Bitcoin tumbles below $57,000 on day of Fed meeting
Bitcoin appears to be on a trajectory at odds with the bullish predictions many investors anticipated following the network’s halving on April 19. Falling 11% in the last day, to trade at $56,889 on Wednesday afternoon, according to CoinGecko data, the cryptocurrency was trading at around $64,000 on the halving date. The price has retracted by 20% since mid-March, when it hit an all-time high of $73,000.
With the halving in the rearview, and exchange-traded fund flows exhausted, “This leaves Bitcoin watchers focused on macro, and the picture is cloudy at best,” Andrew Baeher, head of product at CoinDesk Indices, told Fortune.
The latest inflation rate, as of March 31, is 3.48%, according to the Consumer Price Index, up from 3.2% in February. This has dampened hopes that the Federal Reserve, meeting May 1, could cut interest rates. “This sets up a challenging market for risk assets in general, and Bitcoin and crypto tends to follow suit,”...
Bitcoin appears to be on a trajectory at odds with the bullish predictions many investors anticipated following the network’s halving on April 19. Falling 11% in the last day, to trade at $56,889 on Wednesday afternoon, according to CoinGecko data, the cryptocurrency was trading at around $64,000 on the halving date. The price has retracted by 20% since mid-March, when it hit an all-time high of $73,000.
With the halving in the rearview, and exchange-traded fund flows exhausted, “This leaves Bitcoin watchers focused on macro, and the picture is cloudy at best,” Andrew Baeher, head of product at CoinDesk Indices, told Fortune.
The latest inflation rate, as of March 31, is 3.48%, according to the Consumer Price Index, up from 3.2% in February. This has dampened hopes that the Federal Reserve, meeting May 1, could cut interest rates. “This sets up a challenging market for risk assets in general, and Bitcoin and crypto tends to follow suit,”...
🛠 Another important Cointacted.com App update:
• Enhancement: Media – For iOS app users we changed the default behaviour to when downloading media to download to photo library by default with the option to then save to other locations;
• Enhancement: Core – In order to keep app users permissions updated we have introduced a process to use silent firebase push notification to send the updates through;
• Enhancement: Performance – We have improved the apps loading performance by using batch REST API endpoints which will consume less server resources, also we have improved underlying business logic;
• Enhancement: Library – Remove ent Library and create custom utility for dependency;
• Bug: Core – As per Apple requirements NSPrivacyAccessedAPITypes array has been added into the app’s privacy manifest build;
• Bug: Styling – The last message was being overlapped by the message writing screen on Android devices.
Google:
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Apple:
bit.ly/cointacted-app-apple
• Enhancement: Media – For iOS app users we changed the default behaviour to when downloading media to download to photo library by default with the option to then save to other locations;
• Enhancement: Core – In order to keep app users permissions updated we have introduced a process to use silent firebase push notification to send the updates through;
• Enhancement: Performance – We have improved the apps loading performance by using batch REST API endpoints which will consume less server resources, also we have improved underlying business logic;
• Enhancement: Library – Remove ent Library and create custom utility for dependency;
• Bug: Core – As per Apple requirements NSPrivacyAccessedAPITypes array has been added into the app’s privacy manifest build;
• Bug: Styling – The last message was being overlapped by the message writing screen on Android devices.
Google:
bit.ly/cointacted-app-google
Apple:
bit.ly/cointacted-app-apple
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
• The crypto exchange reported a total reserve ratio of 176%, with ether reaching 229%.
• The total reserve ratio surpassed $2.7 billion on April 22, 2024.
Bitget has released its latest Proof of Reserves (PoR) report for April 2024, highlighting a Bitcoin reserve ratio of more than 335%. The cryptocurrency exchange also indicated significant growth in USDT and ETH user assets since January 2024. The latest report arrived more than a week after the Bitcoin halving event.
Exceeding $2.7B in Reserves
Bitget's PoR report disclosed a total reserve ratio of 176%, with that of ether reaching 229%. According to the crypto exchange, this update strengthens its commitment to transparency and financial stability. The exchange has implemented additional measures, such as a protection fund and mo...
