According to the announcement, the new deal will have Animoca working with NEOM to build Web3 enterprise service capabilities. The planned Web3 services are intended to be applied globally, though they will first be deployed to support advancements in emerging tech in the Saudi capital, Riyadh and the NEOM region.Continue Reading on Cointelegraph More
NEW YORK (Reuters) – FTX founder Sam Bankman-Fried is set to retake the witness stand on Monday in his trial on fraud charges tied to the collapse of the cryptocurrency exchange, with prosecutors poised to challenge his assertion that he did not steal billions of dollars in customer funds. Bankman-Fried first is due to answer around two more hours worth of friendlier questions from his defense lawyer, Mark Cohen, who is expected to ask the 31-year-old former billionaire about his version of the dramatic events of November 2022, when FTX collapsed amid a wave of customer withdrawals.Three of Bankman-Fried’s former close confidantes, each of whom pleaded guilty and testified for the prosecution, earlier told the jury that he posted or directed others to post misleading messages on social media to give customers false assurance about FTX’s health in a bid to stop a run on deposits. During six hours of testimony on Friday about events earlier in 2022 and in prior years, Bankman-Fried sought to distance himself from specific actions he said the three cooperating witnesses took without his firsthand involvement. He also admitted to making “mistakes” that hurt FTX’s customers and employees, but said he never set out to take customers’ money. Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. Prosecutors have said he looted billions of dollars in FTX customer funds to prop up his hedge fund, Alameda Research, make speculative venture investments, and contribute to U.S. political campaigns. If convicted, he could face decades in prison.His decision to testify in his own defense is risky, as it opens him up to probing cross-examination by prosecutors. But legal experts told Reuters he may have viewed taking the stand as his best shot at countering testimony from the three cooperating witnesses that he directed them to commit crimes. U.S. District Judge Lewis Kaplan has said jury deliberations could begin by Thursday or Friday. More
The move comes as part of a broader trend in the industry, where firms like Bitwise Asset Management, Invesco, and Valkyrie are refining their spot Bitcoin ETF applications, despite previous SEC rejections due to market manipulation concerns. The SEC continues to delay decisions on these proposals.VanEck’s Bitcoin Trust aims to mirror Bitcoin’s performance through Bitcoin holdings rather than cash. Its shares will be traded on the Cboe BZX Exchange and sold or redeemed in blocks of 50,000 shares known as “Creation Basket,” based on the represented Bitcoin amount.Scott Johnsson, a finance lawyer, highlighted these changes in VanEck’s filing, notably the “affirmative addition” of “seeding” with Bitcoin instead of cash. However, he cautioned against drawing too many conclusions from these amendments.In parallel with its Bitcoin efforts, VanEck also plans to launch Ethereum-styled futures contracts upon SEC approval. These contracts will be part of the firm’s Ether Futures ETF, a standardized product with cash-settled futures contracts tradable on the Commodity Futures Trading Commission’s (CFTC) regulated platform.The revision in VanEck’s application comes amidst a surge in interest for Bitcoin ETFs that has catapulted Bitcoin’s price to new heights. As of Monday, Bitcoin traded at $34,218.7, reflecting a weekly increase of 11.3% and a market cap of $668 billion, with a total circulating supply of 19,528,018 BTC. Bitcoin’s trading volume rose by 38.72%, and its value increased by 0.36%.SEC Chairman Gary Gensler confirmed that multiple Bitcoin ETF applications are currently under review. The industry eagerly awaits the SEC’s decision, as the approval of a Bitcoin ETF would mark a significant milestone in the mainstream acceptance of cryptocurrency.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
Kasikornbank, also known as KBank, acquired 97% of shares in the operator of Thailand’s Satang crypto exchange, according to an announcement published on Oct. 30 on the website of the Stock Exchange of Thailand (SET).Continue Reading on Cointelegraph More
Diving into the chart, SHIB’s recent price movements clearly underscore an optimistic trend. This uptrend is marked by higher highs and higher lows, painting a promising picture for those invested in or tracking the coin. Yet, juxtaposing this uptrend with the declining trading volume, a paradox emerges. Typically, descending trading volumes in the face of a price increase could signal weakening momentum or an upcoming reversal. But the Shiba Inu narrative is playing out a little differently.Source: The reduced trading volume for can be interpreted in a unique light. Lower volume, in this context, can be indicative of decreased selling pressure. With fewer sellers flooding the market and offloading their holdings, SHIB finds itself in a peculiar position. If the majority of the orders in the market are buys, even with reduced overall volume, it means there is a net positive buying pressure. This can lead to a supply-demand dynamic that favors price appreciation.Another noteworthy aspect is the resilience of SHIB’s price. Even with diminished trading activity, the fact that SHIB’s price has not plunged but instead showcases an