenting Your Crypto Holdings

    Documenting your crypto holdings thoroughly is the cornerstone of ensuring they can be successfully passed on. This documentation should include:

    • List Of Assets: List all the cryptocurrencies you own, their respective amounts, and specify the wallets or exchanges where they are held.
    • Access Details: Wallet addresses, private keys, seed phrases, and any other information necessary to access and manage the cryptocurrencies.
    • Transaction Records: Records of transactions, purchases, or sales, which can be crucial for tax purposes or for tracking the evolution of your portfolio.

    Regularly update and securely store this documentation in a manner that remains accessible to those entrusted with managing your estate.

    Crypto after death
    Crypto after death: How to pass on your private keys

    Securely Sharing Access Information

    Securely sharing access information is delicate but essential. Consider the following:

    • Physical Storage: Use a safety deposit box or a secure home safe for storing hardware wallets and paper records of your access information.
    • Digital Security: If you store information digitally, use encryption and secure backups. Ensure your beneficiaries know how to access and decrypt these files if necessary.

    Best Practices For Storing Private Keys And Passphrases

    • Redundancy: Store your private keys and seed phrases in multiple secure locations.
    • Avoid Digital Copies: If possible, avoid storing your private keys or seed phrases on internet-connected devices.

    The Role Of Multi-Signature Wallets In Managing Crypto After Death

    Consider setting up a multi-signature wallet that requires multiple approvals for transactions. This can provide an additional layer of security and a clear pathway for your beneficiaries to access the funds with the right set of keys.

    Legal Considerations for Cryptocurrencies After Death

    Addressing the legal considerations for cryptocurrencies after death is crucial to ensure that your digital assets are transferred according to your wishes and in compliance with the law. As the legal framework for digital assets continues to evolve, understanding how to navigate this landscape is key.

    Crypto inheritance
    Crypto inheritance

    How To Incorporate Crypto Assets In Your Will

    Incorporating crypto assets into your will requires careful planning and precision. Consider these steps:

    • Specify Your Assets: Clearly list all your crypto assets in your will. Include details like wallet addresses and the types of cryptocurrencies you own.
    • Access Instructions: Rather than including sensitive access information directly in your will (which becomes a public document upon death), use a letter of instruction or a similar private document to provide detailed access instructions.
    • Choose Your Beneficiaries: Specify who inherits each portion of your crypto assets. Be as clear and unambiguous as possible.
    • Select An Executor: Choose an executor who is not only trustworthy but also has or is willing to gain a basic understanding of cryptocurrencies and how to handle them.
    • Consult Legal Professionals: Work with attorneys who have expertise in estate planning and a solid understanding of digital assets. They can help ensure that your will complies with current laws and effectively encompasses your crypto holdings.

    Navigating Inheritance Laws And Cryptocurrencies

    Navigating inheritance laws in the context of cryptocurrencies can be complex due to the relatively new and evolving nature of these digital assets. Consider these factors:

    • Legal Status Of Cryptocurrencies: Gain an understanding of how your local jurisdiction classifies cryptocurrencies – as property, currency, or something else – as this classification can impact how they treat these assets in the context of inheritance.
    • Taxes: Be aware of potential tax implications for your heirs. In some jurisdictions, inheriting cryptocurrencies can trigger tax events like inheritance tax or capital gains tax upon their eventual sale.
    • International Considerations: If your crypto assets reside in wallets or exchanges located in different countries, international laws and regulations may come into play, potentially complicating the inheritance process.
    • Updating Estate Plans: The legal landscape surrounding cryptocurrencies is still in flux. Regularly review and update your estate planning documents to accommodate new laws and regulations.

    By addressing these legal considerations and preparing thoroughly, you can ensure that your cryptocurrencies are managed after your death as you intended. This provides clear guidance to your loved ones and reduces the potential for legal complications.

    Technological Solutions To Ensure Safe Transfer Of Your Crypto After Death

    The following solutions aim to address the unique challenges posed by the digital nature of cryptocurrencies, ensuring a smooth and secure transfer of your assets. Consider the following technological strategies:

    1. Smart Contracts: Utilize smart contracts on blockchain platforms to automate the transfer of assets upon meeting certain conditions, such as verifying death. This ensures a direct and automatic transfer to your beneficiaries, eliminating the need for intermediaries.
    2. Multi-Signature Wallets: Implement multi-signature wallets that require multiple keys to authorize transactions. Allocate one key to your beneficiary and another to a trusted third party or attorney, ensuring that your assets can only be accessed after your death.
    3. Dead Man’s Switch: Consider services or programmable arrangements that automatically release your crypto assets if you fail to perform certain actions within a specified period, indicating potential incapacitation or death.
    4. Encrypted Backup Solutions: Use encrypted backup solutions to store access information securely. Ensure that your beneficiaries have a way to decrypt the information when needed, without compromising security during your lifetime.
    5. Cold Wallets: Utilize hardware wallets like Trezor or BitBox02 for storing cryptocurrencies. These cold wallets keep your assets offline and secure from online threats. You can physically hand them over to your chosen heirs, along with instructions for access.
    6. Steel Wallets For Your Private Key Backup: Protect your private keys against physical damage by using steel wallets. These wallets safeguard your backup seed phrases or private keys from fire, water, and other environmental risks. They ensure that your crucial access information remains intact and retrievable by your heirs.

    Common Mistakes To Avoid With Crypto After Death

    When planning for the transfer of crypto assets after death, it’s crucial to be aware of common pitfalls. Avoiding these mistakes can save your beneficiaries from unnecessary stress and potential loss of assets:

    • Lack Of Documentation: Failing to comprehensively document your crypto holdings and access information may result in the permanent loss of your assets.
    • Ignoring Security Measures: Underestimating the importance of secure storage for access information can expose your assets to theft or loss.
    • Overlooking Legal Aspects: Neglecting to incorporate your crypto assets into your will or estate plan properly can result in legal challenges for your heirs.
    • Assuming Family Know-How: Assuming that your beneficiaries understand how to manage cryptocurrencies can lead to loss of assets. Provide clear instructions and, if possible, basic education on handling cryptocurrencies.
    • Not Updating Your Plan: The crypto landscape and your personal portfolio are likely to evolve. Regularly update your estate plan to reflect changes in your holdings, the regulatory environment, and technological advancements.

