Paxos Report: Is Blockchain The Next Step For Global Remittances?

The age of digital currencies and blockchain technology is upon us, with an increasing number of institutions advocating for their widespread adoption. At the forefront of this conversation is Paxos Trust Company, the New York-based stablecoin titan.

In a recent announcement, the firm strongly contended that blockchain technology could fundamentally reshape the global remittance landscape, streamlining the flow of funds and bolstering economies worldwide.

Blockchain’s Contribution To Economic Stabilization

Global remittances, which denote payments made by individuals or entities overseas back to their native countries, significantly influence the monetary influx of many economies. These remittances are paramount, often dictating the economic health of various nations.

But how does blockchain fit into this intricate picture? According to Paxos, the answer lies in its features: efficiency, security, and transparency offered by the technology. 

Delving deeper into the essence of global remittances, Paxos detailed in the report that these transactions don’t merely signify financial transfers.

Paxos noted that they play a crucial role in poverty alleviation and economic consumption, acting as reliable income sources for recipients. By ensuring consistent availability of funds for necessities such as food, housing, education, and healthcare, remittances effectively spur economic growth.

Furthermore, the stabilization and resilience of an economy are directly influenced by these remittances. During turbulent times marked by economic upheaval or natural calamities, remittances emerge as consistent income streams, reinforcing economic stability.

Blockchain Features Are In Play

Traditional banking systems are often marred by delays, especially in cross-border transactions. Blockchain, as Paxos emphasized, could reshape this sector by enabling almost instant international transfers. Such efficiency proves invaluable for recipients who need immediate access to funds, particularly during emergencies.

The New York-based stablecoin titan noted:

Blockchain enables near-instantaneous cross-border transactions, bypassing the delays associated with traditional banking systems. This speed is particularly advantageous for recipients who urgently need the funds for immediate expenses.

In addition, Blockchain’s decentralized nature paves the way for heightened security and transparency, virtues not always guaranteed in the traditional remittance realm.

By sidestepping intermediaries typically associated with conventional remittances, blockchain ensures rapid transactions paired with diminished fees and overhead costs, according to Paxos.

It is worth noting that Paxos has proven its mettle in the cryptocurrency sphere, particularly as the issuer of Binance’s BUSD stablecoin. The company has also been announced to be the issuer behind PayPal’s recently launched stablecoin, PYUSD.

The global crypto market cap value on TradingView amid Blockchain report

Featured image from Unsplash, Chart from TradingView

Original Post: Paxos Report: Is Blockchain The Next Step For Global Remittances?

USPTO Rejects Dogecoin Foundation’s Trademark Application, What It Means

In a pivotal decision, the United States Patent and Trademark Office (USPTO) has declined the Dogecoin Foundation, Inc.’s application to trademark a design of a gold circular medallion featuring the iconic Shiba Inu dog and the letter “D”. This decision, which could set a legal precedent, is seen as a reinforcement of the decentralized ethos of the cryptocurrency.

Dogecoin Foundation Gets Trademark Denied

The Dogecoin Foundation had sought to register the mark for a range of services, including educational conferences in blockchain technology and software development services. However, the USPTO denied the trademark application.

The USPTO’s refusal, detailed in an official letter, cites multiple grounds. The primary refusal is based on the assertion that the applied-for mark is “generic for the applicant’s services”. The USPTO states: “generic terms cannot be rescued by proof of distinctiveness or secondary meaning no matter how voluminous the proffered evidence may be.” This means that even if a term or symbol has achieved widespread recognition, it cannot be trademarked if it’s deemed generic.

Descriptive Nature: The USPTO also maintained its position that the applied-for mark is “merely descriptive” of the applicant’s services. The application’s scope covered a broad range of services, from educational conferences in blockchain technology to software development in distributed computing platforms. The mark, in the USPTO’s view, simply describes the services rather than distinguishing them.

Failure To Function: Another significant ground for refusal is that the applied-for mark is a universal symbol that does not function as a trademark or service mark. The USPTO argues that the mark would be perceived by consumers as merely conveying information about the services rather than acting as a unique identifier of the source.

Evidence Of Acquired Distinctiveness: The Dogecoin Foundation, Inc. provided evidence, including a declaration by its president and a claim of acquired distinctiveness based on five or more years’ use. However, the USPTO found this evidence insufficient, especially given the highly descriptive nature of the mark Dogecoin. The USPTO emphasized that a more descriptive term requires more substantial evidence to prove acquired distinctiveness.

Comparison With Other Cryptocurrencies: The Dogecoin Foundation tried to draw parallels with the Ethereum cryptocurrency, arguing that the existence of Ethereum as a registered mark undermines the USPTO’s stance. However, the USPTO highlighted that the Dogecoin cryptocurrency did not have a consistent owner from its inception, differentiating it from Ethereum.

DOGE Community Reacts

The cryptocurrency community, especially Dogecoin enthusiasts, have generally lauded the decision. The sentiment is that the refusal maintains the decentralized nature of Dogecoin, preventing any single entity from claiming exclusive rights to its symbols.

Prominent Dogecoin community members have expressed their approval on social media. @RichDevX celebrated the examiner’s detailed response, while @mishaboar noted the examiner’s careful consideration of Dogecoin’s history.

However, it’s crucial to understand that the USPTO’s decision is not final. The Dogecoin Foundation, Inc. has the option to respond to the refusals and provide further evidence or arguments in support of registration. The ruling is still subject to future assessments and potential legal challenges.

At press time, DOGE traded at $0.0638, sandwiched between the 20-EMA and 50-EMA in the 4-hour chart.

Dogecoin DOGE price
Original Post: USPTO Rejects Dogecoin Foundation’s Trademark Application, What It Means

Ripple vs. SEC: Trial Dates And Next Deadlines You Need to Know

In the continuing legal saga between Ripple Labs, its top executives, and the U.S. Securities and Exchange Commission (SEC), U.S. District Court Judge Analisa Torres has made critical announcements concerning the upcoming trial dates and associated deadlines.

In an August 9 filing in the U.S. District Court for the Southern District of New York, Judge Torres indicated intentions to move forward with a jury trial for Ripple, including CEO Brad Garlinghouse and co-founder Chris Larsen. The anticipated trial commencement was targeted between April 1 and June 30, 2024. However, with blackout dates submitted from both sides, a slight delay pushes the earliest start date to April 20, 2024.

Upcoming Deadlines For Ripple Vs. SEC

Just in time, Ripple Labs, Garlinghouse, Larsen and the SEC have now filed their applications, which were due by yesterday, August 23. Yesterday, the counsel for Brad Garlinghouse and Chris Larsen have informed Judge Torres the dates they will not be available for trial in the second quarter of 2024. Both are unavailable from April 1-14.

