Category: Crypto market

U.S Government Warns Banks Dealing With Crypto Market

Posted on by Olumide Adesina

Coinbase asserted public letters from member banks to the Federal Deposit Insurance Corporation (FDIC) support the idea that the government has been covertly fighting a war against cryptocurrency.

The heavily redacted letters demonstrate how the FDIC told banks providing crypto-related services and products to hold off on doing so until the agency decided how best to regulate them.

Coinbase’s effort to compel the U. S. government by filing numerous legal requests for internal documents at the Federal Deposit Insurance Commission (FDIC) on Monday, to clarify FG’s approach to cryptocurrency.

Documents describing any cap or limit on the number of digital assets that can be held that the FDIC has allegedly placed on American depository institutions. By March 2022, the FDIC told one bank, “We respectfully ask that you pause all crypto asset-related activity.”.

The letters show that in 2022, the FDIC sent out these appeals to banks. Although it was previously known that in early 2022, the FDIC ordered all banks under its supervision to notify the agency if they intended to engage in “crypto-related activities,” it was unclear if the FDIC had given banks explicit instructions to stop doing so.

Coinbase has advocated for the FDIC to reveal cryptocurrency discussions with US banks. FDIC published 23 letters it sent to member banks regarding cryptocurrency in response to a request submitted by Coinbase under the Freedom of Information Act (FOIA), providing the company and the public with some answers to that question on Friday.

 

 

U.S Treasury Ban Russian Money Linked To USDT

Posted on by Olumide Adesina

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned several individuals and entities involved in a money laundering network that transferred assets for Russian interests using tether (USDT) and other cryptocurrencies.

Tether Tokens Backed by Euro Will be Available on C.R.E.A.M. Finance

 

The news release claims that OFAC collaborated with the United Arab Emirates and the United Kingdom to interfere with this network. OFAC has sanctioned four organizations and five new individuals associated with the TGR Group money laundering network.

The TGR Group, purportedly run by George Rossi, a Ukrainian national, is said to offer services such as a pre-paid card service, cash-for-crypto exchange (and vice versa), and assistance in allowing “Russian nationals to purchase property in the United Kingdom.”.

Rossi “used OFAC-sanctioned Russian cryptocurrency exchange, Garantex OU, to process USDT transactions after its date of designation,”

Processing a range of transactions from the Hydra dark market was one of Garantex’s alleged transgressions.

The purported money laundering network of TGR Group depended on numerous organizations worldwide, including those in Wyoming. Andrejs Bradens allegedly owns more than half of Pullman Global Solutions LLC. In addition to owning Pullman Global, Bradens, a Latvian national, is connected to other TGR Group companies, including TGR Corporate Concierge LTD. an organization with its headquarters in the UK.

Elena Chirkinyan, allegedly “a direct subordinate to Rossi,” is in charge of this organization, which is crucial to the network. In the past, Chirkinyan was accused of transferring money from Russia Today (RT); reportedly, this was done “likely to support the activities of a UK-sanctioned Russian-language media organization in the United Kingdom.”.

Chirkinyan also set up cash handovers, wherein USDT was transferred to a cryptocurrency address and the TGR group received cash in exchange. According to reports, Chirkinyan worked for Russians to buy real estate in the UK.

Pump.Fun Banned In UK

Posted on by Olumide Adesina

Pump.fun is a memecoin generation site that has been warned by the UK’s Financial Conduct Authority (FCA) that it is not permitted to function in the nation. The platform “may be providing or promoting financial services or products without our permission” in the UK, based on the warning, which was released on December 3.

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Customers who deal with Pump.fun can’t access consumer safeguards like the Financial Ombudsman Service or the Financial Services Compensation Scheme, the FCA stated.

The platform states that its services are not available to customers in countries designated as high-risk or sanctioned by the United States, the United Kingdom, the European Union, or the United Nations. Russia, Syria, North Korea, Iran, and Cuba are among the nations that are barred.