    FAQ – Key Questions About Crypto After Death

    How Can I Ensure My Loved Ones Access My Cryptocurrencies After Death?

    Create a detailed inventory of your crypto assets and store access information securely. Integrate your crypto holdings into your will or trust. Consult a legal professional for proper documentation.

    What Legal Documents Should I Prepare For Managing My Crypto After Death?

    Prepare a will or trust that includes your crypto assets. Create a separate, secure letter of instruction for access details. Consider a Power of Attorney for asset management in case of incapacitation.

    Can Cryptocurrencies Be Part Of A Traditional Will Or Trust?

    Yes, you can include cryptocurrencies in traditional wills or trusts. Clearly list each asset and provide guidance on access without exposing private keys or passwords in the documents.

    What Are The Risks If I Don’t Plan For My Crypto After Death?

    Without a plan, your crypto assets may become inaccessible, potentially leading to loss of assets. Legal disputes or confusion can arise among heirs, potentially compromising the value of your digital legacy.

    What Happens To Your Crypto After You Die?

    Without proper planning, you risk losing your crypto assets or making them inaccessible. A comprehensive plan enables secure transfer to your designated beneficiaries.

    What Happens To Crypto Assets Held On Exchanges After Death?

    Heirs can transfer crypto assets on exchanges if they provide proper legal documentation and account details. Without these, accessing or transferring the assets can be complex and may require legal intervention.

    What Happens To Your Crypto When You Die?

    Your crypto remains in its respective blockchain or exchange until accessed by someone with the correct credentials. Effective estate planning ensures that your assets are managed in accordance with your wishes.

    Featured images created with DALL·E

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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  • SEC weighing ‘additional measures’ after hacked post on bitcoin ETF approval

    SEC weighing ‘additional measures’ after hacked post on bitcoin ETF approval

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    The Securities and Exchange Commission on Friday said that a social-media post on X falsely stating that it had approved spot bitcoin exchange-traded funds was created after an “unauthorized party” obtained control over the phone number connected with the agency’s account on the platform.

    The markets regulator said its staff would “continue to assess whether additional remedial measures are warranted” in the wake of the breach, which occurred Tuesday and raised questions about cybersecurity at both the agency and the social-media platform, formerly known as Twitter.

    The agency said it was coordinating with law enforcement on the matter, including with the FBI and the Department of Homeland Security.

    “Commission staff are still assessing the impacts of this incident on the agency, investors, and the marketplace but recognize that those impacts include concerns about the security of the SEC’s social media accounts,” the SEC said in a statement.

    The confusion began on Tuesday afternoon, when the hacked post appeared on the SEC’s X account.

    “Today the SEC grants approval for #Bitcoin ETFs for listing on registered national securities exchanges,” the post read. “The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection.”

    A second post appeared two minutes later that simply read “$BTC,” the SEC noted in its statement. The unauthorized user soon deleted that second post, but also liked two other posts by non-SEC accounts, according to the agency. The price of bitcoin
    BTCUSD,
    -0.71%
    rose sharply in the wake of the posts, before soon pulling back.

    In response to the hack, SEC staff posted on the official X account of SEC Chair Gary Gensler announcing that the agency’s main account had been compromised, and that it had not yet approved any spot bitcoin exchange-traded products. Staff then deleted the initial unauthorized post, un-liked the liked posts and used the official SEC account to make a new post clarifying the situation, the agency said Friday.

    The SEC also said that it had reached out to X for assistance Tuesday in the wake of the incident, and that agency staff believe the unauthorized access to the SEC’s account was “terminated” later in the day.

    “While SEC staff is still assessing the scope of the incident, there is currently no evidence that the unauthorized party gained access to SEC systems, data, devices, or other social media accounts,” the agency said.

    The following day, the SEC announced that it had, in fact, approved the listing and trading of spot bitcoin ETFs.

    Wednesday’s move marked a breakthrough for the crypto industry, which for years has tried to get such ETFs off the ground in hopes of drawing more traditional investors to the digital-asset space.

    Bitcoin was down 7.6% over a 24-period as of Friday evening.

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  • After Bitcoin ETFs, watch for the next most popular crypto to go the same route

    After Bitcoin ETFs, watch for the next most popular crypto to go the same route

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    After long-awaited spot bitcoin exchange-traded funds made their debut this week, investors are now weighing the prospects of eventual approval of similar ether ETFs.

    The U.S. Securities and Exchange Commission on Wednesday greenlighted 11 spot bitcoin
    BTCUSD,
    -1.58%
    ETFs for the first time. The products, which made its debut trading on Thursday, logged a relatively strong first day. 

    However, bitcoin fell 6.8% on Friday, leaving it with a 3.2% gain over the past seven days, according to CoinDesk data. It underperformed ether
    ETHUSD,
    +1.82%    ,
    which rose 17.6% over the past seven days while it declined 1.2% on Friday.  

    The news about bitcoin ETFs was mostly priced in, while investors are now looking past it to a potential approval of ether ETFs, analysts said.

    “I see value in having an ETH ETF,” Larry Fink, chief executive at the world’s largest asset manager BlackRock, told CNBC’s Squawk Box on Friday. BlackRock, which just launched its iShares bitcoin Trust
    IBIT,
    in November filed an application for a spot ether ETF.

    “It’s hard to know exactly what the U.S. regulators would do” about ether ETF applications, said Alonso de Gortari, chief economist at Mysten Labs, an internet infrastructure company.

    However, “I would expect that once you open the door, it becomes easier and I think the industry is very excited about it,” de Gortari said. If bitcoin ETFs see an impressive institutional inflow in the coming months, it could make such products more established and set a good precedent for other crypto ETF applications, he said.

    Read: Vanguard’s decision to shun bitcoin ETFs triggers backlash — with some customers moving to crypto-friendly competitors like Fidelity

    Also see: Why the debut of bitcoin ETFs could be bad news for crypto stocks, futures ETFs

    The enormous competition and huge inflows into bitcoin ETFs will only boost investors’ interests in an ether ETF, according to Paul Brody, EY’s global blockchain leader. “There’s no doubt that ETH is the next big market and has immediately become a priority for financial services companies,” Brody said in emailed comments.

