This US State Is Mulling Over a Stringent Crypto Law

https://beincrypto.com/us-state-mulling-stringent-crypto-law/

In a move that could have far-reaching implications for the cryptocurrency market, New Jersey recently introduced a new bill to change how cryptocurrencies are treated in the state.

The bill seeks to classify all crypto issued and sold to institutional investors as securities.

Security Classification Under New US Crypto Law

The proposed legislation provides a comprehensive framework for the classification of crypto, introducing key definitions to guide its implementation.

Under the proposed legislation, virtual currencies issued and sold directly to institutional investors would be classified as securities.

Learn more: How Does Regulation Impact Crypto Marketing? A Complete Guide

This classification subjects them to the State’s “Uniform Securities Law (1967).” Furthermore, any regulations promulgated by the Bureau of Securities within the Division of Consumer Affairs.

The bill empowers the Bureau to adopt rules and regulations through the Administrative Procedure Act to effectively implement the provisions of this act.

Notably, the bill defines a “digital asset” as a representation of economic, proprietary, or access rights stored in a machine-readable format with a transaction history recorded in a distributed, digital ledger.

The definition explicitly includes virtual currencies.

It introduces the term “institutional investor,” encompassing entities such as banks. Additionally, hedge funds, endowments, private equity firms, pension funds, and mutual funds.

Learn more: Top 4 Crypto Passive Income Ideas That Really Work In 2023

Top crypto platforms | December 2023


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The post This US State Is Mulling Over a Stringent Crypto Law appeared first on BeInCrypto.

Crypto Industry’s Lobbying Costs Soar, Amid Regulatory Headwinds

https://beincrypto.com/crypto-industry-record-breaking-lobbying/

In a surprising turn of events, the US crypto sector is reportedly set to shatter its own record for federal lobbying expenditures this year.

Nonprofit research group OpenSecrets reports that crypto companies collectively dished out a staggering $18.96 million on lobbying during the initial three quarters of 2023, eclipsing the $16.1 million spent in the corresponding period last year.

US Crypto Lobbying Rises

According to a recent report from Reuters, the surge in lobbying comes as crypto firms grapple with a tumultuous year, navigating reputational hurdles and actively promoting legislation in their favor.

Notably, this financial commitment persisted even after the collapse of crypto exchange FTX.

Last year’s total lobbying expenditure reportedly amounted to nearly $22 million.

Read more: Top 4 Crypto Passive Income Ideas That Really Work In 2023

It notes that crypto exchange Coinbase has poured $2.16 million into lobbying efforts.

Other key contributors include Foris DAX, operator of Crypto.com, the Blockchain Association, and Binance Holdings.

Goal Is To Foster Relationships

Kristin Smith, CEO of the Blockchain Association, outlined the industry’s strategic approach to Reuters.

Smith stated, “Our objective is direct engagement with policymakers to foster relationships and address knowledge gaps. Ultimately establishing a sensible regulatory framework.”

However, it reiterates crypto companies are strategically expanding their footprint in Washington, aiming to rectify reputational dents from the past year’s controversies.

Besides navigating regulatory scrutiny, the sector faces ongoing legal battles, with the U.S. Securities and Exchange Commission (SEC) suing Coinbase and Binance in June for alleged rule violations.

Meanwhile, anticipation is high for SEC approval of a spot bitcoin exchange-traded fund (ETF), a potential game-changer in expanding cryptocurrency accessibility.

Positive momentum builds on the SEC’s recent loss in its court battle against Ripple.

Read more: Which Crypto Sectors Boom During the Holidays? A Guide for Traders

Top crypto platforms | December 2023


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The post Crypto Industry’s Lobbying Costs Soar, Amid Regulatory Headwinds appeared first on BeInCrypto.

SEC Delays Decision on Grayscale Spot Ethereum ETF

https://beincrypto.com/sec-grayscale-ethereum-etf/

The SEC has decided to take more time to think about a proposal from Grayscale for a spot Ethereum ETF. The proposal is about permitting people to buy and sell shares of the Grayscale Ethereum trust on the NYSE Arca market.

NYSE Arca first asked for this change on October 10, 2023. Everyone had a chance to share their thoughts about it until October 27, 2023.

SEC Delays Grayscale spot Ethereum ETF Decision

In a recent filing, the SEC has announced its decision to delay Grayscale spot Ethereum ETF.

By law, the SEC has 45 days to decide on these kinds of proposals, but they can take up to 90 days if they need more time.

The 45th day for this proposal was supposed to be December 11, 2023, but the SEC says it wants to take longer to really understand everything.

At the time of publication, Ethereum’s current price is $2,296.

Ethereum Price Chart 1 Month. Source: BeInCrypto

Read more: How To Buy Ethereum (ETH) With a Credit Card: A Step-by-Step Guide

So, instead of December 11, the new deadline for the SEC to make up its decision is January 25, 2024.

The SEC want to make sure all avenues are considered carefully before saying yes or no.

Grayscale first filed for a spot Ethereum ETF on October 2. BeInCrypto reported at the time, that the asset manager comprises 2.5% of the total ETH in circulation.

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

Top crypto platforms in the US | December 2023


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The post SEC Delays Decision on Grayscale Spot Ethereum ETF appeared first on BeInCrypto.

Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame

https://cointelegraph.com/magazine/expect-records-broken-by-spot-bitcoin-etf-brett-harrison-ex-ftx-us-x-hall-of-flame/

The former president of FTX US dishes the dirt on his falling out with former Jane Street colleague Sam Bankman-Fried and predicts the spot Bitcoin ETF will far outshine the record-breaking success of the Bitcoin Futures ETF.

Who is this guy anyway?

The ex-president of FTX US, Brett Harrison, tells Magazine that he didn’t say a single word to Sam Bankman-Fried during the two-month notice period after he resigned, which was only months before the whole exchange blew up. Even getting a message to SBF to say he was resigning in the first place was hard work.

“I had to talk to other people in the company to formally resign. I wrote one text to Sam and I got back a single heart emoji. That was the last I heard from him,” Harrison declares.

Harrison and Bankman-Fried had been colleagues years earlier at quantitative trading firm Jane Street, where Harrison saw his potential while teaching SBF in a course on programming for traders. But things went south real quick between them at FTX.

Harrison claims it was due to Bankman-Fried’s inflated ego and his reluctance to accept any feedback or advice.

“Sam hated criticism and, as a result, refused to communicate with me. It drove my decision to quit even further,” he says.

Yet, Harrison says he had no clue of the storm about to engulf the company with FTX declaring bankruptcy only a few months after he bailed from the U.S. arm of exchange.

“The rest of us, especially in the U.S., were blindsighted. We were working with regulators, top lawyers, and to have the whole organization fail because of one person’s greed, will stay with us for the rest of our life.”

However, he feels justice was done in the recent fraud trial against his former boss.

“I do feel the result was absolutely just, and I’m glad that justice was served quickly; I think it was essential that Sam was held accountable for his actions,” he declares.

Meanwhile, Harrison wasted no time diving into a new project.

He co-founded Architect.xyz, a DeFi platform that focuses on bridging all the different opportunities in the digital asset space for both institutional and retail investors.

Harrison is a bit of a brainiac and has a computer science degree focused on artificial intelligence (AI) from Harvard University. So, who better to ask about the potential for AI to take over the world?

“I do not think AI is a threat to humanity,” he declares, pointing out that AI has been in development for much longer than people think:

“Lots of people are now seeing AI for the first time, they don’t appreciate the decades of progress that has gone into it.”

