Biggest Movers: LTC Nears 6-Month High, as Near Rebounds From Recent Lows

Litecoin has been a notable mover on Nov. 30, as the token edged closer to a recent six month high. Following yesterday’s gains, cryptocurrency prices remained in the green on Wednesday, with the global market capitalization up 2.07% as of writing this. Near protocol also surged today, as prices rebounded from recent lows.

Litecoin

Litecoin (LTC) moved closer to a six month high on Wednesday, as the token rose for a second straight session.

LTC/USD rallied to an intraday high of $79.73 earlier in today’s session, less than 24-hours after trading at a low of $75.21.

The move saw LTC climb to its highest point since last Wednesday, when the token hit a high of $83.43.

This was the strongest point litecoin was trading at since May 10, and comes as the relative strength index (RSI) rebounded from a recent floor.

As of writing this, the index is currently tracking at 65.48, which is above a support point of 61.45.

Earlier gains have somewhat eased, with LTC now trading at $78.04. Despite this, bulls likely will still be targeting a move above $80.00.

Near Protocol

Near protocol (NEAR) was another notable gainer on Wednesday, as prices continued to move away from recent lows.

Following a low of $1.59 on Tuesday, NEAR/USD surged to an intraday high of $1.73 earlier today.

As a result of this, near protocol moved away from its long-term support point of $1.50, and is now nearing a resistance point of $1.75.

Looking at the chart, the RSI is now hovering slightly above a ceiling of 35.00, and is tracking at 35.07.

As of writing this, NEAR has fallen below earlier highs of $1.73, and is currently trading at $1.70.

Should price strength continue to move above its current ceiling, we will likely see the token race past the $1.75 point, and edge closer to $2.00.

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Could we see near protocol climb above $2.00 in December? Let us know your thoughts in the comments.

via Eliman Dambell

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Sam Bankman-Fried Interview Reveals Dark Donations to Republicans, FTX’s ‘Poorly Labeled Accounting’

On Nov. 29, 2022, the crypto supporter and reporter, Tiffany Fong, published an interview with the former FTX CEO Sam Bankman-Fried (SBF) that was recorded 13 days before the interview was released. During the interview, SBF discussed who he thinks may have hacked FTX and he further denied he had a backdoor installed to funnel funds between FTX and Alameda Research. “I don’t even know how to code,” SBF stressed to Fong during the conversation. Additionally, the New York Times claims to have obtained a slew of emails and text messages between FTX’s legal counsel, other top executives, and SBF while the exchange was in the midst of collapse.

SBF Claims Backdoor Accusations Are ‘Definitely Not True,’ Probably a ‘Poorly Labeled Accounting Thing’

Roughly two weeks ago, the co-founder and former CEO of FTX, Sam Bankman-Fried (SBF), decided to do a phone interview with Tiffany Fong. The telephone interview (here and here) was revealed by Fong a few days before she published it, and on Tuesday, Nov. 29, 2022, the discussion with SBF was published on Youtube.

“You don’t get into the situation we got in, if you make all the right decisions,” SBF said during his chat. “If I’d been more careful … there’s a billion things I could have done.” In the interview, Fong talked about the alleged “backdoor” that was mentioned in a Reuters article that said, “executives set up a book-keeping backdoor.”

SBF denied the “backdoor” claims when he spoke with Fong, and he insisted that he “literally never opened the codebase for any of FTX.” “That’s definitely not true … I don’t even know how to code,” the former FTX CEO remarked. SBF said he doesn’t know exactly what the Reuters article was referring to when they published a story about the backdoor. SBF said, however, it may have been a “poorly labeled accounting thing,” when he stated:

I was wrong … I was incorrect on Alameda’s balances on FTX by a fairly large number, an embarrassingly large one.

SBF Discusses ‘Dark’ Donations to Republicans to Appease ‘Super-Liberal’ Media, FTX Co-Founder Touches on FTX’s Wallet ‘Hack’

During the interview with Fong, SBF touched upon campaign finance in the U.S. and addressed how high-up FTX officials donated millions of U.S. dollars to America’s two-party system of politicians. While its widely known SBF donated to the Democratic party, the FTX co-founder said he donated to Republicans in the dark to appease liberal media. “I donated about the same amount to both parties,” Bankman-Fried said.

“All my Republican donations were dark,” SBF told Fong during the telephone conversation. “The reason was not for regulatory reasons. It’s because reporters freak the f*** out if you donate to Republicans, they’re all super-liberal, and I didn’t want to have that fight.”

SBF also told Fong that the theories surrounding FTX and Ukraine were false, but noted that he wished he was “part of an international conspiracy that interesting.” Bankman-Fried also talked about the hacker who drained FTX’s wallets the same day the firm filed for bankruptcy protection.

The FTX co-founder believes he “narrowed it down to like eight people — I don’t know which one it was.” SBF also told Fong that he was able to acquire capital in the sum of $4 billion from an unspecified fund “eight minutes” after his exchange filed for bankruptcy protection. Furthermore, despite the red flags surrounding FTX’s FTT token and how it was held by very few wallets (and still is), SBF wholeheartedly believed FTT was better than a lot of other tokens.

“I think [FTT token] was basically more legit than a lot of tokens in some ways,” SBF explained during his interview with Fong. “It was more economically underpinned than the average token was,” he added.

Report Claims SBF ‘Ignored’ Warnings and ‘Clung to Power’ Waiting Until the Last Minute to Relinquish Control of FTX

On the same day, Fong released her interview with SBF, New York Times (NYT) reporter David Yaffe-Bellany published an article featuring quotes from “dozens of pages of emails and private messages” obtained by the publication. The report said during the time FTX was collapsing reportedly there was “no cooperation” with SBF, as far as giving up control of the exchange.

The NYT report claims documents show that FTX’s legal counsel and other top executives wanted SBF to relinquish authority immediately and prep for bankruptcy proceedings. “[SBF] ignored their warnings and clung to power, seemingly convinced that he could save the firm, despite mounting evidence to the contrary,” the report details.

FTX’s lead legal counsel member Ryne Miller, a former U.S. Commodity Futures Trading Commission (CFTC) employee for over three years, insisted “the exchanges must be halted immediately.” The email to FTX staff on Nov. 10 stressed: “The founding team is not currently in a cooperative posture.” That same day, the NYT report says SBF told the FTX staff that he was trying to raise capital but in a text message to top executives, Miller remarked the fundraising chances had a “0% likelihood.”

