On Thursday, bitcoin (BTC) peaked at ,455 per coin around 7 a.m. EDT but dropped to approximately ,516 by noon. The volatile movements resulted in 8.82 million in liquidations across the crypto economy, with long positions accounting for million of that total. Bitcoin’s Rapid Rise and Fall Triggers Major Liquidations in Crypto Economy Bitcoin […]
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‘Spraying’ Naira Notes Causes Depreciation, Warns Nigerian Anti-Graft Body
The Economic and Financial Crimes Commission (EFCC) has issued a warning against the practice of spraying naira notes at social events, emphasizing that it diminishes the dignity of the currency. In a recent post on its official X page, the Nigerian anti-graft agency urged residents to respect the naira and avoid ridiculing it. The EFCC […]
Bitcoin News
Bitcoin Ascent To $64,000 Causes Coinbase To Crash – Here’s What Happened
Not long after the value of Bitcoin surpassed ,000, its highest level since 2021, Coinbase had severe disruptions and issues on Wednesday afternoon, preventing some customers from signing in at all and causing some user accounts to reflect a balance.
Crypto aficionados were furious on social media because they are unable to access their money on the biggest cryptocurrency exchange in the United States. Furthermore frustrating, some customers have reported errors when buying and selling.
The continuous demand for Bitcoin is seen as main the reason behind the sudden crash of the Coinbase app. The leading cryptocurrency had a 40% price increase this month as a result of US bitcoin spot ETFs. This was the biggest monthly gain the digital asset had seen since December 2020, according to reports.
Bitcoin Price Action Today
With a ferocious start to March, Bitcoin’s unprecedented activity has positioned it for its biggest monthly gain in over three years on Thursday. Bitcoin is currently very close to reaching a new high due to the money flooding into listed bitcoin funds, which is driving a significant increase.
The world’s leading cryptocurrency briefly touched ,000 (the first rise above ,000 since November 2021), before partially reversing the gains. According to Coingecko data, BTC was trading at ,765. It was up 10% and 22% on a daily and weekly basis, respectively.
After plunging 64% in 2022, the value of bitcoin has more than tripled since the start of the year. That represents a remarkable comeback from a slew of scandals and bankruptcies that had raised concerns about the long-term viability of cryptocurrencies.
Are Coinbase Funds Safe?
Meanwhile, customers can now log back into the exchange, according to a statement from Coinbase, although users are still reporting issues with “certain payment methods” and issues with sending and receiving money.
I had .6 Million on Coinbase
and now it’s shows lol
WTF IS HAPPENING ? pic.twitter.com/BaV4pWjFo6
— Ash Crypto (@Ashcryptoreal) February 28, 2024
While acknowledging that “some users may see a zero balance” on all of their Coinbase accounts and may run into problems while purchasing or selling, Coinbase reassured customers that their money was secure. Additionally, the exchange made it clear that there have been significant delays in money transfers via the Ethereum ERC-20 network.
Coinbase, Binance, and Kucoin all down!! WTF is going on!!
— Kyle Chassé (@kyle_chasse) February 28, 2024
There are rumors of similar crashes on other significant exchanges, such as KuCoin and Binance. But there is still no proof to support these allegations.
The situation comes at a difficult moment for Coinbase, as more inexperienced investors are returning to the market for cryptocurrency trading and discovering they appear to have no assets.
Disappointed in Coinbase for this man.
It’s 2024, we must have our shit together. pic.twitter.com/VioBxw8am5
— MASON VERSLUIS (@MasonVersluis) February 28, 2024
The disruption at Coinbase is not unprecedented; in every bull market, there are technical problems that arise when the platforms cannot handle the volume of buying and selling. As a result, the lack of technological safeguards on sites like Coinbase to handle such problems infuriates members of the cryptocurrency community.
Featured image from Pixabay, chart from TradingView
Exploit Causes XRP Price Crash: Ripple Co-founder Discloses Losses Of $113 Million
XRP experienced a significant price drop early Wednesday amidst rumors of a potential exploit. The XRP price dropped more than 4% to .4853 but later recovered to .500 following a clarification from one of Ripple’s co-founders.
