Crypto Portal

2023-10-10 21:00:23 Bitcoin’s volatility increases in October: The start of something new?

Volatility spike in October
However, things changed quite dramatically since the onset of October. According to a report by crypto trading platform Bitfinex, Bitcoin’s historical 24-hour volatility more than quadrupled on 2 October.

Bitcoin and stocks move in opposite directions
Another notable aspect of Bitcoin’s price movement in October was its decoupling from the equities market. Open / Comment

2023-10-07 19:30:39 EU advances crypto regulation with second MiCA consultation paper

Europe takes the next step
The sustainability indicators proposed by the authority encompass both quantitative metrics and qualitative assessments. They address critical environmental concerns related to blockchain network nodes, such as energy consumption, greenhouse gas emissions, and waste production.

Regarding post-trade transparency, the ESMA outlines requirements for CASPs to report various essential details, including trading and publication timestamps, crypto-asset identification, pricing information, transaction quantity, execution venue, and transaction ID. This comprehensive reporting framework aims to enhance market transparency and investor protection within the crypto sphere. Open / Comment

2023-10-04 23:20:05 What and rising adoption signifies

Bitcoin is showing bullish signals
BTC has finally managed to breach the $27,000 mark, which it earlier failed to sustain. According to CoinMarketCap, BTC was up by more than 4.5% over the last seven days. At the time of writing, BTC was trading at $27,557.89 with a market capitalization of over $537 billion.

Which way is the market headed?
A deeper look at Bitcoin’s ecosystem pointed out quite a few other bullish metrics as well. For example, BTC’s Exchange Reserve was declining as of press time, meaning that the coin was not under selling pressure.

Bitcoin, Ethereum adoption rises
While BTC’s metrics looked bullish, an interesting development happened that suggested that crypto adoption was rising on a global scale. Honda, one of the world’s leading car manufacturers, opened its doors to crypto payments. Open / Comment

2023-10-01 16:00:30 FTX: Of old hackers and new legal moves

Questions arise
The SEC’s allegations center on Prager Metis, the accounting firm in question. According to the SEC, Prager Metis audited FTX while concurrently providing accounting services, thus violating auditor independence regulations.

Long-standing history
Notably, a prior court filing revealed that FTX Group had engaged Metis to audit FTX US and FTX in 2021. FTX eventually declared bankruptcy in November 2022, making it one of the most high-profile crypto exchange collapses in recent memory.

A tale of lawsuits and litigations
Notably, FTX hasn’t been solely on the defensive. The exchange recently took legal action against former employees of Salameda, an affiliated Hong Kong-based entity, in an effort to recover approximately $157.3 million. Open / Comment

2023-09-28 18:01:30 Binance halts EUR trading for these users

Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users from 25 Sept, 2023.

Search for a replacement continues
Binance is actively working to identify a new fiat partner for EUR services. In the meantime, the exchange had temporarily suspended EUR spot trading.

Another challenge for Binance to prehend
This recent development adds to Binance’s regulatory challenges in Europe. During the summer, the exchange announced its exit from the Netherlands due to a lack of regulatory approval. Open / Comment

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2023-09-25 14:00:30 Hong Kong to publish list of suspicious crypto firms after JPEX disaster

Big fish still at large
Two days ago, the South China Morning Post (SCMP) reported that the ringleaders behind the JPEX crypto scam were still at large. So far, the Hong Kong police have taken 11 individuals into custody in relation to the scam.

On 13 September, the SFC warned that none of the entities under the JPEX Group have secured a crypto license. Further, the exchange did not apply to run a regulated virtual asset trading platform VATP. At that point of time, the exchange denied the regulator’s claims in strong words. Open / Comment

2023-09-22 16:30:51 Bitcoin retail cohort keeps whales on their toes

Trust rises among small investors
A simple explanation of the data shared above is that the retail group has grown in confidence about the long-term performance of BTC. For many, the whales’ drop could mean that these large investors have lost their enthusiasm for the king coin’s price action.

As volume drops, excitement jumps
One reason the sentiment has changed from its initial positive value could be linked to the volume. From the data above, Bitcoin’s volume had dropped to 13.91 billion. This was just two days after it crossed 15 billion. Open / Comment

2023-09-19 14:30:02 Bitcoin leads the pack as crypto outflows mark 5 weeks

There is nothing about the crypto asset securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws…Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well.

Bitcoin suffers the most
Bitcoin investment products saw the removal of $45 million last week from crypto funds, accounting for almost 90% of the total outflows recorded. With the leading coin registering only outflows since the month began, last week’s liquidity exit brought the coin’s month-to-date outflows to $118 million.

Ethereum takes a backseat
While other leading altcoins posted inflows, leading altcoin Ethereum [ETH] witnessed withdrawals amounting to $4.8 million. This brought its YTD outflows to $118 million. Open / Comment

2023-09-16 17:30:13 Did Ethereum accomplish its objectives, one year into the Merge?

A greener Ethereum
Intended to cut down the exponentially increasing power consumption and build an environment-friendly image for the blockchain, the results have been nothing short of astounding.

Ethereum goes into deflation
While Ethereum clearly improved its green credentials, there was more to celebrate as far as the long-term economic outlook was concerned.

Staking interest at its peak
While the Merge was a game changer, some key aspects of the PoS transition had to wait until the completion of the Shapella upgrade. Foremost among them was the right granted to stakers to unlock their holdings at will. Open / Comment