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Feb 14,2023

Bitcoin is trading below $22,000 today, and XRP and Polygon are down up to 3%

On Monday, the bitcoin market had uneven trade. While Bitcoin, BNB, Dogecoin, and Tron were trading higher, Ethereum, XRP, Cardano, and Polygon were trading lower. Ethereum (ETH) was trading below the $1,550 mark while Bitcoin (BTC) increased by 0.10% to $21,840. BTC volume increased by 27.24% over the past 24 hours to reach about $19.34 billion. According to CoinMarketCap, the market capitalization of BTC was around $421.47 billion, with a market share of roughly 41.52%. "Over the weekend, Bitcoin fell below the US$22,000 mark after the American Kraken exchange stopped offering its staking service and paid the SEC a US$30 million fine for failing to register it. Currently, BTC is trading near its US$21,770 support level and shows signs of being in a bearish trend. Stablecoin volume as a whole was $38.93 billion, or 91.23% of the 24-hour volume of the whole crypto market. "The macroeconomic issues, such as regulatory uncertainty and higher-than-expected December consumer prices, are causing price swings across the cryptocurrency market. Bitcoin $ 21,840 0.10% Ethereum $1,520 -0.92% Tether $1 0.01% BNB $314.79 2.36% XRP $0.3749 -1.79% Dogecoin $0.08424 2.79% Cardano $0.3628 -1.00% Polygon $1.22 -2.96% Polkadot $6.21 -0.55% Tron $0.06515 1.98% Litecoin $92.97 -0.67% Shiba Inu $0.00001297 0.88% Solana $21.04 0.97%
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Feb 08,2023

Bitcoin recovers to $23,000 today, as Polygon, Solana, and Polkadot all see rises of up to 5%

After a lacklustre start to the week, the cryptocurrency market was trading substantially higher on Wednesday. Investor confidence was raised by the dovish remarks made by US Federal Reserve Chairman Jerome Powell. Powell claimed that the Fed was succeeding in its battle to control inflation. After gaining roughly 3%, Bitcoin recaptured the $23,000 milestone in the early Asian hours. However, Ethereum, its biggest rival, was also firmly advancing towards the $1,700-level, rising almost 3%. The Graph, Sandbox, and Chiliz all saw daily gains between 30 and 45 percent. Due to Jerome Powell remarks on lowering inflation and a partnership between Digital Currency Group and Genesis, investors are feeling optimistic, and Bitcoin is now trading above $23,200. "The immediate support for Bitcoin is at $23,000, while the immediate resistance is at $23,400. In the meantime, Ethereum has held steady at or above $1,600 and appears to be advancing. On Wednesday, all of the most popular cryptocurrency tokens were trading strongly. While Polygon, Avalanche, Solana, and Tron were each trading up 4%, Polkadot increased by more than 5%. In the first hours of trading, Litecoin and Cardano both increased by 3%. The market capitalization of all cryptocurrencies was trading higher at $1.09 trillion, up more than 2% over the previous day. However, the overall trade volume increased by close to 24%, reaching $61.69 billion.
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Feb 07,2023

Binance, a cryptocurrency exchange, has suspended withdrawals and deposits in US dollars

Binance, the world largest cryptocurrency exchange, has announced that withdrawals and deposits of US dollars for the company global customers will be suspended beginning February 8. The company provided no specific reason for proceeding with the decision to halt the transfer of dollars. Binance banking partner Signature Bank raised some minimum transaction limits for dollar transfers earlier this year. Although the company saw a massive exit of millions of dollars worth of crypto after announcing the suspension, Binance said the organisation continues to maintain a "net-positive" status. A spokesperson for Binance told CNBC, "We are temporarily suspending USD bank transfers as of February 8." Affected customers were informed directly, according to the spokesperson. Binance revealed that USD bank transfer methods are used by approximately 0.01 percent of the platform monthly active users. Further, the crypto exchange stated, "We are working hard to resume service as soon as possible." Following the suspension announcement, Binance US, a company unit regulated by the Treasury Department Financial Crimes Enforcement Network, stated that the decision to suspend US dollar transfers had little impact on it. Binance US stated on Twitter, "This suspension has no bearing on Binance.US. Our customers will be unaffected unless you see an official message from Binance.US." Only non-US customers who conduct dollar transfers and similar activities in the banks are still subject to the present ruling. According to data from Arkham Intelligence cited by CNBC, Binance cryptocurrency wallets experienced a sharp rise in outflows of millions of dollars. These stablecoin-related crypto tokens included Tether and USDC. Data from DefiLlama, as reported by CNBC, shows that Binance lost a net amount of US dollars on the day of announcements of over $172 million. However, that only represents a small portion of the company $42.2 billion worth of cryptocurrency assets. The representative for the corporation stated that despite these setbacks, "We are still massively net-positive on net deposits." The firm also noted that after a bullish market swing, outflows always increase as prices start to stabilise. The trading platform was making reference to last week optimistic market activity. In the midst of all, the price of Bitcoin increased by more than 38% in January of this year since October 2021. Binance said in January of this year that US banking partner Signature Bank had raised the threshold for US dollar transactions to $100,000. The minimal limit at the time applied to all users of crypto exchanges.
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Feb 04,2023

