Crypto asset manager Grayscale Investments has appointed Peter Mintzberg as CEO, effective August 15, 2024. Mintzberg, currently Global Head of Strategy for Asset and Wealth Management at Goldman Sachs, will also join Grayscale’s Board of Directors. He succeeds Michael Sonnenshein, who steps down to pursue other interests. CFO Edward McGee will serve as interim principal […]
Bitcoin News
Vijay Chetty Steps Up as CEO of Eclipse Labs After Founder Neel Somani’s Departure Over Allegations
Vijay Chetty, the newly appointed CEO of Eclipse Labs, has announced his commitment to leading the company’s mission of bridging the gap between Ethereum and Solana with a high-performance and trust-minimized blockchain. Formerly the Chief Growth Officer, Chetty brings firsthand experience of Eclipse’s potential and has expressed his excitement about the project. He acknowledges the […]
Bitcoin News
Openai Co-Founder Ilya Sutskever Steps Down, Jakub Pachocki Named New Chief Scientist
Ilya Sutskever, a co-founder and the chief scientist at Openai, announced his departure from the company after nearly a decade to work on a “personally meaningful” project, without specifying further details. Jakub Pachocki, previously the director of research at Openai since 2017 and the lead on the development of the GPT-4 large language model, has […]
Bitcoin News
dYdX Trading Inc Founder Antonio Juliano Steps Down As CEO, Token Takes a Hit
Antonio Juliano, the founder of dYdX Trading Inc., has announced his decision to “step down” as Chief Executive Officer (CEO), citing a mix of “personal and professional reasons.”
This move marks a significant change for the company behind the decentralized derivatives exchange dYdX. Juliano will transition to the roles of Chairman and President, with Ivo Crnkovic-Rubsamen set to take over as CEO.
Juliano Reflects On His Tenure And The Evolution Of dYdX
Juliano’s tenure as CEO saw dYdX grow into a prominent player in the decentralized finance (DeFi) sector, especially in derivatives trading.
Reflecting on his journey since the dYdX whitepaper in 2017, Juliano shared in the announcement that moments of “overwhelming” pressure made him consider stepping aside.
Juliano noted:
For my own part in this journey, I too have come far. I feel as though I’ve been gifted (and endured) a lifetime’s worth of adventure and growth since solo founding dYdX at 24. Chris Dixon once told me “founding is an emotional challenge disguised as an intellectual one”. I have now lived this, and know it to be true. dYdX has given me the rollercoaster of intense experiences from ibar, to excitement, to elation, to desolation. There have been times, many of them, when l’ve felt so overwhelmed I wanted to leave.
Notably, Juliano’s decision to change roles, as highlighted in the announcement, comes from a place of “personal satisfaction” and the “realization” that while he is irreplaceable as the founder, the role of CEO can be handed over to someone else.
Today, @AntonioMJuliano, announced that he is transitioning from CEO of dYdX Trading Inc. to the role of President and Chairman. Antonio’s product vision, leadership, and relentless dedication over the past 7 years have transformed dYdX from an idea into one of the largest DeFi… https://t.co/iUdSmjtQ5T
— dYdX (@dYdX) May 13, 2024
Impact Of The CEO Transition – Token Sees Sudden Drop
Ivo Crnkovic-Rubsamen, a long-time friend and collaborator of Juliano, is set to become the new CEO. Juliano expressed confidence in Crnkovic-Rubsamen’s ability to lead, noting that he has been “progressively” stepping back over the past two years, preparing for this transition.
Juliano will continue influencing “major decisions” and strategy at dYdX, working closely with the new CEO to oversee day-to-day operations.
He emphasized that dYdX’s mission is far from complete, pointing to the growing importance of DeFi and derivatives in the crypto landscape, noting:
dYdX is not finished. Not even close. The opportunity is bigger than ever now. It’s becoming incredibly obvious that DeFi will be the dominant way crypto is used, and derivatives will pily a large part in that.
Following the announcement of Juliano’s step-down, the price of the dYdX’s token experienced a decline, dropping by approximately 1.2% in the past 24 hours to a trading price of .01, with a 24-hour low of .94.
This downturn contrasts with the general recovery in the crypto market, highlighted by a 2.8% increase in Bitcoin over the same period.
Despite the dip in token price, dYdX’s total value locked (TVL) has remained stable, with a slight increase of 2.37% over the past month. It has maintained a level above 0 million since March.
Featured image from Unsplash, Chart from Tradingview
Eclipse Labs CEO Steps Down After Sexual Misconduct Allegations Surface
Eclipse Labs founder and CEO Neel Somani has decided to reduce his public role within the company temporarily amid allegations of sexual misconduct, asserting his innocence and readiness to defend his reputation on the social media platform X, formerly known as Twitter. Eclipse Labs, aiming to uphold the highest standards of professionalism and gender equality, […]
Bitcoin News
Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here
Crypto research platform 10x Research recently noted that the Bitcoin Relative Strength has jumped to 40%. In line with this, they provided insights into what major moves the flagship crypto might make soon enough.