    Compared with bitcoin, the Ethereum blockchain offers more utility and has unique advantages, noted Fadi Aboualfa, head of research at digital assets custodian Copper. 

    Sandy Kaul, head of digital asset and industry advisory services at Franklin Templeton, said she eventually expects the arrival of ETFs that track a basket of cryptocurrencies. Such products, instead of those based on single crypto, would dominate the space if they are approved, she said.  

    “Just like the S&P 500 has 500 stocks in it, right? You don’t have just one stock.” Kaul said in a phone interview. The arrival of a bitcoin ETF, is just a “baby step into really beginning to think about the future market structure of crypto,” Kaul added. 

    However, not everyone is that optimistic. Will McDonough, founder and chairman of Corestone Capital, said the approval of an Ethereum ETF has “a long way to go.” 

    SEC chairman Gary Gensler previously said bitcoin was the only cryptocurrency he was prepared to publicly label a commodity, rather than a security. 

    The agency also went after companies that offered crypto staking, which allows investors to earn yields by locking their coins to secure blockchains such as Ethereum. The SEC shut down crypto exchange Kraken’s staking business in the U.S. last year.  

    One possibility is that “companies will be able to offer an ETH ETF, but they will not be allowed to stake that ETH and earn yield,” noted EY’s Brody.

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  • Vanguard Won’t Offer Spot Bitcoin ETFs on Its Platform

    Vanguard Won’t Offer Spot Bitcoin ETFs on Its Platform

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    Updated Jan. 11, 2024 3:06 pm ET

    Bitcoin’s trip to Main Street just took a detour.

    Vanguard said Thursday it won’t offer the new spot bitcoin exchange-traded funds on its brokerage platform.

    Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • Bitcoin ETFs finally approved after a chaotic, ‘embarrassing’ 24 hours for SEC

    Bitcoin ETFs finally approved after a chaotic, ‘embarrassing’ 24 hours for SEC

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    On Wednesday, the U.S. Securities and Exchange Commission for the first time greenlighted several exchange-traded funds investing directly in bitcoin.

    But the 24 hours leading up to that approval were chaotic, to say the least.

    The SEC approved the launch of 11 bitcoin
    BTCUSD,
    +0.09%
    ETFs, according to a filing posted on the regulatory agency’s website. The ETFs are due to start trading on Thursday.

    On Tuesday, however, the SEC’s official account on X, formerly known as Twitter, published what the agency described as an “unauthorized” post indicating that it had approved the spot bitcoin ETFs. In reality, the regulator had not approved any such ETFs as of Tuesday and its X account had been “compromised,” SEC Chair Gary Gensler said on the social-media platform. The SEC subsequently deleted the unauthorized post.

    The agency found “there was unauthorized access to and activity on” the its X account by “an unknown party,” an SEC spokesperson said on Tuesday, adding that the “unauthorized access has been terminated” and that the SEC would work with law enforcement to investigate the matter.

    Bitcoin’s price briefly shot 2% higher after the unauthorized tweet went out on Tuesday before soon pulling back.

    Then on Wednesday, shortly before the U.S. stock market closed for the day, the SEC posted an actual approval order of bitcoin ETFs on its website — but the link was soon broken, leading to an “error 404” page. The same filing was later reposted by the SEC. 

    It is unclear why the first link was broken. A SEC spokesperson did not respond to an email seeking comment on the matter.

    The events of the past 24 hours have proven “a bit embarrassing” for the SEC, especially as the agency has stressed that cryptocurrencies are exceptionally risky and vulnerable to market manipulation, according to Greg Magadini, director of derivatives at Amberdata. 

    Despite those warnings, Magadini said he doesn’t expect investors to be deterred from investing in the bitcoin ETFs.

    Bitcoin has actually seen lower volatility on Tuesday and Wednesday than options traders had priced in, Magadini said. The crypto was up about 0.4% over the past 24 hours to around $46,400 on Wednesday evening, according to CoinDesk data.

    Investors have been pricing in $1 to $2 billion of initial flows into the bitcoin ETFs.

    Read: Bitcoin in spotlight as SEC approves new ETFs, ether rallies. Here’s why.

    Steven Lubka, head of private clients and family offices at Swan Bitcoin, echoed Magadini’s point, noting that the hiccups on the way to SEC approval are unlikely to impact investor interest in the funds.

    “Ultimately, the SEC is not the one that launches the ETFs,” Lubka said in a call. “If anything, it shows how much attention is on these ETF products.”

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  • SEC Approves Bitcoin ETFs for Everyday Investors

    SEC Approves Bitcoin ETFs for Everyday Investors

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    Updated Jan. 10, 2024 5:56 pm ET

    The U.S. Securities and Exchange Commission voted Wednesday to allow mainstream investors to buy and sell bitcoin as easily as stocks and mutual funds, a decision hailed by the industry as a game changer.

    The SEC decision clears the way for the first U.S. exchange-traded funds that hold bitcoin to be sold to the public. Expectations of U.S. regulatory approval for such funds drove the price of bitcoin to the highest level in about two years. The digital currency fell to just below $46,000 late Wednesday, up from $17,000 in January 2023.

    Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • The Crypto Bulls Are Back: Digital Asset Inflows Cross $103 Million In One Week

    The Crypto Bulls Are Back: Digital Asset Inflows Cross $103 Million In One Week

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    Inflows into crypto investment funds have resumed after a brief hiatus two weeks ago, as evidenced by CoinShares’s latest analysis. According to James Butterfill, Head of Research at CoinShares, digital assets saw a net inflow of $103 million last week, as the wider crypto industry went through a few days of bullish sentiment. This is particularly exciting, as it signaled a change from the net outflows in digital asset investment funds witnessed two weeks ago. 

