🔴 Unusual Bitcoin Rally | This Week in Crypto – Feb 19, 2024

https://99bitcoins.com/bitcoin-news-summary-feb-19-2024/


MicroStrategy flashes diamond hands, the two largest NFT creators are merging together, and this Bitcoin rally could be different. These stories and more, this week in crypto.

Bitcoin Hits a Two Year High

Bitcoin’s market value surpassed $1 trillion this last week, reaching its highest level since late 2021. Year to date, bitcoin is already up 20%. This rally has had a unique feature though, as Bitcoin’s price rose alongside the resurgent U.S. dollar index and 10-year U.S. Treasury yields, when historically, Bitcoin has had a negative correlation with the dollar.

MicroStrategy’s Profits Double

MicroStrategy, the largest corporate owner of Bitcoin, has seen a surge in its holdings’ value to $10 billion as Bitcoin hit its peak this week. With 190,000 Bitcoins acquired at an average cost of around $31,000 per coin, MicroStrategy is sitting on over $4 billion in profit, quickly doubling that number from nearly $2 billion in profit from as recently as December.

Ledger Teams Up with Coinbase

Hardware wallet manufacturer Ledger has integrated Coinbase Pay as a seamless on-ramp for purchasing digital assets. The integration within the Ledger Live app aims to simplify the process, allowing users to receive their Coinbase-bought cryptocurrencies directly on their Ledger hardware wallet without additional fees. Ledger has previously integrated with other crypto platforms, including Moonpay, Ramp, and Transak.

Coinbase Stock Soars

Coinbase shares surged 14% after the largest US crypto exchange reported quarterly earnings surpassing Wall Street expectations. The company attributed its success to increased crypto asset volatility, fueled by the spot Bitcoin ETFs and positive macroeconomic outlook. Coinbase stated it is financially robust and better positioned compared to a year ago.

Crypto Billionaire does it Again

Founders Fund, led by billionaire Peter Thiel, is reentering the crypto market. As one of the earliest institutional crypto investors, the fund aggressively acquired Bitcoin in 2014 but liquidated before the 2022 market crash, earning $1.8 billion. Recently, the fund allocated $200 million evenly between Bitcoin and Ether last year, just before the bull run started.

Honduras’ Crypto Trading Ban

Honduras’ National Banking and Securities Commission has imposed an immediate ban on the country’s financial institutions trading in cryptocurrencies. The resolution prohibits supervised institutions from dealing with unauthorized virtual assets, including cryptocurrencies and tokens. The watchdog acknowledged its limited control over platforms operating in multiple jurisdictions, expressing concerns about potential involvement in fraud, money laundering and terrorist financing.

First Crypto Friendly City in Spain

Torrevieja, a Spanish city with nearly 90,000 residents, is aspiring to become Spain’s first crypto-friendly location. Partnering with the local merchants association, Apymeco, the city unveiled a plan to establish a crypto hub and to attract investment. Initiatives include incentivizing crypto payments, offering courses for merchants on transactional use, and prioritizing sustainability to positively impact the environment in Torrevieja.

Largest NFT Studios Merged

Yuga Labs, the largest NFT studio, has acquired ‘Proof’, a rival NFT creator known for the Moonbirds collection. Yuga Labs plans to integrate Moonbirds into its metaverse play Otherside, a game world that will feature avatars from a variety of NFT projects, including those in Yuga’s own stable like Bored Apes, CryptoPunks, and Meebits.

That’s what’s happened this week in crypto, see you next week.

🔴Old Momentum Fuels Bitcoin | This Week in Crypto – Feb 12, 2024

https://99bitcoins.com/bitcoin-news-summary-feb-12-2024/


Bitcoin gains over Chinese New Year, Solana’s network was down for hours and crypto miners have found a new hub in an unexpected location. These stories and more, this week in crypto.

Chinese New Year Propels Bitcoin

Fueled by Chinese New Year momentum, Bitcoin gained 10% over the week upholding a historical trend. Over the past 9 years, Bitcoin’s price has surged by an average of 11%, from 3 days before to 10 days after the start of the Chinese new year. The price bump helped BTC break through resistance levels which had held since spot Bitcoin ETFs were introduced in the US a month ago.

Solana Suffers Severe Outage

Solana’s price rebounded from a 4% dip once the network came back online after a 5-hour outage on Tuesday. Similar problems plagued the network in early 2023, but before Tuesday’s outage, the blockchain had been running without interruptions for nearly a year. The Solana Foundation has not yet released a formal statement about the cause of the outage.

Monero Delisted from Binance

Monero has hit multi-month lows after Binance announced that it would be delisting the privacy-focused altcoin, effective February 20th. Monero isn’t the only digital asset that Binance has chosen to delist, as other delisted tokens will include Aragon, Multichain, and Vai. All of their trading pairs will be eliminated, trade orders will be automatically removed, and withdrawals for these tokens will not be supported after May 20th.

Bitcoin ETF Funds Surpassed MicroStrategy

The recently launched US spot bitcoin ETFs added another 5,000 BTC worth $1 Billion to their holdings, resulting in their total stack now surpassing MicroStrategy’s 190,000 Bitcoins.The new funds have been on the market for less than one month, during which they have swiftly attracted billions in investments.

Robinhood Connects with MetaMask

Digital wallet creator, ConsenSys has integrated Robinhood Connect with MetaMask, enhancing access to cryptocurrencies for users of the popular trading platform. The integration enables MetaMask users to load their wallets directly with crypto using the Robinhood platform, and seamlessly make in-app purchases using Robinhood’s order engine, automatically linking transactions to their digital wallets.

Alleged Bitcoin Inventor Denies Allegations

In a London court, Australian computer scientist Craig Wright denied that he forged documents in order to support his claim. Wright claims that he is the author of the 2008 Bitcoin white paper as Satoshi Nakamoto, and is facing legal opposition from the Crypto Open Patent Alliance, which hopes to prevent Wright from suing Bitcoin developers and to safeguard the open-source nature of the protocol.

Canadian Court Upholds Crypto Mining Ban

The British Columbia Supreme Court has upheld the provincial government’s moratorium on new crypto-mining operations accessing the power grid. Implemented in December 2022, the pause aims to assess the industry’s impact on the province’s economic and environmental objectives. Conifex Timber, a forestry company expanding into crypto mining, filed to challenge the moratorium in hopes of building a new mining facility in the province, which the court eventually denied.

Chinese Miners’ New Bitcoin Hub

Chinese Bitcoin miners have found a new crypto hub in Ethiopia due to affordable electricity and friendly relations with China. Despite the country’s ban on crypto trading, Ethiopia permitted crypto mining in 2022. Recently, Bitcoin mining farms have emerged near electricity substations linked to the Grand Ethiopian Renaissance Dam that was constructed with the involvement of Chinese companies.

That’s what’s happened this week in crypto, see you next week.

🔴Google Lifts Crypto Ban | This Week in Crypto – Feb 5, 2024

https://99bitcoins.com/bitcoin-news-summary-feb-5-2024/


One stablecoin reports record profits but could threaten the crypto sector, Bitcoin ETFs can now advertise on Google, and how much money do pump-and-dump schemes actually make? These stories and more, this week in crypto.

Tether Threatens Cryptos

Tether’s stablecoin USDT, which has nearly $100 billion in circulation, achieved record-breaking profits of $6.2 billion in 2023. The success is shadowed by growing concerns from traditional financial players, as JPMorgan analysts criticized Tether as being a risk to the crypto sector, given its market dominance and lack of regulatory compliance and transparency.

Google Warms-up to Crypto

Google has updated its advertising policy, allowing ads featuring certain cryptocurrency financial products. The update aims to clarify guidelines for advertising “cryptocurrency coin trusts”, allowing third parties to promote US targeted financial products compliant with local laws. Companies like Vaneck and Blackrock are already taking advantage of this change by posting ads on Google.

Ripple Co-Founder’s Wallet Hacked

Hackers stole $112 million in XRP from Ripple co-founder Chris Larsen’s personal wallet. While Larsen swiftly detected and reported the unauthorized access, the stolen funds were already laundered through various platforms. However, on-chain data makes the actual ownership of the hacked wallet unclear, raising questions about its possible connection to Ripple.

Former Policymaker Joins Coinbase

Former government official George Osborne, who was the Chancellor of the Exchequer in the United Kingdom, has joined Coinbase as a global advisor. Coinbase’s advisory council already includes a former US Secretary of Defense and a former Senator, underscoring the growing influence of former policymakers in the crypto industry.

Record Breaking Bitcoin Seizure

German authorities have seized a record breaking 2 billion euros worth of bitcoin, investigating two men for alleged involvement in a piracy website in 2013, where the suspects purportedly purchased Bitcoins with the portal’s earnings. Meanwhile in the UK, London Metropolitan Police seized Bitcoin worth over 1.4 billion British pounds, during the trial of a woman accused of laundering funds for her former employer, implicated in a Chinese investment fraud.

FTX Abandons Attempts to Relaunch

FTX has abandoned plans to relaunch, opting for liquidation to repay customers after potential buyers were unwilling to invest in rebuilding. FTX’s focus now is on liquidating $7 billion in assets to repay claims. Meanwhile, Celsius Network has successfully emerged from bankruptcy after an 18 month process. Along with a $3 billion payout, a new publicly traded entity, Ionic Digital, will be established, to be owned by Celsius creditors.

US Bitcoin Mining Operations Surge

Bitcoin mining operations in the United States now consume as much electricity as the entire state of Utah. The U.S. Energy report estimates that mining represented an equivalent to the annual consumption of more than 3 to 6 million homes last year. The US has seen a surge in mining activity, with facilities concentrated in states like in Texas, Georgia, and New York.

Are Crypto Pump-And-Dumps Worth it?

A Chainalysis report highlights the high failure rate of illicit pump-and-dump schemes on the Ethereum DEX ecosystem. Of the more than 370,000 tokens introduced on Ethereum last year, 54% met criteria that would indicate potential market manipulation. Malicious entities gained $240 million through these schemes, but the average profit per token was just $2,600, constituting 1% of annual Ethereum DEX trading volume.

That’s what’s happened this week in crypto, see you next week.

🔴Blockchain Meets Doom | This Week in Crypto – Jan 29, 2024

https://99bitcoins.com/bitcoin-news-summary-jan-29-2024/


Trezor issues a security alert, Chinese crypto investors are back despite the ban and a classic Video Game has been immortalized on the Dogecoin blockchain. These stories and more, this week in crypto.

Volatile Week for Bitcoin’s Price

Bitcoin experienced a significant dip, falling below $40,000 for the first time since early December, marking a 20% decline from its recent high that came with the news of US bitcoin ETF approvals. Some speculate that the FTX’s bankruptcy estate’s sale of $1 billion of Grayscale’s bitcoin ETF shares, may have been a contributing factor to the price drop. However, by week’s end, Bitcoin’s price had rebounded to the previous weekend’s levels.

Trezor Under Phishing Attack

Trezor users were met with phishing attempts with malicious emails urging users to upgrade their network by using a fake link. The hardware wallet provider identified unauthorized access to its email database as the cause. This comes after a recent breach of Trezor’s support portal. Though Trezor disabled the harmful link, users are warned against entering their recovery seed.

China’s Crypto Investors Defy Ban>

Crypto data platform Chainalysis revealed crypto-related activities in China have bounced back, and its global ranking in terms of peer-to-peer trade volume jumped to 13th place in 2023, up from 144th in 2022. Crypto trading and mining have been banned in China since 2021, therefore much of China’s crypto activity takes place through over-the-counter and informal, gray market peer-to-peer business.

OKX Users Compensated

Cryptocurrency exchange OKX will compensate users affected by a sudden 50% flash crash in its native token, OKB. On January 23 OKB crashed from $46 to $25 in 15 minutes, triggered by the liquidation of large leverage positions, which snowballed into further price triggers before a swift recovery. Occurring on the same day as the FTX bitcoin sale and Grayscale having to put some of its bitcoin on the market to satisfy redemption demand, the flash crash coincided with the day’s general market volatility.

Bitwise’s Bitcoin ETF Address

Asset management firm Bitwise has released the wallet address of its Bitcoin holdings for its spot ETF, becoming the first bitcoin ETF provider to do so in the US in a step toward increasing public transparency. The address currently has 12840 BTC worth over $500 million.

Decision on Ethereum ETFs Delayed

The U.S. SEC has delayed decisions on Grayscale and BlackRock’s applications to convert their Ethereum trusts into spot exchange-traded funds. Following the recent approval of spot bitcoin ETFs, this indicates ongoing regulatory scrutiny. Meanwhile, JPMorgan noted a slowdown in interest for spot Bitcoin ETFs, describing their performance as “disappointing,” despite their historic successful launch in terms of trading metrics.

