Tag: Cryptocurrency

Criminal sentencing of Binance founder CZ postponed to late April

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Changpeng Zhao, founder and CEO of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris on June 16, 2022.

Benoit Tessier | Reuters

The criminal sentencing of Binance founder Changpeng Zhao on a money laundering rule charge has been postponed until April 30, according to a notice Monday in Seattle federal court.

That docket entry did not explain what would be a two-month delay in sentencing Zhao, a Canadian national widely known as “CZ” who is free on a $175 million release bond in the United States.

Zhao’s lawyer, William Burck, declined to comment when asked about the postponement. CNBC has asked the Department of Justice about the delay.

Federal sentencing guidelines suggest a maximum sentence of 18 months in prison for Zhao, but prosecutors reportedly have considered asking for a harsher sentence.

Zhao pleaded guilty on Nov. 21 to a charge of failure to maintain an effective anti-money laundering program at Binance, the world’s largest cryptocurrency exchange. As part of that plea, he agreed to step down as Binance’s chief executive officer and to pay a $50 million fine.

Binance at the same time agreed to pay $4.3 billion in fines and restitution as part of its guilty plea to conspiracy to conduct an unlicensed money-transmitting business, conducting such a business and violating the International Emergency Economic Powers Act.

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“Binance was allowing illicit actors to transact freely, supporting activities from child sexual abuse to illegal narcotics to terrorism,” Treasury Secretary Janet Yellen when the company and Zhao pleaded guilty.

Zhao originally was scheduled to be sentenced on Feb. 23.

The judge in Zhao’s case in early December rejected his request to be able to travel to his home in the United Arab Emirates before he is sentenced.

U.S. District Judge Richard Jones cited Zhao’s “enormous wealth” and lack of ties to the United States in finding he was a flight risk.

Jones in late December rejected another bid by Zhao to travel to the U.A.E. Zhao in his new application had said he wanted to travel home for the “hospitalization and surgery” of a person in his life.

He had offered to post his equity in Binance as security for his return.

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February 12, 2024
Franklin Templeton enters competition to introduce spot Ether ETF

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Franklin Templeton has recently filed for a spot ether ETF, joining the competitive landscape of companies aiming to bridge traditional finance with digital assets.

According to their filing, the proposed ETF aims to provide investors with a convenient alternative to directly acquiring, holding, and trading Ethereum.

This move comes after the Securities and Exchange Commission (SEC) approved issuers for Bitcoin ETFs earlier in January, with Franklin being among the nearly a dozen firms to launch such a product.

The firm expressed interest in staking the ether held by the fund, a strategy also considered by Ark 21Shares, which updated its prospectus to include staking language—a feature not present in BlackRock’s filings.

Franklin’s filing suggests the fund could engage in staking through trusted providers, potentially earning staking rewards of ether tokens (ETH), which could be treated as income.

Approximately 25% of the total ETH supply is currently staked. With a decision on spot ETH ETFs anticipated in May, Bloomberg Intelligence analyst James Seyffart estimates a 60% chance of SEC approval.

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Bralon Hill

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February 12, 2024
Coinbase Earn – Learn About Access Zetachain (ZETA), Earn $9 – Doctor Of Credit
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The Offer

Direct link to offer

Coinbase Earn is offering $9 ZETA when learning about Zetachain. Questions and answers are as follows:

It connects fragmented blockchains for a seamless crypto experience

Access and manage crypto and data on all blockchains

Zetahub

Our Verdict

Been awhile since we saw one of these offers. I don’t see this one, so if somebody can share the questions (answers already above) that would be great (easier for people to find if they are searching for the questions).
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William Charles

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February 5, 2024
AMLBot CEO: Security is improving despite over $126m lost in January crypto hacks

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January 2024 saw a sixfold increase in the amount lost to web3 hackers who continue to exploit loopholes in smart contract codes employed by crypto and defi protocols.

Hackers carted away over $126 million from several attacks on decentralized finance platforms last month, according to AMLBot Co-Founder and CEO Slava Demchuk. Incidents primarily stemmed from a handful of vulnerabilities ranging from multi-sig wallet compromises to loan attack vectors, Demchuk added.

One of the largest hacks in January was on Orbit Bridge, a cross-chain protocol that lost north of $80 million to bad actors. Ozys, the South Korea-based company behind the service, suspects a former employee was involved in the attack.

However, the crypto fraud-detection expert noted that cybersecurity within the industry is improving year-on-year, as indicated by the decline in illegal digital asset activity.

Every year, the large amount of money stolen, sometimes reaching billions of dollars, can be surprising and worrying. But the main trend is clear – less than 1% of crypto activities involve illicit actions.

Slava Demchuk, Co-Founder and CEO, AMLBot

A Chainalysis report backs up this assertion. The company noted a 39% reduction in stolen wealth transactions via cryptocurrencies and blockchain networks.

Commenting on why these defi vulnerabilities persist even as global crypto adoption ascends and institutional demand has increased, Demchuk told crypto.news that blockchain’s decentralized nature adds a layer of complexity that requires constant improvement in security protocols by projects to mitigate and manage risks.

In some cases, he noted, projects fall short of industry-standard security measures, and in other scenarios, hackers have engineered novel strategies to bypass systems aimed at safeguarding users.

Enhanced security measures such as real-time transaction monitoring and increased collaborative efforts by global law enforcement are two key areas in tackling digital currency-related crime, per Demchuk.

AMLBot’s boss added that more communication between crypto exchanges, wallet providers, and blockchain developers should help to stem the issue by facilitating the timely sharing of threats and suspicious activity.

Eventually, this collaboration should lead to the establishment of a suitable infrastructure that accommodates the involvement of all stakeholders. Our belief is that the cryptocurrency industry will gradually attain comprehensive security over time.

Slava Demchuk, co-founder and CEO, AMLBot

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Naga Avan-Nomayo

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February 5, 2024
How To Buy And Trade BRC-20 Tokens On The Bitcoin Network

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What are BRC-20 Tokens?

