roadrunner

Crypto exchange Kraken has settled with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) over its apparent violations of sanctions against Iran. The cryptocurrency exchange has agreed to remit $362,159 to settle its potential civil liability and invest an additional $100,000 in certain sanctions compliance controls. Kraken Settles With OFAC The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Monday a settlement with Payward Inc. (d/b/a Kraken), a Delaware-incorporated crypto exchange. The announcement states: Kraken agreed to remit $362,158.70 to settle its potential civil liability for apparent violations of sanctions against Iran … As part of its settlement with OFAC, Kraken also has agreed to invest an additional $100,000 in certain sanctions compliance controls. According to the Treasury Department, between approximately Oct. 14, 2015, and June 29, 2019, “Kraken processed 826 transactions, totaling approximately $1,680,577.10, on behalf of individuals who appeared to have been located in Iran at the time of the transactions.” The Department of the Treasury detailed: At the time of the apparent violations, Kraken did not implement IP address blocking on transactional activity across its platform. Kraken voluntarily self-disclosed the apparent violations and cooperated with the OFAC’s investigation, the Treasury Department noted, adding that the crypto trading platform also “undertook significant remedial measures in response to the apparent violations.” The announcement adds: After identifying this problem, Kraken implemented automated blocking for IP addresses linked to sanctioned jurisdictions. Kraken also implemented multiple blockchain analytics tools to assist with its sanctions monitoring. The Office of Foreign Assets Control has sanctioned several cryptocurrency trading platforms over time. For example, crypto exchange Bittrex was charged with sanctions violations in October. What do you think about Kraken settling with the Treasury Department’s OFAC over sanctions violations? Let us know in the comments section below. View the full article

India’s central bank, the Reserve Bank of India (RBI), is launching its first retail digital rupee pilot on Dec. 1 with the participation of eight banks. The pilot will start in four cities and then expand to cover nine more cities across India. RBI Picks 8 Banks, 13 Cities to Test Retail Digital Currency The Reserve Bank of India (RBI) announced Tuesday that “the first pilot for retail digital rupee (e₹-R)” will launch on Dec. 1. This announcement followed the RBI’s wholesale central bank digital currency (CBDC) pilot which began on Nov. 1. Eight banks will participate in the retail digital currency pilot in two phases. State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank in four cities across India will participate in the first phase. Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank will participate in the second phase. The Indian central bank detailed: The pilot would initially cover four cities, viz., Mumbai, New Delhi, Bengaluru, and Bhubaneswar, and later extend to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla. “The scope of [the] pilot may be expanded gradually to include more banks, users, and locations as needed,” the RBI clarified. About RBI’s Retail Digital Rupee The Indian central bank explained: The e₹-R would be in the form of a digital token that represents legal tender. The digital rupee will be issued in the same denominations that paper currency and coins are currently issued, the central bank noted, adding that it would be distributed through intermediaries, such as banks. “Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices,” the central bank detailed, noting that transactions can be person-to-person (P2P) or person-to-merchant (P2M). Merchants will display QR codes that can be used to make payments. “The e₹-R would offer features of physical cash like trust, safety, and settlement finality. As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks,” the central bank continued, elaborating: The pilot will test the robustness of the entire process of digital rupee creation, distribution, and retail usage in real time. Different features and applications of the e₹-R token and architecture will be tested in future pilots, based on the learnings from this pilot. Do you think India’s central bank should issue a digital rupee? Let us know in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has revealed some initiatives involving crypto assets in its Strategic Plan for the fiscal years 2022-2026. The initiatives are intended to address the SEC’s top priorities over the next four years. SEC’s Strategic Plan for FY 2022-26 The U.S. Securities and Exchange Commission (SEC) published its “Strategic Plan” for the fiscal years 2022-2026 last week. The regulator stated that “the initiatives outlined in this Strategic Plan are intended to address its top priorities over the next four years.” One of the goals of the Strategic Plan is to “develop and implement a robust regulatory framework that keeps pace with evolving markets, business models, and technologies.” The securities regulator explained that an initiative aimed at achieving this goal is to “examine strategies to address systemic and infrastructure risks faced by our capital markets and our market participants.” Noting that “the rapid growth in crypto assets” also represents a risk, the watchdog said to be better prepared for the risks in this category: The SEC must pursue new authorities from Congress where needed, continue to effectively collaborate with other regulators, and engage more proactively on digitization initiatives. Another initiative outlined in the Strategic Plan is to “recognize significant developments and trends in our evolving capital markets and adjust our activities accordingly.” The securities watchdog emphasized: The SEC must also continue to enhance its expertise in, and devote increased resources to, product markets beyond equities — including crypto assets, derivatives, and fixed income — and maintain a nimble and flexible approach to address market changes expeditiously. The SEC also explained that in developing the Strategic Plan, it took into account information from “meetings with the many internal and external parties with which the agency interacts on a regular basis, including members of Congress and congressional committees, investors, businesses, financial market participants, academics, and other experts and stakeholders.” The chairman of the SEC, Gary Gensler, stressed: The SEC pursues our three-part mission: to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. What do you think about the SEC’s strategic plan involving crypto assets? Let us know in the comments section below. View the full article

Tech giant Apple has threatened to withhold Twitter from its app store, according to Tesla CEO and Twitter chief Elon Musk. The billionaire added: “This is a battle for the future of civilization. If free speech is lost even in America, tyranny is all that lies ahead.” Apple’s Threat to Musk and Twitter The battle for free speech has escalated for Elon Musk and his newly acquired social media company as Apple has threatened to withhold Twitter from its app store, Tesla CEO and Twitter chief Elon Musk revealed Monday, noting that Apple will not say why. In a follow-up tweet, Musk confirmed that Apple is “making moderation demands.” According to reports, Apple was one of Twitter’s top advertisers, spending more than $100 million per year advertising on the social media platform. However, Musk tweeted Monday: Apple has mostly stopped advertising on Twitter. Do they hate free speech in America? Replying to Musk asking who else has been withheld by Apple, blockchain firm LBRY shared: “During Covid, Apple demanded our apps filter some search terms from being returned. If we did not filter the terms, our apps would not be allowed in the store. Apple may make good products, but they have been opposed to free speech for some time.” The company added, “Apple disallowed almost anything related to Covid, especially vaccines or human origins of the virus,” elaborating: We had to build a list of over 20 terms to not show results for, only on Apple devices. Apple also later rejected us because users included Pepe images in videos. In addition, Musk tweeted: “Did you know Apple puts a secret 30% tax on everything you buy through their App Store?” According to Apple’s website, the company takes a 30% “processing” fee from all sales made through its in-app purchase system. As the free speech discussion intensified, a Twitter user warned Musk: “Is this really a fight we want to pick? An awful lot of your Tesla customers use iOS to access their cars … if that app gets pulled, it’ll significantly impact your ability to sell to Apple customers.” Musk replied: “Are you suggesting Apple would use its duopolist powers to hurt Tesla?” Battle for Free Speech Intensifies As the free speech discussion deepened, Musk tweeted that if free speech is lost in the U.S. then tyranny is all that lies ahead, stressing that this is a battle for the future of civilization. The Tesla executive asked in another tweet: “Why are so many in the media against free speech? This is messed up.” Many people joined in the free speech thread. “Monopolies should be subject to the same limits we placed on our government in the Bill of Rights,” the pro-bitcoin CEO of Microstrategy, Michael Saylor, opined. “Make no law abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” Musk agreed, tweeting: “Absolutely, especially if done in collusion with the government.” Musk said Friday that he will make an alternative phone if Apple and Google boot Twitter from their app stores. What do you think about Apple threatening to withhold Twitter from its app store and Elon Musk’s fight for free speech? Let us know in the comments section below. View the full article

