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Coinbase Financial Markets (CFM) introduced regulated leveraged crypto futures for its U.S. customers Wednesday, now available to Coinbase Advanced users. The trading platform currently offers nano-sized contracts at one-hundredth of a bitcoin and one-tenth of an ethereum. Coinbase Financial Markets Rolls Out Crypto Futures for U.S. Investors The San Francisco-based crypto platform, Coinbase, is beginning to gradually introduce its bitcoin and ethereum futures offerings. CFM’s goal is to “make futures more accessible to retail crypto traders,” according to the announcement Wednesday. With the launch, Coinbase Advanced customers in the U.S. can now access the regulated crypto futures contracts Coinbase explains that futures derivatives products allow traders to hedge risk and diversify. “Leverage in futures trading can work for you or against you. The risk of loss using leverage can exceed your initial investment amount,” the announcement discloses. The exchange added: These futures contracts are specifically sized for retail traders, at 1/100th of a bitcoin and 1/10th of an ethereum. The company further explained that CFM’s approval to offer federally regulated crypto futures trading in August marked a critical milestone, signaling significant progress in the crypto trading domain. Coinbase also noted the pivotal role of education in CFM’s strategy, providing a suite of articles for traders covering a range of topics, from the basics of futures trading to the associated benefits and risks. The firm’s stock (Nasdaq: COIN) is up 0.48% for the month and 58% over the past six months. Year-to-date, COIN has gained 111% against the U.S. dollar. Customers not using Coinbase Advanced can apply to trade futures with CFM, provided they pass the anti-money laundering/know-your-customer (AML/KYC) and verification processes. What do you think about Coinbase introducing its futures crypto products to U.S. traders? Share your thoughts and opinions about this subject in the comments section below. View the full article

While the price of Bitcoin has found stability, and the network’s difficulty remains fixed at 62.46 trillion until November 12, 2023, a different story unfolds in the hashrate department. Here, the seven-day average showcases a record-breaking moment for the network on November 1. On Wednesday, Bitcoin achieved an unprecedented 464 exahash per second (EH/s), marking another significant milestone in its history. Bitcoin Miners Demonstrate Strength Amid Sky-High Difficulty The hashrate of Bitcoin maintains its upward momentum, and as of November 1, 2023, it has reached a new peak. According to the seven-day simple moving average (SMA), the network’s hashrate touched 464 EH/s for the first time. Delving deeper, the three-day SMA unveils that the total hashrate of the network soared even higher, reaching 468 EH/s. Remarkably, all these developments are unfolding at a time when the network’s difficulty is at an unprecedented high of 62.46 trillion, a level it will maintain until November 12. Given the current pace of block intervals, it appears the network’s difficulty is on the cusp of yet another increase, but that could very well change. With the current valuation of BTC, miners are now reaping a daily reward of $70.75 per petahash per second (PH/s), a notable increase from the $60 and $59 per PH/s they were earning in mid-October. Presently, around 43 different mining pools are contributing their SHA256 hashpower to the BTC blockchain on Wednesday. When looking at three-day statistics, Foundry USA emerges as the dominant force, boasting 130.66 EH/s, or 28.11% of the entire network’s hashrate. Not far behind, Antpool secures 27.25% of the total network hashrate, translating to roughly 126.67 EH/s of hashpower. Following these two mining pool giants are F2pool, Viabtc, and Binance Pool, respectively. As of this moment, the countdown to the next halving event stands at just over 25,000 blocks left to mine. What do you think about Bitcoin’s hashrate continuing to rise higher amid the peak difficulty? Share your thoughts and opinions about this subject in the comments section below. View the full article

The founders of cryptocurrency Safemoon have been indicted on charges of securities fraud, wire fraud, and money laundering related to the alleged misappropriation of millions of dollars of investor funds. Braden John Karony, Kyle Nagy, and Thomas Smith were charged in an indictment unsealed Thursday in federal court in Brooklyn. Safemoon Founders Charged With Conspiracy to Commit Securities Fraud Karony was arrested in Provo, Utah while Smith was arrested in Bethlehem, New Hampshire. Nagy remains at large. According to the indictment, the defendants lied to Safemoon investors about the use of “locked” liquidity and their personal holdings and trading of the token. As Safemoon’s market capitalization grew to over $8 billion, the defendants allegedly diverted millions of dollars worth of “locked” tokens for personal purchases like luxury cars, real estate, and personal investments. “As alleged, the defendants deliberately misled investors and diverted millions of dollars to fuel their greedy scheme and enrich themselves by purchasing a custom Porsche sports car, other luxury vehicles, and real estate,” said U.S. Attorney Breon Peace in a statement. The U.S. Attorney added: As fraudsters increasingly use digital assets to mislead investors and misappropriate funds, our Office will be at the forefront of pursuing them and their ill-gotten gains. The indictment alleges the defendants falsely claimed that locked Safemoon liquidity pools prevented insider “rug pulls” and that the pools would not benefit developers. In reality, the Department of Justice (DOJ) insists defendants allegedly retained access to divert funds for personal gain, buying and selling Safemoon despite claims that they did not hold the token. “Although this fraud scheme may be complex, the end result is simple — theft,” said IRS Criminal Investigation special agent-in-charge Thomas Fattorusso. “Investors were assured their money would be safe while the defendants allegedly misled investors and diverted millions of dollars to line their pockets and their driveways.” The charges include conspiracy to commit securities fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. Karony, Nagy, and Smith are presumed innocent unless proven guilty. The case is being handled by the DOJ’s Eastern District of New York’s Business and Securities Fraud Section. The crypto asset safemoon (SFM) shed more than 11% in value after the DOJ published the news. What do you think about the Safemoon founders’ indictment? Share your thoughts and opinions about this subject in the comments section below. View the full article

PRESS RELEASE. BTC365, a leading name in the crypto gambling and sports betting sphere, is excited to announce its newly redesigned website. Engineered with a user-centric interface, the relaunch promises an unrivaled experience based on extensive user feedback. Enhanced User Tools Search Bar: This new addition is a game-changer. A couple of keystrokes, and you’re presented with your game of choice, eliminating tedious page navigations and unnecessary clicks. Game Sorting: The feature organizes games into ‘Popular’ and ‘Recommended’ sections. It’s a nifty tool that simplifies the discovery process, offering you an efficient and enjoyable gaming experience. Favorites Section: With this feature, you can bookmark your favorite games in a dedicated folder. It’s an exemplification of the new UIUX’s focus on personalization, letting you dive back into your favorite games effortlessly. Fresh Aesthetic and Features BTC365’s new design goes beyond just a visual facelift: Quick Access to Categories: Switching between casino games and sports events is now seamless. Featured Section: Get shortcuts to popular games, sports events, and how-to guides at your fingertips. Streamlined Gaming and Sports Betting With the new vendor, Betby, sports betting on BTC365 has been enhanced. Alongside, the site now displays leaderboards and bets on the main page for a real-time betting experience. More Efficient Account Management Unified Wallet Access: The new design consolidates wallet, deposit, and withdrawal options into a single pop-up, making account management straightforward. Quick Access to Essentials: Now, reaching out to live support, your wallet, or deposit options requires fewer clicks than before. Coming Attractions This relaunch is only the tip of the iceberg. BTC365 plans to introduce more features and a new loyalty system with enhanced promotions. BTC365 Grand Launch Lucky Draw – Win an iPhone 15 Pro Max In celebration of the grand relaunch of BTC365’s user-centric website, we’re adding an extra layer of excitement with the BTC365 Lucky Draw. One lucky user will have the chance to win the coveted iPhone 15 Pro Max – a true gem of the tech world. The rules are delightfully simple: just become a part of our crypto casino community and immerse yourself in the thrilling world of gaming. Every game you play becomes your ticket to potentially walking away with this cutting-edge device. Join us in the journey of crypto gambling, and you could be the lucky winner of the iPhone 15 Pro Max, making your gaming experience with BTC365 even more rewarding. Don’t miss this opportunity to play, win, and embrace the future of gaming. In Conclusion BTC365 is committed to offering a secure and exhilarating crypto gambling experience. The redesign, heavily influenced by user feedback, makes the platform not just an avenue for crypto gambling but your go-to hub for a tailored, efficient, and enjoyable experience. About BTC365 BTC365 stands as a premier platform in crypto gambling, constantly evolving to meet its diverse global user base’s ever-changing needs. The new features collectively serve to provide a more organized, streamlined, and personalized experience, ensuring you get to your preferred games and bets more rapidly than ever before. 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