Investors Expect BTC Drop

A recent Deutsche Bank survey shows over one-third of retail investors expect Bitcoin to fall below $20,000 by year-end. The bank surveyed 2,000 consumers in the US, UK, and Europe following the approval of spot bitcoin ETFs and the negative sentiment is linked to past events, including the FTX collapse, terraUSD debacle and US regulatory actions.

Legendary Video Game on Dogecoin

The iconic ‘90s video game,  Doom has been immortalized on the Dogecoin blockchain, showcasing the blockchain’s versatility beyond finance. This inscription transforms Dogecoin into a gaming platform, enabling users to access the game’s shareware version from the blockchain without legal restrictions. The innovative move underscores blockchains’ potential for securely managing and preserving digital content.

That’s what’s happened this week in crypto, see you next week.

🔴 ETFs Pressure Bitcoin | This Week in Crypto – Jan 22, 2024

https://99bitcoins.com/bitcoin-news-summary-jan-22-2024/

VIDEOBitcoin overtakes Silver, Solana will launch its second smartphone and Elon Musk reveals his personal crypto holdings. These stories and more, this week in crypto.

Bitcoin Slips After ETF Approval

Bitcoin’s price has plunged by more than 15% since the introduction of U.S. spot ETFs last week. Analysts reported one and a half billion dollars in outflows from the Grayscale Trust, speculating that investors who were previously benefiting from GBTC discounts, are now exiting the bitcoin market entirely rather than reinvesting into the new ETFs. With estimates of another $1.5 billion invested in GBTC in secondary markets, additional profit-taking may put further pressure on bitcoin’s price.

Bitcoin Tops Silver

Following SEC approval, the Bitcoin ETFs now hold nearly $30 billion in assets, far outpacing silver ETFs which have combined assets of about $11 billion. While Bitcoin is often called a digital version of gold, the only commodity that remains more popular is, well… gold – with roughly $95 billion in funds spread across 19 ETFs.

BlackRock Scooped Up Most Bitcoins

With investors piling into the new spot Bitcoin funds, CC15Capital reports that as of Friday, the nine new ETFs have purchased nearly 81,000 Bitcoins, currently worth nearly $3.5 billion, since their launch. BlackRock leads the way, amassing over 28,000 BTC for its iShares fund. Even after liquidating more than 50,000 bitcoins to cover the outflows mentioned earlier, Grayscale continues to manage the most Bitcoin among ETFs with its substantial holdings of 567,000 BTC.

New Crypto Smartphone by Solana

Solana plans to launch its second crypto smartphone, as a follow up to its first phone, Saga. The new phone will have new hardware and a cheaper price point, and aims to calm the secondary market for the limited supply of existing Saga phones. Initially struggling to find a market, Saga gained traction when traders discovered it included BONK tokens, after which the phones quickly sold out in a week.

Jamie Dimon Dismisses Bitcoin in Davos

Artificial intelligence has stolen the spotlight at Davos, supplanting cryptos as the dominant topic of conversation at the World Economic Forum. This shift underscores the surge in AI investments as the world’s biggest companies are pushing their AI products and services. On the forum, JPMorgan Chase CEO Jamie Dimon grabbed the opportunity to dismiss Bitcoin yet again, acknowledging blockchain’s potential while emphasizing that Bitcoin does nothing.

Coinbase’s Court Battle Resumes

In a case closely watched by the crypto industry, a Manhattan judge questioned Coinbase and the SEC about their conflicting definitions of securities. Judge Katherine Polk Failla heard arguments from both sides focusing on legal precedent defining securities. Coinbase has requested the dismissal of the lawsuit brought by the SEC.

Crypto Crime Declines

According to new research illicit cryptocurrency activity is declining overall despite a surge in ransomware incidents and cybercriminals receiving crypto payments. Chainalysis released its 2024 Crypto Crime Trends report which highlighted a decrease in funds sent to illicit cryptocurrency addresses, while noting an uptick in funds sent to sanctioned entities using stablecoins.

Musk Reveals Personal Crypto Holdings

Elon Musk has revealed his personal crypto holdings, as his social media platform X has received another money-transmitter license, with the aim to revolutionize payments. Musk confirmed he still owns Dogecoin, revealed that SpaceX continues to hold Bitcoin and Tesla also has just over 10,000 bitcoin worth nearly $500 million.

That’s what’s happened this week in crypto, see you next week.

🔴Bitcoin Makes History | This Week in Crypto – Jan 15, 2024

https://99bitcoins.com/bitcoin-news-summary-jan-15-2024/


Spot Bitcoin ETFs are approved but start with a hiccup, one stablecoin is going public and Bitcoin lifts off toward the moon, only to get lost in space?!  These stories and more, this week in crypto.

Bitcoin Makes History

On Wednesday, The US SEC finally approved 11 spot Bitcoin ETFs in a process that began in 2013 when the Winklevoss twins first sought approval. Trading volumes exceeded $4bn across the New York Stock Exchange, Nasdaq and CBOE on the first trading day. Grayscale’s bitcoin ETF accounted for half of that volume with $1bn of it coming in the first hour after markets opened. BlackRock’s iShares bitcoin ETF claimed the bulk of the other half with its first day trading of $1bn.

 

Fake Tweet Rocks Markets

A day before the approvals were announced, a fake tweet resulting from a hack of the SEC’s X account stated that all Bitcoin ETFs had been approved, causing upheaval in crypto markets. The account was hacked through an associated phone number, and was possible because the account wasn’t utilizing two-factor authentication. The post was quickly exposed as a fraud, but not before leading to $90 million in Bitcoin liquidations.

Bitcoin Dives as Euphoria Ends

After the first ETFs began trading in the US, Bitcoin briefly topped $49,000 for the first time since December 2021. Next day however, Bitcoin’s price dropped below $42,000, plunging nearly 10%, as the euphoria over ETF approvals gave way to a ‘sell the news’ rout.

SEC: We Don’t Support Bitcoin

SEC Chair Gary Gensler indicated that the ETF approvals were granted reluctantly, emphasizing that the decision does not reflect the commission’s endorsement of Bitcoin itself. Gensler said that last year’s Grayscale court decision forced the commission’s hand, but it doesn’t signal support for Bitcoin or any other crypto asset; a category that he still views as speculative and volatile.

USDC Issuer Files for IPO

Circle, the creator of stablecoin USDC, has filed for an initial public offering, to take the company public. The IPO is expected to take place after the SEC completes its review process. With a $25 billion market cap, USDC holds the spot as the second-largest stablecoin after Tether, which boasts a market cap of $95 billion.

New Ethereum Improvements Proposed

In an Ask-Me-Anything session, Ethereum co-founder Vitalik Buterin recommended a modest 33% increase in the gas limit to boost network capacity and reduce user expenses. However, the proposal comes with some risks, as larger blocks may lead to increased energy consumption, raising the potential for chain splits and abandoned blocks.

X Discontinues NFT Profile Pictures

Social media platform X has discontinued its NFT profile picture service that allowed subscribers to use Ethereum-based NFTs as profile images. Previously known as Twitter, X embraced NFTs and bitcoin tipping in September 2021, expanding its NFT offerings by October of the following year with “NFT Tweet Tiles.”

Houston, We Have a Problem

The Peregrine 1 space mission recently took off carrying a Bitcoin genesis block commemorative plaque, and a special Bitcoin token engraved with a private key for 1 BTC. The mission? To place those items on the surface of the moon, as a symbol that Bitcoin highlights remarkable progress in terms of technological advancement. Unfortunately, it seems there’s a problem with the rocket’s propulsion system, making it uncertain as to whether Bitcoin will ever reach the Moon safely.

That’s what’s happened this week in crypto, see you next week.

🔴 Countdown to Bitcoin ETFs | This Week in Crypto – Jan 8, 2024

https://99bitcoins.com/bitcoin-news-summary-jan-8-2024/


Bitcoin starts the year with a boost, Michael Saylor sells stock to buy more Bitcoin and one blockchain is about to buy a memecoin?!  These stories and more, this week in crypto.

 

Strong Start for Bitcoin in 2024

Bitcoin started the new year on an impressive rise, amid optimism for anticipated ETF approvals, a higher risk appetite driven by rate cuts, and the halving quickly approaching. BTC reached a 21-month peak of just below $46000 on Tuesday, before pulling back a bit. Bitcoin closed out the year with a gain of 156% in its strongest yearly performance since 2020.

Countdown to U.S. Spot Bitcoin ETFs

U.S. investment firms, stock exchanges, and the SEC finalized applications for spot bitcoin ETFs, with the anticipation from many that they are securing regulatory approval. The SEC commissioners are expected to vote on the filings this week, as January 10 is the deadline for approval for ARK Invest and 21Shares products. However, sources emphasized the confidentiality of ongoing talks.

Goldman Sachs Bets on Bitcoin ETFs

After J.P. Morgan and Jane Street, another leading investment bank, Goldman Sachs is in talks to become an authorized participant for spot bitcoin ETFs, for institutions like BlackRock and Grayscale. Authorized participants have the right to create and redeem shares of a spot Bitcoin ETF, a product for which 14 asset managers are awaiting SEC approval.

Vitalik Buterin’s Ethereum Vision

Ethereum co-founder Vitalik Buterin unveiled Ethereum’s 2024 roadmap, highlighting six core aspects. The Merge, which integrated the proof-of-stake consensus, remains the key focus with its simplicity and durability. Additionally, Buterin wants to bring back the original idea of the cypherpunk revolution for the blockchain with more privacy solutions.

Bankrupt Lender Pivots to Bitcoin Mining

A U.S. bankruptcy judge gave a green light for Celsius Network’s move into Bitcoin mining, allowing for a shift from their previously approved bankruptcy strategy. Celsius, one of several crypto lenders going bankrupt in 2022, had to alter its plans after the SEC rejected the initial proposal. The judge ruled that the approved bankruptcy plan from November was flexible enough to accommodate for the transition to Bitcoin mining as a backup strategy.

Saylor Sells MicroSrtategy Shares for Bitcoin

MicroStrategy’s co-founder, Michael Saylor, intends to sell $216 million in company stock options, and use the proceeds to buy more Bitcoin for his personal holdings. Saylor plans to exercise and sell 5,000 shares daily from January 2nd through April 25th, aiming to address personal commitments and increase his Bitcoin holdings before his stock options expire.

Avalanche Foundation Considers Memecoins

The Avalanche Foundation is considering buying memecoins in its ‘Culture Catalyst’ initiative. Inspired by recent token surges on Solana, like BONK and Dogwifhat, the idea is to support internet culture-inspiring coins that go beyond utility assets. The move aligns with the Foundation’s commitment to diversifying its portfolio to encompass NFTs, RWAs, and various crypto assets; fostering broader engagement in the Avalanche ecosystem.

Bitcoin’s 15th Anniversary

15 years ago, Satoshi Nakamoto mined Bitcoin’s genesis block, marking the start of the cryptocurrency era. Celebrated annually on January 3rd, this milestone reflects Bitcoin’s profound impact on finance. After 15 years, BTC’s market cap sits at nearly $900 billion, and has spawned a $1.8 trillion crypto ecosystem, reshaping digital assets and global financial markets.

That’s what’s happened this week in crypto, see you next week.

🔴 Historic Bitcoin Exodus | This Week in Crypto – Jan 1, 2024

https://99bitcoins.com/bitcoin-news-summary-jan-1-2024/


The final countdown for Bitcoin ETF approval has begun, MicroStrategy adds more BTC to its stack, and what were the biggest crypto stories of last year?  These stories and more, this week in crypto.

Lowest Bitcoin Balance Since 2018

Over 28,000 Bitcoins valued at $1.2 billion exited centralized exchanges on Thursday, marking the largest daily outflow since December 2022. As investors express their preference for holding their own coins for the long-term, the result is the lowest Bitcoin balance on exchanges since April 2018. Altcoin rankings shuffled a bit, as Solana’s SOL stumbled, while BNB surged by 15%, reclaiming crypto’s fourth spot for total market cap.

MicroStrategy Pushing BTC Holdings

MicroStrategy announced that it acquired over 14,000 BTC at an average price of $42,000 in December. Their stock price surged 8% on the announcement of the $600 million purchase, and in 2023 its stock soared 350%. The strategy to bolster reserves with Bitcoin has strengthened the stock’s appeal, given the closely correlated price movement with Bitcoin’s.

Final Countdown For Bitcoin ETF Approval

In seeking approval for bitcoin ETFs, BlackRock and Valkyrie have disclosed their authorized participants, or APs. ETF issuers are not allowed to purchase Bitcoin themselves, so APs obtain and manage the underlying assets in order to create and redeem ETF shares on their behalf. BlackRock will partner with J.P. Morgan and Jane Street, while Valkyrie also named Jane Street as one of its APs along with Cantor Fitzgerald.