Another message the NYT reviewed shows that FTX’s chief operating officer, Constance Wang, told employees “I don’t want to stop trying yet” when things were looking quite bleak for the crypto exchange.

According to Yaffe-Bellany’s report, in a group chat with a number of FTX employees, Alameda Research’s CEO Caroline Ellison said she was “kinda worried that everyone is gonna quit/take time off.” Yaffe-Bellany’s report says that in private messages FTX officials “pressed the case with Mr. Bankman-Fried’s father,” the Stanford Law professor Joe Bankman.

Between talking with his dad and an alleged fundraising discussion with Tron founder Justin Sun, SBF finally gave up control to John Jay Ray III. Ray is FTX’s new CEO and is overseeing the bankruptcy and restructuring proceedings. The interview with Tiffany Fong followed five days after he relinquished control of the company and FTX filed for bankruptcy protection.

After the interview, Fong noted that “SBF expresses remorse in this interview” and in another statement, she said she was “not expecting to have an impromptu phone call [with] Sam Bankman-Fried.” The former FTX CEO is also scheduled to speak with Andrew Ross Sorkin at the annual New York Times Dealbook Summit on Nov. 30.

Alameda CEO Caroline Ellison reportedly left Hong Kong and fled to Dubai, but reports are unconfirmed. FTX co-founder Gary Wang’s location is currently unknown at the time of writing, and both Wang and Ellison have yet to talk to the press.

What do you think about former FTX CEO Sam Bankman-Fried’s interview with Tiffany Fong? What do you think about the New York Times report that says SBF didn’t relinquish control of FTX so easily? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300.

Bitcoin

Bitcoin (BTC) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report.

Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.

Following a low of $16,366.66, BTC/USD rose to an intraday peak of $17,021.67 earlier in the day.

However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.

As of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.

Should price strength continue in an upward direction, and move beyond this upcoming obstacle, then bitcoin could extend today’s rally.

Ethereum

Like BTC, ethereum (ETH) also moved higher on Wednesday, as prices surged for a second success session.

ETH/USD hit a peak of $1,276.55 earlier in today’s session, which comes less than 24-hours after trading at a low of $1,205.78.

As a result of today’s gains, the world’s second largest cryptocurrency hit its highest point since November 15.

Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.

In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.

The target for ETH bulls appears to be the $1,300 level, which was last hit on November 11, when the coin was at a peak of $1,307.

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Do you expect ethereum to start December above $1,300? Leave your thoughts in the comments below.

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Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors.

Commission to Promote ‘Sensible Digital Assets’

The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.

According to a Bloomberg report, the NSEC is keen on promoting what the institution’s director general Lamido Yuguda calls “sensible digital assets.” Yuguda explained:

The commission is in the business of protecting investors, not in the business of speculation.

In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain’s use in advancing virtual and traditional investment products.

In May, the NSEC unveiled new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.

“Any asset that is traded in the Nigerian capital market requires the joint approach of different regulators,” the director-general reportedly said.

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What are your thoughts on this story? Let us know what you think in the comments section below.

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Football Fever Is Infecting DeFi Project With Excitement

PRESS RELEASE. Doha, Qatar: For the next couple of weeks, over a billion people are glued to the TV every day watching players of their favorite team working brilliantly together to win the ultimate prize. What’s really different this time around is how much crypto plays a role in football, with team fan tokens and NFT collections released by football stars like Christiano Ronaldo as prominent examples.

And now, leading communities in crypto are joining football fever and even using it as an opportunity to bring crypto to the masses. With this World Cup, billions will learn about the Web3 ways of working together and winning big thanks to the Binance Football Fever 2022 campaign that allows anyone to get their football fever on while having a chance to win part of the $1,000,000 in prizes.

The DeXe DAO community, being a close partner of Binance and running a number of joint activities with them, has also joined Binance’s Football Fever in true DAO fashion — by proposing and passing onchain a sponsorship of Binance Football Fever. Now football fans can win $DEXE tokens while learning about DeFI. There are a lot of football fans in the DeXe community. And the project is all about teamwork in Asset and DAO Management, so the partnership with Binance on this was a natural fit for the DeXe DAO.

In Asset Management, traders have skills but need more capital to win big. Investors have the capital but need to find traders they can trust to manage it. DeXe’s asset management platform gives them a relationship framework where the traders feel free in their trading decisions and well-rewarded for their success while the investors get multilayer security and transparency to help them protect their capital. This way, DeXe maximizes the opportunity to win while minimizing the risk of losing — an elite approach worthy of a World Cup.

Can you imagine if players on the pitch would get rewarded for how many passes they made rather than for scoring? Such a team wouldn’t win a game, let alone the World Cup. Effective teamwork has shown in this World Cup yet again that teams with less star power are still able to defeat teams that are better on paper. Effectiveness matters. That’s why in DAO management, DeXe aligns the incentives so that community members get rewarded for the most effective DAO activity and pretty much anything about the DAO can be modified via onchain proposals. In DeFi like in football, you need to make it easy to score, to defend, and to adjust the strategy to optimize those actions.

With DeXe’s and Binance’s involvement in the World Cup media hype, football fans can both cheer for their favorite teams and learn more about DeFi. If the efforts of Binance, DeXe, and other projects promoting crypto among football fans succeed, who knows, maybe the next World Cup will be run on-chain.

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About The Dexe Network

Dexe Network is an Asset and DAO Management platform that brings the dreams of DeFi into practical reality by giving fund and DAO creators the power to effectively, quickly, and securely grow their organizations. With DeXe, traders become managers without much effort beyond trading as they normally do and DAOs are governed in a truly decentralized and autonomous way thanks to proper incentives and on-chain governance. DeXe’s Ambassador Program has laid the groundwork for community-generated rewards for effective DAO participation.

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Game7 Launches $100 Million Grants Program to Push Web3 Gaming Development

Game7, a blockchain gaming-focused DAO (decentralized autonomous organization) has announced the launch of a $100 million grants program. The objective of this grants program is to support the Web3 gaming community in these times of market downturn and to advance the adoption of blockchain gaming on several chains.

Game7 to Support Blockchain Gaming With $100 Million

Game7, a Web3 gaming-dedicated project which has already supported projects on different chains including Arbitrum, Polygon, Immutable X, and Solana, has announced the launch of a $100 million grants program to support Web3 gaming companies. The chain-agnostic project announced that the objective of this move is to offer support to these initiatives to push the Web3 gaming ecosystem forward even in unfavorable times for the crypto industry.