On the flip side, Ripple Labs’ legal representatives filed a letter that the firm is “available for trial anytime in the second quarter of 2024.” The SEC relayed its unavailability for the dates April 15-19, May 1-7, and May 27-31. This means that the trial will start with a little delay, at the earliest on April 20.

Earlier in the case, Judge Torres delivered a partial summary judgment. This significant ruling discerned that Ripple’s institutional sales of XRP were found to constitute an unregistered securities offering, yet their programmatic sales did not fall under this definition.

The upcoming trial will be instrumental in determining the legal culpability of Ripple’s top brass, both accused of aiding and abetting securities laws violations concerning the XRP token. Notably, Ripple Labs has been spared of aiding and abetting charges.

Furthermore, key trial deadlines have been enumerated recently: By December 4, 2023, all parties have to “submit any motions in limine. Oppositions to any motions in limine shall be submitted by December 18, 2023.”

The same date, December 4, mandates the submission of “all required pretrial filings, including their proposed joint pretrial order, requests to charge, verdict form, and voir dire questions.” Both parties are also expected to “deliver to the court one copy of each documentary exhibit sought to be admitted” by December 4.

On another pivotal front, the SEC recently filed its Motion to Certify Interlocutory Appeal on August 18. Judge Torres, having considered submissions from both parties, has green-lighted the SEC’s appeal motion. However, the current filings refrain from explicating the rationale behind this decision.

Responding to the ongoing proceedings, Ripple CEO Brad Garlinghouse remarked on Twitter, “Reminder – the request for appeal (even if granted) doesn’t change the fact that XRP is not a security. That’s not up for debate / trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense.”

At press time, the XRP price was at $0.53.

Ripple XRP
Original Post: Ripple vs. SEC: Trial Dates And Next Deadlines You Need to Know

FTX Founder Bankman-Fried’s Defense Strategy Unveiled In Letter To Judge

In a recent letter addressed to Judge Lewis Kaplan, lawyers representing FTX founder Sam Bankman-Fried outlined their defense strategy, emphasizing the importance of the “counsel advice” approach. 

The letter, dated August 23, 2023, responded to the court’s order directing the defense to address the government’s request for additional disclosures related to the proposed advice-of-counsel defense.

FTX Founder’s Legal Team Obstructed In Obtaining Key Records?

Bankman-Fried’s legal team firmly stated that the government is not “entitled” to further information regarding the specific details and scope of the proposed defense, nor the evidence concerning Bankman-Fried’s reliance on counsel. 

Citing legal precedent, the defense argued that the government’s request for such information exceeded its authority under well-known rules and established case law.

Furthermore, the defense highlighted their previous attempt to obtain records from Fenwick & West LLP, external counsel for FTX and Alameda, which were “relevant” to the conduct alleged in the indictment. 

The application to compel the government to produce these records was denied by the court, leaving the defense unable to obtain valuable evidence reflecting Fenwick’s legal advice. 

Bankman-Fried’s lawyers expressed their frustration at the government’s subsequent request for specific documents, considering the government’s role in hindering their access to the very same documents.

Despite the challenges, the defense intends to present evidence demonstrating Bankman-Fried’s awareness of Fenwick lawyers and in-house counsel, including individuals like Dan Friedberg, Can Sun, and Ryne Miller, who were involved in reviewing and approving decisions related to the matters at hand. 

The defense argued that such evidence is relevant to establishing Bankman-Fried’s good faith and rebutting the government’s claim of criminal intent to defraud.

Reliance On Counsel As Evidence Of ‘Good Faith’

Legal experts cited the case of Howard v. Securities and Exchange Commission (SEC), where reliance on counsel was considered evidence of “good faith” rather than a formal defense. 

The FTX founder defense drew parallels to this case, emphasizing the importance of Bankman-Fried’s awareness of counsel involvement in matters related to the charges against him.

While the list provided in the letter was not exhaustive, the defense indicated its intent to elicit similar evidence based on the government’s disclosures and the evidence presented at trial. 

They asserted that these additional disclosures were sufficient to put the government on notice of the nature and scope of the reliance evidence they intended to present.

Bankman-Fried’s legal team has strategically revealed their defense strategy in response to the court’s order and the government’s request for additional disclosures. As the trial unfolds, the courtroom will witness the defense’s efforts to emphasize Bankman-Fried’s reliance on counsel and challenge the government’s allegations of criminal intent.

FTX Founder Bankman-Fried is confronted with 12 criminal counts, the charges of which will be divided between two separate trials. The first trial is slated to commence in October 2023, while the second trial is scheduled for March 2024. 


Featured image from iStock, chart from 

Original Post: FTX Founder Bankman-Fried’s Defense Strategy Unveiled In Letter To Judge

Bitcoin Gets Backing From US Pres’l Candidate, Says Crypto Supports Civil Rights

US presidential candidate Robert F. Kennedy Jr. has emerged as a fervent advocate for Bitcoin, elevating the cryptocurrency into the realm of civil liberties. Characterizing himself as a “lifelong defender of civil liberties,” Kennedy passionately endorsed the crypto as a manifestation of the very freedoms he holds dear. 

With the impending presidential election looming, Kennedy strategically pivoted to emphasize the significance of Bitcoin and the broader landscape of digital assets, using his platform of choice, X (formerly Twitter).

Robert F. Kennedy Jr. Champions Digital Assets In The Political Arena

Kennedy has seamlessly woven digital assets into the fabric of his campaign, underscoring his devotion to the cause with declarations that echo sentiments expressed in recent months. 

Underlining his pro-crypto stance, Kennedy boldly pledged to shield cryptocurrencies from capital gains taxes if elected—an announcement that resonated deeply within the cryptocurrency community. This position not only further solidified his commitment to the digital realm but also signaled a departure from conventional fiscal policies.

Bitcoin Becomes Personal For Kennedy

Unveiling an aspect of his dedication to the cause, Kennedy divulged that he recently invested in Bitcoin himself. Following his appearance at a prominent Bitcoin conference in Miami, Kennedy proclaimed that he “decided to put my money where my mouth is,” underscoring his unwavering support for the cryptocurrency. 

This move set an example for his supporters and solidifying his authenticity in the crypto sphere. Intriguingly, after the conference, the presidential candidate demonstrated his commitment by gifting two Bitcoins to each of his seven children, thereby further embedding the concept of digital assets within his family legacy.

Navigating Choppy Waters In Crypto Markets

In a climate where cryptocurrency markets are often defined by their volatility, Kennedy’s endorsement of Bitcoin has come amidst a backdrop of fluctuating prices. As evidenced by the current BTC price of $26,022, reflecting a minor decline of 0.1%, and a notable seven-day slump of 10.8%,

In the realm of politics, where candidates’ positions on technology and digital innovation are often scrutinized, Kennedy’s outspoken support for Bitcoin shines a spotlight on the evolving intersection of digital assets and civil liberties. 

