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31

Crypto Products & Services / #Ethereum Founder Buterin Dumps These Meme Coins, What You Need to Know

« on: March 07, 2023, 03:48:15 PM »

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Ethereum co-founder Vitalik Buterin caused a stir in the crypto community today, but not with a tweet, but with the sale of several unknown meme coins. Both on-chain data provider Lookonchain and blockchain security company PeckShield have reported the transactions.

Lookonchain revealed via Twitter on March 7 that Vitalik Buterin is selling off “his free shitcoins.” So far, the Ethereum co-founder has sold 50 billion MOPS for 1.25 ETH (about $2,000), 10 billion CULT for 58 ETH (about $91,000) and 500 trillion SHIK for 380 ETH (about $600,000).


Security firm PeckShield Alert reported via Twitter that CULT (Cult DAO) has fallen 13.7% since the dump by Buterin. SHIK (SHIKOKU) has been hit even harder, falling -95.8%. The SHIK address tagged with Vitalik Buterin has netted around 164 ETH (around $260,000) and transferred 214 ETH (around $337,000) to EthDev.

According to Etherscan, the address belongs to the Ethereum Foundation and currently has an Ethereum balance of 336,271.54 ETH, worth about $528.18 million.


Remarkably, Buterin has not sold all of his CULT tokens. As crypto Twitter noted, the Ethereum co-founder still owns 10 billion CULT. “Didn’t sell all his CULT tho. Guess he’s holding 10bn as a moon-bag,” one user said.

Crypto Twitter Reacts To Sales From Ethereum Co-Founder

The crypto community on Twitter has been mostly disappointed by the action of Ethereum mastermind Buterin. The backdrop is that altcoins were largely illiquid cryptocurrencies, and thus the dump had a massive impact on low-value projects and the investors who own them.

Others are upset with projects sending Vitalik free tokens. Meanwhile, Buterin’s motivations for selling the altcoins are unknown.

One user stated that this seems like a strange move, as Buterin is well aware that his sales will have a massive impact on prices. One theory is that his accountant warned him that these tokens would count as income on his tax return, which is why he sold the tokens to cover the costs.


Another theory is that Buterin is fully aware of the impact, as evidenced by the fact that he has done this several times before with other free altcoins. On the Lex Fridman podcast, Buterin explained once that he could put the money to better use elsewhere. In these cases, he has donated the funds, as was the case with Shiba Inu (SHIB), for example.

Buterin Reveals His Favorite DEX?


Meanwhile, another user has pointed out that Buterin may have once again revealed his favorite DEX with the transfers. “Everyone is talking about how Vitalik Buterin dumped CULT and SHIB but no one is mentioning that he did it on CoW Swap,” he said, adding:

Ready for some real alpha? COW token is at only 7 million market cap, and this is the preferred DEX of Vitalik Buterin.

At press time, the Ethereum price resembled that of Bitcoin – moving sideways in a narrow range after dropping sharply on Thursday.

32

Crypto Products & Services / ##Nationwide joins banks in hampering UK crypto payments

« on: March 03, 2023, 02:15:15 PM »

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Building society Nationwide is the latest banking entity to restrict customers’ ability to buy cryptocurrency in the UK, as it bans the use of a credit card to buy crypto and sets a $6,000 limit to any daily crypto purchases.

Nationwide works similar to a credit union in the US. As reported by Reuters, it set the £5,000 limit and credit card ban in response to growing regulatory concerns over the risks of buying crypto.

UK banks are changing crypto policy, too:


Along with Nationwide, HSBC, Santander, Barclays, and Natwest all blocked card payments to Binance following financial regulator uncertainty towards the exchange.


Santander limited payments to crypto exchanges at £1,000 per transaction and £3,000 for every 30 days.


Online bank Starling banned all transactions towards crypto exchanges, while online banks Revolut and Monzo still maintain an open stance toward crypto.