The organization, which is a DAO supported by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects presenting their initiatives. The grants will be distributed among five different areas, including technology, events, diversity, education, and research.

On the direction of these funds, Game7 contributor Ronen Kirsh declared:

Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies.

Direction and Similar Web3 Programs

The first sector to receive grants will be the tech area, which will focus on supporting teams preparing open-source development in certain key areas, including game development tooling, smart contracts and standards, core infrastructure, and community tooling. Game7 grants support goes beyond just economic assistance, as it includes access to tech support, mentoring, and early access to Game7 initiatives.

Game7 believes in Web3 gaming as a force that can empower gamers and gaming companies alike, allowing them to benefit and grow together. This is according to John Allen, a representative of Bitdao, who stated:

We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership.

Web3 gaming has been one of the few areas of the cryptocurrency world that have continued to grow even amid the economic woes the industry faces, according to a report issued in September by Dappradar. Companies and VC funds such as Griffin Gaming Partners, Forte, and A16z have launched millionaire funding initiatives for companies involved in these types of projects throughout 2022.

What do you think about Game7’s $100 million Web3 gaming grants program? Tell us in the comments section below

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The World’s Largest NFT Marketplace Opensea Adds BNB Blockchain Support

On Tuesday, the world’s largest non-fungible token (NFT) marketplace in terms of overall NFT sales volume, Opensea, announced that BNB blockchain-based NFTs will be supported on the marketplace platform. With BNB blockchain support, Opensea users will be able to purchase and list BNB NFT assets.

Opensea Integrates BNB Chain — Marketplace Users Can Now Buy and List BNB-Based NFT Assets

This week, Opensea surpassed $33 billion in all-time sales according to statistics recorded by dappradar.com. On Nov. 29, 2022, Opensea revealed that the BNB blockchain will now be supported by the marketplace allowing users to buy and list BNB-based non-fungible token (NFT) assets.

Opensea already supports Ethereum, Solana, Klaytn, Arbitrum, Optimism, Avalanche, and Polygon networks. According to Tuesday’s announcement sent to Bitcoin.com News, the “BNB Chain will be launched on Opensea’s Seaport Protocol in Q4 2022, allowing multiple creator payouts, real-time payouts, collection management, and other benefits for BNB Chain creators.”

The head of business and corporate development at Opensea, Jeremy Fine, explained on Tuesday that Opensea looks forward to adding more blockchain diversity for the NFT marketplace’s users. “We’re delighted to begin leveraging Seaport across multiple blockchains, including BNB Chain, to better the Opensea experience for everyone,” Fine said.

The Opensea executive added:

This update will make it simpler to reach even more users and creators on the chains they prefer.

According to statistics, BNB has a significant number of daily active users, in comparison to most smart contract-enabled blockchains. Cryptoslam.io data shows NFT sales stemming from the BNB chain were the sixth largest in seven days.

BNB-based NFT sales are up week over week by 26.71% at the time of writing, with roughly $826,408 over the last seven days. During the last month, stats show BNB-based NFT sales raked in around $4.9 million across 180,720 transactions.

What do you think about Opensea adding BNB blockchain support to the NFT marketplace? Let us know what you think about this subject in the comments section below.

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Biggest Movers: LINK Hits 20-Day High, DOGE Rebounds From Monday’s Losses

Chainlink raced to a 20-day high on Nov. 29, as the token surged for a second straight day. Cryptocurrency markets were mostly higher in today’s session, following a sluggish start to the week. Dogecoin was another notable gainer on Tuesday, as the meme coin rebounded from yesterday’s losses.

Chainlink (LINK)

Chainlink (LINK) climbed to its highest point in three weeks on Tuesday, as prices rose for a second straight day.

Following a low of $6.67 to start the week, LINK/USD races to an intraday high of $7.43 earlier in today’s session.

The move saw LINK continue its recent breakout of a long-term ceiling at $7.15, hitting its highest point since November 20 in the process.

Overall, LINK is up by nearly 25% in the last few days, recording gains in all but one of the last nine sessions.

Today’s surge comes as the 14-day relative strength index (RSI) moved beyond a resistance point of 55.00, and is currently trading at 56.89.

In addition to this, the 10-day (red) moving average is now closing in on its 25-day (blue) counterpart, and is positioned for an upwards cross.

Dogecoin (DOGE)

Dogecoin (DOGE) rebounded from Monday’s losses, as the meme coin rose by as much as 10% today.

DOGE/USD, which fell to a low of $0.09145 to start the week, climbed to a peak of $0.1047 earlier today.

As a result of the move, dogecoin is now once again trading close to a three-week high of $0.1079.

Looking at the chart, it seems there will be an upwards crossover between the 10-day (red) and 25-day (blue) moving averages.

Should this happen, it will be a sign of current, and upcoming bullish momentum, with DOGE traders likely to move price closer to $0.1100.

The RSI has just moved past its ceiling at 59.00, and is currently tracking at 60.90. Unless the index falls below this point, DOGE will potentially continue to climb.

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Will dogecoin end the month above or below $0.1100? Let us know your thoughts in the comments.

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NFT Sales Jumped 22% Higher This Month With $568 Million in NFTs Sold Across 20 Blockchains

Non-fungible token (NFT) sales have shown improvement during the last month as 30-day statistics show NFT sales are up 22.37% higher than the month prior. During the last seven days, NFT sales are up 5.13% higher than the week before. Additionally, over the last two days, the floor value of Bored Ape Yacht Club (BAYC) NFTs managed to jump above the floor value of Cryptopunks NFTs by more than four ethereum.

NFT Sales Improved in November, Rising 22% Higher Than October’s Sales — BAYC Floor Surpasses Cryptopunks

Roughly two weeks ago, Bitcoin.com News reported on the two blue chip NFT collections — Cryptopunks and Bored Ape Yacht Club (BAYC) NFTs. At the time, Cryptopunks NFTs managed to rise above BAYC NFTs in terms of NFT floor values, but during the last two days, Bored Ape floor values have once again grabbed the reins.

At the time of writing, the floor value of the cheapest BAYC is 69.88 ether, while the Cryptopunks floor value is 65.94 ether. BAYC’s floor price has managed to remain above the floor value tied to the Cryptopunks collection for two days.

NFT sales have been higher during the last 30 days as there were $568.19 million in digital collectible sales last month, which is roughly 22.37% more than the month prior. The number of NFT buyers last month is down 12.83%, and the quantity of NFT transactions slipped 27.09% lower than last month’s number of NFT transactions.