On Tuesday, Tether Holdings Ltd.’s financial statements for the third quarter of 2023 were validated by BDO, an internationally known independent public accounting firm. The firm gave an assurance opinion, revealing $3.2 billion in surplus reserves supporting the company’s tokens, some of which are backed by U.S. Treasuries. Report Shows Over 85% of Tether’s Reserves Tied to Cash and Near-Cash Assets In the recently published financial disclosure for Q3 2023, Tether presented a breakdown of its assets, as confirmed by BDO. The Consolidated Reserves Report (CRR) indicated that 85.7% of Tether’s reserves are held in “Cash and Cash Equivalents,” primarily US T-Bills. The report also noted a significant reduction in secured loans, amounting to over $330 million. The CRR sheds light on Tether’s financial strategies and risk management. “We’ve achieved the highest ever percentage of our reserves held in Cash and Cash Equivalents, signaling our dedication to maintaining liquidity and stability within the stablecoin ecosystem,” said Paolo Ardoino, CEO of Tether. Tether further revealed actively invested in industry-related research fields, with investments totaling over $800 million since the start of the year. “Our investments in sustainable energy, Bitcoin mining, data, and P2P technology exemplify our commitment to building a more sustainable and inclusive financial future for all,” Ardoino elaborated. Recently ascending to the CEO position on October 13, 2023, Ardoino took over from Jean-Louis van der Velde. Tether has also been diversifying its investment portfolio, venturing into bitcoin (BTC) mining and making significant strides in the artificial intelligence (AI) sector with a $420 million investment in Nvidia GPUs. As of November 1, 2023, data shows 84.80 billion USDT circulating across various blockchains, with the majority split between Tron and Ethereum. What do you think about Tether’s latest financial disclosures? Share your thoughts and opinions about this subject in the comments section below. View the full article

Multiple sources have confirmed that Onyx Protocol, a decentralized finance (defi) platform, has been compromised in a security breach, resulting in a loss of $2.1 million. In the wake of this attack, a fraction of the stolen crypto assets, originally from the cross-token liquidity market, were swiftly transferred to the ether mixing service Tornado Cash. Onyx Protocol Loses $2.1M Hack by Precision Loss Vulnerability and Flash Loan On November 1, 2023, the blockchain analysis and security team at Peckshield exposed the suspicious transaction involving Onyx Protocol, a peer-to-peer lending and cross-token liquidity market, on social media channel X (formerly known as Twitter). The attackers launched the assault using a “precision loss” bug along with a flash loan, successfully draining a considerable amount of ETH and ERC20 tokens from the platform. Despite this, the platform’s native currency, onyxcoin (XCN), has only seen a slight decline of 0.8% since the event, a modest decrease when compared with the significant impact on crypto assets seen in previous defi hacks. Currently, the total value locked (TVL) in the decentralized finance project is at $557,253, marking a dramatic drop from its prior level of $2.88 million the day before the breach. Notably, a portion of the stolen funds, now converted to ethereum (ETH), made their way to the ether mixing service Tornado Cash. What do you think about the Onyx Protocol hack? Share your thoughts and opinions about this subject in the comments section below. View the full article

As November 2023 unfolds, the crypto economy is buzzing with market activity, showcasing a striking performance from bitcoin (BTC) alongside a steady progression from ethereum (ETH). Crypto markets are calm and consolidated at the moment, as market observers and traders wait for the news stemming from the Federal Open Market Committee (FOMC) policy announcement. Bitcoin and Ethereum Show Divergent Paths Navigating Uncertain Waters Hours before the upcoming FOMC meeting, the crypto economy’s net value is coasting along at $1.3 trillion. Investors are waiting to see whether or not the U.S. Federal Reserve will raise the federal funds rate. However, the CME Fedwatch Tool shows a 97% chance a rate hike will not come to fruition. U.S. 10-year Treasury yields are lower, but the long-term bonds are still at a 16-year high. Equity futures have dropped slightly with the FOMC expectations and anticipation. Bitcoin Currently, at the time of writing, bitcoin (BTC) is exchanging hands at $34,388.22 per unit. The leading crypto asset has recorded a 24-hour range between $34,174 and $34,703 per BTC. Bitcoin commands approximately $8.97 billion in global trade volume on Wednesday, and its market cap dominates by 50.9%. Bitcoin chart by TradingView Bitcoin’s current state reflects a strong bullish momentum, underscored by its significant price surge over the last fortnight. The relative strength index (RSI) at 79 and Stochastic at 75 both point toward overbought conditions, signaling the potential for a price correction or consolidation in the near term. However, the moving averages tell a different story; with the exponential moving average (EMA) at 33,586 and simple moving average (SMA) at 34,173, both indicators suggest a bullish signal, reinforcing the prevailing upward trend. Despite the positive price movement, the discrepancy between the oscillators and moving averages necessitates caution. The overbought conditions indicated by the RSI and Stochastic could lead to increased volatility, and traders should be prepared for potential short-term price fluctuations. The moving averages, while bullish, could also be interpreted in conjunction with the caution signals shown by the two oscillators. Ethereum Presently, ethereum’s (ETH) price is coasting along at $1,796 per unit. ETH has witnessed a 24-hour range of $1,786 to $1,827 per ether. Ethereum’s volume is higher than BTC’s today with $10.56 billion traded over the last 24 hours. In terms of market dominance, ETH’s market valuation amounts to 16.4% of the $1.3 trillion crypto economy. Ethereum chart by TradingView Ethereum presents a more tempered growth story, with a 3.9% increase in price over the past month. The oscillators, with an RSI of 67 and Stochastic of 76, do not indicate an extreme market condition, suggesting a more stable and neutral environment compared to bitcoin. The moving averages, with an EMA of 1,771 and SMA of 1,792, provide additional support for a positive outlook, though the growth is not as pronounced as that of bitcoin. The steadier price movement of ethereum, coupled with the less extreme oscillator values, positions ETH as a potentially less volatile option in the current market. However, traders should still exercise caution and consider a range of indicators and market conditions before making trading decisions. The positive trend indicated by the moving averages is a promising sign, but it is crucial to remain vigilant and stay updated with market developments. Register your email here to get weekly price analysis updates sent to your inbox: Do you think today’s FOMC policy announcement will impact crypto markets like bitcoin and ethereum? Leave your thoughts in the comments below. View the full article

In a recent development, Metamask, a self-custody Web3 platform developed by Consensys, has partnered with Blockaid, a Web3 security provider. The collaboration aims to integrate security alerts within the Metamask extension in order to enhance the platform’s security features. Metamask and Blockaid Collaborate for Web3 Security The latest Metamask initiative focuses on detecting and stopping malicious transactions, offering protection against various cyber threats such as scams, phishing attempts, and hacking. The collaboration between Metamask and Blockaid has reportedly prevented a significant security breach, protecting over $100,000 in assets from a targeted hack on an account associated with Ethereum co-founder Vitalik Buterin. The security alerts represent a new development in the ongoing efforts of Metamask and Blockaid to improve Web3 platform security. The two entities have implemented a privacy-preserving module to simulate transactions without requiring users to disclose their data to third parties, aiming to maintain user confidentiality and foster a secure digital environment. “With these native privacy-preserving security alerts, Metamask is not only enhancing user safety but also setting a new standard for privacy-preserving security in the web3 ecosystem,” Metamask co-founder Dan Finlay stated. In April, Blockaid and Metamask introduced security alerts tailored for Opensea, successfully preventing attempted attacks totaling $500 million to this point. With this achievement, both companies are hopeful that the upcoming security alerts, when set as a default feature in Metamask wallets, will similarly contribute significantly to reducing potential financial losses. The alert system was introduced following Metamask’s rollout of a new crypto-to-fiat feature, now available in the U.S., U.K., and European markets. Starting Tuesday, desktop users were given the option to enable the alert feature in the Metamask experimental settings. Plans are in place to introduce the feature on the Metamask mobile app later in November 2023. By the first quarter of 2024, the feature is expected to be integrated and enabled in the wallet by default, with the intention of making it accessible to all of Metamask’s users. What do you think about Metamask’s and Blockaid’s alert initiative? Share your thoughts and opinions about this subject in the comments section below. View the full article

