Cryptocurrency

The crypto exchange saw its estimated revenues cut by 38%, leading to a drop in CZ’s fortune from $29.1 billion to $17.2 billion. The fall in revenue was calculated using data from Coingecko and Coinpaprika.The liquidation of an FTX-linked token, in which hedge fund Alameda Research had a substantial stake, sparked panic withdrawals. This led to the bankruptcy of FTX, wiping out the fortune of Sam Bankman-Fried, Alameda’s founder, which had peaked at $26 billion.Following the end of a zero-fee promotion, Binance’s market share dropped from 62% in Q1 to 51% in Q3, according to CCData. The decision to halt dollar transactions led to a volume drop and reduced Binance’s US exchange value to zero, further impacting CZ’s net worth.Furthermore, Binance is grappling with regulatory lawsuits from the SEC and Commodity Futures Trading Commission. These lawsuits allege inadequate money-laundering controls, inflated trading volumes, and mishandling of client assets. Regulatory uncertainty and rising interest rates have also affected other exchanges like Coinbase (NASDAQ:COIN) Global Inc., resulting in a 52% drop in spot trading volume in Q3.Despite these challenges and increasing isolation from traditional finance sectors, Binance continues to dispute the allegations and is fighting them in court. Meanwhile, Bankman-Fried is currently on trial in New York for fraud following his involvement in the financial debacle at Binance. The company did not respond to requests for comment regarding these issues.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The 30-page bill appears moderate in its demands for the industry. It suggests some common-sense obligations for virtual asset service providers (VASPs), such as separating customer funds from the company’s reserve funds, establishing an internal control and audit system, and joining the local trade association.Continue Reading on Cointelegraph More

Price analysis reveals some interesting trends. Solana’s price jumped a staggering 11% on Oct. 20, 2023, and boasts a year-to-date gain of 170%, positioning it firmly as one of the top-performing crypto assets. This robust growth rate outstripped (ETH), which it overshadowed on Oct. 20. By August 2023, SOL had already risen by 50% in just a month, with an impressive 150% increase for the year.Source: But every silver lining has a cloud. The impressive golden cross on Solana’s chart, typically seen as a bullish sign, also brings with it a cautionary note. Historically, assets that have experienced such rapid ascents are also prone to corrections. While the golden cross and the 50% rally signify strong momentum, traders and investors would do well to exercise caution, anticipating potential pullbacks or consolidation phases.Historically, has had its moments of brilliance, but the recent dynamics paint a different picture. The token has been failing to gain any substantial upward momentum, and the attempts to break out from its downtrend have been feeble at best. While sporadic green candles have sparked hope among optimists, a closer look reveals the formation of a reversal pattern that might lead to further depreciation.One of the most noteworthy observations is the appearance of the golden cross. In technical analysis, a golden cross – where a short-term moving average crosses above a long-term moving average – is often regarded as a bullish signal. However, for XRP, this event seems to have lost its significance. The token has been underperforming after the formation of this cross, indicating that not all textbook signals translate to real-world gains.Further adding to the concerns is the lack of on-chain dynamics. A deep dive into on-chain analytics shows a glaring absence of significant whale activity. The big players, or the so-called “whales,” are displaying a conspicuous lack of interest in XRP. Their absence from the scene not only indicates a lack of confidence in the asset’s potential but also suggests that the token might not witness any massive buy-ins in the near future.From the chart, has demonstrated recent bullish momentum, rebounding remarkably after facing a downtrend during the months of July to September. This momentum surge has certainly caught the attention of traders and analysts. However, as we approach the significant $2,000 mark, there exists a key resistance level that might challenge Ethereum’s upward trajectory.This resistance, situated just below the $2,000 price point, is expected to be a major hurdle. Historically, such key psychological price points often prove to be formidable barriers, and Ethereum is no exception. A break above this level would undoubtedly signal strong bullish momentum and could set the stage for further price appreciation. On the flip side, if ETH struggles to breach this resistance, we might see a retracement or even a consolidation phase.Additionally, the volume bars depict increased interest and activity in Ethereum trading, especially in the most recent weeks. This heightened volume, coupled with consistent upward price movement, generally indicates strong investor confidence. However, any sudden drop in volume might signal a potential slowdown or correction in the near future.This article was originally published on U.Today More

In an Oct. 26 letter to U.S. Attorney General Merrick Garland, Lummis and Arkansas Representative French Hill urged Justice Department officials to “reach a charging decision on Binance” and “expeditiously conclude” investigations of allegedly illicit activities involving Tether. The two lawmakers’ remarks followed Hamas launching a coordinated attack against Israel on Oct. 7, which they suggested was supported in part by illicit crypto transactions “providing significant terrorism financing.”Continue Reading on Cointelegraph More

Changjiang Currency Exchange, a money transmitter business based in Australia, has beenbustedin a $145 million ($230 million Aussie dollar) money laundering scandal.Continue Reading on Cointelegraph More

According to the October 26 thread, Sun says that HTX generated a total of $202 million in revenues during the quarter, which was offset by $104 million in expenses, leaving a total profit of $98 million. For Q4 2023, Sun projects that HTX will generate $190 million in revenue, along with $88 million in expenditure, for an estimated profit of $104 million.Continue Reading on Cointelegraph More

When prompted as to why he started using corporate communications on the encrypted messaging app Signal by prosecutor Danielle Sassoon of the Southern District of New York, SBF claimed that he only did so with the approval of FTX counsel Daniel Friedberg. However, SBF later said that while counsel approved the use of Signal, he never sought prior approval before utilizing the app’s auto-delete feature.Continue Reading on Cointelegraph More

Elon Musk, CEO of X, has been a notable proponent of DOGE, even featuring it in a segment on Saturday Night Live. This support was echoed by DogeDesigner (@cb_doge) who tweeted in favor of X’s new feature. Following these developments, trading volumes for DOGE and SHIB soared to $1.2 billion on Thursday, up from $350 million on Monday, accompanied by a 50% uptick in futures open interest.The current bull run in the crypto market has seen a broad surge in coin values, prompted by traders betting on riskier assets like Bitcoin following its recent market dominance and extended consolidation period. Major cryptocurrencies like Bitcoin and Ethereum have been vying for supremacy in the crypto space, with Bitcoin’s price increasing by 30% due to growing interest in spot Bitcoin exchange-traded funds (ETFs). This rise has also impacted Ethereum, Solana, and XRP, which collectively recorded a gain of 40%.However, DOGE and SHIB have underperformed relative to these major cryptos, achieving only a 15% increase over the same period. Despite this disparity, there is evidence to suggest that surges in DOGE’s price often precede a market-wide crash. According to blockchain analyst firm Santiment, there have been eight instances where a rapid rise in DOGE’s price marked Bitcoin’s local top. This pattern was seen when Musk briefly changed Twitter’s logo to the Dogecoin logo following his $44 billion acquisition of the platform, which triggered a 37% DOGE rally.At present, Dogecoin is priced at $0.066744 (DOGE/USD) with a market worth of $9.45 billion USD, while Shiba Inu’s market value stands at $4.71 billion USD, with a live price of $0.000008 (SHIB/USD). The global crypto market valuation sits at $1.25 trillion, with Bitcoin holding a 53.17% dominance.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More