Crypto
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Bitcoin price consolidation could give way to gains in TON, APE, TWT and AAVE
The United States equities markets shrugged off the hotter-than-expected labor data on Dec. 2 and recovered sharply from their intraday low. This suggests that market observers believe the Federal Reserve may not change its stance of slowing the pace of rate hikes because of the latest jobs data. Although the FTX crisis broke the positive correlation between the U.S. equities markets and Bitcoin (BTC), the recent strength in equities shows a risk-on sentiment. This could be favorable for the cryptocurrency space and may attract dip buyers. Crypto market data daily view. Source: Coin360 The broader crypto recovery may pick up steam after more clarity emerges on the extent of damage caused by FTX’s collapse. Until then, bullish price action may be limited to select cryptocurrencies. Let’s lo...
Thanks to Ethereum, ‘altcoin’ is no longer a slur
Altcoin originally meant “Bitcoin alternative” because, in the early stages of cryptocurrency development, every blockchain-based currency was seen as a sort of Bitcoin (BTC) knockoff. Cryptocurrencies back then were mainly used for payments, such as Litecoin (LTC), XRP (XRP) and Peercoin (PPC). Altcoin was used as a catchall term for cryptocurrencies other than Bitcoin. That’s changed since 2011. With the emergence of more than 20,000 cryptocurrencies, each linked to different types of crypto projects and tokens. We have also seen the dexterity of coins stretch across sectors of public chains, decentralized finance (DeFi), layer 2, decentralized autonomous organizations (DAOs), stablecoins and more. If “altcoin” refers to non-Bitcoin cryptocurrencies with the same characteristics as...
Vitalik Buterin on the crypto blues: Focus on the tech, not the price
Ethereum co-founder Vitalik Buterin has shared some sage advice for traders feeling the blues of the crypto bear market: Focus on the tech rather than the price. The Ethereum co-founder made the recommendation in response to a Dec. 3 post from self-described crypto investor CoinMamba, echoing what many crypto investors are likely feeling at the moment. After 9 years in crypto I’m kinda exhausted. I want to move on and do something different with my life. Tired of all these scammers and fraudsters.. — CoinMamba (@coinmamba) December 3, 2022 “After 9 years in crypto I’m kinda exhausted. I want to move on and do something different with my life. Tired of all these scammers and fraudsters,” CoinMamba said. The crypto industry has continued to be bombarded with unsavoury news since&...
Despite endless media appearances, SBF unlikely to testify on 13th
Former CEO of FTX, Sam Bankman-Fried, has signaled he’s unwilling to testify before the United States Congress until he’s “finished learning and reviewing what happened.” Bankman-Fried was responding to a Dec. 2 tweet from U.S. Representative Maxine Waters inviting him to testify in a scheduled U.S. House Committee on Financial Services hearing on Dec. 13 to discuss “what happened” at FTX. In a Dec. 4 response on Twitter, the former FTX CEO said he feels it is his “duty to appear before the committee and explain,” but only once he’s “finished learning and reviewing what happened,” adding he wasn’t “sure” whether it would happen by the 13th. Rep. Waters, and the House Committee on Financial Services: Once I have finished learning and reviewing what ...
How much is Bitcoin worth today?
Bitcoin (BTC) trades 24 hours a day, seven days a week. It is a market that never sleeps, and the BTC price is constantly changing. It doesn’t matter which currency or commodity is used to measure how much a bitcoin is worth — BTC is always live and the market is always open. It wasn’t always that way — in the beginning, before around 2010, there were no exchanges or even reliable price information, and BTC/USD traded at tiny prices — at one point even less than a single U.S. dollar cent. Since those days, however, the Bitcoin price has gone up millions of percent. As of December 2022, one bitcoin is worth (BTC). It’s also easy to compare different prices across the crypto market — there’s no need to rely on a single source, and the market is always at work finding consensus. Want to know ...
Bullish on Bitcoin, US Senator Ted Cruz wants Texas to be a crypto oasis
United States Senator Ted Cruz wants to make the American state of Texas an oasis for Bitcoin (BTC) and cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician empathized how the crypto industry can be strategic for the U.S. energy supply and technological development. Cruz argued that Bitcoin mining could be used to monetize energy created from oil and gas extraction, rather than burning it. In addition, he emphasized how mining activity can be used as an energy storage and supply alternative: “The beauty of it [Bitcoin mining] is when you’ve got substantial investment, as we do in Texas and Bitcoin mining, when you have an extreme weather event, either extreme heat, which is frequent in the state of Texas or extreme cold, whi...