• The crypto exchange reported a total reserve ratio of 176%, with ether reaching 229%.
• The total reserve ratio surpassed $2.7 billion on April 22, 2024.
Bitget has released its latest Proof of Reserves (PoR) report for April 2024, highlighting a Bitcoin reserve ratio of more than 335%. The cryptocurrency exchange also indicated significant growth in USDT and ETH user assets since January 2024. The latest report arrived more than a week after the Bitcoin halving event.
Exceeding $2.7B in Reserves
Bitget's PoR report disclosed a total reserve ratio of 176%, with that of ether reaching 229%. According to the crypto exchange, this update strengthens its commitment to transparency and financial stability. The exchange has implemented additional measures, such as a protection fund and mo...
BTC Price Continues to Trade Within Narrow Range: Here’s Why There Is No Growth After the Bitcoin Halving
Crypto markets are super volatile at the moment. Although the prices of the popular tokens remain within a descending trend, the likelihood of a fine upswing continues to hold upright. The start of the year was extremely bullish, as the markets were screaming for more upside. Further, two months down the line, the altcoins went down more than 60% and the bear market on them against Bitcoin continued.
In the middle of all, the impact of the Bitcoin halving has not been seen on the BTC price, therefore raising speculations of a diverse price action post-halving this time.
The BTC price has triggered a healthy rebound, but from a larger perspective, the token does not appear to be on the rise. The bearish trend continues to prevail as the price continues to decline even after the halving event. The price maintained a sideways range, collected liquidity, and reached below the key liquidity pool area betw..
Crypto markets are super volatile at the moment. Although the prices of the popular tokens remain within a descending trend, the likelihood of a fine upswing continues to hold upright. The start of the year was extremely bullish, as the markets were screaming for more upside. Further, two months down the line, the altcoins went down more than 60% and the bear market on them against Bitcoin continued.
In the middle of all, the impact of the Bitcoin halving has not been seen on the BTC price, therefore raising speculations of a diverse price action post-halving this time.
The BTC price has triggered a healthy rebound, but from a larger perspective, the token does not appear to be on the rise. The bearish trend continues to prevail as the price continues to decline even after the halving event. The price maintained a sideways range, collected liquidity, and reached below the key liquidity pool area betw..
Binance CEO calls for release of detained officer in Nigeria
Binance CEO Richard Teng claims detained officer is "innocent" and calls for their release.
Richard Teng, CEO of Binance, has publicly asserted that Tigran Gambaryan, the exchange’s compliance officer detained in Nigeria, is “innocent and must be released.”
Gambaryan, a US citizen overseeing financial crime compliance at Binance, and Nadeem Anjarwalla, the exchange’s regional manager for Africa were detained on February 26 in Abuja, Nigeria’s capital city. The detention was due to allegations leveled against Binance for making illegal-transaction profits in the country, with criminal charges filed against the pair on February 28. Anjarwalla later escaped from custody on March 22.
In a blog post published Tuesday...
Binance CEO Richard Teng claims detained officer is "innocent" and calls for their release.
Richard Teng, CEO of Binance, has publicly asserted that Tigran Gambaryan, the exchange’s compliance officer detained in Nigeria, is “innocent and must be released.”
Gambaryan, a US citizen overseeing financial crime compliance at Binance, and Nadeem Anjarwalla, the exchange’s regional manager for Africa were detained on February 26 in Abuja, Nigeria’s capital city. The detention was due to allegations leveled against Binance for making illegal-transaction profits in the country, with criminal charges filed against the pair on February 28. Anjarwalla later escaped from custody on March 22.
In a blog post published Tuesday...
Bitcoin mining difficulty set for sharpest drop since FTX collapse
Bitcoin’s mining difficulty is on the brink of its most significant downward adjustment since the FTX collapse in December 2022. Newhedge forecasts a reduction of over 4% on May 9, which would mark a substantial trend shift after the Bitcoin halving. The network’s hash rate has already dropped by 10% from its peak on a seven-day moving average.