BRC-20 tokens are a novel standard on the Bitcoin blockchain, BRC-20 tokens were inspired by Ethereum’s ERC-20. Like Ethereum’s ERC-20 strands for Ethereum Request for Comment, BRC-20 also strands for Bitcoin Request for Comment.

BRC-20 tokens allow the creation, minting, trading, and transfer of fungible tokens or assets on the Bitcoin blockchain through the Ordinals protocol. The Bitcoin Ordinals protocol is a numbering system that allows users to attach extra data to satoshis, the smallest unit of Bitcoin.

The process of attaching extra data to satoshis is called inscription, BRC-20 tokens do not need smart contracts to execute transactions as ERC-20 tokens do, their transactions are done through JSON inscriptions on satoshis through Bitcoin Ordinals.

Differences And Comparison Between BRC-20 And ERC-20

Ethereum’s ERC-20 might have inspired the creation of BRC-20 on the Bitcoin blockchain, but make no mistake, they are not the same, and we are going to explore that in this section of this article.

Operation: One of the key differences between BRC-20 and ERC-20 is that BRC-20 tokens find their home within the Bitcoin blockchain while ERC-20 operates on the Ethereum blockchain.

Implementation: BRC-20 and ERC-20 are both implemented differently; however, BRC-20 is experimental, meaning it has not undergone the BIP process. It only implements changes in the Bitcoin protocol, while ERC-20 has undergone the EIP process, which was approved by the Ethereum community before implementation after being scrutinized.

Security: They are both secure as they are both secure by the top two blockchains in the crypto space, but BRC-20 is secured by the Bitcoin blockchain and ERC-20 is secured by the Ethereum blockchain.

High Gas Fee Or Transaction Fees: They both have high gas fees if you are trading on decentralized exchanges (DEXs).

Wallets: Their wallets are different, you can store your BRC-20 token on wallets that support the Bitcoin Taproot upgrade like Unisat, Xverse, CoinW, and Alex. While ERC-20 tokens are stored on Ethereum-supported wallets like Metamask, Exodus, Trust wallet, Atomic, MyEtherWallet, and all EVM compactable wallets

Smart Contract functionality: BRC-20 tokens do not rely on smart contracts to execute transactions, but ERC-20 tokens do.

Token Value Drive: BRC-20 tokens are token values driven by inscriptions, and ERC-20 token values are driven by utilities and speculations.

Fungibility: BRC-20 tokens are semi-fungible because they are only interchanged in set increments. For example, BRC-20 tokens are being sold in sets, so you can’t buy 1003 xBRC-20 tokens (x being the token) if the only people sell decide to sell in sets of 250, 500, 750, and 1000 depending on how many tokens they want to sell. Meanwhile, ERC-20 tokens are fully fungible because they can be exchanged in any quantity.

Functions: The BRC-20 token standard is majorly to create meme tokens currently, while the ERC-20 token standard is used for a good number of fungible tokens on Ethereum, including stablecoins, governance tokens, wrapped tokens, and utility tokens.

Pros of the BRC-20 Token Standard

The fact that BRC-20 tokens are built on the most secure blockchain in the crypto space Bitcoin, should help you understand these tokens are going benefit from the security that the Bitcoin Blockchain provides.

The interoperability with the Bitcoin network is one of the major advantages of the BRC-20 tokens, as they enjoy and leverage the widespread acceptance of Bitcoin as the most successful crypto, which has contributed to the BRC-20 token’s overall success. Also, this compatibility with Bitcoin gives the BRC-20 standard access to utilize the existing infrastructure the Bitcoin network already has, including its wallets and exchanges.

BRC-20 standard is still in its early stages, so there is huge potential for growth in the future, and as more people keep adopting and investing in BRC-20 tokens

Cons of the BRC-20 Token Standard

In the same way, as the BRC-20 token standard enjoys the benefits of the Bitcoin network, they are still going to be affected in the areas where Bitcoin lags behind. This is because Bitcoin is not as scalable as some other blockchains like Ethereum. As BRC-20 tokens keep gaining popularity and awareness there are concerns about congestion, which could lead to potential higher gas or transaction fee issues.

Another consideration is that BRC-20 tokens run on ordinals protocol, a protocol that is still in its early phases of development, which means there is a possibility of it being vulnerable or having glitches as the technology evolves.

The Bitcoin Request for Comment (BRC-20) token standard is still in its early stage of development, so it is safe to say it is still semi-fungible compared to the ERC-20 token standard. It has some limitations, like it being sold and bought in sets, you are limited to what is available in the DEX marketplace, and you can’t buy any amount you want, whether in large or small quantities.

BRC-20 Tokens DEX Exchanges

This article is going to cover how to trade Bitcoin Request for Comment (BRC-20) tokens on UniSat, the most used decentralized exchange (DEX) to trade BRC-20 tokens. You can also check out other DEX like Xverse and Alex.

How To Install And Set up UniSat Wallet

To trade on a decentralized exchange (DEX) you need a wallet, go to your Chrome browser and search for the UniSat Wallet extension as shown below, click on “Add to Chrome” to download and add the UniSat Wallet extension to your Chrome browser.

Click the “Create new wallet” button to create your UniSat Wallet.

Create your password, use a password you can remember, as you would need your password to make transfers and click on the “Continue” button. The Secret Recover Phrase page will pop up. Write down your secret phrase and keep it in a safe place because anyone who has access to your secret phrase has access to your wallet. Then click on “Continue”.

Expect you are a crypto genius I would advise you to leave the Step 2 page the way it is, just click on “Continue”. The“Compatibility Tips” will pop up check the boxes and click on “Ok”

You have now successfully created your UniSat wallet, where you can receive, send, and buy crypto.

When you click on “Receive” you will be given a QR code that you can scan on your phone and also an option to copy your wallet address manually.