Bitcoin ETF Approval Event Criticized

While experts expect the SEC to approve all spot Bitcoin ETFs as early as this month, according to data provider CryptoQuant, Bitcoin is expected to correct next month following the potential approval in a “sell the news” event. Meanwhile, a former SEC official, John Reed Stark criticized spot Bitcoin ETFs as potential “fee-driven Wall Street scams”, deeming the concept  simply laughable.

Cathie Wood Dumps Grayscale Position

Cathie Wood’s ARK Invest is exercising caution before the SEC decision on Bitcoin ETFs, selling $81 million worth of Grayscale Bitcoin Trust shares due to conversion uncertainty and $27 million worth of Coinbase shares. At the same time, ARK bought ProShares Bitcoin Strategy ETF shares investing in Bitcoin futures to the tune of $92 million.

India Blocks Major Crypto Exchanges

India’s Financial Intelligence Unit has targeted 9 major crypto exchanges, deeming them as operating illegally and as non-compliant with anti-money laundering laws. Aligning with India’s efforts to integrate crypto into traditional finance, the regulator mandated KYC collection for crypto firms back in March. Binance, Kraken, and Huobi are among the exchanges facing URL blocking in India should they fail to comply.

Elon Musk Supports Bitcoin Ordinals

Elon Musk pointed out problems with regular NFTs and implied support for Bitcoin-based inscriptions. Musk criticized regular NFTs, in that they might lose content because of how the data is stored, and suggested encoding the images directly on the blockchain to keep them safe. He noted that unlike regular NFTs, Bitcoin-based inscriptions are securely saved on the blockchain.

Biggest Crypto Stories of 2023

Fortune has gathered the biggest crypto stories of 2023 in what it describes as a bounce-back year for crypto. Spot Bitcoin ETF applications and new Bitcoin inscriptions have been the major talk over the second half of the year, while the industry also saw conclusions to scandals including Do Kwan and the Terra debacle, FTX and its founder Sam Bankman-Fried, and the resignation of Chengpeng Zhao with Binance’s settlement with the SEC.

That’s what’s happened this week in crypto, see you next week.

🔴 Major Cryptos Threatened | This Week in Crypto – Dec 25, 2023

https://99bitcoins.com/bitcoin-news-summary-dec-25-2023/


China is back in the crypto game, a new dog plays the same old memecoin trick, and which coin has stolen the show this altcoin season?  These stories and more, this week in crypto.

New 4th Largest Crypto

Solana’s SOL token surpassed Ripple’s XRP and Binance’s BNB to become the fourth-largest cryptocurrency globally. Driven by a thriving DeFi ecosystem and the rise of meme coins on the Solana network, most notably Bonk, SOL’s price climbed to a 20-month high. Solana’s total locked value exceeded $1 billion, and its daily stablecoin transfer volume also skyrocketed by 600%, surpassing both Ethereum and Tron.

China Changes Stance On Crypto

China is quietly flipping its policies on crypto, as the Ministry of Industry published a document saying it will place great importance on the development of the crypto industry in the future.  Despite the Chinese crypto trading ban introduced in 2021, the country now pushes ahead with NFTs and blockchain-based decentralized applications, marking a complete U-turn in policy.

National TV Ad for Bitcoin ETF

Bitwise Asset Management unveiled its first commercial for a spot bitcoin ETF that is featured across major TV outlets, including CNBC and Fox Business Network. The commercial features Jonathan Goldsmith, the actor renowned for his familiar role as The Most Interesting Man in the World. In it he draws a parallel between the iconic character and the intriguing nature of Bitcoin.

Rush for Inscriptions Cloggs Blockchains

The latest trend to inscribe everything, from profile pictures to memecoins on blockchains, has led to major blockchain networks struggling recently. Over the past week Arbitrum, Avalanche, Cronos and The Open Network have all experienced partial or full outages due to the increased number of inscriptions. Users are spamming tiny mints repeatedly because of the lower cost of minting on these chains.

Coinbase Secures License in France

Cryptocurrency exchange Coinbase has secured registration with the French markets regulator, as it seeks to expand globally. France’s AMF watchdog has given Coinbase a virtual asset service provider approval, a green light for the company to operate digital currency services in the country. Registration will allow Coinbase to offer retail, institutional and ecosystem products to users in France.

Hong Kong Considers Spot Crypto ETF

Hong Kong regulators are open to considering spot crypto ETF applications following expectations that the SEC might soon approve spot bitcoin ETFs in the US. The SFC’s rule update in October widened investor access to spot crypto and ETF investments, and is now ready to accept applications, acknowledging the rapid evolution of virtual assets into mainstream finance.

Sam Altman Promotes Worldcoin Project

OpenAI’s ex-CEO Sam Altman has restated his concept for the crypto project Worldcoin, following reports the company is seeking $50 million in funding. Worldcoin aims to create a global network onto which more than 2 million people have already had their irises scanned in exchange for a digital ID and free tokens.

New Dog, Old Tricks

Similar to prior crypto bull runs, a new dog-themed memecoin has emerged. Just like Shiba-Inu and Dogecoin before it, the value of the newest memecoin Bonk, a new Shiba Inu-themed Solana token, has rapidly increased due to the excitement of Solana’s Saga phone owners being able to claim BONK tokens for free. As Bonk’s hype has waned, another Solana-based memecoin, Dogwifhat, has also surged by 1000% in a month.

That’s what’s happened this week in crypto, see you next week.

🔴Bitcoin ETF is Overhyped? | This Week in Crypto – Dec 18, 2023

https://99bitcoins.com/bitcoin-news-summary-dec-18-2023/


A Ledger library has been compromised, Solana’s phone could pay for itself and influential tech leaders stand behind a new venture. These stories and more, this week in crypto.

Ledger Wallets Compromised

Leading hardware wallet provider, Ledger had its connector library compromised with malicious code. The library is used by various decentralized apps like SushiSwap and Revoke.cash. Although a wallet drainer was added, stealing assets required user action and Ledger addressed the issue promptly. Users are cautioned to halt any transaction immediately if their Ledger device and screen display differ.

Solana Phone Sales Surge

Solana’s smartphone experienced a surge in sales due to the airdrop of the Solana-based meme coin BONK. BONK’s 1000% price hike raises the airdrop’s value for Solana phone users to $877, making it a phone that pays for itself. Co-founder Raj Gokal posted on X that the phone saw a 10x surge in sales, and he expects the phones to sell-out before the new year.

BlackRock’s New Bitcoin ETF Model

BlackRock has revamped its bitcoin ETF filing, changing how Wall Street banks would interact with bitcoin. The new model submitted to the SEC facilitates bank participation without direct bitcoin holdings, using a cash-based redemption instead. The agency has been hesitant to approve a spot bitcoin ETF due to risks of market manipulation, and while many issuers would prefer in-kind redemption, they may just have to settle for the cash redemption model in order to gain approval.

JPMorgan: ETF Optimism is Overhyped

While many investors have rejoiced at Bitcoin’s recent upswing, JPMorgan says the ETF optimism is overhyped. The bank’s analysts say that Bitcoin is already overbought and they believe the importance of US Bitcoin ETF approvals – one of the biggest drivers of Bitcoin’s recent performance, is misplaced. The report says Ether could outperform Bitcoin in 2024 due to its upcoming upgrades.

Tether and Dai Marked as “High Risk”

Credit rating firm S&P Global assessed eight leading stablecoins’ risk, giving Tether and Dai low marks on a new 1 to 5 scale. Unlike their usual ratings, this scale focuses on similar qualities and drawbacks. Tether and Dai received “constrained” 4 scores, while TrueUSD got a “weak” 5. Confidence in stablecoins surged but faltered after last year’s TerraUSD collapse.

Bitcoin NFTs Blacklisted

Bitcoin mining pool Ocean’s decision to blacklist BRC20 token transactions and NFT-related Ordinal inscriptions has sparked quite the ethical debate.  Luke Dashjr, Ocean’s operator, defended the action referring to anti-spam measures introduced in Bitcoin Core 0.90, released in 2014. The congestion on the Bitcoin Network attributed to Ordinals and BRC20 tokens has led to strong reactions on both censorship and economic aspects in 2023.

Sotheby’s Sells its First Bitcoin NFTs

Sotheby’s debut sale of Bitcoin blockchain Ordinal inscriptions raked in $450,000, surpassing estimates fivefold, highlighting there is a huge interest in Bitcoin NFTs. The auction featured three images, with an avocado selling for over $100,000 and a Super Mario-inspired design fetching more than $240,000. Sotheby’s plans to continue these sales.

”Network States” Funded by Tech Billionaires

The Balaji Fund, led by tech figure Balaji Srinivasan, aims to build “Network States” through startups focused on societies to create alternative online communities. The venture is backed by influential tech leaders like Coinbase’s Brian Armstrong, AngelList’s Naval Ravikant, and former Coinbase board member Fred Wilson, highlighting the strong ties to the cryptocurrency sector within the group.

That’s what’s happened this week in crypto, see you next week.

🔴Bitcoin Bet Pays Off | This Week in Crypto – Dec 11, 2023

https://99bitcoins.com/bitcoin-news-summary-dec-11-2023/


Elon Musk is roasted for a misquote during Dorsey’s BitKey intro, Coinbase now lets you send money through social media and there is a bug fix which could eliminate Bitcoin’s most pressing problem, but at what cost?! These stories and more, this week in crypto.

Bitcoin Surged on Rate Rumors

As rumors spread that the Fed might lower borrowing rates, Bitcoin surged to its highest value in 20 months, marking 17% gains in a single week. Gold’s price also hit a record high, and with lower yields for US treasuries, the crypto sector rose with broader investor enthusiasm for stocks and other risk-on assets. Among altcoins, Cardano’s ADA price surged this week as it entered the top 10 in terms of Total Value Locked, or TVL, which is an important indicator for engagement and interest for a DeFi ecosystem.

Elon Musk Swings and Misses

Elon Musk sparked attention by commenting on Jack Dorsey’s new Bitcoin wallet, Bitkey. Dorsey unveiled the self-custody hardware wallet, which is available for preorder in 95 countries. Musk’s misquote, saying “Not your keys, not your wallet,” triggered widespread correction by the crypto community. The correct phrase is “not your keys, not your coins,” which emphasizes the risk of trusting third parties in managing funds.

Send Crypto Over Social Media

Coinbase Wallet introduced easier and faster money transfers using shared links across social media platforms. Users from WhatsApp, iMessage, and Telegram; as well as social media apps like Instagram, Snapchat and TikTok can now send funds globally for free through Coinbase Wallet simply by sharing a link, simplifying transactions among friends and family.

El Salvador’s Bitcoin Bet Pays Off

El Salvador’s President Nayib Bukele celebrated the country’s Bitcoin investment, as the portfolio is now at a profit of over $3.6 million. Bukele rejected media criticism, unveiling a ‘Freedom Visa’ program offering Salvadoran citizenship for a $1 million equivalent investment in Bitcoin or Tether, aiming to further enhance economic prospects in the country.

Robinhood’s Crypto Expansion

Popular U.S. trading app Robinhood introduced crypto trading for EU customers, citing the region’s robust crypto regulations as the reason for expansion, in contrast to the US, where there is intense scrutiny over the crypto sector. European users can now trade in more than 25 cryptocurrencies, including bitcoin and Ethereum free of commissions.

JPMorgan CEO Attacks Crypto – Again

JPMorgan Chase CEO Jamie Dimon stirred controversy by criticizing the rising crypto market during a U.S. Congressional hearing, going so far as to advocate for “shutting it down”. Dimon, who previously branded Bitcoin as a fraud and pet rock, reiterated his negative stance despite the ongoing price surge, while his bank continues to support crypto ventures – firmly solidifying his place on the fiat defector list.

Swiss Crypto Adoption on the Rise

The city of Lugano in Switzerland now allows Bitcoin and USDT for tax and service payments in  collaboration with Tether to revamp financial infrastructure using Bitcoin technology. Bitcoin Suisse streamlines bill payments for residents and businesses, reflecting a growing trend among Swiss municipalities, to offer crypto payments alongside traditional methods.

Bug Fix to End Bitcoin Ordinals

A Bitcoin Core developer revealed a bug fix could eliminate Bitcoin Ordinals and BRC-20 tokens that are causing network congestion. Luke Dashjr highlighted that the tokens are exploiting a vulnerability on the Bitcoin Core network, and he proposes a fix to cease their operation while preserving existing inscriptions. Implementation of the patch could impact the over 46 million inscriptions on the Bitcoin blockchain.