Harrison is more concerned about humans using AI to pull off scams and swipe identities more effortlessly.

“It truly is just linear algebra,” he says. “The idea that linear algebra is some existential threat to our survival just feels somewhat fanciful to people who have been practitioners in the field for a long time.”

What led to Twitter Fame?

Harrison is a smart guy who drops interesting stuff on social media that people seem to dig.

But let’s not dance around the fact that the FTX connection is what blew up his follower numbers, with his count hitting its highest weekly peak when FTX took a nosedive in November 2022, when he gained 2,140 followers, according to data from Social Blade.

Back in January, his long rant about his departure from X got nearly 3 million eyeballs. He said he wasn’t canned from the FTX gig; it just wasn’t his dream job, and SBF was an “insecure, prideful manager.”

Content people can expect

If you scroll through Harrison’s timeline over the years, you’ll notice his glam lifestyle has toned down considerably since the FTX days. 

Back then, he was often seen hanging out with celebs and former prime ministers.

Nowadays, it’s way more low-key. Besides throwing in some market talk, Harrison’s been sharing snippets about his family life lately. 

He’s even flexing about saving toys from the FTX US office that somehow dodged the whole bankruptcy drama.

What type of content does he like?

Harrison loves the blend of genius and goofiness on Crypto X — getting a daily fix of humor and high intellect.

“One of the things I love about Crypto Twitter  is the perfect mix of highly intellectual cerebral, either Market structure or political commentary, and degenerate memes.”

However, when we asked about the accounts he’s into, he’s not that forthcoming. 

After doing some light digging, it turns out he’s following 2,100 accounts, and guess who’s in the mix? None other than Bankman-Fried’s pal Tiffany Fong.

Bitcoin predictions?

Harrison used to avoid making predictions, saying he’d never have predicted the events that happened to him. But that was when things were going too smoothly, and that’s all changed. 

Harrison declares there is a very “high probability” that a spot Bitcoin ETF will get approved in the first quarter of 2024.

As for price predictions? Harrison isn’t tossing out any six-figure numbers right away.

“In Q1 assuming there is an ETF that’s approved. I think something in the $50,000 to $55,000 range feels pretty probable,” he states.

He doesn’t see Bitcoin hitting six figures until “toward the end of 2024 or early 2025 at the earliest.”

He points to the first day of Bitcoin Futures ETF as just a little hint of how optimistic he is about the spot Bitcoin ETF:

“If you remember the day when a Bitcoin Futures ETF was listed the inflows were some of the highest ever seen in the history of ETFs. I think we’re going to see even more records broken for a spot Bitcoin ETF.”

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The post Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame appeared first on Cointelegraph Magazine.

Bloomberg Forecasts Bitcoin’s Entry into ‘Supercycle,’Targets $500K Mark

https://beincrypto.com/bitcoin-super-cyclet-targets-500k/

Bitcoin’s surge beyond $42,000 marks the beginning of a potential bull run, propelling it to surpass $500,000, according to Bloomberg.

Advocates reportedly claim it is reshaping the traditional Wall Street order.

Bitcoin Supercycle Is In Early Stages

In a recent report published by Bloomberg, it declares that the surge aka the “Bitcoin supercycle” has not only captured the attention of market enthusiasts but has also fueled optimistic predictions.

These predictions are ranging from immediate targets of $50,000 to projections exceeding $530,000.

Meanwhile, BeInCrypto recently reported that many analysts believe Bitcoin recently surpassing $40,000 is already in overbought territory.

However, it notes that skeptics caution against placing these predictions due to the speculative nature of the crypto market.

It explains that a major factor contributing to Bitcoin’s price uptick is the anticipation surrounding the potential approval of a US-based Bitcoin Exchange-Traded Fund (ETF).

The prospect of a Bitcoin ETF gaining regulatory approval has prompted a significant shift in market dynamics. Furthermore, it will lead to mass adoption amongst institutional investors.

BeInCrypto recently reported that Eric Balchunas, a Bloomberg analyst, maintains his 90% confidence of Bitcoin ETF approval by January 10 2024.

Learn more: How To Open a Bitcoin Account in 3 Easy Steps

Bitcoin ETF Approval Speculations

The idea behind a Bitcoin ETF is that it could simplify the process for asset managers to invest on behalf of clients, potentially attracting a significant amount of investors.

These investors may not have invested in crypto beforehand.

Despite the optimism, some market analysts, like Matt Maley, chief market strategist at Miller Tabak & Co., urge caution, emphasizing the importance of liquidity programs.

Meanwhile, the crypto believers remain undeterred in the volatile market.

However, skeptics like Michael O’Rourke, chief market strategist at JonesTrading, maintain a critical stance against Bitcoin.

He labels Bitcoin as “purely speculative gambling” with limited utility beyond speculation and illicit money transfer tool.

Learn more: Where To Trade Bitcoin Futures: A Comprehensive Guide

Top crypto platforms in the US | December 2023


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The post Bloomberg Forecasts Bitcoin’s Entry into ‘Supercycle,’Targets $500K Mark appeared first on BeInCrypto.

Crypto.Com Receives Nod Of Approval By UK Regulators

https://beincrypto.com/crypto-com-receives-uk-nod-approval/

Crypto.com has disclosed its new status as an Electronic Money Institution (EMI) sanctioned by the UK’s Financial Conduct Authority (FCA).

The FCA’s nod comes on the heels of Crypto.com cementing its standing as a cryptoasset business after FCA registration in August 2022.

The Move Provides Regulatory Clarity For Crypto.Com

This recent endorsement empowers Crypto.com to introduce a range of UK-centric e-money products, meticulously aligning with the FCA’s robust regulatory framework.

However, the compliance underscores Crypto.com’s commitment to upholding the highest standards in consumer protection.

Kris Marszalek, the CEO of Crypto.com, emphasized the significance of the UK market. He affirmed the company’s dedication to responsible crypto innovation through ongoing collaboration with the FCA.

The approval from FCA adds to Crypto.com’s string of regulatory achievements. Meanwhile, the company previously secured licenses from the Monetary Authority of Singapore.

Furthermore, the US Commodity Futures Trading Commission and the Autorité des marchés financiers in France.

Crypto.Com Global Compliance Efforts

Additionally, it has received the nod from Dubai Virtual Assets Regulatory Authority, AUSTRAC in Australia, and regulatory bodies in South Korea, Spain, Italy, Greece, Cyprus, and the Cayman Islands.

The exchange says this showcases its commitment to global compliance.

However, with regulatory momentum building, including pending licenses in Canada, Crypto.com navigates the intricate landscape of global financial regulation.

The exchange states this is another example of it exemplifying its steadfast commitment to providing secure and compliant crypto services worldwide.

Learn more: Top 7 Crypto Exchanges With the Lowest Spreads in 2023 

Best crypto platforms in Europe | December 2023


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The post Crypto.Com Receives Nod Of Approval By UK Regulators appeared first on BeInCrypto.

Crime Investigators Grapple with Surge in Illicit Crypto Operations

https://beincrypto.com/crypto-crime-rising-irs/

Cryptocurrency remains a hot topic for cybercrime, with top financial investigators at CI Cybercrime Units relentlessly tracing illicit activities.

In the ever-evolving landscape, cybercriminals employ sophisticated hacks to outwit the law, aiming to steal and launder vast amounts of cryptocurrency.