When you click on “Send”, you will see where to fill in the Recipient address you want to send your Bitcoin to, and underneath it is where you will input the amount of Bitcoin you want to send. You can choose the transfer speed you want, but note that the faster the transfer, the higher your gas fee or transaction fee.

I would not recommend that you use the “Buy” feature as it is too expensive, and it is better to buy your Bitcoin on a centralized exchange and send it to your UniSat wallet.

How To Buy, Sell, and Trade on UniSat

To buy, sell, and trade BRC-20 tokens you need Bitcoin in your wallet for gas fees and Bitcoin to buy the BRC-20 token. So go to any centralized exchange of your choice like Binance, OKX, or ByBit to buy your Bitcoin, copy your UniSat wallet, paste it into the recipient address on the centralized exchange, and send the Bitcoin.

Now that your wallet has been funded it is time to trade, go to the UniSat website, and click on “Connect”.

Click on “UniSat Wallet”, and connect your UniSat Wallet.

Once your UniSat Wallet is connected, Click on “brc-20”, as shown below, to see the full list of BRC-20 tokens you can trade on UniSat.

Click on any of the BRC-20 tokens you which to buy, for example, I clicked on the “meme” token below. There are buttons on the top right of the screenshot circled in red “View” and “Trade”.

If you click on View, it will take you to OKLINK where you can see the meme BRC-20 inscription with all its details, Total Supply, Limit per mint, Holders, Minted tokens, and Price.

When you click on Trade, it will take you to the UniSat Marketplace, where you will see all the listed meme token inscriptions you can buy.

Click on any of the sellers that have the exact number of meme inscriptions you want to buy or any of the sellers that come close to how many meme inscriptions you want to buy. After selecting a seller, the buy page below with the “Buy Now” button will pop up.

Click on “Buy Now” and the confirmation page to confirm your order will pop up, click on “Confirm” and you have bought the BRC-20 token.

After buying your BRC-20 and you want to sell, go to the marketplace, click on “my brc-20”, click on the inscription you want to sell, and then click on the list.

Click on the plus button, input the exact number you like to sell, and click on “Next”.

Click “Next again”.

“Sign and pay”, and “Done”, your inscriptions will be listed. When your order gets picked up, your inscription will be sold, and the money will be transferred to your wallet.

Use CoinW To Track The Price Of Your BRC-20 Tokens

CoinW is a centralized crypto exchange where you can track your BRC-20 and use the charts to make well-informed decisions on the token you want to buy.

To search for BRC-20 tokens, click on “Market”, click on “Hot”, and then click on “BRC-20”, as shown below.

For example, I clicked on ORDI, as you can see in the chart below.

Here is another example with RATS, another BRC-20 token on the list.

Conclusion

In conclusion, BRC-20 tokens provide a novel avenue for tokenization within the Bitcoin blockchain, expanding its utility beyond traditional cryptocurrency transactions. They offer a seamless integration of additional data onto satoshis, enabling a broader range of use cases and applications.

With BRC-20 tokens, the Bitcoin ecosystem gains enhanced functionality and opens up possibilities for innovative decentralized finance (DeFi) solutions. By leveraging the Ordinals protocol, BRC-20 tokens contribute to the growing diversity and maturity of the blockchain industry as a whole.

Featured image from IQ.wiki

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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February 3, 2024
Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon

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Bitcoin (BTC), the largest cryptocurrency by market capitalization, closed January above the $40,000 threshold, signaling positive price action. However, market expert Justin Bennett suggests that Bitcoin’s bottom has yet to be reached.

Bennett’s analysis highlights the possibility of further price declines, with Tether’s stablecoin USDT dominance (USDT.D) chart indicating potential downward movements.

Tether Dominance Signals Concerns For BTC’s Price

Bitcoin’s recent price recovery and ability to surpass the $40,000 level have provided optimism among investors. Nevertheless, Bennett believes further price declines could follow a retest of the mid $44,000 range.

Bennett highlights the inverse relationship between Tether dominance and Bitcoin. According to his analysis, the levels on the Tether dominance chart since October have been reliable indicators for Bitcoin’s price movements.

Tether’s USDT dominance growth. Source: Justin Bennett on X

According to Bennett’s analysis, as depicted in the chart above, Tether’s dominance may experience a potential increase from its current level of 6%. This increase could bring it closer to the 8% mark.

In such a scenario, Bitcoin’s performance would likely move in the opposite direction, indicating potential price declines soon.

On January 25, Bennett suggested that Bitcoin could drop another 20% from its current levels, which would place it around $30,000. If this scenario plays out, it would be crucial for Bitcoin bulls to defend the $30,000 level to maintain the current bullish structure.

A drop below $29,000 would give bears a stronger position, with only three major support lines remaining at $28,400, $25,900, and $24,000 before a potential retest of the $20,000 mark.

The performance of these support levels and Bitcoin’s ability to withstand increased selling pressure will be key factors to monitor. The future market sentiment will also play a significant role in determining Bitcoin’s price trajectory.

Bitcoin Witnesses Stellar Accumulation Trend

Despite the possibility of further price drops, renowned crypto analyst Ali Martinez has shed light on a notable trend in BTC’s recent accumulation streak by investors.

According to Ali Martinez’s analysis, Bitcoin is experiencing a significant accumulation streak, rivaling some of the most notable periods observed over the past few years.

The Accumulation Trend Score, a metric that gauges the buying activity of larger entities, has remained consistently high, hovering near 1 for the past four months.

BTC’s Accumulation Trend Score is trending to the upside. Source: Ali Martinez on X

This suggests that influential market participants are actively accumulating Bitcoin, signaling their confidence in the long-term potential of the cryptocurrency.

Martinez’s observations further indicate that Bitcoin’s price range around $42,560 has emerged as a highly significant interest zone.

Within this range, an impressive total of 912,626 BTC has been transacted. This is expected to be a significant support level, potentially preventing further downside movements and fostering increased buying interest.

