Author: Max Bauer
Reddit, the popular social media platform, has revealed that it sold the majority of its cryptocurrency holdings, primarily Bitcoin and Ethereum, during the third quarter of 2023. The move comes as a surprise, especially considering the significant price surge of Bitcoin in October, a period often referred to as “Uptober” by crypto enthusiasts. The company disclosed this information in a recent SEC filing, stating that the net carrying value of the sold cryptocurrencies and the subsequent gain were deemed “immaterial.” While the exact dollar amount of the sold assets remains undisclosed, it’s clear that Reddit missed out on substantial potential…
A bombshell investigation has revealed that popular YouTuber MrBeast, known for his extravagant stunts and massive following, may have been engaged in long-term insider trading and market manipulation. The findings suggest that MrBeast used his immense influence to promote cryptocurrency tokens, only to subsequently sell them at inflated prices, netting millions of dollars in illicit profits. The investigation, conducted by a team of researchers, uncovered a complex network of over 50 cryptocurrency wallets linked to MrBeast. These wallets were allegedly used to participate in a variety of fraudulent activities, including: The total estimated profit from these activities exceeds $23 million…
Bitcoin has continued its upward trajectory, nearing its all-time high of $72,000. The cryptocurrency’s recent rally has been driven by a confluence of factors, including the upcoming US elections, easing tensions in the Middle East, and significant inflows into Bitcoin ETFs. Election Hopes: One of the primary drivers behind Bitcoin’s surge is the anticipation of the US presidential election. Many analysts believe that a potential Donald Trump victory could have a positive impact on cryptocurrency markets, given his pro-crypto stance and previous statements supporting the industry. Easing Middle East Tensions: The recent de-escalation of tensions between Israel and Iran has…
Optimism Foundation has agreed to provide a $42.5 million grant in OP tokens to Kraken, a major U.S. cryptocurrency exchange. The funds will be used to support the development and growth of Ink, Kraken’s layer-2 network built on Optimism’s OP Stack. The deal, finalized earlier this year, positions Kraken as a key player in Optimism’s expanding “Superchain” ecosystem, which also includes notable participants like Coinbase, Sony, and Uniswap. By leveraging Optimism’s technology, Ink aims to offer users faster transaction speeds and lower fees. The $42.5 million grant, initially valued at approximately $100 million, underscores Optimism’s commitment to fostering innovation and…
OKX, a global cryptocurrency exchange, today announced a significant partnership with Standard Chartered Bank, one of Hong Kong’s three major note-issuing banks and a globally recognized financial institution. Standard Chartered will serve as a third-party custodian for OKX’s institutional clients, providing enhanced security and trust for their digital assets. This collaboration marks a significant step in the maturation of the institutional cryptocurrency market. As institutional interest in digital assets continues to grow, the need for robust and secure custody solutions becomes paramount. OKX’s partnership with Standard Chartered directly addresses this need, offering institutional investors the assurance of a reputable and…
Cryptocurrency mogul Justin Sun has hinted at a significant upcoming announcement for the Tron (TRX) network. The news comes amidst a broader cryptocurrency market rally, with Bitcoin (BTC) recently surpassing the $72,000 mark. In a recent social media post, Sun cryptically stated, “Big news for Tron is coming soon.” He further added that the era of “announcements of announcements” has finally begun, suggesting that the Tron ecosystem is poised for significant developments. While the specific details of the announcement remain undisclosed, Sun’s subsequent post, “Tron meme is ready for flight,” has sparked speculation that the focus may be on memecoins.…
Binance, the world’s largest cryptocurrency exchange by trading volume, has launched a premium service called Binance Wealth. This initiative aims to provide a tailored onboarding experience for affluent clients, allowing them to access a diverse range of digital assets. The Binance Wealth service, announced on Tuesday, will feature dedicated private client managers responsible for guiding HNWIs through the onboarding process. These managers will handle the necessary know-your-customer (KYC) documentation and establish individual sub-accounts for each client, enabling them to trade or stake a wide variety of cryptocurrencies while enjoying a traditional wealth management experience. Additionally, support from Binance’s VIP key…
A recent analysis by cryptocurrency analytics firm CryptoQuant suggests that The Open Network (TON) could soon surpass Ethereum in terms of the number of unique wallet holders. According to the firm, TON’s rapid growth, averaging 500,000 new holders per day, positions it to potentially overtake Ethereum by December 20th, 2023. This projection is based on the current rate of growth and the assumption that it continues at a similar pace. However, CryptoQuant also acknowledges that the growth rate might decelerate. A more conservative estimate, considering a one standard deviation reduction, suggests that the crossover could occur around February 3rd, 2025.…
CryptoQuant, a leading cryptocurrency analysis firm, has recently shared insights suggesting a potential upward trajectory for Bitcoin. The firm’s analysis focuses on the behavior of miners, a key indicator of market sentiment and future price movements. According to CryptoQuant, miners are currently holding onto their Bitcoin rather than selling it off. This behavior, as indicated by the Miner Position Index (MPI), is historically associated with significant price increases. A rising MPI suggests that miners are bullish on Bitcoin’s future and are accumulating rather than liquidating their holdings. Furthermore, the increase in block rewards per block points to growing network activity,…
The limitations of Ethereum’s mainnet infrastructure are pushing users, applications, and capital towards Layer-2 solutions and competing blockchains like Solana, according to analysts. The demand for faster and more scalable solutions is driving this migration. Anmol Singh, co-founder of Zeta Markets, told that Ethereum’s underlying infrastructure struggles to handle the growing volume of users, transactions, and data. This has led to the development of Layer-2 solutions, but users and capital are also migrating to alternative Layer-1 blockchains like Solana. While Layer-2 solutions offer scalability benefits, they also introduce the challenge of liquidity fragmentation. Qi Zhou, founder of QuarkChain and EthStorage,…