Category: Cryptocurrency News

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A group of NFT and crypto enthusiasts has been working with the local government in Sakura, Japan, to place a statue of Kabosu, the Dogecoin dog, in the square where she frequently goes for walks. It’ll be unveiled on Nov. 2nd, which will be Kabosu’s 18th birthday. Awesome way to honor this legendary pup. …
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A very nice read for those who are unsure of how to exit and the different ways to you can exit. It is important as we are currently accumulating but we should also set goals and targets for when to exit so that we do not become too greedy. submitted by /u/YourMovieBuddy [link]…
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On X, one trader going by the handle “CryptoJelleNL” is convinced that accumulating Bitcoin below $30,000 can be rewarding. The trader expects prices to not only expand towards all-time highs printed in 2021 at around $69,000 but break above $100,000 in the coming sessions.  Although the analyst didn’t give timelines, the “game plan remains the same,” acknowledging that it will be a “tough mental battle” before exiting the market when BTC soars above $100,000, nearly 4X at spot rates. It is not immediately clear precisely at what price the analyst entered. Responding to a tweet, CryptoJelleNL said the strategy is not to buy between $30,000 and around $70,000 because doing so will only increase the average “entry-level.” This strategy was proposed by an X user who preferred dollar cost averaging (DCA) using lower capital.  Related Reading: Bitcoin Cash Price Won’t Go Down Quietly – Risk of Bounce Grows In DCA, an investor makes periodic purchases of a target asset at low costs to dampen the effect of volatility and reduce the overall entry price. This system can be effective for HODLers, like in the case of CryptoJelleNL, and for traders who can’t time the market.  Will Bitcoin Break Above $30,000? Even so, time will tell whether Bitcoin will eventually recover from spot rates, soaring above $30,000 and July 2023 highs. Looking at price charts, bulls have a chance, at least in the short to medium term.  Prices remain tight, trading above the $25,200 primary support and $28,000 and $30,000 resistance zone. Moreover, trading volumes are lower, suggesting that activity is generally low, with most market participants not keen to engage at spot levels.  Related Reading: XRP Price Breakout: This Resistance Level Holds The Key Even so, a breakout above $32,000 might spark activity, pushing prices toward the all-time high in a welcomed buy trend continuation formation in H1 2023. Looking at the weekly chart, prices have mostly been consolidating from June 2023, oscillating between $32,000 on the upper end and $25,000 on the lower end. Former BitMEX CEO Says BTC Will Roar To $750,000 Arthur Hayes, co-founder and former CEO of BitMEX, believes BTC will explode to around the $750,000 and $1 million level by 2026. In his view, the Bitcoin halving event, a supply shock that will halve the rewards distributed to miners, and the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) will be the primary drivers of demand. Bitcoin will halve miner rewards in 2024. The SEC has hesitated to greenlight a spot Bitcoin ETF, though the complex derivatives product is already available in other jurisdictions, including Canada and Europe. Feature image from Canva, chart from TradingView

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Binance, the world’s largest cryptocurrency exchange, is currently grappling with challenges that have raised concerns about its credibility and market performance.  Recent reports by Forbes shed light on Binance’s initial coin offering (ICO) and the subsequent distribution of its native cryptocurrency, Binance Coin (BNB).  Behind The Curtain The investigation reveals allegations of undisclosed token retention, discrepancies in the ICO process, and the accumulation of a significant token reserve by Binance.  Related Reading: This Ethereum Metric Is Retesting The Bear-Bull Junction, Will Break Happen? Per the report, in June 2017, Binance initiated its ICO, aiming to raise $15 million by selling 100 million BNB tokens. However, the Forbes investigation, conducted with the assistance of crypto forensic firms, suggests that only around 10.78 million BNB tokens were transferred to investors during the ICO.  An additional 20 million tokens were “quietly” allocated to angel investors, doubling their initial allocation to 40 million tokens. Consequently, according to Forbes, Binance likely raised less than $5 million during the ICO, contrary to the $15 million claimed by founder Changpeng Zhao.  The Forbes report indicates that Binance’s white paper did not disclose the company’s plans for unsold tokens in the event of an undersold ICO. While it is not illegal for issuers to retain unsold tokens, transparency is crucial in such cases, Forbes alleges.  Binance founders and insiders reportedly ended up with 145 million BNB tokens instead of the originally planned 80 million. These tokens, initially valued at less than $10 million, are now estimated to be worth approximately $14 billion. Furthermore, Binance implemented a token buyback and burn program to reduce the total supply of BNB tokens over time.  According to Binance’s website, approximately 48 million tokens have been burned as of August 31, 2023. However, Forbes suggests that Binance controls nearly 117 million tokens, accounting for 76% of the total outstanding supply.  The analysis combines disclosed tokens issued to the founding team with a proprietary probabilistic analysis that identifies previously undisclosed wallets holding customer funds and serving other corporate purposes. Forbes concludes discrepancies and lack of transparency surrounding Binance’s ICO and token distribution raise questions about the integrity of reported trading volumes and the adequacy of consumer protections.  Binance CEO Maintains Silence Amid Ongoing Forbes Allegations  Changpeng Zhao (CZ), the Chief Executive Officer of Binance, has remained silent in the face of recent allegations and ongoing investigations brought forth by Forbes.  The prolonged exchange of statements between the cryptocurrency firm and the renowned news outlet has endured for a significant period. Binance had taken legal action against Forbes in 2020, filing a defamation lawsuit in the US District Court in New Jersey.  The lawsuit stemmed from Forbes’ publication of “false statements” that Binance allegedly used deceptive practices to deceive regulators and participated in money laundering activities. Forbes published a series of articles that made damaging claims about Binance’s corporate structure, asserting that it was deliberately designed to deceive regulators and engaged in activities characteristic of money laundering. Binance vehemently denied these allegations, deeming them false and highly defamatory.  Binance’s attorney, Charles J. Harder, has emphasized the harm caused to Binance’s reputation by Forbes’ misleading story. Binance had requested a retraction or correction from Forbes, which was refused, leading to the necessity of the defamation lawsuit.  Related Reading: XRP, Polygon See Month-High Volumes As Investors Show FOMO Overall, Binance and Forbes have been embroiled in contentious claims and disputes, with both parties accusing each other of disseminating inaccurate information.  As the situation unfolds, it remains uncertain how the cryptocurrency exchange will respond to the latest allegations put forth by Forbes. Featured image from Shutterstock, chart from TradingView.com

Yedidia was involved in writing a buggy program to automate FTX customer deposits and withdrawals and was concerned by the size of the Alameda Research liability on the FTX books.

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