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In an effort to promote openness, Crypto.com has disclosed their proof of reserves amid the liquidity crisis plaguing the FTX cryptocurrency market. The exchange claims that some of its reserves consist of 53,024 Bitcoins and 391,564 Ethereum, and it promises to release fully audited results in the future. It's noteworthy that the company announced the reserves after reaching the milestone of 70 million users.
Scottie Pippen, a legendary basketball player who won six NBA titles with the Chicago Bulls in the 1990s, displayed the first-ever NFTs that were designed specifically for him. Scottie Pippen receives a unique, made-to-order NFT through Arbitrum. Mr. Pippen shared a photo that had been turned into a non-fungible token (NFT) using the Smolverse platform. The NBA player continued by saying he was eager to test out a fresh batch of intriguing NFT products.
On Friday morning (ET), a long line of so-called "sleeping bitcoins" moved after lying dormant for more than 11 years. Seven different BTC addresses created on October 7, 2011, were the source of the 3,500 BTC worth more than $60 million. Btcparser.com discovered the 3,500 bitcoins from 2011, and the owners of the seven different addresses did not spend any of the corresponding bitcoin cash (BCH) or bitcoinsv (BSV) tokens.
In the wake of FTX's unexpected collapse, US senators Debbie Stabenow and John Boozman have redoubled their efforts to publish a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA). The cryptocurrency community wasn't sure for a brief period of time how the senators would react to the FTX crisis because it is believed that FTX CEO Sam Bankman-Fried strongly backed the DCCPA bill.
A cooperative experiment with wholesale central bank digital currencies (wCBDCs) will be launched by the Monetary Authority of Singapore (MAS) and the New York Innovation Center (NYIC) of the Federal Reserve Bank of New York. As part of its framework, NYIC and MAS will use wCBDCs as a settlement asset in international transactions involving multiple currencies. The goal is to evaluate wCBDC's potential ability to lower settlement risk.
According to Justin Sun, the founder of Tron, the company is ready to give billions of dollars in assistance to FTX.com should a deal to save the struggling cryptocurrency exchange go through. Sam Bankman-Fried, the company's founder, told investors that the company needs at least $4 billion in new funding to stay afloat as it currently has a shortfall of up to $8 billion. Sun stepped in to hold negotiations after Binance backed out from a rescue negotiations.
The Cathie Wood-led Ark Investments has expanded its Coinbase stock holdings amid the turmoil on the FTX and cryptocurrency markets by purchasing 237,675 Coinbase shares for around $12.1 million. Ark Investment Management added 207,527 shares to its ARK Innovation exchange-traded fund, 22,416 shares to its ARK Next Generation Internet ETF (ARKW), and an additional 7,732 shares to its ARK Fintech Innovation ETF from the 237,675 Coinbase shares.
After it was claimed that El Salvador's president was holding some of the country's Bitcoin on the FTX crypto exchange, the CEO of Binance disputed such claims as informed by President Bukele. After Novogratz, a proponent of the Terra (LUNA) ecosystem prior to its collapse, said that El Salvador owned Bitcoin on FTX, he later apologized to President Bukele and the people of El Salvador, saying that he had fallen for the false news.
The biggest crypto exchange in the world, Binance, has made its hot and cold wallet addresses public and will soon reveal information about its financial standing. It gave a brief overview of its holdings at the time, which included roughly 475,000 BTC, 4.8M Ether, 17.6B USDT, 21.7B BUSD, 601M USDC, and 58M BNB. An additional $1B is kept in its Secure Asset Fund for Users, which it established in 2018 as an emergency insurance fund to shield users.
A new fan engagement tool powered by Bitcoin has been introduced by the bitcoin baseball team Perth Heat. The "#sats4stats" feature enables spectators and supporters to send players Bitcoin in real-time using the Lightning Network, a peer-to-peer currency's overlay technology for quick and inexpensive transactions. The function was created in association with IBEX, the Perth Heat's authorized Bitcoin Lightning processor, and will be accessible beginning on November 11, 2022.
Bitcoin's Open Interest has surged by $1.8 billion as its price broke the $27,000 mark, indicating a strong influx of investor interest. Open Interest tracks the total value of Bitcoin futures contracts open on derivative exchanges, with rising figures signifying increased market activity and potential volatility. The recent jump from $11.04 billion to $12.81 billion suggests heightened trading and leveraged positions. The future direction of Bitcoin's price remains uncertain, with the surge potentially fueled by shorts covering positions or longs hoping for further gains. The funding rate suggests a balanced mix of long and short positions.
Morgan Creek Capital founder Mark Yusko predicts a bright future for Bitcoin (BTC) as institutional capital worth hundreds of billions is expected to enter the market. Yusko points to Bitcoin's historical trend of adding a zero to its price following each halving event, with the next one slated for April 2024. He anticipates a 1.5x increase from the current all-time high, potentially reaching $100,000. Additionally, Yusko believes Bitcoin exchange-traded funds (ETFs) will be approved by late 2023 or early 2024, leading to a substantial influx of capital into the cryptocurrency.
Citigroup has unveiled Citi Token Services, a permissioned blockchain platform designed for institutional clients, offering access to tokenized deposits, cross-border payments, and automated trade finance around the clock. This move aligns with Citigroup's goal of creating a 24-7, on-chain, programmable financial system. The partnership with Maersk enables instant payments through smart contracts, benefiting companies with numerous vendors. Citi Token Services also aids corporate treasurers in managing global liquidity more efficiently. Meanwhile, JPMorgan is reportedly still in the early stages of exploring a similar private blockchain service, lagging behind Citigroup's innovation.
Bitcoin is making a strong comeback, currently priced at $26,684 and holding over 50% of the total cryptocurrency market, boasting a market cap of approximately $520 billion. This milestone is significant as it contrasts with the stagnation or decline of many alternative cryptocurrencies (altcoins). Ethereum, the closest rival, sits at $1,632.09, with other altcoins showing modest gains or losses. Bitcoin's resurgence aligns with historical trends, often thriving during bear markets, cementing its status as a digital "safe haven." Despite gains, it remains below its peak dominance levels, but its return to prominence is noteworthy.
Animoca Brands subsidiary Darewise Entertainment is set to introduce the first-ever metaverse token on the Bitcoin blockchain. The token is aimed at powering a comprehensive ecosystem for gaming, brands, and real-world experiences. This move represents a significant expansion of Bitcoin's capabilities beyond a store of value. The metaverse token will facilitate in-game assets and virtual lands for the Life Beyond metaverse project, marking a new era for Bitcoin. Darewise Entertainment is partnering with Horizen Labs to develop and expand the Ordinals ecosystem on Bitcoin, with more innovations expected in the coming months.