• $953 Million: FTX Sues Crypto Firm Bybit

    A new lawsuit from FTX claims Bybit affiliate used “VIP” status to withdraw crypto funds. In the lawsuit, the company claims Bybit’s Mirana withdrew $327 million just before FTX pause.

    According to latest releases, FTX’s bankruptcy advisers sued crypto exchange Bybit Fintech Ltd and two corporate affiliates. It is bound to recover cash and digital assets valued at roughly $953 million that was withdrawn from Sam Bankman-Fried’s crypto exchange before it filed Chapter 11 a year ago.

    The lawsuit was filed Friday in Delaware court alleges Bybit’s investment arm, Mirana Corp.

    It had special “VIP” benefits, and used those special privileges to get most of its assets off Bankman-Fried’s platform before it collapsed in November last year.

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  • Best strategy to learn how to cash in big on Bitcoin

    Bitcoin has performed well recently, despite the up and downs it has experienced since the beginning of this year.

    Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

    However, that’s not all, as there are still a lot for new and old folks to learn in the game. Watch the video below.

    Watch Video

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  • CME now top Bitcoin Futures Exchange

    This CME’s rise to the top highlights the growing institutional demand for bitcoin. Now, the venue is almost exclusively used by large traditional financial institutions, one analyst noted.

    Just yesterday, the regulated Chicago Mercantile Exchange (CME) took the top spot on the list of biggest bitcoin (BTC) futures exchanges. What a massive twist as it replaces Binance for the first time in two years.

    CME ranked first among futures and perpetual futures exchanges with an open interest (OI) of roughly $4.07 billion, up some 4% in the past 24 hours and representing a 24.7% market share, as CoinGlass data shows.

    Meanwhile, OI on Binance stood at $3.8 billion, down 7.8% during the same period. CME offers trading in traditional futures contracts with pre-determined expiry. Binance and other exchanges offer conventional futures and perpetual contracts or futures with no expiry.

    The change in rankings occurred as the crypto market endured a major leverage flush out amid wild price swings, which saw the aggregate bitcoin open interest drop $2 billion from $12 billion. The decline impacted Binance traders disproportionately more than CME market participants.

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  • Binance rolls out Web3 Wallet

    Cryptocurrency exchange Binance has released its latest Web3 wallet that can be used to interact with the decentralized finance (DeFi) ecosystem. Users can now download and access the wallet through its app.

    The new product will work across 30 blockchain networks. This was announced at the Binance Blockchain Week conference in Istanbul.

    Making an announcement, CEO Changpeng ‘CZ’ Zhao said: “Web3 wallets represent more than just storing digital assets; they are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance.”

    Binance’s Web3 wallet will compete with the likes of MetaMask and Trust Wallet.

    Binance earlier listed a futures market for TrustWallet’s native token (TWT). The TWT price slid after the announcement, taking the 24-hour change to a 7% drop.

    Trust Wallet’s Wallet as a Service (WaaS) technology, also announced today is intended to shorten the development time for companies looking to introduce Web3 wallets by offering a range of services including asset management and cross-chain transfers.

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  • Hong Kong vs the US in ETF Race for Crypto

    As we all know, the competition between Hong Kong and the US in the realm of cryptocurrency exchange-traded funds (ETFs) heats up. No one knows exactly what will the final outcome be.

    However, here’s what we know…

    Hong Kong is considering granting retail investors access to spot ETFs, pending stringent regulatory measures.
    Recent developments show significant progress in Hong Kong’s cryptocurrency ETF landscape, indicating a potential shift in the global ETF market.

    CSOP Asset Management’s ETFs and HSBC’s crypto offerings have catalyzed Hong Kong’s growing integration of digital assets.

    Hong Kong’s regulatory framework prioritizes investor protection, highlighted by the recent JPEX crypto exchange scandal.

    The US anticipates the approval of a spot Bitcoin ETF, with market experts projecting a surge in Bitcoin’s price and increasing investor interest.

    Firms like Grayscale and BlackRock are actively pursuing ETF conversions, contributing to the competitive landscape in the US market.

    Recent trading volume surges for Bitcoin ETFs indicate growing investor confidence and interest in the digital asset market.

    Potential US approval of a Bitcoin ETF could lead to substantial market inflows and the entry of institutional investors into the crypto sphere.

    Strategic speculators are eyeing the pre-ETF phase as an opportunity for accumulating Bitcoin, anticipating significant market shifts post-approval.

    Source: BSC News

    Hong Kong finds itself at a critical juncture, evaluating the potential launch of exchange-traded funds (ETFs) directly investing in cryptocurrencies. As per recent reports, the city is carefully considering the possibility of granting retail investors access to spot ETFs, provided that stringent regulatory concerns are effectively addressed. This a good move that stresses the importance of embracing innovative technology to enhance operational efficiency and customer experience.