In March, CryptoSlate accurately predicted this hash rate correction, citing the anticipated disruption caused by reduced miner rewards post-halving. The delay in the correction’s onset is attributed to the elevated fees following the launch of Runes.
Despite these developments, Glassnode’s hash ribbon indicator hasn’t confirmed a miner capitulation event. This metric signals a potential Bitcoin bottom when mining expenses outweigh profits. While the convergence of the 30-day and 60-day moving averages shows an increased risk of miner capitulation, the indicator has not been triggered.
Bitcoin’s mining difficulty is on the brink of its most significant downward adjustment since the FTX collapse in December 2022. Newhedge forecasts a reduction of over 4% on May 9, which would mark a substantial trend shift after the Bitcoin halving. The network’s hash rate has already dropped by 10% from its peak on a seven-day moving average.
In March, CryptoSlate accurately predicted this hash rate correction, citing the anticipated disruption caused by reduced miner rewards post-halving. The delay in the correction’s onset is attributed to the elevated fees following the launch of Runes.
Despite these developments, Glassnode’s hash ribbon indicator hasn’t confirmed a miner capitulation event. This metric signals a potential Bitcoin bottom when mining expenses outweigh profits. While the convergence of the 30-day and 60-day moving averages shows an increased risk of miner capitulation, the indicator has not been triggered.
ASIC Claims Victory in Qoin Wallet Case
The Australian Securities and Investments Commission (ASIC) recently won its case against BPS Financial Pty Ltd (BPY) over its Qoin Wallet and associated cryptocurrency. BPS marketed Qoin tokens to retail customers and business owners, referred to as ‘Qoin Merchants,’ as a payment method for goods and services provided by those merchants, but Justice Kylie Downes found that BPS breached the Corporations Act by not holding an Australian Financial Services Licence. The ruling also provided an important distinction between the Qoin blockchain and wallets representing a single scheme.
$40 Million Received for Qoin Tokens
BPS promoted Qoin tokens to retail consumers and business owners (‘Qoin Merchants’) as a means of payment for goods and services offered by Qoin Merchants, attracting more than 93,000 users and receiving in excess of $40 million from the sale of Qoin Tokens up to September 2022.
ASIC took leg...
The Australian Securities and Investments Commission (ASIC) recently won its case against BPS Financial Pty Ltd (BPY) over its Qoin Wallet and associated cryptocurrency. BPS marketed Qoin tokens to retail customers and business owners, referred to as ‘Qoin Merchants,’ as a payment method for goods and services provided by those merchants, but Justice Kylie Downes found that BPS breached the Corporations Act by not holding an Australian Financial Services Licence. The ruling also provided an important distinction between the Qoin blockchain and wallets representing a single scheme.
$40 Million Received for Qoin Tokens
BPS promoted Qoin tokens to retail consumers and business owners (‘Qoin Merchants’) as a means of payment for goods and services offered by Qoin Merchants, attracting more than 93,000 users and receiving in excess of $40 million from the sale of Qoin Tokens up to September 2022.
ASIC took leg...
Binance Fined $4.4 Million in Canada
Binance Holdings Ltd was fined C$6 million ($4.4 million) by Canada’s financial watchdog for breaching money-laundering protections.
The world’s largest crypto exchange received the financial penalty on Tuesday from Canada’s FINTRAC agency for failing to register as a foreign money services business and failing to report virtual currency transactions exceeding C$10,000, the regulatory body said on Thursday.
Last month, the exchange’s founder Changpeng Zhao was ordered to spend four months in prison for failures that allowed cybercriminals and terrorist groups to freely trade on Binance. The company agreed to pay $4.3 billion in a US plea deal in November.
Binance ceased operations in Canada last year, saying the country’s guidance on stablecoins and investor limits made the market untenable.
Binance Holdings Ltd was fined C$6 million ($4.4 million) by Canada’s financial watchdog for breaching money-laundering protections.
