Category: Cryptocurrency News

In a recent development, Justin Sun, founder of popular blockchain Tron, has urged people to disregard speculations that the crypto exchange Huobi is facing severe challenges following news of the alleged detention of some of the platform’s officials.  The rumors appear to be a major contributing factor to why the firm experienced multi-million withdrawals during the weekend, while Tron’s Total Value Locked (TVL) has fallen below $2.5 billion.  Trouble In Paradise? Over the past weekend, cryptocurrency exchange Huobi experienced massive outflows worth about $64 million amid reports that Chinese authorities were investigating its executives and the likelihood of insolvency. There were speculations that the platform’s leaders were arrested on the 5th of August in China. According to popular Chinese reporter Colin Wu, the arrest was due to Huobi’s involvement with gambling websites. One top official of the exchange also recently left the company, though it remains unclear if that was connected to the ongoing investigations by Chinese authorities. Related Reading: XRP Whales Trigger Price Decline With Large Selling A third of the $64 million is believed to be made up of Bitcoin (BTC), while Tron’s native token (TRX) and Huobi Token (HT) follow respectively at 26.5% and 20.3%. The rumors were so rife that the withdrawals triggered serious volatility in HT’s price and the token fluctuated during the weekend before settling at its present level of about $2.66. Furthermore, there are also rumors that the exchange is undergoing protracted financial challenges. According to Adam Cochran, an angel investor and fintech executive, there are some discrepancies in the platform’s Tether (USDT) holding.  Based on on-chain data, Huobi held less than $90 million of assets on the 5th of August. However, their recent “Merkle Tree Audit” claims they hold $630 million in USDT.  Cochran believes this means that Huobi might be insolvent, implying the platform may not have sufficient funds to meet its obligations. HT price sitting at $2.6 | Source: HTUSD on Tradingview.com Huobi Reacts To Speculations In response to the speculations, Justin Sun, who serves as an Advisor to the exchange, recently took to his Twitter account to offer some clarifications. In a series of tweets, he asked users to “ignore FUD, keep! #TRON  and Huobi will thrive through continuous development. Trust in our vision and community efforts for a stronger future. Perseverance guarantees success!” Related Reading: Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter Many users simply responded by posting the figure “4” below his tweet. The figure, which was popularized in the crypto space by Changpeng ‘CZ’ Zhao, Binance CEO, simply means “Ignore FUD, fake news, attacks, etc.”  This is not the first time Sun and his team are facing serious troubles. In the past, there have been rumors of financial troubles at the exchange. However, it remains to be seen what the likely fallout would be in the most recent event. Featured image from Coinpedia, chart from Tradingview.com

Here is where you can freely read the whole source code of Paypal's new stablecoin which is named Paypal USD with ticker (symbol) PYUSD: https://etherscan.deth.net/address/0xe17b8adf8e46b15f3f9ab4bb9e3b6e31db09126e#code ​ Well everything is transparent and some of the more interesting parts are parts where it can clearly freeze and unfreeze people's accounts. Supply is centrally controlled of course via…
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On-chain data shows two Bitcoin indicators are currently retesting levels that have historically been relevant for the market’s course. Bitcoin NUPL For Both Short-Term & Mid-Term Holders Is Neutral Currently As pointed out by an analyst in a CryptoQuant post, the BTC NUPL has been retesting crucial levels recently. The “Net Unrealized Profit/Loss” (NUPL) is a metric that keeps track of the net amount of profit or loss that investors are holding currently. This indicator works by looking through the on-chain history of each coin in circulation to see what price it was last moved at. If this previous transfer price for any coin was less than the current spot price of Bitcoin, then that particular coin is holding a profit right now. The NUPL counts this profit that the coin is holding in the unrealized profit. Similarly, the loss that underwater coins are holding gets included in the unrealized loss. The metric then takes the difference between these two numbers to find the net profit/loss status of the entire market. In the context of the current discussion, the entire market isn’t of interest, however, only specific sections of it are. In particular, two BTC cohorts called the “short-term holders” (STHs) and the “mid-term holders” (MTHs) are of relevance. The STHs include all investors who bought their coins within the last six months, while the MTHs are those who have been holding their coins since at least six months ago and at most 2 years ago. First, here is a chart that shows the trend in the Bitcoin NUPL specifically for the STHs: Looks like the value of the metric has approached zero recently | Source: CryptoQuant As displayed in the above graph, the Bitcoin STH NUPL has been positive throughout this rally that first started back in January of this year. Generally, this is the case in bullish trends, as the STHs are those who bought relatively recently, so any price rises immediately reflect on their profit/loss status. What’s more significant, however, is the indicator’s relationship with the zero mark. At this line, the STHs as a whole are neutral, meaning that their unrealized losses equal their unrealized profits. Usually, whenever the metric retests this line from above during bullish trends, it finds support and the price feels a bullish effect. This could be seen working in action during this rally alone, as the rebounds in March and June both occurred when the STH NUPL approached this line. Related Reading: Bitcoin NVT Shows Bearish Crossover, Price Drop Incoming? From the chart, it’s visible that the metric has once again fallen to this line recently. This retest may be quite important, as a plunge below could mean a reversal back toward a bearish regime. In the below graph, it’s also visible that the MTH NUPL is retesting the same line, although this indicator is approaching it from the negative zone. The metric is retesting the break-even line | Source: CryptoQuant The MTHs had been sitting in losses until now, but they are on the verge of transitioning back into profits currently. If the metric can manage to break through the level, then it would be a positive sign for the rally, as the bullish trend has historically continued whenever these investors have come back above water. Related Reading: Will Bitcoin Rebound Anytime Soon? Here’s What On-Chain Data Says The break-even line providing resistance to Bitcoin, however, is also a possibility, in which case the asset would feel a bearish effect. It now remains to be seen how this retest, as well as the one of the STH NUPL, would pan out in the coming days. BTC Price At the time of writing, Bitcoin is trading around $29,000, down 1% in the last week. BTC continues to move sideways | Source: BTCUSD on TradingView Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Solana bucked the trend, with its $9.5 million in inflows taking the top spot over the past week.

Well, more UK banks are trying to "Protect Customers" from cryptocurrency fraud by limiting how much money you can send to cryptocurrency exchanges over a 30-day rolling period. Any bank that does this can go fuck themselves for all I care. I'll be switching my bank from First Direct in the near term after this…
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Bitcoin’s failure to rebound off strong support may open further downside as bears may be tempted to sell.

ARK Investment Management is one of many firms looking for ways to offer U.S. investors exposure to crypto through exchange-traded funds.

A body representing FTX customers said it is “extremely disappointed” by the company’s reorganization plan.