Predicting the price of bitcoin (BTC) has historically been as accurate as looking into a crystal ball, with all sorts of past price predictions that have been way off the mark – some hilariously so.

But Matrixport seems to have nailed it this year – or at least gets points for being the closest contender – as the $45,000 end-of-year price prediction it made on February 1 will very likely come true.

Bitcoin spent the early hours of Asia’s Friday business day teasing $44000, and if current trends hold, it will breach $45,000 by the end of the month.

“The 2023 bitcoin rally unfolded in five phases: starting with a reaction to inflation trends, followed by a banking crisis response, a surge due to BlackRock’s ETF filing, a boost from Federal Reserve policy shifts, and finally, developments in SEC regulations regarding bitcoin ETFs, “Markus Thielen, Matrixport’s head of research, wrote in a new report.

• BlackRock, Bitwise file updated spot bitcoin ETF applications with the SEC

Asset management giant BlackRock filed an amended S-1 filing with the Securities and Exchange Commission for its proposed spot bitcoin ETF on Monday, with a similar move also taken by Bitwise. 

While the regulator has yet to approve a spot bitcoin fund and has so far delayed all the applications it’s received, analysts said the movements could signal that discussions are ongoing. 

“They’re just pouring in,” Bloomberg Intelligence analyst James Seyffart wrote on X. “We have another spot ETF S-1 (prospectus) amendment tonight. This one is from @BlackRock. SEC is obviously giving multiple issuers the same or very similar instructions.”

“The wheel is still turning,” Seyffart continued. “Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides.”

• Swiss city Lugano accepts Bitcoin and Tether for municipal taxes

The Swiss city of Lugano is enhancing the local adoption of Bitcoin by enabling citizens and companies to pay for municipal services and taxes with cryptocurrency.

The city of Lugano officially announced on Dec. 5 that the local administration now accepts cryptocurrency payments for taxes and all other community fees.

Starting immediately, Lugano will accept Bitcoin and major stablecoin Tether as a means of payment in an automated process through the Swiss institutional-grade cryptocurrency platform Bitcoin Suisse.

According to the announcement, Lugano citizens and companies will be able to pay all local invoices — regardless of the nature of the service or the amount invoiced — with Bitcoin.

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

PMorgan CEO Jamie Dimon is being hauled over the hot coals by the crypto community on X (formerly Twitter) after claiming Bitcoin and cryptocurrency’s “only true use case” is to facilitate crime.

“The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance,” Dimon said in a hearing before the United States Senate Committee on Banking, Housing, and Urban Affairs on Dec. 5. “If I were the government, I’d close it down.”

But crypto pundits quickly pointed out the hypocrisy in Dimon’s statements, highlighting that JPMorgan is the second-largest penalized bank, having paid $39.3 billion in fines across 272 violations since 2000, according to Good Jobs First’s violation tracker.

About $38 billion of these fines came under Dimon’s watch, who has been CEO since 2005.

• Global policymakers are still pushing CBDCs despite their failures

Despite the risks and the failures associated with central bank digital currencies (CBDCs), global policymakers are pushing forward to make them a reality. 

In November alone, officials from the International Monetary Fund (IMF), Bretton Woods Committee, and Bank for International Settlements (BIS) issued rallying calls for governments to push forward on CBDCs with courage and determination. But rather than double down on a bad idea and waste further resources in this pursuit, policymakers should let this idea go and focus on more fundamental reforms that would create a freer financial system.

The November CBDC campaign began when IMF managing director Kristalina Georgieva told policymakers, “If anything… we need to pick up speed [with CBDC development].” Bretton Woods Committee chair Bill Dudley likewise called not only for the United States to develop a CBDC, but for the BIS to establish an international standard for CBDCs. And BIS Innovation Hub head Cecilia Skingsley told an audience that CBDCs should not be dismissed as a “solution in search of a problem” because they might be useful one day.

• Polygon CDK to power Web3 loyalty program for Indian e-commerce Flipkart

India’s homegrown e-commerce giant Flipkart will use Polygon’s chain development kit (CDK) to launch a Web3 loyalty program. 

On Dec. 2, Polygon and Flipkart announced a strategic partnership to effectively position the e-commerce platform into Web3 and the metaverse. This included initiatives such as Flipverse for nonfungible tokens (NFTs), eDAO for metaverse and the FireDrops NFT marketplace.

Building on this partnership, Polygon co-founder Sandeep Nailwal announced on Dec. 7 that Flipkart will use Polygon CDK to scale its FireDrops Web3 loyalty program.

Concluding Notes:

• Matrixport’s $45K End of Year Target for Bitcoin Looks to Be Accurate
• BlackRock, Bitwise file updated spot bitcoin ETF applications
• Swiss city Lugano accepts Bitcoin and Tether for municipal taxes
• JPMorgan has been fined $39B
• Global policymakers are still pushing CBDCs
• Polygon CDK to power Web3 loyalty program

Artykuł News Recap 2023 #Week50 pochodzi z serwisu BloodGoodBTC.

More than three-quarters of all blockchain games launched in the last five years are dead in the water, according to a recent study from CoinGecko.

Out of 2,817 games launched between 2018 and 2023, which were included in the study, only 690 of them still have a somewhat active player base.

CoinGecko defines a “failed” Web3 game as one where the 14-day moving average number of active users drops 99% or more from its peak.

While 2021 saw the highest number of blockchain games launched in a single year with 738 games, the following year — marred by major crypto collapses, saw the highest number of games to fizzle out, with 742 failing in a single year.

This puts the average failure rate of Web3 games at around 80% for any given year since 2018, according to CoinGecko.