According to Pengyu Wang, the founder of Particle Network, developer solutions known as zero-knowledge wallet-as-a-service (ZK-WaaS) embody Web3 principles and “are highly performant” which in turn makes them “an evergreen solution that will become the industry standard.” Wang also points to how zero-knowledge technology helps ensure a core principle of Web3, asset sovereignty for end users, is upheld. ‘Complexities Associated With Traditional Web3 Wallets’ In written answers sent to Bitcoin.com News, Wang also pointed to how WaaS can turn out to be a developer solution that ultimately brings the masses to Web3. According to the Particle Network founder, this is due to the fact that WaaS wallets are not burdened with the “complexities [often] associated with traditional Web3 wallets.” When asked about some of the complexities stopping prospective users from seeking to utilize Web3 wallets, Wang identified three main contributing factors. One of these factors relates to the perceived complexity of managing and safeguarding private keys and seed phrases. Poor user experience as well as the multiple signature requirement for on-chain transactions are the other two contributing factors. Meanwhile, in the rest of his written answers sent to Bitcoin.com News via Linkedin, Wang also shared his views on intent-centric design in Web3 wallets and why this should concern both users and developers of decentralized applications. He also touched on how Web2 companies can better prepare for Web3 integration. Below are the rest of Pengyu Wang‘s answers to the questions sent. Bitcoin.com News (BCN): For most users, wallets are where their Web3 journey begins, storing digital assets, facilitating transactions, and acting as users’ digital identities. What are some of the attributes of wallets you think contribute to complicating user interactions? Pengyu Wang (PW): Some of the key issues that contribute to the complexity for users include: Private Key Complexity: Managing and safeguarding lengthy private keys and seed phrases can be daunting, especially for newcomers, creating security concerns. Poor User Experience: Many wallet interfaces lack user-friendly designs and essential features, making the user experience less intuitive and frustrating for those seeking easy access to NFTs or native token swaps. Multiple Signatures: Users often encounter multiple signature requirements during on-chain transactions. For instance, a simple USDC to ETH swap may involve a two-step process, adding friction to the user interaction. Streamlining this process can reduce friction and enhance the user experience. BCN: What’s wallet-as-a-service (WaaS) and in what ways does it help developers build Web3 experiences accessible to not-so-crypto-savvy users? Also, how does it compare to the normal decentralized exchange or centralized exchange-based wallets? PW: WaaS is a developer-friendly solution for seamlessly integrating Web3 wallets into native platforms, enhancing accessibility for all users. It appeals to non-crypto users as well by removing complexities associated with traditional Web3 wallets. Particle Network’s MPC-TSS technology provides users with a non-custodial embedded wallet, superior to centralized exchange (CEX)-based wallets. Compared to conventional decentralized exchange (DEX) or CEX-based wallets, WaaS offers distinct advantages: Swift Onboarding: Particle’s WaaS enables new users to access Web3 in just 20 seconds, thanks to social logins integrated directly into the application’s interface. This is a significant improvement over traditional wallets, which can take several minutes to set up. Customization: Developers have the flexibility to tailor WaaS to suit their specific business requirements. They can seamlessly integrate it with their platform, incorporating features such as transaction capabilities and NFT displays. Enhanced User Efficiency: WaaS boosts user efficiency for on-chain transactions by eliminating the need to leave a dApp for transaction signatures. Users enjoy a seamless experience without switching to third-party external wallets, improving overall usability in Web3 applications (eg: Web3 mobile games). BCN: Users tend to expect absolute sovereignty over their assets and information. Your company Particle Network recently unveiled the upgraded V2 of its WaaS solution with zero-knowledge technology. Could you tell our readers more about how this upgrade helps to ensure confidential transactions, login, and other interactions? PW: By introducing zero-knowledge proof (ZKP) technology into our existing product suite, we’re enabling users to experience Confidential Login and Confidential Transactions. The Confidential Login feature ensures user login privacy by concealing the connection between their Web2 identities and wallet addresses. Users only need to plug into Particle Network and their activity will be protected with ZKP when using them. This approach aligns with our vision for Web3 wallet infrastructure, which goes beyond signature and private key management to encompass comprehensive data protection. Regarding Confidential Transactions, our approach focuses on safeguarding user privacy at the address level rather than the asset level. This also enhances user transaction privacy through the use of one-time, temporary addresses, effectively preventing any linkage without the necessity for additional smart contracts or consensus layer forks. BCN: Do you believe that ZK-WaaS will at some point become the standard configuration for Web3 application-layer products? If yes, can you share reasons to support your position on this issue? PW: Absolutely, and here’s why. Our ZKwaas solution covers all the bases—Efficiency, Privacy, and Intelligence. Efficiency: We maintain user-friendliness with social logins, an efficient onboarding method for new users. Privacy Protection: With ZK technology, we are able to ensure absolute asset sovereignty for end users, which is a core principle of Web3. Intelligence: Our modular ZKwaas combined with Account Abstraction offers intelligent user interactions, including gasless transactions, session keys and other operations In essence, it embodies Web3 principles, supports mass adoption, and is highly performant, therefore making it an evergreen solution that will become the industry standard. BCN: According to various media reports, your WaaS solution has garnered more than 15 million users in about a year. What do you think helped you achieve this milestone? PW: Our success can be summarized in three key points: Emergence of Pan-User Web3 Applications: The proliferation of pan-user Web3 applications, especially high-quality games and innovative social products, has been instrumental. These applications attract a broad audience, including existing Web2 users, driving demand for our B2B2C Wallet-as-a-Service products. Focused and Developer-Centric Approach: Our unwavering focus on WaaS has allowed us to effectively address both developers’ and end-users’ needs. We employ MPC-TSS technology for non-custodial security and offer a Smart WaaS solution. This not only benefits end-users with session keys and gasless transactions but also ensures developers’ concerns regarding security and privacy are addressed comprehensively. Strategic Partnerships: Strong industry connections, forged through partnerships with networks like BNB Chain, Linea, NEAR, Sei, and zkSync, as well as infrastructure partners like CertiK and Biconomy, have played a significant role in our growth. BCN: What’s Intent-Centric Design in wallets, and why should decentralized app developers and users care about it? PW: The need for intent-centric design arises from two key factors: Empowering User Autonomy: In the crypto industry, user empowerment is fundamental, granting control over assets, data, and information. However, this autonomy requires users to actively manage every minor on-chain operation, which can become cumbersome. Complex Interactions: With the evolution of the industry, blockchain scenarios have grown more intricate, involving numerous authorizations and subjective judgments. Users now face increased demands, such as setting gas fees and adjusting slippage. Intent-centric design aims to preserve user autonomy while relieving the user from having to actively manage the underlying processes. Users only need to specify the start and end of their requirements, shifting user interactions from a transaction-based to a demand-based model. BCN: In recent years, a growing number of Web2 companies have started experimenting with Web3 solutions to streamline their processes and strengthen their connections with users. Can you briefly discuss how Web2 companies can better prepare for Web3 integration and if WaaS is one tool that can help them in this endeavor? PW: Facilitating Web2 companies in harnessing Web3 technology has been a core part of our mission. In addition to the previously mentioned WaaS features that ease the transition for Web2 users, we would like to highlight a real-world example involving Moongate, a non-fungible token (NFT) ticketing platform. They teamed up with offline events like ethereum (ETH) Singapore, ETH HK, and GM Vietnam to implement an NFT ticketing system. They utilized our WaaS, enabling email login and fiat currency purchases for these NFT tickets. These tickets are sent to non-custodial wallets created by our service, fulfilling three needs simultaneously: – Event organizers looking for Web3 features with a smooth ticketing experience. – Web2 users at offline events find it user-friendly. – Web3 users are able to acquire NFT assets easily. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