    Clearly, Hong Kong is making significant strides in the realm of crypto ETFs, and that’s signaling a potential shift in the global ETF landscape. Sure enough, there’s a growing acceptance and integration of digital assets in the region.

    On the other side…

    The US crypto ETF scene is witnessing dynamic shifts and significant developments, with the spotlight firmly fixed on the impending approval of a U.S.-based spot Bitcoin exchange-traded fund (ETF).

    Recently, market analysts and presenters project a promising outlook, even suggesting the possibility of a Bitcoin ETF materializing before the end of this year.

    Notably, the anticipation surrounding the potential seeding of the iShares Bitcoin ETF by BlackRock has propelled investors to elevate the price of Bitcoin, surpassing the $35,000 mark, reflecting a price surge unseen for nearly a year and a half.
    Challenges and Transition Strategies

    While the Grayscale Bitcoin Trust (GBTC) has provided an avenue for U.S. investors to access Bitcoin, the transition towards more liquid and exchange-traded products remains a pressing need within the market. With an understanding of this shift in demand, Grayscale’s strategic move to convert GBTC to an ETF highlights the increasing industry emphasis on fostering a more conducive and accessible investment environment.

    While the future remains uncertain, strategic speculators are looking at the pre-ETF phase as a crucial opportunity for accumulating Bitcoin, anticipating the potentially lucrative outcomes once the ETF gets into the US market.

    Although Hong Kong has made a number of regulatory advances in the crypto ETF space, the approval of BlackRock’s spot Bitcoin ETF could spur a renewed vigor in the cryptocurrency space, shaping global digital asset investments.

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  • 6 ways to succeed in crypto trading business

    Here are seven strategies that crypto traders are using right now to find that most elusive and coveted term — Edge.

    1. When there’s confirmed price breakout

    The tip here is in buying when there’s a confirmed price breakout. You also need to keep a tight stop loss (the max he can lose for each trade) and let the winners run.

    2. Moonbag strategy

    That’s when a trader starts taking profits and then recoups the initial investment.  You can plunk that moonbag on a staking platform, so you can earn passive income while waiting for it to moon.

    3. Trades that go the same way up

    Here, for example, Tesla goes in the same direction as NASDAQ. You can then draw two price curves — one for Tesla and one for NASDAQ. If the spread between them is growing, we can make money on the spread. You don’t wanna care if it’s going up or down.

    4. Understanding Cycles

    Understanding these trades in cycles will give signals on when to buy and sell. They’re still used by traders and are known as the Wyckoff market cycle. These cycles occur on both the longer horizons (weeks and months) and even on the shorter time-frames (minutes). All you need do is trade in the direction of the trend.

    5. Trade more than just crypto

    Another best practice is to trade like other crypto traders who are also stock traders and forex traders, hunting for the best setups wherever they may appear.Make money somewhere else and break lose from unnecessary limits.

    Some firms frequently shifts capital from crypto to oil to Tesla to gold and back to crypto.

    6. Use leverage with caution

    Over-leverage is one of the ways that rookie traders get crushed. By all means, then, avoid it. “They do a 1-to-100 leverage and the market moves 1% in the wrong direction and they lose everything,” says a trading expert.

    See you at the top!

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  • Here are the 3 cryptocurrencies worth watching right now

    In the midst of the current bear cycle in the cryptocurrency market, investors are often on the lookout for low-priced crypto projects that have the potential to provide high returns on investment (ROI) when the market sentiment improves.

    Which ones are on the horizon? We list three below.

    1.
    Bitcoin Minetrix ($BTCMTX): This one has emerged as an innovative player in the cloud mining space. Till date, it has secured $2.7 million in just over a month since its launch. The platform offers an eco-friendly and secure “Stake-to-Mine” approach to Bitcoin cloud mining, while operating on the Ethereum blockchain.

    A key component of Bitcoin Minetrix’s operation is its native token, which is currently available for purchase at a tiered presale price of $0.0114.

    It is also seen that out of the 4 billion total tokens, a substantial 70% allocation has been set aside for the presale, with the goal of reaching a hard cap of over $33 million.

    In this case, Stake-to-Mine model enables users to stake $BTCMTX tokens and, in return, receive non-tradable mining credits. These credits can be used to access Bitcoin mining power on the platform.

    2.
    Chimpzee (CHMPZ): This is a cryptocurrency project with a total supply of 200 billion tokens. Now, it is gaining recognition for its potential mainstream adoption in 2023. That’s especially within the NFT space, where global brands and celebrities have shown a keen interest.

