Showing posts with label hottrend. Show all posts
Showing posts with label hottrend. Show all posts

"I Bought my Bitcoin for a Little Under $9000... YESTERDAY"


That's what one lucky trader who used crypto exchange Bitmex managed to do yesterday.  As the market was in freefall and clearly intending to 'buy the dip' - the still anonymous user's 'dip' was more like a massive free leading deep under ground, finally landing at a discount of about $54,000!

The Obvious Question: How!?

It's important to note that there is no official answer to this question, yet. The exchange says they're "investigating the massive sell orders to better understand the circumstances that led to this unusual market activity".

We do know someone dumped 400 BTC onto the exchange, which is a lot for any exchange to immediately handle, and in the case of BitMEX they're not even among the top 10 exchanges daily volume.

Without any signs of a hack, or bug on the exchanges end, it appears the seller and his poor choice of where to sell his 400 Bitcoin was enough to cause a "flash crash" or a liquidity crisis. Flash crashes occur when there is a large sell order or a cascade of sell orders overwhelming the buy orders in the order book.

In Other Words, Someone Messed Up, BADLY...


While an exchange like Binance or Coinbase could handle selling 400 BTC  without causing any drastic price movement, BitMEX often doesn't move this much Bitcoin in an entire day.

Still, the seller could have at least set a fixed price near market value to prevent selling for much lower.  But this seems to have been a market order - which is designed to sell as fast as possible by accepting every offer on the books until they have nothing left to sell. 

For just a few seconds, Bitcoin drops under $9000, a price not seen since 2018...

It's strange, because this mystery trader was someone smart enough to have accumulated 400 BTC, but dumb enough to accidently sell them at price.

In Other Words, Someone Messed Up, BADLY...


While an exchange like Binance or Coinbase would have been able to handle a sell of 400 BTC  without causing any drastic price movement, BitMEX often doesn't move this much Bitcoin in an entire day.

Still, the seller could have at least set a fixed price near market value to prevent selling for much lower.  But this seems to have been a market order - which is designed to sell as fast as possible by accepting every offer on the books until they have nothing left to sell. 


How You Could Benefit from Situations like This in the Future...

Flash crashes are gone... in a flash, and you won't spot one happening until it's over.   So if you want to give yourself the very small chance that one day a flashcrash will benefit your wallet, you need to place low bids for your favorite coins now.  Make sure the orders are set 'Good Until Canceled' so your offers sit there ready to be accepted if they ever get the chance. But realistically, you should consider the funds used for this as funds you're simply HODLing, as the end result will probably be the same. 

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Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Tether Reaches a New High of 100 BILLION USDT Coins in Circulation...

Tether USDT Coins Cryptocurrecy

The USDT (Tether) stablecoin, issued by the Tether company, has exceeded $100 billion in market capitalization for the first time ever.

While used on many blockchains, the Ethereum and Tron blockchains account for 99% of the total supply. 

This achievement not only reinforces USDT's position as the leading stablecoim , but also widens its lead over its main competitor, Circle's USDC , which currently boasts a market capitalization of just $28 billion. 

Tether Says Every USDT Token is Backed 1:1 with the US Dollar - This Was Once a Controversial Claim... 

"A few years ago there were major issues with Tether withholding information and putting off 3rd party audits, all while consistently minting millions of new tokens as they grew. Concerns that Tether had secrets that could crash the market were voiced by dozens of established industry members...."  says Global Crypto Press Association editor Ross Davis "Now this part is just my opinion, but I think these concerns were true at one point, but Tether managed to avoid the issue long enough that with their continued growth, they had the time and money to fix the problem."

Tether now undergoes 3rd party auditing, and publicly shares their treasury holdings on their website. Currently, Tether has $5 Billion more in assets than they have in liabilities.

A Bullish Signal...

More USDT being issued it considered a bullish indicator, showing increased intention to invest in the crypto market - there's really no reason to have USDT unless you plan to turn that into some other coin.

- Miles Monroe
Washington DC Newsroom / GlobalCryptoPress.com

Over 1000 Mountain Gorillas in the Congo Are Now Safe, Thanks To... CRYPTO MINERS?!

Bitcoin saves gorillas

Virunga National Park, deep within the Congo, is home to 1,000 mountain gorillas whos population has been on a steady decline for decades, leading to the species officially labeled 'endangered' in 2018.

Now they've launched a two-part plan that implements wildlife conservation, and creates a way for the park to fund these efforts long term.  The economic solution comes in an unexpected form - cryptocurrency mining.

The park was recognized by the World Economic Forum (WEF) in a recently published video, praising those involved with finding creative solutions to the challenge of preserving wildlife within it. 

Clean Energy Mining...

Rivers within the Virunga National Park are used run hydroelectric generators, operated by technicians from nearby villages, providing clean renewable energy to Bitcoin mining operations inside the park. 

Another benefit of having this energy source is that they're able to attract miners currently running miners on electricity from coal-burning power plants. Not only highly polluting, coal has become a black market in the region, so the park aims to "reduce the incentive for illegal charcoal trafficking, an activity that has fueled violence led by militias in the region," says Foro from Economic World.

