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2024-02-29 21:35:00 Crypto Miners Still Selling Their Bitcoin as Reward Halving Looms, Blockchain Data Show

The number of bitcoin (BTC) held by crypto miners has dropped to the lowest level since July 2021 as they run down their coin stashes ahead of the programmed halving of the revenue earned per block. Data tracked by Glassnode shows the estimated number of BTC held in wallets tied to miners fell by 8,426 BTC ($530 million) since the start of the year to 1,812,482 BTC.

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2024-02-29 13:02:05 Spot Bitcoin ETF volumes shatter record with massive $7.7B traded

United States spot Bitcoin exchange-traded funds (ETFs) have set a new record for daily trading volumes — beating the previous tally by over one and a half times. The ten ETFs saw $7.69 billion in volume on Feb. 28, per data posted to X by Bloomberg ETF analyst James Seyffart. The previous record was $4.66 billion in volume seen on the fund’s Jan. 11 launch day. BlackRock’s iShares Bitcoin ETF (IBIT) took up 43.5% of the total — seeing $3.35 billion in trading volume and doubling its previous daily record.

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2024-02-28 22:55:00 The Bitcoin all-time high in an inflation-adjusted world is $77,000

The inflationary scenario the economy has been grappling with since 2021 has prompted a fresh look at Bitcoin’s performance. The true gravity of inflation’s impact on the digital asset market can be seen when adjusting Bitcoin’s all-time high of approximately $69,420 in November 2021 to a CPI inflation-adjusted figure. The calculation, based on CPI metrics, reveals a striking reality: for Bitcoin to truly reclaim its zenith, it would need to reach closer to a value of $77,000, according to data provided by the US Bureau of Labour Statistics.

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2024-02-28 12:01:31 Do Kwon unlikely to be extradited before start of SEC trial

Do Kwon’s lawyers told a US court on Feb. 26 that the Terraform Labs co-founder will be unable to attend the initial hearings of the SEC trial. The lawyers did not request an adjournment and said the trial could begin as scheduled on March 25 without Kwon’s presence, according to court filings. Kwon’s lawyer, David Patton, said that Kwon, currently in Montenegro, may not be extradited by the end of March due to unforeseen complications in the legal process. He added that these have derailed earlier expectations of a quick extradition.

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2024-02-28 00:00:00 Tether CEO Paolo Ardoino predicts more bitcoin buy-in from funds post spot bitcoin ETF approval

Tether CEO Paolo Ardoino predicts bitcoin will increasingly integrate into traditional finance, with hedge funds, pension funds, and corporations showing growing interest in the world's first cryptocurrency. Companies will also keep bitcoin on their balance sheets, Ardoino said, adding that spot bitcoin ETFs have since provided legitimacy. So far, only a handful of companies have bitcoin holdings including Tesla, Inc. and MicroStrategy Inc., according to CoinGecko.

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2024-02-27 14:22:00 Total value locked in liquid staking protocol Lido surpasses $30 billion

Ethereum liquid staking protocol Lido reached $30.56 billion in total value locked in Feb. 26, according to The Block's Data Dashboard. Lido has seen increased adoption and steadily rising TVL since around July 2022. Lido's last major peak in TVL was $20.83 billion on April 5, 2022, a month before the collapse of the Terra USD stablecoin ecosystem. Lido's high TVL makes it the biggest validator on the proof-of-stake blockchain Ethereum, controlling 32% of staked ether.

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2024-02-26 23:02:10 GBTC records smallest outflow of $44 million since spot ETF conversion

Bitcoin ETFs in the US have been an incredible success since their introduction on Jan. 11, as reported by CryptoSlate. In a notable development reported by BitMEX, the sector witnessed a strong inflow of $232 million on Feb. 23. Meanwhile, the Grayscale Bitcoin Trust (GBTC) outflows presented a different narrative. The fund recorded its smallest outflow since the commencement of trading at $44 million, hinting at a potential slowdown in outflows. The day before, GBTC saw an outflow of $56 million, which brings the total outflows to $7.4 billion.

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2023-10-13 09:05:18 SBF Plans To Repay FTX Customers With Financial Support From Saudi Crown Prince

Caroline Ellison testified that one of the ways Sam Bankman-Fried to repay FTX customers was to raise money from Saudi Crown Prince Mohammed bin Salman. Sam Bankman-Fried (SBF), the founder of FTX, is currently facing a trial in which Caroline Ellison, the star witness in the fraud trial of Sam Bankman-Fried, is testifying against him. According to CNBC, Ellison revealed that one of the ways Bankman-Fried to repay FTX customer’s accounts was by raising money from Saudi Crown Prince Mohammed bin Salman (MBS).

Ellison, who pleaded guilty to fraud charges, previously disclosed that Bankman-Fried directed her and other staff members to funnel billions of dollars to sister hedge fund Alameda Research, defrauding FTX customers. When facing a situation where crypto lender Genesis called back loans and requested to see the balance sheet, Bankman-Fried instructed Ellison to create “alternative” balance sheets that painted a better financial picture for Alameda. By omitting crucial information and hiding borrowed customer money, Bankman-Fried aimed to deceive both Genesis and FTX customers. The internal balance sheet showed liabilities of $15.6 billion, while the numbers presented to the lender indicated just under $8 billion. Bankman-Fried even discussed the possibility of raising money from MBS to make FTX customers whole.

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2023-10-12 09:05:02 Ripple Institutional Investors are Attracted In Dubai

Ripple institutional investors continues to draw in Dubai, according to a new report from Sologenic, an XRP Ledger-based platform. Ripple institutional investors is making strides in Dubai and the MENA region, despite its legal battle with the SEC. The establishment of a new office at the Dubai International Financial Centre shows their commitment to global expansion. Ripple’s CEO, Brad Garlinghouse, shared that the XRP Ledger has over 4.8 million wallets, with 20% from the MENA region, indicating the increasing demand for Ripple solutions there.

Despite the legal dispute, Ripple serves a global clientele, with over 90% of its operations outside the US. The MENA region is significant for Ripple as it has key clients there, including SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank. Sologenic, a UAE firm, aligns with Ripple’s vision and has onboarded over 200,000 customers onto the XRP Ledger, showing the growing acceptance of Ripple’s solutions in the institutional sphere. Ripple institutional investors resilience and appeal to demonstrate their commitment to global expansion, with the MENA region as a pivotal hub. Furthermore, Sologenic, a UAE-based firm, shares Ripple’s vision and has successfully onboarded over 200,000 customers onto the XRP Ledger.

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2023-10-10 13:00:36 Solana investment products see largest week of inflows since March 2022

Digital-asset investment products at asset managers such as CoinShares, Grayscale, 21Shares, Bitwise and ProShares recorded inflows for the second consecutive week and the most since July, adding $78 million, led by Solana and Bitcoin funds. Solana is “continuing to assert itself as the altcoin of choice,” Head of Research James Butterfill wrote, particularly considering the recent launch of ether futures ETF products.

Solana investment products returned their largest inflows since March 2022, adding $24 million, according to CoinShares’ latest report. Solana is “continuing to assert itself as the altcoin of choice,” Head of Research James Butterfill wrote, particularly considering the recent launch of ether futures ETF products. Solana funds have recorded inflows in 28 weeks this year, with just four weeks of outflows in 2023. The regional divide continued, with Europe outpacing the United States again last week — accounting for 90% of the inflows. The U.S. and Canada made up just $9 million of the inflows combined, suggesting further divergence in sentiment, according to Butterfill.

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