With bold promises and tangible investments, Kennedy has steered his campaign into uncharted waters, leaving a mark on both the political and cryptocurrency landscapes.

Notably, his resolute advocacy of Bitcoin as an embodiment of civil liberties invigorates discussions surrounding the intrinsic value and transformative potential of digital assets. 

Featured image from Forbes

Original Post: Bitcoin Gets Backing From US Pres’l Candidate, Says Crypto Supports Civil Rights

State Bank Of Pakistan Calls Ripple and XRP ‘Encouraging Work’

In a surprising revelation from the State Bank of Pakistan (SBP) in their 2022 financial stability report, the institution acknowledged the nascent, albeit “promising work” of Ripple and XRP, in the global payment ecosystem.

State Bank Of Pakistan Praises Ripple And XRP

“While crypto assets offer some benefits, the realization of these benefits still requires enabling pre-conditions,” the report states. “Furthermore, while some encouraging work is being conducted to support cross-border payments (e.g., through Ripple’s XRP), it still is only on a minuscule level compared to the volume of cross-border payments globally.”

This comment comes amid a backdrop of evolving cryptocurrency dynamics and its penetration into mainstream finance. With the SBP recognizing the potential of cryptos like XRP in facilitating cross-border transactions, there’s a broader acknowledgment of the evolving financial landscape.

However, the bank maintains a cautious stance. The report went on to highlight the inherent risks that cryptocurrencies bring along, such as their potential use in money laundering and terrorism financing. It brought up the notorious case of Silk Road, the now-defunct dark web marketplace. Additionally, the document also referred to the collapse of the FTX crypto exchange and the disintegration of Terraform Labs’ projects, indicating the volatile nature of the crypto industry.

Despite the caveats, the SBP’s acknowledgment of XRP’s capabilities is noteworthy, especially against the background where the bank has not recognized any cryptocurrency as legal tender.

Stablecoins Gain Large Market Share

What’s intriguing is how the SBP’s view stands in contrast to the global traction cryptocurrencies, especially stablecoins, have gained recently. Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, pointed out the huge market share stablecoins have gained in 2022, according to a new study.

The report states that stablecoin settled over $11 trillion on-chain, dwarfing the volumes processed by PayPal ($1.4 trillion), almost surpassing the payment volume of Visa ($11.6 trillion) and reaching 14% of the volume settled by ACH an over 1% the volume settled by Fedwire.

At press time, the XRP price was trading at $0.5188. Thus, XRP has lost almost all the gains that were created as a result of the euphoria over Ripple’s victory against the US Securities and Exchange Commission. Currently, XRP is facing the 200-day EMA at $0.5251. If a breakout succeeds, $0.5540 would be the next target.

Ripple XRP
Original Post: State Bank Of Pakistan Calls Ripple and XRP ‘Encouraging Work’

US DOJ Action Vs. Binance Becomes More Likely, Warns Ex-SEC Official

For months now, ex-SEC enforcement official John Reed Stark has been vocal about his speculation that a US Department of Justice (DOJ) action against Binance is imminent or has already been filed under seal. While these assertions haven’t yet materialized, Stark has taken to X once again, offering “yet another new reason” to bolster his claim.

Binance’s Alleged Ties To Sanctioned Banks

This time, Stark references a recent Wall Street Journal report, shedding light on the exchanges’ connections with sanctioned banks and its involvement in large-scale ruble-to-crypto trades. He mentioned, “The WSJ reports that via layers of intermediaries, Binance’s clients can turn funds at sanctioned banks into balances at Binance… Is this what it means to run an international money laundering service? IMHO, Yes.”

The report claims that Russians can exchange rubles for digital currencies, particularly stablecoins that are pegged to the dollar, which can then be swapped for fiat currencies at brokerages abroad or transferred into other crypto wallets as a form of payment. According to WSJ, the US DOJ is currently investigating whether Binance may violate US sanctions against Russia.

The broader crypto and legal community’s watchful eyes have been tracking emerging allegations against the exchange led by Changpeng Zhao (“CZ”). A comprehensive 136-page SEC complaint has suggested a “massive market manipulation scheme at Binance.” It alleges that certain Binance and CZ controlled entities might have co-mingled billions in customer funds, exposing investor assets to undue risks.

Another separate 76-page complaint from the U.S. Commodity Futures Trading Commission paints a picture of a “vast criminal enterprise at Binance,” emphasizing its potential evasion of pivotal anti-money laundering procedures.

Adding to the discussion, the esteemed XRP community attorney, John E Deaton, responded to Stark’s tweet, hinting at his anticipation regarding the DOJ’s delayed action. He queried, “I’m curious if you (or Joe) have an opinion or theory as to why the DOJ has not yet filed? Is there a strategic reason to wait?”

Joe Carlasare, contributing to the discourse, said, “I can’t come up with a good reason for the delay, but I still believe it’s coming.”

Stark, echoing the sentiments of the community, admitted, “John and Joe, I am equally confounded — though pleased (and relieved) that my take is aligned with such fine gentleman and legal scholars like yourselves.”

Too Big To Jail?

While Stark’s previous claims have yet to come to fruition, a recent report from Semafor has intensified concerns. It suggests the DOJ is carefully weighing potential fraud charges against Binance, balancing the legal action’s repercussions on the broader crypto ecosystem. Insider sources have alluded to fears reminiscent of a “bank run,” akin to what was witnessed with the now-bankrupt FTX platform.

This scenario could precipitate overwhelming withdrawal requests, jeopardizing consumer funds and potentially shaking the Bitcoin and crypto markets at large. In an attempt to avert such a scenario, alternative legal avenues, including levying fines or deferred/non-prosecution agreements, are being supposedly deliberated.

Though no formal indictment is on record, the increasing speculations and escalating allegations highlight the pivotal crossroads at which Binance stands. Remarkly, the BNB price has become under pressure in recent days again. At press, BNB stood at $213, risking a deeper drop.

Binance Coin BNB
Original Post: US DOJ Action Vs. Binance Becomes More Likely, Warns Ex-SEC Official

Bitcoin Ordinals Fees Crash 24% As BTC Dump Towards $25,000

The latest data on August 22 shows that the total daily fees generated from Bitcoin Ordinals on the world’s most valuable network have crashed from around $95,000 to $72,000, a 24% drop. The contraction mirrors the general performance of BTC prices which have been under pressure in the last two weeks, notably crashing last week and forcing the coin towards $25,000, looking at price action in the daily chart.

Bitcoin Ordinals Fees Sliding

According to Dune Analytics data, a platform that tracks the on-chain activity of various blockchains, including Bitcoin, the average daily fees generated from Bitcoin Ordinals stood at $71,709 as of August 21, down from $94,910 on August 14. This is a significant drop in activity and fees after an extended consolidation which saw Bitcoin Ordinals activity flat-line as BTC prices also moved horizontally for the better part of early August. 