Only last Monday, UK banking regulators announced proposals for new rules centered on the holding and issuing of crypto. Around the same time, a freedom of information (FOI) request revealed some UK crypto investors lost nearly $2.3 million following the collapse of Sam Bankman-Fried’s FTX empire.

Simon Jones, founder and chief exec of Investing Reviews, submitted the request. Jones warned that the reported losses are likely to be just “the tip of the iceberg.”

33

Crypto Products & Services / #83% of Japanese Crypto Traders Say They’ll HODL their Coins – Here’s Why

« on: March 01, 2023, 01:59:10 PM »

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Over eight in 10 Japanese crypto traders say they intend to HODL their coins this year, a new survey has found.

The survey was conducted in January this year by the Tokyo-based media firm Zero Accel, who spoke to 330 crypto holders in 47 Japanese provinces. Zero Accel explained in a press release that 82.7% of all the crypto holders said they “intend to continue holding” their tokens in the future.

Over seven in 10 said that bitcoin (BTC) was their favorite coin, with most of the rest stating that ethereum (ETH) was their token of choice.

The surveyed crypto holders were aged between 20 and 60, the firm noted, and comprised 228 men and 102 women.

The firm found that crypto holders said that “creditworthiness and future prospects” were key factors when choosing a coin to invest in – and that “current market capitalization” was less important to them.

Nearly 75% of the surveyed individuals said they had been active in the crypto market for a period of three years or less. Around six in 10 said they had “one or two” years experience in the markets.

But while many complained of losses over crypto winter, almost half said the worth of their portfolios had increased over the past 12 months.

The participants were also quizzed about their favorite crypto trading platforms.

Most replied that they preferred bitFlyer – the Japanese market leader. They stated that they believed the platform’s security levels were high. And they remarked that they liked the fact that the platform had never suffered a hacking attack.



Why Are Japanese Crypto Users So Keen to HODL?

The company remarked that “one of the reasons” Japanese crypto holders appear keen to HODL is that “people who invest in cryptocurrencies not only want to earn profits, but also empathize with crypto projects’ projects and philosophies.”

Zero Accel explained that some crypto projects have “enthusiastic fans” who might not want to exit the market “for superficial reasons such as price drops.”

Some Japanese crypto investors claim they have been put off by high tax rates. Last year, the crypto industry petitioned the government to reform the nation’s tax laws. Many crypto holders believe that the way crypto is taxed in Japan is unfair – with holders taxed on a sliding income tax-style scale.

Higher-earning individuals can thus pay up to 55% tax on their crypto profits. In other nations, crypto holders are only subject to capital gains taxation.

34

Crypto Products & Services / #Bitcoin Mining Difficulty Set To Hit An All-Time High

« on: February 25, 2023, 02:19:30 PM »

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It’s gotten even harder to mine Bitcoin. Bitcoin’s mining difficulty is set to exceed the 40 trillion mark for the first time this weekend. According to on-chain data, the mining difficulty will increase by an estimated 10% from 39.16 trillion to 43.2 trillion.

Bitcoin Mining Difficulty Set For Record Levels

The mining difficulty expresses the number of iterations miners must execute to obtain the hash of a Bitcoin block. Therefore the higher the number, the more difficult it is to solve a block leading to lower mining profitability.


This metric is updated every two weeks, and increased difficulty is attributed to when more miners enter the Bitcoin network. Miners will receive reduced BTC production in the next 12 days, or approximately 2,016 blocks, due to the increased mining difficulty.


Mining difficulty has been climbing steadily in the past few months due to the price resurgence of Bitcoin. At the previous all-time difficulty on January 16, 2023, the Bitcoin network peaked at 39.35 trillion but experienced a 0.49% reduction.

Since then, the difficulty has stayed around the 39 trillion mark. During this period, Bitcoin hash rate witnessed a significant rise and hit an all-time high on February 16, 2023.