Veteran investor Mark Mobius, the founder of Mobius Capital, expects the price of bitcoin to fall to $10,000. Nonetheless, he said: “Crypto is here to stay as there are several investors who still have faith in it.” Mark Mobius’ Bitcoin Price Prediction The founder of Mobius Capital Partners, Mark Mobius, shared his latest bitcoin price prediction in an interview with Bloomberg Monday. Prior to starting his own company, Mobius spent more than three decades at Franklin Templeton Investments. He previously served as the executive chairman of Templeton Emerging Markets Group where he managed more than $50 billion in emerging markets portfolios. The veteran investor said that his next target for bitcoin is $10,000, noting that cryptocurrencies are “too dangerous” for him to invest his own cash or his clients’ money in. Despite the collapse of crypto exchange FTX and subsequent market sell-offs, Mobius emphasized: Crypto is here to stay as there are several investors who still have faith in it … It’s amazing how bitcoin prices have held up. This was not the first time that the former Franklin Templeton executive mentioned $10,000 as his target for bitcoin’s price. In May, he advised investors against buying the dip, cautioning that the market still had some way to fall. In November last year, he said people should not look at cryptocurrencies as a means to invest but as “a means to speculate and have fun.” Mobius is not alone in expecting the price of bitcoin to drop to $10,000. Doubleline Capital CEO Jeffrey Gundlach, aka the bond king, said in June: “I wouldn’t be surprised at all if it [bitcoin] went to $10,000.” Gold bug and economist Peter Schiff said this month that bitcoin still has a long way to fall. He valued BTC at $10K. Moreover, a recent Bloomberg MLIV Pulse survey showed that the majority of nearly 1,000 investors who responded expect bitcoin’s price to drop to $10K. Meanwhile, some people are still very optimistic about the price of BTC. Venture capitalist Tim Draper, for example, said earlier this month that he expects bitcoin’s price to hit $250K by mid-2023. Do you think the price of bitcoin will drop to $10K? Let us know in the comments section below. View the full article

Cryptocurrency exchange Bitfront has announced its intention to cease operations in the coming months, citing challenges facing the industry. The U.S. trading platform, backed by Japan’s social media giant Line, indicated the decision is unrelated to the collapse of FTX. Line-Supported Digital Asset Exchange Bitfront Suspends New Sign-ups Bitfront, a crypto exchange operating in the United States, has suspended new sign-ups and credit card payments while planning to cease operations in a few months’ time. The move comes despite efforts to overcome the current challenges in the “rapidly evolving” crypto industry, the company announced, quoted by Reuters and Bloomberg. In the statement published on its website, the exchange explained it has “regretfully determined that we need to shut down Bitfront in order to continue growing the Line blockchain ecosystem and Link token economy.” The U.S.-based platform, which launched in 2020, is backed by the Japanese social media firm Line Corp. Bitfront also pointed out that the decision to close down is not related to the problems of “certain exchanges that have been accused of misconduct,” an indirect reference to FTX, one of the largest global players in the market before it collapsed and filed for bankruptcy protection on Nov. 11 amid liquidity issues. Other companies in the space, like Blockfi for example, have been hurt by exposure to FTX. The crypto lender announced on Monday it has petitioned for Chapter 11 bankruptcy protection along with eight of its affiliates. When Blockfi paused withdrawals earlier this month, it specifically cited the “lack of clarity” regarding the state of FTX at the time. With a 24-hour volume of less than $94 million, only a dozen trading pairs and six coins, according to Coingecko, Bitfront has a small share of a market with a total trading volume of almost $57 billion over the same period, the Bloomberg report noted. The exchange informed users that new sign-ups and card payments have been suspended on Nov. 28 while deposits in cryptocurrency and U.S. dollars will be halted on Dec. 30. It also urged customers to withdraw all their assets by March 31, 2023, when all withdrawals will be suspended as well. Do you expect other crypto trading platforms to go out of business? Let us know in the comments section below. View the full article

On Tuesday, the world’s largest non-fungible token (NFT) marketplace in terms of overall NFT sales volume, Opensea, announced that BNB blockchain-based NFTs will be supported on the marketplace platform. With BNB blockchain support, Opensea users will be able to purchase and list BNB NFT assets. Opensea Integrates BNB Chain — Marketplace Users Can Now Buy and List BNB-Based NFT Assets This week, Opensea surpassed $33 billion in all-time sales according to statistics recorded by dappradar.com. On Nov. 29, 2022, Opensea revealed that the BNB blockchain will now be supported by the marketplace allowing users to buy and list BNB-based non-fungible token (NFT) assets. Opensea already supports Ethereum, Solana, Klaytn, Arbitrum, Optimism, Avalanche, and Polygon networks. According to Tuesday’s announcement sent to Bitcoin.com News, the “BNB Chain will be launched on Opensea’s Seaport Protocol in Q4 2022, allowing multiple creator payouts, real-time payouts, collection management, and other benefits for BNB Chain creators.” The head of business and corporate development at Opensea, Jeremy Fine, explained on Tuesday that Opensea looks forward to adding more blockchain diversity for the NFT marketplace’s users. “We’re delighted to begin leveraging Seaport across multiple blockchains, including BNB Chain, to better the Opensea experience for everyone,” Fine said. The Opensea executive added: This update will make it simpler to reach even more users and creators on the chains they prefer. According to statistics, BNB has a significant number of daily active users, in comparison to most smart contract-enabled blockchains. Cryptoslam.io data shows NFT sales stemming from the BNB chain were the sixth largest in seven days. BNB-based NFT sales are up week over week by 26.71% at the time of writing, with roughly $826,408 over the last seven days. During the last month, stats show BNB-based NFT sales raked in around $4.9 million across 180,720 transactions. What do you think about Opensea adding BNB blockchain support to the NFT marketplace? Let us know what you think about this subject in the comments section below. View the full article

