crypto blog
AAX Exchange To Share 1M USDT Rewards Through Fun “Crypto Summer” Events
Victoria, Seychelles, 15th June, 2022, Chainwire AAX, the institutional-grade cryptocurrency exchange, is kicking off “Crypto Summer” with fun-filled crypto trading events that aim to disperse the doom and gloom of the emerging “crypto winter” with the prospect of some tantalizing rewards. The wider cryptocurrency market has been in a tailspin lately as the value of digital assets falls amid fears of rising inflation and a worsening economy. That has raised the prospect of a new “crypto winter” falling upon us with the market seemingly heading towards a prolonged, bearish trend. For those who maintain their faith in cryptocurrency, there’s every reason to believe the market will continue its cyclical trend and bounce back sooner or later. Historically, bitcoin has always been on an upward ...
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Weekly Report [June 07 – 14]: 3iQ Crypto Feeder ETFs, Lithuania booming crypto wallet ban, MasterCard NFT collaborations and more
Here is everything you missed from the cryptocurrency sector last week: PayPal allows US users to withdraw BTC, ETH BCH, and LTC to external wallets Asset manager 3iQ launches Bitcoin and Ether feeder ETFs Senator Lummis discusses the proposed crypto bill that suggests the lead regulatory role left to the CTFC Lithuania could soon ban exchange transfers with unhosted wallets MasterCard collaborates with NFT firms to facilitate easy and safe NFT buys PayPal allows crypto withdrawals into private wallets Payments firm PayPal revealed last week that its customers can now withdraw Ethereum and Bitcoin into external wallets. The financial services company added that the much-awaited feature would be rolled out to US customers, confirming that the users can transfer their crypto between PayPal a...
Tokens under $1 to help you diversify during a bear market
VeChain (VET), Amp (AMP), and Shiba Inu (SHIB) are some of the best tokens to get under $1. Each token has huge potential for growth and can be bought at a solid price point. All of them have received numerous updates and have a solid community surrounding them. VeChain (VET), Amp (AMP), and Shiba Inu (SHIB) are all solid altcoins that you can get for under $1. On June 9, 2022, VeChain announced that they are the official layer-1 blockchain partner of UFC. AMP announced that they are live on Bancor 3, where users could access single-sided liquidity, instant impermanent loss protection, auto-compounding returns, and more. Bitstamp also announced that they are listing the SHIB cryptocurrency, which showcased how much interest and adoption of the cryptocurrency there is. Should you buy VeChai...
Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk
Bitcoin (BTC) could be on the verge of a retail major sell-off as exchange inflows spike to almost three-and-a-half-year highs. Data from on-chain analytics platform CryptoQuant shows users of 21 major exchanges sending coins to their wallets en masse on June 14. Major exchanges finish up 83,000 BTC in a single day As BTC/USD fell to lows of $20,800, panic appeared to set in among traders, and despite a reversal that at one point topped $23,000, few seemed willing to trust that the worst was over. Since then, spot price action has returned to near $21,000, while 24-hour exchange inflows reached 59,376 BTC. According to CryptoQuant data, this is the largest daily inflow since November 30, 2018. On that day, exchanges recorded 83,481 BTC of net inflows. May 9, 2022 ended with 29,082 BTC in n...
Seized crypto safe with US Marshals Service? Not so much, new audit reveals
The Office of the Inspector General (OIG) for the United States Department of Justice conducted an extensive audit of the cryptocurrencies seized by the U.S. Marshals Service (USMS) — revealing the dire need for the federal agency to revamp its existing crypto management and policy systems. OIG’s audit on the seized cryptocurrencies found the USMS implementing adequate safeguards over its storage and access. However, the agency was found to be using spreadsheets to maintain track of the inventory owing to the inability of the existing system, Consolidated Asset Tracking System (CATS), for daily management of crypto assets. As of June 2021, the USMS managed nearly 200 DOJ cryptocurrency seizures. We looked at the USMS’s management of seized cryptocurrency, and found that the ...
Bitcoin miners’ exchange flow reaches 7-month high as BTC price tanks below $21K
Bitcoin’s (BTC) price tanked to a 52-week low of $20,800 earlier on Wednesday, down by over 70% from its all-time high of $68,788. Although the price has since recovered above $21,000, key market indicators point toward bears having a significant hold on the current market. Bitcoin Miners to Exchange flow, a metric that indicates the volume of BTC sent by miners to crypto exchanges, rose to a seven-month high of 9,476. The rise in exchange flows indicates miners are currently selling their BTC in anticipation of the price going down. The actions of the BTC miners often reflect the larger market sentiment as they mostly sell BTC to ensure they don’t incur losses on their mining rewards. The rise in Bitcoin miners selling activity is backed by the significant decline in mining profitab...