Price Resurgence Has Attracted Miners

For much of 2022, the bear market that bitcoin (BTC) went through led to many miners on the network taking losses. Some miners had to diversify to sustain their activity, while others stopped mining and sold their equipment. This, of course, led to low bitcoin mining difficulty and hash rate.

However, things have changed in 2023. Firstly the market price of Bitcoin has increased by more than 40% from its lowest point recorded in November 2022 ($15,670). This has attracted the attention of miners looking to benefit from the trend.


Secondly, the rise of Ordinals non-fungible tokens (NFTs) on the Bitcoin network has led to increased activities. Due to the larger transactions that these NFTs incur, mining fees have returned to attractive levels.


Entries for Ordinals NFTs are made in a part of the Bitcoin transaction called the Witness. For this reason, they pay a minimum commission of 1 sat/byte, approximately a quarter of what transactions pay to send bitcoins (BTC).

However, because Ordinals transactions are heavier than “regular” ones, they end up paying higher fees, often over $20. This, of course, depends on the weight of the transaction and the priority assigned to it.

To provide a context, miners have generated more than $800,000 in fees from Ordinal NFTs in less than a month, according to data from Dune analytics. 

The development of Ordinal NFTs has not been without scrutiny as critics believe that it causes congestion on the Bitcoin network leading to high transaction fees. Nevertheless, these factors have attracted miners and led to increased mining difficulty.

Bitcoin Price
As of the time of writing, Bitcoin is currently trading at $23,300.

35

Crypto Products & Services / #211% Profit on #LINA/USDT - BitMEX Bybit, Binance futures Trade Copier & Signal

« on: February 22, 2023, 04:07:50 PM »

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36

Crypto Products & Services / #How Big Money is Backing the Asian Tiger to Lead the Crypto Market Recovery

« on: February 20, 2023, 02:40:13 PM »

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In Brief


Industry experts believe Asian countries like Hong Kong will lead the new crypto bull run.


Regulatory threats are driving the Web3 industry away from the United States.


Hong Kong released a consultation paper to allow retailers to trade large market-cap cryptocurrencies.


Industry experts are betting on a new bull run led by Asian money as countries like Hong Kong envision becoming a crypto hub.

With the U.S. in crypto crackdown mode, and the Securities and Exchange Commission (SEC) targeting Web3 firms, Asian countries like Dubai and Hong Kong are looking more attractive as crypto hubs. South Korea is also embracing the utilities of blockchain technology by building public metaverses and welcoming Web3 firms.



Cameron Winklevoss, the co-founder of Gemini exchange, believe that the “next bull is going to start in the east.” Meanwhile, Hong Kong plans to allow retail investors to trade certain cryptocurrencies under the new licensing regime on Jun. 1.


Hong Kong Retailers May Soon Trade Cryptocurrencies

Paul Chan, the Financial Secretary of Hong Kong, has committed to working towards making the country a crypto hub. And of late, the government has been taking various steps for crypto adoption.


According to a Bloomberg article, Hong Kong regulators have released a consultation paper with a deadline of March 31. It will explore the framework for allowing retailers to trade large market-cap cryptocurrencies.

The criteria are that the “coins should be included in at least two acceptable, investible indexes from independent providers, one of which should have experience in the traditional financial sector.”

As the country tries to welcome retail trading of cryptocurrencies, Justin Sun’s Huobi exchange applied for a crypto trading license in Hong Kong.


Billionaires Bet Big on Asian Bull Run

Justin Sun, the founder of Tron and advisor at Huobi, has been vocal about the bull market led by Chinese money on various occasions. He further believes a partnership between Huobi and Tron will drive crypto adoption in Hong Kong and China.


Brian Armstrong, the founder of Coinbase, believes that with countries like Hong Kong leading the crypto space, America will lose its status as a financial hub. Also, Jeff Dorman, the Chief Investment Officer at Arca, told Bloomberg that new Web3 firms are “not even bothering with the U.S.”