That’s what’s happened this week in crypto, see you next week.

🔴Crypto Spring is Here? | This Week in Crypto – Dec 4, 2023

https://99bitcoins.com/bitcoin-news-summary-dec-4-2023/


Altcoin season has officially started; crypto stocks, like MicroStrategy and Coinbase are also booming and one bank expects a massive bitcoin price increase much sooner than they originally thought. These stories and more, this week in crypto.

Altcoins Outperform Bitcoin

Bitcoin touched $39000 this week, its highest price since April 2022, but explosive gains for many altcoins outperforming BTC prompted calls of an altcoin season. AVAX, the native token of the Avalanche blockchain, surged 97% as JPMorgan is testing asset tokenization on its network. Beyond AVAX, Helium, Blur and Rune were among the best performing altcoins, doubling in value in just one month.

Reddit’s MOON Token on the Rise

Social platform Reddit has reached a major milestone by completing the decentralization of its MOON token. By relinquishing control of the distribution contract, the supply of MOON coins is capped, and it ensures that no further modifications can be made to that contract, establishing MOON as a fully decentralized entity. The price of Reddit’s coin reacted positively to the news, trading 150% higher than just a month ago.

MicroStrategy Doubles Down on BTC

Microstrategy, the largest corporate holder of bitcoin, bought around 16,000 bitcoins in November, worth about $600 million, thereby increasing its holdings by 10 percent. The software firm now holds 175,000 bitcoins bought at an average price of about $30,000 per coin and the November purchase marks an acceleration in the firm’s bitcoin buying activities.

Coinbase Stock Triples

Coinbase’s shares surged 62% this month, showcasing Wall Street’s renewed trust in the top US crypto exchange. Amid Binance’s legal issues, investors anticipate increased activity for Coinbase, contributing to the stock’s threefold rise in 2023. Analysts say that Coinbase is in its best position since going public, having survived the industry shake out over the past couple of years.

FTX to Sell Grayscale Assets

FTX received approval in bankruptcy court to sell its $744M in investments in Grayscale trusts to raise money and repay creditors, who are owed billions of dollars. Since FTX filed for bankruptcy last year amid fraud allegations, the company’s advisers have been untangling a complex web of debt owed to various creditors. So far $7 billion in assets have been recovered.

Another Superstar Sued for Endorsing NFTs

Cristiano Ronaldo faces a $1 billion class action lawsuit over the promotion of his NFT collection on Binance. The collection featured animated statues depicting key moments in the star footballer’s life, with some NFTs selling for up to $10,000. Plaintiffs in the case now claim Ronaldo’s endorsement led to costly and risky investments, accusing him of making deceptive statements in connection to Binance promotions.

AI-related Crypto Tokens Rally

AI-related cryptocurrencies surged by $2 billion in less than two weeks, with top tokens experiencing significant gains. Notably, Bittensor’s TAO token soared 86% in the last couple of weeks, notable for its blockchain-based machine learning network. The FET token of Fetch.AI, which specializes in AI-powered data solutions climbed 46%, while Covalent, which offers unified blockchain data access, saw its CQT token gain 42%.

Standard Chartered: Crypto Spring is Here

Standard Chartered Bank has revised its $100,000 Bitcoin forecast to occur before the halving, citing increased optimism due to the anticipated introduction of U.S. spot Bitcoin ETFs. Geoff Kendrick, the bank’s head of crypto research, referred to a crypto spring, and highlighted Bitcoin’s dominance and miner hoarding as driving factors for its surging value.

That’s what’s happened this week in crypto, see you next week.

🔴Binance Crisis – The Aftermath | This Week in Crypto – Nov 27, 2023

https://99bitcoins.com/bitcoin-news-summary-nov-27-2023/


CZ and Binance plead guilty, agreeing to billions in fines; Kraken faces yet another new lawsuit, and a bitcoin transaction fee for how much?! These stories and more, this week in crypto.

Binance and CEO CZ Plead Guilty

The U.S. Department of Justice has agreed to a settlement with Binance after it pleaded guilty to money laundering charges, unlicensed money transmitting and sanctions violations. As part of the settlement, Binance has agreed to pay $4.3 billion in fines. Changpeng Zhao has stepped down as CEO of the exchange and is facing up to 10 years in prison.

Bitcoin Responds to Binance News

After a volatile week, crypto markets have resolved to the upside, showing strength in the trend. Confirmation of the news of Binance’s guilty plea and $4.3 billion fine briefly shook markets, including a rapid 6% drop for Bitcoin; but within 24 hours, BTC had regained its footing and continued higher to record a net gain for the week.

Binance Settlement – Good News for Crypto

Investment bank, JPMorgan says the results from the Binance case will benefit the crypto sector as the settlement all but eliminates the potential systemic risk from a hypothetical Binance collapse. In addition, many industry commentators believe Binance’s settlement with the United States to be the final hurdle in the path toward spot Bitcoin ETF approvals.

Kraken Faces Major Lawsuit

Major crypto exchange Kraken, faces an SEC lawsuit for operating as an unregistered securities exchange. In a blog post response, Kraken says it plans to defend its stance. Clashing with the SEC’s push for federal oversight, Kraken stated “Congressional action by elected lawmakers, not agency enforcement, is the right path to creating new law…”. Kraken’s former CEO Jesse Powell warned other crypto firms that if they can’t afford a $100M lawsuit, they better get out of the U.S.

Tether Collaborates with US Secret Service

USDT issuer, Tether, has frozen $225 million worth of its stablecoin linked to a human trafficking group in Southeast Asia. Acting on a U.S. Secret Service request, Tether cooperated in a months-long investigation with the DOJ and OKX exchange, where the frozen tokens were associated with an international human trafficking syndicate involved in a global romance scam.

Millions Stolen in Crypto Bridge Hack

An estimated $115 million so far has been stolen by hackers who exploited two cryptocurrency platforms linked to high-profile entrepreneur Justin Sun. HTX, formerly known as Huobi, was targeted by hackers who stole $30 million worth of crypto and Heco Chain suffered $85 million in theft. HBTC’s native token dropped over 5% within 24 hours of the hack’s disclosure.

Secret Crypto Mines Exposed

Forbes has uncovered Bhutan’s secret bitcoin mining sites using satellite images, revealing state-owned operations in multiple cities and one on a former failed educational project site. The government agency overseeing Bhutan’s crypto ventures didn’t disclose details but confirmed their existence. The mining operations, crucial for Bhutan amid declining revenues, remain somewhat clandestine, raising questions about their financial impact and future.

Bitcoin User Pays Millions in Fee

On-chain data has revealed a staggering incident where a bitcoin user inadvertently paid a fee of 83.65 BTC, amounting to a costly mistake of $3.1 million, for a single transaction. The mistake occurred in a block mined by Antpool, marking the highest fee ever recorded on the Bitcoin blockchain. The resolution for the user’s error remains unclear.

That’s what’s happened this week in crypto, see you next week.

🔴 Fake Tweet Shocks Market | This Week in Crypto – Nov 20, 2023

https://99bitcoins.com/bitcoin-news-summary-nov-20-2023/


A stablecoin invests into crypto mining, a fake tweet moves markets again, and a Binance client executive is kidnapped and robbed! These stories and more, this week in crypto.

Stablecoin Moves into Bitcoin Mining

Leading stablecoin issuer Tether is investing $500 million into bitcoin mining operations aiming to become one of the largest miners in the world. The firm is building mining facilities in South and Central America with the ambitious plan to contribute 1% of Bitcoin’s total network computing power. Tether disclosed a $3 billion cash surplus in its recent attestation report.

Bitcoin ETF Decisions Face Delays

Amid heightened anticipation of approvals, the US SEC has postponed decisions on spot bitcoin ETF applications yet again. The postponements affect ETF applications from Hashdex, Global X, and Franklin Templeton. Grayscale’s ether ETF application was also delayed. The deadline on Franklin Templeton was supposed to have been November 17th, and Global X for the 21st; but with these new delays, we probably won’t see any decisions come down before the end of the year.

Fake Tweet Shocks Market

XRP surged 12% in 25 minutes after a fake tweet hinted at a BlackRock XRP ETF filing, causing prices to swiftly revert, and leading to the liquidation of $5 million in leveraged trades. Despite volatility, optimism persists for XRP as Ripple’s legal developments and cross-border partnerships intrigue the crypto community. Meanwhile, BlackRock has officially filed for a spot Ether ETF this week naming Coinbase as its custodian as was anticipated by the market based on prior filings.

Token Plunges as OpenAI CEO Ousted

Following an announcement by ChatGPT creator OpenAI, that Sam Altman has been ousted as CEO, Worldcoin, a $200million crypto project backed by Altman, experienced a 13% drop in its token price. In an open letter addressed to the public, OpenAI revealed that its board has reached a consensus that it no longer has confidence in Altman’s ability to continue leading OpenAI.

Pension Fund Invests in Coinbase

US regulatory filings revealed that the National Pension Service of South Korea purchased Coinbase shares valued at $20 million during the third quarter, marking its inaugural move into cryptocurrency. South Korea’s public pension fund is the third-largest in the world and covers both Korean citizens and foreign residents in the country.

High Profile Lending Protocol Rebrands

The high profile lending protocol, Aave, is rebranding to Avara, as announced by founder Stani Kulechov. Avara also shared its strategic acquisition of Los Feliz Engineering, the team behind Ethereum crypto wallet, Family. Aave holds nearly $8.7 billion in liquidity across eight networks, including Ethereum, Avalanche, Optimism, and Polygon.

Disney and Star Wars NFTs

Dapper Labs has unveiled the waitlist for Disney Pinnacle, an NFT platform that promises to transform the traditional pin-collecting hobby into a digital experience featuring Disney, Pixar and Star Wars characters. Dapper Labs is known for its successful NBA Top Shots collection that saw NFTs cross over into mainstream in 2021.

Binance Intervenes on Kidnapping and Robbery

Executives of a Binance-affiliated client were kidnapped in Montenegro and forced into a $12.5 million crypto theft, but Binance managed to freeze $11.8 million of the stolen funds traced to  a Tron wallet. Changpeng Zhao, CEO of Binance highlighted the need for balance in preventing such confiscations, and while praised for swift action, Binance faces continued scrutiny from regulators.

That’s what’s happened this week in crypto, see you next week.

🔴 The Next Big Coin? | This Week in Crypto – Nov 6, 2023

https://99bitcoins.com/bitcoin-news-summary-nov-6-2023/


Sam Bankman-Fried found guilty on all counts, bitcoin bull Cathie Wood raises deflation concerns, and a global investment manager says there is a digital asset that could see a 100x return. Which one? Stick around. These stories and more, this week in crypto.

SBF Found Guilty on All Counts

Former FTX CEO Sam Bankman-Fried was found guilty on all seven charges brought against him; including wire fraud, securities fraud, and money laundering, in one of the largest financial fraud cases in history. A Manhattan federal court jury convicted him in just five hours on charges that he stole $8 billion from the exchange’s users. SBF now awaits sentencing and faces up to 110 years in prison.

Record Weekly Inflow into Crypto

Digital asset investment products, like Bitcoin futures ETFs have seen the largest weekly inflows since July 2022. The funds brought in $326 million as expectations rose that the US Securities and Exchange Commission is poised to approve a spot Bitcoin exchange traded fund. The largest inflows this week came from Canada, Germany and Switzerland, with the US accounting for 12% of those inflows.

PayPal Receives SEC Subpoena

The US Securities and Exchange Commission has issued a subpoena to PayPal in regards to its dollar-pegged stablecoin, PYUSD. PayPal launched the stablecoin in August and it is fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents. The coin currently has a market capitalization of around $150 million.

Plans for X Revealed

Elon Musk revealed his plans to transform his social media platform, X into a comprehensive financial hub. Musk aims to introduce new financial services next year, envisioning a platform that encompasses every aspect of users’ financial lives, including money and securities. Musk didn’t specify the involvement of blockchain, but said that with X, you won’t need a bank account.

Hong Kong’s Crypto Vision in Progress

Visa, HSBC, and Hang Seng Bank achieved a milestone with their Digital Hong Kong Dollar pilot program, delivering faster payments, enhanced risk management, and improved transaction transparency. Hong Kong’s Financial Secretary said that the recent ​​JPEX scandal, that involved 2500 citizens being defrauded of $165 million will not hurt the city’s long term crypto vision.

Argentina Utilizes Energy to Mine Bitcoin

Argentina is considering the idea of merging bitcoin and energy management aligning with an emerging global trend. Sergio Massa, Argentine presidential candidate, proposes utilizing the abundant natural gas in Vaca Muerta to fuel bitcoin mining machines. The plan seeks to repurpose excess gas which is currently wasted, into electricity to power bitcoin mining operations.