    Crypto Fund Inflows Surge To $103 Million

    Crypto asset investment funds witnessed a minor net outflow of $16 million two weeks ago, bringing an end to 11 consecutive weeks of inflows since September. However, according to a social media post by Butterfill, these investment funds attracted a $103 million net inflow last week. As expected, Bitcoin, again, led the charge, attracting 85% of the total inflow. Bitcoin saw an inflow of $87 million last week, bringing its total net inflow this year to $1.758 billion. 

    Ethereum led the altcoin market with a net inflow of $7.9 million, bringing its total net inflow this year to $23 million. Solana followed suit with a $6 million net inflow. At the time of writing, Solana’s total inflow this year stands at $162 million, reflecting the better sentiment Solana has seen with institutional investors this year. 

    On the other hand, Litecoin and Avalanche investment products were the only ones registering a net outflow during the week, with $0.4 million and $2.6 million respectively.

    In terms of geographical location, Germany had the most inflows with $41.6 million, Canada with $25.8 million, USA with $20.4 million, and Switzerland with $15 million. On the other hand, Sweden had a net outflow of $8.7 million. 

    Total assets under management now stand at $52 billion, representing 31% of the entire crypto market cap of $1.65 trillion. Most of this is traded in the United States, with US-based investment funds holding $37.8 billion worth of assets under management.

    Total market cap rises above $1.6 trillion | Source: Crypto Total Market Cap on Tradingview.com

    State Of The Market

    Investment in digital asset funds is largely tied to the sentiment among the spot market prices. As a result, the net inflows last week were a mirror of the price surge led by Bitcoin, with the crypto crossing over $44,000 multiple times during the week. Bitcoin has since corrected and is now trading at $42,390.

    Ethereum’s lead in the altcoin market has been overshadowed by Solana since October. The crypto is up by 53% in a 7-day timeframe, hitting a yearly high of $124.92 on Christmas day. At the time of writing, Solana is trading at $114.  

    Featured image from Business Insider, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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  • BlackRock revises BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest, Dec. 10-16

    BlackRock revises BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest, Dec. 10-16

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    Top Stories This Week

    BlackRock revises spot Bitcoin ETF to enable easier access for banks

    BlackRock has revised its spot Bitcoin exchange-traded fund (ETF) application to make it easier for Wall Street banks to participate by creating new shares in the fund with cash rather than just crypto. The new in-kind redemption “prepay” model will allow banking giants such as JPMorgan or Goldman Sachs to act as authorized participants for the fund, letting them circumvent restrictions that prevent them from holding Bitcoin or crypto directly on their balance sheets.

    El Salvador expects to sell out Bitcoin ‘Freedom Visa’ by end of year

    El Salvador’s National Bitcoin Office says its $1 million Freedom Visa program has already received hundreds of inquiries since its launch on Dec. 7 and expects it to sell out before the end of 2023. Launched by the local government in partnership with stablecoin issuer Tether, the Freedom Visa is a citizenship-by-donation program that grants a residency visa and pathway to citizenship for 1,000 people willing to make a $1 million Bitcoin or Tether donation to the country. The program is limited to 1,000 slots per calendar year.

    Sam Bankman-Fried’s lawyer says FTX fraud trial was “almost impossible” to win: Report

    The lawyer responsible for Sam “SBF” Bankman-Fried’s criminal trial defense has admitted that the case was “almost impossible” to win from the outset. During an interview, Stanford Law School professor David Mills said he recommended the legal defense of SBF admit to the allegations of witnesses and state prosecution and convince the jury that Bankman-Fried intended to save the company. Mills also disclosed that he had agreed to lend his expertise to Bankman-Fried’s defense at the behest of the FTX CEO’s parents, and described Bankman-Fried “as the worst person I’ve ever seen do a cross-examination.”

    Yearn.finance pleads arb traders to return funds after $1.4M multisig mishap

    Yearn.finance is hoping arbitrage traders will return $1.4 million in funds after a multisignature scripting error resulted in a large amount of the protocol’s treasury being drained. The error occurred while Yearn was converting its yVault LP-yCurve — earned from performance fees on vault harvests — into stablecoins on the decentralized exchange CoW Swap. Yearn suffered significant slippage when it received 779,958 DAI yVault tokens from the trade, resulting in a 63% drop in the liquidity pool value.

    SEC pushes deadline for decision on Invesco Galaxy spot Ethereum ETF to 2024

    The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether ETF proposed by Invesco and Galaxy Digital. The companies filed the spot ETH ETF application in September. The proposed spot crypto investment vehicle is one of many being considered by the commission, which, to date, has never approved an ETF with direct exposure to Ether, Bitcoin or other cryptocurrencies.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $42,222, Ether (ETH) at $2,250 and XRP at $0.62. The total market cap is at $1.6 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bonk (BONK) at 131.38%, WOO Network (WOO) at 78.34% and Helium (HNT) at 77.66%. 

    The top three altcoin losers of the week are Terra Classic (LUNC) at -15.84%, Sei (SEI) at -14.48% and Pepe (PEPE) at -12.10%.

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

    Read also


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    Crypto kids fight Facebook for the soul of the Metaverse


    Art Week

    Defying Obsolescence: How Blockchain Tech Could Redefine Artistic Expression

    Most Memorable Quotations

    “I’m a big fan of this stablecoin called Tether…I hold their treasuries. So I keep their treasuries, and they have a lot of treasuries.”

    Howard Lutnick, CEO of Cantor Fitzgerald

    “This [blockchain] can be leveraged to ensure proper recycling and handling of waste materials by tracking them from origin to destination.”

    Dominic Williams, founder and chief scientist at Dfinity

    “Digital currencies are the natural evolution of the world’s payment system, and Europe […] is paving the way for this inevitable shift.”

    Michael Novogratz, CEO of Galaxy Digital

    “I thought it was almost impossible to win a case when three or four founders are all saying you did it.”

    David Mills, criminal trial attorney of Sam Bankman-Fried

    “Our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”

    Elizabeth Warren, U.S. senator

    “We have to understand that the Central Bank is a scam. What Bitcoin represents is the return of money to its original creation, the private sector.”