Crypto Crime Continues To Rise

According to a recent report from the IRS, CI has showcased its prowess in pursuing these criminals. This is shown by the resolution of the Mt. Gox hack and the dismantling of the illicit cryptocurrency exchange, BTC-e.

The investigation into BTC-e revealed proceeds from various cyber intrusions, hacking incidents, ransomware attacks, identity theft, corruption cases, and narcotics distribution rings.

Meanwhile, as digital assets gain traction in the mainstream economy, a surge in digital asset tax investigations has followed.

Learn more: What Is a Rug Pull? A Guide to the Web3 Scam

However, these probes target unreported income arising from the failure to disclose capital gains from cryptocurrency sales.

Additionally, earnings from mining, and income received in cryptocurrency forms like wages, rent, and gambling winnings.

Crime Investigators ‘Remain Vigilant’

According to the report, CI has observed a growing trend of payment evasion. This is where taxpayers deliberately conceal cryptocurrency ownership to shield their holdings.

As crypto intertwines with traditional financial systems, it notes that CI will continue to remain vigilant.

Furthermore, adapting its strategies to combat the increasingly intricate crypto crime employed by cybercriminals.

The landscape may be challenging, but CI’s track record in navigating complexities, evident in landmark cases like Mt. Gox and BTC-e, demonstrates its commitment to ensuring the security and integrity of the cryptocurrency space.

Learn more: 15 Most Common Crypto Scams To Look Out For

Best crypto platforms in Europe | December 2023


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The post Crime Investigators Grapple with Surge in Illicit Crypto Operations appeared first on BeInCrypto.

Platypus Hackers Cleared Of All Charges: Report

https://beincrypto.com/platypus-defi-platform-loss/

The Paris criminal court reportedly recently cleared the hackers of Platypus of all charges, allowing them to leave the courtroom without legal consequences.

The judge explicitly stated that French criminal law does not technically prohibit protocol hacks, leading to the dismissal of charges against the Platypus hackers.

Platypus Was Victim To Severe Losses

According to the report, decentralized finance platform, Platypus, lost the equivalent of $9.03 million in a crypto pool.

It stated that Mohammed M. took advantage of a code error that day, withdrawing all assets without providing any equivalent in return.

Such incidents are common in decentralized finance, where automation streamlines crypto operations. However, vulnerabilities in the programming of “smart contracts” can become conduits for fund theft.

Crypto exchange Binance reportedly alerted investigators at the Central Office for Crime in Information and Communication Technologies.

Within days, they traced financial flows, leading to the identification and arrest of two brothers, Mohammed and Benamar M.

Learn more: 15 Most Common Crypto Scams To Look Out For

What Charges Were The Hackers Up For?

It notes that Mohammed M. was facing charges of unauthorized access, maintaining an automated data system, fraud, and money laundering.

Meanwhile, his brother reportedly faced accusations related to handling stolen goods.

However, the judge has dismissed the case.

This incident highlights challenges in the decentralized finance sector and the ongoing battle against vulnerabilities.

However, Platypus’s loss underscores the need for robust security measures in an era where financial automation brings both efficiency and risks.

As the industry evolves, platforms must fortify smart contracts against potential exploits.

Learn more: What Is a Rug Pull? A Guide to the Web3 Scam

The post Platypus Hackers Cleared Of All Charges: Report appeared first on BeInCrypto.

Fiat and Crypto Will Co-exist For ‘A Long Time,’ Says Brian Armstrong

https://beincrypto.com/brian-armstrong-coinbase-fiat-crypto/

In a recent statement, Coinbase CEO Brian Armstrong explores the idea that Bitcoin might hold the key to prolonging the success of western civilization.

Armstrong explained that throughout history, nations with reserve currencies tend to inflate and engage in deficit spending until losing that edge.

Armstrong Believes Fiat Will Stick Around

Brian Armstrong explains that the Yuan and Euro face their own challenges and aren’t viable alternatives. He notes the assumption is that the U.S. can persist in inflation. Yet, a significant factor often overlooked is the rise of cryptocurrency.

“The natural trend of whichever country has the reserve currency is to inflate the money supply and increase deficit spending until it loses that advantage.”

He reiterates this provides people with an option to counter inflation by shifting from fiat to crypto.

However, contrary to concerns, he says this shift isn’t a threat to the dollar or the U.S.

Armstrong Highlights Importance of Stablecoins

Instead, it acts as a natural check and balance. Complementing the dollar and serving as a defender of long-term American interests and western civilization. Opting for crypto over another country’s fiat emerges as a more prudent move.

Armstrong emphasizes that this transition doesn’t signal the end of fiat. Rather, fiat and crypto are likely to coexist for an extended period, operating as complements rather than substitutes.

He further states that dollar-backed stable coins, such as USDC, are expected to play a crucial role in bridging these two financial realms.

Armstrong reflects on these ideas, the potential for Bitcoin to influence the economic landscape, acting as a defender of economic stability and the values of western civilization.

Read more: Coinbase Vs Robinhood: Which Is The Best Crypto Platform?

Top crypto platforms | December 2023


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The post Fiat and Crypto Will Co-exist For ‘A Long Time,’ Says Brian Armstrong appeared first on BeInCrypto.

Solana Founder Calls for Healthy Rivalry Against Ethereum

https://beincrypto.com/solana-founder-ethereum-killer/

In a recent tweet, the co-founder of Solana, Anatoly Yakovenko, shared a refreshing perspective on the dynamics between Solana and Ethereum.

The Solana co-founder urged his followers to stop talking about platforms trying to “kill” Ethereum.

Solana Founder Asserts Space for Multiple Platforms to Thrive

In a post on X (formerly Twitter), Yakovenko claims that Solana’s success does not hinge on Ethereum’s failure. In fact, he forecasts a future where both platforms thrive, highlighting the potential of technology to evolve and scale.

“Don’t bring back last cycle “eth killer” bs. It’s lame. Pareto efficient technologies can have overlapping features and will compete, but that’s all ok.

The sentiment echoed by Yakovenko resonated with the crypto community, garnering responses on social media. One user pointed out that the market is already speculating about the next potential “SOL killer.”

This statement reflects the dynamic nature of the crypto space, where innovation and healthy competition drive progress.

Rather than viewing it as a threat, Yakovenko’s perspective suggests that this competition is part of the evolution of the blockchain ecosystem.

Learn more: Solana vs. Ethereum: An Ultimate Comparison

Solana Founder Receives Positive Feedback

One X user emphasized the inevitability of a multi-chain future. He highlighted that great entrepreneurs continuously push the boundaries of what’s possible.

The belief in the coexistence of multiple successful platforms underscores the vast potential of blockchain technology and its ability to accommodate diverse solutions.

In essence, the comments sparked by Yakovenko’s tweet emphasizes the collaborative nature of the crypto space.

The flow of positive comments on Yakovenko’s post, the industry seems poised to embrace different blockchain platforms. Furthermore, collectively contribute to the growth of decentralized technologies.

As the market explores new possibilities, it’s clear that there is ample room for innovation and success among various blockchain projects.

Learn more: Top 6 Projects on Solana With Massive Potential

Top crypto platforms in the US | December 2023


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The post Solana Founder Calls for Healthy Rivalry Against Ethereum appeared first on BeInCrypto.

70% of Web3 Games Failed in 2023, According to CoinGecko

https://beincrypto.com/web3-games-failure-coingecko/

The majority of Web3 games launched this year have failed, according to a recent study.