With non-fungible token (NFT) sales a lot lower than they were at the start of the year, NFT companies and marketplaces are feeling the pain associated with the second-largest crypto winter to date. According to a report published on Monday and “multiple people familiar with the situation,” the NFT company Candy Digital is laying off over a third of the firm’s staff. After Raising $100 Million in 2021, Report Says Candy Digital Cuts a Third of Its Employees a Year Later On Monday, Sportico’s sports business reporter Eben Novy-Williams reported that the NFT firm Candy Digital “is laying off a large chunk of its workforce, according to multiple people familiar with the decision.” Sportico’s article notes that roughly one-third of Candy Digital’s 100 staff members are being let go, the people familiar with the matter detailed. Candy Digital is a Fanatics-backed NFT marketplace that’s also bolstered by Galaxy Digital’s Michael Novogratz, and the business entrepreneur and NFT creator Gary Vaynerchuk. Candy Digital launched in June 2021 and at the time the company revealed a long-term partnership with Major League Baseball (MLB). Sportico details that the publication’s news team reached out to both Candy Digital and the collectibles giant Fanatics, but both firms declined to comment about the alleged layoffs. The news comes at a time when NFT sales and overall interest in NFTs are both down a great deal since the start of 2022. NFT sales, however, have been steady since October, and November’s NFT sales were 22% higher than October’s sales volume. Candy Digital was able to raise $100 million last year, and it gained a $1.5 billion post-valuation after the capital raise that occurred on Oct. 21, 2021. There were ten investors that funneled capital into Candy Digital last year, including investors such as Insight Partners, Softbank, Peyton Manning, Gaingels, and Will Ventures. The NFT platform is not the only crypto business that has let staff go as the entire crypto industry has been plagued with staff reductions all year. In the world of NFTs, Dapper Labs, the blockchain firm behind the popular NFT collections NFL All Day and NBA Top Shot, slashed 22% of the company’s workforce at the start of November. Last July, the largest NFT marketplace in terms of overall sales volume, Opensea, cut 20% of the company’s staff. What do you think about Candy Digital laying off roughly a third of the NFT company’s employees? Let us know what you think about this subject in the comments section below. View the full article

On Nov. 28, 2022, the crypto lender Blockfi informed the public via a press release that the company has voluntarily petitioned for Chapter 11 bankruptcy protection. Blockfi is now one of many digital currency businesses dealing with significant financial hardships and bankruptcy proceedings in 2022. Blockfi Voluntarily Petitions for Chapter 11 Bankruptcy Protection Blockfi has officially filed for bankruptcy protection according to a press release distributed on Monday morning at 10:17 a.m. (ET). The Chapter 11 bankruptcy filings encompass the crypto lender Blockfi and eight of its affiliates. The crypto firm insists the plan is to “stabilize its business and provide the company with the opportunity to consummate a comprehensive restructuring transaction that maximizes value for all clients and other stakeholders.” Blockfi has cited the FTX collapse as a period when the company took steps to protect Blockfi customers. On Nov. 10, 2022, Bitcoin.com News reported that Blockfi had paused withdrawals and the firm also cited FTX in that specific announcement. Months prior it was assumed that FTX would be buying Blockfi as the company’s CEO said in July that the exchange had an “option to acquire” the crypto lender. “With the collapse of FTX, the Blockfi management team and board of directors immediately took action to protect clients and the company,” the company’s financial advisor Mark Renzi detailed. “From inception, Blockfi has worked to positively shape the cryptocurrency industry and advance the sector. Blockfi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders.” Compute North, Voyager Digital, Celsius, Three Arrows Capital, and FTX have all filed for bankruptcy protection after dealing with financial problems. Numerous problems are reportedly associated with over-leveraged assets and the Terra blockchain implosion that took place six months ago. What do you think about Blockfi filing for Chapter 11 bankruptcy protection? Let us know what you think about this subject in the comments section below. View the full article

It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.02 per unit, but a number of Terra Classic supporters believe there’s a chance USTC can regain its peg. Terra Supporters Want to Repeg the Once-Stable Coin USTC Amid the craziness surrounding the FTX collapse, fans of another stunted crypto project want to get Terra Money’s former stablecoin UST (now USTC) back to the $1 price range. There’s been a lot of discussion about the subject on social media, even though the token terraclassicusd (USTC) is nowhere near the greenback’s face value. That hasn’t stopped Terra Classic supporters from trying to rally support for the now-defunct Terra token. “Let’s repeg USTC,” one individual tweeted, while others have shared pictures of USTC rising to $1 complete with rocketship emojis. In addition to a number of Terra Classic blockchain fans, the R&D developer at Terran One and former developer at Terra Money, Will Chen, talked about the possibility of USTC repegging. “The USTC repeg is the first time something like this at this scale has ever been attempted by a community,” Chen said. “Like LUNC, once the communal effort to repeg USTC makes progress/momentum that defy the odds and surprises all the non-believers, everybody will want to join in.” Chen’s tweet has more than 1,154 likes on Twitter and it’s been shared around 400 times since the tweet was published. The Terran One dev also wished the community the “best of luck.” Of course, getting USTC back to the $1 range would be a miracle and it is an accomplishment that has never been achieved thus far in the history of crypto. Chen’s optimistic tweet, however, was challenged, as many people believe the feat is impossible. One person wrote: It requires [$9.5 billion] that nobody has, or burning [more than] 90% of USTC ( = defaulting on it). Which is fine … but it will require a lot more than slogans. Terra Classic blockchain fans disagreed with this assessment and said that it was possible the debt could be cleared. “No, it doesn’t require [$9.5 billion],” an individual replied. “Market did price the debt, less than 200 million USD. [Luna Foundation Guard] assets are still backing the debt, via buy-back-burn on USTC. Little inflation on [LUNC] and tax % could go to clear the debt. [Binance’s CEO CZ] could burn the debt with the spot trading fees,” the person added. At the time of writing, USTC is currently trading for $0.020 per unit and the crypto asset is down 3.5% during the last day against the U.S. dollar. Last month USTC’s value was a lot higher as the coin shed 50.9% in value over the past 30 days. Terra Classic’s LUNC is even lower and less than a U.S. penny per unit at $0.00015820 per LUNC. In order to get USTC back to the $1 range it would have to climb 4,900% higher than its current value. Currently, there is 9,805,804,874 USTC in circulation and the token has recorded $15.33 million in trades during the last day. While getting USTC back to $1 would be quite the feat, the token is struggling to remain above two U.S. pennies. What do you think about the Terra supporters hoping to repeg USTC back to the $1 parity it once held? Let us know what you think about this subject in the comments section below. View the full article