A spot-based bitcoin exchange-traded fund (ETF) would attract significant capital and boost the price of BTC by 74% in the first year after launch, according to Galaxy Digital. The estimate comes amid rising anticipation that the U.S. securities regulator will approve one or more of the proposals that are currently under review. Galaxy Digital Sees $39 Billion of Inflows by Third Year After Bitcoin ETF Launch A spot bitcoin ETF will provide investors with direct exposure to bitcoin without the need to own the digital asset and an approval of the investment product, which comes with certain benefits over current options, will catalyze adoption, according to Galaxy Digital. The investment company, one of the applicants to issue America’s first spot bitcoin ETF with a regulatory nod from the U.S. Securities and Exchange Commission (SEC), published an analysis sizing the market for an exchange-traded fund tracking the price of the leading cryptocurrency. Galaxy believes that a spot bitcoin ETF will strongly impact adoption mainly due to two main factors – expanded accessibility across wealth segments and greater acceptance through formal recognition by regulatory bodies and trusted financial service providers. Based on the results from its research, Galaxy Digital has estimated that $14 billion will flow into a bitcoin ETF in the first year following a launch. The total is projected to increase to $27 billion by the second year and $39 billion by the third year after that. The author of the article, Galaxy’s research associate Charles Yu, also expects the price of bitcoin (BTC) to increase by 74% in the first year after an ETF approval. The estimate is based on the price of $26,920 per coin registered on Sept. 30, 2023. Bitcoin is trading at over $34,600 at the time of writing. The SEC approved ETFs holding bitcoin futures in 2021 but the Commission has yet to greenlight a spot bitcoin ETF in the U.S. It has previously rejected proposals citing risks of fraud and market manipulation as well as concerns over custody and investor protection. Earlier this year, the regulator accepted to review a number of applications, including that of Galaxy Digital which partnered with Invesco to compete with major financial firms such as Blackrock to launch one, but has since delayed its decisions on many of them. “Anticipation that ETFs will be approved soon is rising, and our analysis suggests these products could see significant inflows, primarily driven by the wealth management channels that cannot currently access safe and efficient bitcoin exposure at scale,” Galaxy said in its blog post. “Inflows from ETFs, market narratives about the forthcoming Bitcoin halving (April 2024), and the possibility that rates have peaked or will peak in the near term, all suggest that 2024 could be a big year for Bitcoin,” the crypto investment firm concluded. Do you agree with Galaxy’s estimates about the impact of a spot bitcoin ETF on the crypto market? Tell us in the comments section below. View the full article

A Nigerian official recently said the foreign exchange-starved country plans to include “legitimate” market participants like bureaux de change and financial technology companies in the official forex currency market. Finance Minister Wale Edun also said the country will receive $10 billion in inflows in the next few weeks. Nigeria Contemplates Outlawing Forex Parallel Market Nigeria is planning to broaden the official currency market to include “legitimate” participants such as bureaux de change and financial technology companies, Taiwo Oyedele, a member of President Bola Tinubu’s committee on fiscal policy and tax reforms, has said. Oyedele, who spoke at the Nigerian Economic Summit on Oct. 23, revealed that the government is also considering making it illegal to trade on the foreign currency parallel market. The comments by Oyedele, who chairs the reforms committee, came on the same day when the local currency plunged to a low versus the U.S. dollar on the parallel market. According to a Bloomberg report, the Nigerian currency fell to 1,215 naira for every dollar on the parallel market. On the same day, the dollar-to-naira exchange rate on the official market stood at 1:795. The naira’s latest slide versus major currencies came just a few weeks after the Central Bank of Nigeria (CBN) removed import restrictions on 43 items. As reported by Bitcoin.com News, the Nigerian central bank hoped the removal of the restrictions would slow down the naira’s depreciation on the parallel market. Authorities Expecting $10 Billion in Inflows Despite these and other steps taken by the CBN, the naira has lost ground versus the dollar and looks set to continue. Some now fear the local currency may be on course to breach the 2,000 mark. However, Oyedele said a lack of sufficient liquidity may be the reason why the naira is still falling. “We currently have a market that is not working and it’s not going to work in its current format. We don’t have sufficient liquidity even if you combine the parallel and the official markets,” Oyedele said. Meanwhile, the Nigerian Finance Minister Wale Edun reportedly said the country would receive foreign currency inflows of $10 billion in the next few weeks. Still, Edun did not share details concerning the anticipated inflow which he described as a “line of sight.” 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

On October 13, 2023, California enacted the Digital Financial Assets law. This law is California’s first comprehensive framework for regulation of digital asset markets, and some of its provisions may sound familiar to those versed in the state’s money transmitter licensing requirements. Under this new law, on and after July 2025, crypto companies and everyone else will need, in addition to other criteria, a license to operate or hold themselves out as being able to operate digital financial asset business activity, with or on behalf of California residents. The following editorial was written by guest authors Wyatt Noble and Michael Handelsman for Kelman.Law Key Definitions Before diving into the key provisions of the Digital Financial Assets law, it’s important to understand exactly what some of its key terms mean, what they cover, and what they don’t. Under the law, “digital financial asset” means digital mediums of exchange, units of account, or stores of value. However, “digital financial asset” “does not include any of the following: (A) [a] transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for legal tender, bank or credit union credit, or a digital financial asset[;] (B) [a] digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform[;] (C) [a] security registered with or exempt from registration with the United States Securities and Exchange Commission or a security qualified with or exempt from qualifications with the department.” The term “digital financial asset business activity” can be understood to mean those activities that trigger the law’s licensing requirement. Specifically, “digital financial assets business activity is defined as: “(1) [e]xchanging, transferring, or storing a digital financial asset or engaging in digital financial asset administration, whether directly or through an agreement with a digital financial asset control services vendor[;] (2) [h]olding electronic precious metals or electronic certificates representing interests in precious metals on behalf of another person or issuing shares or electronic certificates representing interests in precious metals[;] (3) [e]xchanging one or more digital representations of value used within one or more online games, game platforms, or family of games for either of the following: (A) [a] digital financial asset offered by or on behalf of the same publisher from which the original digital representation of value was received [or] (B) [l]egal tender or bank or credit union credit outside the online game, game platform, or family of games offered by or on behalf of the same publisher from which the original digital representation of value was received.” Stablecoins are defined as “a digital financial asset that is pegged to the United States dollar or another national currency and is marketed in a manner that intends to establish a reasonable expectation or belief among the general public that the instrument will retain a nominal value that is so stable as to render the nominal value effectively fixed.” Who Will Handle Regulation and Enforcement? The new law grants the California Department of Financial Protection and Innovation (DFPI) broad enforcement power. Now, the DFPI may bring enforcement actions against those that are “engaged, [are] engaging, or [are] about to engage in digital financial business activity.” If this seems a bit broad and vague, that’s because it is, but further changes narrowing the DFPI’s reach may be coming. California Governor Gavin Newsom has already called for the DFPI to clarify ambiguities in the law, and he is likely not the only California resident who will push for greater clarity. How are Exchanges Impacted? Among other requirements, exchanges must identify the probability that digital financial assets listed on their platforms “would be deemed a security by federal or California regulators.” However, the law provides no guidance as to how exchanges should make such an assessment. Exchanges must also provide “full and fair disclosure of all material facts relating to conflicts of interest that are associated with” assets on their platforms. Additionally, exchanges must conduct “comprehensive risk assessment[s] designed to ensure consumers are adequately protected from cybersecurity risk, risk of malfeasance, including theft, risks related to code or protocol defects, or market-related risks, including price manipulation and fraud.” Further, exchanges must establish “policies and procedures to reevaluate the appropriateness of the continued listing or offering of the digital financial asset, including an evaluation of whether material changes have occurred,” and conversely must also establish “policies and procedures to cease listing or offering the digital financial asset, including notification to affected consumers and counterparties.” Finally, exchanges are also required to “use reasonable diligence” to ensure that exchange rates between assets are as “favorable as possible” to consumers “under prevailing market conditions.” How Are Stablecoins Affected? The law grants the DFPI discretion in deciding which stablecoins are approved for exchange, transfer, or storage. In so doing, the DFPI will look to the “amount, nature, and quality of assets owned or held by the issuer of the stablecoin that may be used to fund any redemption requests from residents.” Additionally, the DFPI commissioner may require stablecoin issuers to obtain licenses “to protect the interests of residents who may use the stablecoin as payment for goods or services or as a store of value.” In furtherance of consumer protection, the law also requires that the “issuer[s] of … stablecoin[s] at all times own eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding stablecoins issued or sold.” Streamlined Licensure for Bitlicense Holders Those few companies or individuals holding a New York Bitlicense or limited purpose trust company charter with approval to conduct virtual currency business in New York issued on or before 1 January 2023, may be granted conditional licenses provided they have “supplied all fingerprints required” and meet all other requirements for licensure. Fill out our contact form here to set up a free 30-minute consultation, and read up on whether you need a crypto lawyer. What do you think about California’s Digital Financial Assets law? Share your thoughts and opinions about this subject in the comments section below. View the full article