Tether aims to decrease commercial paper backing of USDT to zero
The major stablecoin company Tether is looking to eventually get rid of commercial paper backing for its U.S. dollar-based stablecoin Tether (USDT). Tether issued an official statement on Wednesday to deny reports alleging that Tether’s commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount. The stablecoin firm called such allegations “completely false,” reiterating that more than 47% of total USDT reserves are now the “United States Treasuries.” In its latest assurance opinion issued in May, Tether reported that commercial paper makes up less than 25% of USDT’s backing, amounting to around $21 billion as of March 31. USDT’s backing asset breakdown. Source: Tether’s assurance opinion released in May 2022 According to the latest ...
Binance CEO plans to leverage crypto winter
Binance CEO, Changpeng Zhao, commonly known as “CZ,” said in a recent interview that a potential crypto winter is good for business. When asked how Binance will fare during the current crypto winter following reports of recruitment freezes at Gemini and Coinbase, he answered confidently. “It’s not the first time we’ve gone through a crypto winter. If we are in a crypto winter, it would be my third and Binance’s second. So it’s not the first time we’ve been through this.” Some climbing ahead. Not the first time, won’t be the last. We will get there. — CZ Binance (@cz_binance) June 13, 2022 Changpeng Zhao has undertaken what is, for many exchanges, a hairy endeavor — recruiting new staff during a bear market to take advantage of the next possible bull market. “Right now is much b...
ICI Bucharest to use Elrond blockchain to develop decentralized domains and an institutional NFT marketplace
On Tuesday, Romania’s National Institute for Research and Development In Informatics, also known as ICI Bucharest (ICI), announced that it would be building an institutional nonfungible tokens, or NFTs, marketplace and a decentralized Domain Name System. Both services will be built on the Elrond (EGLD) blockchain, which is known for its ability to speed up transactions via sharding. ICI was founded in 1970 and is currently the most institution for government-sponsored research in the field of information technology in Romania. It currently supervises the Romanian National Register for Domain Names. As told by Elrond, the initiatives would be the first of their kind within the European Union. One use for the NFT marketplace would potentially be to digitize, access, transfer and ...
Ethereum price falls below $1.1K and data suggests the bottom is still a ways away
Ether (ETH) price nosedived below $1,100 in the early hours of June 14 to prices not seen since January 2021. The downside move marks a 78% correction since the $4,870 all-time high on Nov. 10, 2021. More importantly, Ether has underperformed Bitcoin (BTC) by 33% between May 10 and June 14, 2022, and the last time a similar event happened was mid-2021. ETH/BTC price at Binance, 2021. Source: TradingView Even though Bitcoin oscillated in a narrow range two weeks before the 0.082 ETH/BTC peak, this period marked the “DeFi summer” peak when Ethereum’s total value locked (TVL) catapulted to $93 billion from $42 billion two months earlier. What’s behind Ether’s 2021 underperformance? Before jumping to conclusions, a broader set of data is needed to understand what led to the 3...
SEC reportedly launches investigation into insider trading on exchanges
The Securities and Exchange Commission (SEC) has reportedly launched a probe to discover how crypto exchanges are working to prevent insider trading. FOX Business reported on June 15 that a person with direct knowledge of the SEC’s activities said that the commission had sent a letter to a major crypto exchange requesting information about how the platform protects users from insider trading. The source believes the same letter has been sent to multiple exchanges. It is not clear which exchange or exchanges have received the request, but the news outlet said Coinbase, Binance, FTX, and Crypto.com all declined to comment. The SEC also declined to confirm the probe. The nature of the inquiry is also unclear. The SEC could be seeking out leads to litigate against an exchange’s potential legal...
‘Too early’ to say Bitcoin price has reclaimed key bear market support — Analysis
Bitcoin (BTC) crept higher after the June 14 Wall Street open as analysts hoped that long-term support had been preserved. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Hopes for “relief” from FOMC meeting Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded above $22,500 at the time of writing, having hit local highs of $23,300 on the day. The pair had seen a strong bounce after nearing $20,800, with traditional markets likewise recovering after panic set in over United States inflation. Eyeing where Bitcoin could go next, on-chain analytics resource Material Indicators noted that the market had reclaimed the 200-day simple moving average (200 SMA), an important feature of Bitcoin bear markets that acted as support throughout pre...