Dogecoin was down by as much as 10% to start the week, as the token retreated from Sunday’s high. The meme coin raced to a three-week high over the weekend, however bulls appeared to have abandoned their positions, opting to secure profits. Xrp, formerly known as ripple, fell for a third straight session on Monday. Dogecoin (DOGE) Dogecoin (DOGE) was 10% lower on Monday, as traders moved to secure profits following recent gains. Following a high of $0.1057 on Sunday, DOGE/USD slipped to an intraday bottom of $0.09302 to start the week. The drop saw the token move closer to a key support point of $0.090, less than 24 hours after hitting a three-week high. As can be seen from the chart, the move comes as the 14-day relative strength index (RSI) failed to break out of a ceiling of 60.00. Currently, the index is tracking at 55.20, with the next visible point of support at the 52.00 mark. Despite the current decline in price, momentum still remains bullish, with the 10-day (red) moving average still positioned for an upwards cross. XRP XRP, formerly known as ripple, was also in the red to start the week, with the token falling for a third straight day. XRP/USD slipped to an intraday low of $0.3758 during Monday’s session, pushing prices nearly 7% lower than Sunday’s high of $0.4079. Today’s bottom was the weakest point for XRP since last Thursday, Nov. 24, when price was at a low of $0.3670. Honing in on the chart, it appears that bears have regained confidence, following a failed breakout of a key ceiling on the RSI. The index failed to move beyond a ceiling of 50.85, with price strength now tracking at the 44.69 level. A upwards crossover between the 10-day (red), and 25-day (blue) moving averages still remains possible, which could mean future rallies may be incoming. Register your email here to get weekly price analysis updates sent to your inbox: What is behind Monday’s bearish sentiment in cryptocurrency markets? Let us know your thoughts in the comments. View the full article

During the last month, the market capitalization of all the stablecoins in existence dropped by more than 2%, shedding roughly $2.98 billion since the end of October. Statistics show that tether, the largest stablecoin by market valuation, saw its market cap lose more than 5% during the last 30 days. Tether’s market cap slipped from last month’s $69.13 billion to today’s $65.48 billion. Stablecoin Economy Drops Lower, Tether Market Cap Sheds 5% Statistics show that the stablecoin economy’s market valuation has reduced during the last 30 days by roughly 2.02%. On Oct. 31, 2022, the stablecoin economy was valued at $147.03 billion and today, it’s down to $144.05 billion. Furthermore, the market capitalization of all the stablecoins in existence is much lower than it was two months ago, as the market cap dropped by 4.83% from $151.37 billion to today’s $144 billion total. Data indicates that this past month, tether (USDT) has seen its market capitalization drop more than 5% lower from $69.13 billion to the current $65.48 billion. However, the second-largest stablecoin by market cap, usd coin (USDC) has seen its market valuation increase during the past 30 days, jumping roughly 1.5% higher. The stablecoin BUSD’s valuation continues to grow month after month, and over the last 30 days, it’s up 4.8%. Out of the top five stablecoins today, BUSD’s market cap grew the most over the last month. Makerdao’s DAI stablecoin has shed 9.7% this past month and the stablecoin’s market capitalization was the biggest loser out of the top ten dollar-pegged crypto tokens. On Oct. 31, DAI’s market cap was around $5.77 billion and today, it’s coasting along at $5.20 billion. With tether and DAI leading the losses over the last month out of the top ten stablecoins, frax (FRAX) followed behind the two tokens shedding around 3.1% last month. Stablecoin trade volume has dropped a great deal over the last two months but the tokens still represent a majority of today’s trades. For instance, on Sept. 27, 2022, stablecoins captured $205 billion out of the $225 billion in global trades. On Oct. 31, stablecoins recorded $55.91 billion in trades out of the total worldwide crypto trade volume ($71 billion). During the past 24 hours stablecoins have captured $37.73 billion and the aggregate trade volume among all the crypto coins in existence today is roughly $46.56 billion. This means out of the $46 billion in trades among all the crypto assets, stablecoins equate to 81.04% of those trades. What do you think about the state of the stablecoin market today? What do you think about the stablecoin economy’s valuation slipping by close to 5% during the past two months? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin fell to a six-day low to start the week, as the token moved closer to the $16,000 level. The drop sees prices fall for a fifth straight session, with overall sentiment in the cryptocurrency market turning bearish. Ethereum was once again trading below $1,200, after trading above this point in recent days. Bitcoin Bitcoin (BTC) fell for a fifth straight session on Monday, as the token moved closer to a breakout below $16,000. BTC/USD slipped to an intraday low of $16,086.36 to start the week, which comes less than 24 hours after hitting a peak of $16,594.41. As a result of today’s drop, bitcoin moved to its lowest point since last Tuesday, November 22, when price was at a low of $15,613. Looking at the chart, Monday’s sell-off intensified once a breakout on the relative strength index (RSI) occurred. The index, which is currently tracking at 36.89, moved below a recent support point of 38.00, and looks to be heading for a lower floor at 35.50. Should price strength reach its perceived destination, This will likely lead to BTC falling below $16,000. Ethereum In addition to BTC, ethereum (ETH) also moved lower to start the week, with prices once again moving under $1,200. Following a high of $1,218.51 on Sunday, the world’s second largest cryptocurrency dropped to a low of $1,162.19 earlier today. The decline pushed ETH/USD below a key support point of $1,180, and came as the RSI failed to break out of a long-term resistance level. As can be seen from the chart, price strength was unable to fully move beyond a ceiling of 43.00, and is currently tracking at 40.62. In addition to this, the 10-day (red) moving average has shifted direction, with momentum once again downward facing. Overall, a target of $1,070 appeared to be a likely destination for bears, should momentum continue to decline. Register your email here to get weekly price analysis updates sent to your inbox: Will ethereum start December above or below $1,200? Leave your thoughts in the comments below. View the full article