Renowned Economist Predicts U.S. Dollar Will Lose its Dominance
While the U.S. lags in crypto adoption, the economist Nouriel Roubini predicts that dollar will lose its position as the dominant currency. He believes that China’s renminbi and stablecoins will challenge the unipolar regime of the dollar.

The economist predicted the infamous housing market crash of 2008 and assumed the title of “Dr. Doom.”

But what about the dominance of USD-based stablecoins? The largest stablecoins, such as USDT, USDC, and BUSD, are backed by USD. But last week, the New York Department of Financial Services ordered BUSD issuer Paxos to stop issuing new stablecoins.

This development led Changpeng Zhao, the founder of Binance, to announce that they are exploring non-USD-based stablecoins. The question is, with regulatory troubles brewing in the U.S., will the dominance of USD-based stablecoins also start to decrease?

37

Crypto Products & Services / #ConsenSys Founder Doubts U.S. Regulators Will Classify Ethereum as a Security

« on: February 13, 2023, 02:30:07 PM »

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Joseph Lubin, co-founder of Ethereum (ETH) and founder of ConsenSys, says there is little chance that U.S. financial regulators will call $ETH a security.

During a recent interview with Cointelegraph, Lubin was asked his thoughts on the possibility of $ETH being labeled as a security with Ethereum’s transition to a proof-of-stake (PoS) model.



Lubin continued, claiming that $ETH being labeled as a security would lead to a “tremendous outcry” from the crypto community, in addition to “different politicians and certain regulators.”



Lubin’s reply was in direct contrast to the comments made by the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, who said last September that Ethereum’s transition to PoS may require greater scrutiny as a security. Gensler compared staking coins to a process that allowed the investing public to obtain “profits based on the efforts of others.”

Despite Gensler’s position, Lubin claimed that he had participated in crypto talks with the SEC and U.S. Commodity Futures Trading Commission (CFTC) “for many years.”

Lubin continued,


Lubin concluded by saying that the court system in America would ultimately “be supportive” of arguments against $ETH’s status as a security.

38

Crypto Products & Services / #90% Profit on #WOO/USDT - BitMEX Bybit Binance futures Trade copier & Signals

« on: February 08, 2023, 03:28:11 PM »

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39

Crypto Products & Services / #Binance Makes Inroads Into South Korea Again With Gopax Investment

« on: February 03, 2023, 02:20:43 PM »

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In Brief


Binance acquired a majority stake in Gopax, but the terms of agreement are not revealed yet.


It was reported in Jan. that Binance acquired 41.2% stake in the South Korean exchange.


GoFi customers were unable to withdraw funds due to exposure to DCG and Genesis.



Binance is all set to re-enter the South Korean market through its investment in the Gopax exchange, enabling customers to withdraw funds.

As the crypto industry gradually recovers, Binance continues on its mission to expand globally. Binance had to bid farewell to the South Korean market due to low usage and volume in Jan. 2021. The exchange also faced pressure from the nation’s regulatory authorities.

Since then, the exchange has been trying to re-enter the market but has faced challenges from local authorities. Binance finally marked its return by acquiring a significant stake in Gopax, one of the largest South Korean exchanges.



Binance Acquires Majority Equity Position in Gopax

Yibo Ling, the Chief Business Officer at Binance, told Bloomberg they acquired a “meaningful” equity stake in Binance. The Binance team has not yet revealed the terms of the agreement and the size of their Gopax investments.

However, a South Korean publication reported in Jan. that Binance acquired a 41.2% stake from Lee Jun-hang, the largest shareholder of Gopax.


This acquisition comes from the $1 billion Binance Industry Recovery initiative, which was announced post the collapse of FTX. The initiative aimed to help the crypto industry recover from the FTX contagion.