uptrend shows the prevalence of bulls over bears at this point in time.The 200 EMA serves as a vital tool for traders, offering insights into the asset’s underlying trend. By giving more weight to recent price data, the 200 EMA paints a clearer picture of price momentum and potential market direction. Historically, this moving average has often functioned as a robust support or resistance level. In Ethereum’s case, the 200 EMA is shaping up to be a significant support point.A closer look at the chart reveals several noteworthy observations. First, there was a noticeable spark in trading volume in the past few months. Such spikes often signify strong buying or selling sentiment and can precede significant price movements. However, as the chart shows, the recent trading volumes for have been on a decline. Descending trading volume post a sharp uptick can be indicative of a potential slowdown in buying pressure, leading to price corrections, and that is precisely the phase Ethereum seems to be navigating currently.In terms of price analysis based on the current chart, Ethereum appears to be testing the waters around the 200 EMA, finding its footing after a period of heightened volatility. If the 200 EMA holds firm, Ethereum could find the necessary support to prevent further decline and potentially pave the way for a rebound. By looking at the chart, it becomes evident that Cardano has made multiple attempts to surpass the 200 EMA. Each attempt has met with resistance, pushing the price back down, forming what seems like an impenetrable ceiling. This repetitive pattern might lead some to assume that the 200 EMA is the primary obstacle. However, the real story lies in ADA’s RSI.Cardano’s RSI is navigating the upper echelons, indicating a clear overbought status. This overbought scenario represents a challenge as significant as, if not more than, the 200 EMA resistance.This article was originally published on U.Today More
The amended filing highlights that a seed capital investor purchased in October the Seed Creation Baskets — a block of 50,000 shares of the proposed ETF — with Bitcoin prices determined by MarketVector Bitcoin Benchmark Rate, an index used as a reference price of the cryptocurrency.Continue Reading on Cointelegraph More
A meticulous glance at the asset class total returns sheet, spanning from 2011 to 2023, showcases Bitcoin’s exceptional performance. In almost every year since 2011, Bitcoin has outperformed other traditional investment vehicles. While there have been moments of volatility and dips in the crypto market, BTC has showcased resilience and an upward trajectory that no other asset class can parallel.Source: Its cumulative return from 2011-2023 is a jaw-dropping 1,120,785%, with an annualized return of 147.5%. These numbers are staggering, especially when compared to other asset classes like the U.S. Nasdaq 100 or U.S. Large Caps, which, though solid performers, lag significantly behind return rate.Another insightful dimension to this conversation is MicroStrategy’s Bitcoin portfolio. From the provided , it is evident that MicroStrategy, under Saylor’s leadership, has been bullish on Bitcoin. The firm’s current holdings stand at an impressive 158,245 BTC, valued at approximately $5.43 billion. Their portfolio indicates strategic purchases, capitalizing on Bitcoin’s dips, and subsequently leveraging its surges. Such a sizable investment from a major institution serves as testament to the increasing faith in long-term potential and its role as a store of value.The data also depicts MicroStrategy’s approach to Bitcoin as one of consistent accumulation. The green purchase markers on the graph illustrate a pattern of buying the dips, signifying a long-term bullish stance on the cryptocurrency. This conviction in Bitcoin is further reflected in the company’s total dollar cost average and the present market price of Bitcoin, indicating healthy returns on their investments.This article was originally published on U.Today More
The applications appear to have boosted the appetite for Bitcoin among whales and institutions.According to , a blockchain analytics platform, institutional activity appears to be increasing for the largest cryptocurrency by market capitalization. This comes as the number of transactions worth more than $100,000 on the Bitcoin blockchain reaches a new peak in 2023.Large transactions, or those over $100,000, soared in late June following Blackrock (NYSE:BLK)’s ETF application and have now surpassed that threshold as Bitcoin achieves new yearly highs.momentarily surpassed $35,000 for the first time since May 2022. BTC has risen approximately 14.44% in the last seven days, recently settling at around $34,253 after hitting new yearly highs of $35,157 but failing to break through that price level.Not only are cyclical patterns aligning for Bitcoin, but short-term activity is also heating up; yet, the Bitcoin market value to realized value (MVRV) ratio indicates that Bitcoin is not yet as overheated as it was during prior bull markets., Bitcoin bull markets have peaked at 300%+ MVRV, which, when compared to the current 150% figure, indicates that the bull market has room to run even farther.The recent high of $35,000 is the next resistance level for Bitcoin, and if this level is broken, the next point might be around $38,000–$39,000, where 333,000 BTC was purchased.In the event of a correction, however, support appears to be strong near the $30,000 mark. This article was originally published on U.Today More