• ‘Clear runway’ opens for all Bitcoin ETF approvals in Jan — Analysts

Bitcoin spot exchange-traded funds (ETFs) in the United States now have a “clear runway” to potential simultaneous approvals after an advanced decision to delay the bids of Franklin Templeton and Hashdex ETFs, according to analysts.

In a Nov. 28 X (formerly Twitter) post, Bloomberg ETF analyst James Seyffart said the United States Securities and Exchange Commission (SEC) delayed its decision on the applications 34 days earlier than the Jan. 1, 2024, decision deadline.

The SEC requested comments on forms by Franklin Templeton and Hashdex that are necessary for the ETFs to eventually be listed and start trading. The comment and rebuttal period will last 35 days.

Seyffart and his colleague Eric Balchunas had placed 90% odds on sport Bitcoin ETF approvals by Jan. 10, 2024, and the twin delays “all but confirms for me that this was likely a move to line every applicant up for potential approval by the Jan 10, 2024 deadline,” Seyffart said.

• Coinbase Stock Is Soaring—What Does That Mean for Crypto?

As of this writing, COIN shares—which trade on the Nasdaq—are sitting at $128.46. That’s the highest Coinbase has seen its shares trading all year, beating the previous high of $110.15 the company set in July after a ruling in favor of Ripple spurred optimism that Coinbase would be successful in its own SEC lawsuit.

The current highs also bring the San Francisco-based crypto exchange’s shares level with prices it last saw in May 2022. But the stock is still far short of its all-time high of $342.98. Unsurprisingly, that peak was seen during the November 2021 bull run when the global crypto market cap reached $3 trillion.

• Binance CEO outlines plan for crypto exchange after CZ steps down

Richard Teng, Binance’s former global head of regional markets and now CEO, announced his intention to drive growth at the crypto exchange following Changpeng “CZ” Zhao stepping down.

In a Nov. 27 blog post, Teng said he had the support of CZ and Binance’s leadership following the former CEO’s departure as part of an agreement with United States officials. According to Teng, Binance plans to continue a user-focused approach to its business and “drive growth and the adoption of Web3,” assuring customers they will hear more from him soon.

“I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts — Twitter, LinkedIn — and through the many industry conferences and events around the world,” said Teng.

• FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermute

Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies.

Blockchain analysis firm Spot On Chain spotted the movement, estimating that the defunct entities have transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens.

The latest transfer of $10.8 million was spread across eight tokens: $2.58 million in StepN’s GMT, $2.41 million in Uniswap’s UNI $2.25 million in Synapse’s SYN, $1.64 million in Klaytn’s KLAY, $1.18 million in Fantom’s FTM $644,000 in Shiba Inu and small amounts of Arbitrum’s ARB and Optimism’s OP.

• Crypto thieves steal $363M in Nov, the most ‘damaging’ month this year

The cryptocurrency industry has now seen its most “damaging” month for crypto thievery, scams and exploits in 2023, with crypto criminals walking away with $363 million in November, according to a blockchain security firm.

Around $316.4 million came from exploits alone, flash loans inflicted $45.5 million in damage, and $1.1 million was lost to various exit scams, CertiK stated in a Nov. 30 X (formerly Twitter) post.

The largest exploits in November occurred on Poloniex and HTX/Heco Bridge, with losses of $131.4 million and $113.3 million, respectively.

The third largest exploit was inflicted on a single victim who lost $27 million from a phishing attack.

Meanwhile, the 45 million KyberSwap attack accounted for nearly all damage done for flash loan attacks in the month.

The latest monthly figure has surpassed an earlier record of $329 million, set in September, caused mainly by the $200 million Mixin Network attack.

Concluding Notes:

• Over 75% of Web3 games ‘failed’ in last five years
• ‘Clear runway’ opens for all Bitcoin ETF approvals in Jan
• Coinbase Stock Is Soaring
• Binance CEO outlines plan for crypto exchange
• FTX and Alameda Research cash out $10.8M
• Crypto thieves steal $363M in November

Artykuł News Recap 2023 #Week49 pochodzi z serwisu BloodGoodBTC.

Executives from crypto asset manager Grayscale have met with the Securities and Exchange Commission to discuss details of its flagship Bitcoin trust, which the firm wants to convert to a spot Bitcoin exchange-traded fund (ETF).

Grayscale detailed that it had entered a transfer agency and service agreement with BNY Mellon, according to a filing shared by Bloomberg ETF analyst James Seyffart.

The bank will act as the agent for its Grayscale Bitcoin Trust (GBTC), facilitating the issuance and redemption of shares and maintaining shareholder accounts.

In a Nov. 21 X (formerly Twitter) post, Seyffart observed that the trading and markets division is in charge of approving or denying Form 19b-4s — used to inform the SEC of a proposed rule change by a self-regulatory organization.

• Bitcoin Halving Is 5 Months Away and Hash Rate Just Hit an All-Time High

Bitcoin’s hash rate has hit a new all-time high—indicating that the network is stronger than ever. Just in time for next year’s highly anticipated halving.

The total Bitcoin hash rate hit 491 exahashes per second (TH/s) Wednesday, according to data from Blockchain.com. This means that every second, mining machines around the world securing the Bitcoin network are making 491 quintillion hash computations.

• KyberSwap DEX exploited for $46 million, TVL tanks 68%

Around $46 million in various crypto assets has seemingly been drained from the decentralized KyberSwap exchange in the latest decentralized finance exploit.

On Nov. 23, the Kyber Network team alerted its users, stating in an X (Twitter) post that KyberSwap Elastic “has experienced a security incident.”

It advised users to withdraw their funds as a precaution and added that it was investigating the situation.