Out of the $568.19 million in NFT sales, $443.55 million worth of those sales were Ethereum-based NFTs. Ethereum-based NFT sales are up 45.99% higher than last month, according to stats recorded by cryptoslam.io.

The biggest month-over-month NFT sales increase stemmed from Arbitrum blockchain NFT sales as Arbitrum NFT sales rose by ​​46.83%. Below Ethereum and Arbitrum-based NFT sales, Fantom sales were 43.58% higher than the month before.

The blockchains that saw significant month-over-month declines include Cardano NFT sales down 54.98%, BNB shed 49.21%, Polygon NFT sales slipped by 66.35%, and Ronin-based NFT sales are down 54.76%. Avalanche-based NFT sales have dropped 49.32% lower than the month prior as well.

During the last month, the NFT collection with the most sales was BAYC as it captured $64,907,645 over the past 30 days. Art Gobblers raked in $57.18 million and the Mutant Ape Yacht Club (MAYC) NFTs took in $29.14 million.

Out of the top 40 NFT collections in terms of sales, Meebits saw the largest 30-day increase as Meebits NFT sales jumped 172.85% higher this month to $2.53 million. The most expensive NFT sold during the last month was Bored Ape Yacht Club #8,633 as it sold for $953K 12 days ago.

BAYC #8,633 was followed by BAYC #1,268, which sold six days ago for $923K, and BAYC #232 which sold for $908K six days ago. The top five most expensive NFTs sold during the last 30 days were BAYC NFTs, and the sixth largest sale was Cryptopunk #8,191 which sold for $438K roughly 26 days ago.

What do you think about the state of NFT markets this past month and sales improving by jumping 22% higher than the month prior? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Bitcoin, Ethereum Technical Analysis: ETH Climbs Above $1,200 Ahead of US Consumer Confidence Report

Ethereum rose back above $1,200 on Tuesday, ahead of the upcoming consumer confidence report from the United States. The price comes following a breakout above a key resistance level of $1,180. Bitcoin also climbed higher in today’s session, ending a five-day losing streak.

Bitcoin

Bitcoin (BTC) snapped a five-day losing streak on Tuesday, as prices moved away from a recent point of support.

Following a low of $16,054.53 to start the week, BTC/USD surged to an intraday high of $16,522.26 earlier today.

This surge saw bitcoin climb from its aforementioned price floor $16,175, which has been in play since earlier in the month of November.

Looking at the chart, although prices have surged, it will be a test to see if this momentum can be maintained, due to the relative strength index (RSI) colliding with a ceiling.

As of writing, the index is hovering marginally above a ceiling of 41.00, with a current reading of 41.12.

Should price strength continue in an upward direction, we could see more bulls entering the market, taking BTC closer to $17,000.

Ethereum

In addition to BTC, ethereum (ETH) also moved higher on Tuesday, ahead of the U.S consumer confidence report.

The Conference Board consumer confidence survey is expected to come in at a reading of 100, which is marginally below October’s reading of 102.5.

ETH/USD was back above $1,200 on Tuesday, hitting a high of $1,216.52 earlier in today’s session.

As can be seen from the chart, the move, which ended two straight days of losses, pushed ethereum to its highest point since Saturday.

Overall, this move comes as the RSI raced above its point of resistance at 43.70, and it is currently tracking at 46.10 as of writing.

A ceiling of $1,230 now awaits ethereum bulls, and should they overcome this hurdle, a move towards $1,300 will be on the cards.

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Will ethereum hit $1,300 before the end of the month? Leave your thoughts in the comments below.

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President of Bank of Brazil Shows ‘Open Finance’ Digital Real Concept Featuring Stablecoin Integration and Payments Functionality

Roberto Campos Neto, president of the Bank of Brazil, explained the role that the Brazilian central bank digital currency (CBDC), the digital real, might play in the future of personal finance. At an event, Neto explained the concept of “open finance,” showing a “super app” that featured PIX (a payments network) functionality, and also integration with other stablecoins already available.

Digital Real Might Connect Directly With Cryptocurrencies

The proposed Brazilian CBDC, the digital real, is ostensibly growing to have more and more functions. Roberto Campos Neto, president of the Bank of Brazil, showed the concept the bank has for the finished version of the currency. On Nov 25. at an online event, Campos Neto introduced the ideas that the institution has for the currency, under the “open finance” name.

This idea includes the integration of the digital real, which is still under development, with traditional and decentralized financial structures and institutions. A “super app,” that will allow customers to hold stablecoins and the CBDC, was also shown in the event, showcasing the connection the system will have with the already available PIX payments network.

On the app mockup, Campos Neto clarified:

This is basically a teaser of what this integration I’m talking about will be. Instead of having several apps on your cell phone, from several banks, you will have some kind of integrator.

In this way, the app will allow the users to have a complete picture of their savings, traditional or crypto-based, in just one place.

A Push for Digitization

While the digital real concept has been in development for quite some time, there is no estimated date for its completion, as the central bank and other organizations continue to test the different implementations and functions this new coin would have. However, Campos Neto stated that the currency will be a bridge to decentralized finance, as the country pushes towards monetary digitization.

On this, Campos Neto explained:

The digital real part is a bridge to the defi environment. We are bringing the digital world to the banking system. Several other central banks are doing the opposite. They are actually pushing digital out of banking.

However, contrary to what Campos Neto states, several central bank digital currencies are already being tested by myriad central banks. The European Union is currently studying the implementation of a digital euro and is expected to regulate it soon. The Federal Reserve Bank of New York is also piloting an interoperable network of central bank wholesale digital money, and a proposal has surged in Argentina to eliminate physical money.

What do you think about Campos Neto’s open finance concept for the digital real? Tell us in the comments section below.

via Sergio Goschenko

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Blockchain Pilgrimage: Regulating Crypto ‘Should Be Combined With Education’ Says Top Wadzpay Executive

The collapse of Do Kwon’s Terra empire in May, and Sam Bankman-Fried’s FTX in early November 2022, will be remembered as two incidents that put the crypto industry on the back foot. It is now widely expected that regulators around the world will use the two incidents to justify the establishment of regulatory regimes that are likely to stifle further innovation. That notwithstanding, one Singapore-based blockchain payments company, Wadzpay, has partnered with Saudi Arabian fintech Geidea to provide financial solutions for pilgrims on their way to Mecca.