On Wednesday, the defense team for the former FTX CEO Sam Bankman-Fried issued a letter to the judge seeking to question two FBI agents who interviewed Gary Wang, former chief technology officer of FTX, and Nishad Singh, former director of engineering at FTX. Lawyers allege the witnesses provided “inconsistent statements” that don’t match their original interviews with the agents. Former FTX Executives’ Testimonies Under Scrutiny in Ongoing Bankman-Fried Trial Lawyers for Sam Bankman-Fried are interested in the “elicited testimony” gathered by two FBI agents who interviewed Gary Wang and Nishad Singh. The letter says Wang was questioned on October 6, and they asked him about specific statements he gave to the special agents on November 17, 2022, and December 7, 2022. “Mr. Bankman-Fried’s counsel specifically asked Mr. Wang whether [a] reference to notes that the FBI Agents had prepared on Form 302 refreshed his recollection of his statements to the FBI Agents at those interviews,” the letter details. “On each of these occasions, Mr. Wang denied having made or claimed not to recall having made the statements recorded in the Form 302.” The attorneys also delved into the reported special code privileges called “allow negative” that benefited Alameda, and Wang may have been “pressured or incentivized” to provide prosecutors with an “innocent explanation.” Bankman-Fried’s lawyers also noted similar instances when they cross-examined Nishad Singh on October 17, 2023. Singh was interviewed by the U.S. government on January 4, 2023, and January 19, 2023. Again with Singh, the lawyers said they tried to refresh his recollection of the testimony, but he wasn’t able to remember everything he said during the interviews. The witnesses’ “inability to recall” these types of statements goes against the credibility of their testimony, the lawyers stressed. Bankman-Fried’s attorney, Mark Cohen, disclosed Wednesday that his client would testify in his trial. The testimony was set for Thursday, but the latest letter from the defense team could disrupt that plan. Attorneys are calling for the testimony of FBI agents regarding their initial interviews with Singh and Wang. While pleading not guilty to all charges leveled against him, Bankman-Fried maintains his innocence. What do you think about the defense team’s letter to the judge in the Bankman-Fried case? Share your thoughts and opinions about this subject in the comments section below. View the full article

Tesla CEO Elon Musk and U.S. presidential candidate Vivek Ramaswamy have cautioned about the increasing risk of World War III erupting. “I think we are sleepwalking our way into World War III,” Musk said. Ramaswamy warned: “If we enter a major conflict, anything resembling World War III against a Russia-China alliance with potentially Iran and/or North Korea included on the other side, the United States as we know it will cease to exist.” Elon Musk, Vivek Ramaswamy Discuss World War III Risk Tesla and Spacex CEO Elon Musk and U.S. presidential candidate Vivek Ramaswamy discussed their perspectives on the growing risk of World War III Monday during a discussion on social media platform X. The discussion, titled “Where is Israel-Hamas war headed? Could this lead to WW3?,” was hosted by venture capitalist David Sacks, with Ramaswamy as the co-host. In addition to Musk and Ramaswamy, the event featured several other speakers, attracting an audience of over 915,000 listeners. Musk said “the most important issue” to discuss is “how do we avoid World War III?” He explained that “World War III is a civilizational risk that we may not recover from,” therefore we need to “prioritize avoiding World War III” and not let “a regional conflict rapidly become a global conflict.” The billionaire cautioned: People are overestimating U.S. military power … We don’t have the power differential that we used to have. “A combination of Russia, China, and Iran should be viewed as very strong relative to the West,” the Tesla boss emphasized. “We are not fighting small fry here … It is a massive battle where the industrial capacity is of comparable size to the Western alliances.” The billionaire continued: “We do not have an overwhelming advantage in industrial might … and the foundation of war is economic power, especially industrial output … In fact, it may be the case, if not now in the future, it probably will be that a Russia-China-Iran alliance can outproduce the Western alliance.” Musk explained: “The point is that in order for there to be a global conflict of World War III, you have to have two superpower alliances like that, where one cannot easily defeat the other one, and that is the case. And that, I think is a massive shift in thinking that most people do not understand.” The Spacex chief pointed out: “Russia has the raw materials and China has the industrial capacity — Frankly, a perfect match from a war standpoint.” He added: “Unfortunately, our [U.S.] policy has been driving, forcing really, Russia and Iran to ally with China. It’s been forcing them. What choice have we given them?” He stressed: We need to stop doing that. It’s unwise, and I think it will lead to immense risk to civilization … We need to make sure we are not putting civilization itself at stake, which is World War III. ‘The United States as We Know It Will Cease to Exist’ Ramaswamy shared Musk’s concern about World War III being a civilizational risk. He said during the discussion that “a different way of saying civilizational risk because there’s a lot of other things that would also cease to exist” is to say that “If we do enter World War III, it is likely that the United States as we know it will cease to exist.” The presidential hopeful emphasized that “it’s important for people to understand” the risk to the United States in case of WWIII, “especially when the U.S. homeland is as vulnerable as we have been in modern memory, not just from a border perspective but from missile defense or cyber defense or defenses against super electromagnetic pulse attacks.” He additionally highlighted various factors amplifying the risks, such as “Russia’s hypersonic missile capabilities, nuclear capabilities,” which he noted are ahead of the U.S., and “China’s naval capacity, which arguably is ahead of ours.” Moreover, “our economic dependence on China” and a range of other factors, when you consider the Western allies in contrast to the “alternative alliance between Russia, China, Iran, and North Korea,” have heightened the risks, he detailed. Reiterating that “The existence of the United States itself is what we are talking about as being on the line here,” Ramaswamy emphasized: If we enter major conflict, anything resembling World War III against a Russia-China alliance with potentially Iran and/or North Korea included on the other side, the United States as we know it will cease to exist. ‘We Should Restore Normal Relations With Russia’ Musk also believes that it’s imperative for the U.S. to restore normal relations with Russia. “From a civilizational risk standpoint, we should restore normal relations with Russia … because the alternative is … an axis of immense power against the West and laying the groundwork for World War III,” the billionaire cautioned. “I see no benefit and only bad things, frankly, in prolonging the Ukraine and Russia conflict … bad things for Ukraine and bad things for the United States and bad things for the world,” Musk opined. “So we should seek peace. I think immediately we should seek to restore normal relations as soon as possible. This is not some kind of reward for Russia. This is simply recognizing the realities and the risks that the world faces and ensuring that there is the highest likelihood of a positive future for human civilization.” The billionaire concluded: “The most important thing is avoiding World War III because we may never recover from World War III and I think currently the risk of World War III is increasing rapidly. And I think if relations are renormalized with Russia, the probability of World War III is dramatically lower.” Musk stressed: I think we are sleepwalking our way into World War III … with one foolish decision after another. Do you agree with Elon Musk and presidential candidate Vivek Ramaswamy about the risk of World War III? Let us know in the comments section below. View the full article