The world’s largest crypto exchange received the financial penalty on Tuesday from Canada’s FINTRAC agency for failing to register as a foreign money services business and failing to report virtual currency transactions exceeding C$10,000, the regulatory body said on Thursday.
Last month, the exchange’s founder Changpeng Zhao was ordered to spend four months in prison for failures that allowed cybercriminals and terrorist groups to freely trade on Binance. The company agreed to pay $4.3 billion in a US plea deal in November.
Binance ceased operations in Canada last year, saying the country’s guidance on stablecoins and investor limits made the market untenable.
ChatGPT Predicts Bitcoin Price : When Will BTC Price Initiate Bull Run?
After a massive dump in April of 15%, the Bitcoin price is struggling to kick off the next bull run. As the market anticipates a massive jump after the fourth Bitcoin halving, the BTC price struggles near the $60,000 level.
The market grows fearful with the halving moth turning red and the growing supply. Further, the 9 Bitcoin ETFs in the U.S. market failed to perform any significant bullish move in the past few weeks.
Contrary to the historic price trend suggestion of an extraordinary bull run, the current market sentiments spotlight certain speedbumps. So, we asked the ChatGPT to predict when will the bull run in Bitcoin start.
Bitcoin Price Performance
In the short-term picture, the Bitcoin price trend is under extreme supply pressure, evident by the ongoing pullback. As the pullback grows intense, the BTC price is on the verge of violating the $60,000 support twice in a matter of days. Thus, the biggest crypto, dominating almost..
After a massive dump in April of 15%, the Bitcoin price is struggling to kick off the next bull run. As the market anticipates a massive jump after the fourth Bitcoin halving, the BTC price struggles near the $60,000 level.
The market grows fearful with the halving moth turning red and the growing supply. Further, the 9 Bitcoin ETFs in the U.S. market failed to perform any significant bullish move in the past few weeks.
Contrary to the historic price trend suggestion of an extraordinary bull run, the current market sentiments spotlight certain speedbumps. So, we asked the ChatGPT to predict when will the bull run in Bitcoin start.
Bitcoin Price Performance
In the short-term picture, the Bitcoin price trend is under extreme supply pressure, evident by the ongoing pullback. As the pullback grows intense, the BTC price is on the verge of violating the $60,000 support twice in a matter of days. Thus, the biggest crypto, dominating almost..
Bitcoin layer-2 landscape “set to boom” as BTC keeps outperforming: Bybit
Bitcoin Layer 2s gain momentum with new solutions and increased security.
Bitcoin (BTC) layer-2 (L2) blockchains will continue to grow as BTC continues to outperform other major crypto in 2024, according to a report by crypto exchange Bybit.
Bitcoin’s market dominance has surged to 51.1% as of May 7, signaling a robust uptrend since late September 2023. This growth is largely attributed to the US approval of spot Bitcoin exchange-traded funds (ETFs), which has bolstered Bitcoin’s trading volume. Bybit reports an 18% increase in BTC holdings month-over-month from March to April 2024, with Bitcoin’s trading volume now representing 31.8% of the total.
The L2 landscape is enhancing the utility of BTC and leveraging the security of Bitcoin mining. While they face challenges due to the Bitcoin blockchain’s ar...
Bitcoin Layer 2s gain momentum with new solutions and increased security.
Bitcoin (BTC) layer-2 (L2) blockchains will continue to grow as BTC continues to outperform other major crypto in 2024, according to a report by crypto exchange Bybit.
Bitcoin’s market dominance has surged to 51.1% as of May 7, signaling a robust uptrend since late September 2023. This growth is largely attributed to the US approval of spot Bitcoin exchange-traded funds (ETFs), which has bolstered Bitcoin’s trading volume. Bybit reports an 18% increase in BTC holdings month-over-month from March to April 2024, with Bitcoin’s trading volume now representing 31.8% of the total.
The L2 landscape is enhancing the utility of BTC and leveraging the security of Bitcoin mining. While they face challenges due to the Bitcoin blockchain’s ar...