According to Debank data, around $46 million has been pilfered in the attack, including roughly $20 million in Wrapped Ether (wETH), $7 million in wrapped Lido-staked Ether (wstETH) and $4 million in Arbitrum (ARB).

The funds were split across multiple chains, including Arbitrum, Optimism, Ethereum, Polygon and Base.

• Alchemy Pay bags money services license in Iowa, expands US services

The Singaporean crypto-fiat payment gateway, Alchemy Pay, announced a further expansion into the United States market on Nov. 23 with the acquisition of its money services license in the state of Iowa. 

According to local state regulations, any entity or individual engaged in currency exchange or money transmission business in Iowa must hold the license.

In September, the company received its money transmitter license (MTL) in Arkansas. The company says it has already completed the application for MTL licenses in additional U.S. states and anticipates answers in the coming months.

• Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules

Australia’s tax regulator has been unable to clarify confusing aspects of its new guidance that suggests capital gains tax (CGT) is payable on a slate of everyday decentralized finance (DeFi) transactions.

The Australian Taxation Office (ATO) failed to answer direct questions from Cointelegraph on whether staking Ether on Lido or transferring funds via bridges to layer-2 networks are CGT events, leaving DeFi users in the dark about how to comply.

The Nov. 9 guidance from the ATO said CGT is payable when transferring tokens to another address or smart contract that a person doesn’t have “beneficial ownership” over or if the address has a non-zero balance of the tokens.

Exchanging “one crypto asset for a right to receive an equivalent number of the same crypto asset in the future,” providing liquidity to a protocol, wrapping tokens and loaning assets are ATO examples of DeFi uses incurring a CGT event.

• Is Binance’s $4B settlement the green light for spot Bitcoin ETFs?

Binance’s $4.3-billion settlement with the United States was the final hurdle before the country’s securities regulator approves spot Bitcoin  exchange-traded funds (ETFs), many industry watchers claim.

The settlement involved Binance agreeing to Justice Department and Treasury compliance monitors for up to five years, allowing the agencies sweeping powers to keep the exchange in line with Anti-Money Laundering and sanctions rules, among other things.

The U.S. Securities and Exchange Commission has cited market manipulation when denying spot Bitcoin ETFs, and Binance’s market dominance had to take a hit before BlackRock’s spot BTC ETF application would be approved, according to a June X (Twitter) post by Travis Kling, chief investment officer of Ikigai Asset Management.

Concluding Notes:

• Grayscale met with SEC to discuss spot Bitcoin ETF details
• Bitcoin Halving Is 5 Months Away and Hash Rate Just Hit an All-Time High
• KyberSwap DEX exploited for $46 million
• Alchemy Pay bags money services license in Iowa
• Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules
• Is Binance’s $4B settlement the green light for spot Bitcoin ETFs

Artykuł News Recap 2023 #Week48 pochodzi z serwisu BloodGoodBTC.

BlackRock, the world’s largest asset manager, officially filed for a spot Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) on Nov. 15.

The Ether ETF, dubbed the iShares Ethereum Trust, aims to “reflect generally the performance of the price of Ether,” read the S-1 filed with the SEC. The iShares brand is associated with BlackRock’s ETF products, with its Bitcoin ETF called the iShares Bitcoin Trust. The trust appoints Coinbase as the custodian for the underlying ETH.

The move by BlackRock comes nearly a week after it registered the iShares Ethereum Trust with Delaware’s Division of Corporations and almost six months after it filed its spot Bitcoin ETF application.

• SEC Needs More Time on Grayscale Ethereum Futures ETF

The U.S. Securities and Exchange Commission has delayed a decision on the Grayscale Ethereum futures exchange-traded fund (ETF).

Grayscale Investments filed to the Wall Street regulator back in September. The fund would allow investors to buy shares that bet on the future price of Ethereum (ETH), the second-biggest digital asset by market cap.

But the SEC said on the 15th that it would delay the decision. The SEC regularly extends the period it has to give decisions on crypto products.

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC wrote in its filing.

• Turkey mulls addressing licensing and taxation in new crypto rule

Turkey is reportedly considering regulations for its crypto market, focusing on licensing and taxation. The aim is to remove the country from the “grey list” of the Financial Action Task Force (FATF), as Turkey ranks fourth globally in crypto trading.

According to a Reuters report, Bora Erdamar, a director at the BlockchainIST Center — a blockchain technology research and development center — said the upcoming crypto regulations will prioritize implementing specific licensing standards to prevent system abuse. Erdamar added that the regulations may encompass factors such as capital adequacy standards, enhancements in digital security, custody services and verification of reserves.

Turkey also aims to respond to issues highlighted by the Paris-based FATF, which, in 2021, included the country in its “gry list” of nations susceptible to money laundering and other financial crimes.

• Crypto Is Second Most Popular Investment Asset In France

According to a poll conducted by the Organisation for Economic Co-operation and Development (OECD) and published on November 13 by France’s main financial regulator, the Autorité des Marchés Financiers, cryptocurrencies are the second most popular type of investment asset among the adult French population. 

According to the survey, 9.4% of the French population owns crypto assets, which is only slightly lower than the 10.7% who own the most popular type of investment asset, real estate funds. A further 2.8% of respondents possess nonfungible tokens.

The poll also tracked the number of “new investors” who made their first investment since the COVID-19 outbreak began in March 2020. The majority of new investors (64%) are men, and they are substantially younger than traditional investors, with an average age of 36 versus 51 for the latter. 54% of those in this category own crypto assets.