JPMorgan Chase CEO Jamie Dimon has identified nuclear proliferation as “the most serious thing facing mankind.” According to the United Nations, “the risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” Dimon also pointed out that “central banks 18 months ago were 100% dead wrong.” Jamie Dimon Discusses Greatest Threats to Global Economy The chairman and CEO of JPMorgan Chase, Jamie Dimon, discussed the greatest threats to the global economy and the state of the U.S. economy on Tuesday during a panel discussion at the Future Investment Initiative (FII) summit in Riyadh, Saudi Arabia. He underscored the seriousness of the proliferation of nuclear weapons, ranking it above climate change and other commonly cited threats. The panel also featured H.E. Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund and chairman of Aramco’s board of directors; Bridgewater Associates founder Ray Dalio; Blackrock CEO Larry Fink; Citigroup CEO Jane Fraser; African Rainbow Minerals founder Patrice Motsepe; HSBC CEO Noel Quinn; Carlyle Group co-founder David Rubenstein; Blackstone Group CEO Stephen Schwarzman; Sequoia China’s managing partner Neil Shen; Goldman Sachs CEO David Solomon; and Macquarie Group CEO Shemara Wikramanayake. Dimon was asked whether he is optimistic about the economy going forward and whether he shares the widespread obsession in the financial world regarding potential Federal Reserve interest rate hikes or cuts, as well as the impact of Fed decisions on the economy. While claiming that he is “generally an optimist,” the JPMorgan boss stressed: “You’d be foolish not to look at some of these things taking place today in Ukraine, Middle East … It’s affecting oil, food prices, gas prices, migration, potential starvation. It’s probably the most serious thing we’ve faced.” The JPMorgan executive added, “I hear people talking about ESG [Environmental, social, and corporate governance] all the time,” emphasizing: The most serious thing facing mankind is nuclear proliferation. If we’re not sitting here 100 years from now, it will be nuclear proliferation. It’s not our climate. Dimon explained that the current geopolitical situation is more complex than it has ever been. Moreover, he said: “I look at the financial situation, the fiscal spending, which is more than is ever. I’m talking about the United States but almost true around the world. It’s more than it’s ever been in peacetime by a long shot with the highest debt levels we ever had by government and there’s just kind of omnipotent feeling that central banks and government can manage through all this stuff. I’m cautious.” The United Nations wrote in a statement in March: “The risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” The UN added that the Russia-Ukraine war represents “the most acute example of that risk,” noting that “the absence of dialogue and the erosion of the disarmament and arms control architecture, combined with dangerous rhetoric and veiled threats, are key drivers of this potentially existential risk.” The JPMorgan chief continued: “I don’t think it makes a piece of difference whether the rate goes up 25 basis points or more … Whether the whole curve goes up 100 basis points, I would be prepared for it. I don’t know if it’s going to happen.” Furthermore, he said: When you look at economics … I want to point out that central banks 18 months ago were 100% dead wrong … I would be quite cautious about what might happen next. Earlier this month, Dimon said the war in Ukraine, compounded by the attacks on Israel, “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.” He emphasized at the time: “This may be the most dangerous time the world has seen in decades.” He also foresees two “extraordinary” storm clouds hitting the U.S. economy with potential bad outcomes. Last month, he cautioned that the Fed could raise interest rates to 7% and the U.S. economy could experience stagflation. What do you think about the statements by JPMorgan Chase CEO Jamie Dimon about nuclear proliferation and the U.S. economy? Let us know in the comments section below. View the full article

Binance has submitted a new motion to dismiss the lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) against it. The leading cryptocurrency exchange urges the court to reject the agency’s attempt to expand its territorial reach beyond the United States. Binance Accuses CFTC of Using U.S. Lawsuit as a ‘Trojan Horse’ to Gain Global Regulatory Reach The world’s largest digital assets exchange, Binance, has again tried to convince a U.S. court to dismiss the lawsuit in which America’s derivatives markets regulator alleged earlier this year that the crypto company had violated U.S. trading and derivatives rules. The CFTC sued Binance and its CEO Changpeng Zhao (CZ) in March, claiming that at least since July 2019, the exchange had offered and executed commodity derivatives transactions on behalf of U.S. persons. Binance sought to dismiss the complaint in July which the Commission disputed in September. In its latest filing, the crypto giant argues that the regulator’s response brief “confirms that the agency’s overreaching theories of its jurisdiction are unfounded,” accusing the CTFC of seeking to regulate foreign individuals and corporations that reside and operate outside the United States and ignoring the limits of the U.S. Commodity Exchange Act. Binance’s lawyers insisted: Congress did not make the CFTC the world’s derivatives police, and the Court should reject the agency’s effort to expand its territorial reach beyond what is permitted by the law. The crypto company pointed out that the CFTC has added new and broad arguments that would allow it to regulate any activity in cryptocurrency or other assets related to a derivatives product anywhere on the planet and that it has invented a new definition of a “U.S. person.” “The Court should reject the CFTC’s effort to use its attack on the non-U.S. Defendants in this case as a Trojan horse in order to achieve worldwide regulatory reach—which would have consequences far beyond this case and not intended by Congress,” Binance warned. The exchange called for the lawsuit’s dismissal citing multiple reasons, including “impermissibly extraterritorial” claims. has been under heightened regulatory pressure this year. In early June, entities operating the crypto trading platform and CZ were also sued by the Securities and Exchange Commission (SEC) for allegedly breaking U.S. securities laws. Binance is also reportedly being investigated by the U.S. Justice Department for suspected sanctions violations. Do you think the U.S. court will accept Binance’s arguments to dismiss the CFTC’s lawsuit? Share your expectations in the comments section below. View the full article

On Wednesday, the bitcoin mining rig manufacturer Bitmain announced the introduction of a new air-cooled BTC miner, the T21 Antminer. The new device boasts a production capacity of up to 190 terahash per second (TH/s) and maintains an efficiency ratio of approximately 19 joules per terahash (J/T). Bitmain Debuts T21 Antminer After the recent unveiling of Microbt’s latest mining equipment, Bitmain, a competitor, has added the T21 Antminer to its extensive range of hashing devices. On October 25, Bitmain showcased the T21, capable of delivering 190 TH/s with an efficiency rating of 19 J/T. Additionally, the company introduced an optional bitcoin price fluctuation plan, ensuring customers receive compensation if BTC’s prices fall below the strike on a reference day within a protected period. The bitcoin fluctuation protection plan offers various tiers, depending on the duration of the protected period, with Bitmain asserting that “compensation shall be paid immediately upon the triggering event.” The T21 Antminer is the latest in a series of launches by Bitmain, following two new devices from the S21 series introduced last month. The S21 Hyd achieves up to 335 TH/s with an efficiency rating of 16 J/T, while the air-cooled S21 miner provides up to 200 TH/s with an efficiency rating of about 17.5 J/T. While the S21 air-cooled machine offers slightly superior ratings compared to the T21, the latter, however, surpasses the S19 Antminers in efficiency ratios. The specifications for the T21 detail a power consumption of 3,610 watts, with expected shipping in the first quarter of 2024. The T21 is also comparable to the S21 air-cooled Antminer in terms of size and weight. This year has seen the release of several new devices by all three major bitcoin mining machine manufacturers: Bitmain with three, Canaan with two, and Microbt with three. What do you think about Bitmain’s new bitcoin miner the T12? Share your thoughts and opinions about this subject in the comments section below. View the full article