Cathie Wood: Bitcoin is the New Hedge

Ark Invest head Cathie Wood believes deflation could be a bigger threat than inflation but that Bitcoin can serve as a hedge against both. When asked about her choice for the next 10 years—gold, cash, or Bitcoin—Wood firmly chooses Bitcoin, saying gold already has its demand, while Bitcoin is new and digital, saying that younger generations would prefer to hold Bitcoin than gold.

VanEck Predicts 10,600% Solana Price Increase by 2030

Solana’s native SOL token surged over 30%, as it gained attention from large asset management firms. Global investment manager VanEck presented various price scenarios, from a conservative $9 to a bold $3,200, implying a potential 10,600% price increase by 2030. The report explores the possibility of Solana accommodating applications with over 100 million users in the next few years.

That’s what’s happened this week in crypto, see you next week.

🔴 Extreme Greed Hits Crypto | This Week in Crypto – Oct 30, 2023

https://99bitcoins.com/bitcoin-news-summary-oct-30-2023/


Extreme greed props up the crypto market, Sam Bankman-Fried takes the stand, and Binance woes take a big bite of its founder’s net worth. But how much? Stick around. These stories and more, this week in crypto.

Bitcoin at 18 Month High

Optimism driven by anticipation of a spot ETF lifted Bitcoin to its highest levels since May of last year, with a remarkable 14% daily gain. At the same time, the Crypto Fear & Greed Index, which gauges market sentiment also reached its highest level since Bitcoin’s all-time high in November 2021. Higher numbers in this index reflect overall market greed.

Bitcoin ETF Ticker Disappeared

The ticker for BlackRock’s spot Bitcoin ETF, IBTC, disappeared and then reappeared on the Depository Trust and Clearing Corporation’s website, causing a sudden 3% drop in Bitcoin’s price. The attention surrounding spot ETFs is so keen that the DTCC website crashed. One senior ETF analyst quipped that the heightened attention speaks to the uniqueness and intensity of this entire ETF saga.

SBF Testifies Privately in FTX Trial

Former FTX CEO Sam Bankman-Fried testified privately to the judge to determine which parts of his testimony can be put to the jury. The 31-year-old faces charges of deceiving investors and manipulating evidence. Bankman-Fried defended his questionable decisions like setting up some group chats to be deleted automatically saying this complied with record keeping policies set up by his legal team.

SEC Crypto Enforcement Total Revealed

SEC Chair Gary Gensler disclosed that the agency’s enforcement actions this year have led to $5 billion in judgments and orders. Gensler specifically called the crypto industry “noncompliant” saying he “won’t even name all the individuals” they have charged. In 2023, the SEC initiated over 780 enforcement actions, and as part of that $5 billion in judgments, $930 million was returned to affected investors.

Turkey Plans Crypto Framework

Turkey’s Presidential Annual Program for 2024 sets a goal to establish crypto regulations, including plans for defining crypto assets, laying a foundation for rules on their future taxation. The plan also aims to give legal definitions for crypto providers, like exchanges. Significant crypto interest in the country has been driven by the Turkish lira’s ongoing inflation crisis. A 2022 study revealed that Turkey is the world’s second leading nation in terms of crypto-related search requests, with 5 and a half % of its population making such inquiries.

Biggest Australian Money Laundering Operation Caught

An Australian money transmitter business, Changjiang Currency Exchange has been under investigation for laundering a suspected $145 million dollars. A police operation 300-strong spanning major cities like Melbourne, Sydney and Brisbane, led to the arrest of four Chinese nationals and three Australians after a 14-month investigation. Police say that the exchange helped launder dirty funds and tainted cryptocurrency from investment scams and unregistered crypto exchanges.

Binance Founder Lost Billions in 2023

The Bloomberg Billionaires Index reduced Binance’s revenue estimate by 38% due to declining volumes, leading to a whopping $12 billion drop in foundAer Changpeng Zhao’s net worth. Binance once held a substantial market share, peaking at 62% during a zero-fee promotion for top trading pairs, but after the promo ended, its market share fell to 51%.

That’s what’s happened this week in crypto, see you next week.

🔴 Crypto Market Overreact?! | This Week in Crypto – Oct 23, 2023

https://99bitcoins.com/bitcoin-news-summary-oct-23-2023/


ETF hype sends markets on a rollercoaster, Binance is making changes in Europe and did an FTX prosecutor really reference Dumb and Dumber?! These stories and more, this week in crypto.

Bitcoin Tests $30,000 On ETF Momentum

Bitcoin’s price tested the $30,000 mark twice this week with growing anticipation of a long-awaited Bitcoin spot ETF. Ethereum and the broader altcoin market also trended higher. Even though a published report that a spot ETF had been approved was later retracted, several large market participants this week expressed their confidence in an eventual US spot Bitcoin ETF approval.

News Error Causes $100M Losses

Nearly $100 million were liquidated in an hour after erroneous reports of an approved spot Bitcoin ETF sent the currency’s price soaring just before a hasty correction. Posted on X, Cointelegraph’s account posted that the SEC had approved a Bitcoin ETF, but that report turned out to be premature. An internal investigation revealed that the report was published before meeting Cointelegraph’s social media protocol and only on the basis of an unconfirmed Telegram message.

Crypto Market Unite on Bitcoin ETF

Market players reiterated their expectations about a spot Bitcoin ETF. Coinbase’s chief legal officer Paul Grewal said it’s likely now that the SEC will approve an ETF soon. Grewal highlighted the fact that the regulator could not block Grayscale in court from converting its GBTC bitcoin fund into an ETF. Investment bank, JPMorgan confirmed in a report to investors that they expect an ETF approval before January 10, which is the final deadline for the Ark 21Shares applications. And BlackRock ETF insider Anthony Scaramucci went even further, saying the ETF approval will drive Bitcoin’s price up to $330,000.

Top US Crypto Firms Named in $1Bn Fraud Lawsuit

US prosecutors have accused three high-profile cryptocurrency firms of defrauding investors of more than $1bn. Prosecutors say that US exchange Gemini lied to customers about the risks of an investment account that paid high interest rates on crypto. Genesis, a crypto lender, and its parent company Digital Currency Group which were also involved in the program are now facing charges as well.

Binance Making Changes to European Services

Binance’s Visa debit card services will close down in the European Economic Area in December as Binance’s card issuer, Contis Financial Services will stop issuing the card. The crypto exchange also announced that it’s introducing new fiat partners to provide euro services after Binance’s European provider, Paysafe ceased its support in September.

US Crackdown on Crypto Mixers

The US has stepped up its crackdown on illicit crypto activity, with a focus on crypto mixing services. The Treasury department is planning to force more transparency on trades that pass through crypto mixers to combat money laundering and national security risks by curbing the use of digital tokens for financing sanctioned groups like Hamas.

Ferrari Accepts Crypto in the US

Ferrari now accepts cryptocurrency for its luxury cars in the US and intends to extend that plan into Europe. Ferrari said the decision came in response to demand from the market and requests from dealers as many of its clients have invested in crypto. Customers can use Bitcoin, USDC, and Ether to make Ferrari car purchases.

FTX Trial Is Getting Out of Control

Social media excitement surrounding Sam Bankman-Fried’s trial is unleashing a hyper-online horde of crypto obsessives and self proclaimed “degenerates,”. Reporters have to compete for seats in the courtroom everyday with crypto influencers and online personalities. In one quirky moment, prosecutors likened the defense’s argument to a scene from the movie “Dumb and Dumber,” where one character claims that IOUs, well…”that’s just as good as money, sir.”

That’s what’s happened this week in crypto, see you next week.

🔴 Insane ETH Price Prediction | This Week in Crypto – Oct 16, 2023

https://99bitcoins.com/bitcoin-news-summary-oct-16-2023/


Crypto AI plugins and new hardware wallets hit the market, Caroline Ellison takes the stand in the Bankman-Fried trial, and a major investment bank says one digital asset could 5X in 2 years? Which one? Stick around. These stories and more, this week in crypto.

Trezor Launches New Crypto Devices

Leading crypto wallet manufacturer Trezor is celebrating its 10th birthday by launching new products, including Trezor Safe 3, a new cold storage wallet supporting more than 7,000 cryptocurrencies, designed specifically for newcomers to digital assets, with a focus on maximum safety and ease of use. In addition, Trezor also unveiled the Trezor Keep Metal, a mistake-proof backup solution for wallet passwords.

SBF’s Ex-Girlfriend Testifies

Caroline Ellison, the ex-girlfriend and former colleague of FTX founder Sam Bankman-Fried, testified in court, saying he “directed” her to take $14Bn in customer money to repay Alameda lenders. Bankman-Fried is facing charges of fraud and money laundering and Ellison’s testimony emphasizing his role in setting up the systems that allowed these transactions is making a crucial point in the ongoing trial.

CMC Introduces AI Crypto Analyst

Binance owned crypto data aggregator CoinMarketCap introduced a plugin for AI chatbot ChatGPT to be used as a crypto analyst. Users with a ChatGPT Plus account can access the plugin for free, enabling them to ask crypto-related questions and get real-time data from CoinMarketCap, making it a valuable resource for both desktop and mobile users.

Big Banks Using Blockchain

JPMorgan Chase initiated its first blockchain collateral settlement through the Tokenized Collateral Network (TCN). BlackRock used the blockchain network to convert fund shares into tokens, which were then sent to Barclays as collateral for a derivatives trade. The network enabled nearly instant collateral transfers, significantly enhancing efficiency and freeing up previously locked capital for this purpose.

Hamas Crypto Funds Frozen

The Cyber Unit of the Israeli police force announced it had worked in collaboration with Binance and managed to freeze multiple cryptocurrency accounts tied to Hamas which utilized cryptocurrency to raise funds while evading international sanctions. The frozen accounts are estimated to be worth tens of millions of dollars.

FTX Thief Cashes Out Millions

An unidentified thief who stole over $470 million in cryptocurrency during FTX’s crash, is currently liquidating their stash, at a pace of about $20 million a day, while the exchange’s founder, Sam Bankman-Fried is on trial. The theft, which happened on the day FTX collapsed, remains shrouded in mystery, raising suspicions of potential insider involvement.

Bitmain Suspended Salaries

Bitmain, leading manufacturer of ASIC miners, has temporarily suspended employee salary payments for September and cut all “bonuses and incentives” for its staff. The company is facing financial difficulties due to lack of positive cash flow for September and a decline in orders for new ASICs.

Major Bank Predicts Ether to Rise 500%

Global bank, Standard Chartered predicts Ethereum’s value could increase over fivefold by 2026. Geoff Kendrick, head of digital asset research, said Ether could reach $8,000 per token in the next two years due to its expanding use in blockchain gaming and traditional asset tokenization. The bank sees the $8,000 mark as a stepping stone to a long-term valuation estimate of between $26,000-$35,000.

🔴 Crypto Rally Goes Bust | This Week in Crypto – Sep 4, 2023

https://99bitcoins.com/bitcoin-news-summary-sep-4-2023/


Elon Musk’s X acquires a crypto license, Robinhood buys back its shares from Sam Bankman-Fried and a crypto streamer exposes his private key during a livestream. You can guess what happened next. These stories and more, this week in crypto.

Gains Erased on Regulatory Decisions

Bitcoin and other major cryptocurrencies experienced a rollercoaster of high volatility this week. An encouraging court decision launched the market on Tuesday, but on Thursday, the SEC released news that brought it back to earth, erasing the gains from earlier in the week. The market as a whole recorded a red candle for August, with Bitcoin down nearly 11% at month’s end.

Grayscale Decision Sends Bitcoin Rallying

The rollercoaster ride began on Tuesday, when Bitcoin’s price jumped on the news of a court ruling in favor of Grayscale Investments’s Bitcoin trust. A federal Court of Appeals overturned the SEC’s decision to reject Grayscale’s proposal to convert the trust to a spot Bitcoin ETF, unanimously repudiating the agency’s arguments for the denial. GBTC’s share price saw a 21% rally on the news, outpacing even Bitcoin’s gain of nearly 7%.

SEC Delays Bitcoin ETF Decisions

Following Tuesday’s ruling though, The SEC chose to delay its decision on all of its pending spot Bitcoin ETF applications, causing a rapid downturn in the crypto market. The SEC said it needs a “longer period” to evaluate the applications by BlackRock, Wisdom Tree Funds, Invesco, Galaxy Digital, and Valkyrie Funds and now has until the 17th of October to approve or reject those applications.