These trends collectively contribute to a positive market outlook, suggesting that despite potential price drops, Bitcoin remains an attractive asset for long-term investment.

The daily chart shows BTC’s sideways price action between $42,900 and $43,000 over the past 24 hours. Source: BTCUSDT on TradingView.com

Featured image from Shutterstock, 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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Ronaldo Marquez

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February 2, 2024
Criminals Behind $2M School Theft Admit Guilt: Crypto Mining Scheme Uncovered

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In recent developments, two California school district officials have admitted guilty to stealing up to $1.8 million and misappropriating electricity to finance and operate a clandestine crypto-mining operation.

The United States Department of Justice (DOJ) disclosed that Jeffrey Menge, former Assistant Superintendent and Chief Business Officer of Patterson Joint Unified School District, and Eric Drabert, the district’s IT Director, pleaded guilty to charges of theft concerning programs receiving federal funds.

Fraudulent Billing Scandal

According to the DOJ’s statement, Menge, as Assistant Superintendent, hired Drabert as the school district’s IT director around 2020.

Together, they orchestrated a series of illicit activities to siphon funds from the district. Menge reportedly utilized a Nevada-based company called CenCal Tech LLC, which he controlled, as a front for the crypto scheme.

The investigation revealed that to circumvent restrictions on conducting interested party transactions, Menge created a fictitious executive, “Frank Barnes,” to represent CenCal Tech.

Through this setup, it is alleged that Menge and Drabert executed fraudulent transactions worth over $1.2 million, involving practices such as double billing, overbilling, and billing for undelivered items.

Illicit Crypto Mining Operation Unveiled

Diversifying their criminal activities, Menge and Drabert went beyond financial embezzlement, according to the US Department of Justice.

The law enforcement agency stated that the individuals utilized “high-end graphics cards,” school district property, and electricity to establish and operate a crypto mining farm within the school district.

The illegally mined crypto assets were then redirected to wallets under their control. Additionally, Menge is alleged to have exploited school district-owned vehicles, acquiring a Chevy truck at a discounted price and selling it for personal profit while using a Ford Transit van as his vehicle.

The overall magnitude of the embezzlement was staggering. Menge misappropriated funds between $1 million and $1.5 million, while Drabert was found guilty of stealing between $250,000 and $300,000.

The DOJ revealed that the ill-gotten gains were used for “lavish” personal expenses. Menge indulged in remodeling his residence, purchasing luxury vehicles, including a Ferrari sports car, and funding other personal endeavors. Drabert, on the other hand, utilized stolen funds to renovate his vacation cabin and for various personal expenses.

The guilty pleas by Jeffrey Menge and Eric Drabert, former officials of Patterson Joint Unified School District, shed light on a shocking case of embezzlement and crypto mining fraud within the education system.

The daily chart shows the total crypto market cap’s valuation at $1.6 trillion. Source: TOTAL on TradingView.com

Featured image from Shutterstock, 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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Ronaldo Marquez

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February 2, 2024
353k Non Farm Payrolls Jump Could Trigger Crypto Market Rally

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The global crypto market capitalization rebounded above the $1.6 trillion milestone on Feb. 2 as the latest non-farm payrolls figures cast doubt on U.S. Fed Chief, Jerome Powell’s recent comments.

The job figures in the latest non-farm payrolls report suggest crypto bulls could position for positive price action.

Powell’s comments send crypto prices into $90 billion tailspin

On Feb. 1, the global crypto market capitalization dipped toward the $1.5 trillion area. This came barely 48 hours after Powell made controversial statements suggesting postponing rate cuts beyond March 2024, as widely predicted.

“Based on the meeting today, I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that. But that’s to be seen,”

U.S. Federal Reserve Chairman Jerome Powell

Powell’s statements came after a scheduled Federal Open Market Committee (FOMC) meeting on Jan 31. It triggered a significant pullback across risk assets, including stocks and the crypto markets.

Total Crypto Market Cap vs. Bitcoin (BTC) vs. Ethereum (ETH) Price Performance after Jerome Powell Statement, Jan. 30 – Feb. 1, 2024 | Source: TradingView

Within 48 hours of Powell’s comments, Bitcoin (BTC) and Ethereum (ETH) prices dipped 5%, respectively, while the overall crypto market tumbled 4.3%, shrinking by over $90 billion between Jan. 30 and Feb. 2 as depicted in the chart above.

However, on-chain signals suggest that Ethereum investors doubled down on their bullish positions in defiance of the market pullback. Also, the latest official non-farm payrolls report released on Feb. 2 could set the stage for a bullish recovery phase in the days ahead.

Non-Farm Payrolls Report Nearly Doubles Market Expectation

On Feb. 2, the U.S. Bureau of Labor Statistics released the latest edition of its monthly non-farm payrolls report. Ahead of the latest figures, consensus data compiled by TradingEconomics shows that the market analysts had priced in a 180,000 increase in U.S. non-farm jobs.

USA Non-Farm Payrolls Report, Feb 2, 2024 | Source: TradingEconomics

The official figures released on Feb. 2 showed that U.S. non-farm establishments added 353,000 jobs in January 2024, 92.8% higher than market expectations. A closer look also shows this uptick of 20,000 jobs represents a fourth consecutive month-on-month increase dating back to October 2023.

How U.S. non-farm payrolls report impact crypto market

Strategic investors could interpret this better-than-expected jobs data as a potentially bullish indicator for risk assets, including stocks and cryptocurrencies. Increasing jobs typically signals an overheating economy, which often prompts consideration for rate cuts to cool the market.

This doubts Powell’s recent statement that the Fed could postpone rate cuts beyond the widely-predicted March 2024.

In essence, the latest U.S. non-farm payrolls report for January 2024 increases expectations of imminent rate cuts among investors. This could trigger more bullish trading activity across the crypto markets in the days ahead.

