Bitcoin Crypto Signals

2023-12-11 18:52:43 Crypto lawyer wants to depose Changpeng Zhao for civil case

Adam Moskowitz, who has been the lead attorney in a number of civil cases involving crypto firms, filed a motion to take a deposition from former Binance CEO Changpeng “CZ” Zhao. In a Dec. 8 filing in the United States District Court for the Southern District of Flordia Miami Division, Moskowitz said Zhao’s testimony would be “crucial to the claims and defenses of all parties” involved. The law firm filed the motion as part of a $1 billion lawsuit against Zhao.

Moskowitz and his firm have represented several clients in cases against high-profile crypto firms and related entities. He was counsel for many victims of the collapse of FTX in a lawsuit targeting celebrities who promoted the crypto exchange, as well as a suit claiming investors suffered losses from soccer star Cristiano Ronaldo touting Binance’s nonfungible tokens. The crypto lawyer said the filing came in response to a Washington judge ordering Zhao to remain in the U.S. until his sentencing in February 2024. In November, U.S. authorities announced a $4.3 billion settlement with Binance in which CZ stepped down as CEO and pleaded guilty to one felony charge.

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2023-12-09 19:57:51 LayerZero Confirms Airdrop Plans, Boosting Some Ecosystem Projects

LayerZero developers said Friday morning that they planned to issue a token sometime in the first half of 2024, confirming widespread rumors and causing an immediate uptick in the metrics of some projects built on that network. The network is an interoperability protocol that uses a novel technique to make it easier for different blockchain networks to connect. Its developer, LayerZero Labs, raised $120 million at a $3 billion valuation in April.

“LayerZero has always been built with the ability to have a native token within the protocol, as seen in the immutable code launched on day 1,” developers said in an X post. “We’ve heard the community discussion over the last few months and the lack of clear communication around this.’ “We’ll state now in no uncertain terms that there will be a LayerZero token. We’re committed to getting its distribution right and expect it to happen within the first half of 2024,” they added. On Thursday, Solana ecosystem project Jito dropped its JTO token starting at 4,941 tokens and increasing depending on how much they used its so-called liquid staking token (LST), jitoSOL.

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2023-12-08 19:51:11 Bitcoin Developer Luke Dashjr States Inscriptions Are Exploits, Hints at Future Fix

Luke Dashjr, a Bitcoin Core software developer and CTO of Mummolin, the company that operates the Ocean bitcoin mining pool, has criticized Ordinal inscriptions, a series of elements — images and others — that can be directly embedded onto the BTC blockchain. Dashjr, who has been very vocal about his negative opinion of these inscriptions, referred to them as “spam” and as “exploits,” revealing that he had already fixed this “bug” in Bitcoin Knots.

Ocean, the recently launched bitcoin mining pool that acknowledged having filtered inscriptions since day one, also implemented this Knots fix, making inscriptions unable to be included in blocks mined by the pool. Furthermore, Dashjr hinted at the possibility of introducing a similar fix in an upcoming version of Bitcoin Core, the default full-node software of the Bitcoin network. “Bitcoin Core is still vulnerable in the upcoming v26 release. I can only hope it will finally get fixed before v27 next year,” he declared. Bitcoin community rejected this possible change. Jameson Lopp, co-founder and CTO of Casa, stressed that mining had a significant economic element now and that his proposal was unlikely to stand.

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2023-12-07 13:05:17 IBM Introduces New Cold Storage Tech for Crypto Assets

IBM has released a cryptographic signing technology for handling digital assets in cold storage, reducing the risk associated with manual procedures while keeping assets at arm's-length from an internet connection. The tech giant - often called the Big Blue - said in a statement on Tuesday that its IBM Hyper Protect Offline Signing Orchestrator (OSO) helps protect high-value transactions by offering additional security layers, including disconnected network operations.

IBM has quietly been applying its gravitas in key management, specifically its confidential computing suite of technologies, to digital assets and cryptocurrencies. The limitations of cold storage come down to human interactions, which can take the form of inside jobs, forced attacks – when violence is threatened to have a transaction signed – or other operational errors involving administrators at data centers and simple “pen and paper” approaches, IBM said. IBM’s confidential computing division has been a reliable partner throughout the years, and we are pleased to complement Metaco’s catalog of institutional cold storage solutions with the unique air-gapped cold storage that OSO enables, especially as cold storage requirements.

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2023-12-06 14:07:09 BlackRock Received $100K Seed Funding for Its Spot BTC ETF

BlackRock (BLK) received $100,000 as “seed capital” for its proposed spot bitcoin (BTC) exchange-traded fund, the investment giant disclosed in a fresh application with the U.S. Securities and Exchange Commission (SEC). “The seed capital investor agreed to purchase $100,000 in shares on October 27, 2023, and on October 27, 2023 took delivery of 4,000 shares at a per-share price of $25.00 (the “seed shares”),” the filing said.

Business intelligence company MicroStrategy (MSTR) was sitting on a more than $2 billion profit on its massive bitcoin (BTC) holdings on Monday following the cryptocurrency’s rally above $42,000. Led by then CEO and now Executive Chairman Michael Saylor, MicroStrategy began purchasing bitcoin in August 2020. The company's most recent purchases took place last month and as of Nov. 30, it held 174,530 bitcoin acquired for $5.28 billion, or an average price of $30,252 each. With bitcoin at $42,000, the value of MSTR's holdings rose to roughly $7.3 billion. The price at press time had pulled back to $41,700.

