This week, the publicly traded mining company Marathon Digital Holdings unveiled new firmware and a control board designed to enhance the efficiency of bitcoin mining rigs. Marathon revealed it has been developing this technology for about a year. Marathon Releases Custom Firmware and MARA UCB 2100 Control Board On March 25, 2024, Marathon (Nasdaq: MARA) […]
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Robert F Kennedy Jr Sees Cryptocurrency as the ‘Best’ Inflation Hedge — Says Crypto ‘Takes Control Away From the Government’
U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) says cryptocurrency is the “best hedge against inflation.” He stressed that crypto “takes control away from the government and from the monopolistic banking system which uses money printing to shift wealth upward to the oligarchy of billionaires while impoverishing regular Americans.” RFK Jr. Says ‘Crypto Equals […]
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94 Million XRP Exits Binance As Bulls Reclaim Control, What’s Going On?
Crypto whale transaction tracker Whale Alerts has revealed various large XRP transactions in the last 24 hours as bullish momentum returns to the market. Interestingly, five of the large transactions in the past 24 hours have come from crypto exchange Binance, with the latest occurring in the past hour. In fact, 94 million tokens were recently transferred from Binance into unknown wallets, prompting investors to contemplate the reasons behind the transfers and possible outcomes.
Large Transactions From Binance
Data from Whale Alerts reveals that the transfers, worth over million, were sent out of Binance in five transactions of 18 million XRP each. This huge transfer could signal big investors are buying the altcoin in droves, but the pattern of accumulation also points to the transactions being carried out by one entity.
The transfers occurred throughout Sunday, starting with a transfer of 18.76 million tokens worth .7 million from Binance into an unknown wallet. Subsequently, 18.4 million tokens, 19.2 million tokens, 18.8 million tokens, and 18.7 million tokens worth .26 million, .47 million, .19 million, and .69 million were sent into private wallets.
18,750,448 #XRP (11,698,918 USD) transferred from #Binance to unknown wallethttps://t.co/aeCHQ4RYxA
— Whale Alert (@whale_alert) March 11, 2024
Investors can only speculate as the identity of wallet addresses is mostly unknown. But shifts of this magnitude often foreshadow market sentiment. These enormous transactions in such a short time span negate a random pattern and suggest accumulation from the parties involved.
However, the transfers could have also been carried out by Binance itself, as on-chain data shows all recipient addresses were activated on the same day by the exchange. Furthermore, this pattern of 18 million XRP tokens departing Binance in each large transaction began on Friday. Essentially, the transfers could have been due to wallet maintenance or liquidity factors.
What’s Next For XRP?
XRP has majorly underperformed other large market-cap cryptocurrencies. At the time of writing, the token is trading at .6219 and is up by 18% in 30 days. For comparison, Bitcoin, Ethereum, and BNB are up by 49%, 58%, and 63% respectively in the same timeframe.
However, XRP enthusiasts continue to remain strong and anticipate a strong bullish run. According to attorney Bill Morgan, XRP is set to surpass its all-time high of .4 this cycle. Right now, XRP is showing other signs of building momentum, like a recent breakout above a long-term downtrend line.
A popular crypto analyst known as Ash Crypto noted that the altcoin is on the verge of a multi-year breakout. The last time this happened, XRP went on a surge throughout 2017 and 2018 to reach its current all-time high.
XRP MASSIVE BREAKOUT
XRP IS ON THE VERGE OF MULTI-
YEAR BREAKOUTONCE IT BREAKS OUT, THE PUMP
WILL BE HUGE !! pic.twitter.com/4UuwyMXHJU— Ash Crypto (@Ashcryptoreal) March 10, 2024
According to the analyst’s XRP chart, a repeat of this breakout would lead to a surge of epic proportions to .
New Bitcoin ETFs and Grayscale Control a Combined 4% of BTC Supply, Valued at $53 Billion
The latest figures reveal that the nine new spot bitcoin exchange-traded funds (ETFs) now control 390,525.3 bitcoins, valued at just over billion at current market rates. These nine ETFs are rapidly approaching the holdings of Grayscale’s Bitcoin Trust (GBTC), which presently has 405,713.31 bitcoins in its possession. Emerging Bitcoin ETFs Challenge Grayscale’s Reign Collectively, […]
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XRP Price Prediction: Dips Turn Attractive In Near Term As Bulls Lose Control
XRP price started a downside correction from the .6700 resistance. The bulls are now active above .5400 and might aim for a fresh increase.