Today cryptocurrency price: Bitcoin and Ethereum remain stable; ETHW emerges as the top gainer

On Friday, Bitcoin (BTC) and Ethereum (ETH), two of the most popular crypto coins, managed to stay stable in the $23,000 and $1,600 ranges, respectively. Other popular altcoins, such as Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP), also fell into the reds. With a 24-hour gain of more than 17 percent, the EthereumPoW (ETHW) token emerged as the top gainer. Synthetix (SNX), on the other hand, was the biggest loser, falling more than 7% in a 24-hour period. At the time of writing, the global crypto market cap was $1.08 trillion, representing a 1.29 percent loss in a 24-hour period. Bitcoin (BTC) price todayAccording to CoinMarketCap, the price of bitcoin was $23,533.16, a 1.43 percent loss in a 24-hour period. According to the Indian exchange WazirX, the price of Bitcoin was Rs 19.75 lakhs. Ethereum (ETH) price todayAt the time of writing, the price of Ethereum was $1,643.12, representing a 1.72 percent 24-hour drop. According to WazirX, the price of Ethereum in India is Rs 1.37 lakhs. Dogecoin (DOGE) price todayDOGE has lost 2.77 percent in the last 24 hours, according to CoinMarketCap data, and is currently trading at $0.09141. According to WazirX, the Dogecoin price in India is Rs 7.67. Litecoin (LTC) price todayLitecoin fell 1.92 percent in a 24-hour period. It was trading at $98.94 at the time of writing. In India, the price of LTC was Rs 8,230.01. Ripple (XRP) price todayThe price of XRP was $0.4111 after a 0.45 percent drop in the previous 24 hours. According to WazirX, the current price of Ripple is Rs 33.87. Solana (SOL) price todaySolana price was $24.33, representing a 3.80 percent loss in a 24-hour period. According to WazirX, the SOL price in India is Rs 2,058.39.
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Feb 03,2023

Over $3.8 billion will be stolen in cryptocurrency hacks in 2022

In 2022, the global crypto market reported a loss of more than $3.8 billion due to crypto hacking and related thefts by hackers. Chainalysis, a US-based blockchain analytics firm, published a report claiming that 2022 will be the biggest year ever for crypto hacking worldwide. It went on to say that North Korean-linked hackers drove much of last year crypto hacking activity, smashing their own yearly record for cryptocurrency theft. According to Reuters, North Korean-related accounts have been valued at a loss of millions of dollars. However, this did not stop the country hackers from stealing an estimated $1.7 billion in several hacks in 2022. According to the Chainalysis report, Korean hackers "stole an estimated $1.7 billion in cryptocurrency across multiple hacks attributed to them." North Korea-linked hackers, such as those in the cybercriminal syndicate Lazarus Group, have been the most prolific cryptocurrency hackers in recent years, according to the report. Many experts believe that the stolen cryptocurrencies and money are being used by the North Korean government to "fund its nuclear weapons programmes." Last year, US authorities seized approximately $30 million in stolen funds from North Korean hackers. Chainalysis stated that crypto hacking will become more difficult and less fruitful with each passing year. The last year saw a "ebb and flow" of cryptocurrency hacking activity. However, massive increases in crypto hacking theft were reported in March and October. Approximately $775.7 million was stolen in 32 separate attacks during the month of October, while $732.4 million was stolen in March. In terms of crypto thefts, November 2022 ranked third with $531.9 million. Since 2021, decentralised finance (DeFi) protocols have been the primary target of crypto hackers. This will only get worse in 2022. According to Chainalysis, DeFi protocols were the target of 82.1 percent of all cryptocurrency thefts committed by hackers. This is up from 73.3 percent in 2021. According to the report, cross-chain bridge protocols accounted for 64% of the $3.1 billion in stolen crypto from DeFi. Cross-chain bridge protocols allow users to transfer their cryptocurrency from one blockchain to another. North Korean hackers stole approximately $1.1 billion in DeFi protocol hacks. Many of the stolen assets are sent to other DeFi protocols that are not listed on centralised exchanges by these hackers. They do this in order to convert or swap their stolen assets for more liquid assets. According to Chainalysis, last year was one of the worst years for cryptocurrency in terms of illegal transactions totaling more than $20.1 billion.
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Jan 31,2023