Providing a Cutting Edge Payment Experience to Visitors

Faced with the inevitable, some players in the crypto industry assert that tougher regulations are not going to stop cryptos and their underlying technology — the blockchain. They point to how digital currencies have been instrumental in lowering the cost of remitting funds inside and beyond national borders. According to this view, the ease and speed of moving funds across borders is another key attribute that makes digital currencies and the blockchain an indispensable part of modern payment systems.

It is these and other attributes of digital currencies that sustain their appeal even as regulators are looking to pounce, and some crypto companies are looking to find or expand into new markets and niches.

For instance, Wadzpay, a Singapore-based company that runs an interoperable blockchain-based payments ecosystem, has partnered with Saudi Arabian fintech Geidea to provide a “cutting-edge payments experience” for pilgrims traveling to Mecca. Khaled Moharem, president of Wadzpay for the Middle East and North Africa (MENA), explained to Bitcoin.com News how his company’s partnership with Geidea enables Hajj pilgrims with e-money wallets to better manage their expenses.

In addition to highlighting the impact of the two firms’ payments solutions, Moharem, a longstanding finance professional, also shared his views on topics ranging from the FTX collapse to regulation of the crypto industry.

Bitcoin.com News (BCN): Recently it was announced that your organization had teamed up with a Saudi Arabia-based fintech, Geidea, to provide future Hajj pilgrims with what was described as a cutting-edge payments experience for the visitors. Can you start by explaining why and how your payment solution makes things easier for Hajj pilgrims?

Khaled Moharem (KM): Thank you, yes, the partnership is to support digital payments for the pilgrims. In line with the Saudi Vision 2030, the partnership is forged in the backdrop of the Saudi government targeting to host 30 million Hajj and Umrah pilgrims by 2030.

The annual Islamic pilgrimage to Mecca is considered the world’s largest gathering, attracting some 2.5 million pilgrims in 2019 (according to Statista) before the Covid-19 pandemic triggered global lockdowns. According to Mastercard’s latest Global Destination Cities Index, Mecca, the holiest city for Muslims, generated approximately US$20 billion in tourist dollars in 2018.

Currently, pilgrims are faced with high fees when making traditional payments or overseas withdrawals or are needing to carry cash, which is not convenient for long pilgrimages. The combination of Wadzpay and Geidea’s solutions seeks to provide these pilgrims with e-money wallets to enable better expense management with payments supported through the security of the blockchain.

Our solution ensures that pilgrims can load their wallets in their home country and are able to fully enjoy their pilgrimage without having to worry about dealing with fiat. They will save on fees while enjoying a seamless payment experience.

BCN: What prompted you to create a solution that uses blockchain?

KM: Our partner, Geidea has more than one million POS [point-of-sale] terminals throughout Saudi Arabia; we see this as an opportunity for pilgrims to make payments without any currency or network limitations. Blockchain is a secure, distributed ledger that keeps a decentralized record of every transaction; the technology can significantly improve collaboration and simplify processes. Combining the reach of Geidea and the nature of blockchain technology leads to an incredible opportunity.

The pilgrim market is an essential part of the Saudi economy. This move will unlock vast SME business success for merchants across the Kingdom and make the payment experience for the pilgrims faster, safer and trackable. Through the power of blockchain, we are able to also improve the merchant’s bottom line through fast settlement and lower fees.

BCN: What does Wadzpay’s proposal to use blockchain in facilitating payments reveal about the prospects of the technology in the Kingdom of Saudi Arabia?

KM: Saudi Arabia is trying to accelerate their digital transformation. The Central Bank has looked to blockchain-based transfers, as has the Saudi Arabian Monetary Authority. The applications of blockchain technology in various important [areas] are limitless: whether logistics, oil, education or public services.

We believe that there are blockchain use cases that have a direct impact on the P&L [profit and loss] and can solve many existing business opportunities in the Kingdom.

BCN: The crypto industry has largely had a bad year — the Terra/Luna and more recently FTX crash — and some believe this affects adoption momentum. Others believe the worst is yet to come and that unless the industry is tightly regulated, more users will fall victim to crypto fraudsters. Do you agree that the industry has not yet seen the worst?

KM: We are very much pro-regulation. Regulations set clear guidelines upon which to operate and help limit fraud.

BCN: Do you agree that more stringent regulations will make crypto much safer for users?

KM: All industries need “bad sheep” on top of regulation, it is essential to have the education to avoid falling victim to various schemes. Regulation should be combined with education (just like in the world of fiat currencies, it’s important to be aware and not put your funds at risk).

BCN: In your view, how can the industry recover from the damaging impact of both Terra’s and now FTX’s collapse?

KM: The year certainly had some negative events (as well as many positive developments). As a company, we ensure that we avoid some of the risks that may prevail in this sector. For example, we utilize asset-backed stablecoins, as opposed to algorithmic coins which Terra/Luna was.

Similarly, to reduce the risk, we ensure that customer funds are held with insured custodians rather than on exchanges. This ensures security and accountability.

At the end of the day, blockchain is a technology while crypto is just one application of it. While pricing could be impacted by volatile digital currencies, we believe this transformative technology and its wide uses will prevail. We always focus on the tech, not the speculation.

What are your thoughts about this interview? Let us know what you think in the comments section below.

via Terence Zimwara

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Biggest Movers: DOGE Down 10%, XRP Extends Declines

Dogecoin was down by as much as 10% to start the week, as the token retreated from Sunday’s high. The meme coin raced to a three-week high over the weekend, however bulls appeared to have abandoned their positions, opting to secure profits. Xrp, formerly known as ripple, fell for a third straight session on Monday.

Dogecoin (DOGE)

Dogecoin (DOGE) was 10% lower on Monday, as traders moved to secure profits following recent gains.

Following a high of $0.1057 on Sunday, DOGE/USD slipped to an intraday bottom of $0.09302 to start the week.

The drop saw the token move closer to a key support point of $0.090, less than 24 hours after hitting a three-week high.

As can be seen from the chart, the move comes as the 14-day relative strength index (RSI) failed to break out of a ceiling of 60.00.

Currently, the index is tracking at 55.20, with the next visible point of support at the 52.00 mark.

Despite the current decline in price, momentum still remains bullish, with the 10-day (red) moving average still positioned for an upwards cross.

XRP

XRP, formerly known as ripple, was also in the red to start the week, with the token falling for a third straight day.

XRP/USD slipped to an intraday low of $0.3758 during Monday’s session, pushing prices nearly 7% lower than Sunday’s high of $0.4079.