The Park's Hydroelectric Power Supplies the Miners with Clean Energy.

Surplus energy is channeled into cocoa production and nearby communities, while revenue generated from Bitcoin mining maintain the park's infrastructure, and pay their staff. 

Affordable energy is typically the largest expense of the cryptocurrency mining operation, so this is a rare situation where truly everyone wins! In the future we hope to see this new relationship between crypto and nature conservation mirrored in other places around the world!

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Celsius Bankruptcy Process Complete - Over $3 BILLION Begins to be Distributed to Former Users...

Those who are owed funds from Celsius approved this plan themselves, with a total of 98% of creditors voting for it. With approval from their creditors, and now the courts, the final stage of the bankruptcy process begins.

Both crypto and fiat funds are among the $3 billion, and to help distribute a sum this large among so many people, both PayPal and Coinbase are assisting with payouts. 

Those who had funds in Celsius when it collapsed will be reimbursed in two ways, first is the $3 billion in funds that will be distributed . Then there's the new Bitcoin mining company they're launching with the funds they've been allowed to keep.

Under new leadership of CEO Matt Prusak, who already runs Mining company Hut8, the remaining resources of Celsius will launch their new mining company 'Iconic Digital'.

Shares of the new mining company will be used cover the rest of what they owe, distributing them before the company intends to go public.

Video Courtesy of CNBC

Ethereum ETFs Next to Be Approved?

ETH ETF

As BTC ETF anticipation gripped the market last year, traders have been looking at ether as the next likely candidate to get spot ETF approval in the U.S.

Will the SEC Approve an ETH ETF? Let's look at the arguments both ways...

Why Some Believe the SEC will DENY The Applications...

JPMorgan's analysts are skeptical. “While we are sympathetic... we are skeptical that the SEC will classify ether as a commodity as soon as May” lead analyst Nikolaos Panigirtzoglou said in a note to clients on Jan. 18, adding that the chances of approval of a spot ether ETF by May this year is “not higher than 50%.”

The main reason - Ethereum’s transition from the proof-of-work to proof-of-stake consensus mechanism in 2022 and the negative impact this has had on decentralization.  

Ether now looks similar to altcoins the SEC has classified as securities.

Why Some Think an ETH ETF Will Soon be APPROVED...

The SEC recently sued virtually every major US crypto exchange for selling unlicensed securities, providing all with a list of which coins they believe violate regulations - Ethereum was missing from all of them. 

Another potentially positive sign is the approval of ether futures-based ETFs in September last year, which implies the SEC has officially deemed Ethereum a commodity.

Note that the ETH Futures ETF's that were approved last year are generally used for speculative or hedging purposes - with a 'futures' ETF no party involved needs to actually purchase any crypto. Investors instead buy contracts where they attempt to guess what the price will be on preset dates the contract expires. A true ETF, like what was just approved for bitcoin, requires the company selling shares of the ETF it to truly own the coins the ETF represents, and the only price that matters is the actual price it is trading at.

What You Can Do Now...

Both sides have some very valid points/concerns, so what does that mean? In my opinion, the main takeaway is that there are legitimate reasons to speculate ETH ETF's may be approved.

Sure, same goes for it being denied, however, current ETH holders did not invest because they believed an ETF was eventually coming, so the potential of one being denied won't cause current investors to sell. However, the potential an ETF being approved brings in new buyers and causes existing investors to buy more.

This scenario where existing investors see no reason to sell if the ETF news is bad, while the potential for good news becomes a reason for people to buy, can only result in gains as anticipation builds. Of course, a non-ETF related story that overshadows everything could happen as well - but unless it does, there may be a great short-term opportunity regardless of the final outcome.

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Author: Justin Derbek
New York News Desk
Global Crypto Press Association / Breaking Crypto News

Sam Bankman Fried is STILL DAMAGING The Crypto Market...

FTX Exchange

With the approval of Bitcoin ETF's in the US, many were expecting to see the gains in Bitcoin's price to continue, but despite optimistic forecasts that the long-awaited ETFs would trigger a bitcoin price surge, the opposite happened - now we're learning why.

Heavy selling by FTX's bankruptcy estate appears to be a major contributor to bitcoin's price drop since the launch of US ETFs.

The Grayscale Bitcoin Trust (GBTC) was among those receiving ETF approval, so they converted their 'Trust' account into an ETF on January 11. 

FTX had purchased 22.3 million shares of GBTC valued at $597 million in October 2022, but when this converted to an ETF the value of FTX's position jumped to around $900 million.

This is when FTX liquidators decided it was time to sell, all of it.  

FTX's bankruptcy estate dumped 22 million GBTC shares worth close to $1 billion since ETFs were approved.

The irony is painful - Bitcoin ETFs finally receive approval, the crypto world celebrates this 'new gateway for mainstream investors' to get in the crypto market, logically many expected a boost in demand and price.

Instead, we're once again helpless and unable to do anything but watch Bankman-Fried's actions lead to consequences for people far outside of FTX. Their liquidation spree officially put a dampener on any immediate ETF boosts to the market. 

The Bright Side...

Now that FTX has sold its full position, pressure to sell may greatly decrease, bringing back the bull market. 

