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2024-04-13 19:01:12 Bitcoin Plunges to $66K , Altcoins Tumble 10-15% on Ugly Day for Risk Assets

Cryptocurrencies tumbled Friday as risk-off sentiment in traditional markets amid flared-up geopolitical risks spread over to digital assets. In fast downward afternoon action during U.S. trading, bitcoin (BTC) plunged below $66,000 after having challenged the $71,000 level just hours earlier. At press time, bitcoin had bounced back to $66,700, down more than 5% over the past 24 hours.

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2024-04-10 10:50:16 US senator claims Biden administration uses crypto as ‘scapegoat’ to mask failures in halting illicit finance

In a pointed critique during a Senate hearing on April 9, Senator Tim Scott accused the current US administration of making digital assets the “scapegoat” in efforts to combat terrorism financing, ignoring more significant, more traditional sources of such funding, particularly those benefiting Iran. Addressing Deputy Treasury Secretary Adewale Adeyemo, Scott voiced concerns over the Treasury’s exclusive requests for expanded authority over cryptocurrencies to the Senate Committee on Banking, Housing, and Urban Affairs.

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2024-04-09 21:05:32 Ether outperforms bitcoin and sustains rally, amid surge in short liquidations

Ether has maintained its rally while outperforming bitcoin as market volatility prompts a surge in short liquidations. Ether short positions bore the brunt of market volatility damage as the digital asset rose above the $3,600 mark on Monday. According to Coinglass data, there were over $27 million in ether short liquidations in the past 24 hours. In the wider cryptocurrency market, there have been over $204 million in liquidations over the past 24 hours.

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2024-04-09 10:54:52 Crypto Market Cap to Double to $5 Trillion by Year-End: Ripple CEO

The value of the cryptocurrency market could almost double to $5 trillion by the end of the year, propelled by the January approval of spot bitcoin exchange-traded funds in the U.S. and the mining-reward halving due later this month, according to Ripple CEO Brad Garlinghouse. “I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving, for the first time, real institutional money,” Garlinghouse said in an interview with CNBC.

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2024-04-08 20:39:54 Hong Kong subsidiaries of Chinese asset managers apply for spot bitcoin ETFs

The Hong Kong subsidiaries of two China-based asset management firms have submitted applications to offer spot bitcoin exchange-traded funds in the administrative region. Harvest Fund and Southern Fund, both located in Hong Kong and each managing assets worth more than $200 billion, filed requests on Monday to offer the funds, Bitcoin Magazine reported, citing the state-owned Securities Times. Due to severe restrictions on cryptocurrency trading and mining, asset managers cannot offer ETFs in mainland China.

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2024-04-08 09:44:54 dYdX community votes to stake $60 million from treasury to boost security

The community of decentralized derivatives exchange dYdX has voted to stake 20 million dYdX Chain tokens, worth about $60 million at current prices, with Cosmos staking provider Stride in order to boost the economic security of the network and encourage stake diversity among its community. In a vote with 81% participation, the measure passed with 91% support, though some dissenters on the original proposal noted that the proposal's passage could lead to a reduction in dYdX's APY, making the token less attractive to new investors.

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2024-04-07 23:14:54 3 Suspects Arrested as Hong Kong Police Rescue Teen in Crypto-Related Attack

Hong Kong authorities captured three teenagers and rescued a 19-year-old who had fallen victim to a harrowing ordeal involving assault and unlawful detention last month. According to a report by SCMP, the victim was lured under the guise of meeting people and trading crypto assets. Upon arrival in a room at the Harbour Grand Kowloon Hotel on Tak Fung Street, however, the suspects demanded HK$180,000 (worth approximately $23,000) in profits from crypto trading.

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2024-04-07 11:19:54 Bitcoin halving will have to battle with ‘weak time of year’ — Coinbase

Coinbase explained that total crypto volumes are slowing down due to the market attempting “to find the next narrative to power it higher.” Many crypto traders are eyeing the Bitcoin halving event as a primary driver for a potential price spike, but the time of year will be an obstacle, according to cryptocurrency exchange Coinbase. The crypto market will need to find another narrative to further push up prices across the board, Coinbase further explained in its April 5 market commentary report.

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2024-04-06 21:49:55 Genesis Completes Redemption of GBTC Shares, Buys 32K Bitcoins with Proceeds

Bankrupt crypto lender Genesis has completed the sale of its Grayscale Bitcoin Trust (GBTC) shares and used the proceeds to purchase 32,041 bitcoins, according to court documents filed Friday. The sale of GBTC shares was completed on April 2, the documents show. On Feb. 15, Genesis received permission from a New York bankruptcy court to sell the nearly 36 million shares in GBTC, as well as additional shares in two Grayscale Ethereum trusts.

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2024-04-06 12:04:56 Bitdeer Utilizes Chip Giant TSMC, Eyeing $60M in Bitcoin Mining Equipment Production

According to the publicly-listed mining corporation Bitdeer, the company is employing Taiwan Semiconductor Manufacturing Company (TSMC) for its Sealminer A1 mining rigs for the third quarter. Bitdeer also disclosed that it extracted 294 bitcoins in March, marking a 28.4% enhancement over March 2023’s earnings. Bitdeer stated that as of March 31, it had “committed orders for wafers” from TSMC, anticipating that the assembly of these rigs would generate $60 million from Sealminer A1 mining equipment.

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