Cointacted App has been updated. The update includes a new feature, enhancement and bug fixes.
• New Feature! Admins and Groups organizers and moderators now have the ability to use scheduling posts;
• Enhancement: Core – All api headers now have a User-Agent key with the value of device information;
• Bug: Activity – Aa text formatting and Edit Activity Post menu option was not showing;
• Bug: Activity – Comment labels under posts updated to reflect correct grammar;
• Bug: Media – The comment count indicator on videos and photos for logged out members was not showing;
• Bug: Core – The upload document button was showing on the page when viewing another member’s document.
Google:
bit.ly/cointacted-app-google
Apple:
bit.ly/cointacted-app-apple
• New Feature! Admins and Groups organizers and moderators now have the ability to use scheduling posts;
• Enhancement: Core – All api headers now have a User-Agent key with the value of device information;
• Bug: Activity – Aa text formatting and Edit Activity Post menu option was not showing;
• Bug: Activity – Comment labels under posts updated to reflect correct grammar;
• Bug: Media – The comment count indicator on videos and photos for logged out members was not showing;
• Bug: Core – The upload document button was showing on the page when viewing another member’s document.
Google:
bit.ly/cointacted-app-google
Apple:
bit.ly/cointacted-app-apple
Cypher Developer Admits to Stealing $300,000 From Protocol
A developer from Solana’s Cypher project has confessed to embezzling $300,000 in cryptocurrencies.
Hoak’s illicit activities were exposed by Cypher’s founder Barrett, who traced the outflow of funds from the project’s redemption wallet.
While admitting to the theft, Hoak has cited a severe gambling addiction and other psychological issues as major influences.
A developer at Solana project Cypher has admitted to stealing $300,000 in cryptocurrencies from its redemption contract, blaming the theft on a gambling addiction. The pseudonymous developer, known only as Hoak, admitted the theft after being called out by Cypher’s founder, Barrett, who used on-chain data to show the flow of funds going out of the redemption wallet since December. Hoak said that a “crippling gambling addiction and probably multiple other psychological factors” were key factors in his behavior, although he said he wasn’t hiding behind them as an excuse.
Founder Laments “Inc..
A developer from Solana’s Cypher project has confessed to embezzling $300,000 in cryptocurrencies.
Hoak’s illicit activities were exposed by Cypher’s founder Barrett, who traced the outflow of funds from the project’s redemption wallet.
While admitting to the theft, Hoak has cited a severe gambling addiction and other psychological issues as major influences.
A developer at Solana project Cypher has admitted to stealing $300,000 in cryptocurrencies from its redemption contract, blaming the theft on a gambling addiction. The pseudonymous developer, known only as Hoak, admitted the theft after being called out by Cypher’s founder, Barrett, who used on-chain data to show the flow of funds going out of the redemption wallet since December. Hoak said that a “crippling gambling addiction and probably multiple other psychological factors” were key factors in his behavior, although he said he wasn’t hiding behind them as an excuse.
Founder Laments “Inc..
Coinbase Seeks Slice of Australia’s $600 Billion Crypto Pension Market with New Services
Coinbase Global Inc., one of the prominent crypto exchanges, is targeting the self-managed pensions sector in Australia.
The exchange aims to tap into the growing demand for crypto investments within this segment, which forms a substantial portion of the country’s $2.5 trillion pension system.
Coinbase Targets the Crypto Demand in Australia’s Pension Funds
John O’Loghlen, Asia-Pacific Managing Director at Coinbase, revealed that the company is developing a service tailored for self-managed super funds (SMSFs). The service will target clients who prefer to make a single allocation in SMSFs rather than actively managing it.
According to the latest data from the Australian Taxation Office, pension funds have allocated approximately 1 billion Australian dollars ($664 million) to cryptocurrencies. Therefore, it is plausible that Coinbase wants to capture a share of this market.
Self-Run Australian Pensions’ Crypto Alloca.
Coinbase Global Inc., one of the prominent crypto exchanges, is targeting the self-managed pensions sector in Australia.