The study reveals that out of 2,817 web3 games launched from 2018 to 2023, 2,127—75.5%—have not succeeded.

Web3 Games Face Challenges

According to a recent report from CoinGecko, the average annual failure rate stands at a significant 80.8% from 2018 to 2023. The report highlights the challenges faced by these blockchain-based games.

How GameFi is going. Source: CoinGecko

Furthermore, it notes that after CryptoKitties’ success in 2017, 422 games launched in 2018. However, of those, 307 failed.

Meanwhile, the report did acknowledge the 2019-2020 bear market, explaining that it did slow down GameFi, with a 94.3% failure rate in 2019.

Learn more: The Future of Digital Asset Management and Decentralized Gaming Economies

The Failure Rate Has Been Ongoing For Some Time

Meanwhile, a surge of interest in the crypto market in 2021 led to more interest in Web3 gaming.

During the 2021 crypto bull run, Web3 gaming recorded a low failure rate at 45.9%.

However, 2022 saw a downturn with a record 742 game failures, a 107.1% failure rate.

While not at the end of the year just yet, so far in 2023, 509 games failed. However, the rate somewhat stabilized at 70.7%. It was noted that the study is based on Footprint Analytics data.

Learn more: Blockchain Gaming: The Keys to the Metaverse Castle

Best crypto platforms in Europe | December 2023


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The post 70% of Web3 Games Failed in 2023, According to CoinGecko appeared first on BeInCrypto.

Microsoft Channels Billions into UK-Based AI Safety Measures

https://beincrypto.com/microsoft-uk-ai-safety-measures/

Microsoft plans to invest significantly in major artificial intelligence (AI) infrastructure and skills development in the United Kingdom.

“It will help the UK seize the artificial intelligence (AI) opportunity and ensure that AI innovation and safety progress together while creating jobs, improving services, and protecting public security,” the statement declared.

Microsoft Sets its Focus on Three AI Areas

According to a recent statement, Microsoft will be significantly increasing its presence in the UK in terms of AI.

“Microsoft is committing to more than doubling its datacenter footprint in the UK, training more than one million people for the AI economy and supporting the UK’s growing AI safety and research efforts through partnerships with the government and leading universities.”

Read more: ChatGPT vs. Bing Chat: Which Is the Better AI Chatbot?

The investment will encompass three major areas, namely AI infrastructure, talent and education programs, and safety and security measures.

It was noted that Microsoft will utilize researchers from top UK universities including Cambridge, Oxford, Imperial College, UCL, Bath, and Nottingham.

Microsoft to Boost AI Job Opportunities in the UK

Furthermore, the company is set to expand the job economy in the UK for those interested in working in AI. The software giant intends “to train one million people with the skills they need to build and work with AI.”

Additionally, the company has announced its commitment to making all learning modules utilized by its internal engineers and developers in responsible AI accessible to the public in due course.

“Microsoft will also turn all the lessons it has learned in operationalizing responsible AI principles for its own AI engineers and developers, into learning modules for UK customers and partners.”

However, Microsoft has been making several significant developments in AI in recent times. Most recently, it announced it has integrated AI in customer service for blind users through a tool that uses OpenAI’s GPT-4 model.

Read more: AI Stocks: Best Artificial Intelligence Companies To Know in 2023

Top crypto platforms in the US | November 2023


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The post Microsoft Channels Billions into UK-Based AI Safety Measures appeared first on BeInCrypto.

Withdrawal Process Opens for Select Celsius Customers

https://beincrypto.com/withdrawal-process-celsius-customers/

The United States Bankruptcy Court for the Southern District of New York has specified the process through which customers of the defunct crypto lending platform Celsius can retrieve their cryptocurrency assets.

“Holders will be asked to update heir Celsius account with certain required information to process withdrawals, including specific customer data related to Anti-Money Laundering (AML),” the filing declared.

Process Outlined for Celsius Customers

As per the court filing, customers will incur the cost of deducting the transaction expenses associated with sending crypto assets to them.

Meanwhile, it was noted that the withdrawal fees will be charged on a “per withdrawal” basis based on the Withdrawal fees set out by the debtors.

Initial Withdrawal Fees Associated With Each Crypto. Source: Stretto

Additionally, it emphasized the importance of customers updating their accounts with the necessary information. Failure to comply with the AML regulations will render account holders unable to access their assets.

Read more: DeFi Lending Explained: What Are DeFi Loans?

Celsius Liquidation Plan In Recent Times

However, there have been several developments in the Celsius bankruptcy proceedings in recent times.

On July 17, Celsius started liquidating over $24 million of altcoins. These include Chainlink (LINK),  Synthetix Network (SNX), BNB coin, 1inch, and 0x Protocol (ZRX), among others.

Furthermore, the largest liquidated among the group of altcoins was LINK with approximately $8.5 million.

In more recent news, Celsius is reportedly facing struggles in its attempt to turn into a Bitcoin mining business.

It recently stated that it reduced its post-bankruptcy business plans to focus only on Bitcoin mining.

However, the SEC is hindering specific staking and lending activities, creating challenges for conducting business operations.

Read more: Top 5 DeFi Lending Platforms

Top crypto platforms in the US | November 2023


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The post Withdrawal Process Opens for Select Celsius Customers appeared first on BeInCrypto.

SEC Seeks Feedback on Fidelity’s Application for an Ethereum ETF

https://beincrypto.com/sec-fidelity-application-ethereum-etf/

The United States Securities and Exchange Commission (SEC) has put out a request for comments on Fidelity’s spot Ethereum exchange-traded fund (ETF) application.

“The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons,” the statement declared.

SEC Wants The Public Opinion on Fidelity’s Application

In a recent court filing, the SEC urges individuals interested in expressing their opinions on the Fidelity spot Ethereum ETF application to do so through various channels.

“Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act.”

Read more: Ethereum Merge: Everything You Need To Know

The filing explains that the application proposes a rule change that will allow Fidelity to list and trade shares of the Fidelity Ethereum Fund.

It further declares that the objective of the Trust is to track the performance of ETH. However, it will take into account deductions, by subtracting the Trust’s expenses and other liabilities.

At the time of publication, Ethereum’s price stands at $2,047.

Ethereum Price Chart 1 Month. Source: BeInCrypto

Other Countries Surpassing the US in Offering ETFs

Fidelity states that each share will signify a fractional undivided beneficial interest in the Trust’s net assets.

In the filing, Fidelity highlights the absence of a regulated means for gaining Ethereum exposure in the US.

Moreover, it asserts that this compels them to face counter-party risk. Furthermore, also to legal ambiguity, technical challenges, and complexity when accessing Ethereum.

Meanwhile, it points out that investors outside the US, particularly citizens in Germany, Switzerland, and France, can access Ethereum through regulated means.

Read more: Solana vs. Ethereum: An Ultimate Comparison

The post SEC Seeks Feedback on Fidelity’s Application for an Ethereum ETF appeared first on BeInCrypto.

CBDCs Will Have a Significant Impact on Central Banks’ Risk Profiles: Report

https://beincrypto.com/cbdc-significant-impact-central-banks-risk/

The Bank of International Settlements (BIS) has delineated how the introduction of central bank digital currencies (CBDC) could bring about new risks.

“Since risks change, this is not a one-off action but needs to take place on a recurrent basis,” the report declared.

Central Banks Must Adapt Approach to Acknowledge CBDC Risks

The recent report states that the BIS suggests central banks should view CBDCs not merely as a more efficient digital form of money. However, central banks should see it as a fundamental operational shift in the daily conduct of transactions:

“Given the major implications of issuing a CBDC, this should not be considered to be a technological project but rather a fundamental change in the way that the central bank operates.”

