Category: Cryptocurrency News

The Bitcoin and crypto market has been volatile for most of 2022. Judging from the prolonged bear market, most experts were optimistic that it was close to an exit point. However, recent trends in the crypto world and macro-financial activities have prolonged the downtrend. The feds’ rate hike continues to affect crypto assets adversely. XRP’s case with the SEC also has hurt crypto holdings. With their recent victory over crypto giants LBRY, the XRP case is viewed with anxiety. XRP and LBRY cases bear striking similarities, although the XRP’s legal team has expressed confidence in their chances. Related Reading: Tom Brady, Gisele Bundchen, And Sam Bankman-Fried Sued Over FTX Collapse More recently, FTX’s collapse has also sent investors into a withdrawal frenzy, preferring to hold their assets. In addition, trust in central exchanges is now at an all-time low and has called to question the legitimacy of cryptocurrencies. In the past 24 hours, prices of cryptocurrencies have significantly changed, with changes recorded in most projects. Bitcoin’s Price Drama BTC price recorded a brief bullish rally credited to the tweets of Elon Musk and Binance’s CEO Changpeng Zhao. Zhao talked about creating an industry recovery fund to help crypto projects that are strong but face liquidity problems. This announcement comes on the heels of the FTX disaster and Binance’s proposed bailout that was suspended. Elon Musk had responded to a tweet from Michael Saylor about converting his Tesla holdings to Bitcoin and its positive effect on the Market. The Twitter exchange between the two entrepreneurs created a brief rally for the world’s number one cryptocurrency. Bitcoin’s price recorded an intraday high of $17,190. However, it could not withstand the resistance and succumbed to bearish pressure falling to $16,191 subsequently. BTC’s price has slightly recovered and is currently trading at $16,713. The total market capitalization for crypto is around the $890 billion mark. These figures show a $10 billion increase in the market cap. However, Bitcoin’s dominance took a hit and is currently at 36.6%. With the current volatile market phase, investors will likely proceed cautiously as events unravel. However, Bitcoin will likely lead the rally if the prices recover in the coming days. Bitcoin Price Performance Bitcoin’s recent price performance shows that the coin is observing a price downtrend. The FTX collapse might also have aided this downward spiral. Investors have gone short on losing positions to cut losses and prevent total bankruptcy. Related Reading: Bitcoin 7-Day Volatility Comes Alive As FTX Collapse Shakes Market Bitcoin’s current support levels are at $16,265 and $16,404.8. However, market volatility will have a say in Bitcoin price, with the coin crossing the critical pivot point of 16541.7. The MacD indicator clearly shows Bitcoin’s brief rally and descent into a complete bearish phase. The volatility is high, and a risky investment for investors since a further drop is still likely. The SMA 50 and 200 also reflect the bearish trend of BTC and will likely continue their descent on the chart. It is not likely that bitcoin will go on a bullish spree. Featured image from Pixabay, chart from TradingView.com

I understand if I unstake on coinbase i get cbETH. Im just confused that once i do that do i still technically have my ETH2.0 staking in coinbase? If this is the case, Will I still be receiving APY on that staked ETH 2.0 even though I “swaped” it for cbETH? Once I swap it…
Read more

So I'm really tired of hearing about crypto lenders going bankrupt. Celsius, 3 Arrows, Blockfi, FTX, and now Genesis is on the brink. It makes zero sense, lending is literally the easiest way to make money. Now, I've dabbled in DeFi. I've also gotten loans from banks. In traditional finance, whenever the loan was greater…
Read more

The BIS (Bank of International Settlements) is a Switzerland-based bank belonging to 63 national central financial institutions that recently revealed a new survey based on Bitcoin. Primarily, the BIS offers various banking services to several national central banks. Also, it creates a platform for regulatory policies and monetary discussions. The organization also delivers analysis based on the economy of the nations. Related Reading: Tom Brady, Gisele Bundchen, And Sam Bankman-Fried Sued Over FTX Collapse The member central financial institutions of the BIS elected about 18 directors to govern its operations. The central member financial institutions consist of the governors of the central banks in France, Belgium, the United States, Germany, the United Kingdom, and Italy. These are the permanent directors of the board. They may also collectively appoint another director from one of the member central banks. Finally, the governors from the other member major financial institutions are to elect the 11 directors left of the entire board. The BIS Study Considering the ongoing movement of the crypto market, it’s no surprise that many investors are at a loss. Therefore, the BIS decided to look at the situations of crypto investors regarding the current state of the crypto market. Its findings revealed that about one-third of BTC retail investors are currently at a loss. The study was based on the activities of retail investors on different exchange applications. According to the survey, most exchange application downloads occurred when BTC was still above $20K. The study covered data from 2015 to 2022, spanning about 95 nations. The survey showed that the retail investors bought an average of $100 worth of BTC monthly. From this data, about 81% of retail investors are currently at a loss. This occurrence is raising concerns about venturing into crypto investments. The BIS believes the crypto ecosystem is one of the riskiest investments for anyone. Moreover, its implementation may not do the economy any good as it stands now. Bitcoin Still Attracts Retail Investors As opposed to the belief of the BIS, investors are still showing more interest in Bitcoin regardless of the current situation. The BIS, however, noted that digital currencies are pretty volatile. Therefore, should intending investors venture into it, they could also incur losses. Moreover, these digital assets are still not recognized as global payment methods. This fact also indicates that cryptocurrencies have no governmental backing. Related Reading: Bitcoin 7-Day Volatility Comes Alive As FTX Collapse Shakes Market The Bank of International Settlements also cited that despite the fall of Bitcoin, investors still perform trading transactions with this token. About 75% of the BTC price is lost within the space of a year, and that’s not all. Considering the crash of FTX and 3AC, the BIS noted that investors’ confidence in crypto investments should be somewhat shaky. At the time of writing, Bitcoin is trading at $16,586. Featured image from Pixabay, chart from TradingView.com

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, has commented on the collapse of crypto exchange FTX, stating that “it is partly fraud and party delusion.” Noting that “the country did not need a currency that’s good for kidnappers,” he stressed: “I basically like the existence of the Fed … I hate bitcoin […]

Oasis × DappRadar Accelerator Demo Day Showcasing the five unique projects from Oasis & DappRadar Accelerator. The event will be held via a Zoom Webinar and is open to the public. Date: November 17th Time: 4PM UTC Teams presenting: ​ Jungle Race – https://junglerace.io/ Inspired by the games of the 90s, Jungle Race was born…
Read more

If I wanted to bridge, lets say some ETH from mainnet to optimism, I've noticed I can choose between the optimism bridge itself, or many others: hop, stargate, across, celer etc… Do these all work by the same mechanism? From what I understand if I used the optimism bridge, my mainnet ETH would get locked…
Read more

The provisional liquidator overseeing the FTX Digital Markets bankruptcy proceedings says FTX wasn’t authorized to file for bankruptcy in the U.S without his approval.

This is a really awesome project. This is one of The best project. This project has a strong team that will bring successful. Very promising project. I hope better future. submitted by /u/Rony156 [link] [comments]

submitted by /u/PurplerRain [link] [comments]