But for now, bears remain in control as today brought more downward movement. 


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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Bitcoin ETFs Go Live... BTC Immediately LOSES Value - Why it Happened, and When Do Things Go BULLISH?!

bitcoin etfs

The announcement couldn't have happened any weirder, as the Bitcoin ETF's that were approved today were first announced by the SEC on X (Twitter) two days ago... but then they claimed their account was hacked, and stated that no ETFs had been approved.

Now that we know the supposed 'hack' simply posted accurate information before it was official, some are questioning if it was an error all along.

But how we found out doesn't really matter anymore, because it's now confirmed and re-confirmed that the Securities and Exchange Commission officially approved 11 applications for Bitcoin ETFs, the largest firms among them include BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck.

Trading Begins...Now!

Because the SEC must respond to applications  ETF applicants were anticipating an answer from the SEC at any moment, they were ready to go before officially receiving approval - because of this, they went live the next day.

In their first day, the newly approved Bitcoin ETFs saw a combined $5 billion in volume, top performers so far are BlackRock's iShares Bitcoin Trust which is trading under "IBIT.O", Grayscale Bitcoin Trust "GBTC.P", and ARK 21Shares Bitcoin ETF with symbol "ARKB.Z".

They Say It's a "Game Changer" - But To Who?

Traders from both the stock and crypto world have repeated the words "game-changer" when describing the impact this could have on cryptocurrencies, citing the new investors who now have exposure to the world's largest cryptocurrency. So who are these investors? If they're interested in Bitcoin, what were they waiting for?

The newly launched ETFs all fighting over what they believe is a large segment of both individuals and companies that are interested in investing in Bitcoin, but hesitated to pull the trigger and buy some. Many potential investors cite their main concern is simply how to securely hold worth of a digital assets, which can be intimidating on a technical level.

For a company, acquiring crypto comes with all new cyber-security concerns, where every employee is a potential security hole. Stocks can't really be 'hacked' and stolen, gold and silver can be stored in any bank vault - while storing crypto safely and securely is easy to do, people who aren't experienced with tech are often too intimidated by the risks.

Now, individuals, companies, and even smaller investment firms can pass the responsibility of storing Bitcoin securely on to the industry giants, who have the budget necessary for hiring cybersecurity experts and the tech needed to implement multi-level security systems.

A Tsunami of Money Headed Towards Crypto?

Many believe the floodgates are now open for massive amounts of institutional investment funds to enter the market, and their reasoning actually makes a lot of sense.

The companies that were just approved to offer Bitcoin ETFs represent $20+ trillion in assets under management - meaning if just 2% of that goes toward crypto we'll see $400,000,000,000 (400 billion) injected into the market. 

The crazy thing is, that estimate may be way too small, as we've talked with multiple financial advisors at multiple firms over the past few years when covering various stories about crypto being implemented into their business - one thing we repeatedly heard was that they recommend their client's portfolio to contain anywhere from 5% to 10% crypto.

A recent survey of financial advisors conducted by VettaFi and Bitwise found that 88% said they support investing client's funds in bitcoin, but were waiting for spot bitcoin ETF to be approved.

Then Why Did Bitcoin DROP Following ETF Approval?

With the overwhelming opinion being that the ETFs would be approved, along with the deadline of Jan 10th being public, by the time the ETFs were officially approved every investor who bought more bitcoin with this in mind bought days or weeks ahead. 

Which is why the quote "buy the rumor, sell the news" is something most in the crypto world are used to seeing.  Most buying relating to a news story happens as speculation grows, once that speculation becomes fact, people sell.

Massive Bull Run About to Begin... VERY Soon?

In closing, the only thing we've officially gained this week are new possibilities, a 'reasonable expectation' for Bitcoin's future price just went up.  But if there's one thing I've learned in my 6 years in the crypto world; prepare for what COULD come next, and never believe you know what that will.

With that said, prices have returned to where they were before ETF hype took over the headlines - so if the 'sell the news' process is complete, the market is probably about to turn positive. If it does, I believe it'll have some strength behind it - many people recently took some profits, and in the Bitcoin world a lot of selling is followed by lot of buyers looking to buy more at a lower price. 

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

Someone Just Sent Over $1 Million Worth of BTC... to Satoshi Nakamoto - An Expensive 'Tribute' Donation? Or the First Step in EXPOSING Bitcoin's Creator?

Satoshi bitcoin

On January 5th, just two days after Bitcoin's 15th anniversary, a mysterious transaction has the cryptocurrency community scratching their heads. Someone sent 27 Bitcoin (approximately $1.2 million) to the network's genesis address, the very first wallet ever created that mined the first block of Bitcoin's blockchain. This legendary wallet, once controlled by the elusive Satoshi Nakamoto, has become a digital monument to the birth of Bitcoin.

The sender's history reveals only a single transaction: the withdrawal of 27 Bitcoin from the Binance exchange followed by their immediate transfer to Satoshi's dormant wallet. This gesture has sparked speculation and intrigue.

Some interpret it as a symbolic "tribute" to Bitcoin's origins, a fitting commemoration on the anniversary. The genesis wallet already holds 50 original mining rewards, hundreds of small transactions, and now, these 27 new Bitcoins, bringing its total value to nearly 100 BTC worth over $4.6 million.