Personal XRP Accounts Impacted, Not Ripple’s
Initial reports suggested that Ripple had suffered a significant security breach, which was brought to light by decentralized finance (DeFi) investigator ZachXBT. These reports raised concerns about the overall security of the Ripple protocol.
According to investigations, the breach resulted in the theft of more than 213 million XRP tokens, valued at over 2 million. The stolen funds were reportedly laundered through cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.
However, Ripple co-founder Chris Larsen took to X (formerly Twitter) to clarify the situation. In a recent post, Larsen stated:
Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.
XRP Price Analysis
Despite the recent security concerns, XRP is trading at .5085, marking a 3.4% decrease in the past 24 hours. However, beyond the Ripple co-founder’s personal account exploit, the XRP price has experienced a significant decline over the past month.
Over the last seven days, the token has seen a minor 1.3% drop. The decline has deepened in the previous fourteen days with a 10% decrease. This is more problematic for XRP enthusiasts because the price has lost significant ground over the past 30 days, with an 18% dip.
Nevertheless, XRP bull and crypto analyst EGRAG Crypto provides an intriguing price analysis that could potentially encourage investors toward a price recovery if the token manages to hold and consolidate above the .500 level.
According to EGRAG, a handful of chart analysts have noted that after wave 1 of the Elliott Wave theory, wave 2 could retrace up to 90% of wave 1. The initial targets of .85 to were successfully reached during the July pump, with the price reaching around .93 after Ripple’s partial victory against the SEC in its ongoing legal battle over XRP classification.
Currently, EGRAG suggests that a “wicking event” down to .41 is possible, considering a 10%-15% fluctuation due to the volatile nature of the crypto markets.
However, the analyst points out that the upside lies in the upcoming Wave 3, which is influenced by Wave 1 and typically has a ratio of 1.618 compared to Wave 1.
If all of this plays out, EGRAG ultimately sees the next short-term target for XRP being the all-time high (ATH) at . If the original wave count is adjusted, the range could be between .2 and .8.
Featured image from Shutterstock, chart from TradingView.com
Binance Drama Causes Crypto Prices To Dance On The Edge – Details
The prices of prominent cryptocurrencies, such as bitcoin and Binance Coin, experienced a decline subsequent to the emergence of reports indicating that Changpeng Zhao, the founder and CEO of Binance, admitted guilt in relation to charges of anti-money laundering and several other criminal violations.
This admission was made as part of a substantial settlement, amounting to billions of dollars, reached between Zhao and regulatory authorities in the United States.
Binance Coin had a decline of almost 6% following an earlier increase of up to 5% during the day. This fluctuation in value was driven by investors who were optimistic about the resolution of the ongoing multiyear investigation involving the world’s largest cryptocurrency exchange.
In the aftermath of the market downturn, investors holding long positions on BNB experienced widespread liquidation. At the time of writing, BNB long liquidations approached million within the hour following the disclosure of the Binance developments.
The impact of the action had a significant influence on the remaining cryptocurrency market. The leading digital currency, Bitcoin (BTC), experienced a decrease of 1.55%, remaining slightly below the ,000 mark. In a similar vein, Ethereum (ETH) observed a decline of around 2%, with its value reaching ,993.
Additional cryptocurrencies, like Ripple (XRP), experienced a decline of 3.2%. Similarly, Solana witnessed a decrease of almost 4%, while Polygon and Uniswap recorded losses of 7.6% and 3.6%, respectively.
Zhao is currently confronting charges of violating criminal anti-money laundering laws, a charge he acknowledged responsibility for after resigning.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is…
— CZ
Binance (@cz_binance) November 21, 2023
In addition, Binance has agreed to a .3 billion settlement with the US authorities, which is among the biggest, if not the most significant, resolutions in the history of the cryptocurrency market.
The most recent FOMC minutes also appear to have compelled investors to trade cautiously in light of the continued market concerns, which is why cryptocurrency prices were down today.
Notably, the drops in the prices of the majority of the main cryptocurrencies suggested that investor opinion may be changing.
