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2023-02-19 16:10:53 ​This Tron [TRX] metric surges: Will bulls regain momentum?

Tron [TRX] was finally showing bullish excitement at press time after struggling for directional footing since mid-January. Nonetheless, the reason why the bulls were back in control might just be as interesting as the rally itself.

Recent findings revealed that Tron’s daily transaction fees registered a strong surge in the last 24 hours until the time of writing. Moreover, a quick look at DeFiLlama showed that fees peaked at $1.56 million. This was the largest amount of daily transaction fees that Tron had recorded in the last two years.

Initial reports suggested that the surge in fees was linked to Tron’s recently passed Proposal 83. The latter sought to enable a dynamic energy model as the new mechanism for energy charging in smart contracts. The surge in daily transaction fees became apparent just days after the proposal was passed, suggesting that the implementation was already having an impact on the network.

As a consequence, staking TRX became more profitable. This may explain the surge in demand for TRX, coupled with the right timing of the market. The rest of the cryptocurrency market was also off to a healthy mid-week performance, hence making it easier for the bulls.

TRX traded at $0.069 at press time after a 4.49% upside within the last 24 hours. This rally put it within the same range as its press time ATH, so sustained demand may push it to a new high.

But what are the chances of a new local high? An extended upside is more plausible, especially as the 50-day MA was crossing above the 200-day MA at the time of writing. TRX’s ability to sustain the upside would require favorable sentiment and substantial volume.

TRX’s weighted sentient achieved a slight recovery from its four-week low during the same period. However, it was low relative to its monthly high and remained within the bearish range.

TRX’s on-chain volume trod a similar path as the weighted sentiment during the same period. A potential reason for this was that the whales had largely supported the rally. Thus, the possibility of retail demand in the next few days could not be discounted, as healthy social dominance would probably make TRX more visible to retail buyers.

At press time, the social dominance metric had its second highest monthly peak in the last 24 hours. In addition, development activity was gaining steadily, which might support favorable sentiment as well. Open / Comment

2023-02-14 18:50:19 ​Cathie Wood’s Ark Invest bags nearly $16M Coinbase stocks in February

Ark Invest has spent nearly $30 million on the Coinbase stock so far in 2023 while dumping Grayscale Bitcoin Trust shares.

Cathie Wood’s investment management firm Ark Invest continues stacking Coinbase (COIN) stock amid the latest cryptocurrency market decline.

On Feb. 10 and Feb. 13, Ark made its first COIN purchases since mid-January, adding significant exposure to the United States’ largest crypto exchange.

Last Friday, Ark bought 139,105 COIN shares for the ARK Innovation exchange-traded fund (ARKK), according to an investor notification seen by Cointelegraph. On the same day, the asset manager also purchased 23,220 COIN shares for allocation by another fund, ARK Next Generation Internet ETF (ARKW). The asset manager spent a total of $9.2 million on these Coinbase stock investments.

On Feb. 13, Ark’s ARKK and ARKW funds continued to accumulate the Coinbase stock, adding 102,281 COIN shares and 16,414 COIN shares, respectively. With COIN closing at $56.4 on Monday, the purchases cost Ark about $6.7 million.

Just in two days, Ark spent nearly $16 million on the Coinbase stock, or $3.5 million more than it totally stacked in COIN shares in January. As of Feb. 14, Ark's monthly COIN purchases amount to 280,000 shares, while in January Ark bought more than 330,000 COIN shares.

Ark’s entire COIN purchases so far in 2023 amount to 614,657 shares, bought for $28.8 million.

Related: Cathie Wood: Ark dumps 500K GBTC shares, adds Coinbase stock as Bitcoin recovers 40%

The latest purchases come amid Ark Invest CEO and chief investment officer Wood continuing to express a bullish outlook on the cryptocurrency market.

On Feb. 3, Wood again reiterated her bullish Bitcoin BTC tickers down $21,986 stance, predicting that Bitcoin will hit $1 million by 2030. The investment expert believes Bitcoin should be adopted by countries troubled with inflation as an insurance policy due to its resilient network.