Overall, there are dozens of wallet addresses created by Satoshi, and they hold over 1,100,000 Bitcoins worth almost $50 billion...

While 27 Bitcoin might be mere pocket change for the mythical Satoshi, for most others, it's a significant investment. 

"Either Satoshi woke up, bought 27 bitcoin from Binance, and deposited into their wallet, or someone just burned a million dollars," Coinbase director Conor Grogan said in an X post.

...or is there more behind it?

Flushing Out Satoshi?

One intriguing theory suggests this could be designed to force Satoshi out of hiding, by testing a new US law requiring all crypto transactions exceeding $10,000 to be reported to the IRS.

If Satoshi is a US citizen, even he would need to report the transfer.

Personally, I'm among a fairly large segment of the crypto world that believes Satoshi is long gone, and most likely passed away shortly after Bitcoin's launch.  

As with most Satoshi related stories, I'm not expecting to learn more than what we know now.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Crypto Set To DISRUPT the 2024 Election: US Crypto Ownership Now 52 MILLION People Strong, As Industry Prepares $70+ MILLION To Boost Pro-Crypto Candidates...

The crypto industry in the United States is making sure their voice is heard before the 2024 elections.  Their primary method of accomplishing this - a Political Action Committee (Super PAC), which is an organization able to raise and spend an unlimited amount of money on political activism - such as funding ads for, or against specific candidates. 

Going by the name 'Fairshake PAC' they have only one goal - a reasonable and clear regulatory landscape for crypto. This means companies no longer having to guess if SEC believes a 50 year old law written before the internet existed will be applied to crypto.

The Super-PAC Already has an Impressive $78 Million Raised, With Elections Nearly a Year Away, the Final Number is Expected to be Much Higher...

The PAC's financial backing comes from a coalition of "20 leading companies and voices in the industry" which includes notable names such as Coinbase, Circle, Kraken, the Winklevoss brothers, Ripple, Messari, Andreessen Horowitz, and others.

Fairshake's mission is clear: "To champion leaders who actively support progressive innovation, encompassing blockchain technology and the broader crypto industry." More specifically, the leaders elected in 2024 will be the ones to sign crypto regulations into law, so making sure these regulations will be fair, reasonable, and well-defined is important. 

With 52 Million Americans Now Owning Digital Assets, We Now Have The Power To Sway Elections... 

If just 14% of crypto owners see crypto as their main factor in deciding who to vote for, it would be enough to flip the who won the popular vote in the last 2 elections.

They're also willing to extend support to candidates from both political parties, emphasizing the inclusive nature of their agenda.

It's Easy To Instantly React Negatively to Anything Involving Money and Politics... 

It's important to consider the details - this is far from some secretive group of wealthy elite quietly pushing for something to bring them even more wealth. 

The community of crypto traders and investors is too large to not to have a seat at the table. While the major industry players are funding this Super PAC, crypto's popularly is how they're able to afford it.

From companies with hundreds of employees, to the independent crypto trader - we all want crypto regulations that treat us fairly, and are written by people who understand the fundamentals. 

Unfortunately an Alarming Number of Lawmakers Lack Even a Basic Understanding...

This isn't a matter of perception, members of the current US Congress are officially part of the oldest congress in entire US history - and nothing seems to highlight this generational gap more than tech related issues. Many lawmakers come from the 'senior citizen' demographic, they have held seats in Congress and the Senate for decades, and on multiple occasions where they were expected to announce their retirement, ended up announcing their run for re-election.

If there's any advice I'd give those who will be representing crypto in Washington DC, it would be that they take the time to figure out how to explain crypto to people who don't know how to send an e-mail. These politicians have proven themselves to be a 'high risk' when it comes to believing misinformation and alarmist headlines. In many cases you can find them discussing their struggles with technology in their own words - they called computers and smartphones 'confusing' and 'challenging', and joke about relying on their grandchildren for tech assistance.

We Need to Educate Lawmakers, Before They Make Any New Laws...

Candidates and their campaign managers will be aware of which industries have the largest budgets in the current election cycle, which is why a couple experts/VIPs from crypto industry can ask for, and successfully setup meetings in various lawmaker's offices. Here the pro-crypto case can be made, common anti-crypto misinformation can be corrected, and the politician can ask any questions they may have.

It is essential we the opportunity to present straightforward facts to lawmakers before they cast votes that can significantly impact the future of the crypto industry.

A perfect example of the kind of senseless challenges the industry faces is Brad Sherman, a Democrat from California.  He's been there 10 years, will be running for re-election in 2024, and holds the extreme opinion that crypto should be banned entirely. He is unable to mention 'Bitcoin' without immediately framing it as something only useful in 'illegal activities' -  his anti-crypto statements begun at the same time his largest campaign donor was a credit card processing company facing charges of illegally providing services to black market online gambling sites.

For Example, Here's How I would Lobby a Politician who Believes Crypto is Just used by the 'Bad Guys'...