Insiders reveal that FTX creditors are sifting through bids from various entities eager to breathe life into the dormant crypto exchange. The company’s investment banker highlighted that FTX interacts with “multiple parties every day.” FTX Creditors Sift Through Offers for Exchange’s Possible Reawakening Throughout the year, whispers of FTX’s potential revival have surfaced approximately four times. During his first interview post-FTX collapse in January 2023, FTX’s restructuring head, CEO John J. Ray III, hinted at a resurgence. In a subsequent April hearing, the topic resurfaced. By mid-June, murmurs of “FTX 2.0” were in the air, and with each whisper, the value of FTX’s native crypto asset FTT spikes. On October 24, Kevin M. Cofsky, the financial strategist from Perella Weinberg Partners representing FTX, said that negotiations were underway, according to a report by Bloomberg’s Steven Church. Cofsky explained that the deal could manifest as either a full acquisition or a collaborative partnership. While he remained tight-lipped about potential suitors, he noted: We are engaging with multiple parties every day. Reacting to this buzz, FTX’s native token experienced an uptick on Tuesday, buoyed further by the wider crypto market’s current momentum. Despite the fact that the native coin, known as ftx token (FTT), hasn’t been a focal point in the official “FTX 2.0” discussions, market players are optimistic about its potential upswing. Since the exchange’s downfall, FTT has been hovering just above a dollar. However, with the revelation of Cofsky’s insights, FTT surged by over 6%, touching approximately $1.13 apiece. Currently, 28,533 distinct entities possess FTT, but its distribution is heavily concentrated. Presently, the top 100 stakeholders hold 98.65% of FTT, with FTX creditors dominating the largest FTT wallet at 59.55%. FTX also boasts the second and fourth-largest wallets, holding 13.94% and 3.54% respectively. Binance, the third largest holder, commands 9.88% of all the FTT. Interestingly, aside from Binance, the top five are all internal entities, with the fifth wallet, holding 2.73%, under the stewardship of Alameda Research and overseen by FTX debtors. FTT isn’t the sole coin with ties to bankruptcy still retaining value. The celsius network (CEL) coin stands at $0.15 each, while Voyager’s VGX trades at about $0.11 per unit. These bankruptcy-linked coins have outperformed others like terra classic and terrausd classic, which have faced steeper declines. What do you think about the possibility of an FTX reboot? Share your thoughts and opinions about this subject in the comments section below. View the full article

Eygpt has reportedly become the first Middle East North Africa (MENA) region country to issue so-called “panda bonds” after it issued Chinese yuan denominated bonds worth $479 million. Issuing panda bonds marks another step in Egypt’s attempts to move away from costly dollar denominated loans. Egypt’s Worsening Debt Affordability Egypt, one of Africa’s heavily indebted countries, recently issued Chinese currency denominated bonds worth an estimated $479 million or 3.5 billion yuan. The three-year bonds, which were reportedly issued with an interest rate of 3.5%, are part of the North African country’s attempts at diversifying the country’s funding sources. According to a Business Insider report, the rate of interest on these bonds is much lower than what Egypt would ordinarily pay were they denominated in dollars. Lowering the cost of servicing its debts remains a priority for Egypt, which recently had its credit rating status lowered to Caa1, some seven levels into junk status. Egypt’s worsening debt affordability was cited by rating agency Moody’s as one of the reasons why the country’s credit status was cut. However, Mohamed Maait, Egypt’s finance minister, is quoted in the Business Insider report expressing his country’s desire to rein in on borrowing costs. “We are working on diversifying our financing sources through different capital markets as well as securing guarantees from several institutions to reduce the cost of the debt during this challenging high interest-rate environment,” Maait reportedly said. Egypt’s De-Dollarization Drive The yuan bonds, also known as “panda bonds,” are debt instruments issued by non-Chinese entities. The bonds can only be sold in China, while issuers are not permitted to repatriate such funds. Poland and the Philippines are known to be the only countries to have issued such bonds. By issuing the so-called panda bonds, Egypt has become the first country from the MENA region to do so. The move also makes good on Egypt’s pledge to de-dollarize its economy. Meanwhile, in addition to the panda bonds, Egypt is also reportedly planning to issue Japanese yen denominated bonds or “samurai” bonds. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Petrochina, the largest Asian oil and gas producer, has completed a settlement using the Chinese central bank digital currency (CBDC), the digital yuan. The operation, which involved a purchase of 1 million crude barrels through the Shanghai Oil and Gas Trading Center platform, marks the first time the digital yuan has been used as payment in the commodities market. Petrochina Completes First Commodities Settlements Using the Digital Yuan Petrochina, one of the largest Asian oil and gas companies, has announced the purchase of one million crude barrels using the digital yuan. The company, headquartered in Shanghai under the control of the China National Petroleum Corporation (CNPC), used the Shanghai Oil and Gas Trading Center platform to complete this purchase, which enabled the use of the digital yuan to complete commodities transactions. The landmark settlement represents an advancement in the use of the digital yuan for commodity payments, as it is the first time that China has completed a payment of this magnitude with its central bank digital currency (CBDC). The inclusion of digital yuan settlements in the Shanghai Oil and Gas Trading Center is part of a regional push to promote the use of the currency by the Shanghai Municipal Party Committee and Municipal Government. The counterparty of the operation was not revealed. Internationalization of the Chinese Yuan Most of the work introducing the digital yuan involves improving its use in retail applications, with the government recently introducing an interoperable QR code to allow direct payments using several payment providers, including the digital yuan wallet. However, the Shanghai Clearing House had announced before that it would also support using the digital yuan to settle bulk commodities payments without adding processing fees. Petrochina’s transaction is part of an advancement of China in lessening its reliance on the U.S. dollar to make payments and settlements. The possibility of the digital yuan helping China to chip away at the dollar’s dominance in international markets has been debated extensively, with experts supporting and discarding this thesis. In May, Oriol Caudevilla, a financial and web3 speaker, stated: With enough penetration and acceptance of the digital yuan in a jurisdiction or region outside China, a trade and finance system parallel to the dollar system could gain critical mass, allowing countries to bypass the global banking system and US sanctions. On the other hand, François Chimits, an analyst at Merics (Mercator Institute for China Studies), declared: The e-CNY (digital yuan) looks extremely unlikely to appreciably increase foreign access to or trust in the yuan. However, even in its fiat form, the yuan is gaining ground in international markets, recently dethroning the euro as the second most used currency in trade finance markets. What do you think about the commodities transaction settled using the digital yuan? Tell us in the comments section below. View the full article

Mexican billionaire Ricardo Salinas sees bitcoin as a way to protect against inflation tax because the cryptocurrency cannot be debased. “People’s savings are being taken from them without their permission, without their knowledge,” he stressed, adding that “everybody would benefit from understanding that the debasement of currency is a very useful trick in the fraudsters’ trick book to avoid raising taxes or debt.” Ricardo Salinas on Benefits of Bitcoin Ricardo Salinas, chairman of Grupo Salinas, discussed how bitcoin can affect an economy, particularly in Latin America, in an interview with Bitcoin Magazine, published Friday. “All over the world, not just in Mexico or Latin America, what we’re seeing is this increasing inflation tax, which means that the people’s savings are being taken from them without their permission, without their knowledge, and it’s very sad, especially for people who depend on this for their retirement,” he began, adding: So bitcoin is a way to protect against that because it cannot be debased. “So the importance of bitcoin is that it’s tax resistant and many other things, but very specifically applied to hyperinflationary economies, which we have several in Latin America,” the Mexican billionaire added. When asked about what needs to happen in Mexico for mass bitcoin adoption, Salinas replied: “The first thing that needs to happen is people need to realize that they’re being scammed, that they are being robbed by these crooks and the government.” He stressed: “That’s what they are, they’re fraudsters. They commit fraud and they stand there and say ‘how are we doing monetary policy’ and they’re just stealing people blind.” The billionaire emphasized: “So first thing that needs to happen is people need to understand how this works so they can then defend against that but these ‘gobiernicolas,’ these government cavemen as I call them, they’re not dumb and they’re not stupid and they’re not going to give away this power they have to confiscate people’s wealth, so you gotta take it from them.” He opined: I think everybody would benefit from understanding that the debasement of currency is a very useful trick in the fraudsters’ trick book to avoid raising taxes or debt. Regarding how a bitcoin exchange-traded fund (ETF) will affect BTC, he said: “Obviously, an ETF is a new source of demand. It makes it easier for people to invest in bitcoin so that’s great. It’s what’s needed. But precisely because it’s great and what’s needed, it’s precisely because of that reason that the crooks in power don’t allow it to proceed.” He noted that the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, “knows exactly what we’re talking about.” The billionaire concluded: He [Gensler] has very good reasons not to allow, as well as the people in the Treasury and the Fed, they all know perfectly well it’s not about protecting investors, it’s about protecting their way of financing government spending without raising taxes. Do you agree with Mexican billionaire Ricardo Salinas? Let us know in the comments section below. View the full article