The Ark’s chief executive also believes crypto assets will see a huge turnaround in 2023 due to inflation and a potential Fed pivot. Open / Comment

2023-02-13 08:24:42 ​Wormhole hacker moves another $46M of stolen funds

The Wormhole exploiter appears to be seeking arbitrage opportunities with Ethereum-pegged assets.

The ill-gotten crypto from one of the industry’s largest exploits is on the move again, with on-chain data showing another $46 million of stolen funds has just shifted from the hacker’s wallet.

The Wormhole attack was the third largest crypto hack in 2022 resulting from an exploit of Wormhole’s token bridge in February 2022. Around $321 million of Wrapped ETH (wETH) was stolen.

According to blockchain security firm PeckShield, the hacker’s associated wallet has become active once again, moving d $46 million worth of crypto assets.

This was made up of around 24,400 of Lido Finance-wrapped Ethereum staking token (wstETH), worth approximately $41.4 million and 3,000 Rocket Pool Ethereum staking token (rETH), worth about $5 million, which was moved to MakerDAO.

The hacker appears to be seeking yield or arbitrage opportunities on their stolen loot as the assets were exchanged for 16.6 million DAI, PeckShield reported.

The MakerDAO stablecoin was then used to buy 9,750 ETH priced at around $1,537 and 1,000 stETH. These were then wrapped back into 9,700 wstETH.

On Feb. 10, an on-chain sleuth observed that the hacker was “buying the dip.”

However, the price of Ethereum has since fallen below those levels over the past few hours. At the time of writing, ETH was trading down 2.6% on the day at $1,505 according to CoinGecko.

At the time of the transfers, stETH prices depegged from Ethereum and climbed as high as $1,570. They’re currently trading 2.4% higher than ETH at $1,541. Furthermore, wstETH also has depegged and rose to $1,676, 11.3% higher than the underlying asset.

The latest funds movement comes only a few weeks after the hacker moved another $155 million worth of Ethereum to a decentralized exchange on Jan. 24.

95,630 ETH was sent to the OpenOcean DEX and then subsequently converted into ETH-pegged assets including Lido’s stETH and wstETH. Open / Comment

2023-02-11 23:06:54 ​Argo CEO follows resignation trend after company acquisition by Galaxy Digital.

The CEO of the cryptocurrency miner Argo Blockchain is the second executive to step down from the company after its acquisition by Galaxy Digital.

The cryptocurrency miner Argo continues to undergo a series of company changes in light of its major acquisition and newly filed lawsuit.

Peter Wall, the CEO of Argo Blockchain, announced his resignation from his executive position on Feb. 9.

According to the announcement, Wall will remain an adviser to Argo throughout the next three months to support the transition out of the position. He also commented that he was “pleased” to have spearheaded the recent Galaxy Digital acquisition deal.

In the same announcement, the company also revealed the resignation of Argo board member Sarah Gow. This development is due to health reasons.

However, just one week before these company changes, Argo lost its chief financial officer Alex Appleton in yet another resignation.

That announcement, on Feb. 1, said Appleton resigned to “pursue other opportunities,” according to a filing with the London Stock Exchange. This coincided with the finalization of the sale of the Helios facility to Galaxy Digital Holdings.

Appleton had been with the company in his executive role since September 2020.

This is the latest development in a series of changes for Argo, which began in late December 2022 when it reported insufficient funds and little assurance of avoiding filing for Chapter 11 bankruptcy.

A few weeks after this announcement, the company revealed that it sold its top Helios mining facility to the global crypto-focused financial services firm Galaxy Digital for $65 million. This helped Argo reduce its total debt by $41 million.

The acquisition was a factor that helped Argo regain compliance with the Nasdaq minimum bid price rule. This entails maintaining the stock’s minimum bid price of $1 for 30 straight trading days.

However, a lawsuit filed on Jan. 26 targeted Argo and several of its executives and board members for failing to disclose key information to investors.