Meanwhile, notwithstanding the early declines in price, some observers of the sector think that the Binance scenario may serve to further spark the recent surge in cryptocurrency prices.
According to Jeff Embry, the managing partner of Globe 3 Capital, a crypto hedge fund, the reported settlement involving Binance holds significant importance in the context of addressing the consequences and rectifying the negative effects of the bear market.
“Bear markets wash out many of the bad businesses, business practices, inefficiencies and bad actors,” he said.
Fineqia Research Analyst Matteo Greco said the crypto industry will benefit in the long run from Changpeng Zhao’s resignation and Binance agreeing to pay a fine of billion or more.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
Centralized Provider Problem Causes Nationwide Digital Payment Meltdown in Spain: Users Turn to Crypto and Cash
A problem with Redsys, a third-party platform used in all of Spain, caused a meltdown for almost all of the digital payment options in the country, leaving citizens without means of payment for hours. The incident left stores without the possibility of using credit and debit cards for receiving payments, and users had to turn to cash and other options like crypto.
Redsys Problems Cause Nationwide Payment Meltdown in Spain
A still undisclosed problem in one of the main payment providers in Spain has caused a nationwide disruption in the payment networks in the country, leaving stores and e-commerce without means for accepting digital payments.
The incident, referred to by the company as “last-minute payment service degradations, exclusively linked to internal communication lines,” which occurred on November 18, affected the credit and debit card networks of Visa and Mastercard, ATMs, and other online payment methods, leaving businesses unable to process payments for a few hours.
Redsys provides payment intermediation services for more than 60 banks and other institutions after its fusion with Iberpay and Cecabank in 2019, a movement directed to cut costs and improve interoperability. However, this concentrated all digital payment users under one platform, amplifying the impact of the situation.
Effects and Reactions
Spaniards affected by this problem used social networks to explain how they dealt with the situation. Some criticized the posture of progressive cash elimination in the country, with the forced reduction of cash payments to a maximum of 1,000 euros per payment, a measure that was called out explicitly by the European Central Bank as an endangerment of the concept of legal tender.
X user Luis Salvatierra said he had no cash and had to turn to crypto to pay for a meal. He stated:
The national Redsys network has gone down while I was in line to eat at IKEA without having any cash, I was able to buy a gift card with Bitrefill and Phoenix Wallet. I can eat now.
Some emphasized the need to carry cash as a failsafe in case one of these disruptions occurs again. However, others had to stop their purchases due to the impossibility of making payments with the tools available.
Cash is still one of the primary payment methods used in Spain, with 65% of people using it daily, even with a significant reduction in the ATMs available in the country.
What do you think about the reduction of cash usage in favor of digital payment alternatives? Tell us in the comments section below.
This Event Causes Bitcoin Traders’ Sentiment To Rise, Will BTC Surpass $30,000?
The Bitcoin price continues to compress around its current levels, but during today’s trading session, there was an uptick in volatility. The rise in this metric could hint at a shift in the narratives influencing BTC’s price action.
As of this writing, Bitcoin trades at ,300 with sideways movement in the last 24 hours. In the previous seven days, the cryptocurrency saw similar action pushing other assets in a similar direction or no direction as the sector flatlines in the short term.
Bitcoin ETF Becomes Dominant Narrative In Crypto Market?
In a recent market update, crypto analysis firm Blofin pointed to an uptick in market sentiment. Coupled with a rise in volatility, market participants are reacting to the potential announcement from the US Securities Exchange Commission (SEC) around a spot Bitcoin ETF.
The Commission is set to rule on asset manager Grayscale’s petition to transform their Grayscale Bitcoin Trust (GBTC) into an ETF. The decision was supposed to come out today, Blofin stated, but it could drag on until this Friday, August 18th.
If the SEC postpones the decision for any reason, as it did with Ark’s petition, the market will likely keep moving sideways. In that sense, development around the ETF decision is gaining strength over macroeconomic dynamics.