• No civil protection for crypto in China, $300K to list coins in Hong Kong? Asia Express

Hashkey Exchange, one of the first regulated crypto exchanges in Hong Kong has announced insurance coverage for clients assets stored in its hot and cold wallets. accounts. The policy will cover 50% of Hashkey’s digital assets in cold wallets and 100% of digital assets in hot wallets, paying out from $50 million to $400 million in the event of a claim.

Hashkey’s partnership with fintech OneDegree will also see the pair co-develop novel crypto security solutions for the exchange to manage server downtime, data back-up, and load control. “Getting insurance cover from OneInfinity by OneDegree not only fulfills the Securities and Futures Commission requirements, we believe the collaboration can also enhance our financial, technical, and service infrastructure to provide our customers with comprehensive protection,” said Livio Wang, chief operating officer of Hashkey Group.

• FTX Foundation staffer fights for $275K bonus promised by SBF

An employee of FTX’s charity wing recruited by FTX co-founder Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus.

Ross Rheingans-Yoo’s lawyers argued in a Nov. 13 court filing that only $375,000 of his $650,000 bonus was paid by FTX. They claim the remaining funds were owed when the crypto exchange filed for bankruptcy in November 2022.

Rheingans-Yoo’s latest filing comes in response to FTX’s objection filed on Oct. 30.

Concluding Notes:

• BlackRock files S-1 form for spot Ether ETF
• SEC Needs More Time on Grayscale Ethereum Futures ETF
• Turkey mulls addressing licensing and taxation in new crypto rule
• Crypto Is Second Most Popular Investment Asset In France
• No civil protection for crypto in China
• FTX Foundation staffer fights for $275K bonus promised by SBF

Artykuł News Recap 2023 #Week47 pochodzi z serwisu BloodGoodBTC.

The United States Securities and Exchange Commission could approve all 12 of the pending spot Bitcoin exchange traded fund (ETF) applications within the next eight days. 

Bloomberg ETF analysts James Seyffart and Eric Balchunas wrote that starting from Nov. 9  in the United States, the SEC has a “window” to approve all 12 spot Bitcoin ETF filings — including Grayscale’s conversion of its GBTC trust product — in the days leading up to Nov. 17, but stressed this was only a possibility.

• Bitcoin ETF launch could be delayed more than a month after SEC approval

With the United States Securities and Exchange Commission’s first window opening up for the approval of a spot Bitcoin ETF, analysts have noted that even if the SEC approves a spot Bitcoin exchange-traded fund (ETF), it will be a month before the actual launch.

The expected delay in launch following a potential SEC approval would be due to the two-step process of launching an ETF. For an issuer to start a Bitcoin ETF, it must get SEC approval from the Trading and Markets division on its 19b-4 filing and the Corporate Finance division on the S-1 filing or prospectus.

The main focus of the Corporate Finance division includes fund operations details and risk disclosures. To date, of the 12 Bitcoin ETF applications, nine issuers have submitted revised prospectuses showing they have communicated with Corporate Finance. Market analysts believe the Bitcoin ETF launch may get delayed if the SEC approves the 19b-4 approvals before prospectus documents are signed off.

• NFT sales volume jumps to $129M in November — Nansen data

Non-fungible tokens (NFTs) have seen a steady increase in terms of weekly Ether sales volume, according to the blockchain analytics platform Nansen. 

In a post on X (formerly Twitter), Nansen highlighted that on the week ending on Oct. 9, NFT sales were at 29,704 ETH, worth around $56 million at current ETH market prices. The sales volume increaseed weekly until it reached 68,342 ETH, worth over $129 million.

NFT marketplace Blur had the highest share of NFT trading volume in the last 30 days. According to data aggregator NFTGo, Blur had a trading volume of 161,433 ETH (roughly $305 million) in the previous 30 days. Meanwhile, the second spot went to its competitor, OpenSea, which had 52,307 ETH in trading volume, or around $100 million. 

• Binance Rolls Out Its First Ever Self-Custody Web3 Wallet

Cryptocurrency exchange Binance has released a Web3 wallet that can be used to interact with the decentralized finance (DeFi) ecosystem.

The new product, which will work across 30 blockchain networks, was announced at the Binance Blockchain Week conference in Istanbul.

“Web3 wallets represent more than just storing digital assets; they are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance,” CEO Changpeng ‘CZ’ Zhao said.

Binance’s Web3 wallet will compete with the likes of MetaMask and Trust Wallet, the latter of which was acquired by Binance in 2018. Binance listed a futures market for TrustWallet’s native token (TWT) earlier this week. The TWT price slid after the announcement, taking the 24-hour change to a 7% drop.

• Ethereum, Bitcoin users reignite scalability debate as gas fees surge

A recent spike in transaction fees on Ethereum and Bitcoin appears to have reignited the debate around solutions for scalability and the role of layer 2s.

Over the last 24 hours, cryptocurrency users began sharing screenshots showing double, occasionally triple-digit transaction fees on Ethereum and Bitcoin.

One screenshot showed gas fees were as high as $220 for a high-priority transaction on Ethereum while other screenshots showed figures around the $100 mark.

Bitcoin users meanwhile, reported fees that were around $10 for high-priority transactions. While this is relatively low, the average Bitcoin (BTC) transaction cost has hovered around $1 over the last three months, according to BitInfoCharts. BTC fees haven’t been this high since May.

• Hong Kong ‘ready’ to capitalize on crypto’s next bull run: Hashkey Capital

ong Kong is “very ready” for the next wave of mass crypto adoption, with an influx of crypto talent that has been spilling into the aspiring digital asset hub, says Jupiter Zheng, a partner at Hashkey Capital.