The exchange aims to tap into the growing demand for crypto investments within this segment, which forms a substantial portion of the country’s $2.5 trillion pension system.
Coinbase Targets the Crypto Demand in Australia’s Pension Funds
John O’Loghlen, Asia-Pacific Managing Director at Coinbase, revealed that the company is developing a service tailored for self-managed super funds (SMSFs). The service will target clients who prefer to make a single allocation in SMSFs rather than actively managing it.
According to the latest data from the Australian Taxation Office, pension funds have allocated approximately 1 billion Australian dollars ($664 million) to cryptocurrencies. Therefore, it is plausible that Coinbase wants to capture a share of this market.
Self-Run Australian Pensions’ Crypto Alloca.
Over 80% of the newly listed cryptocurrencies on Binance, the world’s largest digital asset exchange by trading volume, have declined in value.
In the past six months, these tokens have plunged in value since listing on the exchange, raising concerns for investors seeking out the latest cryptocurrencies.
According to a May 17 post by pseudonymous crypto researcher Flow on X, only five of the 31 tokens analyzed have appreciated in value - the meme coin (MEME), the Ordi token (ORDI), Solana-based Jupiter (JUP), Jito (JTO), and Dogwifhat (WIF).
Despite lacking venture capitalist (VC) backing, the Ordi token was the most profitable, with an increase of over 261% since its launch. The controversial meme coin Dogwifhat followed in second place, surging more than 117%.
Flow noted that top-tier venture capitalists back most new Binance listings and launch at inflated valuations. The average fully diluted valuation (FDV) on the Binance lis...
In the past six months, these tokens have plunged in value since listing on the exchange, raising concerns for investors seeking out the latest cryptocurrencies.
According to a May 17 post by pseudonymous crypto researcher Flow on X, only five of the 31 tokens analyzed have appreciated in value - the meme coin (MEME), the Ordi token (ORDI), Solana-based Jupiter (JUP), Jito (JTO), and Dogwifhat (WIF).
Despite lacking venture capitalist (VC) backing, the Ordi token was the most profitable, with an increase of over 261% since its launch. The controversial meme coin Dogwifhat followed in second place, surging more than 117%.
Flow noted that top-tier venture capitalists back most new Binance listings and launch at inflated valuations. The average fully diluted valuation (FDV) on the Binance lis...
Speculation Mounts Over Potential Ethereum ETF Approval Amidst Cryptocurrency Political Maneuvering
As the cryptocurrency market continues its volatile dance, recent developments have stirred up excitement and speculation among investors. A series of seemingly coordinated actions by major players in the crypto space has sparked rumors of imminent approval for an Ethereum ETF.
The saga began with Grayscale’s filing for an S-3 conversion for its ETH trust to a spot ETF on April 23, followed by a surprise withdrawal of its ETH futures ETF application on May 7. Notably, Blackrock also filed an amendment for its 19b-4 ETH ETF on the same day as Grayscale, raising eyebrows within the community.
ARK Investment Management amended its staking plans for an Ethereum ETF on May 10, hinting at behind-the-scenes communications possibly preceding an ETF approval. Crypto enthusiasts have drawn parallels to the ap...
As the cryptocurrency market continues its volatile dance, recent developments have stirred up excitement and speculation among investors. A series of seemingly coordinated actions by major players in the crypto space has sparked rumors of imminent approval for an Ethereum ETF.
The saga began with Grayscale’s filing for an S-3 conversion for its ETH trust to a spot ETF on April 23, followed by a surprise withdrawal of its ETH futures ETF application on May 7. Notably, Blackrock also filed an amendment for its 19b-4 ETH ETF on the same day as Grayscale, raising eyebrows within the community.
ARK Investment Management amended its staking plans for an Ethereum ETF on May 10, hinting at behind-the-scenes communications possibly preceding an ETF approval. Crypto enthusiasts have drawn parallels to the ap...