This change in dynamics is more evident in the derivatives sector, with options traders becoming more bullish for the coming months. Blofin noted the following on this dynamic:
(…) The news above (on the Bitcoin ETF approval) has promoted the rapid rise of short-term bullish sentiment and uncertainty in the market (…). It appears that investors are waiting for good news related to the spot Bitcoin ETF.
And “smart” traders are positioning accordingly. The report notes that the open interest for options contracts is skewed to the call (buy) side.
As data from the derivatives platform Deribit shows, traders are betting that the price of Bitcoin will rise above ,000 by the end of August or September. As seen on the chart below, 57,000 contracts will expire by the end of this month and 90,700 next month.
Coupled with the rise in Open Interest skewed to the call side, the chart above shows that traders are betting on a Bitcoin rally above ,000 to ,000. The spot BTC ETF decision will move the market, particularly at the end of August and September.
Cover image from Unsplash, chart from Tradingview
XRP’s Rise Causes Ripple of Gains in Crypto Economy
Since July 12, 2023, the cryptocurrency market has expanded by a staggering billion within a mere 48 hours. The majority of this growth transpired after the decisive Ripple Labs case verdict, resulting in bitcoin’s dominance dipping from 50% to its present level of 48.6%.
Ripple Labs Case Verdict Triggers Billion Crypto Market Expansion
The partial summary judgment within the Ripple lawsuit propelled the digital asset XRP to a 60%+ increase within a single day. Consequently, XRP’s substantial gains triggered a surge in numerous altcoins’ values. For example, Stellar (XLM) saw an increase of over 40%, while ADA leaped more than 20% in the past day. Archived data retrieved from coinmarketcap.com (CMC) on July 12, 2023, exhibited Bitcoin’s dominance at 50% in relation to the .19 trillion crypto economy.
Currently, BTC dominance has diminished to 48.6% due to significant returns in the altcoin arena overshadowing its market presence. Just two days ago, XRP ranked as the sixth largest market capitalization among multiple crypto assets; however, it now boasts the fourth-largest position. While XRP experienced a 70% increase within 24 hours, its impressive ascent propelled its monthly gains above 50%.
In addition to XRP, other notable crypto gainers over the past day include XLM, SNX, LDO, SOL, ADA, INJ, NEAR, AVAX, PEPE, APE, and OP. Archived data from CMC on July 12 further reveals that during the previous two-day period, the cryptocurrency market swelled by billion.
Furthermore, global trade volume skyrocketed from .32 billion to today’s staggering .46 billion — proving that in just one day, worldwide trade volume in cryptocurrencies soared by an incredible 160%. The top three digital assets concerning global trade volume consist of USDT, BTC, and XRP.
What are your predictions for the future of XRP and its impact on the broader cryptocurrency market? Share your thoughts and opinions about this subject in the comments section below.
Crypto Firms Face Turmoil as Prime Trust Fallout Causes Service Disruptions and Concerns
After the Bitgo acquisition deal to purchase Prime Trust fell through, it seems that crypto firms that have worked with the custodian are experiencing problems. On Thursday, Seattle-based fintech startup Stably announced the need to “temporarily pause” certain services and operations. According to reports, the bitcoin payments platform, Strike, is also encountering difficulties and has purportedly suspended direct deposits.
Stably to Halt Services, Customer Email Shows Prime Trust Issues May Be Giving Strike a Headache
The cryptocurrency custodian, Prime Trust, has become a subject of widespread discussion on crypto forums and social media on June 22. Reports revealed that Prime Trust has suspended withdrawals and deposits, a fact confirmed by customers who utilized the services of Prime Trust. Seattle-based crypto firm Stably shared this information through a blog post. In a letter from Prime Trust, it was stated that the firm received an order from the Nevada Financial Institution Division, and it expressed hope to “return to business as usual as soon as possible.”
The Prime Trust situation should be a lesson that your bitcoin is not “safe” on any 3rd party custodian, even if it’s one that plebs tell you is fine b/c “all your sats are in a trust account w/your name on it”
Learn to self custody. It’s the only way to truly own your bitcoin.