Speaking to Cointelegraph, Zheng, partner of liquid funds and research at the investment arm of Hong Kong crypto firm HashKey Group — explained that the combination of new Web3 projects along with crypto-positive regulatory developments has primed Hong Kong for significant growth in the next four to five years.

“You’ve got all of these new, different projects, with their founders and teams here, which is all real GDP by the way. These teams are already boosting both banking and capital market activities.”

Concluding Notes:

• SEC’s first window to approve all 12 spot Bitcoin ETFs to begins November 9th
• Bitcoin ETF launch could be delayed more than a month after SEC approval
• NFT sales volume jumps to $129M in November — Nansen data
• Binance Rolls Out Its First Ever Self-Custody Web3 Wallet
• Ethereum, Bitcoin users reignite scalability debate as gas fees surge
• Hong Kong ‘ready’ to capitalize on crypto’s next bull run: Hashkey Capital

Artykuł News Recap 2023 #Week46 pochodzi z serwisu BloodGoodBTC.

The Federal Reserve on Wednesday again held benchmark interest rates steady amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank’s target.

In a widely expected move, the Fed’s rate-setting group unanimously agreed to hold the key federal funds rate in a target range between 5.25%-5.5%, where it has been since July. This was the second consecutive meeting that the Federal Open Market Committee chose to hold, following a string of 11 rate hikes, including four in 2023.

The decision included an upgrade to the committee’s general assessment of the economy. Stocks rallied on the news, with the Dow Jones Industrial Average gaining 212 points on the session.

• PayPal Secures Crypto Registration in the UK

Payments firm PayPal yesterday achieved registration with the U.K.’s Financial Conduct Authority (FCA) as a crypto service provider, as confirmed by the FCA’s official site.

The registration of “Paypal UK Limited” now allows the firm to offer crypto-related services and products to British users.

Before offering such services in the U.K., businesses must first gain approval, aligning with FCA’s regulations against money laundering. PayPal’s registration comes a few months after the firm temporarily paused crypto purchases for British customers, citing “new regulatory requirements.”

• There are now nearly 40M Bitcoin addresses in profit — A new record

Bitcoin may be nearing 18-month highs, but its recent gains were already enough to spark significant changes in investor profitability.

Per Glassnode data, the number of addresses in profit as of Oct. 30 was 39.1 million.

This is the highest number ever recorded for Bitcoin and beats the previous peak of 38.1 million seen in November 2021.

At that time, BTC/USD itself traded at all-time highs, and thus 100% of addresses in existence with a non-zero balance were in profit.

While the current spot price remains 50% lower than those levels, total non-zero addresses now number 48.3 million.

• Sam Bankman-Fried found guilty on all 7 charges in FTX fraud trial

Former FTX CEO Sam Bankman-Fried was found guilty of all seven charges by a jury in his criminal trial in New York after about four hours of deliberations.

Bankman-Fried was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy.

He will return to court for sentencing by New York District Judge Lewis Kaplan on March 28, 2024. Government prosecutors will recommend a sentence, but Judge Kaplan will have the final say.

Bankman-Fried’s crimes each carry a maximum sentence of between five and 20 years in prison with the wire fraud, wire fraud conspiracy and money laundering conspiracy carrying a maximum 20-year sentence.

• Top Swiss bank launches Bitcoin and Ether trading with SEBA

Switzerland’s St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by introducing Bitcoin and Ether trading to its customers.

SGKB has partnered with the global cryptocurrency-focused SEBA Bank to offer its clients digital asset custody and brokerage services.

Announcing the news on Nov. 1, SGKB and SEBA said that the new crypto service is immediately available to select SGKB customers following a short period of testing earlier in 2023. Starting with Bitcoin and Ether support, SGKB plans to expand its offerings to additional cryptocurrencies based on client demand.

• Ripple to power Georgia’s central bank digital currency, the digital lari

The National Bank of Georgia (NBG) has selected blockchain payments network Ripple Labs as the official technology partner for developing digital lari, its central bank digital currency (CBDC) project.

In a statement, Ripple said the partnership would include implementing and deploying the digital lari pilot initiative through the Ripple CBDC Platform. The NBG will utilize this innovative CBDC platform to evaluate potential applications of the digital lari, determining its advantages to the government sector, enterprises and individual retail users.

Before being designated as NBG’s technology partner, Ripple underwent a thorough and meticulous selection procedure. In September, the NBG disclosed its intentions to advance its CBDC project by introducing a limited access live pilot environment.

Concluding Notes:

• Fed holds rates steady
• PayPal Secures Crypto Registration in the UK
• There are now nearly 40M Bitcoin addresses in profit
• Sam Bankman-Fried found guilty on all 7 charges
• Top Swiss bank launches Bitcoin and Ether trading
• Ripple to power Georgia’s central bank digital currency

Artykuł News Recap 2023 #Week45 pochodzi z serwisu BloodGoodBTC.

Global payment giant Mastercard continues exploring cryptocurrency benefits through a new collaboration with crypto payment platform MoonPay.

MoonPay officially announced on Oct. 25 a partnership with Mastercard aiming to jointly explore how Web3 tools can improve experiential marketing or find new ways to connect with Mastercard’s consumers.

The firm also took to X (formerly Twitter) to report that MoonPay’s enterprise president, Keith Grossman, and Mastercard’s chief marketing and communications officer, Raja Rajamannar, announced the collaboration at Money20/20 in Las Vegas.

• AllianceBernstein calls bitcoin a ‘safe haven asset,’ more attractive than gold

Asset management firm AllianceBernstein put out a memo last Monday not so subtly hyping bitcoin over gold, calling the cryptocurrency a “safe haven asset.”