Crypto Market Price Action after Non-Farm Payrolls data, Feb 2, 2024. Source: TradingView

At press time on Feb. 2, the global crypto market capitalization is trending at $1.6 trillion, adding $3.6 billion daily. Since the non-farm payrolls report was published, Bitcoin price is back above $43,000 while Ethereum price has also reclaimed the $2,300 territory.

This tamed positive reaction could set the stage for a more bullish outlook in the days ahead.

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Ibrahim Ajibade

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February 2, 2024
Juventus F.C. partners with Polish crypto exchange Zondacrypto

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Juventus, one of the leading football clubs in Italy, has announced a partnership with Zondacrypto, a cryptocurrency exchange originating from Poland.

The move by the 36-time Italian champions is part of a broader trend of integrating cryptocurrency into football, reflecting the sport’s evolving relationship with the crypto industry.

The club had previously expanded its engagement with Socios.com in September 2023, a relationship that began in 2018 and aimed at enhancing fan interaction through the innovative use of Fan Tokens. Earlier in 2021, Inter Milan, another leading football club in Italy, ended their 26-year partnership with Pirelli instead to feature Socios as its 2021-22 shirt sponsor.

The collaboration will see Zondacrypto’s emblem adorned on the Juventus players’ jersey sleeves, signaling a blend of tradition with cutting-edge technology in sports sponsorships. Zondacrypto, established in 2014, has grown to be a leading regulated digital currency exchange in Europe, with over 1.2 million active users across Italy, Lithuania, Slovakia, Estonia, and Canada.

This partnership with Zondacrypto builds upon Juventus’s ongoing efforts to offer its fanbase more engaging and rewarding experiences, leveraging the unique opportunities presented by blockchain technology.

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Mohammad Shahidullah

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February 2, 2024
Germany’s DZ Bank to run crypto trading trial in 2024

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DZ Bank, Germany’s second-largest financial institution, plans to launch a cryptocurrency trading pilot.

Souad Benkredda, a board member at DZ Bank, stated that the Frankfurt-based bank aims to offer a variety of cryptocurrencies. The initiative is designed for customers who prefer to invest independently without seeking financial advice.

“According to a study by the Genoverband, every second bank wants to offer this solution for their customers.”

Souad Benkredda in an interview with Bloomberg

However, Benkredda noted that the decision to adopt such a service ultimately rests with each individual institution. Genoverband is a key auditing and consulting body for over 2,500 cooperative organizations.

With assets under management amounting to $627 billion, DZ Bank has already taken steps into cryptocurrency. In November, the bank launched a cryptocurrency custody platform with Ripple. This followed its announcement to utilize Metaco’s technology solution for developing crypto-related services.

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Bralon Hill

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February 1, 2024
Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

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According to a recent CoinGecko report, Binance, the world’s largest centralized exchange (CEX) by trading volume, has retained its market leadership position in 2023.

Despite facing increased regulatory scrutiny and undergoing significant leadership changes, Binance maintained a market share of 43.7% and saw its spot trading volume rise to $427.1 billion in December 2023, representing a 37.5% month-on-month (MoM) increase.

Binance Trading Volume Reached $3.8 Trillion In 2023

According to CoinGecko’s report, Binance started the year with a commanding 63.5% market share but experienced a gradual decline throughout 2023, ending with a 43.7% market share in December.

While Binance still dominated the market with 52.6% of the total spot trading volume in 2023, the exchange’s relative market share decline was notable. In absolute terms, Binance generated $3.8 trillion in trading volume throughout the year.

Total trading volume of the top 10 DEXs in 2023. Source: CoinGecko

As previously reported, Binance faced significant regulatory pressure throughout 2023, culminating in a settlement agreement in November that required the exchange to pay a $4.3 billion fine to the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CTFC) for alleged financial breaches.

As part of the settlement, Binance’s CEO, Changpeng Zhao (CZ), also agreed to step down. Richard Teng has assumed the role of the company’s head, while CZ remains restricted from traveling outside the jurisdiction of the United States as the legal battle unfolds.

Upbit And OKX Follow Closely

Upbit, South Korea’s largest cryptocurrency exchange, managed to maintain its position as the second-largest centralized exchange in 2023, with a 9.5% market share and $687.0 billion in spot trading volume for the year.

According to the report, Upbit benefited from the Kimchi Premium, which resulted in strong local demand and premium prices for crypto assets.

The exchange’s monthly spot trading volume hit a yearly high of $90.7 billion in December, with a 93.5% quarter-on-quarter (QoQ) increase.

Conversely, OKX secured the third position among centralized exchanges in 2023, with a 6.7% market share and $485.9 billion in trading volume. Throughout the year, OKX experienced a steady increase in market share, starting at 5.1% in January and ending at 8.9% in December. The exchange’s trading volume in Q4 reached $177.9 billion, reflecting a notable 151.6% QoQ gain.

Among the top 10 centralized exchanges, CoinGecko reports that MEXC recorded the highest growth in Q4 2023, with trading volume surging by 203.7% to $90.4 billion.

Bybit followed closely with a growth rate of 162.1% ($107.5 billion), while KuCoin experienced a growth rate of 161.2% ($49.2 billion). KuCoin regained its spot in the Top 10 in Q4 after briefly losing it in Q3, with a market share of 3.3% at the end of December.

BNB’s price consolidation is above $300 on the 1-D chary. Source: BNBUSDT on TradingView.com

Binance Coin (BNB) has successfully maintained its position above the $300 threshold, with the current trading price standing at $304. This represents a 1.8% decrease in price over the past 24 hours.

Featured image from Shutterstock, 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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Ronaldo Marquez

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January 31, 2024
Exploit Causes XRP Price Crash: Ripple Co-founder Discloses Losses Of $113 Million

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XRP experienced a significant price drop early Wednesday amidst rumors of a potential exploit. The XRP price dropped more than 4% to $0.4853 but later recovered to $0.500 following a clarification from one of Ripple’s co-founders.