- XRP started a fresh increase above the .600 resistance level.
- The price is now trading above .550 and the 100 simple moving average (4 hours).
- There was a break below a key rising channel with support at .610 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh rally if there is a close above the .60 resistance zone.
XRP Price Revisits Support
In the past few days, XRP price climbed higher from the .550 zone. There was a move above the .580 and .600 resistance levels. However, the upside was less compared to Bitcoin and Ethereum.
The price even climbed above the .650 resistance before the bears appeared. A new multi-week high was formed near .6692 before the price dived. There was a strong bearish wave below the .620 support. There was a break below a key rising channel with support at .610 on the 4-hour chart of the XRP/USD pair.
The pair even dived below the .600 level. A low was formed near .530 and the price is now attempting a fresh increase. There was a move above the .560 level and the 23.6% Fib retracement level of the downward move from the .6692 swing high to the .530 low.
Ripple’s token price is now trading above .550 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the .600 zone or the 50% Fib retracement level of the downward move from the .6692 swing high to the .530 low.
The first key resistance is near .6240, above which the price could rise toward the .650 resistance. A close above the .650 resistance zone could spark a strong increase.
Source: XRPUSD on TradingView.com
The next key resistance is near .680. If the bulls remain in action above the .680 resistance level, there could be a rally toward the .7050 resistance. Any more gains might send the price toward the .7320 resistance.
Another Decline?
If XRP fails to clear the .60 resistance zone, it could start another decline. Initial support on the downside is near the .562 zone.
The next major support is at .540 and a connecting bullish trend line. If there is a downside break and a close below the .540 level, the price might accelerate lower. In the stated case, the price could retest the .5120 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – .5620, .540, and .5120.
Major Resistance Levels – .600, .6240, and .650.
SEC Got SIM Swapped: How Hacker Gained Control of SEC’s X Account
The U.S. Securities and Exchange Commission (SEC) has admitted that a SIM swap attack compromised its X account, where a fake announcement about the approval of spot bitcoin exchange-traded funds (ETFs) was posted. “The unauthorized party obtained control of the SEC cell phone number associated with the account in an apparent ‘SIM swap’ attack,” the regulator said.
SEC Says It’s a Victim of a SIM Swap Attack
The U.S. Securities and Exchange Commission (SEC) provided an update on Monday regarding the unauthorized access of its @SECGov account on social media platform X. The attack occurred on Jan. 9 and the SEC’s X account was used to post an unauthorized message claiming the agency had approved spot bitcoin exchange-traded funds (ETFs). Notably, the agency had not approved spot bitcoin ETFs at that time.
The securities regulator detailed:
Two days after the incident, in consultation with the SEC’s telecom carrier, the SEC determined that the unauthorized party obtained control of the SEC cell phone number associated with the account in an apparent ‘SIM swap’ attack.
“Once in control of the phone number, the unauthorized party reset the password for the @SECGov account,” the SEC described. The regulator stressed: “Access to the phone number occurred via the telecom carrier, not via SEC systems. SEC staff have not identified any evidence that the unauthorized party gained access to SEC systems, data, devices, or other social media accounts.”
The SEC further shared: “While multi-factor authentication (MFA) had previously been enabled on the @SECGov X account, it was disabled by X Support, at the [SEC] staff’s request, in July 2023 due to issues accessing the account.” The regulator added:
Once access was reestablished, MFA remained disabled until staff reenabled it after the account was compromised on January 9. MFA currently is enabled for all SEC social media accounts that offer it.
The securities watchdog emphasized that the SEC staff continue to coordinate with several law enforcement and federal oversight entities, including the Federal Bureau of Investigation (FBI), the Department of Homeland Security (DHS), the Commodity Futures Trading Commission (CFTC), the Department of Justice (DOJ), and the SEC’s own Division of Enforcement.