 Pump.fun is a decentralized platform built on the Solana blockchain, that lets users develop and publish their tokens—mostly meme coins—without technical know-how. Since its January 2024 launch, it has become well-known for its easy and affordable token production method.

Users on Pump.fun’s Telegram help channel claims that the platform isn’t accessible in the UK at the moment. Unfazed by the ban, some users even offered tips to circumvent the regulator’s restrictions, like accessing the platform through virtual private networks (VPNs). The FCA has already issued similar warnings against bitcoin firms.

The financial watchdog added more than 140 digital asset companies, including well-known exchanges like Huobi and KuCoin, to its list of non-authorized enterprises in October 2023, citing a lack of regulatory approval to operate in the local market. The UK is developing a regulatory framework for digital assets to establish clear guidelines for the industry. It is expected that regulations will be introduced by

Satoshi Nakamoto Bitcoin Holdings Worth $110 billion

Posted on by Olumide Adesina

The most prominent name in cryptocurrency circles is Nakamoto,  the Bitcoin inventor with an estimated 1.1 million Bitcoins worth $100 billion in wallets connected to the Bitcoin creator.   Spot Bitcoin ETFs held 1,105,690, totaling $110 billion as of Friday’s market close. issued by ten U.S. asset managers.

Bitcoin was created by Satoshi Nakamoto who disappeared from the public eye in 2011 and created electronic money that could be transferred without financial middlemen.

In that regard, it is ironic that the most prominent brands on Wall Street played a major role in Thursday’s milestone and reportedly influenced Bitcoin’s increasing value throughout the year.

The largest asset manager in the world, BlackRock, has controlled the emerging market for products that make investing in Bitcoin as easy as gaining exposure to the S&P 500. According to CoinGlass, the iShares Bitcoin Trust (IBIT) alone owns 521,000 Bitcoin valued at $50 billion.

Spot Bitcoin ETFs are writing a new chapter in the history of the asset. Bitcoin’s acceptance on Wall Street is only getting started, moving from obscure to deeply ingrained in mainstream finance.

Bloomberg ETF Analyst Eric Balchunas called it “mind-blowing,” pointing out that the products are “literal babies.”.

The ETF holdings are capable of surpassing the Bitcoin creator’s holdings. Markets project Nakamoto’s estimated holdings might be Wall Street products by Christmas.

Nonetheless, spot Bitcoin ETFs have made $2.04 billion since Monday, coinciding with Bitcoin’s historic surge above $100,000 on Wednesday—possibly an early present to the cryptocurrency acolytes.

Ripple’s XRP Turns Into Corporate Treasury Asset

Posted on by Olumide Adesina

Ripple’s XRP fell 1% on Friday after Worksport announced it would include the token in its corporate treasury.

 

Worksport, a company listed on the Nasdaq, is planning to incorporate Bitcoin and XRP into its corporate treasury, following in the footsteps of business intelligence firm MicroStrategy.

The manufacturer of tonneau covers said in a blog post on Thursday that it would spend up to $5 million to purchase XRP and Bitcoin. In addition to highlighting its long-term faith in cryptocurrencies as a store of value and an inflation hedge, the company said the strategic move aims to increase transaction efficiency.

“We are committed to staying ahead of market trends while prioritizing operational efficiency and shareholder value, as evidenced by our upcoming adoption of Bitcoin (BTC) and XRP (Ripple),” stated Steven Rossi, CEO of Worksport Ltd.

This is consistent with the growing institutional adoption and worldwide acceptance of digital assets. Given its ongoing legal battle with the Securities and Exchange Commission (SEC), Worksport’s decision to include XRP in its corporate treasury is a significant victory for the asset.

Judge Analisa Torres’ decision that XRP sold to retail investors does not qualify as securities but was appealed by the SEC.  She also lowered the SEC’s $2 billion fine against Ripple to $125 million.