X Obtains Crypto Licenses

X’s payment branch, Twitter Payments has obtained US licenses to store, transfer, and exchange crypto on behalf of its users. Elon Musk has previously stated that he wants to turn X into the “everything app,” promising that the platform will add comprehensive communications features and will be able to conduct your entire financial world.

Robinhood Buys Back SBF’s Shares

Robinhood has agreed to buy back Sam Bankman-Fried’s stake in the company for $600 million. The 55 million Robinhood shares were owned by Bankman-Fried and FTX co-founder Gary Wang. The repurchase agreement was approved by a US court this week. Robinhood shares climbed around 3% on the news.

Binance Launches Remittance Service in LatAm

Binance has launched its new ‘Send Cash’ remittance service in Latin America that aims to ease the burden for people who wish to send funds to friends and family in the region. Users in 9 countries including Colombia, Argentina, Paraguay and Mexico – will be able to send funds directly to bank accounts without the cost of having to employ third party intermediaries.

US Judge: ETH is a Commodity

A US District judge has called Ether a commodity while throwing out a lawsuit against decentralized exchange, Uniswap. Judge Katherine Polk Failla made the distinction between securities and commodities part of her reasoning for dismissing the case, negating the argument that Uniswap’s token sales were subject to the Exchange Act.

Crypto Streamer Exposes Private Key

Ivan Bianco, better known as Brazilian crypto streamer Fraternidade Crypto exposed his private key during a live stream while attempting to access his game passwords, which were unfortunately stored in the same file as his MetaMask wallet’s seed phrase. Bianco quickly closed the livestream and tried to move the funds to a different wallet, but it was too late: a viewer had already gained access and stole 86,000 MATIC tokens, worth nearly $50,000 at the time.

That’s what’s happened this week in crypto, see you next week.

🔴 Crypto Enters E-Commerce | This Week in Crypto – Aug 28, 2023

https://99bitcoins.com/bitcoin-news-summary-aug-28-2023/



Pantera Capital predicts a price for Bitcoin, Binance’s traditional finance partners head for the exits, and are North Korean hackers cashing out millions in stolen crypto? These stories and more, this week in crypto.

Bitcoin’s Most Oversold Level Since Covid Crash

After falling by over 10%, technical indicators show Bitcoin as being extremely oversold as investors preferred increased bond yields over risk-on assets. Bitcoin’s relative strength index, or RSI, dropped below 30, its lowest level since the Covid crash in March 2020. A reading below 30 implies that the price has dropped too quickly relative to its recent average.

Pantera Capital Revealed BTC Price Prediction

Hedge fund manager Pantera Capital predicts Bitcoin to reach $35,000 before next year’s halving event, and eventually rally to $148,000 in 2025 – if history were to repeat itself. In a letter to investors, Pantera mapped out its prediction based on the length and gains of prior pre and post halving rallies, and that after the recent 15-month span of year-over-year negative returns, the longest in Bitcoin’s history, the letter states

“Our view is that we’ve seen enough – there’s just so long markets can be down.”

Binance Is Cutting Ties with TradFi Partners

Binance.US is now using payment startup, MoonPay, a fiat-crypto payment gateway, to facilitate dollar payments solutions. Customers of the exchange had been unable to deposit or withdraw dollars for over a month, as Binance struggled to find willing banking partners. Meanwhile Mastercard is ending four Binance crypto card programs in Argentina, Brazil, Colombia and Bahrain in the later part of September.

First NFT Insider-Trading Case at OpenSea

A former Head of Product at OpenSea received a three month prison sentence for making tens of thousands of dollars through insider trading. Nathaniel Chastain was a product manager who handpicked NFTs to be featured on the homepage which lifted the prices while also trading those NFTs, for a profit of nearly $57,000. Prosecutors sought a 2-year term, but the judge reduced it due to the modesty of the gains.

Thailand Threatens to Shut Down Facebook Over Crypto Scams

The Thai government threatened Meta with the shutdown of Facebook over crypto scams. Thailand’s digital minister said he would seek a court order if no action is taken by the platform against such scams, which allegedly duped over 200,000 people in the country. Popular tactics used by the scammers included crypto fraud ads with celebrity images and investment promises.

Shopify Merchants to Accept USDC Payments

Shopify will soon allow merchants to accept USDC using Solana Pay. In as much as Shopify accounts for 10% of US e-commerce, or $444Bn, this move could reshape the sector, fueling crypto payments and stablecoin adoption. The company’s Web3 expansion includes blockchain commerce tools and features to help merchants build tokengating applications.

Cayman Islands Golden Visas with BTC Loans

Ledn, a financial services firm, is enabling crypto users to secure golden visas by investing in  real estate in the Cayman Islands. Ledn lets Bitcoin holders use BTC as collateral for island real estate investments through its partnership with local real estate agency, Parallel. Think you’d like the island life? $2.4M in real estate investments offers permanent residency in the Caymans.

North Korean Hackers Ready to Cash Out Crypto

The FBI believes that North Korean hackers are preparing to cash out millions of dollars in crypto that they stole through a series of high-profile attacks. The FBI tracked bitcoin worth more than $40 million stolen by the Lazarus Group to six Bitcoin addresses and have asked crypto organizations to examine related blockchain data.

That’s what’s happened this week in crypto, see you next week.

🔴 Huge News For Ether | This Week in Crypto – Sep 11, 2023

https://99bitcoins.com/bitcoin-news-summary-sep-11-2023/


The first spot Ether ETF application is submitted in the U.S. Google allows NFT advertising, and a mom gets community service for Crypto.com’s mistake?! These stories and more, this week in crypto.

Spot Ether ETF Submitted in the U.S.

Cathie Wood’s Ark Invest, in partnership with 21Shares, seeks to launch the first spot Ethereum ETF in the United States. The application submitted to the SEC named Coinbase as custodian, meaning the crypto exchange would hold the Ether backing the ETF shares. If approved, the fund would trade on the Cboe BZX Exchange.

Google Allows NFT Game Ads

Google has updated its cryptocurrency advertising policy to allow for blockchain-based NFT gaming advertisements. As long as the ads do not promote gambling, Google now permits the promotion of NFT games that allow players to purchase in-game items, like virtual apparel for a player’s characters, weaponry, or armor used in a game to enhance a user’s experience.

Kraken Expands Offerings

Leading US exchange Kraken is expanding its services in the United Kingdom through Crypto Facilities Ltd., a company Kraken acquired in 2019. Crypto Facilities offers crypto derivatives for institutional investors, and is now seeking permission to offer asset custody services for a broader range of clients. Kraken also this week rolled out support for PayPal deposits on its mobile app in the UK and Europe.

Thodex Founder Sentenced to 11,196 Years

Faruk Fatih Özer, founder of Turkey’s defunct Thodex crypto exchange, has received a staggering 11,196-year prison sentence, along with a $5 million judicial fine. Thodex, once a major exchange in Turkey, abruptly shut down in April 2021, leaving 400,000 customers with inaccessible deposits totaling $2 billion. Özer fled to Albania but was captured by Interpol last August.

Texas Paid Bitcoin Miner Millions

Bitcoin miners in Texas are temporarily halting operations to alleviate the state’s power crisis. One of the larger mining firms, Riot Platforms, received $31 million in energy credits from the Electric Reliability Council of Texas (ERCOT) in August for agreeing to reduce its energy consumption. This additional revenue stream significantly offsets their mining costs, positioning Riot as one of the industry’s most cost-efficient bitcoin producers.

Fair Value Accounting Is Coming to Bitcoin

The Financial Accounting Standards Board has approved new accounting rules for corporations holding or investing in digital assets. The new rules, set to take effect in 2025, will require companies to report digital asset holdings at the more up-to-date fair value, rather than at historical value, as is the current standard. One of the largest corporate holders of Bitcoin is Michael Saylor’s Microstrategy, which sees this change as a positive, as back in May, its CFO Andrew Wang wrote to the FASB in support of the original proposal.

G20 Suggested to Contain Crypto Risks

G20 countries were given a list of proposed actions to accommodate digital currencies. The key measures proposed by the IMF and the Financial Stability Board include that crypto assets not be granted official currency status, nor should they be included in central bank holdings due to potential risks of destabilization. The proposal further emphasizes clear tax treatment, international cooperation, and transparency from global stablecoin issuers to protect users and ensure timely redemption.

Australian Mum Sentenced for Cashing $10M

An Australian mother received a 209-day prison sentence and 200 hours of community work for attempting to keep a mistaken $10 million deposit from Crypto.com. She and her boyfriend, who reportedly told her a story that he’d won a crypto.com contest, were accused of spending the funds on property and luxury items. She won’t spend any more time in jail, though, as the sentence amounts to time served before her release on bail last year.

That’s what’s happened this week in crypto, see you next week.

🔴 SEC Declares War on Crypto | This Week in Crypto – Sep 25, 2023

https://99bitcoins.com/bitcoin-news-summary-sep-25-2023/


Binance warns of delisting stablecoins in the EU, an influencer-backed crypto exchange is busted in Hong Kong and you will never guess what you might find in a Venezuelan prison! These stories and more, this week in crypto.

Bitcoin Tops August Mark

Bitcoin extended its rally, climbing above the $27,000 mark for the first time since August. Altcoin markets also ticked upwards with Solana, Bitcoin Cash and Litecoin, rallying as much as 8% in two days. The buying pressure comes with the announcement that the Federal Reserve would pause raising interest rates, encouraging a risk-on appetite for investors.

Binance Might Delist Stablecoins in EU

Binance is warning that stablecoins could all be delisted in Europe next year, unless uncertainties surrounding the EU’s Markets in Crypto Assets regulations can get sorted out. Marina Parthuisot, Head of Legal at Binance France, expressed the concerns during an online hearing hosted by the European Banking Authority, suggesting that if no projects secure approval by the time that MiCA takes effect, Binance could potentially delist all stablecoins in Europe on June 30 of next year.

HK Investigates Crypto Exchange Fraud

Hong Kong police are investigating crypto trading platform JPEX for an alleged $166 million fraud. Eleven individuals, including crypto influencers who backed the exchange, were arrested after 2,000 investors’ complaints. The case is a significant test for Hong Kong, which aspires to be a digital asset hub, especially after the financial regulator disclosed last week that JPEX operated without a license.

SEC: We’re Not Done With Crypto

David Hirsch, the head of the SEC’s crypto enforcement agency made it known that more legal actions are coming to crypto. Despite acknowledging the agency lacks the resources to go after everything, the SEC is already pursuing complex crypto cases in federal courts. Not content to just focus on Coinbase and Binance, Hirsch intends to bring charges against other exchanges and DeFi platforms that breach regulations.

Galaxy Digital Targets Europe

Mike Novogratz’s U.S. based crypto firm, Galaxy Digital aims to expand its presence in Europe, calling it a  “critically important” market. ​​The company has appointed a new regional CEO, Leon Marshall, who will lead Galaxy Digital’s European expansion from London. Marshall said the European Union’s progress on crypto regulations was a crucial factor in the decision for expansion.

FTX Founder’s Parents Sued

The parents of FTX founder Sam Bankman-Fried face a lawsuit over alleged improper receipt of funds from the crypto firm before its collapse. The Bankman-Fried parents received a $10 million cash gift from Alameda Research, and property in the Bahamas worth $16 million. Managers of the bankrupt firm claim the couple held fraudulently transferred millions and ignored misconduct at the company.

Ex-Banker Committed Crypto Fraud

A former Deutsche Bank investment banker, Rashawn Russell pleaded guilty to misappropriating funds, and faces 30 years in prison with one and a half million dollars in restitution. Russell falsely claimed to be a licensed broker and promised high returns from a cryptocurrency fund he purportedly managed. But in fact, he used the funds for gambling and personal expenses while sending fake updates to investors.

Bitcoin Miners Seized in Prison Raid

Venezuelan authorities seized bullets, grenades, rocket launchers and – Bitcoin mining machines during a prison raid this week. In an operation to crack the South American country’s most powerful organized crime group, 11,000 troops were used to raid the Tocorón prison in Aragua state. The prison boasted gang-installed amenities such as a zoo, a pool, gambling rooms, a disco, a baseball field and a restaurant.

That’s what’s happened this week in crypto, see you next week.

🔴 Bitcoin ETF Failed | This Week in Crypto – Jul 3, 2023

https://99bitcoins.com/bitcoin-news-summary-jul-3-2023/


Bitcoin ETF filings fall flat, June sees crypto markets higher with some assets making notable gains, and how many countries are actively exploring a CBDC? These stories and more, this week in crypto.

Altcoins Exceed Bitcoin’s 14% Hike in June

Bitcoin added 14% in the month of June with the overall crypto market making gains as well. A couple of assets making exceptional returns were FTX’s FTT token, which climbed over 124%, and Bitcoin Cash getting attention, hitting a 14-month high while doubling in value.

