Author: Max Bauer

Defunct crypto lender Celsius Network is in the final stages of its massive creditor payout process, having distributed over $2.53 billion to date. This represents roughly 93% of the total eligible funds owed, according to a recent court filing. Over 250,000 creditors from 165 countries have received distributions, primarily through PayPal, Venmo, and Coinbase. However, around 121,000 creditors are yet to claim their share due to complexities in the process. The remaining unclaimed amounts are largely small, with many creditors owed less than $1,000. The Plan Administrator has made numerous attempts to reach these creditors but acknowledges that the small…

The CME Group, the world’s leading derivatives marketplace, has announced plans to introduce Bitcoin Friday Futures (BFF) on September 30, 2024, pending regulatory review. This new offering aims to provide a more accessible and flexible way for traders to gain exposure to Bitcoin. Each BFF contract will represent 1/50 of a Bitcoin, significantly lowering the capital requirements for trading compared to existing BTC futures contracts. This smaller contract size is expected to attract a wider range of investors, including retail traders who may have been previously priced out of the market. The BFF contracts will expire every Friday at 4…

Ethereum co-founder Vitalik Buterin recently disclosed that a significant portion of his personal wealth, approximately 90%, is held in Ethereum. This revelation came in response to online discussions about Ethereum’s role as a store of value and the Ethereum Foundation’s selling practices. An influencer on social media suggested that Buterin and other core developers deliberately avoid discussing Ethereum as a store of value or programmable money. They perceive its monetary aspects as incidental and potentially risky to acknowledge publicly, especially in light of regulatory scrutiny. Buterin countered this notion by stating, “If I did not believe in ETH as SOV…

Justin Sun, the renowned founder of Tron (TRX) and a prominent figure in the crypto world, continues to make headlines with his vast and diverse altcoin portfolio. Recent data reveals that Sun’s total crypto holdings amount to an impressive $1,083,585,782.87, further solidifying his position as a major player in the market. Sun’s Crypto Holdings: A Breakdown TRX: The native cryptocurrency of the Tron blockchain remains Sun’s largest holding, valued at $315.03 million. He also possesses an additional 367.246M Wrapped TRX worth $60.22M. Stablecoins: Sun maintains substantial positions in stablecoins USDD ($276.54 million) and USDJ ($94.55 million), providing stability to his…

The likelihood of the Federal Reserve reducing interest rates by 25 basis points in September is currently 68%, according to CME’s “Fed Watch” tool as reported by Jinshi Data on August 27. The tool also indicates a 32% probability of a more aggressive 50 basis point cut in September. As the year progresses, expectations for further rate reductions increase. By November, the probability of a 50 basis point cut rises to 48.7%, a 75 basis point cut to 42.2%, and a 100 basis point cut to 9.1%. This outlook aligns with recent comments from San Francisco Fed President Mary Daly.…

The cryptocurrency market has experienced significant turbulence in the last 24 hours, leading to large-scale liquidations of both long and short positions. As traders faced sudden price swings, liquidations across exchanges soared, with a total of $126.88 million liquidated. The majority of this figure—$101.36 million—came from long positions, while short positions accounted for $25.52 million. Breakdown of Liquidations The majority of liquidations occurred on Binance, OKX, and Bybit: Top Cryptocurrencies Affected The latest wave of volatility has primarily impacted traders holding long positions, with over 90% of liquidations in the last 24 hours affecting long traders across major exchanges. Bitcoin…

San Francisco Fed President Mary Daly has joined the chorus of Federal Reserve officials advocating for a reduction in interest rates. In an interview on Monday, Daly stated, “The labor market has achieved full balance. The time has come to adjust policy.” This aligns with remarks made by Fed Chairman Jerome Powell at the Jackson Hole Symposium last week, where he expressed confidence in inflation returning to the 2% target and affirmed that “the time has come to adjust policy.” While Daly said the Fed’s commitment to curbing inflation, she also stressed the importance of preventing restrictive policies from negatively…

Russia is gearing up to commence trials of cryptocurrency exchanges and cross-border payments using digital tokens starting September 1st. This move aims to alleviate payment challenges faced by Russian companies due to international sanctions. The trials will utilize the National Payment Card System for facilitating the exchange between rubles and cryptocurrencies. This initiative follows recent legislation passed in July, legalizing crypto mining and establishing a framework for testing digital tokens in cross-border settlements under the central bank’s supervision. These trials come at a time when Russian businesses are grappling with increasing difficulties in conducting international transactions. The challenges stem from…

The UK’s aspiration to become a global hub for cryptoassets has hit a major roadblock, with the Financial Conduct Authority (FCA) not granting any new crypto business registrations in the last six months. This stark contrast with the promises made in 2022 by then-Chancellor Rishi Sunak to establish the UK as a “global cryptoasset technology hub” has left many in the industry questioning the future of crypto in the country. Data from the FCA registry, updated on August 1st, reveals that only four out of 34 applications received in the past year were approved, with the last successful registration being…

French President Emmanuel Macron has addressed the public following the arrest of Telegram founder Pavel Durov, which took place over the weekend at Bourget Airport near Paris. Macron said that the arrest was part of an ongoing judicial investigation and not a politically motivated decision. In a statement, Macron responded to what he described as “false information” circulating regarding France’s stance on freedom of expression and innovation following Durov’s arrest. “France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship. It will remain so,” Macron stated. He claimed that in a state…