The SEC’s appeal does not dispute XRP’s non-security status but challenges certain aspects of the decision.

There has been increasing hope for Ripple Labs, especially after SEC Chair Gary Gensler announced on January 20 that he would leave the agency. Paul Atkins, the CEO of Patomak Global Partners, has already been nominated by President-elect Donald Trump to succeed Gensler. Brad Garlinghouse, the CEO of Ripple, is among the prominent crypto voices who have endorsed Trump’s choice of replacement.

Forex Signals Brief December 6: All Eyes on the NFP After the Weak US Jobs Data This Week

Posted on by Skerdian Meta

Today the Non-Farm Payrolls report takes importance after a number of weak US labour data and a tumble in Services activity this week.

A strong NFP reading could reverse the USD decline

Continue reading “Forex Signals Brief December 6: All Eyes on the NFP After the Weak US Jobs Data This Week” →

Ethereum Loses Energy After Hitting $3.9K Mark

Posted on by Olumide Adesina

Ethereum’s celebration is considerably less frantic to XRP, Bitcoin, and Solana, as the price has yet to surpass its 2021 high. However, $4,000 should arrive very soon.

Ethereum has paused in its upward trajectory after an impressive rise above the $3.8K resistance level. The subsequent drop in bullish momentum led to a period of consolidation, even though this breakout was a significant turning point.

 

The market eventually recovered to above the $3.9K mark. This pullback produced a slight rebound, indicates the market’s intention to continue its upward movement, and has reignited interest in buying.

The bearish divergence of the RSI indicator, suggests that the bullish momentum is waning. It also implies that there might likely be a mid-term consolidation correction phase in Ethereum before it resumes its rise. The price should experience periods of reduced volatility and retracements as it approaches the psychological resistance of $4K.

The price has bullish momentum with an RSI above the bullish mark, continue on this path, it will be necessary to surpass the last high at 79. The next resistance, equivalent to the March highs, is around $4,100.

ETH is the second-biggest cryptocurrency globally in market valuation but is still far behind Bitcoin. The difference might, however, begin to close as ETH continues to outperform BTC. Even though Satoshi Nakamoto’s creation performs better annually than Vitalik Buterin, the situation has flipped over the past 30 days.

The open interest metric, which counts open perpetual futures positions across all exchanges, has reached a new all-time high. This spike suggests unprecedented speculative activity in Ethereum’s derivatives market.

Interestingly, this increase in open interest is occurring without Ethereum’s price hitting a new all-time high. This divergence raises concerns about high volatility and large liquidation cascades. In the event of a significant price contraction or consolidation, the Futures market’s overleveraged positions could trigger a wave of forced liquidations, leading to more declines.

 

UK Owns $6 Billion Worth of Bitcoin

Posted on by Olumide Adesina

UK government is connected to a digital wallet containing 61,245 BTC worth $6 billion, as shown by Arkham Intelligence.

Arkham claims that the $6 billion in Bitcoin the UK government owns was taken from Zhimin Qian, a scammer who carried out a multibillion-pound scam. They have held onto this for three and a half years after Zhimin Qian seized it in 2021.

Chinese national Qian Zhimin stole $5.6 billion from 130,000 Chinese investors between 2014 and 2017. She was recruited by Jian Wen, who obtained her under pretenses from a fast-food chain store in East London in September 2017.

At Southwark Crown Court, a co-defendant, Seng Hok Ling,  entered a not-guilty plea to related charges, Zhimin will go on trial in September of next year, while Jian has already been sentenced to six years in prison for the money laundering scheme.

The blockchain’s transparency and open access to on-chain transactions made it easy to identify several cases relating to Bitcoin. Consequently, the securities agency was able to trace the pilfered funds.

Meanwhile, the UK is putting forth a new bid to become a global center for cryptocurrency. Britain’s Labour government has pledged to create a welcoming environment for companies involved in blockchain and cryptocurrency. According to Treasury Economic Secretary Tulip Siddiq, the government wants to work with companies on draft laws about digital assets, such as stablecoins, “as early as possible next year.”.