AllianceBernstein (AB) analysts highlight that aside from Bitcoin’s inherent value stemming from its limited supply of 21 million coins — referred to as its “hard money properties” — the asset’s returns are undeniable.

“Since its inception, Bitcoin has consistently outperformed gold,” AB analysts wrote in the Oct. 16 note. “Over [the] last 3 years, Gold has been flat, while Bitcoin is up 150% (despite the 60% drawdown in 2022).”

And over the last five years, they wrote, bitcoin had five times better returns than gold.  

• BlackRock’s IBTC back on DTCC after vanishing early Tuesday

BlackRock’s proposed iShares Bitcoin ETF, with the ticker IBTC, is back on the Depository Trust and Clearing Corporation website after vanishing early Tuesday.

IBTC originally appeared on the DTCC website on Monday, sending bitcoin rallying. Late Monday, bitcoin briefly topped $35,000 before falling back around $33,000.

Bloomberg analyst Eric Balchunas commented on X, saying that BlackRock’s listing was “notable” due to BlackRock not only being the first to list on DTCC, but also leading “the charge on these logistics (seeder, ticker, dtcc).”

After IBTC disappeared from the DTCC website, Bloomberg analyst James Seyffart speculated that the US Securities and Exchange Commission “made a call to BlackRock.”

When Blockworks reached out to both the SEC and BlackRock about IBTC’s status on the DTCC website, both declined to comment.

• Ledger hardware wallet rolls out cloud-based private key recovery tool

Hardware wallet firm Ledger is rolling out its cloud-based private key recovery solution despite facing significant criticism from the crypto community.

Ledger Recover, an ID-based private key recovery service for the Ledger hardware wallet, is launching on Oct. 24, the firm officially announced on X (formerly Twitter). The release comes in conjunction with Ledger finalizing the open-source code for the Ledger Recover on GitHub.

Provided by blockchain protection platform Coincover, Ledger’s seed phrase recovery solution is a paid subscription service allowing users to back up their Secret Recovery Phrase (SRP). SRP is a unique list of 24 words that backs up the private keys and gives users access to their crypto assets.

• Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — Research

As it hit $35,200 this week, Bitcoin eclipsed various key trendlines, which had previously acted as support for months.

These included various moving averages (MA), among them the 200-week simple MA at $28,400 — the classic “beark market” support line.

“A cluster of long-term simple moving averages of price are located around $28k, and have provided market resistance through September and October,” Glassnode noted.

• Solana Labs launches Web3 incubator offering dev and fundraising support

Solana Labs unveiled an all-new incubator program for project development on the Solana blockchain on Oct. 26.

Titled simply “Solana Incubator,” the program will offer fundraising, development, networking and marketing support for web and blockchain projects seeking to build on Solana’s platform.

The Solana Incubator will accept applications through Nov. 30. Those accepted will purportedly receive support from the Solana Labs team and its partners throughout the development, marketing and launch phases of their projects.

Concluding Notes:

• Mastercard partners with crypto payment firm MoonPay
• AllianceBernstein calls bitcoin a ‘safe haven asset’
• BlackRock’s IBTC back on DTCC after vanishing early Tuesday
• Ledger hardware wallet rolls out cloud-based private key recovery tool
• Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains
• Solana Labs launches Web3 incubator

Artykuł News Recap 2023 #Week44 pochodzi z serwisu BloodGoodBTC.

The Securities and Exchange Commission won’t appeal a court’s scathing reversal of its decision not to let Grayscale convert its bitcoin trust into a more investor-friendly exchange-traded fund, according to a person familiar with the matter, possibly clearing the way for the first bitcoin ETF in the U.S.

The markets regulator had until midnight Friday to decide on challenging the court’s decision, but the SEC will let that deadline come and go without appealing, the person said. Reuters reported the news earlier.

• Bitcoin eyes $30K, XRP price jumps 6% after Ripple’s legal victory

Bitcoin passed $29,500 on Oct. 20 after an eventful 24 hours boosted BTC price trajectory, while XRP’s price jumped above $0.50 in response to Ripple’s big legal win.

The largest cryptocurrency appeared to feed off events surrounding a speech from Jerome Powell, chair of the United States Federal Reserve, the day prior.

Amid a U.S. bond rout, Powell was under pressure to deliver appropriate wording, and analysis even predited a “very dovish” tone would dominate. In the event, the speech, which was briefly interrupted by protesters, saw Powell as highly conservative on the outlook.

“The stance of policy is restrictive, meaning that tight policy is putting downward pressure on economic activity and inflation,” he said about interest rate hikes.

• Crypto exchange Binance restores euro services after finding new fiat partners

Crypto exchange Binance has announced it has onboarded new partners to handle euro deposits and withdrawals, one month after losing its previous fiat partner, PaySafe, in September. 

In an Oct. 19 statement, Binance announced it had signed agreements with new fiat partners for euro payments, deposits and withdrawals.

The move follows regulatory and debanking woes in the European Union, where the firm was forced to look for new banking partners after losing support from PaySafe in September.

Binance said users have already started migrating to the new services provided by “a number of new regulated and authorized fiat partners.” It did not specify which firms it had partnered with, however.

• FTX customers could get $9B shortfall claim payout by mid-2024

The customers of bankrupt crypto exchanges FTX and FTX.US could see over 90% of assets returned to them by the end of the second quarter of 2024 after a proposed settlement was reached between FTX creditors and debtors.

On Oct. 17, FTX debtors said they reached a “major milestone” in their Chapter 11 case after “extensive discussions” with the unsecured creditors’ committee, a committee of non-United States customers, and class action plaintiffs regarding customer property disputes.