However, it emphasizes the necessity of implementing a comprehensive risk management framework for the CBDC model.

“The multi-faceted nature of the risks calls for an integrated risk management framework to inform the design of a CBDC model and to manage risks throughout its lifecycle.”

Meanwhile, the report proposes that maintaining continuous surveillance on CBDCs and adjusting plans as necessary will be essential.

“This requires the development of robust business continuity plans to ensure the reliability and continuity of services based on possible scenarios and threats, throughout the full (digital) currency cycle.”

Read more: Digital Rupee (e-Rupee): A Comprehensive Guide to India’s CBDC

BIC Chief Advocates for a Unified Global Set of Rules

Meanwhile, this comes after the BIS Chief, Augustin Carstens, underscored the importance of nations collaborating to establish a set of consistent rules for CBDCs.

Furthermore, he emphasizes the importance of a successful implementation of CBDCs. He explains this involves not only technological advancements but also necessitates a sophisticated legal framework:

“Money is a social construct. People trust in it today because they know others will trust in it tomorrow. The legal framework is a key underpinning for the legitimacy of money, and the trust that people place in money. Without the law, money cannot function.”

Read more: How To Open a Bitcoin Account in 3 Easy Steps

Top crypto platforms | November 2023


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The post CBDCs Will Have a Significant Impact on Central Banks’ Risk Profiles: Report appeared first on BeInCrypto.

Analyst Holds Ground on Bitcoin ETF Approval in Jan, Urges Ignoring Noise

https://beincrypto.com/bloomberg-analyst-bitcoin-etf-approval/

Eric Balchunas, a Bloomberg analyst, has reiterated to his 162,800 followers that he maintains unwavering confidence in the approval of a Bitcoin exchange-traded fund (ETF) in slightly over a month.

“What we watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates,” he declared.

Bloomberg Analyst Confident On Bitcoin ETF Approval

In a recent post on X (formerly Twitter), Balchunas clarified that people have been asking him if there’s been a change in his odds. He maintained his position that approval for Bitcoin ETFs could occur in slightly over a month:

“No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe).”

Learn more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Additionally, Balchunas pointed out that a considerable amount of distraction surrounds less crucial aspects in the ongoing Bitcoin ETF debate.

Bitcoin Price Chart 1 Month. Source: BeInCrypto

Predictions Have Been A Talking Point

In particular, he warns against stressing “over exact dates and comments and the timeline.”

Furthermore, he declared that the “SEC and issuers are working hard behind the scenes to get these ETFs ready to go this cycle.”

Balchunas’ forecasts on the probability of approval have garnered attention for some time.

On August 31, BeInCrypto noted that he increased the odds of approval in 2023 by 75%. However, the current expectations are leaning towards approval at the outset of 2024.

Learn more: Where To Trade Bitcoin Futures: A Comprehensive Guide

Top crypto platforms in the US | November 2023


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Court Gives Go-Ahead for FTX $744M Trust Asset Sale

https://beincrypto.com/court-ftx-trust-asset-sale/

Debtors of the now-defunct FTX cryptocurrency exchange have received approval to liquidate the exchange’s trust assets, totaling more than $700 million.

“The Debtors are authorized, but not directed, to execute sales of the Trust Assets, in their reasonable business judgment, in accordance with the following sale procedures,” the filing stated.

Court Grants Approval for FTX to Liquidate Trust Assets

In a recent court filing, the judge from the US Bankruptcy Court for the District of Delaware approved FTX’s request to liquidate assets, a move the exchange had been actively pursuing.

Furthermore, the filing stated that the assets must be sold through either over-the-counter (OTC) or on crypto exchanges.

Additionally, all sales of the trust assets must be be reported. These will then be recorded in the monthly reports delivered to the debtors.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

This comes after BeInCrypto recently reported that FTX was seeking approval for the sale of Grayscale and Bitwise Trust Assets.

However, the majority of the company’s funds are held in Grayscale Trust Assets, with approximately $53 million allocated to the Bitwise 10 Crypto Index Fund (BITW).

Court Recently Approves FTX Liquidation Plan

There have been several reports of FTX selling off assets in recent times.

On October 15, BeInCrypto reported the substantial amount of Solana (SOL) that the FTX estate staked. Reportedly, the exchange staked 5.5 million SOL tokens.

Solana Price Chart 1 Month. Source: BeInCrypto

Meanwhile, this came after a court filing revealed that FTX’s liquidation plan was approved by the court.

The plan included the sale of $1.16 billion in SOL and roughly $2.5 billion in other crypto assets.

Read more: Top 7 Crypto Exchanges With the Lowest Spreads in 2023

Top crypto platforms | November 2023


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The post Court Gives Go-Ahead for FTX $744M Trust Asset Sale appeared first on BeInCrypto.

US Official Issues Stern Warning To Crypto Firms Breaking The Law

https://beincrypto.com/us-official-crypto-firms-law/

The United States Deputy Treasury Secretary has strongly cautioned crypto firms suspected of participating in illicit activities.

“According to the Office of Financial Research, in 2021 alone, companies reported more than 2 billion transactions totaling $1.4 trillion in virtual currency transactions,” the statement declared. 

US Government Cracking Down On Crypto Firms Breaking The Law

The US Deputy Secretary of the Treasury Wally Adeyemo issued a stern and simple warning to crypto firms that are engaging in illicit activities.

“My message is simple: We will find you and hold you accountable.”

Furthermore, he criticized crypto firms that assert themselves to be beyond the reach of the law or actively assist criminals and terrorists.

Adeyemo cited the recent legal troubles of the crypto exchange Binance with the US Department of Justice (DoJ).

Read more: 15 Most Common Crypto Scams To Look Out For

“Binance allowed itself to be used by the perpetrators of child sexual abuse, illegal narcotics trafficking, and terrorism, across more than 100,000 transactions. Groups like Hamas, Al Qaeda, and ISIS conducted these transactions.”

Binance Recent Legal Troubles

This comes after news that Binance and its former CEO Changpeng “CZ” Zhao agreed to settle with the US DoJ for a $4.3 billion penalty.

Furthermore, he stated that some crypto firms have made an effort to prevent illicit activity. However, there is still a large amount of firms yet to take adequate action.

He emphasizes that this “represents a clear and present risk to our national security.”

Meanwhile, he urged the entire digital assets industry to intensify efforts in combating illicit activities and unite to ostracize firms that fail to adhere to the rules..

“You also have the capacity to cut off firms from your ecosystem that are failing to take steps to prevent illicit finance.”

Read more: Binance Review 2023: Is It the Right Crypto Exchange for You?

Top crypto platforms in the US | November 2023


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The post US Official Issues Stern Warning To Crypto Firms Breaking The Law appeared first on BeInCrypto.

US Citizen Jailed for Impersonating Apple, Stealing Crypto and NFTs

https://beincrypto.com/us-citizen-apple-stealing-crypto-nfts/

A Los Angeles resident has been sentenced to eight years in jail for several crimes including stealing crypto and non-fungible tokens (NFTs).

“A downtown Los Angeles man was sentenced today to 96 months in federal prison for committing a series of frauds,” a recent statement declared.

Man Forced to Pay Huge Payment for His Crimes

The United States Attorney’s Office mandated the payment of a seven-figure sum in restitution by the man in his mid-20s for his criminal activities.