Bitcoin Ordinals Fees: Dune Analytics

From the on-chain activity, the slump in Bitcoin prices seems to affect ordinals minting. Extending from BTC price action, how the number of ordinals will be minted going forward is yet to be seen. However, as of August 22, over 26 million inscriptions were minted, generating over $50 million in fees for Bitcoin miners. 

Bitcoin Ordinals Inscriptions: Dune Analytics

Generally, since the Ordinals protocol allows users to “inscribe” items, including images or texts, to the smallest unit of BTC, that is, Satoshis, and add it to a block of transactions, miners are tasked to verify these blocks and, in the process, receive fees. Unlike Ethereum, Bitcoin relies on a proof-of-work consensus where miners are tasked with security and decentralization. 

These miners are critical in ensuring the safety of inscribed items. Blocks must be full for the network to be more secure and miners to be even more incentivized to mine and compete for rewards. Though blamed for bloating blocks and unnecessarily increasing fees, Bitcoin Ordinals ensure blocks are full and allow miners to earn higher fees.

BTC price on August 22| Source: BTCUSDT on Binance, TradingView

Falling BTC Prices, Will Inscriptions Activity Fall?

On-chain data also shows that many inscribed items are primarily texts. Usually, the lighter they are, the lower the fees paid. Users who decide to inscribe big-size items have to pay more. Once there is this shift, Bitcoin blocks will become full faster, and those who scramble for their transactions to be added to the next block by miners will have to pay more in transaction fees.

Bitcoin remains under pressure when writing, and whether Ordinals activity and the minting of “NFTs” on the network will continue as it was in H1 2023 remains to be seen. In past cycles, it has been observed that dropping asset prices tend to affect on-chain activity, as seen in decentralized finance adversely (DeFi) total value locked (TVL) and in NFT scenes.

Original Post: Bitcoin Ordinals Fees Crash 24% As BTC Dump Towards ,000

Binance.US Teams Up With MoonPay Amid Banking Challenges And SEC Woes

Crypto exchange Binance.US has recently encountered many legal and financial obstacles amid heightened regulatory scrutiny. However, to restore a reliable influx of dollars, the exchange has allied with MoonPay, a payment startup renowned for its partnerships in the non-fungible token (NFT) sector, as reported by Bloomberg. 

This strategic collaboration addresses Binance.US’s challenges while injecting a renewed sense of vitality into its operations.

Binance.US Banking Challenges And MoonPay Partnership

Multiple banking partners cutting ties with Binance.US have prevented customers from depositing or withdrawing dollars for over a month. MoonPay will now be an alternative means for Binance.US users to convert dollars to cryptocurrencies. 

Per the report, Customers can utilize their debit or credit cards, Apple Pay, or Google Pay to purchase Tethers, which can then be used to acquire other available crypto tokens on the Binance.US platform. 

According to Bloomberg, immediate access to this option has been confirmed by Binance.US in a recent email to its users.

On the same note, MoonPay CEO Ivan Soto-Wright has assured that his company will conduct rigorous know-your-customer (KYC) compliance checks for Binance.US users. 

MoonPay adheres to regulatory rules across all jurisdictions in which it operates, facilitating a seamless and compliant experience for users looking to top up their wallets.

In June, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US and its global affiliate,, alleging various securities law violations. 

While Binance.US,, and founder Changpeng Zhao (CZ) have contested the allegations, the platforms have witnessed an exodus of customers. 

The SEC noted that Binance.US managed over $2 billion in customer crypto assets at the time of the lawsuit. Subsequently, liquidity on the platform has declined, and its market share has dwindled, leaving it as a marginal player compared to US rivals Coinbase Global and Kraken.

In response, Binance.US’s operating company, BAM Trading, recently filed for a protective court order against the SEC, claiming that the regulator’s requests for information were overly broad and unduly burdensome. 

The order seeks to limit the SEC’s depositions of BAM employees, including the CEO and CFO. Binance has emphasized that no evidence suggests any misuse or dissipation of customer assets.

Despite these setbacks, Binance.US’s collaboration with MoonPay offers a potential solution to the platform’s banking challenges and provides users an alternative method to convert dollars into cryptocurrencies. 

As the exchange confronts regulatory hurdles, including the ongoing SEC lawsuit, it aims to restore customer confidence and regain its competitive standing in the US crypto market.


Binance Coin (BNB) is undergoing an extended downtrend that has persisted over the past 30 days. The token is trading at $208.3, representing a decrease of over 1% in the last 24 hours and a decline of more than 15% over the past fourteen days.

Featured image from iStock, chart from

Original Post: Binance.US Teams Up With MoonPay Amid Banking Challenges And SEC Woes

Why A Bitcoin “Head Fake” Is Bulls’ Best Hope

After weeks of sideways consolidation, Bitcoin suffered a nasty breakdown from its range and a 10% intraday plunge.

The scenario, however, could potentially be a whats referred to as a “head fake” — that in the coming weeks reverses back to above $31,000. If not, a more sustained downtrend is also possible.

Historic Bollinger Band Tightness Triggers 10% Crypto Crash

Bitcoin price has spent the last several months trading around $29,000, after starting the year off with a strong recovery from lows in January.

The record low volatility caused the BTCUSD 1W Bollinger Bands to reach the tightest in the cryptocurrency’s history. Low volatility phases always bring high volatility phases when they end, so Bitcoin has been like a ticking time bomb ready to explode in one direction or another.

This setup in the Bollinger Bands is called a Squeeze, which is valid after a related tool — Bollinger Band Width — reaches the lowest reading in the last six months. Remember, BTCUSD 1W hit the lowest ever.

The only problem is, once volatility arrived, prices exploded to the downside, causing more mass liquidations than during the FTX collapse. Is this a sign of a return into a bearish market, or could this be something called a “Head Fake?”

Bitcoin news

Why Bitcoin Could Be Preparing A Head Fake Higher

In John Bollinger’s book Bollinger on Bollinger Bands, he exclaims “Trader’s beware!” “There is a trick to The Squeeze, an odd turning of the wheel that you need to be aware of, the head fake,” Bollinger warns.

“Often as the end of a Squeeze nears, price will stage a short fake-out move, and then abruptly turn and surge in the direction of the emerging trend.”

Could this be what’s unfolding in Bitcoin right now? Later, when discussing how to use the indicator take positions as a breakout system, he revisits the Squeeze.

“Typically what you’ll see is a Squeeze, followed by a band tag, followed in turn by the real move,” Bollinger explains. “Most often this will occur within the bands and you won’t get a breakout signal until after the real move is under way,” he added.