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2023-12-05 11:52:51 Institutional Traders Split Between Bitcoin, Ether: Bybit Research

During the first three quarters of 2023, institutional traders nearly doubled their holdings of bitcoin (BTC). As of Setpember, half their assets were denominated in the largest cryptocurrency, driven by positive market sentiment and anticipation of the Securities and Exchange Commission (SEC) approving a spot BTC exchange-traded fund (ETF) in the U.S. Their stance contrasts with the lower BTC holdings of retail traders, possibly due to their higher leverage levels, Bybit's research shows.

Institutional traders and whales, or large holders of bitcoin, were skeptical about altcoins, the report says, with the data showing a general decline in altcoin holdings among traders despite a brief rise in May. A notable decrease started in August, particularly among institutions, reflecting a cautious stance towards these more volatile assets. Ether (ETH) holdings have generally declined since the Ethereum blockchain's Shapella upgrade, data shows, except for a surge among institutional traders in September amid a positive crypto outlook as ETF news excited markets. The bitcoin price is up about 140% year-to-date, while ether has risen 87%.

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2023-12-03 16:09:43 Terra's USTC Gains 300% as Bitcoin-Focused Comeback Plan, Binance Perpetuals Listing Fuel Speculative Frenzy

TerraClassicUSD (USTC) and its sister token Terra luna classic (LUNC) – remnants of the blown-up Terra blockchain – skyrocketed this week, fueled by a new Binance perpetuals contract listing and the emergence of a bitcoin-focused revamp and airdrop plan. LUNC is up roughly 60% this week, including a nearly 20% rise over the past 24 hours, CoinDesk data shows. USTC, meanwhile, has almost quadrupled in price.

The gains occurred as Binance, which remains the world's largest crypto exchange despite its regulatory issues, on Monday started offering perpetual contracts for USTC with up to 50x leverage. Increasing anticipation of a USTC revamp plan that would use bitcoin (BTC) as a foundation perhaps also fueled the rally. Bitcoin-focused payment project Mint Cash recently outlined a vision for a successor of Terra's failed stablecoin, this time being collateralized by BTC to mint tokens. The recent developments unleashed a speculative frenzy around the token. Trading volume with USTC has exploded in the last few days, peaking at times above $1 billion in 24-hour activity, dwarfing the less than $10 million average earlier this month, CoinGecko data shows.

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2023-12-02 22:32:01 Fidelity Spot Ethereum ETF Now Acknowledged By The SEC

The US Securities and Exchange Commission (SEC) has officially received Fidelity’s application to list a Fidelity spot Ethereum ETF, according to a recent SEC filing. Notably, BlackRock has entered the Ethereum ETF arena by registering a spot ETF for ETH in Delaware under the name “iShares Ethereum Trust.” This move signals BlackRock’s expansion beyond Bitcoin, reinforcing its commitment to explore opportunities in the Ethereum market.

Fidelity Digital Assets Services is set to act as the regulated custodian for the ETH holdings within the proposed trust. The filing emphasizes the significant size of the CME Ether futures market, asserting its suitability for surveillance-sharing to meet SEC listing standards and prevent fraud and manipulation. While the SEC has yet to approve a spot Bitcoin or Ether ETF in the US, there are reports suggesting the agency is gearing up to permit simultaneous listings of spot-based Bitcoin ETFs in January. Fidelity‘s filing seeks to strengthen the case for SEC approval of a spot Ether ETF, aligning with the evolving landscape of cryptocurrency investment opportunities.

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2023-12-01 18:01:37 World's Largest Bitcoin Futures ETF Breaks 2021 Record Highs for Assets Under Management

ProShares’ Bitcoin Strategy ETF (BITO) – a bitcoin futures fund offered in the U.S. – hit a high of $1.47 billion in assets under management (AUM) this week, surging past a record set in December 2021. The surge indicates renewed institutional demand for bitcoin (BTC) from regulated and accredited investors, as a flurry of bitcoin spot ETF applications were filed in the U.S. BITO, listed on the Chicago Mercantile Exchange (CME), allows investors to gain exposure to bitcoin-linked returns via a regulated product.

“Investor demand for BITO remains strong, as shown by the ETF reaching a new high in assets under management,” Simeon Hyman, global investment strategist at ProShares, said in a statement to CoinDesk. “We believe this speaks to the demand for a familiar, accessible and regulated way to target the returns of bitcoin.” Unlike some other bitcoin futures ETFs, BITO closely tracks the asset's spot prices, which has likely added to its allure among traders. In June, investors poured in more than $65 million in a single week, making it the largest inflow in a year and breaking a previous 2023 high of just over $40 million in April. “BITO’s average daily trading volume of $160M since inception puts it in the top 5% of all U.S. ETFs,” Hyman added.

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2023-11-30 10:09:30 UK to Hit Crypto Users With Penalties for Unpaid Taxes

The U.K. government on Wednesday called on crypto users to voluntarily disclose any unpaid capital gains or income taxes to avoid penalties, and published guidance on how to pay them. Users who have already made crypto tax disclosures to the U.K. Treasury have 30 days from the disclosure date to make all necessary payments. If the deadline is not met, the Treasury will take steps to recover the money, and users may face penalties, the post said.

The tax disclosures should reflect capital gains or income from exchange tokens like bitcoin (BTC), non-fungible tokens (NFTs), and utility tokens. The aspiring crypto hub has been clarifying its stance on crypto tax. In 2021, the Treasury published a manual to help U.K. crypto holders pay taxes, and the country announced in March this year that people would have to declare their crypto separately in tax forms. Users who have already made crypto tax disclosures to the U.K. Treasury have 30 days from the disclosure date to make all necessary payments. The Treasury encouraged users to voluntarily disclose unpaid income or capital gains tax from crypto, NFT and utility token holdings.

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