Personal XRP Accounts Impacted, Not Ripple’s

Initial reports suggested that Ripple had suffered a significant security breach, which was brought to light by decentralized finance (DeFi) investigator ZachXBT. These reports raised concerns about the overall security of the Ripple protocol.

According to investigations, the breach resulted in the theft of more than 213 million XRP tokens, valued at over $112 million. The stolen funds were reportedly laundered through cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

However, Ripple co-founder Chris Larsen took to X (formerly Twitter) to clarify the situation. In a recent post, Larsen stated:

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.

XRP Price Analysis

Despite the recent security concerns, XRP is trading at $0.5085, marking a 3.4% decrease in the past 24 hours. However, beyond the Ripple co-founder’s personal account exploit, the XRP price has experienced a significant decline over the past month.

Over the last seven days, the token has seen a minor 1.3% drop. The decline has deepened in the previous fourteen days with a 10% decrease. This is more problematic for XRP enthusiasts because the price has lost significant ground over the past 30 days, with an 18% dip.

Nevertheless, XRP bull and crypto analyst EGRAG Crypto provides an intriguing price analysis that could potentially encourage investors toward a price recovery if the token manages to hold and consolidate above the $0.500 level.

XRP price targets are based on the Elliott Wave theory. Source: EGRAG Crypto on X

According to EGRAG, a handful of chart analysts have noted that after wave 1 of the Elliott Wave theory, wave 2 could retrace up to 90% of wave 1. The initial targets of $0.85 to $1 were successfully reached during the July pump, with the price reaching around $0.93 after Ripple’s partial victory against the SEC in its ongoing legal battle over XRP classification.

Currently, EGRAG suggests that a “wicking event” down to $0.41 is possible, considering a 10%-15% fluctuation due to the volatile nature of the crypto markets.

However, the analyst points out that the upside lies in the upcoming Wave 3, which is influenced by Wave 1 and typically has a ratio of 1.618 compared to Wave 1.

If all of this plays out, EGRAG ultimately sees the next short-term target for XRP being the all-time high (ATH) at $5. If the original wave count is adjusted, the range could be between $2.2 and $2.8.

The daily chart shows XRP’s price trading above $0.500. Source: XRPUSDT on TradingView.com

Featured image from Shutterstock, 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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Ronaldo Marquez

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January 31, 2024
China to introduce significant changes to crypto AML for the first time in 17 years

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Chinese authorities are significantly preparing to amend their anti-money laundering (AML) regulations.

According to regional media reports, Beijing is set to amend its anti-AML rules to include cryptocurrency-related transactions amid calls for greater scrutiny of the nascent crypto industry from the country’s policymakers. This will be the first significant overhaul of China’s AML rules in 17 years since they were introduced in 2007.

Prime Minister Li Qiang chaired the executive session of the State Council to discuss the revised AML law. The country’s first revised draft of anti-money laundering regulations was proposed in 2021, and the revised draft was included in the State Council’s legislative work plan in 2023 and will be signed into law by 2025.

In September 2021, the Chinese government also banned all cryptocurrency transactions, saying that using private digital assets disrupts the economic and financial order and is a breeding ground for criminal activities. At the same time, Chinese authorities have been working on the introduction of a digital yuan (e-CNY) for several years.

Despite the formal ban on the circulation of cryptocurrencies and mining by the Chinese authorities, natives of the country are the main market niches. China remains the leading mining equipment manufacturer, and many large exchanges, including Binance and OKX, have Chinese roots. Before the ban on cryptocurrency trading in the country, trading volumes on yuan-denominated crypto exchanges outpaced dollar pairs.

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Anna Kharton

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January 31, 2024
These Crypto Asset Classes Could Be Future Market Drivers: Santiment
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According to analytics firm Santiment, Artificial Intelligence (AI) and Real-World Assets (RWA) could be future drivers for the crypto market.

AI And RWA Crypto Tokens Have Seen High Interest Recently

As explained by Santiment in a new post on X, topics like AI and RWA have recently seen a surge in interest. The indicator of relevance here is the “Social Volume,” which keeps track of the amount of discussion related to any given topic or term occurring on social media platforms.

This metric makes this measurement by counting the number of unique posts/threads/messages that mention at least one topic in question. The indicator measures the number of posts rather than the number of mentions themselves because the latter can provide a skewed picture.

Consider a situation where many mentions are occurring on these platforms but are limited to only a few posts. Discussion around the topic is happening for sure. Still, the fact that only some users are engaging in it could imply that the average user may not have any interest in the topic.

A large number of posts being made around the topic, on the other hand, would imply discussion is happening across social media, and hence, there has to be some interest outside niche circles.

Now, here is a chart that shows the trend in the social volume of AI and RWA over the last few months:
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Looks like the value of the metric has been high for both of these topics in recent days | Source: Santiment on X
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As displayed in the above graph, the Social Volume for these two topics has been at notable levels recently, implying that the crowd has been paying attention to them. Based on this increased interest, Santiment believes these topics are “projecting to be future crypto market drivers.”

“In the ever-changing climate of trader interests over the years, such as DeFi, NFT‘s, memecoins, or staking, these more recent topics have been a major focus, and many related tokens have taken turns benefiting from market decouplings,” notes the analytics firm.

Santiment has also listed some cryptos that connect with these topics. For the AI side, there is The Graph (GRT), Fetch.ai (FET), SingularityNET (AGIX), Ocean Protocol (OCEAN), and Bittensor (TAO).

Meanwhile, for RWA, the analytics firm has pointed out cryptos like Avalanche (AVAX), Chainlink (LINK), Internet Computer (ICP), and Maker (MKR). Given the high interest backing both these topics, it’s possible these assets could be ones to keep an eye on in the future.

Avalanche Price

Avalanche has observed a strong surge during the past week as the asset’s price has shot up almost 30%. Following this surge, the crypto has cleared the $35 level.