‘The government would not consider cryptocurrency staking services, which pay out on users’ token holdings, to be collective investment schemes’, she added. Crypto industry insiders were concerned that this kind of treatment would have resulted in complex regulatory requirements.

 

Trump Celebrates Bitcoin’s Milestone

Posted on by Olumide Adesina

President-elect Donald Trump celebrated with Bitcoiners, taking credit for the recent price spike as the asset broke through its $100,000 price target for the first time.

Trump wrote, “Congratulations, Bitcoiners,” in a Truth Social post. Following a sharp increase in the price of Bitcoin and other cryptocurrencies since his election victory, Trump wrote, “$100,000!!! You’re welcome!!! Together, we will make America great again!”

 

BTC crossed the $100,000 mark for the first time. Thirteen hours have passed since the asset’s all-time high price of $103,679 was established.

Trump’s newfound affinity with Bitcoin enthusiasts is highlighted in the message, as the digital asset market grows in strength in the United States. S. . political. In recent months, Trump and the Republican party have made several remarks aimed at courting Bitcoiners and other cryptocurrency enthusiasts.

Trump started courting the Bitcoin community earlier last year. He appeared at the Bitcoin 2024 conference in Nashville, Tennessee, where he won over supporters despite confusing Bitcoin with other cryptocurrencies. During his speech, he pledged to launch a Bitcoin stockpile in the United States, fire SEC Chair Gary Gensler, and release imprisoned Silk Road dark web marketplace founder Ross Ulbricht. Additionally, he committed to safeguarding Bitcoin and cryptocurrency mining in the United States.

Trump’s Republican Party also supported Bitcoin. The Republican Party’s official platform pledged to stop an “illegal and un-American crackdown” on  the crypto sector.

The protection of cryptocurrency mining, the preservation of the right to self-custody digital assets, and opposition to creating a central bank digital currency in the United States are major issues that exited the American Crypto Industry

 

Bitcoin Rapid Crash Causes $1 Billion Loss In Leveraged Market

Posted on by Olumide Adesina

Bitcoin fell to its lowest point in more than a week leading to the liquidation of more than $1 billion worth of digital assets before a steep recovery.

Bitcoin lost 6.3 percent to $91,000 late Thursday before it recovered above $98,000 levels on Friday morning. The asset has increased by more than 38% over the last 30 days due to President-elect Donald Trump’s optimistic sentiment.

 

According to CoinGlass data, the move caused more than $1.07 billion in market liquidations, of which about 80%, or $817 million, came from positions betting on higher prices. In contrast, during the last four hours, long liquidations of bitcoin have increased to over $400 million.

In perpetual futures contracts, traders with long and short positions exchange money at funding rates. The contract price is kept in line with the price of the underlying asset. A high funding rate means many traders placed large bets on one side, usually longs.

Many traders were over-leveraged on the assumption that prices would continue to rise, as indicated by Thursday’s move and high funding rates. A steep decline in price resulted from forced liquidations when the market turned against them. In the past, analysts warned that market players should be aware of “profit taking” along the way and remind themselves that assets rarely rise “forever” in a straight line.

This comes after Bitcoin unexpectedly surged above the renowned $100,000 mark late Wednesday night, hitting all-time highs above $103,000. BlackRock’s iShares Bitcoin Trust (IBIT) reached the milestone in just 228 days with assets under management of over $50 billion, five times faster than any other ETF in history.

Trump’s reelection has been widely attributed to the recent spike in Bitcoin and other cryptocurrency prices,  fueled by his pro-crypto campaign and promises aimed at the industry

Trump has appointed former SEC commissioner Paul Atkins to head the regulatory body, his selection as the next chairman of the Securities and Exchange Commission came shortly after he took credit for Bitcoin’s achievement of breaking the $100,000 mark on Thursday