Author: Admin

On July 4th, Bitcoin experienced a notable decline of over 2%, marking its first drop below the crucial 200-day moving average (MA) since October 2023. This event underscores a significant shift in market sentiment, as the cryptocurrency dipped to new lows around $57,885 on Bitstamp. The decline was primarily driven by persistent selling pressure from traders, particularly in the spot markets where Bitcoin is traded directly for cash. This selling activity has heightened concerns among investors about the sustainability of Bitcoin’s recent price levels. Data from Cointelegraph Markets Pro and TradingView reveals that Bitcoin liquidations totaled nearly $60 million within…

In a significant ruling, a U.S. court has determined that most of the claims brought by the Securities and Exchange Commission (SEC) against Binance, one of the world’s largest cryptocurrency exchanges, can proceed. This decision marks a pivotal moment in the ongoing legal scrutiny faced by Binance and the broader cryptocurrency industry. Claims Moving Forward Judge Amy Berman Jackson’s decision means that several critical SEC allegations will advance to the next stage of legal proceedings. These include: Claims Dismissed Despite the SEC’s success in advancing most of its claims, the court dismissed a few key allegations: Implications for Binance and…

CoinStats recently revealed that a hack targeting 1,590 crypto wallets was due to a scam that tricked one of their employees. This incident highlights the ongoing security challenges in the cryptocurrency world. On June 22, CoinStats, a service for managing cryptocurrency portfolios, had to temporarily shut down its services after discovering that its wallets were under attack. Quick action from the team managed to limit the hacker’s reach to just 1.3% of all CoinStats wallets, resulting in a loss of $2 million. According to the CEO, the breach was caused by a social engineering attack aimed at one of their…

Ethereum’s supply has been on the rise for the past 73 days, marking the longest period of increase since the Merge in 2022. This steady growth began in mid-April and is largely due to the Dencun upgrade, which has eased competition for block space on the mainnet. According to data from ultrasound money, more than 112,000 ETH have been added to the total supply since April 14. The Dencun upgrade, which took place on March 13, brought in nine new Ethereum Improvement Proposals (EIPs). Among them, EIP-4844 seems to be the main driver of this increase in supply. EIP-4844, also…

Bitcoin exchange-traded funds (ETFs) in the United States have seen a huge outflow of $1.3 billion over the past two weeks due to a decline in Bitcoin prices. Major Outflows Data from Farside Investors shows that Bitcoin ETFs lost $1.298 billion in the last two weeks. Grayscale was hit the hardest, with outflows amounting to $517.3 million during this period. BlackRock Stands Out In contrast to the overall trend, BlackRock Bitcoin ETF has attracted new investments. Over the same two-week period, BlackRock’s fund saw inflows of $43.1 million, making it the only Bitcoin ETF to post positive results. Looking Ahead…

A leading South Korean think tank focused on finance and economics has raised concerns about approving spot crypto exchange-traded funds (ETFs) in the country. Bo-mi Lee, a researcher at the Korea Institute of Finance, highlighted the risks and volatility of crypto ETFs, urging for more research and regulatory measures before any approval. Financial Stability Concerns Bo-mi Lee’s paper argues that the experiences of other countries with spot Bitcoin (BTC) and Ether (ETH) ETFs show that the potential downsides might be greater than the benefits. She worries that introducing these ETFs in South Korea could harm the country’s financial stability. Lee…

Nigeria’s Federal Government has firmly denied allegations that Binance Executive Tigran Gambaryan is being held in poor prison conditions. The government asserts that Gambaryan is receiving adequate medical care and full consular support from his home country. Government’s Response On Friday, June 21, Mohammed Idris, Nigeria’s Minister of Information and National Orientation, addressed the claims. He emphasized that Gambaryan is being treated according to the law and is receiving all necessary support. “Nigeria is committed to upholding the rights of individuals in custody, including providing quality medical care and consular services,” said Minister Idris. He highlighted that the country’s judicial…

The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has given a huge boost to the credibility of the cryptocurrency industry. This move has introduced the first regulated, publicly traded Bitcoin-based investment products, offering a much-needed sense of relief to investors. Sheraz Ahmed, managing partner of Storm Partners, shared his insights on this significant development. “The launch of Bitcoin ETFs has changed how investors view the cryptocurrency market,” said Ahmed. “It has transitioned Bitcoin from being seen as a speculative asset to a more mainstream investment option.” With the introduction of Bitcoin ETFs, investors can now gain…

Bitcoin is starting this week on a bit of a down note, hovering near its lowest levels in a month. After trying and failing to break the $70,000 mark several times, Bitcoin’s price has taken a hit. Here are five things to keep an eye on this week: 1. Bitcoin’s Trading Range Bitcoin has been stuck in a tight trading range, making it hard to predict where it’s headed next. Last week, it briefly dipped below $65,000, losing nearly 5% after some key U.S. economic data came out and the Federal Reserve made some comments. This week, with fewer major…

Exciting news for crypto investors in Australia! The Australian Securities Exchange (ASX) has approved its first spot Bitcoin exchange-traded fund (ETF). This new ETF, called the VanEck Bitcoin ETF (VBTC), will start trading on June 20. VanEck, the investment firm behind this ETF, made the announcement recently. This approval comes not long after VanEck launched a similar spot Bitcoin ETF, the VanEck Bitcoin Trust (HODL), in the United States in January. This marks a significant milestone for both VanEck and the Australian crypto market. Arian Neiron, the CEO of VanEck’s Asia-Pacific region, highlighted the increasing interest in Bitcoin investments within…