Author: Max Bauer
The cryptocurrency market continues its downward spiral, with altcoins bearing the brunt of the decline. On-chain data reveals significant Arbitrum (ARB) sales by two prominent market makers, Wintermute and GSR, adding to the bearish sentiment. Wintermute deposited 1.16 million ARB tokens, valued at approximately $2.10 million, onto the Binance exchange a few hours ago. Shortly after, GSR followed suit, transferring 4.71 million ARB, worth around $2.57 million, to the same exchange. These substantial moves come as the total cryptocurrency market capitalization has plummeted by 2.29% in the last day, reaching $2.27 trillion. The altcoin sector has been particularly hard hit,…
In two recent communications, Ethereum co-founder Vitalik Buterin has shed light on the future direction of the Ethereum protocol and addressed concerns regarding recent ETH sales. Buterin’s latest article, titled “Future Development of Ethereum Protocol (Part 5: The Purge),” focuses on tackling the growing complexity and storage requirements of the blockchain. He argues that the inherent nature of blockchain protocols is to expand over time, both in terms of stored historical data and the complexity of its functions. This poses a significant challenge to the long-term sustainability of the network. The solution, according to Buterin, lies in implementing a counter-pressure…
A fake application mimicking the popular decentralized finance (DeFi) platform Curve Finance has gained significant traction on the Apple App Store, ranking among the top 100 financial apps on October 26, according to a report from Cointelegraph. Despite multiple users flagging the app as a scam, it remains popular across regions including Europe, Latin America, New Zealand, the United States, and Southeast Asia, putting unsuspecting users at risk. The fraudulent app, named “Curve defi v3,” was developed by an entity listed as “Tao Duong Van.” It has misled users by replicating the official Curve Finance logo and functionality, creating a…
Ripple CEO Brad Garlinghouse has issued a stark warning about the potential fallout from the SEC’s ongoing lawsuit against his company, predicting a “shit show” for the crypto industry if the regulator prevails on a key legal argument. His comments came during a recent interview with Anthony Pompliano, also known as Pomp, where Garlinghouse addressed Ripple’s recent cross-appeal and criticized the SEC’s handling of Bitcoin ETFs. The core of the dispute revolves around the definition of an “investment contract” under the Securities Act. Ripple’s cross-appeal seeks clarity on whether such a contract requires an explicit, formal agreement. Garlinghouse argued that…
Tether, the world’s largest stablecoin issuer, has vehemently denied a recent report by the Wall Street Journal (WSJ) alleging that the company is under investigation by US federal authorities. The company also pushed back against speculation that the US Treasury Department may impose sanctions on Tether. In a statement, Tether expressed strong disapproval of the WSJ’s reporting, calling it “wildly irresponsible” and based on “pure rank speculation.” The company emphasized that no authorities have publicly confirmed any such investigation, and the article lacks named sources to substantiate its claims. Tether highlighted its long-standing cooperation with law enforcement agencies in combating…
A recent series of cryptocurrency transfers involving a Bitfinex hacker wallet seized by the US government has sparked speculation and confusion within the crypto community. Initially, approximately $20 million worth of stablecoins were moved from the seized wallet to an unidentified address, then converted to Ethereum and transferred to an unknown exchange. This led many to believe that a hack may have occurred, especially given the wallet’s history. Crypto sleuth ZachXBT even hinted at malicious intent behind the transfers. However, a significant portion of these funds, amounting to $19.3 million, was subsequently returned to US government-controlled wallets. This development suggested…
A French trader has placed a staggering $45 million bet on Donald Trump winning the upcoming US presidential election, according to an investigation by crypto prediction market platform Polymarket. The revelation follows concerns about potential market manipulation due to several large bets favoring a Republican victory. Polymarket, which prohibits US users, confirmed the French trader’s involvement after investigating several substantial accounts backing Trump. A company spokesperson stated on Thursday that their investigation revealed the individuals behind these accounts possess “extensive trading experience and financial services backgrounds.” Millions of dollars were collectively wagered by these accounts in support of a Republican…
Cryptocurrency economist Timothy Peterson has offered a bullish outlook for Bitcoin, suggesting the cryptocurrency could reach $100,000 by February 2024. In a recent statement, Peterson outlined his analysis based on a basic trendline he developed for the 2023-2024 period. Peterson dismisses the “diminishing marginal returns” argument, which suggests that Bitcoin’s price gains will decrease over time. He argues that Bitcoin’s current price trajectory is consistent with previous patterns, indicating continued potential for significant growth. “Bitcoin’s current run is not meaningfully different than prior price paths,” Peterson stated. “This puts a big dent in the ‘diminishing marginal returns’ argument.” According to…
South Korea’s Financial Services Commission (FSC) is preparing legislation to enhance regulatory oversight of virtual asset exchanges, focusing on the qualifications of major shareholders and governance structures. This announcement comes in response to concerns about the lack of transparency and potential risks associated with the current regulatory framework. FSC Chairman Kim Byung-hwan addressed the National Assembly’s Political Affairs Committee during a comprehensive state audit, stating, “Under current laws, including the Specific Financial Information Act and the Act on the Protection of Virtual Asset Users, there is no legal basis for scrutinizing major shareholders. We have therefore submitted a revision to…
Pennsylvania has taken a significant step toward establishing regulatory clarity for digital assets with the House of Representatives passing a bipartisan bill aimed at providing a framework for the burgeoning cryptocurrency industry. House Bill 2481, also known as the Bitcoin Rights bill, passed overwhelmingly with a 176-26 vote, garnering support from 76 Democrats and all 100 Republican members. This move comes amidst ongoing uncertainty at the federal level regarding cryptocurrency regulation and which agencies should oversee the $2 trillion market. The bill now proceeds to the Republican-controlled Senate after the election, and if approved, will land on Governor Josh Shapiro’s…