SEC: Bitcoin ETF Applications are ‘Inadequate’

The SEC stated in a public response that the new spot Bitcoin ETF filings by BlackRock and other institutions are ‘inadequate’. The applications failed to address the SEC’s worries about market manipulation and lacked specific information regarding the Bitcoin spot exchanges that the asset managers intended to partner with.

Fidelity Files New Spot Bitcoin ETF

Asset manager Fidelity is also expected to file with the SEC for a spot bitcoin exchange-traded fund, joining a number of other big money managers. Over the past two weeks, BlackRock, WisdomTree, Invesco, VanEck, and Bitwise have all filed new applications for spot bitcoin ETFs with the U.S. regulator, sending the price of bitcoin to levels not seen in over a year.

Bitcoin Cash Doubles on EDX Markets Listing

Bitcoin Cash more than doubled in value this week, after being offered by EDX Markets, the crypto exchange backed by large asset managers like Fidelity, Charles Schwab and Citadel. The token of the forked Bitcoin network was not named a security in the SEC lawsuits against Coinbase and Binance, which also boosted its price.

MicroStrategy Buys $350M Worth of BTC

MicroStrategy, the world’s largest corporate owner of Bitcoin further increased its investment. During the second quarter, the firm allocated $347 million to acquire 12,333 BTC, bringing their total holdings to 152,333 Bitcoins. The company’s Bitcoin holdings are now worth nearly $4.5 billion, acquired over the years with an average purchase price of just below $30,000 per Bitcoin.

Celsius Allowed to Convert Altcoins

The US Bankruptcy Court has given its approval for Celsius Network, the defunct crypto lending platform, to convert its altcoin holdings into Bitcoin and Ether. Celsius faced bankruptcy in 2022 due to the failure of the Terra ecosystem and its associated tokens, Luna and TerraUSD, leaving creditors in a state of uncertainty.

Binance Is Committed to Compliance

Binance is making an effort to dispel rumors that the crypto industry overall is ‘non-compliant’. The firm detailed Binance’s efforts to work together with international regulators, challenging views that it evades the law. Binance also highlighted that it employs a Compliance team of 750 professionals with diverse backgrounds to be able to address various compliance requirements with authorities all over the globe.

130 Countries Exploring CBDCs

A new study reports that 130 countries are now exploring central bank digital currencies, with almost half in advanced development, pilot or launch stages. Significant progress over the past six months means that all G20 nations except Argentina are now in one of those phases. Those 130 countries represent 98% of the global economy.

That’s what’s happened this week in crypto, see you next week.

 

🔴 Bitcoin Soars on Breaking News | This Week in Crypto – Jun 26, 2023

https://99bitcoins.com/bitcoin-news-summary-jun-26-2023/


Institutions move back into crypto, Binance.US briefly sees a six figure Bitcoin price, and Jerome Powell says crypto is here to stay. These stories and more, this week in crypto.

Bitcoin Hits 12 Months High

Bitcoin hit its highest level in over a year as major financial institutions are signaling moves to embrace crypto. Market sentiment has been high since BlackRock applied for what would be the first ever spot bitcoin ETF in the US. Several similar applications shortly followed from such notable large investors as Invesco, WisdomTree, and Bitwise.

Bitcoin Price Goes Insane on Binance.US

The price of Bitcoin briefly touched a whopping $138,000 on Binance.US as limited liquidity and decreasing market depth have scared away investors after recent regulatory challenges. Meanwhile, Binance.US filed a motion to counter the allegations made by the SEC in its legal battle, denying mishandling of user funds and calling out the regulator for its inconsistent statements.

Spot Bitcoin ETF Moves One Step Closer

The SEC has approved the first leveraged Bitcoin futures ETF in the US. The new ETF is the first of its kind, doubling investor exposure by leveraging half of the cost of its invested contracts. The move could signal that we’re a step closer to an eagerly awaited spot Bitcoin ETF approval. The new ETF is scheduled to launch on CBOE on Tuesday.

New Crypto Exchange Backed by Wall Street

A new crypto exchange, EDX Markets has launched with support from such Wall Street giants as Charles Schwab, Citadel Securities, Fidelity, and Sequoia Capital. Acting as a noncustodial exchange, it allows firms to execute crypto trades while using the platform to agree on prices without directly handling customer crypto. A clearing house for settlement is planned for later this year.

Deutsche Bank Files for Crypto Custody

Deutsche Bank filed an application with Germany’s Federal Financial Supervisory Authority to obtain a license for providing digital asset custody services. The bank confirmed that they are building their digital assets and custody business. If approved, the license will allow the German lender to offer secure storage and management of digital assets on behalf of institutional and individual investors.

Do Kwon Gets 4 Months in Prison

Do Kwon, the founder of crashed stablecoin, TerraUSD, was sentenced to four months in prison by a Montenegro court for forging travel documents. The sentence includes the 85 days he has already spent in detention after he was arrested at the airport. Kwon’s next steps are uncertain as both the US and South Korea both seek his extradition for fraud charges.

Stablecoin Laws To Be Approved by UK

The UK’s Financial Services and Markets Bill that specifies crypto as a regulated activity and stablecoins as a means of payment has been approved by the UK Parliament’s upper house, allowing it to proceed to its final stages. Spanning over 340 pages, the wide-ranging bill was introduced to take advantage of Brexit freedoms and to give regulators more power in the sector.

Powell Says Crypto is Here to Stay

US Federal Reserve Chair, Jerome Powell, said crypto has staying power as an asset class. Testifying before lawmakers, he further added that they see stablecoins as a form of money. Powell indicated that inflation has a long way to go before falling to the Fed’s mandated goal of 2 percent, but that the central bank’s policy is likely to adjust as inflation tapers down.

That’s what’s happened this week in crypto, see you next week.

🔴 Tech Giants Adopt Crypto | This Week in Crypto – Aug 14, 2023

https://99bitcoins.com/bitcoin-news-summary-aug-14-2023/


PayPal launches its own stablecoin, Bankman-Fried is back behind bars, and does being scammed make you a better trader? These stories and more, this week in crypto.

PayPal Launches Dollar-backed Stablecoin

Payments giant PayPal has launched its own U.S. dollar-pegged stablecoin. Backed by U.S. dollar deposits and short-term U.S. treasuries, the stablecoin will be issued by Paxos with the ticker symbol PYUSD and will be available first for US users. PayPal is the first major fintech firm to embrace digital currencies for payments and transfers.

SEC Delays Decision on Spot Bitcoin ETF

The US SEC has postponed its decision on ARK Investments’ spot Bitcoin ETF application, by opening a 21-day comment period. The application was originally submitted in May, which gives the SEC until January to reach a final decision. The SEC gave its usual justification for pushing back the approval process, noting the commission can approve the proposal without the Bitcoin market being regulated.

SBF Enters Jail in Handcuffs

FTX founder Sam Bankman-Fried was taken to jail in handcuffs after his bail was revoked for his fraud trial in October. When presented with evidence from prosecutors, Judge Lewis Kaplan said there was probable cause to believe that Bankman-Fried had tried to tamper with witnesses at least twice. Prosecutors demanded that he be jailed for breaking the rules of his bail agreement, when he shared personal writings of ex-partner Caroline Ellison with a reporter, aiming to tarnish her credibility as a witness against him.

Coinbase Opens BASE Network for All Users

Coinbase’s Base network is now officially open for all users. Base’s beta launched in February, with the potential to bring more users into Web3. Now, users can use Base for token swapping, payments and NFT activities. Several Web3 teams are launching apps for Base, and the team has released a schedule of events to commemorate the launch.

Microsoft & Aptos: AI and Web3 Team-up

Microsoft has partnered with blockchain platform Aptos to bring AI and Web3 together. The collaboration aims to enable the training of Microsoft’s AI models with Aptos’ verified blockchain data. Validator nodes for Aptos’ blockchain will run on Microsoft’s Azure cloud, enhancing reliability and security for their services. Microsoft predicts that AI will be infused into Web3 solutions at greater scale in the future.

Solana Cuts Price of Saga Phone

The price of Solana’s Android-based phone, Saga, dropped 40%, from $1,000 to $599, in what Solana Mobile says is “the next step to get wider adoption of mobile web3 and continue to improve the experience for the Solana mobile community.” Based on the number of unique Saga Genesis NFTs, one of which is minted with each Solana app setup, it is estimated over 2000 of the devices have been sold since it was launched in April.

FC Barcelona’s NFT Secured $132M Investment

FC Barcelona secured $132M for its Barca Vision blockchain and NFT project, with investments from Libero Football Finance and Nipa Capital. Selling a 29.5% stake in Bridgeburg Invest, the initiative’s holding company, Barcelona aims to integrate Web3, blockchain, NFTs, and the metaverse as part of the club’s digital Espai Barca strategy.

Scam Victims Make Better Traders?

A new research paper reveals an unexpected trend, finding that Ethereum investors who have lost funds to cybercrime tend to see better gains after becoming victims. The results revealed that after the incidents; investors modified their risk-taking, diversified more, and became less willing to take risks that are harder to control, ultimately leading to better investment outcomes.

That’s what’s happened this week in crypto, see you next week.

🔴 Surprising News for Bitcoin | This Week in Crypto – Jun 19, 2023

https://99bitcoins.com/bitcoin-news-summary-jun-19-2023/


Tether reveals controversial reserve holdings, Jack Dorsey offers $5 million for Bitcoin developers, and will the US finally get a Spot Bitcoin ETF? These stories and more, this week in crypto.

BlackRock Files for Spot Bitcoin ETF

Investment giant BlackRock, has filed an application for a spot bitcoin exchange-traded fund using crypto exchange Coinbase as the custodian for its assets. If approved, the ETF would be the first of its kind in the United States. While Bitcoin futures ETFs have been given the green light by the SEC, none of the numerous spot ETF applications have ever been approved.

Tether Loses Dollar Peg and Reveals Assets

Crypto prices fell after the Federal Reserve announced it would leave interest rates unchanged for now, but with the promise of two more increases before the year is out. The selling pressure caused Tether’s USDT stablecoin to temporarily de-peg from the dollar, trading briefly at 99 cents. Meanwhile, newly released documents offer a surprising look into the stablecoin’s reserves, showing that among the assets backing USDT, Tether Holdings once counted securities issued by Chinese companies.

Request to Freeze Binance.US Assets Rejected

The SEC has been ordered by the court to collaborate with Binance on developing a strategy that would protect assets while enabling the company to conduct business as usual. As part of the suit filed against Binance earlier this month, the SEC requested the court to completely freeze all Binance.US assets. The judge rejected this request because of the severe damage it would cause to Binance’s business operations and its prospects for future success, should the SEC be unable to prove its case.

Unusual Support to SEC’s Crypto Compliance Model

The CEO of little-known exchange, Prometheum, testified before members of Congress claiming that the SEC’s compliance procedure is working. Industry observers are now pouring over the obscure crypto exchange that does not even sell bitcoin or ether, but has become the poster child for compliance in the eyes of the SEC.

Hong Kong: Banks to Support Crypto Firms

HSBC and Standard Chartered have been pressed by Hong Kong’s Monetary Authority to take on crypto clients. The Hong Kong regulator questioned the banks on why they were not accepting crypto exchanges as clients, saying due diligence on potential customers should not create undue burden, particularly for those setting up an office in Hong Kong.

Uniswap v4 Launches to Criticism

The most popular decentralized exchange, Uniswap, launched its fourth version, bringing in new features and customizability. However the license raised questions among the open source Ethereum community, because while the code is publicly available and is allowed to be copied, modified or redistributed, it cannot be used for commercial or production purposes for up to four years.

Bybit Integrates ChatGPT Into Trading Tools

Crypto exchange, Bybit, has integrated ChatGPT to give traders a more comprehensive analysis of market data with a new AI-based feature called “ToolsGPT.” The AI chatbot can be queried for technical analysis, backtested price data, and other essential metrics to help users in their trading decisions.

Jack Dorsey Pledges $5M to Bitcoin Developers

Twitter founder and Block CEO, Jack Dorsey, has pledged $5M to help Bitcoin developers and fuel the Bitcoin ecosystem. Dorsey is giving the money to Brink, an independent nonprofit organization which supports open source developers in the Bitcoin space, with grants that make it possible for developers to work on the network full-time.

That’s what’s happened this week in crypto, see you next week.

🔴 US Clamps Down on Crypto | This Week in Crypto – Aug 7, 2023

https://99bitcoins.com/bitcoin-news-summary-aug-7-2023/


The founder of HEX faces fraud charges, Binance is still doing business in China and copy trading: who’s doing it? These stories and more, this week in crypto.