Solana Validators Boost Security with 77% Vote Approval
In a significant move to bolster network security and refine the incentives for validators, Solana validators have overwhelmingly voted in favor of Solana Improvement Documents (SIMD)-0096. This proposal redirects all transaction priority fees exclusively to validators, a shift from the previous system that split these fees evenly between burning and rewarding validators.
The approved change, which garnered 77% support in an on-chain vote by Solana network validators, aims to enhance the alignment of incentives within the ecosystem. By channeling all priority fees to validators, SIMD-0096 seeks to strengthen the incentives for validators to prioritize network security and efficiency. This adjustment is also expected to mitigate the potential for side deals between block producers and transaction submitters, thereby promoting a more transparent and fair validator system.
The original proposal stated,
“This ensures that validators are appropriately...
In a significant move to bolster network security and refine the incentives for validators, Solana validators have overwhelmingly voted in favor of Solana Improvement Documents (SIMD)-0096. This proposal redirects all transaction priority fees exclusively to validators, a shift from the previous system that split these fees evenly between burning and rewarding validators.
The approved change, which garnered 77% support in an on-chain vote by Solana network validators, aims to enhance the alignment of incentives within the ecosystem. By channeling all priority fees to validators, SIMD-0096 seeks to strengthen the incentives for validators to prioritize network security and efficiency. This adjustment is also expected to mitigate the potential for side deals between block producers and transaction submitters, thereby promoting a more transparent and fair validator system.
The original proposal stated,
“This ensures that validators are appropriately...
Bybit CEO Ben Zhou Denies Insolvency Rumors
Ben Zhou, CEO of cryptocurrency exchange Bybit, has addressed circulating rumors about the platform’s hacking and insolvency.
He denied all insolvency rumors and shared evidence of Bybit’s financial holdings and crypto assets.
Bybit CEO Shares Proof-of-Reserves
In a May 23 X post, Zhou denied the allegations, asserting that they have no factual basis.
“None of the rumours that I have seen so far have any real facts supporting it. Please be aware,” Zhou wrote.
hearing some rumours about Bybit being insolvent or hacked and etc. Please note that we have updated our POR this month as well as you can view all Bybit wallet through Nansen (Total more than 11B). None of the rumours that I have see so far have any real facts supporting it,…
— Ben Zhou, May 23, 2024
Zhou also shared a link to Bybit’s proof-of-re...
Ben Zhou, CEO of cryptocurrency exchange Bybit, has addressed circulating rumors about the platform’s hacking and insolvency.
He denied all insolvency rumors and shared evidence of Bybit’s financial holdings and crypto assets.
Bybit CEO Shares Proof-of-Reserves
In a May 23 X post, Zhou denied the allegations, asserting that they have no factual basis.
“None of the rumours that I have seen so far have any real facts supporting it. Please be aware,” Zhou wrote.
hearing some rumours about Bybit being insolvent or hacked and etc. Please note that we have updated our POR this month as well as you can view all Bybit wallet through Nansen (Total more than 11B). None of the rumours that I have see so far have any real facts supporting it,…
— Ben Zhou, May 23, 2024
Zhou also shared a link to Bybit’s proof-of-re...
DMM Bitcoin Loses $305 Million Worth of BTC in a Hack: Here’s the Impact on BTC Prices
DMM Bitcoin, a crypto exchange based in Japan, reported a significant loss of $305 million following a recent hack. The security breach led to the theft of 4,502.9 Bitcoin (BTC) from the exchange. As a result, BTC price witnessed a steep decline, currently heading toward the weekly low of $67K.
Customer Bitcoin Deposits to Be Fully Guaranteed by DMM Bitcoin A Japanese cryptocurrency exchange, DMM Bitcoin, announced on Friday that it had experienced a security breach resulting in the theft of over $300 million in bitcoin.
The exchange detailed in a blog post that a total of 4,502.9 BTC, valued at $305.1 million, was stolen. Despite the theft, DMM Bitcoin assured that all customer bitcoin deposits would be fully covered. They plan to replace the stolen bitcoin with the help of affiliated companies, although they did not specify when this would happen.