Cristosal, a Salvadoran nonprofit human rights organization, has filed three lawsuits related to President Nayib Bukele’s management of public funds to purchase bitcoin. The processes are being run before several national and international bodies, and call for the government to offer information on these purchases. President Nayib Bukele Sued by Salvadoran Nonprofit Cristosal On Nov. 17, Cristosal, a nonprofit human rights organization, announced that it has filed three different lawsuits against President Nayib Bukele, seeking to clarify the origin and transaction information of the funds used to purchase bitcoin. Ruth Lopez, an anticorruption spokesperson for the group, stated that one of the lawsuits had to do with the illegality of reforms Bukele had made to laws concerning these expenses. Lopez explained that $750 million are managed by Bukele as part of the bitcoin trust established by the central bank of the country in an unconstitutional way, alleging that these laws allowing the president to manage the funds are void. In the same way, the second lawsuit has to do with the lack of investigation that the Accounts Court of the Republic, the control organization, has exerted on the expenses derived from the implementation of the Bitcoin Law, including the construction of booths, acquisition of ATMs, installation of the platform, and application for the convertibility and management of bitcoin. Lopez stated: There is no control on the platform over the identity that buys and sells Bitcoin. Until now, all Salvadorans have are presumptions about how it works and how much has been spent. The third action will be exerted before the Inter-American Court of Human Rights and is related to the identity theft that more than 200 Salvadorans faced when delivering their data to the Chivo Wallet system. Bitcoin Skepticism While President Nayib Bukele announced recently that the country would be purchasing a bitcoin a day, signaling his belief in the cryptocurrency, Lopez believes the population is still skeptical about bitcoin. For her, these expenses are superfluous and don’t answer the immediate needs of the people. On this, Lopez remarked: The Salvadoran population does not feel identified with bitcoin, but it is also of no use to them, because it is not a population that invests, since it is barely enough for them to eat. While some surveys show President Bukele is very popular in the country, bitcoin is a different issue. A survey conducted by the José Simeón Cañas Central American University in June revealed that more than 70% of Salvadorans consider that bitcoin had brought no benefits to them. What do you think about the lawsuits filed by Cristosal? Tell us in the comments section below. View the full article

PRESS RELEASE. Minimax.Finance integrated the recently launched VERSE DEX to provide the Minimax community with more options for cost-effective swaps on Ethereum network. VERSE pools are also available at the platform. The Minimax team has integrated VERSE DEX into Minimax’s swap section; now Minimax users can enjoy all the DEX benefits, including security and the absence of third-party custodians. This integration has been available at Minimax.Finance since its recent launch on Ethereum. This part of the integration will get extended as the VERSE team launches the DEX on more blockchains. Minimax.Finance Chief Executive Val Hrykyan said, ‘Our goal is to provide the web3 community with a unified interface to make management of web3 portfolio easy and convenient. Therefore, the integration of VERSE DEX is a logical step in this direction.’ About VERSE DEX VERSE DEX is a decentralized exchange (DEX) which uses an automated market maker (AMM) to facilitate trades in a completely decentralized yet efficient manner. The AMM utilizes smart contracts to create markets for trading pairs of a wide variety of tokens. Liquidity providers supply VERSE DEX with capital, earning yield from the fees paid by people who trade. Verse DEX is derived from the battle tested Uniswap V2 contract, and has been audited by a third-party smart contract auditor. Verse DEX is available on Ethereum and SmartBCH blockchains, but is continuously expanding onto low-fee, high transaction speed blockchains. Verse DEX aims to bring everyone permissionless and non-custodial trading access, with a special focus on people new to DeFi. VERSE DEX is focused on offering a DEX that anyone can use. While almost all other DEXs are intimidating to new users, VERSE DEX will be seamlessly integrated into the Bitcoin.com Wallet, giving its millions of users an easy way to use a DEX. To learn more about VERSE DEX, please visit https://verse.bitcoin.com/. About Minimax Minimax.Finance is an interactive web3 marketplace. The platform provides a unified interface for users to get a high-level overview of the web3 space, easily monitor and manage their Web3 portfolio, and at the same to utilize multiple web3 platforms, without having to switch between different apps and blockchains. The Minimax team has already integrated 13 platforms, including Verse DEX, Aave, Yearn, Pancakeswap and others across eight blockchains, with plans to integrate many more soon. In the near future the team plans to introduce gasless transactions, which will enable users to interact with their favorite apps on multiple blockchains without having to get the native tokens. This will make web3 experience much smoother and reduce multiple routine operations. Currently Minimax.Finance provides multiple opportunities for staking, yield farming and lending. Support for NFTs, borrowing and other web3 utilities will be added soon. It will be easy for new projects to get listed at our platform. To learn more about Minimax.Finance, please visit https://app.minimax.finance/. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Argentina is preparing to revamp its anti-money laundering and terrorism financing law. It has proposed to include the creation of a registry for virtual asset services providers (VASPs) in the country as part of the new modifications. The changes would prepare the country for the review that the Financial Action Task Force (FATF) is slated to do on the subject next year. Argentina Might Create a Unified VASP Registry The discussion of a proposed revamp of the anti-money laundering and terrorism financing law in Argentina might include the creation of a unified VASP registry. The proposal, which is being made by several institutions in the country, including the Argentine tax authority (AFIP), and also the national securities regulator (CNV), would bring the legislation up to modern standards. This would be the first modification that legislators press on a law that has been untouched for 11 years. The institutions presented the changes to the Deputy chamber of the nation in a meeting that took place on Nov 25. One of the objectives of this move would be to prepare the country for the review that the FATF is slated to conduct about Argentina’s controls next year. The reform would also allow the AFIP to build a database of unique beneficiaries, with the CNV being at the head of the proposed VASP registry. Modifications Focused to Bring Safety to Users The proponents of these modifications explain that these are inspired by similar changes that have been implemented by other countries already reviewed by the FATF, and are part of the steps that must be taken before embarking on preparing cryptocurrency-specific regulation in Argentina. Sebastian Negri, head of the anti-money laundering organization in the country (UIF) expanded on the need for these modifications to be approved and implemented. He stated: We have to be able to create a registry that meets international standards for the prevention of money laundering and terrorist financing. Furthermore, Negri also stated that these modifications would be useful to protect users’ funds in these platforms from potential failures and even bankruptcy, taking cues from the situation that FTX, one of the top three cryptocurrency exchanges, is currently facing. Negri also mentioned that the usage of personal data that these companies possess would be tackled in this reform. Argentina was recently part of a study made by Global Financial Integrity, a Washington D.C.-based think tank, that colluded that cryptocurrency regulation on Latam was still ineffective in detecting and convicting crypto-related crime. What do you think about the reforms proposed to the anti-money laundering laws in Argentina? Tell us in the comments section below. View the full article