    It was seen that during the presale phase, 40 billion tokens are available for purchase. Furthermore, CHMPZ operates on the Ethereum network as an ERC-20 token, and you can acquire it using Ethereum (ETH), USDT (Tether), or even a credit card.

    Chimpzee’s new mission to drive climate action is already attracting approximately $1.3 million in investments during its presale phase.

    3.
    Cronos (CRO): This is an enticing option for people looking for the best affordable cryptocurrencies to invest in for the month of November. Cronos is set apart because it is closely associated with the Crypto.com ecosystem, a hub for a diverse range of products and services.

    Investors can enhance the Annual Percentage Yield (APY) they receive by staking Cronos tokens.

    Cronos could experience continued growth in market value. As of now, Cronos it is trading at a significant discount compared to its 52-week high of $0.96.

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  • Bitcoin inspires other crypto buyers

    At the instance the value of bitcoin has changed little in just a few hours, it still stands at $34.3K.

    This ability of Bitcoin to hold at new, much higher levels is inspiring altcoin buyers at the present time. Also, the market capitalization of the entire market has increased by 0.6% in just a day.

    According to latest reports, Bitcoin is forming a triangle on the daily chart, which is believed by some to trigger upward breakout. Maybe that would lead to an exit above $35K.

    Also noted is Ethereum moving up, taking Bitcoin’s lead as the sample, then breaking out above its 200-week MA after a few weeks below it.

    Some other gains are seen and the appeared sustained. The rebound from the drop below $1500 has confirmed a long-term broad uptrend, the bulls are likely targeting this upper bound.

    CoinShares reported that crypto fund investments rose by $326 million last week. that trend has been the same for some time.

    Bitcoin investments rose by $296 million, while Ethereum investments fell by $6 million. Surprisingly, Investment in Solana increased by $24 million.

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  • Bitcoin holds steady above $34K, prepares for more bullish trend

    In the news today, It is said that Bitcoin (BTC) continues to trade above $34,000 after the Bank of Japan (BOJ) softened its grip on the “yield curve control” (YCC) program. This helped in counteracting the Federal Reserve’s liquidity tightening.

    Yesterday, Bitcoin, the leading cryptocurrency by market value changed hands at $34,300, representing a 0.18% drop on a 24-hour basis, CoinDesk data show. In the early hours of today, it has moved up to 34,410.60USD.

    The central bank was seen keeping the tide low with the short-term policy rate steady at -0.1%, continuing its negative interest rate policy.

    However, according to online reports, the BOJ said it would consider the 1% upper bound for the 10-year government bond yield as a “reference” rather than a hard cap.

    This tweak will allow for more yield fluctuations and relieve the pressure on the BOJ to step in with liquidity-boosting bond purchases every time the 10-year yield tests the erstwhile 1% hard cap.

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  • What is responsible for Bitcoin surge again

    As you must have seen, Bitcoin is rocketing higher, topping $35,000 for the first time since May 2022. It’s up a massive 20 percent over the past five days.

    That means cryptocurrency has more than doubled in value this 2023. That happened because investors grew excited because they wanted to buy bitcoin funds that trade on good old-fashioned stock exchanges rather than having to deal with less-regulated crypto platforms.

    “This listing in the DTCC does not mean that the fund has actually been launched or that this will inevitably happen,” said Samer Hasn, market analyst at online brokerage XS.com. “However, it may appear as part of BlackRock’s preparations to launch the ETF soon.”

    Other companies have also applied for approval to launch similar bitcoin ETFs, including Grayscale Investments.

    Although the US Securities and Exchange Commission had ruled against Grayscale’s ETF, a three-judge panel for the DC Court of Appeals in August overruled the regulator’s decision. The panel said the regulator had failed to adequately explain why it rejected the firm’s application.

    That has helped boost cryptocurrencies throughout the summer.

    Still, the SEC has not approved the fund, and investors may be getting out in front of their skis.

    Reason One

    According to the report, An expert thinks the rise in cryptocurrencies is subject to exaggerations…

    “I think that these rapid rises in bitcoin are somewhat exaggerated,” said Hasn. “Regulatory and legislative concerns are still clouding this market, and I don’t see opportunities soon to dispel these concerns as the legal battles continue.”

    Another Reason

    The article also cited fear as the main reason cryptocurrencies are on the rise. It says, “As investors look to diversify their portfolios in uncertain times, some turn to bitcoin, ironically as a kind of digital safe haven. Sometimes dubbed “digital gold,” bitcoin has become a way for investors to branch out beyond traditional stocks and bonds.”

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