Today cryptocurrency price: Bitcoin falls below $23,000, while top coins fall into the red

Bitcoin (BTC), the world oldest and most popular cryptocurrency, fell below $23,000 early Tuesday morning. Ethereum (ETH), on the other hand, has remained stable around $1,500. Other popular altcoins, such as Dogecoin (DOGE), Litecoin (LTC), Ripple (XRP), and Solana (SOL), were mostly in the reds. With a 24-hour gain of more than 11%, the MINA token remained the top gainer. BitDAO (BIT) was the biggest loser, falling more than 17% in a 24-hour period. At the time of writing, the global crypto market cap was $1.04 trillion, a 3.25 percent drop in a 24-hour period. Bitcoin price todayAccording to CoinMarketCap, the price of bitcoin was $22,859.43 after a 3.69 percent drop in the previous 24 hours. BTC was trading at Rs 19.51 lakhs on the Indian exchange WazirX. Ethereum price todayAt the time of writing, the price of ETH was $1,568.30, representing a 4.34 percent 24-hour loss. According to WazirX, the current price of Ethereum in India is Rs 1.34 lakhs. Dogecoin price todayAccording to CoinMarketCap data, DOGE gained 1.91 percent in a 24-hour period and is currently trading at $0.09127. According to WazirX, the Dogecoin price in India is Rs 7.70. Litecoin price todayLitecoin gained 0.79 percent in a 24-hour period. It was trading at $95.79 at the time of writing. In India, the price of LTC was Rs 7,650.01. Ripple price todayThe price of XRP was $0.3923 after a 5.28 percent drop in the previous 24 hours. Ripple current price is Rs 33.48, according to WazirX. Solana price todaySolana was trading at $24.02, down 5.73 percent in 24 hours. According to WazirX, the SOL price in India was Rs 2,050.18.
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Jan 27,2023

How much of FTX debt has so far been recovered?