Today’s bottom was the weakest point for XRP since last Thursday, Nov. 24, when price was at a low of $0.3670.

Honing in on the chart, it appears that bears have regained confidence, following a failed breakout of a key ceiling on the RSI.

The index failed to move beyond a ceiling of 50.85, with price strength now tracking at the 44.69 level.

A upwards crossover between the 10-day (red), and 25-day (blue) moving averages still remains possible, which could mean future rallies may be incoming.

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What is behind Monday’s bearish sentiment in cryptocurrency markets? Let us know your thoughts in the comments.

via Eliman Dambell

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Stablecoin Economy Continues to Shrink Shedding Close to 5% in 2 Months

During the last month, the market capitalization of all the stablecoins in existence dropped by more than 2%, shedding roughly $2.98 billion since the end of October. Statistics show that tether, the largest stablecoin by market valuation, saw its market cap lose more than 5% during the last 30 days. Tether’s market cap slipped from last month’s $69.13 billion to today’s $65.48 billion.

Stablecoin Economy Drops Lower, Tether Market Cap Sheds 5%

Statistics show that the stablecoin economy’s market valuation has reduced during the last 30 days by roughly 2.02%. On Oct. 31, 2022, the stablecoin economy was valued at $147.03 billion and today, it’s down to $144.05 billion.

Furthermore, the market capitalization of all the stablecoins in existence is much lower than it was two months ago, as the market cap dropped by 4.83% from $151.37 billion to today’s $144 billion total. Data indicates that this past month, tether (USDT) has seen its market capitalization drop more than 5% lower from $69.13 billion to the current $65.48 billion.

However, the second-largest stablecoin by market cap, usd coin (USDC) has seen its market valuation increase during the past 30 days, jumping roughly 1.5% higher. The stablecoin BUSD’s valuation continues to grow month after month, and over the last 30 days, it’s up 4.8%. Out of the top five stablecoins today, BUSD’s market cap grew the most over the last month.

Makerdao’s DAI stablecoin has shed 9.7% this past month and the stablecoin’s market capitalization was the biggest loser out of the top ten dollar-pegged crypto tokens. On Oct. 31, DAI’s market cap was around $5.77 billion and today, it’s coasting along at $5.20 billion. With tether and DAI leading the losses over the last month out of the top ten stablecoins, frax (FRAX) followed behind the two tokens shedding around 3.1% last month.

Stablecoin trade volume has dropped a great deal over the last two months but the tokens still represent a majority of today’s trades. For instance, on Sept. 27, 2022, stablecoins captured $205 billion out of the $225 billion in global trades. On Oct. 31, stablecoins recorded $55.91 billion in trades out of the total worldwide crypto trade volume ($71 billion).

During the past 24 hours stablecoins have captured $37.73 billion and the aggregate trade volume among all the crypto coins in existence today is roughly $46.56 billion. This means out of the $46 billion in trades among all the crypto assets, stablecoins equate to 81.04% of those trades.

What do you think about the state of the stablecoin market today? What do you think about the stablecoin economy’s valuation slipping by close to 5% during the past two months? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Start Week Lower as Bearish Sentiment Returns to Markets

Bitcoin fell to a six-day low to start the week, as the token moved closer to the $16,000 level. The drop sees prices fall for a fifth straight session, with overall sentiment in the cryptocurrency market turning bearish. Ethereum was once again trading below $1,200, after trading above this point in recent days.

Bitcoin

Bitcoin (BTC) fell for a fifth straight session on Monday, as the token moved closer to a breakout below $16,000.

BTC/USD slipped to an intraday low of $16,086.36 to start the week, which comes less than 24 hours after hitting a peak of $16,594.41.

As a result of today’s drop, bitcoin moved to its lowest point since last Tuesday, November 22, when price was at a low of $15,613.

Looking at the chart, Monday’s sell-off intensified once a breakout on the relative strength index (RSI) occurred.

The index, which is currently tracking at 36.89, moved below a recent support point of 38.00, and looks to be heading for a lower floor at 35.50.

Should price strength reach its perceived destination, This will likely lead to BTC falling below $16,000.

Ethereum

In addition to BTC, ethereum (ETH) also moved lower to start the week, with prices once again moving under $1,200.

Following a high of $1,218.51 on Sunday, the world’s second largest cryptocurrency dropped to a low of $1,162.19 earlier today.

The decline pushed ETH/USD below a key support point of $1,180, and came as the RSI failed to break out of a long-term resistance level.

As can be seen from the chart, price strength was unable to fully move beyond a ceiling of 43.00, and is currently tracking at 40.62.

In addition to this, the 10-day (red) moving average has shifted direction, with momentum once again downward facing.

Overall, a target of $1,070 appeared to be a likely destination for bears, should momentum continue to decline.

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Will ethereum start December above or below $1,200? Leave your thoughts in the comments below.

via Eliman Dambell

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Salvadoran Group Files Lawsuits Against President Nayib Bukele on Lack of Transparency in Bitcoin Purchases

Cristosal, a Salvadoran nonprofit human rights organization, has filed three lawsuits related to President Nayib Bukele’s management of public funds to purchase bitcoin. The processes are being run before several national and international bodies, and call for the government to offer information on these purchases.

President Nayib Bukele Sued by Salvadoran Nonprofit Cristosal

On Nov. 17, Cristosal, a nonprofit human rights organization, announced that it has filed three different lawsuits against President Nayib Bukele, seeking to clarify the origin and transaction information of the funds used to purchase bitcoin. Ruth Lopez, an anticorruption spokesperson for the group, stated that one of the lawsuits had to do with the illegality of reforms Bukele had made to laws concerning these expenses.

Lopez explained that $750 million are managed by Bukele as part of the bitcoin trust established by the central bank of the country in an unconstitutional way, alleging that these laws allowing the president to manage the funds are void.

In the same way, the second lawsuit has to do with the lack of investigation that the Accounts Court of the Republic, the control organization, has exerted on the expenses derived from the implementation of the Bitcoin Law, including the construction of booths, acquisition of ATMs, installation of the platform, and application for the convertibility and management of bitcoin.

Lopez stated:

There is no control on the platform over the identity that buys and sells Bitcoin. Until now, all Salvadorans have are presumptions about how it works and how much has been spent.

The third action will be exerted before the Inter-American Court of Human Rights and is related to the identity theft that more than 200 Salvadorans faced when delivering their data to the Chivo Wallet system.