The theft came to light after a transaction of 4,502 BTC was flagged...
DMM Bitcoin, a crypto exchange based in Japan, reported a significant loss of $305 million following a recent hack. The security breach led to the theft of 4,502.9 Bitcoin (BTC) from the exchange. As a result, BTC price witnessed a steep decline, currently heading toward the weekly low of $67K.
Customer Bitcoin Deposits to Be Fully Guaranteed by DMM Bitcoin A Japanese cryptocurrency exchange, DMM Bitcoin, announced on Friday that it had experienced a security breach resulting in the theft of over $300 million in bitcoin.
The exchange detailed in a blog post that a total of 4,502.9 BTC, valued at $305.1 million, was stolen. Despite the theft, DMM Bitcoin assured that all customer bitcoin deposits would be fully covered. They plan to replace the stolen bitcoin with the help of affiliated companies, although they did not specify when this would happen.
The theft came to light after a transaction of 4,502 BTC was flagged...
Bitdeer Lands $100 Million Investment from Tether to Boost Bitcoin Mining Operations
Stablecoin issuer Tether Holdings Ltd. has invested $100 million in Bitdeer Technologies Group, a US-listed Bitcoin mining company owned by Chinese billionaire Jihan Wu.
On May 30, 2024, Bitdeer sold 18,587,360 Class A ordinary shares to Tether. The company has an option to purchase 5 million more shares at $10 each, potentially raising another $50 million.
Bitdeer’s Expansion Plans
Operating data centers in the US, Norway, and Bhutan, Bitdeer, founded in 2018 as a Bitmain spin-off, manages equipment procurement, logistics, construction, and daily operations. Additionally, it offers advanced cloud capabilities for AI-intensive tasks. According to the statement, Bitdeer plans to allocate these funds toward expanding its data centers, developing ASIC-based mining rigs, and supporting general corporate activities.
“We regard Bitdeer as one of the strongest vertically integrated operators in the Bitcoin mining industry...
Stablecoin issuer Tether Holdings Ltd. has invested $100 million in Bitdeer Technologies Group, a US-listed Bitcoin mining company owned by Chinese billionaire Jihan Wu.
On May 30, 2024, Bitdeer sold 18,587,360 Class A ordinary shares to Tether. The company has an option to purchase 5 million more shares at $10 each, potentially raising another $50 million.
Bitdeer’s Expansion Plans
Operating data centers in the US, Norway, and Bhutan, Bitdeer, founded in 2018 as a Bitmain spin-off, manages equipment procurement, logistics, construction, and daily operations. Additionally, it offers advanced cloud capabilities for AI-intensive tasks. According to the statement, Bitdeer plans to allocate these funds toward expanding its data centers, developing ASIC-based mining rigs, and supporting general corporate activities.
“We regard Bitdeer as one of the strongest vertically integrated operators in the Bitcoin mining industry...
Analyst Predicts Ethereum Spot ETFs To Attract 25% Of BTC Demand – Here’s Why
Following the sudden approval of the Ethereum Spot ETF last week, speculations continue to roll in on the potential performance of these funds ahead of their debut trading session. Most recently, renowned Bloomberg ETF analyst, James Seyffart has weighed in on the subject giving his thoughts on the possible level of investments the Ethereum spot ETFs could pull in relation to their Bitcoin-based equivalents.
ETH Spot ETF Limited By Ethereum’s Utility And Other Factors – Analyst
In an interview session on X on May 24 hosted by Bitwise Chief Investment Officer Mat...
Following the sudden approval of the Ethereum Spot ETF last week, speculations continue to roll in on the potential performance of these funds ahead of their debut trading session. Most recently, renowned Bloomberg ETF analyst, James Seyffart has weighed in on the subject giving his thoughts on the possible level of investments the Ethereum spot ETFs could pull in relation to their Bitcoin-based equivalents.
ETH Spot ETF Limited By Ethereum’s Utility And Other Factors – Analyst
In an interview session on X on May 24 hosted by Bitwise Chief Investment Officer Mat...