What Next For Bitcoin?
In their newsletter titled “Fake Dip?” 10x Research drew the crypto community’s attention to the fact that Bitcoin has historically experienced potential rallies whenever its relative strength index (RSI) drops to 40%. As such, there is the possibility that BTC could again rally following its recent decline.
The research platform warned that a “line in the sand” at the ,000 mark could keep the flagship crypto from rallying. However, Bitcoin has already broken above that level, which could mean there is still a bullish sentiment around the crypto token.
Meanwhile, the research hinted that BTC would need a catalyst to enjoy a sustained rally. They highlighted four bullish events that helped Bitcoin enjoy a parabolic run soon after breaking a vital support level. These events included Treasury Secretary Janet Yellen’s bid for uncapped deposit insurance, BlackRock’s application for a Spot Bitcoin ETF, Franklin Templeton also filing for a Spot Bitcoin ETF, and when US Core PCE dropped below 3.0%.
This echoes the sentiment of Andrey Stoychev, Head of Prime Brokerage at Nexo, who previously mentioned that Bitcoin would need a catalyst to make a significant move to the upside. He predicts that Bitcoin will only continue to trade around the ,000 range without this catalyst.
10x Research didn’t sound optimistic about BTC enjoying a sustained rally, as their trend model indicates that the flagship crypto is in a downtrend. Despite that, they are not ruling out the possibility of BTC experiencing a bullish reversal. The research firm also revealed that they would look to buy the dip if Bitcoin drops significantly or rallies from here.
BTC Still Destined To Hit New Highs
Crypto analyst Mikybull Crypto recently suggested that Bitcoin will still hit new highs. He stated that Bitcoin’s current price action is meant to create “more fear across the market and then bottom for upward continuation.” Crypto analyst Ali Martinez also recently suggested that the bull run was far from over, bearing in mind that Bitcoin consolidated around this period in the last two bull runs.
He claimed that BTC might be over 500 days away from hitting its market top for this cycle. As to how BTC could rise, Martinez mentioned that it could hit a new all-time high (ATH) of ,190 if it breaches the resistance level of ,150. It is also worth noting that crypto analyst PlanB stated that Bitcoin hitting 0,000 this year is “inevitable.”
At the time of writing, BTC is trading at around at around ,500, up over 7% in the last 24 hours, according to data from CoinMarketCap.
Rockwallet Steps in to Adopt Wyre’s Customers Following Shutdown
According to the crypto payments company Wyre, based in San Francisco, which ceased operations in June 2023, the multi-currency self-custodial wallet platform Rockwallet has taken over Wyre’s entire customer base. On Thursday, Rockwallet announced it has been reaching out to customers to ensure a smooth transition in their digital asset endeavors, eliminating the need for […]
Bitcoin News
Analysts Reveal Next Steps As Solana Corrects Hard After 1000% Rally
Several analysts have given their opinion on what lies ahead for Solana (SOL). Based on their prediction, the crypto token could experience a further move to the downside as part of a price correction that seems overdue following its parabolic rise back in 2023, when it saw a gain of almost 1,000%.
SOL Could Drop To As Low As
Crypto analyst Bluntz Capital suggested in an X (formerly Twitter) post that Solana could drop to as low as . From the chart that he shared, he looked to be analyzing SOL’s price movement using the ABC pattern, with a move to being the C wave. If SOL were to drop to that price level eventually, Bluntz mentioned that he would be “max bidding SOL” as he foresees a further move to the upside once the correction is done.
Professional Crypto Derivative Exchange Bitunix shared their SOL price analysis in an X post. They highlighted how the crypto token has broken out of its triangle, something which signals more downside ahead. SOL may initially fall to as low as as a result of this. If it fails to hold above the support at that price level, a further decline towards could occur, Bitunix claims.
Related Reading: Bitcoin Recovery: This Massive 0 Billion Investment Could Send Price Above ,000
Technical analyst LuxAlgo also hinted at a price decline to based on the chart, which they shared in an X post. They noted that Solana had broken its lows as expected and raised the possibility of a “steeper drop” being imminent.
Meanwhile, crypto analyst Tryrex Crypto stated that he is betting on a crash back to for SOL. He mentioned how tempting it might be to open a long position right now and expect a bounce on the current support level. However, he seemed skeptical of such a move as he claims that the previous bounce was “too weak to maintain the trend.”
Solana To 0 Once All Is Said And Done
In a more recent X post, Bluntz stated that the SOL ABC pattern is “starting to look done now.” If that is the case, he expects a trend reversal as the next move to the upside should send SOL to above 0. In the meantime, he said that the crypto token is trying to test and reclaim its prior breakdown range.