Billionaire Elon Musk, the CEO of Tesla and Spacex, has underscored the need for “comprehensive deregulation.” He made this call in response to several actions by the U.S. Securities and Exchange Commission (SEC) that he believes are severely constraining our civilization. This comes after his prediction of a “comprehensive overhaul” of the SEC with 100% probability. Elon Musk: Comprehensive Deregulation Needed Tesla and Spacex CEO Elon Musk has emphasized the need for “comprehensive deregulation.” This followed his prediction that the U.S. Securities and Exchange Commission (SEC) will undergo a “comprehensive overhaul” with 100% probability. In a recent post on his social media platform, X, the billionaire stated: “There needs comprehensive deregulation. Period.” Musk’s statement came as the SEC is overreaching in several areas, including crypto. Numerous U.S. lawmakers, regulators, businesses, and individuals have voiced concerns regarding the SEC’s actions. There is even a bill introduced in Congress to remove SEC Chairman Gary Gensler. A recent rule proposal by the SEC, aimed at regulating predictive data analytics (PDA) and artificial intelligence (AI), has caught Musk’s attention. Gensler has warned about the potential for AI to trigger a financial crisis in the coming decade. On Saturday, Vladimir Tenev, the CEO of financial services company Robinhood Markets, cautioned on X that this new rule “would severely curb financial services firms from using technology to serve customers,” which in turn “would have a major impact on investors.” He explained: “The rule is so broad, it would demand costly manual reviews on almost all tech applications, even basic things like color choices in app design and simple A/B testing.” The Robinhood executive further warned: “The SEC admitted that the rule would be so difficult and costly to comply with, maybe even impossible, that firms might be forced to stop using technology to serve customers altogether. And, they have yet to identify any specific actual investor harm caused by technology. The real harm is that it will become more difficult and expensive for customers to invest and trade.” Commenting on Tenev’s concern regarding the SEC’s predictive data analytics rule proposal, Musk wrote on X: Our civilization is being slowly strangled to death one regulation at a time. The Tesla boss is presently facing a lawsuit from the SEC. The securities regulator is taking legal action to compel him to testify regarding his acquisition of the social media platform Twitter, now rebranded as X. Musk had previously expressed his lack of respect for the SEC, stating, “I do not respect the SEC.” In a recent development, Musk, along with Dallas Mavericks owner Mark Cuban and several others, jointly submitted an amicus brief in support of the defendants in a Supreme Court case against the SEC. Do you think there is a need for comprehensive deregulation as Elon Musk suggested? Let us know in the comments section below. View the full article

This past weekend in Argentina, a vote for the country’s next president led to a runoff between Finance Minister Sergio Massa of the Unión por la Patria party and libertarian candidate Javier Milei of the La Libertad Avanza party. In the Sunday vote, Massa received 37% while Milei garnered 30%. Massa, Milei Eye Victory in Tight Runoff In 27 days, the two Argentine presidential candidates will compete in a runoff election for the nation’s top leadership position. This past Sunday, Sergio Massa, the sitting finance minister, secured 37% of the popular vote. His opponent, the self-described anarcho-capitalist and libertarian, Javier Milei, followed with 30%. Patricia Bullrich of the Juntos por el Cambio party, a former Argentine security minister, earned 24% of the votes. Both Massa and Milei are looking to attract Bullrich’s supporters and the undecided in the coming weeks. Observations indicate that Milei’s voter base, although robust initially, has not grown much since August. Massa advocates for Argentina to develop a central bank digital currency (CBDC) to mitigate the nation’s economic challenges. “We are going to launch the digital currency in Argentina,” Massa declared during a presidential debate. The Central Bank of the Argentine Republic has been drafting legislation related to the digital peso since last year. Massa contends that the digital peso might alleviate inflation and potentially deter tax evasion. In contrast, Milei, who recently informed Tucker Carlson that the “state destroys wealth,” champions bitcoin (BTC). Milei aims to completely abolish the country’s central bank. Milei is keen on transitioning Argentina to the U.S. dollar. In June, he revealed having the means and third-party support to shutter the nation’s central bank. “We continue working to solve a big problem in Argentina, which is inflation,” Milei commented at the time. The November 19 runoff is essential since a candidate requires either 45% of the votes or 40% with a 10-point advantage. The runoff’s outcome will profoundly impact Argentina and its already volatile markets. What do you think the outcome of the runoff election results will be? Share your thoughts and opinions about this subject in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) once again holds the reins when it comes to evaluating Grayscale’s spot bitcoin exchange-traded fund (ETF) application. On October 23, 2023, the U.S. Court of Appeals for the D.C. Circuit delivered a directive, compelling the SEC to take another look at the company’s prospectus. Now, the SEC stands at a crossroads: greenlight Grayscale’s proposal or pinpoint alternative reasons for rejection. Court Mandate Urges SEC to Reassess Grayscale’s Bitcoin ETF Application In late August, Grayscale secured a victory at the U.S. Court of Appeals for the D.C. Circuit in its spot bitcoin conversion suit against the SEC. Grayscale labeled the decision as a “monumental step” in its ongoing battle with the regulator. Not becoming complacent, the firm dispatched a letter in September, prodding the securities watchdog to accelerate the approval process. While the SEC could have contested the ruling, they let the opportunity slip by, and insiders conveyed to the media that an appeal wasn’t on the cards. Unwavering, Grayscale refreshed its approach with an updated S-3 submission to the SEC. With the court’s latest directive, it’s back to the drawing board for the SEC; they must revisit Grayscale’s case and either give it the nod or reject it on fresh grounds. The SEC isn’t just dealing with Grayscale; they’ve got a stack of nearly a dozen spot bitcoin ETF registration requests to sift through. This includes heavyweight financial submissions from the likes of Blackrock, Fidelity, Invesco, and Franklin Templeton. Meanwhile, on Monday, Bloomberg Intelligence’s lead analyst, Eric Balchunas, unveiled on social network X that the Depository Trust & Clearing Corporation (DTCC) had cataloged the Ishares Bitcoin Trust under the ticker “IBTC.” Following the Grayscale revelations and the DTCC’s addition of IBTC, bitcoin’s value surged on Monday, nearing $31,800 on Monday. As for GBTC, its shares have seen an uptick concerning the discount to its net asset value (NAV). A stark contrast to the hefty 48% discount from ten months prior, it dwindled to a mere 11.03% on October 20, 2023, as per ycharts.com data. What do you think about the court order filed on Monday? Share your thoughts and opinions about this subject in the comments section below. View the full article

According to the onchain analyst Zachxbt, 4,800 bitcoins taken from the now-defunct darknet marketplace Abraxas were transferred to a bitcoin mixing service. Abraxas exit scammed in November 2015 after less than a year, and the bitcoins had remained untouched since then. $144M in Bitcoin from 2015 Abraxas Scandal Suddenly Moved to Mixer Zachxbt reported on the social media site X (formerly Twitter) that the 4,800 bitcoins, valued at $144 million, from an Abraxas wallet were moved to a mixing service. “An entity moved ~4800 BTC ($144M) originating from Abraxas darknet market which exit scammed in Nov 2015 after previously sitting dormant,” the analyst said on Monday. “They consolidated funds and also deposited [them into] a bitcoin mixer,” Zachxbt added. When Abraxas defrauded its customers and vendors, bitcoin was trading at $386 per unit on the day the marketplace disappeared. This means the stolen bitcoins from Abraxas were worth about $1.85 million at that time. Abraxas began its operations roughly at the same time as the notorious darknet marketplaces Alphabay and Agora, launching on Dec. 13, 2014. Data from gwern.net shows that the site became inaccessible on Nov. 5, 2015, and the bitcoin wallets were emptied in March 2016. Following Abraxas’ exit scam, vendors and marketplace users frantically looked for new darknet marketplaces. In the process, several of these new platforms also defrauded their users. Research indicates that Agora also shut down around that period, leading both Agora and Abraxas users to migrate to Alphabay. Subsequently, Alphabay rapidly became the leading DNM until law enforcement seized it in July 2017. The reason for the recent movement of the Abraxas bitcoin stash remains unknown, except for the fact that the funds are now worth $142 million more than they were in 2015. What do you think about the Abraxas’ bitcoin moving? Share your thoughts and opinions about this subject in the comments section below. View the full article