As the chart above shows, Bitcoin remains at a point where a head fake could occur, with price reversing higher to the upper Bollinger Band and closing above it — generating a breakout signal. Bitcoin If Bitcoin continues down, the head fake is invalid. Thus, the next two weeks are critical in determining the “real” emerging trend.

Original Post: Why A Bitcoin “Head Fake” Is Bulls’ Best Hope

Citadel-Backed Crypto Exchange EDX Selects Anchorage Digital As Custodial Partner

EDX Markets, a crypto exchange backed by leading financial institutions, including Charles Schwab and Citadel Securities, has partnered with the digital asset platform and infrastructure provider Anchorage Digital to strengthen its clearing and custody capabilities. 

The collaboration aims to facilitate seamless settlement of trades conducted on the exchange through EDX Clearing, ensuring enhanced capital and operational efficiency.

Traditional Finance Practices Meet Institutional Crypto Trading?

Jamil Nazarali, CEO of EDX, has confirmed that the exchange’s clearing business is set to go live next month, highlighting the significance of the collaboration. He further claimed:

EDX is committed to bringing the best traditional finance market structures to the digital asset ecosystem, and this is the latest step in our journey to promote a safer crypto marketplace. Anchorage Digital has a robust security, governance, risk, and compliance framework, which will provide a best-in-class solution to meet the needs of our institutional client base. As the only federally chartered crypto bank in the US, Anchorage Digital Bank is the ideal partner to support EDX’s build of a robust and compliant clearinghouse business

On the other hand, Diogo Mónica, Co-Founder and President of Anchorage Digital, has emphasized the importance of separating custody and exchange functions in institutional crypto trading. This collaboration aligns with EDX’s objective of advancing a safer crypto market structure. 

Per the announcement, this partnership ensures that institutions trading on EDX can have confidence in the integrity and safety of their assets, thereby bolstering trust and regulatory compliance. 

Regulatory approval and adherence to robust security measures are paramount as the crypto industry evolves. The EDX-anchored partnership with Anchorage Digital facilitates compliance with US regulatory bodies. 

By aligning with trusted custodial partners, EDX aims to set a precedent for the industry and contribute to the establishment of a more mature and secure crypto market ecosystem.

EDX, which commenced trading in June 2023, has garnered support from a consortium of major financial institutions, including Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, Paradigm, and other prominent players in the industry. 

The involvement of such established entities demonstrates the growing interest and recognition of the developing digital markets within the financial sector.

Overall, this collaboration represents a progressive step towards enhancing the credibility and efficiency of crypto trading within the financial landscape. With institutional support and a commitment to regulatory compliance, EDX, and Anchorage Digital are paving the way for a more reliable and compliant trading environment.


Featured image from iStock, chart from 

Original Post: Citadel-Backed Crypto Exchange EDX Selects Anchorage Digital As Custodial Partner

This Bitcoin Whale Went From $0 To $3 Billion In 3 Months, But Is It Doing Well?

While most of the crypto market seems to have entered panic mode, one Bitcoin whale has gone on an incredible buying spree. The very young whale has only been here for three months but it now boasts one of the largest BTC holdings in the industry. However, the question for now is, while this whale has been buying up large quantities of BTC, have they been making a profit?

Bitcoin Whale Jumps To $3 Billion In 3 Months

The Bitcoin whale first appeared back in the middle of May 2023 starting with around 0.199 BTC worth $5,420 on its balance. But over the next few weeks, the whale would more than 100x its holdings, closing out the month of May with over 57,300 BTC, worth $1.59 billion at the time.

Despite its already substantial holdings, this whale would continue to add BTC to its balance and as data from BitInfoCharts show, the whale would almost 2x its balance from the end of May by the time that August rolls around.

Bitcoin whale wallet

At its peak, the Bitcoin whale held a total of 118,000.20 BTC worth around $3.72 billion when the digital asset’s price rose above $31,000 in mid-July. But presently, the whale’s holdings are down a fair amount from this point, due to the market moving unfavorably.

Bitcoin price chart from (BTC whale)

Is The BTC Whale Making Profit?

Over the course of the last three months, there have been no dips in the Bitcoin whale’s vast holdings. After its holdings jumped from 110,000 BTC to 118,300 BTC on June 29, the whale has held its stash even through the worst of the market.

As a result of its diamond-handing, there have been multiple points where there have been significant dips in the value of its holdings. The first took place between July 14 and 15 when its value went from an all-time high of $3.72 billion to $3.58 billion in the span of 24 hours.

Although there have been times when the price of BTC has seen small recoveries, the whale has not had much reprieve as its holdings are now worth over $700 million less compared to its peak. However, the whale’s implementation of a dollar-cost averaging investment strategy has helped to mitigate its losses which would’ve been substantial had all the BTC been bought at around $30,000.

Presently, the whale is still sitting on its 118,000 BTC which is now worth $3.084 billion. According to BitInfoCharts, the whale is currently nursing a $91.279 million loss from the Bitcoin price change.

Original Post: This Bitcoin Whale Went From {$permalink} To Billion In 3 Months, But Is It Doing Well?

Friend Or Foe? Social Media Platform Potentially Getting SEC Attention, the pioneering decentralized social media platform developed by the creators of Stealcam, has taken the digital world by storm in its mere two weeks of existence. 

This innovative app, built on Coinbase’s Base scaling network for Ethereum, has introduced a revolutionary concept – enabling users to buy and sell “keys,” originally referred to as “shares,” of their preferred X (formerly Twitter) accounts. 

Interestingly, within this short span, the platform has accumulated an impressive $1.68 million in protocol fees. Notably, it has outperformed nearly all on-chain protocols globally over the past 24 hours, trailing only Ethereum and Lido, as reported by DefiLlama.

Unlocking Possibilities Amid Regulatory Questions

Shareholders of are granted an intriguing advantage – the ability to privately message accounts in which they possess a stake. This feature holds potential significance, particularly in the event that securities regulators take notice. 

Mark Hiraide, a partner at Mitchell Silberberg & Knupp, emphasizes that the platform’s popularity and attention could draw regulatory scrutiny, similar to the case of Ripple. He suggests that substantial public attention could pressure regulatory bodies to intervene, highlighting the significance of market sentiment.

Hiraide further delves into the underlying dynamics, pointing out the nuanced expectation of profit associated with While acknowledging the utility aspect, he underscores that the app’s reference to “shares” signifies more than just access. 

It signifies the enticing promise of capital appreciation within the shares themselves. As the user base expands and demand for shares escalates, their value is anticipated to rise in tandem, enhancing their investment appeal.

Unprecedented Surge And User Engagement debuted with an invite-only beta launch on August 10, witnessing an immediate surge in demand that overwhelmed its server capacity on the very same day.