Bitcoin Skepticism

While President Nayib Bukele announced recently that the country would be purchasing a bitcoin a day, signaling his belief in the cryptocurrency, Lopez believes the population is still skeptical about bitcoin. For her, these expenses are superfluous and don’t answer the immediate needs of the people.

On this, Lopez remarked:

The Salvadoran population does not feel identified with bitcoin, but it is also of no use to them, because it is not a population that invests, since it is barely enough for them to eat.

While some surveys show President Bukele is very popular in the country, bitcoin is a different issue. A survey conducted by the José Simeón Cañas Central American University in June revealed that more than 70% of Salvadorans consider that bitcoin had brought no benefits to them.

What do you think about the lawsuits filed by Cristosal? Tell us in the comments section below.

via Sergio Goschenko

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Minimax․Finance Announces the Integration of VERSE DEX

PRESS RELEASE. Minimax.Finance integrated the recently launched VERSE DEX to provide the Minimax community with more options for cost-effective swaps on Ethereum network. VERSE pools are also available at the platform.

The Minimax team has integrated VERSE DEX into Minimax’s swap section; now Minimax users can enjoy all the DEX benefits, including security and the absence of third-party custodians. This integration has been available at Minimax.Finance since its recent launch on Ethereum. This part of the integration will get extended as the VERSE team launches the DEX on more blockchains.

Minimax.Finance Chief Executive Val Hrykyan said, ‘Our goal is to provide the web3 community with a unified interface to make management of web3 portfolio easy and convenient. Therefore, the integration of VERSE DEX is a logical step in this direction.’

About VERSE DEX

VERSE DEX is a decentralized exchange (DEX) which uses an automated market maker (AMM) to facilitate trades in a completely decentralized yet efficient manner. The AMM utilizes smart contracts to create markets for trading pairs of a wide variety of tokens. Liquidity providers supply VERSE DEX with capital, earning yield from the fees paid by people who trade. Verse DEX is derived from the battle tested Uniswap V2 contract, and has been audited by a third-party smart contract auditor. Verse DEX is available on Ethereum and SmartBCH blockchains, but is continuously expanding onto low-fee, high transaction speed blockchains.

Verse DEX aims to bring everyone permissionless and non-custodial trading access, with a special focus on people new to DeFi.

VERSE DEX is focused on offering a DEX that anyone can use. While almost all other DEXs are intimidating to new users, VERSE DEX will be seamlessly integrated into the Bitcoin.com Wallet, giving its millions of users an easy way to use a DEX.

To learn more about VERSE DEX, please visit https://verse.bitcoin.com/.

About Minimax

Minimax.Finance is an interactive web3 marketplace. The platform provides a unified interface for users to get a high-level overview of the web3 space, easily monitor and manage their Web3 portfolio, and at the same to utilize multiple web3 platforms, without having to switch between different apps and blockchains. The Minimax team has already integrated 13 platforms, including Verse DEX, Aave, Yearn, Pancakeswap and others across eight blockchains, with plans to integrate many more soon.

In the near future the team plans to introduce gasless transactions, which will enable users to interact with their favorite apps on multiple blockchains without having to get the native tokens. This will make web3 experience much smoother and reduce multiple routine operations.

Currently Minimax.Finance provides multiple opportunities for staking, yield farming and lending. Support for NFTs, borrowing and other web3 utilities will be added soon. It will be easy for new projects to get listed at our platform.

To learn more about Minimax.Finance, please visit https://app.minimax.finance/.

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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Argentina to Revamp Anti Money Laundering Law, Proposes Creation of VASP Registry

Argentina is preparing to revamp its anti-money laundering and terrorism financing law. It has proposed to include the creation of a registry for virtual asset services providers (VASPs) in the country as part of the new modifications. The changes would prepare the country for the review that the Financial Action Task Force (FATF) is slated to do on the subject next year.

Argentina Might Create a Unified VASP Registry

The discussion of a proposed revamp of the anti-money laundering and terrorism financing law in Argentina might include the creation of a unified VASP registry. The proposal, which is being made by several institutions in the country, including the Argentine tax authority (AFIP), and also the national securities regulator (CNV), would bring the legislation up to modern standards.

This would be the first modification that legislators press on a law that has been untouched for 11 years. The institutions presented the changes to the Deputy chamber of the nation in a meeting that took place on Nov 25. One of the objectives of this move would be to prepare the country for the review that the FATF is slated to conduct about Argentina’s controls next year.

The reform would also allow the AFIP to build a database of unique beneficiaries, with the CNV being at the head of the proposed VASP registry.

Modifications Focused to Bring Safety to Users

The proponents of these modifications explain that these are inspired by similar changes that have been implemented by other countries already reviewed by the FATF, and are part of the steps that must be taken before embarking on preparing cryptocurrency-specific regulation in Argentina.

Sebastian Negri, head of the anti-money laundering organization in the country (UIF) expanded on the need for these modifications to be approved and implemented. He stated:

We have to be able to create a registry that meets international standards for the prevention of money laundering and terrorist financing.

Furthermore, Negri also stated that these modifications would be useful to protect users’ funds in these platforms from potential failures and even bankruptcy, taking cues from the situation that FTX, one of the top three cryptocurrency exchanges, is currently facing.

Negri also mentioned that the usage of personal data that these companies possess would be tackled in this reform.

Argentina was recently part of a study made by Global Financial Integrity, a Washington D.C.-based think tank, that colluded that cryptocurrency regulation on Latam was still ineffective in detecting and convicting crypto-related crime.

What do you think about the reforms proposed to the anti-money laundering laws in Argentina? Tell us in the comments section below.

via Sergio Goschenko

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Venezuelan Currency Plunges Almost 40% Against the US Dollar, Analysts Cite Crypto Drought as Part of the Problem

The Venezuelan fiat currency, the bolivar, has lost almost 40% in its exchange rate against the U.S. dollar in a month. According to reports, the seasonal payments that the government has to make, and the lack of liquidity of the government to intervene in the currency market are part of the equation leading to this, however, some also include crypto as part of the problem.

Venezuelan Currency Takes a Nosedive

The Venezuelan currency, the bolivar, has been losing its value at an alarming rate after enjoying a period of relative stability recently. The currency has lost almost a 40% against the U.S. dollar in parallel markets, with citizens being alarmed at the accelerated pace of the devaluation. According to the popular price index Monitordolar, each dollar had a price of 9.05 bolivares on Oct. 25. The exchange rate increased to 12.63 bolivares per dollar on No. 26.