The case claims the company failed to disclose its susceptibility toward capital constraints, electricity costs and network difficulties. Open / Comment

2023-02-10 20:45:50 ​Tether’s assets exceed liabilities in new reserves report by BDO.

As of Dec. 31, 2022, Tether’s consolidated assets amounted to at least $67 billion, exceeding consolidated liabilities by at least $960 million.

Tether, the issuer of the world’s largest stablecoin by market value, has completed reserves attestation by major global accounting firm BDO.

The stablecoin firm released BDO’s assurance opinion on Feb. 9, which re-affirms the accuracy of Tether’s consolidated reserves report (CRR) as of Dec. 31, 2022.

The CRR shows that Tether’s consolidated assets amount to at least $67 billion, exceeding consolidated liabilities of $66 billion, with excess reserves equaling at least $960 million.

In addition to reducing its secured loans as committed, the report also shows Tether ended 2022 with zero commercial paper.

As previously reported, Tether completely removed commercial paper from (USDT) reserves by mid-October 2022, replacing those investments with United States Treasury Bills. The company originally announced the plan to get rid of commercial paper in USDT reserves in June 2022. At the time, commercial paper accounted for less than 25% of USDT’s total reserves of $82 billion.

Paolo Ardoino, Tether and Bitfinex’s chief technology officer, took to Twitter on Thursday to point out that Tether demonstrated an “impressive resilience” to market black swan events that hit a number of crypto companies amid the bear market of 2022. He wrote:

“Tether demonstrated a superior approach to risk management, that allowed to maintain its leadership, while consolidating profits. Tether reiterates its commitment to be a leader into building Bitcoin and stablecoin technologies, investing in fundamental projects and infrastructures.”

BDO noted that the auditor’s opinion is limited “solely to the CRR and the corresponding consolidated total assets and consolidated total liabilities” as of Dec. 31, 2022. “Activity prior to and after this time and date was not considered when testing the balances and information described above,” the firm added.

Additionally, the auditing firm said it hasn’t performed any procedures or provided any assurance on the financial or non-financial activity on dates or times other than that noted in the report. Open / Comment

2023-02-07 19:47:19 ​South Korean regulator provides guidance on security tokens.

Digital assets that fit the descriptions for security tokens will be regulated under the country’s Capital Markets Act.

South Korea established guidance that specifies which types of digital assets will be considered and regulated as securities in the country.

In a press release, the Financial Services Commission (FSC) highlighted that digital assets that fit the characteristics laid out in the country’s Capital Markets Act will be treated as securities.

The law considers securities as financial investments where investors are not required to make additional payments after their original investment. The FSC also provided examples of which digital assets will most likely be classified as securities. According to the FSC, this may include tokens that provide a stake in business operations, gives holders rights to dividends or residual assets, or provide profit to the investors.

Cryptocurrencies that fit the descriptions of security tokens will be regulated under the country’s Capital Markets Law. Meanwhile, digital assets that do not fit the characteristics of securities will be governed by other upcoming regulations.

According to the FSC, token issuers and brokers like crypto exchanges will evaluate which crypto will be classified as securities based on the regulations. The regulator also pointed out that the evaluation will be case-by-case.

The financial regulator also noted that the new guidance is part of preparations for the legalization, issuing and distribution of security tokens within the country.

South Korea has actively participated in the crypto ecosystem. On Jan. 19, the city of Busan revealed plans to establish a decentralized digital commodities exchange. Government officials noted that the platform would begin its operations this year.

Apart from this, the country’s Ministry of Justice also plans to deploy a tracking system for crypto. On Jan. 29, the South Korean government said it would introduce a tracking system to combat money laundering efforts and recover funds connected to criminal activities. Open / Comment

2023-02-05 13:52:02 ​Uzbekistan Collects Over $300,000 From Crypto Sector

While operations with digital assets are not taxed in Uzbekistan, the government is receiving a growing amount of revenues from the industry. The increase in budget receipts has been attributed to the licensing regime and the introduction of fees for crypto companies.