FTX debtors filed a notice of the proposed settlement with a Delaware-based U.S. bankruptcy court on Oct. 16 (for information purposes). However, they need to submit an official filing by Dec. 16 seeking the court’s approval.

• Atomic Wallet freezes $2M in ‘suspicious deposits’ on exchanges

Hacked cryptocurrency wallet Atomic Wallet has frozen $2 million in “suspicious deposits” in a joint effort with major crypto exchanges.

Announcing the news to Cointelegraph on Oct. 19, Atomic Wallet said that blockchain intelligence firms Chainalysis and Crystal have assisted the wallet firm in identifying and containing the threat.

Citing reports from Chainalysis and Crystal, Atomic Wallet reported that the “threat actor” used sophisticated methods to bridge the funds to the Bitcoin blockchain, including bridges and mixers. “Most funds have ultimately ended up on the Tron blockchain and Bitcoin network,” the report reads.

The report specifically mentioned that the funds were bridged through the Avalanche bridge and then to the Tron blockchain.

• Cardano’s first-ever social media app goes live

On October 18, 2023, Cardano Spot launched Cardano’s first-ever social media application. The emerging social network platform built to empower and connect Cardano enthusiasts is now all set to help native projects.

Cardano Spot has built an advanced platform for onboarding Cardano native projects and their communities. Via the social media app, Web3 users can learn and connect with the Cardano ecosystem, subjects ranging from “Emerging Cardano-based DeFi projects” to topics such as “How To Create Non-Fungible Tokens on Cardano (CNFTs)?” The platform has been developed based on community feedback and direction and now available on iOS and Android devices.

Concluding Notes:

• SEC Won’t Appeal Loss in Grayscale Case
• Bitcoin eyes $30K, XRP price jumps 6%
• Crypto exchange Binance restores euro services
• FTX customers could get $9B shortfall claim payout by mid-2024
• Atomic Wallet freezes $2M in ‘suspicious deposits’
• Cardano’s first-ever social media app goes live

Artykuł News Recap 2023 #Week43 pochodzi z serwisu BloodGoodBTC.

Former Alameda Research CEO and the ex-girlfriend of SBF Caroline Ellison testified Wednesday that Sam Bankman-Fried conspired to sell Bitcoin to artificially suppress prices below $20,000.

Appearing in FTX’s criminal fraud trial on Wednesday, Ellison said SBF directed Alameda to dump BTC acquired from FTX customer funds to stabilize prices.

Ellison admitted to improperly using FTX customer deposits to cover Alameda debts, also at SBF’s behest, totaling around $10 billion. When customers rushed to withdraw funds in November 2022, neither FTX nor Alameda had sufficient reserves, precipitating FTX’s collapse.

Ellison further testified that SBF ordered Alameda to aggressively buy and sell the native FTX token, FTT, to defend its peg when prices dropped.

• Trezor Launches New Hardware Wallets, Metal Seed Backup for Crypto Beginners

Hardware wallet provider Trezor has just unveiled a trio of new products aimed at assisting enthusiasts self custody their cryptocurrencies.

The new product lineup features the Trezor Safe 3 hardware wallet, the Trezor Keep Metal recovery seed backup, and a limited-edition Trezor Safe 3 Bitcoin-only wallet.

“Despite the obvious wisdom of ‘not your keys, not your crypto,’ just 2% of the 420 million global cryptocurrency users practice self-custody, while most use centralized exchanges and hot wallets,” Trezor CEO Matěj Žák told Decrypt. “Clearly, there is a need to educate users on how to safely store their digital assets and provide them with user-friendly products that have a straightforward onboarding process.”

• Mastercard announces successful wrapped CBDC trial results

Mastercard has completed a trial involving wrapping central bank digital currencies (CBDCs) on different blockchains, similar to wrapped Bitcoin (wBTC) and wrapped Ether (wETH).

According to the Oct. 12 announcement, the trial was conducted with the Reserve Bank of Australia (RBA) and the country’s Digital Finance Cooperative Research Centre CBDC, along with participation from Cuscal and Mintable. In a live environment, Mastercard said the solution allowed a CBDC owner to purchase a nonfungible token (NFT) listed on Ethereum in a live environment. “The process ‘locked’ the required amount of a pilot CBDC on the RBA’s pilot CBDC platform and minted an equivalent amount of wrapped pilot CBDC tokens on Ethereum,” the payment processor wrote.

• Crypto lending invalidated by Chinese court in second landmark ruling

A second Chinese court has ruled that crypto lending is an activity outside the protection of the country’s legal system.

According to an Oct. 10 press release by the Nanchang People’s Court, in April 2021, an individual known as Mr. Ming lent a total of 80,000 Tether to an individual known as Mr. Gang for stablecoin trading. The loan was to be repaid within six months. However, Mr. Gang defaulted on the loan, leading Mr. Ming to sue his counterparty in court. 

In its landmark decision this week, the Nanchang People’s Court stated Mr. Ming was required to prove that Tether is a legally issued fiat currency to bring a necessary cause of action for judicial relief, citing a series of legislation forming China’s crypto ban. Since Mr. Ming could not do so, the court ruled that the lawsuit did not fall within the appropriate scope of civil litigation. Mr. Ming subsequently appealed the decision, which was also dismissed.

• Uniswap launches Android wallet beta for Google Play

Uniswap is the world’s largest decentralized crypto exchange by cumulative volume, having processed over $1.7 trillion worth of trades since its inception, according to data from DefiLlama. Most of its trades have been done via a web-based application. However, the team launched a mobile app for iOS on April 13. Prior to this date, the team had complained that Apple was holding up the app’s launch in the App Store. Even after getting the green light from the App Store, Uniswap still did not have a dedicated app for Android devices.