This rapid uptake was paralleled by an initial user count of around 10,000 buyers and sellers. However, the momentum escalated dramatically, with the platform presently boasting an impressive engagement of over 115,000 unique users, a fact corroborated by blockchain data aggregated by Dune.

The exponential growth and innovative mechanics of have ignited interest and speculation within the cryptocurrency and tech spheres.

As the platform continues to captivate users and reshape the social media landscape, the implications for regulation, profit expectations, and user experiences remain topics of intense discussion. 

The speed at which has gained traction underscores its potential to reshape the digital realm while inviting careful examination from industry observers and regulators alike.

Featured image from BlockTrends

Original Post: Friend Or Foe? Social Media Platform Potentially Getting SEC Attention

How Bitcoin Price Can Reach $400,000 During Next Halving Era: Research

In a recent analysis titled “2024 Halving Analysis: Understanding Market Cycles and Opportunities Created by the Halving,” Blockware Intelligence delves into the intriguing possibility of Bitcoin’s price reaching $400,000 during the next halving epoch. The report takes a comprehensive look at the factors contributing to Bitcoin’s unique market cycles and the potential impact of the upcoming halving on its price trajectory.

Unlike traditional commodities, BTC boasts an algorithmically determined supply schedule that remains unalterable. The research highlights the critical role of the mining subsidy halving in driving BTC’s cyclical price nature, underpinned by its transparent blockchain and predictable supply schedule.

1. Bitcoin Halvings Reduce Sell Pressure

A central factor identified in the research is the role of mining subsidy halvings in shaping Bitcoin’s market cycles. The report asserts that miners, responsible for a significant portion of sell pressure, receive newly minted BTC, much of which they must sell to cover operational costs.

However, the halving events serve to weed out inefficient miners, leading to reduced sell pressure. The study proposes that this reduction could lead to a drastic drop in yearly mined Bitcoin.

Assuming a $35,000 BTC price after the halving, the USD value of BTC mined per year could drop from $11.5 billion to $5.7 billion. That is 164,250 BTC less mined every year, more than MicroStrategy’s entire Bitcoin treasury. This reduction, combined with the elimination of weaker miners, contributes to the upward drift of BTC’s price, spurring new adoption waves.


2. Halving Brings New Demand

With supply diminishing due to halvings, the research emphasizes that demand becomes the primary determinant of BTC’s market price. Historical data indicates that a surge in demand typically follows halving events.

Market participants, equipped with an understanding of the supply-side dynamics introduced by halvings, prepare to deploy capital at the first signs of upward momentum, potentially leading to substantial price appreciation. This surge in demand is particularly evident in on-chain data, validating the positive sentiment surrounding halving events.

Bitcoin halving leads to surge in demand

3. Halvings Cannot Be “Priced In”

Contrary to the notion that halvings can be fully anticipated and priced in by the market, the report contends that the predictable nature of halvings doesn’t eliminate their impact. Attempting to front-run halving events could lead to more miners joining the network, introducing additional sell pressure and curtailing price appreciation.

Furthermore, the weakest miners, those with outdated equipment or high operational costs, are often the first to exit post-halving, significantly reducing sell pressure. This process leads to a more significant profit margin for surviving miners, further alleviating sell pressure.

4. Bitcoin Cycle Volatility & Historical Performance

The research addresses Bitcoin’s notorious volatility, attributing it to halving-related shocks and rapid global adoption. Each halving cycle, consisting of stages such as Halving, Bull Market, Bear Market, and Recovery, results in distinct price movements.

However, the report emphasizes that over longer timeframes, Bitcoin’s volatility is skewed towards upside gains. Historical data reveals that the price of BTC has consistently increased from the halving to the subsequent bull market top, with impressive multiples achieved during each epoch.

For instance, considering previous epochs, the price of Bitcoin experienced the following multiples from the halving to the bull market top:

These historical performance figures underline Bitcoin’s potential for significant growth within each halving cycle.

Bitcoin price prediction

5. “Diminishing Returns” Reconsidered

A common skepticism about halvings stems from concerns that as existing BTC holdings grow relative to new supply, diminishing returns might set in. The research counters this notion, suggesting that the amount of actively traded BTC is a crucial determinant of the price. With a significant portion of Bitcoin held by long-term holders who refrain from selling at current prices, halving-induced reductions in sell pressure could intensify, potentially driving larger bull runs.

6. Juxtaposition with Gold

Drawing a parallel between Bitcoin and gold, the report highlights Bitcoin’s favorable attributes, such as its absolute scarcity and enhanced portability, divisibility, and fungibility compared to gold.

Furthermore, it underscores that after the 2024 halving, Bitcoin’s inflation rate is projected to dip below 1%, less than half of gold’s rate. The analysis suggests that a price of $400,000 per BTC could position its market cap nearly on par with gold, driven by the bullish catalysts triggered by halvings.

At press time, the BTC price stood at $26,124.

Bitcoin price
Original Post: How Bitcoin Price Can Reach 0,000 During Next Halving Era: Research

Shiba Inu Lead Dev Reveals When Shibarium Will Relaunch For Public

Following the abrupt halt in operations due to unanticipated high traffic immediately after its mainnet launch, the layer-2 network of Shiba Inu, Shibarium, is reportedly making its way towards a public relaunch tomorrow. The details were revealed in a recent blog post by Shiba Inu’s lead developer, Shytoshi Kusama.

“After two days of testing and tweaking parameters to achieve ‘ready’ state Shibarium is now enhanced and optimized,” Kusama announced, signifying a significant progression in resolving the issues that caused the network to shut down. He confirmed that, while still undergoing testing, the network is “producing blocks.”

To accommodate the heavy influx of traffic that triggered the initial problems, the Shibarium team has integrated advanced safety features. Kusama shared, “we have enabled a new monitoring system and additional fail safes including rate limiting at the RPC level and auto server reset in case we get a huge level of traffic again.” These integrations demonstrate the team’s proactive approach towards future traffic spikes, reinforcing the platform’s commitment to uninterrupted service.

Addressing concerns and criticisms that have surrounded the project, particularly since the unexpected pause in operations, Kusama addressed the community, bluntly stating how to discern genuine feedback from those aiming to spread “fear, uncertainty, and doubt” or FUD. He quoted, “You’ll be able to tell fudders as they constantly switch their complaints as the Fud becomes provably false considering things advancing and changing as we remain agile.”

Shiba Inu: Shibarium Relaunch Tomorrow?

In this context, Kusama emphasized the transparent progress made towards Shibarium’s launch and the project’s broader vision. “For instance, one piece of fud is that Shibarium was never going to come. Kek. Fud ded,” he quipped. Addressing concerns over decentralization, Kusama commented, “This fud is now also laughable as I’ve presented what is, arguably, the most comprehensive decentralization document the world has ever seen.”