Acquisition Will Help Gopax Customers Withdraw Funds

Gopax paused customer withdrawals from certain products such as GoFi. This is because the South Korean exchange is impacted by the turmoils of Genesis Global and its parent Digital Currency Group (DCG). Genesis filed for Chapter 11 bankruptcy last month.

Genesis partnered with GoFi to offer yields on crypto lending. The parent company of Gopax, Streami Inc., is one of the 10 largest creditors of Genesis. Also, DCG is a key business partner and the second-largest shareholder of the South Korean exchange.

Yibo Ling said: “The fundamental thrust of this deal was to support customers and make sure that any customers who want to withdraw their assets have the ability to do so.”

40

Crypto Products & Services / #MATIC Trader Turns $80K Into $4 Million as Polygon Ends Month Up 50%

« on: February 01, 2023, 01:52:44 PM »

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MATIC has been moving up as a zero-knowledge chain upgrade draws closer.


While many cryptocurrencies have had a favorable run this month, Polygon’s native token appears poised to close out January as a notable standout.


MATIC is up 19% in the past week to $1.19, according to data from CoinGecko, lifting gains for the token to upwards of 50% in January. This comes as the value of Bitcoin and Ethereum have increased nearly 44% and 38% in the past 30 days, respectively.


Polygon is a sidechain that runs in tandem with Ethereum and seeks to improve on its counterpart by offering faster transactions and lower fees and serving as a platform for interoperable blockchains.

As the token undergoes a sustained rally, the pseudonymous Twitter account @lookonchain pointed out one wallet address that achieved sizable returns with MATIC.

The Polygon whale received 4 million MATIC from cryptocurrency exchange Binance in September 2020 for around $84,000 or just over 2 cents per token. Two days ago, the wallet parted with its MATIC holdings for $5.2 million worth of stablecoins, according to Etherscan.

Even though the sale included more MATIC than the wallet’s initial purchase from Binance, the trader still saw a return of around 50 times the original price that it paid on the 4 million MATIC, worth around $4.5 million or $1.14 per token at the time of sale.


However, the recent upswing is far from the token’s peak of $2.92 in December 2021. The token remains nearly 60% down from its all-time high. At its highest price, the 4 million in MATIC bought in 2020 would’ve been worth $11.7 million.


MATIC’s price action comes as Polygon prepares to follow through on an upgrade that was first announced in July last year. Polygon co-founder Sandeep Nailwal recently tweeted that Polygon’s zkEVM update has an official date and will launch soon.


Polygon’s zkEVM is a scaling solution compatible with existing Ethereum smart contracts, which uses the cryptographic method of zero-knowledge proofs to verify large batches of transactions—called rollups—more efficiently.

Zero-knowledge proofs are used in cryptography to prove a statement is true without revealing its contents or the steps taken to establish a given statement as true.

When Polygon announced that it was launching its zkEVM, Mihailo Bjelic, co-founder of Polygon, said the update could put Ethereum on par with global payments processor Visa in terms of how quickly transactions could be processed.

41

Crypto Products & Services / #84% Profit on #ROSE/USDT - BitMEX Bybit Binance futures Trade Copier & Signals

« on: January 24, 2023, 02:12:10 PM »

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42

Crypto Products & Services / #41% Profit on #REN/USDT - BitMEX Bybit Binance futures Trade copier & Signals

« on: December 29, 2022, 02:02:36 PM »

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43

Crypto Products & Services / #50% Profit on #TRX/USDT - BitMEX Bybit Binance futures Trade copier & Signals

« on: December 23, 2022, 01:24:59 PM »

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Crypto Products & Services / #26% profit on #TRX/USDT - BitMEX Bybit Binance futures Trade copier & Signals

« on: December 19, 2022, 01:21:18 PM »

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Crypto Products & Services / #72% Profit on #ALPHA/USDT - BitMEX Bybit Binance futures Trade copier & Signals

« on: December 13, 2022, 03:24:03 PM »

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