Cryptocurrency

The Root Network is designed to provide a secure experience for users within the metaverse. It utilizes a Modular Development Toolkit to ensure scalability and interconnectability across various applications. By integrating with the XRP Ledger (XRPL) and offering Ethereum Virtual Machine (EVM) compatibility, the network facilitates seamless transactions and interactions within the digital universe.A particularly notable rally occurred on KuCoin where ROOT’s value soared by 627% to $0.030288. This impressive performance highlights the market’s enthusiasm for new ventures in the rapidly growing metaverse sector.The integration of XRP as the gas token for transactions within The Root Network is a strategic move that not only enhances the utility of Ripple-backed cryptocurrency but also supports its case in the ongoing lawsuit with the Securities and Exchange Commission (SEC). Ripple Labs has consistently argued that XRP functions as a utility token, and its role in The Root Network could help further this claim by demonstrating its practical use in facilitating transactions within the metaverse platform.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

On Tuesday, data from Santiment revealed a significant increase in Ethereum network participation, marked by the registration of 94,700 new wallets as the cryptocurrency price breached the $2,000 mark. This level of activity has not been observed since the price highs of May 2022.Continuing this positive trend into today, analysis from Santiment shows that the top 200 Ethereum wallets have expanded their holdings considerably, amassing over $124 billion worth of ETH. This accumulation comes despite recent market uncertainties and a nearly 20% decrease in ETH held on exchanges over the past six months, reaching its lowest point within this period. The reduction in exchange-held Ethereum coupled with an uptick in active addresses suggests a strong investor conviction in the asset’s value.The current enthusiasm around Ethereum also aligns with IntoTheBlock’s charts, which corroborate the increase in both active addresses and new wallet creations during this upward trend. As Ethereum’s price aims for the $2,200 level—a price point last seen in May 2022—market participants are keenly watching for potential Bitcoin ETF approvals that could further influence sentiment.Despite facing challenges such as Binance CEO Changpeng Zhao’s actions that have previously shaken market confidence, heavyweight Ethereum investors have demonstrated their resilience. They have continued to purchase and hold onto their ETH assets since November 21 last year, even as the cryptocurrency experienced a descent to $900 following FTX’s downfall.While Ethereum has shown some depreciation recently, it has fared better than Bitcoin, which has seen a more pronounced drop to $36,480. Analyst FieryTrading suggests that Ethereum could be poised for an imminent rise towards $2,350 based on current ‘bull-flag’ formations observed in trading patterns.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

This saw BNB, Binance’s native token, slump nearly 11%, with Binance now facing an over $4 billion fine for breaking several U.S. anti-money laundering laws and skirting financial regulations.Bitcoin fell nearly 5% to $35,714- erasing a bulk of its gains made over the past two weeks, while world no. 2 crypto Ethereum sank 4.5%. CZ pleaded guilty in a Seattle court on Tuesday, and announced his resignation on social media platform X. Richard Teng, former head of Abu Dhabi’s financial authority and currently the head of Binance’s regional markets, will take his place as CEO. CZ is now barred from any involvement in Binance, faces a personal $50 million fine and could potentially face prison time. His resignation, along with Binance’s settlement, ends a years-long probe into the world’s largest crypto exchange over its alleged fostering of money laundering activities, particularly for entities under U.S. sanctions. The DOJ, along with a series of investigative pieces by Reuters, had alleged that Binance knowingly skirted regulations and even encouraged its users to bypass government restrictions on the exchange.The settlement also deals another blow to the credibility of the crypto industry, coming just a few weeks after FTX founder Sam Bankman-Fried was found guilty of committing fraud and misusing customer funds at the now-defunct crypto exchange. The crypto industry has been grappling with a severe loss of faith over the past year, which was marked by several high-profile bankruptcies. This was followed by several apparent figureheads of the industry- including Bankman-Fried and CZ- facing accusations of criminal activity on their respective exchanges. Recently, the Securities and Exchange Commission leveled similar charges against crypto exchange Kraken, alleging that it commingled customer funds. The regulator has ongoing cases against other crypto players as well, most notably Gemini, which is owned by Cameron and Tyler Winklevoss, and Coinbase Global Inc (NASDAQ:COIN), the biggest crypto exchange in the U.S..Bitcoin trading volumes plummeted over the past year as retail traders exited the space, and were now trading at a fraction of their 2021 highs.But the token saw some resurgence in interest over the past few weeks, amid growing speculation that the SEC was close to approving an exchange-traded fund that directly tracks the price of Bitcoin.But the regulator has given no such signals, and has regularly rejected applications for a spot-Bitcoin ETF on the grounds that the currency is prone to price manipulation.  More

“In a Nov. 21 press conference, Attorney General Merrick Garland announced that CZ entered his plea in person in U.S. federal court despite residing outside the country. He added that a $4.3-billion settlement with Binance and CZ would cover “civil regulatory enforcement actions” by government departments including the U.S. Treasury and Commodity Futures Trading Commission (CFTC).Continue Reading on Cointelegraph More

Pal’s analysis aligns the current boom in technology equities and cryptocurrency valuations with the year-over-year enhancements observed in the global M2 money supply—encompassing cash and other liquid assets. The M2 money supply, which “bottomed” last year, is a critical factor in understanding the market surges happening today.While Pal draws on his expertise from his tenure at Goldman Sachs to provide a macroeconomic perspective on these trends, it is emphasized that his insights should not be construed as investment advice. This caution comes alongside reminders about email alert subscriptions and disclosures of affiliate marketing participation by the platform presenting his analysis.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

In a Nov. 21 announcement, the Justice Department said the seized funds came from “scammers who stole millions from victims across the United States” and were presumably part of Tether’s efforts to freeze $225 million worth of USDT in “external self-custodied wallets” connected to the scam. The funds were allegedly tied to an organization responsible for “pig butchering” romance scams, in which bad actors attempt to develop an online relationship with unsuspecting individuals, often convincing them to invest in legitimate businesses before conning them. Continue Reading on Cointelegraph More

#ze-button {
position: fixed;
bottom: 13px;
right: 20px;
z-index: 999998;
cursor: pointer;
background-color: #f9ad4e;
color: #664317;
padding: 13px;
width: 46px;
height: 46px;
border: none;
border-radius: 23px;
font-size: 15px;
font-weight: 700;
line-height: 1.15;
white-space: nowrap;
fill: currentColor;
font-family:
system-ui,
-apple-system,
BlinkMacSystemFont,
‘Segoe UI’,
Roboto,
Oxygen-Sans,
Ubuntu,
Cantarell,
‘Helvetica Neue’,
Arial,
sans-serif;
}

#ze-button::before {
content: ‘ ‘;
background:
url(‘data:image/svg+xml;base64,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’)
no-repeat center center;
width: 20px;
height: 20px;
display: inline-block;
vertical-align: middle;
}

#ze-button::after {
content: ‘Help’;
display: none;
vertical-align: middle;
margin-left: 8px;
}

#ze-button[disabled] {
opacity: 0.5;
pointer-events: none;
}

@media screen and (min-width: 600px) {
#ze-button {
padding: 13px 22px;
width: auto;
}

#ze-button::after { display: inline; }
} More

The lawsuit, filed on Nov. 20, is based on the SEC’s allegations that Kraken has been operating as an unregistered exchange, broker, dealer and clearing agency and claims that it mixes customer assets with its own. Continue Reading on Cointelegraph More