Looking forward, the Shiba Inu lead developer unveiled plans for the next steps, which include the addition of more validators and an imminent conclusion to the ongoing tests. “Tomorrow additional validators will go live, giving even more options for you to stake your BONE for a share of the rewards earned for these two roles in our society,” Kusama disclosed.

He further alluded to the development of the “ShibPaper” – a framework aiming to showcase a “working system for governance and management that proves our perpetual decentralized digital nation state is real and here to change the world.”

Despite the temporary setback, the support from the Shiba Army community has been unwavering, as they collectively await the public relaunch of Shibarium. At press time, the SHIB price was trading at pre-Shibarium launch levels.

Shiba Inu SHIB price
Original Post: Shiba Inu Lead Dev Reveals When Shibarium Will Relaunch For Public

Bitcoin Crashes Below 8-Month Support Line, More Pain Incoming?

For the first time since early January, Bitcoin is changing hands below a critical support band and the 20-week moving average, evident in the weekly chart.

An analyst on X, formerly Twitter, pointed out this formation and has since raised questions about the coin’s prospects in the days and weeks ahead. Bitcoin is trading at around $26,000, down 18% from July 2023 peak. The situation remains tense for coin holders as the price pressures continue to mount.

BTC Price Dump Below Key Support

Bitcoin Breaks Below Critical Support Levels

Looking at price action in the weekly chart, sellers are in control and actively aiming to erase gains posted between June and July 2023. At this pace, it won’t not only mean more pressure on holders but more liquidations for long positions in derivatives exchanges, impacting sentiment and thus lowering overall liquidity across the crypto scene.

Bitcoin price on August 21| BTCUSDT on Binance, TradingView

A deeper analysis of the weekly chart also reveals a noteworthy decrease in trading volumes as last year’s dominant bear price formation came to fruition. This decline in trading volume is particularly concerning and prints after the collapse of several banks in the United States, including the significant Silicon Valley Bank (SVB), in March.

The fallout from these bank collapses triggered the depegging of the USDC, a move that also lifted top coins, including Bitcoin and Ethereum.

The lack of bullish momentum to ignite demand and reverse the losses of 2022, even after the push towards $32,000 in July 2023, could indicate that the market is fragile and bulls are unsure. At the pace of this drawdown, there are looming risks that prices could continue trickling lower in H2 2023, translating to more pain for HODLers.

Blame The Fed and Evergrande?

Analysts attribute this sell-off to a range of fundamental factors. The anticipation of the United States Federal Reserve (Fed) raising interest rates in the coming months creates uncertainty, as it could make borrowing more expensive.

The Fed could raise interest rates in Q3 and 4 in response to the persistent inflation, which remains high above the benchmark 2% level. With high funding rates, there will be an inevitable impact on the crypto market, altering the risk-reward balance for investors.

Beyond the macroeconomic influences in the United States, the recent Chapter 11 bankruptcy filing by China’s Evergrande Group indirectly affected BTC and crypto. The unfolding events and sentiment shifts, especially within China’s fragile real estate sector, will likely reverberate through the crypto landscape, a net negative for BTC.

Original Post: Bitcoin Crashes Below 8-Month Support Line, More Pain Incoming?

Starknet’s TVL Drops Nearly 50%, What’s Going On?

The total value locked (TVL) in Starknet, a layer-2 scaling solution for Ethereum using ZK-Rollup, is down nearly 50%, L2Beat data on August 21 shows.

At this pace, the contraction in Starknet’s TVL is among the fastest in the layer-2 scene and stands at around $98 million. As of August 16, Starknet had a TVL of over $203 million and remained in the top 10 of the most popular layer-2 scaling options in Ethereum.

Starknet TVL

StarkNet’s TVL Dropping

Starknet uses zero-knowledge (ZK) in its rollups, meaning while the platform bundles transactions before confirming them on-chain, using zero-knowledge translates to better privacy. StarkWare, the team behind Starknet, also notes that the layer-2 solution is not ZK-EVM, meaning users must deploy all general-purpose smart contracts built using Cairo, a language designed specifically for ZK-Rollups solutions.

StarkNet’s activity has been rising steadily over the past year. However, general transaction processing speed (TPS) has been relatively lower than Ethereum’s. For instance, as of August 21, StarkNet had a TPS of 4.8 versus 10.9 in Ethereum though layer-2 is more scalable.

Ethereum’s TPS remains steady while, with rising activity, StarkNet’s has been increasing over the past few months, an indicator that the platform can adjust throughput as activity spikes. Overall, the layer-2 solution processed over 9.2 million transactions in the past 30 days, significantly lower than Ethereum, which, on average, processes over 1 million transactions daily, despite a drop in on-chain activity.

Starknet Activity

What could have triggered the sharp decline in StarkNet’s TVL is not immediately clear. As of August 21, there has been no reported hack on dapps deploying on layer-2 or a weakness reported directly impacting the platform.

However, there could be a correlation between the sharp drops in Ethereum prices with the contraction in the layer-2 platform’s TVL. Last week, Ethereum and crypto assets prices plunged. As witnessed in past months, price drops tend to adversely impact on-chain activity.

Ethereum price on August 21| Source: ETHUSDT on Binance, TradingView

Decentralizing the Feeder Gateway

On August 20, Starknet decentralized its feeder gateway, a centralized portal through which users could query the layer-2 sequencer and understand the network’s state. With the feeder gateway decentralized, three nodes in Papyrus, a Starknet full node developed by StarkWare; Pathfinder, a Rust-based Starknet full node; and Juno, a Starknet full node written in Go, will take over, allowing for a more robust, fool-proof means of accessing the sequencer, according to an official announcement.

StarkWare developers said this decentralization would “significantly augment reliability and security.” Accompanying this update, StarkNet also improved the platform’s functionality by enhancing full nodes to support their JSON RPC protocol, simplifying interactions with the Starknet state. The goal is to streamline processes and further enhance user experience.

Original Post: Starknet’s TVL Drops Nearly 50%, What’s Going On?

FTX Debtors Pivot: Revised Settlement Proposal Emerges Amid US Trustee Objection

In a recent court filing on Sunday, bankrupt cryptocurrency exchange FTX disclosed that it had revised its motion for settlement after facing objections from the US Trustee. 

Despite criticizing the US Department of Justice (DOJ) representatives for intervening in what they considered a routine settlement process safeguarded by two creditor committees, FTX debtors acknowledged the concerns raised and proposed revisions to address them.

FTX Seeks Efficient Resolution Of Small Estate Claims

According to the court filing, establishing omnibus settlement procedures in complex cases is a “routine, appropriate, and authorized” practice. 

Contrary to the US Trustee’s suggestion, such procedures are often permitted by courts, enabling the settlement of claims by category and granting relief similar to that sought by the FTX debtors. 