“Among other things, law enforcement is currently investigating how the unauthorized party got the carrier to change the SIM for the account and how the party knew which phone number was associated with the account,” the SEC detailed.
A significant number of SIM swap attacks are targeting crypto investors. Besides the SEC, other notable victims of SIM swap attacks include Ethereum co-founder Vitalik Buterin. Our guide explains how to avert a SIM swap attack.
What do you think about how the SEC got SIM swapped? Let us know in the comments section below.
SEC Will Approve Spot Bitcoin ETF to Maintain Regulatory Control Over Crypto Industry, Analyst Says
Investment bank TD Cowen predicts the U.S. Securities and Exchange Commission (SEC) will approve a spot bitcoin exchange-traded funds (ETFs) by the Jan. 10 deadline as a “political necessity.” The bank’s analyst believes that the SEC needs to “cement its role as a crypto regulator before Congress consider broader crypto legislation.”
‘This Is a Political Necessity’
Investment bank TD Cowen’s research team expects the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF) by the Jan. 10 deadline, viewing it as a “political necessity.” This date marks the first decision deadline this year; it’s for a spot bitcoin ETF proposal submitted by Cathie Wood’s Ark Invest and 21shares.
In a note published on Tuesday, TD Cowen Washington Research Group, led by financial analyst Jaret Seiberg, explained:
To us, this is a political necessity as the agency needs to cement its role as a crypto regulator before Congress consider broader crypto legislation.
“We also believe the agency does not want to lose a legal challenge to its refusal to approve bitcoin ETFs,” the investment bank added.
The SEC’s legal battle against Grayscale Investments regarding the crypto asset manager’s application to convert its bitcoin trust (GBTC) into a spot bitcoin ETF ended in defeat in August last year. Initially denying the application, the regulator was forced to reconsider its decision after a court ruling.
Congress is currently considering several cryptocurrency-related bills. Last year, the U.S. House Financial Services Committee passed four digital asset bills: the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act.
TD Cowen believes that there is still an opportunity for lawmakers to negotiate a comprehensive crypto market structure bill during the “lame duck” period following an election. A lame-duck session of Congress is the period between the election and the inauguration of a new government. The investment bank noted:
To get the Senate and White House on board, the SEC will need to be the lead on investor protections.
Do you think the SEC will approve spot bitcoin ETFs as a political necessity? Let us know in the comments section below.
Securities Regulators’ Association Calls for the Identification of Individuals Who Exercise Control Over Defi Platforms
The International Organization of Securities Commissions (IOSCO) has urged regulators seeking to understand decentralized finance (defi) arrangements to identify individuals who “exercise control or sufficient influence at the enterprise level.” The identification of such individuals potentially enables regulators to pinpoint “existing or potential regulatory touchpoints.”
Understanding the Defi Arrangement at the ‘Economic Reality’ Level
The International Organization of Securities Commissions (IOSCO) has urged its members seeking to regulate decentralized finance entities to first “understand the defi arrangement at the economic reality or ‘enterprise level.’” To achieve this, IOSCO, an association of securities regulators, encouraged its members to identify the individuals who “exercise control or sufficient influence at the enterprise level.”
According to the association’s final report which comes with policy recommendations for regulating the defi market, the identification of such individuals will enable regulators to pinpoint “existing or potential regulatory touchpoints.” In addition to reviewing publicly available information, regulators seeking to identify the so-called touchpoints should also consider engaging relevant persons like academics or researchers. The association added:
“Further, they could consider using available investigatory tools and techniques to gather additional information, including relevant information sharing arrangements with other authorities located within and outside their jurisdiction.”
Addressing Market Integrity and Investor Protection Concerns
In its 66-page report, IOSCO also urged regulators to understand the activities or services being offered by defi platforms and determine if they amount to the provision of financial services by the platform itself or persons linked with it. It also outlined the steps that regulators should take when seeking to find the ideal way of regulating entities controlled by decentralized autonomous organizations (DAOs).