As it reels from the effects of what it termed a global economic downturn, the Nigerian digital asset exchange platform, Quidax, recently said it had laid off employees who constituted 20% of its workforce. Despite the layoffs, Quidax reportedly told its customers it is ‘not going anywhere, anytime soon.” ‘No Relationship With FTX’ The Nigerian cryptocurrency exchange, Quidax, reportedly claimed that the ensuing global economic downturn had forced it to let go 20% of the platform’s “exceptionally talented people.” The exchange insisted the lay-offs were not linked to the FTX collapse-fueled turmoil in crypto markets and that Quidax itself had “no relationship with FTX” Before the global economic downturn, Quidax, which sponsored Nigeria’s biggest reality television show Big Brother Naija, had better prospects. According to a report by Nairametrics, the crypto exchange even “made several plans and growth projections.” Severance Packages for Laid-off Workers However, the economic slowdown in China, the United States, and the Eurozone area meant growth projections had to be revised downwards, the crypto exchange reportedly said. Explaining its decision to lay off employees, Quidax reportedly said: Following the economic downturn around the world, we have had to make some tough decisions at Quidax. We had to say goodbye to 20% of our exceptionally talented people. We deeply value our people and it has not been an easy decision to make. In addition to giving the affected employees their severance packages, Quidax said it will connect them to its “network of companies and founders within the fintech space.” Meanwhile, the crypto exchange is quoted in the report stating that it is “not going anywhere, anytime soon.” The exchange reassured its customers that their funds are not only safe but also insured. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

According to the CEO of Wemade, Henry Chang, the South Korean cryptocurrency exchange Upbit was the brains behind the Digital Asset Exchange Joint Consultative Body (DAXA)’s decision to delist WEMIX. The Wemade CEO accused Upbit of applying different standards and of failing to furnish his company with the token supply guidelines. Wemade Not Formally Notified About the Delisting Decision Just days after an association of South Korean crypto exchanges announced the delisting of the WEMIX token, Henry Chang, the CEO of Wemade — the token issuer — accused the Upbit crypto exchange of orchestrating the token’s removal. Speaking at an online press briefing, Chang also claimed to not have been formally notified about the decision to delist the token. As reported by Bitcoin.com News, South Korea’s Digital Asset Exchange Joint Consultative Body (DAXA) said the WEMIX token will be delisted in December. Justifying the decision, DAXA claimed the token information provided by Wemade — a gaming company — was false and had caused confusion among investors. However, in his Nov. 25 online press briefing, Chang revealed that before the delisting announcement was made, Upbit — reportedly South Korea’s largest crypto exchange — had suspended WEMIX reportedly because there was a discrepancy between the planned and actual tokens in circulation. Yet when Wemade asked to be furnished with the token circulation standards or guidelines, Upbit failed to do so, Chang said. “When [WEMIX] received the investment warning, we asked Upbit for their standard or guideline for circulation, but to this day have not received anything,” Chang reportedly said. Double Standards Allegations The CEO also pointed to Upbit’s application or use of different standards when dealing with other projects which did not even inform the exchange about their respective tokens’ planned supply. Meanwhile, a report by Forkast News suggested the Wemade CEO had acquired more WEMIX tokens to demonstrate his belief that the token would recover. Following the delisting announcement, the U.S. dollar value of WEMIX plunged by nearly 70% in less than 24 hours. When asked about the possibility of users in South Korea failing to access the token, Chang said the token is still listed on other exchanges like Okx, Kucoin, and Crypto.com. He reportedly said that his team is in talks with Binance and Coinbase. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The troubled and now-bankrupt crypto exchange FTX is the subject of “an active and ongoing investigation,” Bahamian attorney general Ryan Pinder told the press on Sunday. Pinder also stressed that putting the blame on the Bahamas “because FTX is headquartered here would be a gross oversimplification of reality.” Bahamian Attorney General Says the ‘Bahamas Will Emerge, Held in Even Higher Esteem’ On Sunday, the attorney general of the Bahamas discussed the collapse of FTX Digital Markets, and he insisted that Bahamian authorities are investigating FTX. Ryan Pinder started his speech by contending that “the Bahamas is a place of laws, the rule of law, and the exercise of due process characterizes the integrity of our jurisdiction.” The attorney general declared that the Bahamas Securities Commission (BSC) is the main Bahamian agency in charge of dealing with the FTX situation. Pinder explained that while FTX was located in the Bahamas, the government understands that the aftermath hurt people from all around the world. He said the case was a “very large business failure as a result of questionable internal management practices and corporate governance.” Interestingly, the Bahamas attorney general spoke about Coindesk’s Nov. 2, 2022 article that discusses Alameda Research’s balance sheet. Pinder also talked about the crypto asset FTT and how it was used as an exchange token. After briefly mentioning the article during the speech, Pinder disclosed that Alameda Research does not fall under the regulatory jurisdiction of the Bahamas. However, he further detailed that if it is found that Alameda did commit any improprieties in the Bahamas, then Alameda will be subject to the Bahamas’ jurisdiction. As far as FTX is concerned, Pinder disclosed that there’s an active investigation taking place right now. The Bahamas attorney general said: We are in the early stages of an active and ongoing investigation — it’s a very complex investigation — BSC, the Financial Intelligence Unit, and the Police Financial Crimes Unit will continue to investigate the facts and circumstances surrounding FTX’s bankruptcy crisis and possible violations of Bahamian law. Pinder further added that as with any active inquiry, officials seek to share updates in a way that does not “compromise or constrain investigators.” The attorney general remarked that it was “extremely regrettable” that the bankruptcy case “misrepresented the timely action taken” by Bahamian regulators. Pinder believes the BSC acted with “remarkable” speed, and the Bahamian government is not too pleased about people blaming the island for FTX’s mishap. “Any attempt to blame the entire debacle on the Bahamas because FTX is headquartered here would be a gross oversimplification of reality,” Pinder told the press in his prepared speech. Meanwhile, the crypto influencer known as Bitboy has been trying to question the former FTX CEO Sam Bankman-Fried (SBF) at the former executive’s condo in the Bahamas. As far as Alameda Research’s top executive is concerned, Alameda CEO Caroline Ellison reportedly left Hong Kong to flee to Dubai. What do you think about the attorney general of the Bahamas’ statements on Sunday? Let us know what you think about this subject in the comments section below. View the full article

