Author: Andrei Ionescu
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…
CryptoQuant analysts have identified potential for Bitcoin to rally, citing a decline in U.S. Treasury yields and a rise in gold prices. Since the U.S. Federal Reserve’s interest rate cut by half a percentage point on September 18, short-term Treasury bill yields have been dropping, while gold has gained nearly 5% in value. Analysts suggest that Bitcoin, often referred to as “digital gold,” could follow gold’s upward trajectory. In a post on X, CryptoQuant highlighted a historical parallel between falling Treasury yields and the performance of gold. “In 2008, as the 13-week Treasury bill yields started to lower, gold prices…
Coinbase Global Inc. announced plans to delist all unauthorized stablecoins from its crypto exchange in the European Economic Area (EEA) by the end of 2024, in anticipation of the European Union’s new regulatory framework. This move could significantly impact major tokens such as Tether’s USDT. The EU is set to fully implement the Markets in Crypto-Assets (MiCA) regulation by December 31, 2024. MiCA’s guidelines for stablecoin issuers took effect on June 30, mandating that issuers obtain e-money authorization in at least one EU member state. Further regulatory guidance for exchanges and other firms will come into force by year-end. “Given…
Bitcoin’s dominance over the cryptocurrency market surged to its highest level in nearly three years as altcoins weakened amid geopolitical tensions and a strengthening U.S. dollar. Bitcoin (BTC) remained above the key $60,000 support level on Thursday, trading around $61,150, up 1% over the past 24 hours. This comes after a brief dip below $60,000 during the previous day’s trading. Despite Bitcoin’s resilience, the broader crypto market struggled. Ethereum’s ether (ETH) was down 1%, while notable losses were recorded in altcoins like Ripple (XRP), Solana (SOL), Avalanche (AVAX), and Render (RNDR). However, Aptos (APT), a layer-1 blockchain, was a standout…