According to the Oct. 12 announcement, the new Android beta app allows users to select coins on different chains without switching networks. It automatically detects which network a coin is on and switches to that network without the user prompting it to. It can be used on Polygon, Arbitrum, Optimism, Base and BNB Chain currently, with more chain compatibility slated for the future.

• USDC issuer partners with Philippines exchange to promote stablecoin

Circle, the issuer of the United States dollar-pegged stablecoin USDC is increasing its presence in the Philippines with a new local partnership.

On Oct. 10, Circle announced a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines.

As part of the partnership, Coins.ph and Circle will work jointly to drive awareness of USDC payments and help Filipino people pay less for cross-border money transfers and make faster transactions, the companies said.

The average cost of sending a $200 payment to Asia was 5.7% in 2022, they added, citing World Bank data. In the Philippines, the situation with remittances is even more complicated for the unbanked, which accounted for 44% of the adult population in 2021, according to the Philippines Central Bank.

Concluding Notes:

• Caroline Ellison & SBF Conspired to Keep Bitcoin Under $20k
• Trezor Launches New Hardware Wallets
• Mastercard announces successful wrapped CBDC trial results
• Crypto lending invalidated by Chinese court
• Uniswap launches Android wallet beta
• USDC issuer partners with Philippines exchange

Artykuł News Recap 2023 #Week42 pochodzi z serwisu BloodGoodBTC.

On October 4, Bitcoin pioneer Samson Mow compared the epic debt increase to Bitcoin’s market cap. It turned out to be more than half of that figure, around $267 billion. “That’s something like 10 million BTC. And yet there are still people that are unsure if $27k is a good price to buy.”

Furthermore, it is more than the entire market cap of Ethereum, which is just under $200 billion at the moment. It also works out at about a quarter of the entire crypto market cap being added to the debt pile in just a day.

• Biden announces $9 billion more in student debt relief

U.S. President Joe Biden announced on Wednesday that his administration has approved an additional $9 billion in student debt relief for 125,000 borrowers.

Biden has said he will pursue new measures to provide student loan relief to Americans after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt.

The president said the latest announcement brought the total approved debt cancellation by the his administration to $127 billion for nearly 3.6 million Americans.

“This kind of relief is life changing for individuals and their families. But it’s good for our economy as a whole as well,” he told reporters.

• Crypto cards facilitated $3B payment volume since 2021 exchange deals — Visa exec

The integration of conventional payment cards with cryptocurrency exchanges is playing a crucial role in driving the adoption of digital assets, according to a Visa executive.

Speaking to Cointelegraph reporter Ezra Reguerra during a panel at the Blockchain Economy Dubai Summit, Visa’s vice president, head of innovation and design, Akshay Chopra, highlighted the role that Visa cards have played as a bridge between fiat currencies and cryptocurrencies in recent years.

According to Chopra, using cryptocurrencies as a means of payment for everyday items like a cup of coffee at a cafe is still not ubiquitous. To tackle this challenge, Visa partnered with 75 of the biggest cryptocurrency exchanges in 2021 to allow them to issue Visa cards.

• SEC’s Motion to Appeal Loss in Ripple Case Is Denied

A federal judge has rejected the U.S. Securities and Exchange Commission’s bid to appeal its ground-shaking loss against Ripple, the crypto company associated with the XRP token.

District Judge Analisa Torres said in a brief ruling Tuesday that the SEC had failed to meet its burden under the law to show that there were controlling questions of law or that there are substantial grounds for differences of opinion.

The decision isn’t a complete loss for the SEC, though. The judge set an April 2024 trial date for other issues that still need resolution. The agency may still try to appeal the overall case after.

• Chainalysis: Hong Kong and China’s OTC Markets Remain Active Despite Crypto Winter

below China’s $86.4 billion, during the last year despite the territory having a much smaller population, and the global chill through crypto markets.

While data shows that the value of transactions in both China and Hong Kong have dropped over the last year because of Beijing’s continued strict prohibition on crypto assets and a prolonged downturn in the crypto market, Chainalysis argues that the presence of large OTC markets – and their relative stability in the face of both regional and global decline – shows a certain degree of tolerance by Beijing to crypto.

“The increasingly close relationship between China and Hong Kong leads some to speculate that Hong Kong’s growing status as a crypto hub may signal that the Chinese government is reversing course on digital assets, or at least becoming more open to crypto initiatives,” it said in its report.

• Canadian regulatory body clarifies stablecoin rules for exchanges and issuers

The Canadian Securities Administrators (CSA) has provided guidance to exchanges and cryptocurrency issuers on its interim approach to what it calls value-referenced crypto assets, with a particular focus on stablecoins.

On Oct. 5, the umbrella organization of Canada’s provincial and territorial securities regulators published a clarification saying it may allow trading of certain cryptocurrencies that reference the value of a single fiat currency, subject to terms and conditions.

However, if issuers maintain an appropriate reserve of assets with a qualified custodian and crypto exchanges offering stablecoins make “certain information related to governance, operations, and reserve of assets publicly available,” then the CSA could allow those assets to be traded.

Concluding Notes:

• US Added Over Half Bitcoin Market Cap in Debt in a Day
• Biden announces $9 billion more in student debt relief
• Crypto cards facilitated $3B payment volume since 2021
• SEC’s Motion to Appeal Loss in Ripple Case Is Denied
• Hong Kong and China’s OTC Markets Remain Active Despite Crypto Winter
• Canadian regulatory body clarifies stablecoin rules

Artykuł News Recap 2023 #Week41 pochodzi z serwisu BloodGoodBTC.