FTX declared Chapter 11 bankruptcy after failing to meet customer withdrawal requests. SBF was later charged by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the US Department of Justice for his involvement in the entire saga (DOJ). Since then, the crypto community has been waiting for a decision in the case. The FTX collapse was one of the most shocking events in cryptocurrency history. FTX, founded by ex-CEO Samuel Bankman-Fried (SBF), was the world second-largest centralised cryptocurrency exchange, handling user funds worth billions of dollars. SBF was later charged by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the US Department of Justice for his involvement in the entire saga (DOJ). Since then, the cryptocommuniFTX exchange has filed for Chapter 11 bankruptcy after failing to meet customer withdrawal requests. SBF was later charged by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the US Department of Justice for his involvement in the entire saga (DOJ). Since then, the crypto community has been waiting for a decision in the case. Ty has been waiting for the case outcome with bated breath. At the same time, hundreds of thousands of investors are closely following the court proceedings, wondering if they will ever see their money again. Fortunately, prosecutors on the case and FTX restructuring team were able to seize/recover a substantial amount of funds associated with the exchange and its founder, SBF. Here a look at some of the seized/recovered funds and what they mean for ill-fated crypto exchange investors. Robinhood shares seized Federal prosecutors revealed that they seized more than $698 million in funds linked to FTX founder Sam Bankman-Fried between January 1 and January 20. These findings were made public as part of a court filing submitted by US Attorney Damian Williams on January 20. The majority of the seized funds were made up of Robinhood stock; 55.3 million shares in total, worth approximately $525 million at current prices. These shares were held by Emergent Fidelity Technologies, an Antigua-based shell company founded by SBF and FTX co-founder Gary Wang. Prosecutors also seized $100 million and $50 million in accounts held by Silvergate Bank and Farmington State Bank, respectively. These accounts allegedly belonged to FTX Digital Markets, FTX Bahamas-based subsidiary. The restructuring team recovers $5.5 billion Another encouraging development was the announcement by FTX restructuring team that they were able to recover $5.5 billion in cash, crypto holdings, and other assets. These details were revealed by FTX lead attorney Adam Landis during a court hearing in Delaware on January 11. Almost $3.5 billion of the recovered funds, according to Landis, were crypto assets, including $268 million in BTC, $245 million in stablecoins, and $42 million in Dogecoin. The lawyers also stated that $1.2 billion in FTX crypto assets were held at other cryptocurrency exchanges. According to the restructuring team, these crypto assets can be easily converted to cash. However, the size of the holdings was so large that if sold on the open market, they could have an impact on prices. FTX is given the green light to divest regional operations and other subsidiaries On January 13, a judge overseeing the FTX proceedings granted permission to the restructuring team to sell some of its subsidiaries and regional arms. FTX Japan and FTX Europe are among them, as are the equities trading platform Embed Technologies and the derivatives exchange LedgerX LLC. The court appointed Perella Weinberg, an investment bank, to oversee the sale process. It also set bid deadlines for Embed, LedgerX, and the other two FTX arms of January 18, January 25, and February 1, respectively. Perella, according to Kevin Cofsky, a partner, had received bids from nearly 120 interested parties. The sale of these assets is expected to bring a sizable sum of money back into FTX coffers. Will it, however, be sufficient to cover customer debt? According to estimates, over nine million FTX customers owe between $1 billion and $10 billion in total. If these estimates are correct, the recovered/seized amounts do not even come close to the total amount owed. However, it has only been a few months since FTX declared bankruptcy. As a result, there is always the possibility of additional recoveries in the months ahead. Furthermore, the sale of FTX subsidiaries and regional arms could generate significant funds. However, it is unknown how much money the sales will generate. The only certainty is that FTX debtors will have to wait several years before any funds are returned. We can only wait and watch until then.
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Jan 25,2023

After cash, cryptocurrency is the second most widely held financial asset by women

Cryptocurrency has emerged as a sector that has begun to attract investments from a large group of female investors from all over the world. According to a new report from eToro, cryptocurrency is the second most widely held financial asset by women, trailing only cash. Women crypto holdings increased from 29 percent to 34 percent in the last two quarters of 2022 — between July and December. During the same time period, male crypto investments increased by 1%. As part of its Retail Investor Beat survey, the Israeli online brokerage platform recruited 10,000 participants from thirteen different countries. "Crypto is succeeding where traditional financial markets have sometimes failed," according to CoinTelegraph, citing an eToro report. The increased participation of women in the crypto sector has recently been highlighted and acknowledged by Indian exchanges CoinSwitch Kuber and WazirX. According to CoinSwitch, women users from India accounted for 8% of total transactions last year. According to WazirX findings, Indian women prefer blue chip tokens, which are perceived to have higher long-term value and better liquidity. Despite the fact that cryptocurrencies have not been in the best of health in recent months, the sector has seen a significant number of new entrants. Despite the industry major turbulence, overall crypto holdings increased from 36% to 39% last year on a quarter-by-quarter basis. Retail investors, like women investors, are flocking to the crypto bandwagon. Retail investors aged 35 to 54 increased their crypto holdings by 10% last year. In the case of eToro, it acquired options trading platform Gatsby in August in order to expand its presence and crypto services in the United States. The transaction was completed for $50 million (approximately Rs. 400 crore) in cash and common stock. eToro, headquartered in Tel Aviv, Israel, began in 2007 as a fintech firm before shifting its focus to the crypto sphere as its business evolved.
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