Crypto's use in various illegal activities is a common topic for a politician to have distorted or completely inaccurate information on. This is something where properly presenting the facts shut down  immediately - between paper money, credit cards, checks, and cryptocurrency, crypto is actually the least-used in unlawful transactions.

Think crypto fraud has a larger total price tag after seeing multiple headlines over the past year about a hack where losses totaled in the millions?  Well, crypto fraud was the source of about $2.5 billion in losses last year according to the FBI.  Sure, that is a lot...unless you compare it to anything else.  The lowest-tech payment method, paper checks, was used in over $8 billion of fraud last year.  Credit Card fraud totaled around $3.5 billion - meaning crypto fraud was the lowest among all payment methods.

Crypto fraud peaked during and shortly after Bitcoin's first major bull run, people rushed to get into crypto, and scammers cashed in on people hoping to get a piece of the action.  After learning the hard way, nowadays, most people know no one can promise 'daily guaranteed profits' and companies that have no information on who owns and operates them may be hiding this info for a reason.

This leads to another powerful stat lawmakers need to be aware of - as crypto usage has grown, the annual rate of illegal/fraudulent transactions has gone down, for almost 3 years now. The biggest drop was this year, 2023 - and the firm that works with the FBI on crypto fraud cases is the source for this data.

Once this fact is established, any anti-crypto argument based on fighting crime or stopping fraud  sounds ridiculous... unless they're anti-credit card and anti-check as well. 

In Closing...

The crypto industry is ready to make its voice heard in the 2024 elections, and there is power in numbers. But the number more important than the amount of money the industry can spend in Washington DC, will be the 52 million crypto owners in US who will decide what standards, and how much effort  we demand from our leaders. If united, this is who ultimately will determine winners and losers.

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Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Terra/Luna Founder Do Kwon Successfully Appeals Extradition, Avoiding His Case with the US Justice Department... for now.

 

Terra / Luna Do Kwon

Do Kwon, founder of the failed Terra and Luna cryptocurrencies, will not be extradited to the United States for now. This is because a Montenegro appeals court ordered the suspension of the extradition ruling and a restart of the court case.

The Court of Appeals Gives Kwon a Small Win...

Following an appeal filed by Kwon's defense lawyer, the Podgorica High Court's decision to authorize Kwon's extradition has now been revoked. Kwon's case has been ordered returned to trial court to start a new case against him.

This overturns November's ruling that all legal requirements were met for Kwon's extradition. It also rules out forecasts he would be sent to the US to face fraud and other federal charges, which the Montenegro Justice Ministry had agreed to instead of extraditing him to South Korea.

Kwon's lawyer argued the extradition ruling violated criminal procedure provisions, meaning it was made without due process. The appeals court agreed the Podgorica High Court “acted in contravention of the law on international legal assistance in criminal matters.”

Kwon was Caught Fleeing South Korea, When Spotted in Montenegro in June 2022...

He was traveling on false documents and lying about his identity, while attempting to flee South Korea following the failure of his company's collapse.  

Before the collapse, Do Kwon had dozens of companies in the crypto industry to investing, attracting them with high-rate 'guaranteed' interest earnings. Between this, and their massive sell-off of Bitcoin held in reserves while attempting to rescue their stablecoin, the entire market turned red.

Do Kwon's failures are blamed for triggering the start of the 2022 bear market.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News


VanEck Applies for Ticker Symbol 'HODL' for Proposed Bitcoin ETF...

vaneck etf hodl

Major asset management company VanEck filed its fifth amended application for a spot Bitcoin Exchange-Traded Fund (ETF). This move marks a new chapter in the evolution of cryptocurrencies and their integration into mainstream financial markets.

VanEck's proposed ETF will trade under the unique ticker symbol "HODL"...

A widely used term within the Bitcoin community. "HODL" stands for "hold on for dear life" and represents a long-term investment strategy where individuals buy and retain their Bitcoin, unfazed by market volatility. This choice of ticker reflects VanEck's alignment with the core values of the Bitcoin community, emphasizing the long-term potential of the cryptocurrency.

Analysts have offered varied opinions on the "HODL" ticker. Nate Geraci, president of The ETF Store, believes it will resonate well with crypto-savvy investors but might be less intuitive for traditional ones. Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, views it as a bold and unconventional approach, contrasting it with the more conservative choices seen from other firms like BlackRock and Fidelity.

The Companies Racing To Launch their Bitcoin ETF's Are The Largest Financial Intuitions in the World..

One thing justifying Bitcoin's recent price gains is that the companies interested in launching crypto based ETF's are literally the largest and most powerful financial firms in the world.  Several prominent firnms included are BlackRock, Fidelity, Valkyrie, and Franklin Templeton.

While the SEC has yet to provide a clear indication of its stance on these filings, it remains actively engaged in discussions with the firms to address technical aspects of their proposals.

VanEck anticipates SEC approval for its spot Bitcoin ETF as early as January 2024...

They're projecting a potential inflow of $2.4 billion in the first quarter following approval.

This latest move by VanEck signifies a strategic effort to connect with the Bitcoin community and tap into the growing interest in this digital asset. As the regulatory landscape continues to evolve, the anticipation surrounding SEC approval highlights the potential impact such a product could have on the crypto market, potentially making it more accessible and appealing to a wider audience.