After the Salvadoran president Nayib Bukele revealed the country would buy a single bitcoin every day, a report published by Torres Legal details that the government of El Salvador has created a National Bitcoin Office (ONBTC). The report says the entity was created via Decree No. 49, which was signed by Bukele and El Salvador’s tourism and economy ministers. Salvadoran National Bitcoin Office Established With ‘Functional and Technical Autonomy Within the Presidency of the Republic’ On Nov. 25, a Linkedin post published by Torres Legal explains that El Salvador’s government has created a National Bitcoin Office (ONBTC). The new office is meant to manage “all projects related to the cryptocurrency” and it was established in Decree No. 49 by the Salvadoran president Nayib Bukele. Decree No. 49 published in El Salvador’s Official Gazette is summarized in Article two, Torres explains. “Article [two] defines the objective of the ONBTC which will be to design, diagnose, plan, program, coordinate, follow up, measure, analyze and evaluate plans, programs, and projects related to Bitcoin for the economic development of the country,” the post published by Torres notes. “It will also be able to collaborate with other countries when required, in matters related to [Bitcoin].” The creation of ONBTC follows Bukele explaining that his country would purchase one bitcoin every single day. At the time, El Salvador’s bitcoin stash was around 2,381 BTC, and it’s been nine days since Bukele’s announcement, which means the country has obtained nine more bitcoins. Torres says that Bukele will be in charge of appointing the ONBTC director and the bitcoin supporter, RT personality, and Max Keiser’s wife Stacy Herbert will be involved. “Honored to be involved in setting up the Bitcoin Office for president Bukele,” Herbert tweeted on Nov. 25. Additionally, ONBTC has a Twitter account called @bitcoinofficesv, and the same day the office said a report would soon be published. “The [National Bitcoin Office] will soon publish our first report,” ONBTC tweeted. “The topic will be on the subject of [bitcoin mining] in El Salvador.” The National Bitcoin Office news also follows the country’s minister of the economy, Maria Luisa Hayem Brevé, submitting a Digital Assets Issuance bill to the Salvadoran assembly of government officials. Reports indicate that the digital assets bill will help bolster the planned issuance of bitcoin bonds which has been blemished with controversy. The Salvadoran bitcoin bonds idea has been delayed and reports further note the bonds may be issued by the state geothermal company La Geo. The ONBTC news reported by Torres notes that the office will manage all the individuals who seek meetings with Bukele in regard to bitcoin and blockchain subjects. “The new agency will work as a specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic,” Torres details. What do you think about El Salvador’s newly established National Bitcoin Office? Let us know what you think about this subject in the comments section below. View the full article

State securities regulators are reportedly investigating Genesis Global Capital in a broad range probe into the “interconnectedness of crypto firms,” Barron’s reported on Friday. The report notes that the Alabama Securities Commission is looking into whether or not cryptocurrency firms have violated securities laws without filing the proper registrations. Report Says Financial Regulators Are Investigating Genesis Global Capital and the Interconnected Activities of Other Crypto Firms There’s been a lot of focus on Genesis Global Capital and its lending operation since Genesis announced on Nov. 16, 2022 it was temporarily suspending withdrawals and new loan originations. Days later, the New York Times (NYT) reported that Genesis Global Capital hired a restructuring adviser. The NYT report detailed that Genesis “hired the investment bank Moelis & Company to explore options including a potential bankruptcy, three people familiar with the situation said.” However, reports published by The Block and the Wall Street Journal shared a letter written by Barry Silbert, the CEO of Genesis’ parent company Digital Currency Group (DCG). Silbert’s letter reassures DCG shareholders that his company will “continue to be a leading builder of the industry.” Silbert did touch upon Genesis in the shareholder letter and he highlighted that it’s important to note that the lending arm of Genesis has had “no impact on Genesis’ spot and derivatives trading or custody businesses, which continue to operate as usual.” On Friday, Barron’s author Joe Light reported on Genesis Global Capital and the report claims that state securities regulators are involved in an alleged Genesis probe. Light cited the Alabama Securities Commission and its director Joseph Borg as one of the states looking into the alleged “interconnectedness of crypto firms.” Light’s report indicates the ostensible probe involves agencies from “several other states” but as far as other crypto firms, only Genesis was mentioned. “Borg declined to name the other companies,” the Barron’s author detailed. The report further claims the probe’s general focus is on “whether Genesis and other companies enticed residents to invest in crypto-related securities without making the proper registrations.” State securities regulators in the United States have been cracking down and investigating crypto firms for quite some time. Regulators from specific states have filed actions against a number of cryptocurrency firms like Celsius, Blockfi, Nexo, and FTX. The securities regulators’ complaints are all very similar, as they question whether or not crypto firms are selling unregistered securities to retail investors. What do you think about the report that says there’s an alleged investigation into Genesis and crypto company interconnectedness? Let us know what you think about this subject in the comments section below. View the full article

This year, the number of tokenized bitcoins hosted on alternative blockchains like Ethereum, has dropped a great deal. Last January the number of wrapped bitcoin (WBTC) issued on the Ethereum blockchain was around 266,880 WBTC and since then, the number has dropped by more than 15% down to 225,962 WBTC. Similarly, the quantity of tokenized bitcoins minted on the Binance Smart Chain (BSC) dropped quite a bit over the last 11 months as well. Tokenized Bitcoin Supplies Shrank Significantly During the Last 11 Months At the time of writing, the two largest tokenized bitcoin (BTC) projects are wrapped bitcoin (WBTC) and the BSC-issued Bitcoin BEP2 otherwise known as BTCB. However, the number of tokenized bitcoins stemming from both projects has dropped a great deal since January. For instance, the number of BTCB in circulation on Jan. 6, 2022, was around 105,121 BTCB, according to archived coinmarketcap.com stats. Furthermore, BTC was trading for $42,738 per unit on that day, which means BTCB’s market capitalization was around $4.49 billion. Since then, BTC’s price has shuddered and it’s a long way away from the $42K zone. The number of BTCB in circulation has dropped 49.1% to 53,444 BTCB, according to coinmarketcap.com data recorded on Nov. 25. At an exchange rate of around $16,504 on Nov. 25, the market cap of BTCB is roughly $882 million. During the last 24 hours, BTCB has seen $3.25 million in global trade volume on a slew of decentralized exchange (dex) platforms. The dex applications with the most active BTCB trading include Pancakeswap V2, Biswap, Dodo, and Apeswap. Wrapped Bitcoin Supply Dropped 8.72% in 30 Days The largest tokenized bitcoin project WBTC has a lot more tokens than the BTCB in circulation. On Nov. 25, 2022, data shows the number of WBTC in circulation is around 225,962 WBTC and on Jan. 14, 2022, it was 266,880 WBTC. That means during the course of 2022, the WBTC supply has been reduced by more than 15%, as 40,918 tokens were removed from circulation. Furthermore, in the last 30 days, Dune Analytics data, published by 21shares Research, shows that WBTC’s supply has dropped by 8.72%. Of course, WBTC’s value was a lot higher on Jan. 14, as WBTC’s market valuation was around $11.35 billion. Removing over 40,000 WBTC from the supply and coupling it with BTC’s price sinking to $16K, makes WBTC’s overall market capitalization on Nov. 25, a lot less than it was at the beginning of the year. Today, WBTC’s market valuation is roughly 3.66 billion nominal U.S. dollars and during the past 24 hours it’s seen $346.90 million in trade volume. The most active exchanges trading WBTC include Binance, Okx, Digifinex, and Hitbtc. Tokenized bitcoin supplies have followed the same path as stablecoin supplies this year, which have shrunk a great deal in 2022. The data suggests that during the crypto winter traders are swapping their tokenized stablecoins for real U.S. dollars. With tokenized bitcoin projects like BTCB and WBTC, users swapping these tokens are looking to get their real bitcoin back. What do you think about the reduction of tokenized bitcoin supplies during the last 11 months? Let us know what you think about this subject in the comments section below. View the full article

