News

Russian authorities in Dagestan intensify efforts to shut down illegal underground crypto mining farms

September 25, 2024 1 min read

The Republic of Dagestan in Russia has been combating illicit crypto mining, having uncovered multiple clandestine operations. Abdulmuslim Abdulmuslimov, the Prime Minister of Dagestan, has advocated for stricter restrictions due to the miners’ persistent advancement in concealment techniques. The prime minister disclosed the discovery of multiple unlicensed mining operations located in subterranean tunnels, rendering them more difficult to identify. A concealed farm in the Sergokalinsky district was revealed, containing more

Institutional investors are pulling out of Ethereum ETFs

September 25, 2024 1 min read

Institutional demand for Ethereum is diminishing, as spot Ethereum ETFs are witnessing considerable outflows, notwithstanding the recent price rebound following the Federal Reserve’s interest rate reductions. Grayscale’s Ethereum ETF has experienced the most substantial decrease, with outflows totaling $80.6 million, signifying diminished interest from institutional investors. Bitcoin ETFs have experienced inflows, signifying a preference for Bitcoin over Ethereum among investors. Notwithstanding a 15% resurgence in Ethereum’s price, the demand for

Binance Coin (BNB) nears a potential breakout past $600

September 25, 2024 1 min read

Binance Coin (BNB) is experiencing an increase in investor confidence attributed to the imminent release of co-founder and former CEO Changpeng Zhao (CZ). With only six days remaining in CZ’s four-month incarceration, BNB is poised to surpass its resistance levels, perhaps elevating the price beyond the $600 threshold. The coin has been oscillating within a horizontal band since July, encountering resistance at $597.80 and support at $464.80. Technical indicators indicate

BlackRock seeks to amend its Bitcoin ETF

September 25, 2024 1 min read

BlackRock, the global asset management firm, has submitted an update for its Bitcoin ETF (IBIT) in response to apprehensions regarding Coinbase’s custodial methods. Investors have expressed concerns regarding the transparency of Coinbase’s management of Bitcoin, leading to requests for on-chain verification that all ETF-related transactions are accurately resolved. BlackRock demanded that Bitcoin withdrawals from Coinbase be executed within 12 hours, citing apprehensions around the utilization of “paper BTC” or Bitcoin

Coinbase and the SEC face off in court as the crypto exchange demands clearer regulations

September 24, 2024 1 min read

Coinbase and the SEC are engaged in a federal court fight on the formulation of new regulations for the digital asset sector. Coinbase asserts that the SEC has failed to furnish explicit rules for enterprises within the Bitcoin sector, notwithstanding its persistent counsel to “come in and register.” Paul Grewal, Coinbase’s chief legal officer, articulated his dissatisfaction with the SEC’s rejection and its vigorous enforcement of ambiguous regulations. The SEC

FTX crypto exchange prepares to distribute $16 billion to creditors

September 24, 2024 1 min read

As the year concludes, the allocation of funds from FTX, the defunct crypto exchange, is approaching finalization. Reports indicate that $16 billion has been allocated for FTX creditors, with users suggesting that the process is approaching finalization. A customer, who had liquidated the majority of their funds before FTX’s insolvency, indicated that they are poised to get a modest amount and intend to reinvest in Bitcoin, characterizing the dividend as

Shiba Inu’s burn rate surges by 700%, removing 15 million SHIB tokens from circulation

September 24, 2024 1 min read

Shiba Inu has witnessed a 700% surge in its burn rate, accompanied by optimistic remarks from Shytoshi Kusama during the Token2049 event in Singapore. The SHIB token initially experienced an increase above 9%, but is presently trading with a 0.18% decline during the past 24 hours. The recent increase in burn rate has eliminated 15 million SHIB tokens from circulation, prompting the market to expect additional gains. A majority of

AAVE price reaches highs of $173 on Monday, its highest level since April 2022

September 23, 2024 1 min read

Aave (AAVE), a distributed finance technology, has seen its native currency’s price surge to levels not seen since April 2022. The spike to above $173 marks the highest price level since April 2022. AAVE experienced a steep decline after reaching an all-time high above $670 in May 2021. AAVE has since experienced a major accumulation phase that lasted nearly two and a half years. This rebound is occurring at a

Ethereum transaction fees spike, despite a drop in active accounts

September 23, 2024 1 min read

Ethereum transaction fees have risen markedly in recent weeks, even as the number of active accounts on the network has fallen to its lowest point this year. The average transaction charge has decreased to its lowest level since 2020, falling below $1. Nonetheless, the seven-day moving average transaction charge surged markedly, attaining $3.52 on September 21, about three times its value at the beginning of the month. This surge resulted

CryptoQuant CEO Ki Young Ju defends Binance founder Changpeng Zhao

September 23, 2024 1 min read

Ki Young Ju, CEO of CryptoQuant, has articulated robust support for Binance founder Changpeng Zhao (CZ) as his impending release from detention nears. Zhao is undergoing a four-month incarceration following a guilty plea for infractions of the US Bank Secrecy Act (BSA) in November 2023. His acknowledgment entailed neglecting to avert money laundering on Binance, culminating in a $4.3 billion sanction for Binance and a $50 million penalty for Zhao.

Tether’s USDT stablecoin is approaching a $120 billion market cap

September 23, 2024 1 min read

Tether’s USDT stablecoin is nearing $120 billion, reinforcing its status as the leading stablecoin in the cryptocurrency market. The company has issued $35 billion in USDT over the past year, exceeding its primary competitor, Circle’s USDC. As of Q2 2024, Tether possesses in excess of $97 billion in US Treasuries, ranking as the 18th largest holder of US government bonds worldwide. Stablecoins such as USDT are utilitarian for daily transactions

Circle submitted an IPO application to the US SEC

September 22, 2024 1 min read

Circle, a stablecoin issuer, intends to move its headquarters to Wall Street in 2025 and is preparing for a first public offering (IPO). Notwithstanding these endeavors, Circle remains subordinate to Tether, the industry leader, which commands a 70% share. Tether has designated Jesse Spiro, the former director of regulatory relations for blockchain and cryptocurrency at PayPal, as the head of government affairs. The USDC stablecoin, linked to the US dollar,