“Amir Hossein Golshan, 25, was sentenced by United States District Judge Otis D. Wright II, who also ordered him to pay $1,218,526 in restitution.”

Read more: 15 Most Common Crypto Scams To Look Out For

Golshan committed multiple crimes, one of which involved impersonating an Apple support worker to steal crypto and NFTs. He achieved this by gaining unauthorized access to several victims’ Apple iCloud accounts.

Golshan pilfered digital assets ranging in value from $2,000 to $389,000 each.

“Golshan told the victim that Apple Support wanted to give the victim an advanced security protocol to protect the victim’s iCloud account. Meanwhile, he then caused a two-step authentication code to be sent to the victim’s phone,” the statement explained.

By tricking the victim, Golshan got them to share a six-digit security code. With that code, he got into the victim’s iCloud account.

From there, he changed the email address to his own. Then he swiped valuable digital assets, like an NFT worth around $319,000, and about $70,000 in crypto.

Rise In Crypto Scams In Recent Times

There has been a rise in crypto scams in recent times.

Additionally, on Nov. 16, BeInCrypto reported that authorities charged two individuals from Arizona with serious offenses related to their engagement in a crypto investment scheme.

However, the duo faced accusations of defrauding hundreds of victims, amassing hundreds of millions of dollars in the process.

Furthermore, the scam utilized three distinct entities to promote diverse investment opportunities, each guaranteeing significant and instant returns.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

Best crypto exchanges in Europe | November 2023


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The post US Citizen Jailed for Impersonating Apple, Stealing Crypto and NFTs appeared first on BeInCrypto.

Bitcoin Author Cites Key Factors For Price Surge Upon Potential Bitcoin ETF Approval

https://beincrypto.com/author-key-factors-price-bitcoin-etf/

A leading Bitcoin author predicts that the approval of BlackRock’s Bitcoin ETF will propel Bitcoin’s price, citing compelling reasons.

“This is the core issue they are actively working on now,” he warns.

Author Suggests Potential Price Chaos Following Bitcoin ETF Approval

Prominent Bitcoin author Jason A. Williams explained to his 219,100 followers that there will be a positive uptick in the market should the BlackRock Bitcoin ETF be approved by the US Securities and Exchange Commission:

“When Blackrock’s Bitcoin ETF is approved, they will need to acquire several hundred thousand BTC to fulfill end customer demand.”

However, he warns that “there is no way they can acquire this much Bitcoin without moving the price significantly.”

Learn more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

There has been several reports on Bitcoin ETF speculation leading to positive movements in the market in recent times.

Bitcoin ETF Speculation In Recent Times

On November 28, CoinShares reported that total crypto inflows for the week have been the highest in the past three months.

“Digital asset investment products saw inflows totaling US$346m last week, the largest weekly inflows in this nine consecutive week run,” the statement noted.

Additionally, the spike was believed to be from all the hype surrounding Bitcoin ETFs.

Furthermore, the rapid jump in inflows between weeks was noted as the largest one in almost two years:

“ETF Anticipation Fuelling the Largest Surge in Inflows Since Late 2021.”

Learn more: Where To Trade Bitcoin Futures: A Comprehensive Guide

Top crypto platforms in the US | November 2023


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The post Bitcoin Author Cites Key Factors For Price Surge Upon Potential Bitcoin ETF Approval appeared first on BeInCrypto.

CZ Resigns as Chairman of Binance.US Board

https://beincrypto.com/cz-chairman-binance-us-board/

The United States arm of crypto exchange Binance, Binance.US, has announced that Changpeng “CZ” Zhao has stepped down as chairman of the board.

“That said, as CZ transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement,” the statement noted.

CZ’s Contributions Recognized by Binance.US

In a recent statement, Binance.US acknowledged the work that founder Changpeng “CZ” Zhao did for the United States arm of the exchange:

“We are exceptionally grateful to CZ for his guidance and counsel over the years. With his support, we have established Binance.US as a destination of choice of U.S. customers seeking a superior crypto trading experience.”

Learn more: Binance Review 2023: Is It the Right Crypto Exchange for You?

Furthermore, the exchange stated that CZ will “no longer be involved in our governance.”

CZ and Binance Navigate Continuing Legal Challenges

This comes not long after Zhao stepped down from his role as global CEO of Binance. The news comes amid Binance and Zhao facing legal troubles with the U.S. Department of Justice (DoJ).

Binance and Zhao agreed to settle with the DoJ for a $4.3 billion penalty.

Meanwhile, CZ has an upcoming sentencing date over charges toward him, that could potentially see him spend time in prison.

Zhao pleaded to one count of violating the Bank Secrecy Act. BeInCrypto recently reported that legal experts predict 12-18 months at a minimum security prison for Zhao.

His sentencing date is in February 2024.

Learn more: 7 Best Binance Alternatives in 2023

The post CZ Resigns as Chairman of Binance.US Board appeared first on BeInCrypto.

SEC Seeks Public Input on Risk Exposure of Spot Bitcoin ETFs

https://beincrypto.com/sec-public-input-risk-spot-bitcoin-etf/

The United States Securities and Exchange Commission (SEC) has delayed approving a spot Bitcoin ETF for Franklin Templeton Digital Holdings.

However, it has asked for public consultation on the risks associated with the product.

Franklin’s Bitcoin ETF Approval Delay, Public Input Needed

In a recent filing, Franklin Temptation Digital Holdings expressed its intention to list a spot Bitcoin ETF on the stock exchange, as outlined by the SEC.

“As described in more detail in the Notice,7 the Exchange proposes to list and trade the Shares of the Fund, a series of the Franklin Templeton Digital Holdings Trust (“Trust”), under BZX Rule 14.11(e)(4), which governs the listing and trading of Commodity-Based Trust Shares on the Exchange.”

Learn more: Where To Trade Bitcoin Futures: A Comprehensive Guide

The SEC has yet to approve Franklin’s product, along with all other Bitcoin ETF applicants. The US regulator has asked the public, referred to as “commenters,” to provide their opinions on the product and the risks associated.

SEC Concentrates on Broader Bitcoin Market Dynamics

Furthermore, the SEC has asked them to share their views on whether the Bitcoin ETF could be susceptible to manipulation.

Additionally, the commenters were invited to share their perspectives on the broader Bitcoin market and how it could influence the risks associated with the spot Bitcoin ETF.

“What are commenters’ views generally with respect to the liquidity and transparency of the bitcoin markets and the bitcoin markets’ susceptibility to manipulation?” the filing stated.

The SEC also wants to know whether the public agrees with the fact that Bitcoin is resistant to price manipulation:

“The Exchange states that bitcoin is resistant to price manipulation and that other means to prevent fraudulent and manipulative acts and practices “exist to justify dispensing with the requisite surveillance sharing agreement” with a regulated market of significant size related to spot bitcoin.”

Learn more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Top crypto platforms in the US | November 2023


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Coinbase
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The post SEC Seeks Public Input on Risk Exposure of Spot Bitcoin ETFs appeared first on BeInCrypto.

Sports Leagues Are Now Being Sued For Promoting FTX: Report

https://beincrypto.com/sports-leagues-sued-ftx/

Entire sports leagues are now facing lawsuits for featuring FTX promotions that were visible to their fan base. This comes after FTX investors pursued legal action against a multitude of celebrities and sports stars in the aftermath of the exchange’s collapse.