The chart below shows how AVAX has performed recently.
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The price of the crypto has observed a sharp surge over the last few days | Source: AVAXUSD on TradingView
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Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net

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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Keshav Verma

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January 30, 2024
CorgiAI overtakes PEPE as meme coin market cap exceeds $21b

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CorgiAI has recently overtaken PEPE to become the fourth-largest meme coin, with the token’s value surging by approximately 11% within a week.

The rise comes amid a broader increase in the meme coin market capitalization, which has grown by 3% today, outpacing the overall cryptocurrency market’s growth of 1%. CorgiAI is a meme coin that operates on the Cronos blockchain, fusing the nature of meme coins with artificial intelligence.

The coin has been devised to support various AI-related activities, including creating and trading AI-based crafts and NFTs and offering a platform for AI-related job opportunities. With a total supply of 500 billion tokens, CorgiAI emphasizes community participation and creative exploration in the growing AI sector.

Dogwifhat, another new token launched in December, has surpassed FLOKI, positioning itself as the sixth-largest meme token. Dogwifhat (WIF) has demonstrated impressive growth, appreciating over 65% since its inception and 34% in the past week alone. Newly launched Solana-based meme coins have shown impressive growth throughout 2023. BONK, launched in December 2022, has recorded a 1,157% growth in the past year.

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Mohammad Shahidullah

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January 30, 2024
dYdX Foundation partners with Stride to launch liquid staking

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The dYdX Foundation introduces liquid staking on its blockchain in partnership with Stride, enhancing staking options in the Cosmos Ecosystem.

Stride is recognized as the leading liquid staking provider in the Cosmos Ecosystem, bringing substantial expertise to this initiative.

1/6 🎉 The dYdX Chain Protocol v3.0 Upgrade has been successfully implemented at block height 7147832.

🫶Thanks to everyone who voted and contributed!

What does the upgrade change?
Keep reading 👇 pic.twitter.com/0PidV3jC8f

— dYdX Ops subDAO (@dydx_ops_subdao) January 29, 2024

In addition, the dYdX chain plans to expand its liquid staking options by partnering with other providers like Persistence and Quicksilver, which indicates a growing trend in the cryptocurrency industry, where liquid staking is gaining in popularity.

Liquid staking allows participants to lock up tokens in return for a token receipt. This receipt can then be actively used or traded in decentralized finance (defi) applications. The current Total Value Locked (TVL) in liquid staking derivatives is over $31.1 billion, according to DeFiLlama, highlighting its significant role in the defi sector.

With this new feature on dYdX, token holders can now acquire staked denominations of dYdX v4’s native token (DYDX). An attractive aspect of staking here is that stakers will receive trading and transaction fees in USDC. This not only contributes to securing the dYdX v4 chain but also provides an opportunity for additional yield.

Stride co-founder Riley Edmunds emphasized the stability and potential of stDYDX as a collateral source in the defi ecosystem within Cosmos. He pointed out that this initiative could encourage DYDX holders, especially those currently inactive or engaged in Ethereum defi, to shift their liquidity to the Cosmos ecosystem.

Moreover, Stride plans to incentivize participation by executing one of its largest STRD token airdrops. They will distribute up to 100,000 STRD tokens to users who liquid stake their DYDX with Stride for stDYDX in the first 120 days of the launch.

Edmunds also highlighted the strategic significance of this integration. He mentioned that dYdX, being the largest decentralized exchange by volume, attracts a vast audience. This collaboration not only introduces these users to the Cosmos ecosystem but also potentially increases overall interest and engagement within this space.

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Bralon Hill

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January 29, 2024
Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion

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Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has made significant strides in the fourth quarter (Q4) of 2023, according to a recent report by Messari. The network’s performance showcased notable growth in key metrics, outpacing the crypto market.

Hedera Outpaces Crypto Market With 78% QoQ Increase

During Q4 2023, Hedera’s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed the overall crypto market’s growth rate of 54%, signifying Hedera’s growing influence. The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network’s progress and adoption.

Hedera’s circulating market cap grew by 78% during Q4. Source: Messari

In the same line, Hedera Network’s revenue witnessed a substantial 59% QoQ increase, amounting to $1.6 million in Q4 2023, primarily driven by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service.

Furthermore, the revenue generated from Token and Smart Contract Services contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera’s revenue streams.

With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation.

The quarterly distribution of HBAR, reported through the Hedera Treasury Management Report, anticipates an additional 10% of the total supply to be unlocked in Q1 2024, including new ecosystem grants.

While the number of addresses experienced a decline in Q4 2023, with average daily active addresses decreasing by 22% QoQ to 6,600 and average daily new addresses dropping by 39% QoQ to 5,200, there was still substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a 123% YoY increase.

Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions in Q4 2023, marking a 66% QoQ surge. The Hedera Consensus Service remained the primary driver of this activity, accounting for 99% of all transactions on the network.

DEX Trading Volume Skyrockets 164% QoQ

In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply.

Entities such as Swirlds and Swirlds Labs played a significant role in staking their HBAR allocations, and the Hedera Treasury supported validators in meeting the minimum staking threshold for network consensus.

The Hedera network’s Total Value Locked (TVL) demonstrated positive growth, reaching $64 million by the end of 2023, reflecting a significant YoY increase of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY increase. Interestingly, Hedera’s TVL ranked among the top 40 blockchain networks.

Moreover, Hedera Network experienced a 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching $1.3 million, an all-time high. SaucerSwap dominated DEX trading volume on the Hedera network, accounting for most of the trading activity, as seen in the chart below.

Hedera’s DEX volume growth during Q4. Source: Messari

Lastly, the stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, culminating in a year-end total of $6.3 million. Circle’s USDC stood as the sole stablecoin available on Hedera.

The network’s rank in the stablecoin market cap among blockchain networks improved by four spots QoQ, solidifying Hedera’s position in the stablecoin market.

