Author: Max Bauer
A new report reveals that Bhutan has surpassed El Salvador as the third-largest holder of government bitcoin reserves. Despite having a significantly smaller population, Bhutan’s bitcoin holdings are more than twice the value of El Salvador’s. The United States remains the undisputed leader in government bitcoin holdings, followed by the United Kingdom. However, Bhutan’s rapid ascent is a notable development in the cryptocurrency space. Bhutan’s bitcoin holdings primarily stem from its own mining operations, which have expanded significantly since 2019. The country’s sovereign investment arm, Druk Holding & Investments, began mining bitcoin when the cryptocurrency was valued at approximately $5,000.…
Bitcoin’s market dominance has surged to its highest level since April 2021, according to a new report from Kaiko Research. The cryptocurrency now accounts for 54.9% of the total cryptocurrency market capitalization. The report also highlights bitcoin’s resilience during recent market turmoil. Following a sharp sell-off triggered by a surprise interest rate hike in Japan, bitcoin’s cumulative volume delta (CVD) remained positive on U.S. exchanges, indicating a stronger buying pressure compared to altcoins. This trend further solidifies bitcoin’s reputation as a “safe haven” asset during periods of market uncertainty. “Bitcoin’s CVD remained remarkably positive on U.S. exchanges, even amidst one…
A federal judge has dismissed a lawsuit filed by blockchain technology company Consensys against the U.S. Securities and Exchange Commission (SEC) and its Chair, Gary Gensler. The lawsuit, which was originally filed in April, sought to challenge the SEC’s regulatory authority over Ethereum. Among the bombshell allegations in the suit were claims that the SEC had opened an investigation into Ethereum and had issued Consensys a Wells notice. This notice indicated that the SEC was considering filing a lawsuit against the company. While the SEC did eventually file a lawsuit against Consensys, targeting MetaMask Swaps and alleging that Lido and…
Terraform Labs, the company behind the collapsed TerraUSD and Luna cryptocurrencies, has received court approval to wind down its operations. The decision comes after the company reached a settlement with the U.S. Securities and Exchange Commission (SEC) over allegations of defrauding investors. In a hearing on Thursday, U.S. Bankruptcy Judge Brendan Shannon approved Terraform’s bankruptcy plan, calling it a “welcome alternative” to further litigation. The company had filed for bankruptcy in January following the collapse of its cryptocurrencies, which led to an estimated $40 billion in investor losses. As part of the settlement, Terraform agreed to pay a $4.47 billion…
A recent analysis by CryptoQuant has revealed a significant decline in the supply of bitcoin held by short-term holders (STH). This trend, which hasn’t been observed since 2012, is potentially hindering the cryptocurrency’s ability to break out of its current price range. The data shows a shift in bitcoin ownership towards long-term holders (LTH), those who have held their coins for 155 days or more. While this accumulation by LTH is often seen as a precursor to price increases, CryptoQuant’s Head of Research, Julio Moreno, emphasizes the importance of fresh demand from STH to sustain a rally. “Historically, bitcoin’s bull…
Bitcoin’s price surged past $62,000 following the Federal Reserve’s announcement of a rate cut, the first in four years. Market analysts are predicting a potential surge towards a new all-time high, fueled by the increased liquidity and investor confidence. “There’s a significant chance we could see a price pump during the remainder of the year, potentially even pushing Bitcoin towards another all-time high,” said Alice Liu, lead researcher at CoinMarketCap. She highlighted Bitcoin’s historical performance, noting a 90% rally in the fourth quarter over the past decade. The Fed’s decision to cut interest rates by 0.5%, bringing them to a…
Three men who allegedly orchestrated a sophisticated social engineering attack, stealing a staggering $243 million from a single individual last month, have been arrested in Los Angeles thanks to the efforts of online sleuths. Cryptocurrency investigator ZachXBT, who has been following the case, detailed the intricate scheme on X. The perpetrators, identified as Malone Iam (Greavys), Veer Chetal (Wiz), and Jeandiel Serrano (Box), targeted a Genesis creditor by impersonating Google and Gemini support representatives. Through a series of deceptive tactics, they convinced the victim to relinquish control of their accounts, ultimately gaining access to their private keys and draining their…
The Bitcoin market is currently experiencing a period of stagnation, characterized by low trading activity and a tightening supply, according to a new report by Glassnode. The research firm noted that the actual market value of Bitcoin has plateaued at $622 billion over the past two months, suggesting that most tokens are being traded near their original purchase prices. Additionally, absolute realized gains and losses have declined significantly since the March peak, indicating a decrease in overall buying pressure. Crypto Insiders Downplay U.S. Election Impact on Market Glassnode also highlighted the increasing prevalence of HODLing behavior among market participants. The…
The popular Telegram-based trading bot, Banana Gun, is currently facing a security breach. Multiple reports from the community indicate that user wallets connected to the bot have been compromised, resulting in the draining of funds. The Banana Gun team has acknowledged the issue in a pinned message on their official Telegram channel, stating, “We are investigating the issue, bot is currently offline.” Community member yannickcrypto.eth has shared that at least 36 users have been affected, with a total of approximately 563 ETH ($1.4 million) stolen. Banana Gun is a leading platform for on-chain transactions and token sniping on Telegram. It…
A new survey conducted by Deutsche Bank has revealed that despite the growing interest in central bank digital currencies (CBDCs), consumers remain reluctant to adopt them. The bank surveyed 4,850 individuals in Europe, the UK, and the US to gauge their attitudes towards CBDCs. The results indicate that cash continues to be a preferred payment method, with a majority of respondents expressing a preference for debit or credit cards over CBDCs. “While 59% of consumers believe that cash will always be relevant, the COVID-19 pandemic accelerated the shift toward digital payments, particularly among Gen Z,” analysts Marion Laboure and Sai…