The current U.S. benchmark rate for massive overnight money market loans from the central bank is in the range of 5.25% and 5.5%. When Powell spoke in Jackson Hole, Wyoming, on Friday, markets expected more signals of a regime of interest rate cutting ahead. Instead, he went a step further and explicitly endorsed rate cuts. In...Read More
Binance announced that it has prevented over $2.4 billion in losses from potential scams and fraudulent activities that could have impacted more than 1.2 million users from January to July 2024 owing to its risk management measures. According to the official press release shared with CryptoPotato, Binance employs an internal risk engine that provides 24/7...Read More
Bitcoin ETFs have been on an impressive streak lately, and the last trading week saw more than $500 million allocated to the largest US-based products. However, Ethereum ETFs are in the opposite corner, with minor trading volumes and withdrawals. Bitcoin ETFs on a Roll The spot Bitcoin ETFs had a rough start of the month...Read More
The US Securities and Exchange Commission has contested Hex founder Richard Heart’s attempt to dismiss its $1 billion securities fraud lawsuit, asserting its jurisdiction over the case. In its opposition brief, filed in a New York federal court on August 22 but dated July 8, the SEC contended that Heart’s motion to dismiss fails to...Read More
German authorities seized nearly 250,000 euros ($279,000) in cash and 13 crypto ATMs during a nationwide crackdown. The operation, led by the Federal Financial Supervisory Authority (BaFin), is part of a broader effort to strengthen regulatory oversight in the country’s rapidly expanding cryptocurrency sector. Germany’s Raid on Crypto ATMs On August 20, German administrators executed...Read More
Coinbase has expressed the belief that young, pro-crypto voters might influence the 2024 US presidential elections and potentially could become the deciding factor on who wins. In a report released on August 19, the exchange states that Gen Z and Millennials—who now represent 40% of the electorate—are increasingly supporting candidates who advocate for crypto and...Read More
After a relatively weak period of trading sideways for days and days, bitcoin’s price went on the offensive on Friday evening and Saturday morning and tapped $65,000 for the first time since early August. Some of the most probable reasons behind this $5,000 daily surge seem to be connected to the US central bank and...Read More
Artificial intelligence has been one of the hottest topics in the cryptocurrency industry (and well beyond it) for more than a year now, and many teams are looking for ways to leverage their tech stack and build off of AI. Charles Hoskinson, the founder of Cardano, recently took to X to share his thoughts on...Read More
Historical on-chain data shows that high bitcoin (BTC) demand often precedes price recoveries and rallies; however, this is not the case at the moment. Current market dynamics suggest that such price movements are unlikely in the near term because BTC demand growth has remained at low levels. A recent report from CryptoQuant revealed that bitcoin...Read More
The Malaysian police are destroying Bitcoin mining rigs as part of a broader crackdown on crypto miners who steal electricity for their operations. A report from local media, Malaysia Gazette, disclosed that the police headquarters in the Perak District crushed 985 mining rigs worth RM1.98 million ($452,500) earlier this week. A video on the platform’s...Read More
Former Binance CEO Changpeng ‘CZ’ Zhao has been transferred from FCI Lompoc II to the RRM Long Beach halfway house in California, sparking confusion among X users who mistakenly believed he had been released. Despite the change in his location, CZ remains incarcerated. The RRM Long Beach facility, categorized as a ‘residential reentry management (RRM)...Read More
The United States’ most popular independent candidate for President has officially placed his political support behind Donald Trump in the 2024 Presidential election. His endorsement places two of three leading Presidential candidates who are explicitly pro-Bitcoin on the same political team. Why RFK Has Endorsed Trump Kennedy said that the Trump campaign had offered him...Read More
The Dencun upgrade in March 2024 was a significant milestone for Ethereum, but it also brought about unforeseen challenges, particularly for Layer 2 networks. Christine Kim, a researcher at Galaxy, highlighted that this upgrade inadvertently led to an increase in transaction failures across these networks. Ethereum’s Layer 2 Networks Face Challenges Kim’s August 21 analysis,...Read More
Federal Reserve chairman Jerome Powell promised to start cutting interest rates during his speech at the annual 2024 Jackson Hole Economic Symposium on Friday. This will mark the central bank’s first rate cut since 2020, and is already proving bullish for Bitcoin’s price. The Fed Pivot Is Confirmed “The time has come for policy to...Read More
Bitcoin (BTC), the world’s biggest cryptocurrency has seen a notable breakout of the crucial $62,000 level after struggling for almost 20 days. Based on the price action and technical analysis, this is a breakout from a bullish ascending triangle, which may lead to a significant upside rally in the coming days. Biggest Breakout in Bitcoin...Read More