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Author: Adam Lee 
Asia News Desk Breaking Crypto News


Bitcoin is BACK - Bulls See a Big 2024 For Crypto...


Cryptocurrency expert Meltem Demirors discusses the outlook for digital assets in 2024, highlighting the recent rally and factors such as macroeconomic conditions and the upcoming Bitcoin ETF approvals. She believes that the market has shaken off the worries and mishaps of 2022 and that there is new demand coming in from retail flows and institutional investors. Demirors is optimistic about the future of cryptocurrencies and sees this rally as a sign of a bullish market.

Crypto Market Almost FULLY RECOVERED From 2022 Collapse...

Crypto Market Recovery

*Update* Jan 8th 2024 - The market has officially recovered and surpassed levels preceding the 2022 crash.

The cryptocurrency market has almost returned to levels before the damaging collapses of Terra/Luna and FTX in 2022. Bitcoin recently surpassed $39,000 for the first time since May 2022, fueled in part by growing expectations that the U.S. Securities and Exchange Commission (SEC) could finally approve a spot bitcoin exchange-traded fund (ETF) in the next few weeks, or even days.

At the time of publishing, Bitcoin is trading around $39,700 - a gain of just $800 to $40,500 would officially represent a full recovery.

2022: A Year So Bad, it Took 2 Years To Recover From...

In 2022, two big hits cut Bitcoin's price in half over just few months.

The first came from the Terra/Luna debacle, triggered by the collapse of TerraUSD, an algorithmic stablecoin that was supposed to maintain a $1 peg but ultimately lost all value. Prior to its failure, the high interest rates offered by Terra through its Anchor protocol had attracted billions of dollars in investments, including from major crypto lending firms like Celsius Network. As the 'stablecoin' hit a liquidity crisis Terraform Labs began rapidly selling its bitcoin reserves in a desperate attempt to maintain the peg. This massive dumping of bitcoin put significant downward pressure on prices, contributing to bitcoin falling from around $30,000 down to below $20,000.

The second big hit came just months later when crypto exchange FTX filed for bankruptcy after questions arose over its financial health and potential commingling of customer funds. As one of the largest and seemingly most reputable exchanges, FTX's failure shook investor confidence and reignited worries of contagion across the crypto ecosystem. Bitcoin fell to under $16,000 amidst the fallout, its lowest level since late 2020.

Since then, the Market has Been Gradually Recovering...  

Some analysts believe bitcoin could soon surmount the key psychological barrier of $40,000 if momentum continues building ahead of a long-awaited bitcoin spot ETF approval.

Others caution bitcoin may retreat to around $35,000 if ETF approval doesn't happen soon, but still bounce past $40k when it eventually happens. 

But all are in agreement - the crypto winter is officially thawing.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

Crypto Mining PRAISED for the ENVIRONMENTAL BENEFITS... in Study Released by the World Bank!

Bitcoin mining at oil wells

For the first time ever, a study regarding 'cryptocurrency mining' and 'the environment' was released, and instead of scolding miners for their high electricity usage, they're being praised for being part of the solution. 

If this isn't surreal enough already - the study comes from a source that typically argues the benefits of the traditional fiat banking system - the World Bank (WB). 

So, Why The Sudden Praise from Environmentalist and Traditional Banking?

This creative partnership brings together two sectors often criticized for their environmental impacts - oil industry and Bitcoin mining.

This is a truly rare situation where each party has the solution the other one needs to both reduce emissions, and increase profits while doing it. 

Here's How It Works...

When drilling for oil, companies typically hit pockets of natural gas before reaching the deeper oil deposits. Since oil is far more profitable, the companies release the natural gas into the air, often simply lighting it on fire in a practice called 'flaring' and continue drilling. The escaped gas, mainly methane, acts as a potent greenhouse gas.

By partnering with Bitcoin miners, oil companies can monetize these gas pockets rather than wasting them. In this arrangement miners create mobile mining rigs equipped with equipment that allows them to capture and use the natural gas to generate electricity for their rigs. When drilling is finished at one location, they tow everything to the next drilling site. The miners pay a highly discounted rate for the gas, which provides a new revenue stream for oil companies while reducing emissions.

Back in 2021 we broke the story of 'Secret Meetings between Texas Oil and Bitcoin Mining Companies" where these partnerships were forming. 

Now there are several mining companies successfully using this method to power their business, which means they've also unplugged from their previous electricity source - the powered grid, which still runs on coal in most cases - further decreasing their carbon footprint of the mining industry as well.

Natural gas burns cleaner than other energy sources, producing about half the emissions of coal. So using it for Bitcoin mining is a win-win - oil companies reduce pollution and earn additional income, while miners cut costs and reliance on dirtier power.

The World Bank's study titled 'Financing Solutions to Reduce Natural Gas Flaring and Methane Emissions' examined Bitcoin mining company Crusoe Energy, based in Colorado - they currently are working with oil giant Exxon at their drilling sites to power their Bitcoin mining business, and in a recent interview stated they're looking to the middle east next.

A Perfect Partnership...