Dogecoin surged to a three-week high to start the week, as the token rallied for a second consecutive session. Overall, the meme coin has now traded higher for four of the last five days. Quant was another notable gainer in today’s session, moving to an eight-day peak. Dogecoin (DOGE) Dogecoin (DOGE) raced to a three-week high to start the weekend, as the meme coin moved to extend recent gains. Following a low of $0.08695 on Friday, DOGE/USD rallied to an intraday high of $0.09474 on Saturday. This gain in price has pushed the token to its strongest point since November 8, when it was trading at a high of $0.1125. Looking at the chart, bullish sentiment has climbed higher following a breakout from the 52.00 mark on the relative strength index (RSI). In addition to this, the 10-day (red) moving average is now upward facing, which is typically a sign of pending surges in price. Currently, the RSI is tracking at the 54.66 point, with the next visible resistance point at the 60.00 mark. Quant (QNT) Quant (QNT) was also in the green on Saturday, with the token rose for a fifth straight day. QNT/USD rose to a peak of $122.06, less than a day after prices were trading at a bottom of $111.56 As a result of this mini-bull run, quant is now trading at its highest point since Nov. 18. Honing in on the chart, it appears that bulls are attempting to move the token to a resistance level of $125.00. In order to achieve this, the RSI, which is currently tracking at 46.56, will need to collide with a ceiling of its own at 52.00. The 10-day (red) moving average is now also closing in on its 25-day (blue) counterpart, which could lead to an eventual upward cross. Register your email here to get weekly price analysis updates sent to your inbox: What is behind this weekend’s bullish sentiment in cryptocurrency markets? Let us know your thoughts in the comments. View the full article

Ethereum was back above $1,200 on Saturday, as bullish sentiment returned to cryptocurrency markets to start the weekend. Following recent stints in the red, the global crypto market cap is trading 1.91% higher as of writing. Bitcoin was also back in the green. Bitcoin Bitcoin (BTC) was marginally higher to start the weekend, as prices moved closer to a key resistance level. Following a low of $16,456.65 on Friday, BTC/USD rose to an intraday high of $16,666.86 earlier in today’s session. This move saw the world’s largest cryptocurrency move closer to a ceiling of $16,800, which it last hit on November 18. Looking at the chart, Saturday’s surge sent the token to a ceiling on the relative strength index (RSI) of 41.00. As of writing, the index is tracking at 40.00, following an earlier failed breakout attempt, which has since sent BTC lower. Currently bitcoin is trading at $16,614.71, as earlier bulls moved to liquidate their positions. Ethereum Ethereum (ETH) was over 3% higher on Saturday, with the token climbing back above its $1,200 level. ETH/USD raced to a peak of $1,222.81 to start the weekend, less than 24 hours after hitting a bottom of $1,184.87. Today’s rally comes as the token extended its breakout of a key resistance level at the $1,180 mark. As can be seen from the chart, price strength also broke out of a ceiling, with the RSI moving past a hurdle at the 43.50 point. In addition to this, the 10-day (red) moving average has now fully shifted momentum, with the trend line no longer downward facing. Bulls are likely waiting for further shifts in momentum before adding on to the bullish pressure. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect ethereum to hit $1,300 this weekend? Leave your thoughts in the comments below. View the full article

PRESS RELEASE. Seychelles, Nov 26, 2022 – Leading global cryptocurrency exchange, Bitget, has announced a series of marketing campaigns with Lionel Messi, the Argentinian Football legend, with the launch of the brand film to celebrate the 2022 World Cup. With this USD 20 Million investment in campaigns and rewards, Bitget aims to benefit users with attractive rewards, help enhance market sentiment and reignite confidence in the crypto industry. Bitget announced its partnership with Lionel Messi with the first announcement campaign “A Perfect 10” in late October, receiving an overwhelming response from the general public, Bitget community and partners. The exchange will launch the next marketing campaign titled, “Make it Count” during the 2022 World Cup period, with a new brand video and a series of exciting marketing plans. To further engage our users with the football craze, Bitget has arranged multiple giveaways and exclusive rewards with social contests and World Cup-themed activities, including up to 1 Million BGB and a jersey signed by Lionel Messi himself. Bitget is also hosting its biannual derivatives tournament, KCGI, themed around football and the World Cup, with a prize pool of up to 100 Bitcoin (BTC) and popular fan tokens. This is all part of Bitget’s efforts to help reassure investors and benefit Bitget users with different initiatives, as enthusiasm towards the World Cup helps facilitate the connection between the crypto universe and the sports world. Leo Messi, the five-time World Cup participant and seven-time Ballon d’Or, expresses, “I would like to thank Bitget in making me a part of the crypto trading social world with such exciting campaign. I like the Bitget’s brand film “make it count” concept of leading the vision and charting a new path within the industry. It’s important that everyone invest responsibly with protection, and it’s reassuring to see Bitget taking this seriously with a series of protection initiatives.” Gracy Chen, Managing Director of Bitget, comments “Bitget is invested in the future of crypto and Web3. The bear market does not deter our goal of becoming a Top 3 crypto exchange within 3-5 years. Due to some collapses of a few crypto giants this year, consumers’ trust has fallen to a low point, and that is the reason why we are ramping up the efforts on both product and marketing to show our dedication to building the best social trading experiences for our users.” “Partnering with the GOAT inspires us to strive for the best performance, and the World Cup period is the best time to remind ourselves about the importance of building and training for the moment to shine. We would like to celebrate the football spirit in the world of crypto and are prepared to continue investing in the ecosystem even when times are tough,” Gracy adds. Earlier this month, Bitget implemented a few initiatives to strengthen trust and show credibility to consumers, including launching the 5 million Builders’ Fund and raising the Protection Fund size to USD 300 million. The exchange has also announced expanding its global strategy with a registered entity in Seychelles, as well as adjusting its hiring plan to a team of 1200 by Q1 2023 this week. About Bitget Bitget, established in 2018, is the world’s top five leading cryptocurrency exchange with innovative products and social trading services as its key features, currently serving over 8 million users in more than 100 countries around the world. The exchange is committed to providing one-stop and secure trading solutions to users and aims to increase crypto adoption by collaborations with creditable partners, including Argentinian legendary footballer Lionel Messi, Italian leading football team Juventus, PGL Major’s official esports crypto partner, and the leading esports organization Team Spirit. For media queries, please contact: sylvia.huang.yq@bitget.com rachel.cheung@bitget.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article