The proposed settlement procedures aim to facilitate quick, efficient, and cost-effective resolutions of significant volumes of Small Estate Claims, maximizing recovery for all creditors while minimizing the burden on the court.

The FTX debtors emphasized that the objections raised by the US Trustee were unfounded. They underscored the support received from both the Unsecured Creditors Committee (UCC) and the Ad Hoc Committee (AHC), who provided input and expressed their approval of the proposed Settlement Procedures. 

Notably, the revised procedures would ensure notice to all relevant parties, regardless of the size of the settlement. To address the concerns raised in the objection, the FTX debtors made several revisions to the Settlement Procedures. 

These revisions include reducing the maximum Settled Value for covered claims, incorporating the U.S. Trustee as a third Noticed Party, limiting the claims subject to the procedures, and committing to file monthly reports of executed settlements. 

Furthermore, the FTX debtors firmly believe that the objection should be overruled, and the motion should be granted. 

Additionally, to the revisions made, they have committed to filing monthly reports disclosing consummated settlements, offering increased transparency in these routine settlements. 

The revised Settlement Procedures explicitly exclude post-petition claims, claims against insiders or other affiliates, and claims against retained professionals of the debtors, both pre-and post-petition.

The objection’s concerns regarding claim valuation were dismissed by the FTX debtors, who stated that their proposal aligns with the endorsement of arms-length negotiations between parties when valuing Small Estate Claims. 

The FTX debtors emphasized that proposed settlement procedures may include prospective and unasserted litigation claims, with courts determining the reasonableness of the procedures governing such claims. 

They cited previous cases where settlement procedures encompassed existing and future claims, emphasizing the well-accepted practice in bankruptcy proceedings.

In conclusion, the FTX debtors reaffirmed their commitment to maximizing the recovery for their creditors and reiterated that compromises and settlements are favored in bankruptcy cases. 

The Revised Settlement Procedures, they argued, are not only appropriate given the complex nature of the Chapter 11 Cases but also beneficial to their estates. They anticipate that these procedures will assist in confirming and consummating a Chapter 11 plan while distributing maximum value to stakeholders.

It remains to be seen how the court will respond to the revised settlement proposal and the objections raised. The outcome will significantly impact the resolution of litigation claims and the overall progress of the FTX bankruptcy proceedings.


Featured image from iStock, chart from

Original Post: FTX Debtors Pivot: Revised Settlement Proposal Emerges Amid US Trustee Objection

This GMX Whale Trader Has An 80% Win Rate, What Crypto Did They Buy?

The crypto market was thoroughly shaken up last week when the prices of assets in the space crashed rapidly. As a result, over 170,000 traders lost their positions, amounting to more than $1 billion in losses. However, not all crypto traders suffered due to the crash as one GMX whale trader made almost 7-figures in profit. On a closer look, the whale seems to be on a streak with an impressive 80% win rate over the last two months.

GMX Whale Trader Makes Almost $1 Million

When the crypto market crashed last week and the price of Ethereum fell from above $1,800 to below $1,600, most of the market was caught aware. But one GMX whale trader was properly positioned to profit from such a crash and they were rewarded handsomely for their foresight.

By the time the crash rolled around, the crypto whale already had a $9.5 million Ethereum short position opened at a price of $1,962. The whale held on to this position and as soon as the market tanked, they closed their position, collecting $992,784 in profit. The trade was taken with 40x leverage on the GMX platform.

GMX crypto whale trader

Despite this massive win, the whale was not done. Not long after closing the trade, the whale would go on to open an Ethereum long position using 5x leverage. This time around, the whale caught the Ethereum price at $1,624, and given that the digital asset’s price is up since then, the trader is already sitting on a $159,468 profit at the time of this writing.

Ethereum (ETH) price chart from (GMX whale trader)

An 80% Win Rate On Crypto Trading

While the GMX whale trader’s positions over the last few days are impressive, what’s even more impressive is their win rate over the last two months. According to GMX data, this whale trader placed their first trade back in June, and since then, their profit margins have more than outperformed their loss margins.

With Ethereum being an obvious favorite, the whale has placed a total of 10 trades over this two-month period. Given that they have only taken losses on two trades, their current win rate is now sitting at 80%. Taking a total of profit and losses gives an average of $1.2 million in profit made over these 10 trades.

The whale’s Ethereum long position, which is in profit, is currently still open. But if they were to close this trade, then 9 wins out of 11 total trades would bring their win rate to around 82%, an impressive figure for crypto traders.

So far, the whale has made 8 Ethereum (ETH) trades, 4 Bitcoin (BTC) trades, 1 LINK trade, and 1 Uniswap (UNI) trade (which it took a $1,987 loss on).

Original Post: This GMX Whale Trader Has An 80% Win Rate, What Crypto Did They Buy?

BREAKING: Coinbase Acquires Stake In Circle As Centre Consortium Fades Away

In a significant development for USD Coin (USDC), Coinbase and Circle, the two companies behind the stablecoin, have reached a new agreement that brings changes to its governance and funding. 

This move comes at a crucial juncture as USDC faces evolving global regulatory challenges and intensifying competition from other stablecoins, including Tether and the recently announced PayPal stablecoin (PYUSD). 

According to a Fortune Magazine report, the updated agreement involves Coinbase acquiring an equity stake in Circle for the first time and the closure of the Centre Consortium, which previously governed USDC.

Coinbase And Circle Revamp Governance For USDC

Under the previous revenue-sharing arrangement, Coinbase and Circle split revenue based on the amount of USDC distributed and held on each platform. 

However, per the report, with the new agreement, revenue will still be divided according to the USDC held on each platform, but interest income from off-platform USDC, such as in Decentralized Finance (DeFi) wallets, will be equally shared. 

This shift aims to prioritize the overall success of USDC rather than focusing solely on the originator of the minted tokens.

Circle CEO Jeremy Allaire expressed satisfaction with the revised arrangement, emphasizing its fairness and creating a solid alignment for long-term success. 

While specific figures regarding Coinbase’s equity investment were not disclosed, Allaire referred to it as a “small, minority equity stake.”

Moving forward, Coinbase and Circle will focus on driving USDC’s growth. Challenges have emerged, such as the temporary loss of USDC’s $1 peg when $3.3 billion of its reserves were trapped in a failing bank. 

While the stablecoin recovered after government intervention, its market share declined, with Tether gaining prominence. Currently, USDC’s market cap stands at approximately $26 billion, while Tether’s market cap nears $83 billion.

As USDC navigates the evolving stablecoin landscape, the revamped governance and funding structure driven by Coinbase and Circle seeks to bolster its adoption and retain its position as a leading stablecoin option in the market.


Featured image from iStock, chart from

Original Post: BREAKING: Coinbase Acquires Stake In Circle As Centre Consortium Fades Away