    Javier Milei, president of Argentina

    Prediction of the week

    ‘No excuse’ not to long crypto: Arthur Hayes repeats $1M BTC price bet

    Bitcoin and altcoins are a no-brainer bet in the current macro climate, Arthur Hayes says. In a post on X (formerly Twitter) on Dec. 14, the former CEO of exchange BitMEX said that investors have “no excuse” to short crypto.

    Going long on crypto is the key to success as markets bet on the United States Federal Reserve lowering interest rates next year, Hayes argues. “At this point, there is no excuse not to be long crypto,” part of his post stated.

    “How many more times must they tell you that the fiat in your pocket is a filthy piece of trash,” he wrote. Hayes further reiterated a longstanding $1 million BTC price prediction as a result of macro tides eroding the value of national currencies.

    FUD of the Week

    Ledger patches vulnerability after multiple DApps using connector library were compromised

    The front end of multiple decentralized applications using Ledger’s connector were compromised on Dec. 14. Ledger announced that it had fixed the problem three hours after the initial reports about the attack. Protocols affected include Zapper, SushiSwap, Phantom, Balancer and Revoke.cash, stealing at least $484,000 in digital assets. The attacker utilized a phishing exploit to gain access to the computer of a former Ledger employee. The hack sparked criticism about Ledger’s security approach.

    Bitcoin inscriptions added to US National Vulnerability Database

    The National Vulnerability Database flagged Bitcoin’s inscriptions as a cybersecurity risk on Dec. 9, calling attention to the security flaw that enabled the development of the Ordinals Protocol in 2022. According to the database records, a datacarrier limit can be bypassed by masking data as code in some Bitcoin Core and Bitcoin Knots versions. As one of its potential impacts, the vulnerability could result in large amounts of non-transactional data spamming the blockchain, potentially increasing network size and adversely affecting performance and fees.

    SafeMoon falls 31% in five hours after filing for Chapter 7 bankruptcy

    The token of decentralized finance protocol SafeMoon has fallen 31% in five hours after the company behind it filed for bankruptcy. SafeMoon officially applied for Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” on Dec. 14. The latest blow comes only a month after the U.S. Securities and Exchange Commission charged SafeMoon and its executives with violating securities laws in what the regulator described as “a massive fraudulent scheme.” Several former SafeMoon supporters expressed frustration on Reddit regarding the bankruptcy, alleging they were rug-pulled by the SafeMoon developers.

    Read also


    Features

    ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide 


    Features

    Sweden: The Death of Money?

    Top Magazine Pieces of the Week

    Terrorism & Israel-Gaza war weaponized to destroy crypto

    Draconian anti-crypto legislation could soon be passed to solve a terrorism funding “crisis” that many argue is vastly overstated.

    Korean crypto firm raises $140M, China’s $1.4T AI sector, Huobi battle: Asia Express

    Line Next raises $140M, China’s AI market surpasses $1.4T, Sinohope stagnates due to stuck FTX deposit, and more!

    J1mmy.eth once minted 420 Bored Apes… and had NFTs worth $150M: NFT Creator

    NFT collector J1mmy.eth trades like Warren Buffett, his collection peaked at $150 million, and he once minted 420 Bored Apes with Pranksy.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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  • Binance’s CZ must stay in US, Elon Musk seeks $1B for AI, and other news: Hodler’s Digest, Dec. 3-9

    Binance’s CZ must stay in US, Elon Musk seeks $1B for AI, and other news: Hodler’s Digest, Dec. 3-9

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    Top Stories This Week

    Binance founder CZ must stay in US until sentencing, judge orders

    Binance founder Changpeng “CZ” Zhao has been ordered to stay in the United States until his sentencing in February, with a federal judge determining there’s too much of a flight risk if the former crypto exchange CEO is allowed to return to the United Arab Emirates. On Dec. 7, Seattle District Court Judge Richard Jones ordered Zhao to stay in the U.S. until his Feb. 23, 2024 sentencing date. He faces up to 18 months in prison after pleading guilty to money laundering on Nov. 21 and has agreed not to appeal any potential sentence up to that length.

    House committee passes bill to ‘preserve US leadership’ in blockchain

    A United States Congress committee has unanimously passed a pro-blockchain bill, which would task the U.S. commerce secretary with promoting blockchain deployment and thus potentially increase the country’s use of blockchain technology. The act covers an array of actions the commerce secretary must take if passed, including making best practices, policies and recommendations for the public and private sector when using blockchain tech. The bill will now go to the House for a vote. If passed, it must also pass in the Senate before returning for final congressional and presidential approval.

    SEC pushes deadline to decide on Grayscale spot Ether ETF

    The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether exchange-traded fund (ETF) offering from asset manager Grayscale. In a notice, the SEC said it would designate a longer period for considering a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust. Grayscale first filed with the SEC to convert shares of its Grayscale Ethereum Trust into a spot Ether ETF in October, adding its name to the list of companies awaiting a decision from the regulator.

    Elon Musk’s xAI files with SEC for private sale of $1B in unregistered securities

    Elon Musk’s X-linked artificial intelligence modeler, xAI, has an agreement for the private sale of $865.3 million in unregistered equity securities, according to a filing with the United States Securities and Exchange Commission made on Dec. 5. The company is seeking to raise $1 billion. XAI’s product, a chatbot called Grok, has recently rolled out to X’s Premium+ subscribers. Musk announced the launch of xAI in July and claimed its goal was to “understand the universe.” 

    Bitcoin new high set for late 2024, Binance to lose top spot — VanEck

    Bitcoin will hit a new all-time high in late 2024 because of a long-feared United States recession and regulatory shifts after the next U.S. presidential election, asset manager VanEck predicts. The firm is confident that the first spot Bitcoin ETFs will be approved in the first quarter of 2024. However, it also made a gloomy prediction for the general U.S. economy. VanEck is among several firms, including BlackRock and Fidelity, that are vying for an approved spot Bitcoin ETF. VanEck also believes that the BTC halving, due in April or May, “will see minimal market disruption,” but there will be a post-halving price rise.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $44,402, Ether (ETH) at $2,364 and XRP at $0.66. The total market cap is at $1.65 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bonk (BONK) at 203.10%, ORDI (ORDI) at 134.34% and BitTorrent (BTT) at 114.32%. 