Some of the sports leagues that reportedly promoted FTX include Major League Baseball (MLB), Formula 1 racing, and Mercedes-Benz Group AG’s racing team.

Sports Leagues Who Endorsed FTX Are Under Fire

According to a recent report, the investors’ lawyers sued MLB, which had a major partnership with FTX. Additionally, other major sporting leaguers signed a promotional deal with FTX before its collapse.

However, it was reported that the FTX investors claim that these leagues “helped push the sale of unregulated securities through promotional deals with the cryptocurrency site.”

Meanwhile, the investors claim that the sports leagues didn’t do their due diligence. Furthermore, they claim the leagues got distracted by the significant money earnings:

“MLB and many others were quick to jump into the crypto world with both feet when they saw the potential for fast money,” 

Read more: Best Christmas Crypto Promotions

Celebrity Backlash Over FTX Endorsement

Several celebrities who endorsed the now-defunct FTX exchange are facing a $1 billion lawsuit.

Some of the sports stars entangled in the lawsuit include Tom Brady, Trevor Lawrence, and Steph Curry.

Additionally, more celebrities from various fields are targets if they endorsed FTX in any manner before its collapse.

Furthermore, there is a lawsuit against several YouTube stars for their promotions of FTX. Some of these creators have as many as 1.8 million monthly subscribers on YouTube.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

Top crypto platforms in the US | November 2023


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The post Sports Leagues Are Now Being Sued For Promoting FTX: Report appeared first on BeInCrypto.

Major Exchange Delisting Causes Steep Drop in Value for This Crypto 

https://beincrypto.com/binance-delisting-price-tornado-cash/

Binance, the cryptocurrency exchange, has declared the removal of the Tornado Cash token, resulting in a significant drop in its price.

At the time of publication, the Tornado Cash price has experienced a 50.76% decrease compared to its value just 24 hours prior.

Steep Decline in Tornado’s Price

Binance recently stated that crypto tokens undergo regular reviews to ensure compliance with standards. Although the specific reason for Tornado Cash’s removal was not provided, it was mentioned among several tokens that were delisted.

“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”

Read more: Top 8 Tornado Cash Alternatives

The four tokens that were listed were BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), Waltonchain (WTC).

At the time of publication, Tornado Cash price is $1.81.

Tornado Cash Price Chart 1 Month. Source: BeInCrypto

Tornado Cash Faces Challenges in Recent Times

It isn’t the first time that the price has experienced a steep decline in 2023.

On May 21, BeInCrypto reported that the TORN token dropped more than 30% after a malicious hacker hijacked its governance to steal over 480,000 from its vault.

Furthermore, it was alleged that the hacker dumped their profits from dumping TORN into the Tornado Cash mixer.

However, there has been controversies over Tornado Cash due to its frequent use by crypto hackers.

Meanwhile, in August 2022, The US Treasury’s Office of Foreign Asset Control (OFAC) sanctioned Tornado Cash.

Read more: Tornado Cash: Everything You Need To Know

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The post Major Exchange Delisting Causes Steep Drop in Value for This Crypto  appeared first on BeInCrypto.

Bitcoin ETF Speculations Drive Record-Breaking Crypto Inflows Since 2021: Report

https://beincrypto.com/bitcoin-etf-speculations-crypto-inflows/

According to the latest Coinshares report, total crypto inflows for the week just gone have been the highest in the past three months, pointing to a bullish sentiment in the market.

“Digital asset investment products saw inflows totalling US$346m last week, the largest weekly inflows in this 9 consecutive week run,” the statement noted.

Bitcoin ETF Hype Sparks Crypto Investment Surge

According to the recent report, Bitcoin had inflows of $312 million last week. The total inflows for 2023 so far is $1.5 billion. It was declared that the hype around Bitcoin exchange-traded funds (ETF) has led to a record-breaking week for inflows of funds.

“ETF Anticipation Fuelling the Largest Surge in Inflows Since Late 2021.”

Flow by Asset (US$m). Source: Coinshares

Excitement surrounding the imminent approval of a Bitcoin ETF reportedly triggered the rise in crypto inflows:

“This run, spurred by anticipation of a spot-based ETF launch in the US, is the largest since the bull market in late-2021. The combination of price rises and inflows have now pushed up total assets under management (AuM) to US$45.3bn, the highest in over 1 & ½ years.”

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Bitcoin ETF Speculation Rises

This comes amid several reports of industry leaders speculating over the approval of Bitcoin ETFs.

Pantera Capital’s Dan Morehead outlined his belief of the importance of a Bitcoin ETF.

“The existence of an ETF is a very important step in becoming an asset class,” he said before adding, “Once an ETF exists, if you don’t have exposure, you’re effectively short.”

Read more: Where To Trade Bitcoin Futures: A Comprehensive Guide

Best crypto exchanges in Europe | November 2023


Paybis
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Bitsgap
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The post Bitcoin ETF Speculations Drive Record-Breaking Crypto Inflows Since 2021: Report appeared first on BeInCrypto.

Institutional Investors Are Very Bullish on Crypto, Goldman Sachs Confirms

https://beincrypto.com/crypto-tech-stocks-goldman-sachs/

Prominent investor Raoul Pal has substantiated, using crucial data, that 2024 is poised to be a favorable year for crypto, surpassing the prospects for tech stocks.

“This is where the growth assets of NDX and Crypto live. This is why they bottomed before everything else,” the statement declared.

Pal Predicts Crypto Will Outperform Tech Stocks

In a series of posts on X (formerly Twitter), Pal a key market indicator and articulates his belief in a potential positive upswing in the crypto market over the next twelve months.

“But our Lead indicator for ISM has been rising sharply. This is generally where the SPX lives (part cyclical, part growth) and explains the SPX strength vs Russell 2000 (RTY) or commodities…”

Global Macro Investor Chart. Source: Raoul Pal.

Moreover, he predicts that within a year, the crypto market could experience significant growth.

“Using our GMI Financial Conditons Index, we can peer 11 months into the future, suggesting a strong year in 2024. This is where the growth assets of NDX and Crypto live. This is why they bottomed before everything else…”

Read more: AI Stocks: Best Artificial Intelligence Companies To Know in 2023

Meanwhile, a researcher for K33 Research, Vetle Lunde outlines that the expectations on the Chicago Mercantile Exchange (CME) are that the price of Bitcoin will rise in the future:

“CME is very long. ATH OI, massive premiums,” Lunde stated.

He further points to the difference between the spot price of Bitcoin and the futures contract as a good indicator of bullish sentiment:

“BTCs next month contract has only traded on wider premiums vs. its front month contract on three occasions since its launch.”

Recent Buzz Surrounding the Upcoming Bitcoin Halving

There has been much speculation in recent times over how the crypto market will perform in the next twelve months. This is especially so, given the expected Bitcoin halving in April 2024.

On November 12, BeInCrypto covered analysts’ forecasts on taking advantage of a turning market. Furthermore, turning small amounts of Bitcoin into large six-figure sums.

According to one analyst’s model, traders should purchase Bitcoin six months before the halving and sell 18 months after.

This allegedly aims to leverage Bitcoin’s cynical patterns, capturing significant price increases surrounding the Bitcoin halving while avoiding subsequent bear markets.

Read more: Which Crypto Sectors Boom During the Holidays? A Guide for Traders

The post Institutional Investors Are Very Bullish on Crypto, Goldman Sachs Confirms appeared first on BeInCrypto.

