Author: Mohammed Ali

Article written by Mohammed Ali

Bitcoin Hits $60K and Likely Has More Room to Rally

September 14, 2024 1 min read

Cryptocurrencies, notably Bitcoin (BTC), surged on Friday, with Bitcoin hitting the $60,000 mark. The market was supported by robust advances in traditional markets, including Bitcoin, which recovered from a 1% decline to $57,600 after MicroStrategy announced its purchase of 18,300 BTC for $1 billion. Ethereum’s ether price increased by 2.7%, while crypto analytics firm IntoTheBlock reported that Ethereum’s fee revenue increased by roughly 60% in the last week as a

US court dismisses a class-action lawsuit against Atomic Wallet due to no jurisdiction

September 11, 2024 1 min read

A federal judge in the United States has dismissed a class-action lawsuit against the Estonian cryptocurrency business Atomic Wallet and its principal individuals, citing insufficient jurisdiction. The lawsuit was initiated in 2023 by users following a $100 million breach in June. The plaintiffs contended that Atomic Wallet had rendered its application accessible for download in Colorado and promoted it on platforms such as X, so establishing jurisdiction. Graham Dickinson, one

Penpie DeFi protocol suffers a $27 million hack, causing its token to drop 40%

September 4, 2024 1 min read

Penpie, a decentralized finance (DeFi) protocol operating on Pendle’s platform, experienced a severe security breach on Wednesday, leading to a loss of $27 million in digital assets. Cyvers, a blockchain security firm, reported the hack after detecting unusual behavior associated with Penpie’s contracts. The hacker infiltrated Penpie’s system by exploiting a crypto mixing service, carrying out a malevolent transaction that enabled them to pilfer many tokens, such as staked Ethereum

The US SEC raises objections to FTX’s bankruptcy plan, citing legal concerns

September 3, 2024 1 min read

The U.S. Securities and Exchange Commission (SEC) has raised concerns regarding FTX’s proposed bankruptcy restructuring plan, despite receiving significant support from creditors. The SEC may raise objections to the ratification of the proposal unless certain adjustments are implemented, which represents a substantial obstacle for the ailing cryptocurrency exchange. Additionally, the SEC has demanded the removal of the discharge provision and offered additional modifications to the plan and the proposed confirmation

Binance faces allegations of seizing Palestinian crypto assets at Israel’s request

August 28, 2024 1 min read

Binance crypto exchange is being accused of confiscating Palestinian bitcoin holdings upon the Israeli government’s request. Ray Youssef, one of the founders of the peer-to-peer crypto platform Paxful and CEO of the Noones peer-to-peer platform, claims that Binance confiscated all assets belonging to Palestinians and declined to give them back, despite multiple requests. He cautions that this may result in more extensive confiscation of assets throughout the area, underscoring the

This whale acquires 347 WBTC worth over $117M within just 12 hours on August 19

August 20, 2024 1 min read

An anonymous whale has been acquiring Wrapped Bitcoin (WBTC), collecting more than $118 million worth of WBTC within a brief period. The whale has accumulated a total of 1,953 WBTC, acquired at an average cost of $58,853 per coin. The last transaction involved the purchasing of 347 WBTC, which was valued at almost $16 million. This transaction took place within a span of under 12 hours on August 19. The

Marathon Digital plans to raise $250 million via a debt offering to boost its Bitcoin holdings

August 14, 2024 2 mins read

Marathon Digital Holdings, a well-known business in the Bitcoin mining industry, intends to generate $250 million by issuing debt in order to acquire more Bitcoin . This approach emulates the technique employed by MicroStrategy, which commenced utilizing Bitcoin as a reserve asset in 2020 and acquired debt to augment its reserves. Marathon now possesses more over 20,000 Bitcoin, making it the second-largest holding among publicly traded firms, trailing only behind

Bitget Wallet doubles its user base to 30 million in a year

August 13, 2024 2 mins read

The user base of Bitget Wallet has increased twofold to 30 million in just one year, primarily due to the surge in on-chain trade and the growth of the decentralized finance (DeFi) ecosystem. The platform’s sophisticated on-chain trading capabilities, specifically within the meme currency ecosystem, have garnered a substantial influx of new users. Bitget Wallet has emerged as a prominent platform for meme currencies, including advanced functionalities such as intelligent

Morgan Stanley’s plan to offer Bitcoin ETFs to clients could lead to increased regulatory scrutiny

August 11, 2024 1 min read

Former SEC enforcement officer John Reed Stark suggests that Morgan Stanley’s introduction of Bitcoin exchange-traded funds (ETFs) to clients may lead to heightened regulatory attention. The bank intends to provide 15,000 of its financial advisors with Bitcoin spot ETFs to offer to clients, granting high-net-worth clients the opportunity to access BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC). These investments are specifically designed for individuals who

The Brazilian Securities and Exchange Commission (CVM) approves the world’s first Solana spot ETF

August 8, 2024 1 min read

The Solana spot ETF, which is the inaugural ETF of its kind authorized in Brazil, is an investment vehicle provided by QR, a key participant in the financial industry, and overseen by Vortx. This exchange-traded fund (ETF) offers investors a distinct chance to acquire exposure to Solana’s digital assets using a regulated and conveniently accessible financial instrument. The ETF’s reference price is determined by the CME CF Solana Dollar Reference

U.S Fed Calls For Emergency Meeting Amid Global Market Crash

August 5, 2024 1 min read

In the midst of global market turmoil, the US Federal Reserve has convened an emergency meeting to reassess interest rates. It is anticipated that the meeting will lead to a 50 basis point decrease in the rate. In the past seven days, the Japanese yen has experienced a 13% decline in value, Korea and Taiwan have experienced a 10% decline, and Bitcoin prices have fallen by 21%. S&P futures have

Ethereum (ETH) Price Struggles Despite the ETFs Launch

July 27, 2024 1 min read

The price of Ethereum (ETH) has witnessed a substantial downturn following the introduction of the Spot Ethereum ETFs, suggesting that the debut was a “sell the news” occurrence. According to an analysis, Ethereum has experienced a 10% decrease in value since trading commenced on July 23. Further losses may occur. Markus Thielen, the Head of Research at Matrixport, provided a comprehensive explanation for the decrease in the price of ETH.