HBAR’s price recovery on the daily chart. Source: HBARUSDT on TradingView.com

Under current market conditions, the price of HBAR stands at $0.0736, showcasing substantial growth in the past 24 hours, with a 5% increase.

Featured image from Shutterstock, 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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Ronaldo Marquez

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January 26, 2024
Colorado Pastor Claims The Lord Told Him To Defraud Investors In Crypto Scheme

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Eligio Regalado, a pastor from Denver, CO and his wife, Kaitlyn Regalado, were charged with a civil complaint that the pair created and sold a valueless cryptocurrency called “INDXcoin,” raising nearly $3.2 million that they used to fund a lavish lifestyle in a scheme that Mr. Regaldo claimed he was called to do by God, telling his investors that “God is going to work a miracle in the financial sector.” What do you think?

“And he just took God’s word for it? Idiot.”

Art Abadi, Disclaimer Proofreader

This Week’s Most Viral News: January 26, 2024

“God better find a good lawyer.”

Christina Zwegat, Bowling Journalist

“I mean, God does have a track record of asking for some weird stuff.”

Joseph Taupin, Systems Analyst

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January 26, 2024
Pastor of online church faces fraud charges for selling $3.2 million in

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A Colorado pastor of an online church is challenging allegations that he and his wife defrauded parishioners out of millions dollars through the sale of cryptocurrency deemed “essentially worthless” by state securities regulators.

Colorado Securities Commissioner (CSC) Tung Chan filed civil fraud charges against Eligo and Kaitlyn Regalado last week in Denver District Court, according to a statement from the Colorado Department of Regulatory Agencies. The complaint accuses the Regalados of targeting members of the state’s Christian community, enriching themselves by promoting a cryptocurrency token that the Denver couple launched called the INDXcoin.

The couple allegedly sold the “illiquid and practically worthless” tokens from June 2022 to April 2023 through a cryptocurrency exchange they created called Kingdom Wealth Exchange, Commissioner Chan said in the statement. The sales supported the couple’s “lavish lifestyle,” he alleged.

Kingdom Wealth Exchange, the only crypto exchange selling the INDX token was inexplicably shut down on November 1, according to the Denver Post.

“Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies,” Chan said.

Pastor says “God was going to provide”

In a nine-minute long video, Regalado acknowledged on Friday that the allegations that he made $1.3 million from investors “are true.”

“We took God at His word and sold a cryptocurrency with no clear exit,” Regalado said in the video, adding that he had also been divinely instructed to abandon his former business to take over INDXcoin.

“I’m like, well, where’s this liquidity going to come from,’ and the Lord says, ‘Trust Me,’” Regalado said in the video.

“We were just always under the impression that God was going to provide that the source was never-ending,” he added.

Regalado did not immediately return CBS MoneyWatch’s request for comment.

According to the CSC, the Regalados had no prior experience operating a cryptocurrency exchange or creating a virtual token before minting INDX two years ago. Almost anyone can create a cryptocurrency token, the agency noted in its statement.

There are more than 2 million cryptocurrencies in existence, in addition to 701 cryptocurrency exchanges where investors can trade them, according to crypto markets website CoinMarketCap.

Regalado said in the video that he will go to court to address the allegations against him and his wife. “God is not done with this project; God is not done with INDX coin,” he said.

More from CBS News

Elizabeth Napolitano

Elizabeth Napolitano is a freelance reporter at CBS MoneyWatch, where she covers business and technology news. She also writes for CoinDesk. Before joining CBS, she interned at NBC News’ BizTech Unit and worked on The Associated Press’ web scraping team.

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January 23, 2024
BIS sets 2024 strategy with key focus on CBDC and tokenization

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The Bank for International Settlements (BIS) is set to enhance digital currency research and tokenization in 2024 according to a Jan 23 announcement.

The BIS Innovation Hub has outlined an ambitious program for 2024, set to focus on central bank digital currencies (CBDCs), cybersecurity, financial crime prevention, and green finance. A key highlight will be the progression to the second phase of Project Aurum, delving into the privacy of retail payments using CBDCs.

The latest move follows the successful development of a wholesale interbank system and a retail CBDC prototype by the Hong Kong Monetary Authority (HKMA) in 2022.

Cecilia Skingsley, head of the BIS Innovation Hub, emphasized the significance of tokenization in financial systems. Project Promissa, a collaboration with the Swiss National Bank and the World Bank, aims to digitize traditional financial instruments like promissory notes, which remain largely paper-based. The project intends to streamline their management and enhance transparency using blockchain technology.

In addition to Project Promissa, BIS will continue other key projects such as Project Mandala for automating cross-border payment compliance, Project Pyxtrail for monitoring stablecoin balance sheets, and Project Cambridge for experimenting with multi-CBDC platforms.

The BIS Innovation Hub also plans to launch six new projects. These include Project Leap, aimed at protecting payment systems against quantum computing threats, and Project Symbiosis, which focuses on using artificial intelligence and big data for supply chain emissions disclosures. Additionally, Project NGFS Data Directory 2.0 will enhance the accessibility of climate-related data, and Project Hertha will explore financial crime patterns in payment systems.

Amidst this backdrop, central banks across the Americas, under the BIS’s leadership, have been delineating key technical priorities for CBDC architecture. Last month, the Consultative Group on Innovation and the Digital Economy (CGIDE) provided a comprehensive reference for nations researching or implementing CBDCs. The collaboration aims to draft a CBDC proof of concept that encompasses essential aspects like interoperability, scalability, user-centric design, security, and data privacy.

Another notable development comes from Project Tourbillon, led by the BIS Innovation Hub. The project has shown significant progress in achieving a balance between privacy and transparency in CBDC transactions. The final report from Project Tourbillon suggests a system allowing payments without compromising personal information, showcasing the BIS’s commitment to developing CBDC technology with a strong emphasis on user privacy.

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Rony Roy

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January 23, 2024