Meanwhile, in the report’s summary, IOSCO claimed that all nine policy recommendations suggested in the report are aimed at addressing market integrity and investor protection concerns arising from the activities of defi platforms. The recommendations also help the association reach its goal of promoting greater consistency when it comes to the regulation and oversight of crypto asset markets, the report added.
As noted in IOSCO’s final report, the December 2023 recommendations are intended to build on the March 2022 report, which presented what the association characterizes as a “comprehensive description of the defi market.” Both reports are part of IOSCO’s ultimate ostensible goal of ensuring that market regulators around the world apply the “same activity, same risk, same regulation/regulatory outcome” approach to defi.
What are your thoughts on this story? Let us know what you think in the comments section below.
Hacker Demands Full Control Over Kyber in Wake of $47M Breach, Offers Executives Buyout and Staff Severance
A cybercriminal, who has been actively communicating with Kyberswap, issued a new onchain directive, this time insisting on “complete executive control over Kyber (the company).” This captivating onchain communication to the Kyberswap crew comes after the hacker’s initial request for the team to engage in more amiable and cooperative discussions.
Kyberswap Attacker Claims ‘Kyber Director’ Title, Demands Absolute Authority
The individual responsible for the Kyberswap security breach has conveyed a desire for absolute authority over Kyber, the company, and temporary control over the Kberdao governance structure. This revelation followed the million breach at Kyberswap, after which the team established communication with the suspected perpetrator. The day prior, the assailant stressed the need for the team to adopt a more approachable stance and indicated plans to propose a new strategy on November 30.
As promised, an announcement was made by the hacker, signaling an interest in a more favorable arrangement than the initial share offered by the Kyberswap team. In essence, the hacker is asserting a claim to complete dominion over Kyber, encompassing all its resources, both onchain and offchain. Additionally, the hacker is requesting comprehensive details about the company’s “protocol formation, structure, operation, revenues, profits, expenses, assets, liabilities, investors, salaries, etc.”
The hacker added:
Once my demands have been met, I will provide the following: Executives. you will be bought out of the company at a fair valuation. You will be wished well in your future endeavors. You haven’t done anything wrong. A small error was made, rounding in the wrong direction, it could have been made by anyone, Simply bad luck.
The hacker elaborated, acknowledging that under their stewardship, it’s foreseeable that some Kyber staff may choose to depart. In response, the perpetrator is offering a generous 12-month severance package to those opting to leave, “no questions asked.” The hacker asserted that this proposal was the “best” and “only offer” available. They further stressed that any contact from “agents from any of the 206 sovereignties” would immediately nullify the deal. Concluding the message, the individual signed off as “Kyber Director.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin Price Takes Hit Despite Drop in US CPI But Bulls Still In Control
Bitcoin price declined below the ,000 zone. BTC tested the ,650 support zone and is currently consolidating losses near ,500.
- Bitcoin declined heavily after the US CPI declined more than expected.
- The price is trading below ,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near ,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could trade in a range before the bulls attempt a new increase in the near term.
Bitcoin Price Revisits Key Support
Bitcoin price failed to surpass the ,500 resistance. BTC started a fresh decline from the ,423 high and declined below many supports. There was a move below the ,000 and ,500 levels. The price even spiked below ,000.
It retested the ,650 support zone. A low was formed near ,666 and the price is now correcting losses. There was a move above the ,000 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the ,423 swing high to the ,666 low.
Bitcoin is now trading below ,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near ,050 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the ,680 level. The next key resistance could be near ,000 or the trend line. The trend line is close to the 50% Fib retracement level of the recent drop from the ,423 swing high to the ,666 low.
Source: BTCUSD on TradingView.com
The first major resistance is near ,780, above which the price might accelerate further higher. In the stated case, it could test the ,000 level. Any more gains might send BTC toward the ,500 level, above which the price could gain bullish momentum and rally toward ,000.
More Losses In BTC?
If Bitcoin fails to rise above the ,000 resistance zone, it could continue to move down. Immediate support on the downside is near the ,150 level.
The next major support is ,000. If there is a move below ,000, there is a risk of more downsides. In the stated case, the price could drop toward the key support at ,650 in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – ,150, followed by ,650.
Major Resistance Levels – ,000, ,780, and ,000.