I can't think of any other example where two industries are rewarded with higher profits almost immediately for taking steps to improve their impact on the environment. Companies often struggle to 'go green' as doing so involves large upfront expenses that can take decades to break-even on. 

Oil companies face increasing pressure from both the public and government to stop the practice of allowing natural gas to escape into the atmosphere while drilling, but most haven't taken steps to stop it. Mainly because it was an additional expense without enough upside to cover the costs - so most would never have addressed the issue until required by law.  Thanks to innovation from the Bitcoin mining industry, solving this problem now pays.

Some US states where oil drilling takes place are considering passing laws requiring oil companies to capture most of the natural gas that currently escapes into the atmosphere. If this happens, oil companies involved in mining cryptocurrency will become standard.

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Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

NO, Terrorists Do NOT Rely on Crypto For Funding - Don't Let Bad Journalists Say Otherwise...

 

Over the last week there has been a growing chorus of voices, particularly among certain US senators and congressmen, claiming cryptocurrency is being used to fund terrorism, supporting the likes of the Hamas organization and other terrorist groups. They are now calling for investigations into USDT issuer Tether and exchanges like Binance US. 

While we support investigating such allegations, it's equally important to for the industry to immediately shut down any attempts by established anti politicians to fabricate, or exaggerate the claims.

The allegations against Tether and Binance US stem from a Wall Street Journal report that claims these crypto entities facilitated transactions involving individuals and entities subject to U.S. sanctions. The report further suggests that Tether used U.S. bank accounts for potentially suspicious transactions.

If There's Proof,  It's Been Hard To Find...

Blockchain analysis company Elliptic says it has found no evidence to support the claims of The  Wall Street Journal. They argue that the data has been misinterpreted.

Binance and Tether are so sure the story is wrong that they are urging the U.S. government to verify the facts, saying the Wall Street Journal's report contained misleading statements. Both have unequivocally stated they operate under a strict zero tolerance policy when it comes to providing services to anyone linked to terrorism. 

If Shady Journalists and Politicians are Successful in Linking Crypto to Terrorism, We Could See A New Level Of Government Aggression.

The allegations that organizations like Hamas used crypto assets to raise funds before attacks in October have far-reaching implications. They not only affect the cryptocurrency sector but also muddy the waters when it comes to regulatory clarity for the crypto ecosystem in the United States.

No surprise, it's the usual crew of tech-illiterate politicians, the ones we've seen having over-emotional meltdowns during various capitol hill hearings on crypto, who are pushing this narrative now.

Led by Senators Elizabeth Warren and Sherrod Brown, the senators recently told the press they've written to the White House demanded answers about the role of cryptocurrencies in recent events, specifically attacks against Israel. They've also questioned the White House about its plans to prevent the use of cryptocurrencies for terrorist financing. 

What they're doing is obvious - making sure they can still say 'We never claimed crypto was being used to fund terrorism' - and instead they just 'asked what we can do to prevent that from happening' - fully aware that this advances a misconception that crypto is key to shutting down terrorism financing, all while lacking any supporting evidence.

What's ironic in all of this, is that traditional banks have had a long history of being caught, knowingly or unknowingly, moving funds for everything from terrorists to cartels. 

Where are those bankers today? Still fully operational and controlling billions.

ING helped Iran move billions while under sanctions, they paid $619 million in fines. Standard & Charterer's also paid fines of $340 million after hiding being caught hiding records of Iranian clients transactions.  Or HSBC who basically became the official bank of Mexican drug cartels - leading to a fine of 1.9 BILLION.

In Closing...

Instead of rushing to judgment, it's crucial to conduct thorough investigations and present concrete evidence The truth is, if there is any crypto being used to fund terrorists, there's no  signs any company has helped them, and the amount must be so small that it isn't enough for researchers to spot on the blockchain.

Therefore, we must openly refuse to accept more blame than banks whos violations involved MUCH larger amounts. 

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Author: Jules Laurent
Euro Newsroom Breaking Crypto News 

Ripple Team MOCKS The SEC Following Another Legal Win "This is not a settlement - This is a surrender by the SEC"...

SEC vs Ripple

The SEC's legal battle against Ripple involved coming after them on 2 fronts - first was their claim the company illegally profited by selling an unlicensed security (XRP Tokens) violating the Securities Act of 1933. The second targeted the company's co-founders Christian Larsen and Bradley Garlinghouse, saying they were the ones who made the decisions at the company, so they were charged with "aiding and abettting”.

Today, the SEC's targeting of Larsen and Garlinghouse has officially come to an end as District Judge Analisa Torres announced that the US securities regulator notified the court that it would not continue in the case and has issued a “voluntary dismissal”.

Ripple's lead lawyer Stuart Alderoty shared the news first saying;

"The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.

That’s 3 consecutive wins for Ripple including the July 13 decision ruling that as a matter of law XRP is NOT a security, the Oct 3 decision denying the SEC’s bid for an interlocutory appeal, and now this." on X.

Current CEO Brad Garlinghouse responded saying;

"In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a decade.

The SEC repeatedly kept its eye off the ball while secretly meeting with the likes of SBF – failing again and again to protect US consumers & businesses. How many millions of taxpayer $ were wasted?! Feels good to finally be vindicated."

