On Aug. 22, the Council of Ministers approved a Royal Decree, establishing the AESIA. The agency will be formed by joint efforts of the Spanish Ministry of Finance and Civil Service and the Ministry of Economic Affairs and Digital Transformation.Continue Reading on Coin Telegraph More
The loss was disclosed in an Aug. 24 filing with the Bankruptcy Court for the District of Delaware in the United States.The company revealed it incurred losses of $6 million in client funds and $2 million in treasury funds through USTC investments under previous management.The filing attributed its investment losses and increased expenditures in October and November 2022 as key factors leading to its bankruptcy declaration. In August, Prime Trust initiated a bankruptcy filing in the United States, revealing estimated liabilities between $100 million to $500 million, along with 25,000 to 50,000 creditors. This move came after a Nevada court appointed a receiver for Prime Trust, citing potential “irreparable harm” to users, the public, and “confidence in the emerging market of cryptocurrency.”Regulators further revealed that since December 2021, Prime Trust had utilized customer funds to cover withdrawal requests, accumulating a debt of $82 million. It included unaccounted deposits and fiat currency owned by its customers. Prime Trust expressed that the bankruptcy proceedings would enable the company to examine various alternatives, including the potential sale of its assets.Following the news of the public filing, Coinbase (NASDAQ:COIN) director Conor Grogan shared that Prime Trust allegedly bought $77 million of Ethereum (ETH) on the open market at the market peak to meet withdrawals, linking this action to the company accidentally giving clients a wrong deposit address.This article was originally published on Crypto.news More
Tether’s reserves report as of Aug. 24 reveals a combined surplus in shareholder capital cushion of $3.29 billion — spread over 15 blockchain ecosystems. Apart from Algorand and Polygon, Tether has reserved authority to issue USDT (USDT) tokens in the millions. Continue Reading on Coin Telegraph More
According to the blockchain tracker Whale Alert data, there were five major Bitcoin withdrawals worth 5,729 BTC (approximately $150 million) from Binance within a minute.All five transactions were included in block 804522. These withdrawals could indicate several factors, including security, investment strategy, or preparation for a major transaction.Major transfers from Binance | Source: Whale AlertThe movement of such a large quantity of Bitcoin usually indicates that a significant whale holder has decided to move their assets off the exchange.Binance has encountered several challenges throughout the past month. On Aug. 24, the leading exchange stopped its debit card services in the Middle East and Latin America.Moreover, Mastercard (NYSE:MA) has also ended its partnership with the exchange. Such a large-scale transfer could indicate that whales are losing faith in the exchange.A movement of this magnitude can generate speculation and potentially influence market sentiment. While it’s not uncommon for large holders to move funds between wallets, the rapid sequence and high value may lead to conjecture about upcoming market moves, such as large-scale buying or selling. So, the BTC market and Binance trading volume will be under the microscope in the coming days. It’s also important to consider that such large sums of withdrawal in quick succession are often tied to illicit activities like money laundering. With regulators constantly scrutinizing leading exchanges like Binance, assuming that the company might investigate these transactions is not farfetched. This article was originally published on Crypto.news More
One of the most bullish indicators in technical analysis is the golden cross, and XRP’s weekly chart has recently displayed this pattern. A golden cross occurs when a short-term moving average crosses above a long-term moving average, signaling a potential reversal from a bearish to a bullish trend. This could be a strong indicator that XRP is gearing up for significant upward movement.Source: Another promising sign is that XRP has returned to a key support level on both its daily and weekly charts. This support level has been able to withstand selling pressure, which is a positive sign. If this support level continues to hold, it could serve as a strong foundation for a fuller price reversal in the near future.The fact that the support level is holding up against selling pressure could also indicate that we are in an accumulation phase. During this phase, smart money often enters the market, buying up assets at lower prices before a potential breakout.It is also worth noting that has some significant events on the horizon, including the upcoming appeal of the SEC. A positive outcome in these cases could serve as a strong catalyst for upward price movement.In Cardano’s case, the RSI is showing an ascending trend, suggesting increasing momentum. However, the price of ADA is on a descending trend, creating what is known as a “bullish divergence.”This divergence is occurring near a significant resistance level for ADA. Resistance levels act as a ceiling for the price, making it difficult for the asset to break through. Divergence at this level could indicate that the bears are losing steam and a bullish reversal might be on the horizon.When RSI and price diverge in this manner, it often signals a potential change in trend. Given that the divergence is bullish and is occurring at a resistance level, there is a strong possibility that ADA could break through this resistance in the near future. If it does, it could trigger a new upward trend, rewarding those who took the divergence as a bullish sign.In the short term, Solana’s price action is encouraging. The death cross, a bearish indicator, did not seem to have the expected negative impact on the asset. Instead, Solana managed to maintain its price level and even show signs of upward movement.In the midterm, performance will likely depend on how well it can sustain this newfound momentum. If the asset can consolidate above the current price level, it could set the stage for further gains. The next target could be the $25-$30 range, which would signify a significant bullish reversal.While the death cross is generally a bearish sign, it is essential to remember that no single indicator should be used in isolation. Solana’s strong fundamentals and growing ecosystem could very well outweigh the bearish signals on the chart. Investors should keep an eye on volume and other technical indicators to gauge whether Solana can maintain its current trajectory.This article was originally published on U.Today More
The two proposed Ethereum futures ETFs are “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and the “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY), according to an Aug. 24 filing to the Securities and Exchange Commission.Continue Reading on Coin Telegraph More
The stablecoin — called nCOP — is an overcollateralized, Polygon-based stablecoin and is aimed at the remittance market. Continue Reading on Coin Telegraph More
According to Exodus, its exchange aggregation business accounted for the majority of total revenue in the quarter, totaling $11.6 million. Fiat onboarding revenue rose 220% from 2022 to $561,000. The volume of exchange provider transactions in Q2 was $591.5 million, down 12% from Q2 2022. Bitcoin (BTC), Tether (USDT), and Ether (ETH) were the top assets traded in the quarter, at 27%,16%, and 12% of volume, respectively. Continue Reading on Coin Telegraph More