Licensed crypto firms have paid 3.5 billion Uzbekistani som (more than $310,000) to the budget in the course of 2022, Uzbekistan’s regulatory authority responsible for the oversight in the sector revealed during a press conference, quoted by the crypto news outlet Forklog.

At the briefing, the National Agency of Perspective Projects (NAPP), a body subordinated to the president, announced the results of its activities. Officials said that the government has been able to collect the money thanks to the revamped licensing system and the imposing of fees for businesses working with digital assets.

Five crypto platforms are currently authorized to legally operate in the country and they have paid the said total. These are the state-controlled exchange Uznex and four smaller exchanges – Crypto Trade NET, Crypto Market, Crypto Express, and Coinpay.

Since October, crypto service providers in Uzbekistan are required to pay fixed monthly fees for their activities. These range between over $10,000 for cryptocurrency exchanges like Uznex and around $500 for the smaller trading platforms, also referred to as “crypto shops.”

At the same time, operations of individuals and organizations related to crypto transactions are subject to taxation in the Central Asian nation, even when carried out by non-residents and companies based in other jurisdictions, according to the current law.

However, the government in Tashkent has previously warned Uzbekistan’s citizens to avoid unlicensed exchange services. In August 2022, it tried to restrict access to online trading sites based outside the country. Uzbekistanis were allowed to buy and sell coins on domestic exchanges in November, 2021.

The NAPP also noted that 80% of the fees paid by the licensed crypto firms go to the state budget, while the remaining 20% are transferred to its own accounts. In late June, 2022, the agency presented registration requirements for miners who are relieved from taxation as well. Cryptocurrencies, mining and trading were regulated with a presidential decree issued two months earlier. Open / Comment

2023-02-04 14:02:34 Big Bang Coin pinned a photo Open / Comment

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2023-02-03 20:03:06 ​Russia’s Sberbank plans to launch DeFi platform on Ethereum

DeFi systems are able to displace the traditional market of banking services, Sber’s Blockchain Lab product director Konstantin Klimenko said.

Russia’s largest bank, Sberbank, is moving forward with the plan to launch its decentralized finance (DeFi) platform, preparing to trial the product in a few months.

Sberbank expects to launch open trials of its DeFi platform by May 2023, Sber’s Blockchain Lab product director Konstantin Klimenko announced, the local news agency Interfax reported on Feb. 3.

Currently being tested in private beta, Sberbank’s upcoming DeFi platform will be fully open by the end of April, enabling users to conduct the first commercial transactions, Klimenko said.

The executive noted that the blockchain platform will be compatible with the Ethereum blockchain, allowing customers to use major wallets, such as MetaMask, to move their assets. Klimenko also noted that users will be able to transfer their assets from other platforms.

The blockchain executive stated that Sberbank’s DeFi platform aims to become a prime DeFi ecosystem in Russia. He also expressed confidence that DeFi systems are able to displace the traditional market of banking services.

The announcement comes in line with Sberbank’s previously disclosed plans to enable DeFi applications on the bank’s infrastructure. In November 2022, Sberbank announced a set of new features for its proprietary blockchain platform, including compatibility with smart contracts and applications on the Ethereum network.

It appears to be unclear how the upcoming platform is going to be regulated because Russia is yet to come up with digital currency regulation. According to Anatoly Aksakov, the head of the Duma’s Committee on Financial Market, Russia will “definitely” adopt crypto regulations in 2023.

As previously reported, Sberbank was struggling to launch some blockchain tools over the past few years due to multiple delays of registration by the Russian central bank. Originally expecting to launch its digital asset issuance platform in 2021, Sberbank eventually received the Bank of Russia’s approval in spring 2022. The Russian government is the majority shareholder in Sberbank, holding 50% + 1 share.

On Feb. 2, Alfa Bank, one of the largest private banks in Russia, became the fourth financial institution in the country allowed to issue digital assets alongside Sberbank, the state-backed tokenization platform Atomyze and fintech company Lighthouse. Open / Comment