    The top three altcoin losers of the week are Maker (MKR) at -6.48%, UNUS SED LEO (LEO)  at -6.22% and Kaspa (KAS) at 4.98%.

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

    Read also


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    Monero-Mining Death Metal Band from 2077 Warns Humans on Lizard People Extinction Scheme


    Features

    ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder

    Most Memorable Quotations

    “The expected approval of the ETF will be positive news for the crypto market, likely leading to significant growth.”

    Adam Berker, senior legal counsel at Mercuryo

    “The only true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance.”

    Jamie Dimon, CEO of JPMorgan Chase

    “Jamie Dimon is in no position to criticize Bitcoin with this sort of track record.”

    Gabor Gurbacs, strategy adviser at VanEck

    “So, for us, I think Bitcoin is our central bank. With that in mind, I think of Ethereum as our investment bank.”

    Robby Yung, CEO of Animoca Brands

    “The ETF is certainly a key driver in sentiment.”

    Jon de Wet, investment chief of Zerocap

    “It takes a community and the whole industry to figure out how to better educate people. That’s the hard part. It’s not a technology issue; it’s an operational problem.”

    Eowyn Chen, CEO of Trust Wallet

    Prediction of the week

    ‘Early bull market’ — Bitcoin price preps 1st ever weekly golden cross

    Bitcoin is lining up an “early bull market” as a unique chart feature plays out for the first time in history.

    In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne noted that should current performance continue, Bitcoin will witness a crossover of two weekly moving averages (MAs), which have never delivered such a bull signal before. 

    The 50-week and 200-week MAs are key trendlines for Bitcoin traders and analysts alike. The latter is the ultimate bear market support level, and it has so far never decreased in value.

    BTC price strength is on the way to taking the 50-week MA trendline above the 200-week counterpart. Known as a “golden cross,” on lower timeframes, this is considered a classic bullish signal, and for Milne, the impetus is that considerable upside could be in store should the phenomenon play out. 

    “The 50-week moving average will now soon cross back above the 200-week MA making a ‘golden cross’ for the 1st time. QED: Early bull market,” he wrote.

    FUD of the Week

    Crypto is for criminals? JPMorgan has been fined $39B and has its own token

    JPMorgan Chase CEO Jamie Dimon is being criticized by the crypto community after claiming Bitcoin and cryptocurrency’s “only true use case” is to facilitate crime. However, according to Good Jobs First’s violation tracker, JPMorgan is the second-largest penalized bank, having paid $39.3 billion in fines across 272 violations since 2000. About $38 billion of these fines came under Dimon’s watch, who has been CEO since 2005.

    British regulator adds Justin Sun-linked Poloniex to warning list after $100M hack

    The United Kingdom’s Financial Conduct Authority (FCA) has added crypto exchange Poloniex to its warning list of non-authorized companies. The Seychelles-based exchange is one of the three companies owned by or affiliated with entrepreneur Justin Sun that have suffered four hacks in the last two months. The warning to Poloniex was published on the FCA’s website on Dec. 6. It doesn’t offer a reason but says that “firms and individuals cannot promote financial services in the UK without the necessary authorization or approval.”

    US senators target crypto in bill enforcing sanctions on terrorist groups

    A bipartisan group of lawmakers in the United States Senate introduced legislation aimed at countering cryptocurrency’s role in financing terrorism, explicitly citing the Oct. 7 attack by Hamas on Israel. The bill would expand U.S. sanctions to include parties funding terrorist organizations with cryptocurrency or fiat. According to Senator Mitt Romney, the legislation would allow the U.S. Treasury Department to go after “emerging threats involving digital assets.”

    Read also


    Features

    Can blockchain solve its oracle problem?


    Features

    Cleaning up crypto: How much enforcement is too much?

    Top Magazine Pieces of the Week

    Lawmakers’ fear and doubt drives proposed crypto regulations in US

    If the Digital Asset Anti-Money Laundering Act were to become law, many cryptocurrency providers would have to learn how to comply with the same regulations as traditional financial institutions.

    Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame

    Brett Harrison taught a promising young Sam Bankman-Fried programming for traders at Jane Street, but wasn’t so impressed with the man SBF became.

    Web3 Gamer: Games need bots? Illuvium CEO admits ‘it’s tough,’ 42X upside

    Games overrun with bots just show bot owners care, claims Pixels founder. Plus we review Galaxy Fight Club, chat to Illuvium’s CEO and more.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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  • Bitcoin is up 130% this year. Could it extend the rally in December and 2024?

    Bitcoin is up 130% this year. Could it extend the rally in December and 2024?

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    Bitcoin has extended its rally on Friday, rising to the loftiest level since May 2022, pushing its yearly gain up to over 130%, on pace to be one of the best performing assets this year. 

    The crypto
    BTCUSD,
    +1.28%
    rose about 2.5% over the past 24 hours to around $38,676 Friday afternoon, as excitement about the potential approval of bitcoin exchange-traded funds continues to build. Bitcoin is still 44% down from its all-time high in 2021. 

    Risk assets in general performed well in November, as concerns eased around several pressure points, including the surge in long-term Treasury yields and inflation, analysts at Grayscale Research wrote in a Friday note.

    Despite outperforming many major assets year-to-date, bitcoin underperformed long-term Treasurys and the S&P 500 in November on a volatility-adjusted basis, gaining 9% for the month.


    Bloomberg; Grayscale Investments

    Sam Callahan, market analyst at Swan Bitcoin, said he expects bitcoin to trade between $36,000 and $40,000 by the end of the year, “provided that the macroeconomic environment doesn’t take a turn for the worse, and barring any significant positive development, such as the approval of a Spot Bitcoin ETF or the adoption of Bitcoin by a major corporation, sovereign-wealth fund, or nation-state.”

    Despite bitcoin’s rally so far this year, December has historically been a particularly volatile month for the crypto, since it was created in 2009. It rose seven out of 13 times in December, according to Dow Jones Market Data.

    In years when bitcoin gained more than 100% through November, the digital asset saw an average gain of 20% in December, rising four of the six times it occurred, according to Dow Jones Market Data.

