Cryptocurrency

So, who’s behind this massive Bitcoin stash? The answer is Gemini. Over the past three months, Gemini has been transferring Bitcoins to this address. This revelation puts to rest various speculations that had been rife within the cryptocurrency community. It is a testament to the fact that in the crypto world, data often speaks louder than rumor.For context, the top two spots in the Bitcoin holding leaderboard are occupied by Binance Cold Wallet and Bitfinex Cold Wallet, respectively. These addresses have long held their positions, making them familiar names to those who closely follow distribution.Now, turning our attention to Bitcoin’s recent price performance over the last two weeks, there have been some notable movements. Bitcoin has witnessed a series of fluctuations, reflecting the dynamic nature of the market. One factor that might have influenced this price behavior is the recent drop in Bitcoin’s hashrate. A decrease in hashrate can sometimes be indicative of reduced mining activity, which can, in turn, impact the network’s security and transaction processing speed.The revelation about Gemini’s Bitcoin holdings has cleared the air regarding the third largest Bitcoin holder, but the market and community are still worried about the fundamental shift in holdings on Bitcoin network we are witnessing nowadays.With Binance potentially facing a liquidity crisis and large entities moving billions, we might see an unexpected volatility surge that will make Bitcoin’s movement more “natural” in the foreseeable future.This article was originally published on U.Today More

Legal expert John E. Deaton recently tweeted about potential affiliations benefiting former SEC Chairman Jay Clayton and top enforcer William Hinman in the XRP case.Deaton’s analysis highlighted a possible connection between Joseph Lubin, Ethereum’s co-founder, and SEC officials.He suggests Lubin’s decision to hire the law firm Sullivan & Cromwell, led by Jay Clayton, was strategic to avoid actions against Ethereum. Clayton has hinted that Ripple Labs could have avoided troubles by choosing the same legal representation.Deaton also revealed a link between William Hinman’s firm, Simpson Thacher, and a Chinese subsidiary that facilitated the IPO of Canaan, a company profiting from Bitcoin (BTC) and Ethereum (ETH) mining. These findings raise concerns about impartiality and potential conflicts of interest.Moreover, despite contrary directives, Deaton questions Clayton’s decision to sue Ripple Labs and its cryptocurrency XRP, igniting debates about the motivations behind such actions.While the SEC’s recent appeal has renewed interest in the proceedings, Judge Analisa Torres’s ruling remains pivotal in the case’s progress.Deaton’s insights have spurred discussions about fairness, transparency, and integrity within the regulatory system.This article was originally published on Crypto.news More

Deaton’s comments came amid Coinbase’s announcement that it has acquired a minority stake in USD Coin (USDC) issuer Circle and will be working to “unlock additional utilities and grow the USDC ecosystem.” The lawyer reflected on how Ripple and XRP were on a trajectory of great adoption in cross-border payment, and if not for the SEC lawsuit, the likes of Coinbase (NASDAQ:COIN) might have shown similar interest in Ripple.Continue Reading on Coin Telegraph More

The crux of the matter lies in ETH’s breach of the dynamic support line, signified by the Bull Market Support Band indicator. This echoes a pattern last witnessed over four years ago. Back then, suffered a pivotal level loss, paving the way for a tumultuous six-month journey where its value plummeted by a staggering 48%, only finding reprieve by the close of December 2019.With history appearing to echo itself, the stakes are high for ETH’s journey through the remainder of this year and the advent of 2024. An unsettling projection arises from Cowen’s analysis, spotlighting the potential for Ethereum to slide toward the $900 mark per token.As the situation continues to evolve, it is increasingly evident that dark clouds are amassing over Ethereum, casting a shadow of uncertainty not only on the altcoin itself but also on the broader crypto market.This article was originally published on U.Today More

In an Aug. 21 filing of the United States District Court for the Southern District of New York, Judge Lewis Kaplan ruled that SBF will be allowed to meet with his counsel in the cell block attorney room at the courthouse on Aug. 22 regarding one of his scheduled hearings. Kaplan ordered SBF’s bail revoked on Aug. 11, sending the former FTX CEO to the Metropolitan Detention Center in Brooklyn, likely until the conclusion of his criminal trials.Continue Reading on Coin Telegraph More

“The terra(dot) money domains have successfully been frozen to prevent further user phishing scams, but a full resolution is still underway,” Terra officially announced on X (formerly Twitter) on Aug. 22.Continue Reading on Coin Telegraph More

According to Santiment, Bitcoin’s market value over realized value (MVRV) ratio on a 30-day moving average has dropped by 8.49%. This suggests that the asset’s price is currently undervalued at this point.On the other hand, the social volume for the term “buy the dip” has dropped significantly after it skyrocketed last week. Per Santiment, the optimism for a “quick market recovery” has faded.Moreover, the analysis suggests that most optimism came from Reddit, while Twitter and Telegram had a small share that has already been neutralized.Per Santiment, Bitcoin’s social dominance witnessed a massive surge when the asset took a deep dive from the $28,000 mark on Aug. 18. Furthermore, the analyst suggests that long-term active BTC investors are still profitable, with the 365-day MVRV ratio sitting above 5%. Per Santiment, many short positions remain open on exchanges despite the recent price downturn.Bitcoin is up by 0.24% in the past 24 hours and trading at $26,070 at the time of writing. The hike comes as the asset’s 24-hour trading volume witnessed a 40% surge, reaching $12.9 billion.BTC price – Aug. 22 | Source: Trading ViewBTC dropped below the $26,000 mark on Aug. 21, while the number of addresses holding at least one coin reached a new all-time high.According to data provided by BitInfoCharts, a Bitcoin wallet has accumulated 118,300 BTC over the past three months. The assets in the address are currently worth $3.08 billion at the time of writing.While some claim the address belongs to the Gemini crypto exchange, data provided by Arkham suggests the wallet belongs to Robinhood (NASDAQ:HOOD).Stats of the “bc1q….59v2” address – Aug. 22 | Source: ArkhamThis article was originally published on Crypto.news More

The United Arab Emirates has opened its door to crypto innovations, supported by federal grants and pro-crypto regulations aiming to nurture entrepreneurs. Attaining a VARA license in Dubai is a three-step process requiring crypto exchanges to qualify for provisional approval, a minimal viable product (MVP) license and a full market product license.Continue Reading on Coin Telegraph More