There are several explanations for this plunge. According to analysts, this nosedive was expected due to the elevated spending that is common in the Christmas season, a consequence of the elevated liquidity put into the market due to the bonuses and payments that the government and other companies deliver to workers.

This is the part of the theory that Venezuelan economist Jose Guerra has formulated on this issue. Guerra stated:

Demand for bolivars has fallen due to high inflation so when bolivars go into circulation, the public turns to buy goods and dollars to hedge against inflation and devaluation.

Asdrubal Oliveros, head of Ecoanallitica, an economics research firm, also explains that the Central Bank of Venezuela has not been able to intervene by injecting liquidity into the official exchange market. This is due to the lack of dollar inflows for different causes, including sanctions that difficult the movement of these funds that are mostly collected in cash for the sale of oil. In August, the Venezuelan currency also lost 35% of its value against the dollar in just one week.

Crypto’s Influence

However, apart from the usual suspects, Oliveros also believes that there is a crypto element that makes this situation more severe. Oliveros states that most of the parallel currency market, which does not depend on government intervention, was currently being fed by market makers that used cryptocurrency exchanges as a way of injecting these funds into the country.

However, due to the ongoing downtrend that the cryptocurrency market faces, and the lack of confidence in centralized exchanges associated with the downfall of FTX, one of the biggest cryptocurrency exchanges in the world, these market makers have limited their exposure, leaving the market illiquid and contributing to the scarcity of dollars.

The economist expects the exchange rate to keep rising as these problems go bigger in the next few days, qualifying the situation as a “perfect storm” for devaluation to keep growing.

What do you think about the recent plunge of the Venezuelan Bolivar against the U.S. dollar? Tell us in the comments section below.

via Sergio Goschenko

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Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit

While a large fraction of crypto assets dropped a great deal in value during the past few weeks and bitcoin is down 18.2% in 30 days, the exchange coin ftx token (FTT) still trades above a U.S. dollar per unit. Moreover, the unknown entity known as the ‘FTX Accounts Drainer,’ still holds the second largest FTT wallet with 45.85 million tokens worth $61.44 million.

FTT Remains Above $1 per Unit During the Past 2 Weeks Since the FTX Collapse

It’s been over two weeks since FTX filed for Chapter 11 bankruptcy protection and on that day, FTT was still trading for $3.46 per unit. 16 days later, FTT’s price has consolidated and during the past 24 hours, FTT’s been trading for prices between $1.33 and $1.39 per unit.

In fact, FTT has remained above a single U.S. dollar since Nov. 12, 2022, and it still has not breached the low it saw in September 2019, back when FTT traded for $1.15 per unit. On Sunday, Nov. 27, the exchange token backed by a bankrupt business has around $5.26 million in global trade volume. This week, FTT tapped a high of $1.53 per unit and a seven-day low of around $1.23 per FTT.

Since the inception of FTT, the ERC20 token has seen 411,970 transfers according to the blockchain explorer etherscan.io. On Nov. 27, approximately 24,874 wallets hold the FTT token but the largest wallet holds 195,869,338 FTT or 59.55% of the entire supply.

The second-largest FTT owner is the same person as the ‘FTX Accounts Drainer’ hacker and it holds 45.85 million FTT tokens worth $61.44 million using today’s exchange rates. The Bitdao holds 3,362,316 FTT and Wormhole holds roughly 2,818,904 FTT at the time of writing.

Between the largest and second-largest FTT addresses, more than 73% of all the FTT tokens are held by two entities. During the last seven days, there was approximately $7.69 million worth of FTT transactions greater than $100K. Prior to the FTX collapse and bankruptcy filing, Alameda Research held one of the largest caches of FTT. The former Alameda CEO Caroline Ellison has reportedly left Hong Kong to flee to Dubai.

What do you think about the market performance of FTT token during the last two weeks? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse

At the time of writing the global cryptocurrency market capitalization is hovering around $842 billion on Sunday, Nov. 27, 2022. Bitcoin prices consolidated since the start of the week, as seven-day stats indicate the price of bitcoin has dropped by 0.02% this week. Meanwhile, while bitcoin prices remain static, a number of alternative crypto assets have recorded double-digit gains this week.

Crypto Economy Hovers Above the $800 Billion Zone as a Dozen Tokens Record Double-Digit Gains

Bitcoin (BTC) on Sunday is currently trading for $16,550 per unit and prices have remained stagnant for the last seven days. The token with the second-largest market capitalization, ethereum (ETH), has managed to gain 3.45% this week climbing back above the $1,200 range.

At the time of writing (10:00 a.m. ET), the crypto economy is down 0.07%, and it is currently valued at 842 billion nominal U.S. dollars. Out of the top ten largest cryptos this week, the two leading tokens include BNB and DOGE.

BNB has increased by 16.29% against the greenback during the past week, and seven-day stats show dogecoin (DOGE) is up 25.57%. Both of these crypto assets are not the only tokens that have seen double-digit gains during the past week.

The exchange coin huobi token (HT), for instance, has increased by 55.99% this week and celo (CELO) is up 45.31%. Curve’s dao token (CRV) has jumped 35.41% higher against the U.S. dollar, and litecoin (LTC) has increased by 25.29% this week.

Apecoin (APE) managed to rise 22.55% this week, and chainlink (LINK) rose by 17.95%. Dash (DASH) is up 17.25% and convex finance (CVX) has risen by 15.25% against the greenback.

In fact, 13 different crypto assets out of the 21,863 listed on coinmarketcap.com, have increased by double digits during the last week. This week’s biggest losers, however, included chiliz (CHZ) down 24.16%, chain (XCN) which lost 16%, and algorand (ALGO) shed 12.67%.

Those were the only three crypto tokens that saw double-digit losses against the U.S. dollar during the past seven days. Presently, out of the $842 billion global cryptocurrency market capitalization, bitcoin’s (BTC) market cap dominates by 37.7%.

Ethereum (ETH), on the other hand, dominates the crypto economy by 17.6% on Nov. 27, 2022. Global trade volume is a lot less than when FTX collapsed two weeks ago, as it rose above $200 billion during multiple 24-hour periods.

Today, the crypto economy’s Global trade volume is only $36.84 billion and tether (USDT) commands $26.78 billion of the aggregate. Bitcoin’s (BTC) global trade volume today is around $19.30 billion and ETH captures $4.38 billion of Sunday’s trade volume.

What do you think about the handful of crypto tokens that have recorded double-digit gains this past week? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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