    To be sure, bitcoin has a relatively short history and was particularly volatile during its early years. 

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  • Why do people keep suing celebrities like Ronaldo and Tom Brady over crypto losses?

    Why do people keep suing celebrities like Ronaldo and Tom Brady over crypto losses?

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    Ever since the collapse of crypto currencies last year, the lawsuits have been flying.

    But a series of class-action suits targeting celebrity endorsers of crypto exchanges like FTX and Binance have been piling up in federal court in Miami, all filed by the same group of south Florida lawyers.

    The latest suit names global soccer superstar Cristiano Ronaldo for allegedly promoting “the mass solicitation of investments in unregistered securities” sold by Binance, the crypto exchange that was hit with a $4 billion fine last week after pleading guilty to violating the bank secrecy act.

    The suit was filed in federal court in the southern district of Florida this week and centered around Ronaldo’s role in a global marketing campaign launched in 2022 for a series of Binance NFTs — or non-fungible tokens, a form of blockchain-backed art works that were, for a brief time, wildly popular.

    A representative for Ronaldo didn’t immediately respond to a message seeking comment.

    The filing against Ronaldo on Monday came alongside similar class action suits naming Major League Baseball, Formula 1 racing, Mercedes Benz and the advertising giants Dentsu and Wasserman, who created much of FTX’s global promotion campaign.

    Messages left with representatives for MLB, Formula 1, Mercedes Benz, Dentsu and Wasserman weren’t immediately returned.

    Those suits are the latest in a series of similar class action suits starting last year against celebrity endorsers of failed crypto exchanges such as Voyager and FTX, in which customers lost billions of dollars in deposits.

    Over the past 18 months, a group of south Florida lawyers led by Adam Moskowitz have brought the suits on behalf of investors who lost money in last year’s crypto collapse, against paid celebrity endorsers including Shaquille O’Neal, Mark Cuban, Tom Brady, Gisele Bundchen, Shohei Ohtani, Larry David, Steph Curry and Naomi Osaka.

    “All of these celebrities were paid hundreds of millions of dollars taken directly from customer deposits,” Moskowitz said in a statement. “Some of the most famous and wealthiest groups in the world may now be held responsible for the dramatic $20 billion dollar crypto collapse and biggest financial scandals in U.S. history.”    

    Moskowitz, who has been joined in the suits by lawyers with the firms Mark Migdal & Hayden and Boies Schiller and Flexner, headed by famed litigator David Boies, is seeking at least $5 billion in damages from those who helped promote the crypto exchanges. 

    The cases from last year are ongoing and each of the celebrities named have been fighting the suits in court. 

    Moskowitz, who specializes in class-action lawsuits, says issues revolving around crypto first got his attention more than two years ago, before the entire market crashed, when he came to believe that the special tokens each exchange was minting amounted to an unregistered security.

    He first filed a lawsuit against Voyager early last year, before the exchange collapsed and the Securities and Exchange Commission began filing suits against many in the industry accusing them of dealing in unregistered securities.

    “Right then what we were doing started to gain traction,” he said.

    A series of favorable court rulings have allowed his cases to gain steam, he said, and has allowed to him to take the lead in such actions.

    In another class action suit filed earlier this year, Moskowitz and his partners sued a group of YouTube financial influencers for their role in promoting FTX, accusing them of taking cash for uncritically singing the exchange’s praises.

    Moskowitz said several of those suits have been settled but that others have continued. 

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  • BlackRock meets with SEC over ETF, Binance’s new era begins and SBF loses release bid: Hodler’s Digest, Nov. 19-25

    BlackRock meets with SEC over ETF, Binance’s new era begins and SBF loses release bid: Hodler’s Digest, Nov. 19-25

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    Top Stories This Week

    US officials announce $4.3B settlement with Binance, plea deal with CZ

    Binance and its co-founder, Changpeng “CZ” Zhao, have reached a settlement over criminal and civil cases with the United States Department of Justice. CZ will plead guilty to one felony charge as part of the negotiated agreement. Attorney General Merrick Garland announced the settlement, claiming Binance’s policies allowed criminals involved in illicit activities to move “stolen funds” through the exchange. As part of the settlement, CZ announced on X (formerly Twitter) that he had stepped down as CEO and that Binance’s global head of regional markets, Richard Teng, will assume the position. He added he was “proud to point out” that U.S. officials didn’t allege that Binance misappropriated funds or manipulated markets. CZ was released on bail and is battling government efforts to bar his return to the United Arab Emirates to be with his family. His sentencing is scheduled for February.

    BlackRock met with SEC officials to discuss spot Bitcoin ETF

    Representatives from BlackRock and Nasdaq met with the U.S. Securities and Exchange Commission (SEC) to discuss the proposed rule allowing the listing of a spot Bitcoin exchange-traded fund (ETF). BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. Many reports have suggested the SEC could be nearing a decision on a spot BTC ETF for listing on U.S. markets. SEC officials also met with Grayscale representatives this week to discuss the listing of a Bitcoin ETF. BlackRock is one of many firms with spot crypto ETF applications in the SEC pipeline awaiting a response, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise.

    Bitcoin user pays $3.1M transaction fee for 139 BTC transfer

    A Bitcoin user paid $3.1 million in fees for transferring 139.42 BTC. The transaction fee is the eighth-highest in Bitcoin’s 14-year history. A wallet address tried transferring 139.42 BTC only to pay more than half the actual value of the transaction fee. The destination address received only 55.77 BTC. The mining pool Antpool captured the absurdly high mining fee on block 818087. This is the largest Bitcoin transaction fee ever paid in dollar terms, knocking off Paxos’s September transfer of $500,000.

    SEC sues Kraken alleging it’s an unregistered exchange, mixes user funds

    The U.S. Securities and Exchange Commission has sued Kraken, alleging it commingled customer funds and failed to register with the regulator as a securities exchange, broker, dealer and clearing agency. Additionally, the SEC alleged Kraken’s business practices and “deficient” internal controls saw the exchange commingle up to $33 billion worth of customer assets with its own. The SEC said this resulted in a “significant risk of loss” for its clients. In a follow-up blog post, Kraken said the SEC’s commingling accusations were “no more than Kraken spending fees it has already earned,” and the regulator doesn’t allege any user funds are missing.