Margin trading vs. Futures: What are the differences?
Margin trading aims to amplify gains and allows experienced investors to potentially get them quickly. They may bring dramatic losses, too, if the trader doesn’t know how they work. When trading on margin, crypto investors borrow money from a brokerage firm to trade. They first deposit cash into a margin account that will be used as collateral for the loan, a kind of security deposit. Then they start paying interest on the borrowed money, which can be paid at the end of the loan or with monthly or weekly installments, based on current market conditions. When the asset is sold, proceeds are used to repay the margin loan first. The loan is necessary to raise investors’ purchasing power and buy larger amounts of crypto assets, and the assets purchased a...
AAX clients storm exchange’s office in Lagos following operational halt
Nigerian customer’s of the crypto exchange AAX reportedly attacked the company’s office in Lagos and harassed its employees, in a response for the recent halt of withdrawals, according to local reports from Dec. 3. Although it’s unclear when the assault happened, the Nigerian Blockchain Technology Association Stakeholders (SiBAN) confirmed the storm in an announcement on Nov. 28, urging angry users to be patient with the exchange’s workers, who were also impacted by the issues. SiBAN noted: “Therefore, we appeal to and discourage any dissatisfied or angry user or investor from harassing or victimizing the AAX Country Manager (Nigeria), other local staff members, and AAX ambassadors nationwide. These persons are also facing the same situation as disgruntl...
Legal team for 3AC liquidators blast founders for shifting blame to FTX, media blitz amid bankruptcy
The founders of Three Arrows Capital, or 3AC, the Singapore-based crypto hedge fund with close ties to Terra Labs, have been spending more time engaging on social media and news outlets than dealing with its own liquidation, according to bankruptcy lawyers. In a Dec. 2 hearing in the United States Bankruptcy Court in the Southern District of New York, lawyers for 3AC’s liquidators cited founders Zhu Su and Kylie Davies for being “active and responsive to comments via Twitter” but “repeatedly fail[ing] to engage” with liquidators to discuss the company’s assets and related issues. According to the legal team, Zhu and Davies have only had “limited discussions” with liquidators in addition to changing jurisdictions often — reportedly traveling to Bali and the United Arab Emirates. Adam Goldbe...
Mysterious Bitcoin miner shows off oldest signature dated Jan. 2009
Online forums are integral to the Bitcoin origin story, where Satoshi Nakamoto and early contributors collaborated to discuss and create a disruptive financial system from scratch. One of the oldest Bitcoin forums — bitcointalk.org — still preserves historical discussions around creating the Bitcoin (BTC) logo and the payment system. A curious member of the bitcointalk.org forum recently sought to identify Bitcoin miners from the early days. To their surprise, an anonymous member shared a signature dating back to January 2009, just a week after Bitcoin came into existence. The oldest known Bitcoin signature shared by OneSignature. Source: bitcointalk.org “Maybe OP is inviting Satoshi?” questioned another member after confirming the legitimacy of “the oldest signature” found to date. A...
Elon Musk alleges SBF donated over $1B to Democrats: “Where did it go?”
The attempts of mainstream media to water down the frauds committed by FTX CEO Sam Bankman-Fried (SBF) did not fare well in convincing the crypto community and entrepreneurs. Instead, the misinformation campaign collided with Tesla CEO Elon Musk’s drive to position Twitter as “the most accurate source of information.” The world is yet to overcome the shock after witnessing the legal leniency awarded to SBF for misappropriating users’ funds and shady investment practices via trading firms Alameda Research and FTX. Will Manidis, the CEO of ScienceIO, a healthcare data platform, pointed out that SBF made the “highest ROI trade of all time” by donating $40 million to the right people for getting away with stealing over $10 billion. That’s just the publicly disclosed number. His act...
Bybit announces second round of layoffs in 2022 to survive bear market
Yes, the bear market weeds out the bad actor, but it also forces the existing players to rethink their business strategies to offset resultant losses. In this effort, crypto exchange Bybit announced mass layoffs for the second time in 2022. Ben Zhou, the co-founder and CEO of Bybit, announced a reorganization plan amid a prolonged bear market, which involves a steep reduction in the workforce. The “planned downsizing” will affects employees across the board: “We are all saddened by the fact this reorganization will impact many of our dear Bybuddies and some of our oldest friends.” Independent reporter Colin Wu highlighted that the layoff ratio is 30%. On June 20, Bybit silently laid off employees, citing unsustainable growth, which was confirmed via leaked internal documents. Bybit’s emplo...