SEC Charges HEX Founder With Fraud

The US SEC has charged HEX and PulseChain founder Richard Heart with defrauding investors of millions through the illegal sale of unregistered crypto securities. The SEC also claims he misappropriated $12 million for luxury goods like a Rolex, McLaren, Ferrari, and a $4 million black diamond. HEX’s market cap plunged by $500 million in the two days following the news.

WSJ: Binance Does Business in China

Investigative journalists at The Wall Street Journal have revealed that Binance conducts most of its business from China, despite the country’s crypto ban. In May, the exchange recorded over $90 billion in spot and futures trading volume from China, with a total trading volume of over $670 billion. China tops the list of Binance’s top four markets in May, which includes South Korea, Turkey, and Vietnam.

SEC: Coinbase to Halt Altcoin Trading

Coinbase beat second-quarter revenue expectations due to increased interest income, and the firm remains optimistic about winning its legal battle with the SEC. The agency accused Coinbase of trading unregulated crypto securities, and while the SEC denies making any such formal request, Coinbase claims it was asked to halt trading in everything except Bitcoin. CEO Brian Armstrong stated that complying would mean the end of the US crypto industry, leading Coinbase to choose court resolution instead.

Revolut Shuts Down US Crypto Operations

Major fintech neobank, Revolut will halt its US crypto operations from September 2 due to regulatory concerns in the United States. Complete access will be disabled by October 3, preventing US customers from buying crypto on the platform. Revolut still aims to explore alternative ways to offer crypto products in the future.

Curve Hack Raises DeFi Contagion Risk

Hackers stole over $61 million from Curve Finance’s token pools, impacting the decentralized finance ecosystem with broader contagion risks for DeFi protocols. The attack targeted stable pools using certain versions of the Vyper programming language. The crypto community has been studying the exploits to determine whether it can impact other projects in the future.

Australia’s Financial Regulator Sues eToro

Australia’s financial regulator sued leading trading platform, eToro over its contract-for-difference product, alleging it to be harmful for investors. The regulator claims that nearly 20,000 users lost money between October 2021 and June of this year investing in CFD products. The case focuses on eToro’s target market and its screening test as to whether it is appropriate for some retail clients to trade in CFDs.

Hong Kong Grants First Crypto License

Hong Kong has granted its first crypto licenses to HashKey and OSL, fulfilling its promise to develop a global digital asset hub. HashKey, in partnership with Standard Chartered, will offer fiat currency deposits and withdrawals, along with virtual asset over-the-counter trading. Hong Kong’s revamped crypto framework aims to compete with Singapore as a leading Asian financial center.

Half of Crypto Copy Traders are Gen Z

Younger investors, especially Gen Z, show a higher inclination for copy trading and seeking advice from social media influencers. A report by crypto exchange Bitget revealed that among copy traders, 44% are under 25 years old, followed by the 25-35 age group, which makes up nearly a third of the total. 35-55 make up 17%, while only 7% of copy traders are 55 or older.

That’s what’s happened this week in crypto, see you next week.

🔴 Crypto Resists Market Crisis? | This Week in Crypto – Jun 5, 2023

https://99bitcoins.com/bitcoin-news-summary-jun-5-2023/


Elon Musk faces new insider trading charges over Dogecoin, Coinbase says AI can benefit crypto and another crypto millionaire dies mysteriously. These stories and more, this week in crypto.

Bitcoin’s First Down Month in 2023

Bitcoin and Ether each experienced their first losing month of the year, as US debt ceiling worries unfolded. Bitcoin finished the month down 8%, its worst month since November 2022,  while Ether’s May red candle showed a loss of only about 2%. Crypto moved in line with major stocks, which were all lower as investors awaited the House vote.

Tether USDT Market Cap at All-Time High

Tether’s USDT’s market capitalization has hit an all-time high, topping out at $83 billion. It has taken a year, but USDT has recouped the $18 billion it lost in the fallout of the Terra collapse last May. Tether’s milestone runs counter to the shrinkage in the rest of the market, as the total stablecoin market cap has dropped to $130 billion from nearly $200 billion a year ago.

Elon Musk Faces New Charges Over DOGE

Elon Musk is facing fresh accusations of insider trading in a lawsuit filed by investors, who say Musk used his influence to manipulate the price of Dogecoin. The charges center around Musk’s decision to sell $124 million in DOGE shortly after he changed the Twitter logo to the Dogecoin symbol, sending its price up by 30%.

Hong Kong and UAE Collaborate on Crypto

The central banks for Hong Kong and the United Arab Emirates are collaborating on cryptocurrency regulation and financial technology development. Their aim is to strengthen cooperation between the two jurisdictions with regard to those issues. The central banks also discussed joint fintech development initiatives and knowledge-sharing efforts between each region’s innovation hubs.

Binance Loses Market Share

Binance, the world’s largest cryptocurrency exchange, has lost a quarter of its market share over the past three months.  At its peak in February, the exchange controlled 57% of the monthly global trading volume, but now only commands 43%. The sharp decline has come at the end of Binance’s recent free trading promotions, and as it faces greater scrutiny from US regulators.

Coinbase: AI Can Benefit Crypto

In a recent study, Coinbase listed a range of potential use cases of the combination of artificial intelligence and crypto, saying the intersection of both technologies is an important opportunity. The report provides examples such as decentralized data marketplaces and token-based incentives, where AI can help to prevent some of the fraud and security issues that have plagued the industry.

Wall Street to Take on Crypto Companies

Standard Chartered, Nomura, and Charles Schwab are among the traditional financial institutions that are creating and backing new, separate crypto companies, including exchanges and custody firms that can handle digital assets. The Wall Street firms are betting that fund managers are still keen on trading crypto, and that larger players would prefer dealing with established counterparties who have been regulated in the traditional sense.

Another Crypto Millionaire Found Dead

An ER doctor and founder of the ‘Onfo’ cryptocurrency was found dead in an Arkansas lake with a gunshot wound, a week after he went missing in Missouri. Dr. John Forsyth was an early adopter of Bitcoin and a vocal critic of the U.S. dollar. Forsyth’s death is the latest in a series of mysterious fatalities among crypto enthusiasts that have happened over the past year.

That’s what’s happened this week in crypto, see you next week.

🔴 Huge Win for Crypto VS SEC | This Week in Crypto – Jul 17, 2023

https://99bitcoins.com/bitcoin-news-summary-jul-17-2023/


Altcoins surge after Ripple’s court victory, Google allows NFTs in the PlayStore, and leaked documents reveal Europe’s masterplan on cryptos. These stories and more, this week in crypto.

Altcoins Rallied After Ripple Ruling

Altcoins outperformed Bitcoin this week after a federal court decision regarding Ripple’s XRP fueled a sharp, broad crypto market rally. Bitcoin’s dominance rate fell 2%, the biggest one-day decline since last June. Altcoins beyond XRP, like Solana, MATIC and Cardano’s ADA all jotted double-digit gains.

Ripple Scores Partial Court Victory

XRP rose 80% as a federal judge in New York ruled that the network’s token, XRP, was not a security when it was sold to the general public, marking a decisive turn in the three-year court battle between Ripple Labs and the SEC. Major crypto exchanges such as Coinbase and Gemini have already indicated that they will re-list the token.

Google Allows NFTs in Apps on PlayStore

Google will begin support for NFTs in apps on its PlayStore for Android devices. The change will allow users to earn and transact with digital collectibles. In an announcement, The tech giant said that Google Play already hosts a variety of blockchain related apps and expects NFTs to create more engaging and immersive digital experiences in the future.

Celsius Founder Arrested on Fraud Charges

Alex Mashinsky, the founder and former chief executive of the bankrupt cryptocurrency firm Celsius Network, has been arrested. The ex-CEO is charged with lying about his firm’s business model and misleading customers about the risks involved in investing using Celsius. The FTC also announced a $4.7 billion settlement against the exchange, which will be paid after the bankruptcy proceedings.

Binance Cuts 1000 Staff Amid US Investigations

Binance has cut 1000 positions from its workforce over the past number of weeks as the exchange faces lawsuits from the SEC and an investigation from the US Department of Justice. A Binance spokesperson said that it’s become clear to the company that it needs to focus on talent density to remain nimble and dynamic for the next major bull cycle.

Indonesia Launches National Crypto Exchange

The government of Indonesia is moving forward with its plans to launch a national cryptocurrency exchange, which would be the only platform allowing crypto transactions in the country. The financial regulatory agency plans to restrict cryptocurrency sales to local transactions only, while keeping them in line with international market developments, including crypto prices.

BlackRock: Crypto Transcends International Currencies

The world’s largest asset manager, BlackRock’s CEO Larry Fink pointed to the growing interest among clients towards crypto, saying that BlackRock has a responsibility to democratize investing. In regard to crypto, Fink said, “it has a differentiating value versus other asset classes, but more importantly, because it’s so international it’s going to transcend any one currency.”

EU’s Crypto Global Governance Plan Leaked

A leaked European Union document has shown that EU leaders want to create a system of global governance for cryptos. The leaked European Commission paper cites virtual assets’ benefits for healthcare, education and culture and says the new technological shift could involve new forms of global governance, perhaps including the use of decentralized autonomous organizations (DAOs). The EU calls for international engagement on the issues of technological standards, identity, censorship, and surveillance.

That’s what’s happened this week in crypto, see you next week.

🔴 Is Satoshi Back?! | This Week in Crypto – Oct 9, 2023

https://99bitcoins.com/bitcoin-news-summary-oct-9-2023/


Leaked photos reveal Block’s new hardware wallet, crypto firms are flocking to Singapore and who’s posting from Satoshi Nakamoto’s X account? These stories and more, this week in crypto.

Block’s BitKey Wallet Revealed

New images of BitKey have emerged, sparking anticipation for the product’s upcoming beta release. Bitkey is the Bitcoin hardware wallet in development by Jack Dorsey’s Block, and features a unique hexagonal design with an integrated fingerprint sensor for enhanced security. Block has refrained from commenting on its shipping status, but in June they announced that beta testers could apply to receive one of the devices for free.

SBF’s and FTX Trial Begins

Crypto made mainstream headlines again with the start of the trial of Sam Bankman-Fried. His defense attorney, Mark Cohen, asserted that SBF acted in good faith, without intent to defraud or steal; but crypto industry leaders are hoping for Bankman-Fried’s conviction to offer further proof that it was his actions, and not the core technology of crypto assets like Bitcoin, that are to blame for the situation.

Ripple Granted Crypto Service License

The Monetary Authority of Singapore has awarded Ripple a full crypto service license. While highlighting the practicality of crypto solutions for businesses and financial institutions, Ripple’s announcement called the decision a significant step toward broader digital asset adoption. Ripple notched another victory, this time in the United States, as District Judge Analisa Torres denied the SEC’s appeal in its case against the company.

Coinbase Obtains Payment Institution Licence

Coinbase announced this week that it, too, has obtained a Major Payment Institution license in Singapore. In a statement Coinbase said that Singapore is “a vital market” for its business, and the license enables the firm to expand Digital Payment Token services to both individuals and institutions in Singapore.

Meta Battles Over Crypto Scam

Facebook’s parent company Meta, has issued a summons to Australian billionaire Andrew Forrest in a legal battle over a crypto ad scam. Lawyers from Meta have demanded 20 categories of documents after accusing Forrest’s legal team of withholding relevant papers to legal proceedings where Meta faces allegations of inadequately addressing scam ads featuring the images of the billionaire and other notable Australians.

JPMorgan: Ethereum’s Centralization Increased

Investment bank JP Morgan says that Ethereum has become more centralized since the Merge. Ethereum’s increasing centralization is linked to the growing popularity of staking as it concentrates control into the hands of a few. Some prefer decentralized staking platforms like Lido, but a rise in popularity in liquid staking carries with it the risk of rehypothecation, which would be using the same tokens as collateral for multiple loans across various DeFi protocols.

DeFi Social Media Platform Hacked

Popular decentralized social media platform Friend.Tech was targeted by hackers once again. The lone scammer managed to make off with $385,000 worth of Ether in less than 24 hours through a series of SIM-swapping attacks. While this particular incident resulted in a theft of 234 ETH, the same hacker made off with 109 ETH in a previous attack.

Satoshi Nakamoto is Back on X

The X account of @satoshi, linked to the pseudonymous creator of Bitcoin has reappeared after being silent since 2018, sparking curiosity. The former Twitter account is reportedly operated by user Andy Rowe, who made a recent post discussing Bitcoin and its white paper. The crypto community has urged Elon Musk to remove the account for violating platform terms for using misleading and deceptive identities.

That’s what’s happened this week in crypto, see you next week.