    Appeals court rejects Sam Bankman-Fried’s bid for release

    Sam Bankman-Fried will stay jailed after failing to convince a United States appellate court that he should be freed while his legal team appeals his conviction. Government prosecutors accused Bankman-Fried of leaking Caroline Ellison’s journals to The New York Times in July, which caused his bail to be revoked by a New York District Court. Bankman-Fried was found guilty of seven fraud and money laundering-related charges on Nov. 2. The former FTX CEO will remain behind bars while he awaits his sentencing on March 28 next year.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $37,710, Ether (ETH) is at $2,079, and XRP is at $0.62. The total market cap is at $1.43 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Blur (BLUR) at 99.25%, FTX Token (FTT) at 39.05% and KuCoin Token (KCS) at 24.82%. 

    The top three altcoin losers of the week are Celestia (TIA) at -19.89%, ORDI (ORDI) at -17.63% and THORChain (RUNE) at -15.53%.

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

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    Slumdog billionaire 2: ‘Top 10… brings no satisfaction’ says Polygon’s Sandeep Nailwal

    Most Memorable Quotations

    “The U.S. has a financial regime that basically has been weaponized.”

    Charles Hoskinson, founder of Cardano

    “I made mistakes, and I must take responsibility.”

    Changpeng “CZ” Zhao, former CEO of Binance

    “We, the employees of OpenAI, have developed the best models and pushed the field to new frontiers, [but] the process through which you terminated Sam Altman […] has jeopardized all of this work and undermined our mission and company.”

    OpenAI employees

    “Get your crypto company out of the U.S. warzone.”

    Jesse Powell, co-founder of Kraken

    “The regulatory uncertainty that permeates the U.S. market is having an impact on the rest of the world.”

    Oliver Linch, CEO of Bittrex Global

    “I’m looking forward to returning to OpenAI and building on our strong partnership with Microsoft.”

    Sam Altman, CEO of OpenAI

    Prediction of the week

    ‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024

    Bitcoin buyers should enjoy the chance to add to their stack below $40,000, according to PlanB, pseudonymous creator of the stock-to-flow family of BTC price models. He believes Bitcoin will rise much higher than its recent 18-month highs.

    Bitcoin bear market bottoms are characterized by the spot price dipping below the realized price, while bull markets begin once the spot crosses the two-year and five-month realized price levels. BTC/USD is now once again above all three realized price iterations.

    “Enjoy sub-$40k bitcoin … while it lasts,” PlanB commented on an accompanying chart.

    Asked whether the market should expect lower levels from here, PlanB would not be drawn, saying that he simply expected an average BTC price of at least $100,000 between 2024 and 2028 — Bitcoin’s next halving cycle.

    FUD of the Week

    HTX to restore services ‘within 24 hours’ after $30M hack

    Crypto exchange HTX, formerly known as Huobi Global, resumed deposits and withdrawals within 24 hours after suffering a $30 million exploit on Nov. 22. The exploit was reported to be $13.6 million around the time of the incident, but has since increased in value. HTX’s hot wallets were compromised alongside a coordinated $86.6 million attack against the HTX Eco (HECO) Chain bridge, consisting of HTX, Tron and BitTorrent. The company has promised to fully compensate users for any losses incurred as a consequence of the hack.

    CZ an ‘unacceptable risk of flight,’ should stay in US: DOJ

    United States prosecutors are trying to stop former Binance boss Changpeng “CZ” Zhao from leaving the country, expressing concern about his potential flight risk. The government requested a review and overturn of a judge’s decision that would allow Zhao to return to his home in the United Arab Emirates (UAE) on a $175 million bond under the condition that he returns to the U.S. two weeks before his February 2024 sentencing. In a proposed order, prosecutors wrote that Zhao “presents an unacceptable risk of flight,” arguing that his ties and favored status in the UAE, along with the country’s lack of an extradition treaty with the U.S., are reasons to block him from leaving the country.

    KyberSwap hacker offers $4.6M bounty for return of $46M loot

    The decentralized exchange KyberSwap has offered a 10% bounty reward to the hacker who stole $46 million on Nov. 22 and left a note of negotiation. The exchange wants 90% of the loot returned. The hacker made away with roughly $20 million in Wrapped Ether, $7 million in wrapped Lido-staked Ether and $4 million in Arbitrum tokens. The hacker then siphoned the loot across multiple chains, including Arbitrum, Optimism, Ethereum, Polygon and Base.

    Read also


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    Daft Punk meets CryptoPunks as Novo faces up to NFTs


    Features

    Open Source or Free for All? The Ethics of Decentralized Blockchain Development

    Top Magazine Pieces of the Week

    This is your brain on crypto: Substance abuse grows among crypto traders

    According to some addiction experts, the high-stress atmosphere of cryptocurrency trading can provide a perfect environment for substance abuse.

    Michael Saylor’s a fan, but Frisby says bull run needs a new guru: X Hall of Flame

    Bitcoin enthusiast Dominic Frisby has a wild journey, from penning one of the first-ever Bitcoin books to plastering “Bitcoin fixes this” on the Bank of England.

    6 Questions for Alex O’Donnell about financial journalism and the future of DeFi

    Alex O’Donnell spoke to Cointelegraph Magazine about his career as a financial journalist — and how it led to his involvement in crypto and Umami DAO.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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  • Crypto bulls eye $40,000 as bitcoin’s next level as the coin refreshes yearly high

    Crypto bulls eye $40,000 as bitcoin’s next level as the coin refreshes yearly high

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    Crypto bulls are eyeing $40,000 as bitcoin’s next level, with the recent rally sending the crypto to a new high for the year, as the market shakes off the news that Binance’s co-founder Changpeng Zhao pleaded guilty on Tuesday to criminal charges related to violating U.S. anti-money-laundering laws, and stepped down as head of the company.

    The largest crypto BTCUSD on Friday rose to as high as $38,294, the loftiest level since May 2022, according to CoinDesk data. It climbed over 3% over the past 24 hours. 

    Bitcoin…

    Master your money.

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