Crypto over-the-counter (OTC) desks, which facilitate high-volume transactions among buyers and sellers, currently hold 368,000 bitcoin (BTC), valued at a staggering $22 billion in current market prices. This marks the highest level seen since June 2022. A report from on-chain analyst CryptoQuant revealed that the $22 billion in BTC was propelled by a notable 70%...Read More
Since March 16, the Salvadoran government’s cold wallet address has consistently purchased 1 BTC daily. In the process, it has accumulated 160 BTC over more than five months. El Salvador’s Government Buys 1 BTC Daily According to the latest data shared by Chinese crypto data account EmberCN, this strategic accumulation has brought the nation’s total...Read More
In a post on X on Aug. 23, crypto analyst Murad Mahmudov explained why he thought that “cult meme coins” would continue to outperform everything until the end of the market cycle. He added that every crypto cycle has a few core narratives that dominate with Ethereum, altcoins, and ICOs for 2017, alternative layer-1s, DeFi...Read More
Around 18,400 Bitcoin options contracts are due for expiry on Friday, August 23. They have a notional value of around $1.1 billion. Today’s options expiry event is a little smaller than last week’s, so its impact on spot markets is likely to be limited. The much larger month-end expiry event next week has a notional...Read More
Fundstrat Head of Research Tom Lee believes hopes of a Trump election victory in November could boost asset prices – and that includes Bitcoin. “When the market becomes more convinced of that, you’ll see cyclicals, small caps, and bitcoin do better,” he told CNBC on Thursday, “because those are clear policy differences.” The Bitcoin Trump...Read More
Binance plans to hire 1,000 new employees this year, with a substantial focus on compliance roles. A large portion of these hires is specifically aimed at expanding the company’s compliance team from its current 500 members to 700 by the end of 2024. CEO Richard Teng, who is currently in the US for discussions with...Read More
Bitcoin’s developer community has spent several months singing the praises of OP_CAT – a proposed soft fork change that many believe is Bitcoin’s next evolution. BitVM creator Robin Linus has his reservations, however, publishing an article on Thursday debunking perceived misconceptions about the widely touted change. Is OP_CAT the Future of Bitcoin? The developer’s post...Read More
According to data from Soso value, Grayscale’s Bitcoin Mini Trust contributed the bulk of the total amount with $14.2 million in net inflows. It is closely followed by Fidelity’s FBTC and Bitwise’s BITB, with $10.7 million and $10 million in inflows, respectively. BlackRock’s IBIT, which is the largest spot Bitcoin ETF by net assets, recorded...Read More
On August 22, 2024, Binance, the world’s biggest cryptocurrency exchange announced to launch of the Solana-based meme coin Popcat (POPCAT) perpetual contracts. Following this announcement, a crypto Whale withdrew 39,816 SOL worth $5.73 million from Binance and bought nearly 10 million POPCAT tokens. Whale Buying POPCAT Amid Listing Announcement This crazy buying signals that POPCAT...Read More
McDonald’s Instagram page was reportedly hacked on August 21, leading to a significant scam involving a Solana-based meme coin. The perpetrators exploited the fast-food chain’s social media account to promote a fraudulent token named “Grimace,” referencing one of McDonald’s fictional characters featured in its advertisements. Bubblemaps’ findings reveal that the hacker acquired 75% of the...Read More
Tron is currently seeing historic levels of trader interest on the backdrop of a newly launched meme coin deployer and price pump. According to Santiment, TRX has emerged as the top trending asset in the crypto market, fueled by the debut of – SunPump – on August 12th. Tron’s Meme Coin Boom Since the launch,...Read More
There has been a significant shift in the Layer 2 network landscape lately, with Coinbase-incubated Ethereum Layer 2 network Base rapidly gaining ground. According to the latest findings by IntoTheBlock, Base now boasts nearly 40% more daily active addresses compared to the combined total of rival Layer 2 networks – Arbitrum and Optimism. Base’s Increased...Read More
In a post on X on Aug. 21, Bitwise chief investment officer Matt Hougan said that Bitcoin ETFs are being adopted by institutional investors “faster than any other ETF in history.” He noted that spot Bitcoin ETFs “are the fastest-growing ETFs of all-time,” having amassed $17.5 billion in net flows since launching in January. Hougan...Read More
On Aug. 22, technical analyst and creator of the stock-to-flow model Willy Woo posted a chart of Bitcoin inventory on exchanges. He noted that things have been bearish until the start of August due to an influx of around 100,000 BTC from the German and US governments selling and Mt. Gox distributions. He added that...Read More
On Tuesday, a cryptocurrency whale suffered a loss, with approximately $55.4 million worth of Dai stablecoin stolen in a phishing attack. According to the blockchain security firm CertiK, the attacker likely used a phishing tool known as Inferno Drainer to gain access to the whale’s externally owned account (EOA). Inferno Drainer Phishing Attack The incident...Read More