Blast Crossed Lines in ‘Messaging and Execution,’ Says Paradigm Researcher

https://beincrypto.com/blast-paradigm-dan-robinson/

Venture capital firm Paradigm’s Researcher, Dan Robinson, has expressed enthusiasm for Blast but has criticized the project’s marketing and communication approach.

“We at Paradigm think the announcement this week crossed lines in both messaging and execution,” the statement noted.

Robinson from Paradigm Asserts Flaws in Blast’s Marketing Campaign

According to Robinson, Paradigm believes that too much of Blast’s “marketing cheapens the work of a serious team.”

“We’ve been discussing our concerns with the team and appreciate their willingness to engage with us, but there are still many points of disagreement.”

However, Robinson commends the team’s technical ability, making it clear that his main issue is with how the communications have been carried out.

“I got to witness their exceptional technical talent firsthand when I collaborated with them on the design of a new NFT-collateralized lending protocol called Blend,” the statement noted.

Read more: Bitcoin Halving Cycles And Investment Strategies: What To Know

Paradigm Acknowledges Blast Founder’s Strong Reputation

Robinson explains that the VC firm backed Pacman, the founder of Blast, because he has developed a solid reputation in recent times.

“We backed Pacman and his cofounder because they demonstrated an ability to build great products over many years, starting with Namebase, one of Paradigm’s first investments,” he stated.

Meanwhile, he asserts transparency with Pacman regarding his concerns, noting receptiveness on Pacman’s part but revealing ongoing disagreements on numerous points.

“We still think they are world-class builders who can deliver an L2 that brings value to the ecosystem.”

Read more: 7 Best Pro Accounts for Crypto Trading

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The post Blast Crossed Lines in ‘Messaging and Execution,’ Says Paradigm Researcher appeared first on BeInCrypto.

SEC Faces Challenges in Serving Legal Notices to HEX Founder Richard Heart

https://beincrypto.com/sec-legal-notice-hex-richard-heart/

The United States Securities and Exchange Commission (SEC) claim that it has been unsuccessful in its attempts to serve HEX founder Richard Heart his lawsuit to appear in court.

“To date, the Commission has not received confirmation of service of process on Defendants in Finland pursuant to the Convention,” the filing declared.

SEC Encounters Obstacles in Contacting Richard Heart

In a recent court filing, it was disclosed that the US SEC continues its efforts to officially serve the lawsuit to HEX founder Richard Heart.

The SEC accused Heart of securities fraud on July 31. They alleged that he raised $1 billion through the sale of unregistered securities.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

However, there are allegations that Heart currently resides in Finland. Furthermore, the SEC is facing difficulties in reaching him for the legal serving process.

“If service has not been effected by that time. The Commission will move for alternative service. In accordance with Rule 4(f) of the Federal Rules of Civil Procedure,” the filing stated.

Exploring Alternatives to Serve Richard Heart

According to the SEC, he promised investors “incentives and bonuses,” marketing the assets as high-yield blockchain “certificates of deposit.” Investors could receive a 38% annual return on Hex tokens staked for a long period.

However, the court filing does not specify the alternative method of communication.

Meanwhile, in recent times, various alternative service methods have been used.

Meanwhile, in July 2022, a judge in the United Kingdom approved the delivery of legal notices through blockchain.

This was through using a non-fungible token (NFT). The delivery method involved airdropping the lawsuit documents, in the form of an NFT, into a set of wallets.

Read more: 15 Most Common Crypto Scams To Look Out For

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The post SEC Faces Challenges in Serving Legal Notices to HEX Founder Richard Heart appeared first on BeInCrypto.

Do Not Perceive Trading Crypto As A Job, Says Crypto Analyst 

https://beincrypto.com/crypto-trading-job-analyst/

A prominent crypto analyst has explained to his large social media following not to perceive crypto trading as a job, as it is the wrong mindset to have.

“If you come into trading with this same mindset, you are WRONG,” he stated.

Mindset For Crypto Trading Must Change, According to Analyst

In a post on X (formerly Twitter), crypto analyst ionicXBT explained to his followers why they should change their mindset when it comes to trading crypto, warning that it should not be viewed as a job.

“Here’s why: Trading is a Business. When trading, you don’t get paid for time. You get paid for: – Trading decisions you make – The actions and processes you follow – How well you manage your risk – How well you maintain emotional control.”

He advises his followers, “instead of spending more time trading, spend more time polishing the above aspects.”

Moreover, he emphasizes that there is no overtime pay or salary involved, indicating that the responsibility to profit or incur losses rests solely on the investor.

Read more: How To Trade Bitcoin Futures and Options Like a Pro

Ramp Up In Crypto Analysts Giving Advice

There have been several reports of crypto analysts providing advice in recent times. Especially as the market has been going through positive swings.

On October 25, BeInCrypto reported that Miles Deutscher recommended that investors closely monitor Telegram and Discord for upcoming opportunities as the bull market approaches.

Deutscher predicts that shifting market conditions will positively influence the profit potential of altcoins:

“This will have a positive effect on many altcoins and create new trading opportunities.”

However, he directed his followers particularly to the projects generating a significant amount of news and hype:

“Look for projects with major upcoming catalysts or announcements,” he further stated.

Read more: Crypto Trading During the Holidays: 5 Key Historical Trends

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The post Do Not Perceive Trading Crypto As A Job, Says Crypto Analyst  appeared first on BeInCrypto.

North Korean Hackers Masquerade as Officials and Journalists, Targeting Crypto

https://beincrypto.com/north-korean-hackers-crypto/

North Korean hackers are reportedly pretending to be journalists and South Korean government agencies to steal cryptocurrency.

“The police believe the illegal cyber activity was aimed at stealing cryptocurrency,” the statement declared.

North Korean Hackers Target a Growing Number of Crypto Investors

A recent report reveals that North Korean hackers targeted around 19 victims between March and October. They did this by posing as officials and journalists to steal cryptocurrency.

“The hackers expropriated 19 victims’ user IDs and profiles to log in to their cryptocurrency trading accounts. They also executed crypto mining programs on more than 147 proxy servers they seized.”

Meanwhile, less than twelve months ago, the hackers employed malicious software to steal crypto, causing concerns about the potential loss of property and valuables.

“Last year, they stripped virtual assets by distributing ransomware. That coerced victims to pay money and valuables to regain their property,” the report declared

Furthermore, the police closed 42 fake websites run by North Korean hackers in collaboration with the Korea Internet & Security Agency to stop more people from being tricked.

Additionally, the police will provide the government’s intelligence and cyber experts with a list of the servers used by the hackers.

Learn more: 15 Most Common Crypto Scams To Look Out For

Hackers Impersonating Officials on the Rise in Recent Times

The report additionally highlighted that North Korean hackers have previously feigned being government officials to achieve financial gains.

“North Korean hackers sent emails last May impersonating an assistant of Rep. Tae Yong-ho, a lawmaker of the conservative People Power Party who was a North Korean diplomat before he defected to the South.”

Meanwhile, this follows a recent report indicating a rise in hackers from North Korea.

On August 1, blockchain investigator ZachXBT made claims that Lazarus Group, the notorious group backed by the North Korean government. He alleged that they transferred about $8.5 million across three different blockchain networks.

At that time, Lazarus reportedly controlled 125 Bitcoin addresses holding a total of 290 BTC. Each wallet contained between one and three BTC.

Learn more: What Is a Rug Pull? A Guide to the Web3 Scam

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The post North Korean Hackers Masquerade as Officials and Journalists, Targeting Crypto appeared first on BeInCrypto.