FTX a Massive Blemish On An Already Troubled SEC...

The SEC's 'crack down' on crypto has targeted companies like Coinbase, Binance and Ripple - but where are the investors accusing these companies of wrongdoing? Who did Coinbase, Binance, or Ripple scam? You would think reddit and other crypto related forums would be full of these complaints, but when searching for terms that should lead to them, nothing is found.

While the SEC was busy targeting these companies, FTX was actively misusing users funds and behaving suspiciously fearless of being caught.  Ironically, it was one of the people under SEC investigation who brought the FTX issue to light - Binance CEO 'CZ'.

This means if CZ had not exposed Sam Bankman-Fried, FTX would still be freely spending their users funds, while their top 2 competitors faced SEC harassment - suspicious to say the least.

It makes you wonder - could SEC deliberately be hiding corruption by appearing ignorant and disorganized? 

The Strangest Contradiction...

The most alarming and confusing factor in the SEC's current actions has to be the fact that the SEC evaluated Coinbase just a couple years ago, when they approved the company to go public and sale shares of their stock.  This process involves a deep evaluation of the business, and obviously, if a business's main source of income was unlawful, they would not have been approved.

But they were approved. Coinbase even passed a phase where the SEC asked questions about any parts of the business they wanted clarification on, Coinbase answered them, and they were approved. 

Nothing has changed since Coinbase was worthy of SEC approval. There's no new leadership at the SEC since they deemed Coinbase's business legitimate just two years ago, Coinbase isn't offering anything now that they were not then. But seemingly out of nowhere, suddenly Coinbase is operating outside of the law. 

So SEC saying;  just because they approved a company seeking approval to go public and sell share shares on the stock market, it does not mean that company is legitimate - no one has been able to make sense of why the SEC is now undermining themselves in such an extreme way.

Next For Ripple...

While the charges against company founders are dropped, the case against the company itself is still considered ongoing.  While the SEC lost on their first attempt, the last statement from them was that they are appealing that decision.

But some say dropping the charges against the founders is a sign they may do the same with the charges against the company - because if the company is guilty, those running it would be as well - it would be odd to drop one and not the other.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News


Sam Bankman-Fried's Ex-Girlfriend Says He Instructed Her to Break The Law - But Will His Defense Attempt to Blame Her for EVERYTHING?

When the story broke that prosecutors made a deal with Sam's ex-girlfriend, many responded surprised that Sam managed to even have a girlfriend.  Then we met Caroline Ellison, and it all made sense.

For the last 2 days she's been out for revenge, saying it was Sam who instructed her to break the law.  But one question remains - will Sam's defense center around placing the blame on Ellison? 

Video Courtesy of CBS News

New Sam Bankman-Fried Book Begins Before Scandal, then the Story Takes a HARD Turn...


Michael Lewis met with Sam Bankman-Fried over 100 times, for a book that was intended to simply be about an 'interesting character' - then things take a dramatic turn as Sam is arrested for fraud. 

Lewis, known for bringing vibrant characters to life in his writings, navigates through the intricate and now controversial journey of Sam, providing readers with a compelling story that intertwines ambition, innovation, and the shadowy facets of financial operations. This narrative, once a tale of financial ingenuity, is now imbued with the stark realities and consequences that sometimes lurk behind the scenes of financial success.

Video Courtesy of 60 Minutes

$2 BILLION Crypto Refund is Coming to Former Celsius Users...

Celsius bankrupcy

Failed crypto lending platform, Celsius, is on the brink of initiating the process to reimburse its clients. The plan involves returning over $2 billion in digital assets to customers, and has garnered the approval of creditors.

Legal filings pertaining to the Celsius case reveal that the company's bankruptcy team secured approval from 95% of former users to implement their proposed resolution.

One Final Step...

However, the plan's execution still hinges on judicial approval, which will be sought during a hearing at the Bankruptcy Court in the Southern District of New York, where the final plan to return user funds will be determined.

The reorganization strategy of Celsius orders the allocation of approximately USD 2.03 Billion, denominated in BTC and other cryptocurrencies, to creditors. The Celsius team notes that the coin's value is susceptible to the volatile nature of the crypto market.

Moreover, the reorganization plan, portrayed as a "swift and feasible route" to navigate out of bankruptcy and ensure maximal fund recovery for clients, envisions the formation of a new cryptocurrency entity.

The Remaining Celsius Leftovers Will Be Used to Create a Whole New Company...

This new company, dubbed "NewCo", will fall under the management of Fahrenheit Group, a consultancy firm. According to Celsius's plan, the crypto firm “will prioritize customer ownership and will concentrate on Bitcoin mining and Ethereum staking.”

The plan also states that NewCo, serving as the conduit through which Celsius client funds would be disseminated, will be endowed with up to USD 450 million in cryptocurrencies to fuel its development.

Celsius Network was a prominent cryptocurrency entity in the United States until it filed for bankruptcy July 2022. Although its downfall was triggered by the collapse of Luna and the Terra protocol, in which it was heavily invested, many attribute the company's failure to an unsustainable business model, saying that Celsius would collapse in a dramatic way, sooner or later.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News