Category: Cryptocurrency News

Bitcoin price action since FTX “feels like the world has ended,” says Stock-to-Flow creator PlanB.

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Russian lawmakers have proposed changes to the current law “On Digital Financial Assets” in order to regulate crypto mining while banning the circulation of cryptocurrencies in the country. The legislation also prohibits the non-targeted advertising of crypto-related products and services. New Attempt to Legalize Cryptocurrency Mining in Russia After months of deliberations, efforts continue in […]

While long-term solutions will need the involvement of multisig and social recovery wallets, Buterin pointed out two alternatives for the short-term — custodial and non-custodial exchanges.

I understand how wrapping works, like wrapped BTC: you just store it in a vault on its original blockchain through a counterparty and then that counterparty mints a wrapped token designed to be a representation of that token on a desired blockchain which you can later redeem for your original token in its original blockchain.…
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For a disclaimer this is too much for me to understand or wrap up fully but I want people to be up to date on what's happening, I'll be citing tweets and articles but if someone in the comments can provide more information about the situation it would be awesome. Ok, so first of all.…
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How hard would it be, and how much would it cost to make every concert ticket an NFT that has automatic resale split between artist and seller to cut out scalpers? If a $100 face value ticket is resold for $200, have a maximum of $100 go to the seller and rest goes to the…
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The collapse of the FTX crypto exchange is one of the biggest shocks to hit the industry. The impact of the fall is spreading to different crypto assets and several investors on the exchange. The crypto market has been experiencing massive downward performance as prices of assets kept declining. Hence, the overall value is far below expectations, creating more fears and doubts in crypto. Related Reading: Bitcoin Cash On Downward Motion Since Breaching $105 Level – Here’s Why Following the unfolding events and crisis, the CEO of FTX, Sam Bankman-Fried (SBF), filed for bankruptcy for the distressed FTX exchange. He also resigned from his position as CEO. On the part of FTX  investors, the story is getting more intense. Several venture investors and individuals have started counting the losses following the bankruptcy filing. Also, the contagion from the collapse of the exchange is still spreading. One such recipient of the negative effect is Multicoin Capital. Multicoin Capital Exposure To FTX Crypto Exchange In the new development, a crypto venture company, Multicoin Capital, has disclosed its exposure to FTX. On Thursday, the firm reported how the fund plummeted by a whopping 55% over last month. It revealed to its investors that the drop in performance was due to the collapse of FTX. The events surrounding FTX gave a huge blow to Multicoin. In July, the firm launched its $430 million fund. As the FTX saga was unwinding last week, the crypto venture firm recovered just one-quarter of its assets from the exchange. But, about 15% of its total assets are still trapped on FTX. Currently, Multicoin Capital plans to write down its assets on the distressed FTX to zero. It noted that it’s the only sensible action to take as the exchange is already immersed in its bankruptcy proceedings. However, it still believed that it would recover some of its assets from the collapsed exchange in the future. At the moment, the crypto venture giant didn’t state the amount it’s writing off regarding the FTX crisis. But some crypto market experts think the value would be more than $850 million. The managing partners of Multicoin, Kyle Samani and Tushar Jain, reacted to the situation in the post. They wrote that they over-trusted their relationship with FTX, which made them lay many assets on the exchange. Multicoin Capital Now Resorts To A Majorly Self-Custodian Before now, Multicoin Capital distributed all its assets across the three leading crypto exchanges; Binance, Coinbase, and FTX. Following the collapse of FTX, the venture firm moved all its remaining assets to either self-custody or Coinbase. Multicoin stated that it currently has no assets exposed to any counterparties. However, it plans to diversify its custodial exposure picking Coinbase as its primary custodian. It noted that it would resume trading with other exchanges once the situation in the market becomes calm. Related Reading: NEAR Faces Resistance In Attempt To Breach $2 Level As Bears Block Its Way Further, the crypto venture firm believes that the contagion from the FTX will continue to spread. It mentioned that several trading firms would shut down from the collapse of FTX and its sister trading platform, Alameda Research. Featured image from Pixabay, chart from TradingView.com

As the market declined last week (and continues to do so), Litecoin was one of the few currencies to increase in value. CoinGecko reports that the price of a single Litecoin is at $63.69 at the moment. The token is up 8% in the last 24 hours, giving traders and investors some sense of relief. Litecoin (LTC) thus pulled off a surprise, edging out the other cryptos in the top 20 list. The alternative cryptocurrency that has been around for a while appears to be gaining popularity among investors. Only 35% of LTC holders are profitable, per CoinMarketCap. The percentage of holders who would benefit monetarily from a sale at the current time is thus reduced. While this rebound is encouraging, the current state of the market following the contagion that was FTX means that LTC may not be able to avoid more market declines despite the uptick. Related Reading: NEAR Faces Resistance In Attempt To Breach $2 Level As Bears Block Its Way Outlook For Litecoin Looks Favorable As things stand, the market environment is very unfriendly for bulls. Despite the market decline, a few cryptocurrencies have managed to rise into the top 20. The relative strength index (RSI) for LTC is rapidly approaching the oversold zone, indicating a sharp reversal from a bullish to a negative trend. At its present level of $63.69, the price is still above the 38.20 percent Fibonacci retracement zone. Chart: TradingView On a 4-hour timeframe, however, RSI values are increasing, indicating a growing bullish momentum. The current level of support is $61.81, which is a quite significant level of support given the present market conditions. Currently, the market structure resembles a bullish descending triangle, with a likely bullish breakout around the $64.15 price level. In addition to supporting a likely positive breakout, the expanding Bollinger band indicates volatility in the coming weeks. As the bulls retest the $64.15 price resistance in the coming weeks, they should observe the market environment. Long-term LTC investors appear to be selling, while long positions on LTC exceed short positions, according to CoinGlass. With massive short liquidations occurring in LTC over the previous few days, this change in momentum is in stark contrast to present market conditions. What To Anticipate With LTC LTC appears to be moving against the market, diminishing or losing its link with BTC and ETH. As the scenario for Litecoin improves, bulls must be cognizant of the current unfavorable market conditions. Defending the $61.31 support is sufficient to maintain LTC’s bullish momentum if it cannot breach the $64.15 resistance. Related Reading: TRON Total Number Of Accounts Hit Nearly 120 Million, Weekly Report Shows Crypto total market cap at $787 billion on the weekend chart | Featured image from ITNext, Chart: TradingView.com

Today Grayscale put out this disclaimer: "Due to security concerns, we do not make such on-chain wallet information and confirmation data publicly available through a cryptographic Proof-of-Reserve, or other advanced cryptographic accounting procedure." Holy shit talk about red flags. If you have nothing to hide why won't you disclose it? After all, BTC is a…
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