— Justine Harper (@mshodl) June 22, 2023
This has caused inconvenience for Stably, leading the company to temporarily suspend the majority of its services. On Thursday, the stablecoin issuer TUSD stated that it remained unaffected by the situation, despite having conducted business with both firms. “Prime Trust has suspended all deposits of fiat and digital assets,” TUSD said on Twitter. TUSD is is not affected by this situation. We have no exposure to Prime Trust and maintain multiple USD rails for minting and redemption. Rest assured, all your funds are safe with TUSD.”
In an official report published by the Nevada Financial Institution Division, Prime Trust encountered a critical financial predicament on or around June 21, 2023, resulting in its inability “to honor customer withdrawals due to a shortfall of customer funds caused by a significant liability on the respondents’ balance sheet.” The division further states that Prime Trust has violated its fiduciary obligations and has consequently been mandated to cease and desist all business operations. Prime Trust has refrained from making any Twitter announcements concerning the issue.
Prime Trust has collaborated with several companies, including Abra, Augeo, Swan Bitcoin, Binance US, Dapper Labs, and Strike. In May, Swan Bitcoin informed its customers that it would be moving assets from Prime Trust to Bitgo and Fortress Trust. Just before Bitgo backed away from the Prime Trust deal, the custodian Prime Trust’s subsidiary Banq filed for Chapter 11 bankruptcy protection.
All @Swanbitcoin customer funds were transferred from Prime Trust to Fortress and BitGo.
There is zero precedent for clawback of customer funds from individual bankruptcy-remote TRUST accounts– it’s the whole point. Unlike the unsecured creditors of Celsius and FTX, Swan client…
— Cory Klippsten
Swan.com
#Bitcoin (@coryklippsten) June 22, 2023
There are reports suggesting that the bitcoin payments company Strike is facing challenges due to its association with Prime Trust. A customer alleges receiving an email from Strike indicating the suspension of direct deposits and temporary disruptions in card services. However, according to Strike’s status page, it states that all services are currently operational. Right now the crypto community and armchair sleuths are trying to figure out which firms have direct exposure to the crypto custodian.
What are your thoughts on the impact of Prime Trust’s suspension of services on the crypto industry? Share your thoughts and opinions about this subject in the comments section below.
USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity
On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below .90, reaching a low of .877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) trading sessions on Saturday.
Major Crypto Exchanges Suspend USDC Trades as Concerns Mount
On March 11, 2023, stablecoin assets are having a rough day after Circle Financial announced that .3 billion of the cash backing usd coin (USDC) was held at Silicon Valley Bank (SVB). This news has caused USDC to depeg from the U.S. dollar, dropping to a low of .877 per coin on Saturday. As of 7:45 a.m. ET, USDC is currently trading at .91 per unit, up 3% from the low of .87.
We are temporarily pausing purchases using USDC on Ethereum and Polygon. We have also paused loads to the BitPay Card in the app. Further updates will follow here.
— BitPay (@BitPay) March 11, 2023
Following the depegging of USDC, several major crypto exchanges, including Binance and Coinbase, have suspended USDC trades. “Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,” Binance tweeted. “This is a normal risk-management procedural step to take while we monitor the situation.”
Coinbase stated: “We are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to re-commence conversions.” The crypto payment processor Bitpay has also paused USDC payments and debit card loads.
The Singapore-based crypto exchange Crypto.com also suspended USDC deposits on March 11. “Out of an abundance of caution, we have temporarily suspended USDC to USD conversion, USDC deposit, and USDC pair trading due to current market conditions. USDC withdrawal remains available,” the company said on Saturday. “We will continue to evaluate the situation and plan to resume USDC trading as soon as possible.”
The depegging of USDC has caused a ripple effect of depegging issues for five different stablecoin projects, including GUSD, DAI, FRAX, USDP, and USDD. FRAX is currently trading for .91, USDD is swapping for .94, USDP is trading for .95, DAI is changing hands for .92, and GUSD is trading for .97 per unit. The largest stablecoin by market capitalization, tether (USDT), has remained within the .99 to range since the SVB issues began.
What are your thoughts on the challenges facing stablecoins today? Share your views on this topic in the comments section below.