Author: Andrei Ionescu
South Korea’s Financial Services Commission (FSC) is set to reevaluate its ban on local spot cryptocurrency exchange-traded funds (ETFs) and institutional accounts on crypto exchanges, signaling a possible shift in the country’s strict stance on digital asset exposure in traditional financial markets. This move, reported by local news outlet News1, comes as the FSC’s newly formed cryptocurrency advisory committee reviews the current restrictions. The FSC’s decision marks a significant change from its previous hardline stance, which had reaffirmed a ban on local crypto ETFs even after the U.S. approved spot Bitcoin ETFs earlier this year. The ban was initially justified…
The ongoing rise in Bitcoin’s (BTC) dominance rate may face a significant challenge from the U.S. Federal Reserve’s recent rate-cutting cycle, according to SwissOne Capital, a prominent crypto asset management firm. Historically, BTC dominance and U.S. interest rates have shown a positive correlation, suggesting that further rate cuts could stall the current uptrend in Bitcoin’s market share. Over the past two years, Bitcoin’s dominance rate has surged from 38% to 58%, signaling its outperformance relative to the broader cryptocurrency market. This rise has occurred alongside the doubling of the total digital asset market capitalization to over $2 trillion, according to…
Layer 2 scaling solution Optimism has launched its fifth airdrop, allocating 10.3 million OP tokens worth approximately $16 million to 54,700 user addresses. The airdrop rewards users who have been actively engaging with the Superchain, a network of blockchains built using Optimism’s OP Stack technology. The airdrop focused on users interacting with various chains within the Superchain ecosystem, including OP Mainnet, Base, Zora, Mode, Metal, Fraxtal, Cyber, Mint, Swan, Redstone, Lisk, Derive, BOB, Xterio, Polynomial, Race, and Orderly. To qualify, wallets needed to have interacted with at least 20 contracts across the Superchain between March 15 and September 15, 2024.…
Matt Hougan, Chief Investment Officer (CIO) at crypto asset manager Bitwise, has outlined the key factors that could drive Bitcoin to surpass $80,000 this quarter. In a memo to clients, Hougan emphasized the importance of the U.S. election outcome, the broader economic landscape, and stability within the crypto industry as crucial elements for a potential “melt-up” in Bitcoin’s price. At the end of 2023, Bitwise forecasted that Bitcoin, then trading at $42,400, would more than double to over $80,000 by year’s end. The prediction was based on two major catalysts: the approval of spot Bitcoin exchange-traded funds (ETFs) in the…
A surge in stablecoin liquidity and large Bitcoin (BTC) transactions is setting the stage for a potential price rally, as the bullish trend for October continues. With stablecoins playing a pivotal role in cryptocurrency trading, the increase in their liquidity signals significant capital waiting to be deployed. Data from CryptoQuant shows that stablecoin liquidity has reached a record $169 billion as of late September Tether (USDT) leads the market, with a $28 billion rise in market capitalization to nearly $120 billion, commanding 71% of the stablecoin market share. Circle’s USDC follows with a 44% YTD increase to $36 billion, holding…
Binance, a leading global cryptocurrency exchange, has announced it will stop supporting deposits and withdrawals of several tokens via specific networks starting from October 23, 2024, 08:00 UTC. Users are advised to take action before the deadline to avoid potential loss of assets. Impacted Tokens and Networks After the cutoff time, any deposits made via the specified networks will not be credited to users’ accounts and could result in asset loss. The affected tokens and their respective networks are: Alternative Networks Still Supported Despite the removal of support for these specific networks, Binance users will still be able to deposit…
Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will convert a selection of delisted tokens into USDC for users holding these tokens in their Binance wallets. The conversion process will begin after a snapshot of users’ holdings at 00:00 UTC on October 29, 2024, and will be completed by April 28, 2025. Impacted Tokens and Withdrawal Deadline The affected tokens include: Binance users who hold any of these tokens will have until October 28, 2024, 23:59 UTC to withdraw them. After this date, withdrawals will no longer be supported, and users will not be able to…
The U.S. government is seeking to seize approximately $2.67 million in cryptocurrency linked to two major hacks by North Korean cybercriminals, according to recent filings from the U.S. Attorney for the District of Columbia. These actions, filed last Friday, reveal how North Korea’s Lazarus Group laundered funds from high-profile attacks on crypto platforms through blockchain mixers, shedding light on the group’s sophisticated money-laundering tactics. The seizures relate to two hacks: a $28 million breach of crypto options exchange Deribit in November 2022 and a $41 million theft from the online crypto casino Stake.com in September 2023. Law enforcement traced the…
Japanese investment firm Metaplanet Inc. has further increased its bitcoin holdings by purchasing an additional 108.786 BTC for 1 billion yen ($6.7 million). With this latest acquisition. Metaplanet’s total bitcoin holdings now stand at 639.503 BTC, worth approximately $40.6 million at current market prices. The Tokyo-listed company announced on Monday that the average price of its most recent bitcoin purchase was 9.19 million yen ($61,880) per BTC. Across all its bitcoin acquisitions, Metaplanet has bought its holdings at an average price of 9.32 million yen ($62,789) per bitcoin. Metaplanet has been consistently accumulating bitcoin over the past few months, having…
The cryptocurrency industry is experiencing leadership changes as major exchanges Coinbase and Bybit announce new hires and departures. Robert MacDonald, a former Binance executive, has joined Bybit as Chief Legal and Compliance Officer, while Coinbase’s Jesse Pollak is expanding his role. Meanwhile, several notable executives are stepping back from their positions. Bybit Welcomes a New Compliance Leader Robert MacDonald, previously Binance’s Head of Sanctions, has been appointed as Bybit’s Chief Legal and Compliance Officer. With a career that includes compliance roles at Standard Chartered Bank and HSBC, as well as a stint at the UK Ministry of Justice, MacDonald brings…