Interestingly, crypto analyst Ali Martinez had raised the possibility of Solana rising to 0 in one of his previous price analyses. However, SOL then failed to close above the 6 price level, which Martinez had highlighted as being critical for this price prediction to materialize. Bluntz’s prediction no doubt provides optimism that the 0 price level remains a possibility.
At the time of writing, SOL is trading at around , up over 6% in the last 24 hours, according to data from CoinMarketCap.
Starkware CEO Uri Kolodny Steps Down Due to Family Health Issues
Starkware faces a leadership transition as CEO Uri Kolodny resigns over pressing family health issues. While stepping down, Kolodny leaves the company in the hands of co-founder and friend Eli Ben-Sasson.
Starkware Sees CEO Change as Uri Kolodny Resigns, Citing Family Health
Uri Kolodny, CEO of Starkware, announced his resignation from the company’s top position due to pressing family health concerns. Kolodny, who co-founded the Ethereum scaling and privacy technology firm in 2008 with Eli Ben-Sasson, made the announcement via X.
In the announcement post, Kolodny expressed both pride in Starkware’s achievements and sorrow at stepping back from day-to-day involvement. “I am so very proud of what we’ve built. First and foremost: the people who have joined us in building Starkware and Starknet,” he wrote, acknowledging the talented team behind the company’s success. Despite stepping down as CEO, Kolodny will remain active as a board member of both Starkware and the Starknet Foundation, ensuring his continued influence in the company’s strategic direction.
Assuming the CEO role is co-founder Eli Ben-Sasson, the co-inventor of STARKs and current president of Starkware. Ben-Sasson’s appointment is a natural transition, given his deep involvement in the company’s technological advancements and long-standing partnership with Kolodny. “Eli is many wonderful things… and we have been the closest of friends for 35 years, and closer still these past six years,” Kolodny noted.
In his statement, Kolodny expressed confidence in the company’s future under Ben-Sasson’s leadership. “I am sure he will lead Starkware forward with talent and devotion, to great heights,” he remarked.
Ben-Sasson replied to Kolodny’s post on X, acknowledging and thanking Kolodny for his kind words as well as wishing him and his family well. About becoming CEO, Ben-Sasson said to Kolodny,
These are mighty large shoes I need to fill. What fills me with hope is the amazing team you leave behind, and the fact that the ethos and values of StarkWare are things we all share. Your vision will continue and stay true.
Best wishes go out to Uri Kolodny and his family. Share your thoughts and opinions in the comments section below.
End of an Era: CZ Steps Down, SEC Names More ‘Securities,’ as US Crypto Crusade Continues — Week in Review
Bitcoin.com News reported this week that leading crypto exchange Binance will settle with the United States Department of Justice (DOJ) for .3 billion, related to breaching anti-money laundering and sanctions regulations. The well-known face of the exchange, and former CEO, Changpeng “CZ” Zhao, has stepped down as part of the plea deal. In other news, the U.S. Securities and Exchange Commission (SEC) has once again named crypto assets which it views as securities. This and more just below, in the latest Bitcoin.com News Week in Review.
DOJ Announces .3 Billion Settlement With Binance; CZ to Step Down as Part of Plea Deal
The United States Department of Justice (DOJ) has revealed a landmark settlement involving Binance, the world’s largest crypto exchange by trading volume. Under the agreement, Binance will pay .3 billion to settle with the law enforcement authority. This significant development was disclosed during a DOJ press briefing on cryptocurrency enforcement, which took place at 3:36 p.m. Eastern Time (ET) on Tuesday.
SEC Identifies 16 Crypto Tokens as Securities in Kraken Lawsuit
The U.S. Securities and Exchange Commission (SEC) has identified 16 crypto tokens as securities in its lawsuit against cryptocurrency exchange Kraken. Some of the alleged crypto securities were the same as those highlighted in the SEC’s lawsuits against Coinbase and Binance. Kraken’s CEO stressed: “We strongly disagree with the SEC claims, stand firm in our view that we do not list securities, and plan to vigorously defend our position.”
Bitcoin Mining Pool F2pool Acknowledges OFAC Transaction Censorship; Backpedals After Community Backlash
F2Pool, a Bitcoin mining pool, has admitted to filtering transactions coming from Bitcoin addresses flagged by the Office of Foreign Assets Control (OFAC). After the situation was discovered by 0xB10C, a Bitcoin developer, F2pool co-founder Chun Wang acknowledged that his pool was indeed applying this filter, announcing it would drop the censorship until there was consensus in the community on the issue.
Tether Freezes 5 Million in USDT After DOJ Investigation, Calling It ‘Largest-Ever Freeze of USDT’
Tether has announced the “largest-ever freeze of USDT in history.” In collaboration with crypto exchange Okx, Tether froze 5 million in USDT following an investigation by the U.S. Department of Justice (DOJ). The tokens were allegedly linked to an international human trafficking syndicate in Southeast Asia responsible for a global “pig butchering” crypto scam.
What are your thoughts on this week’s stories? Be sure to let us know in the comments section below.