Cryptocurrency Market News From tradecoind2.com

[NewspaperD2]

Bitcoin (BTC) recently underwent a correction, but the largest cryptocurrency continues to trade in a familiar range below $30,000. Meanwhile, technical indicators suggest that Bitcoin is poised for a bull run based on historical price patterns.

In this context, analyst Thescalpingpro pointed out  in an X (Twitter) post on October 15 that Bitcoin’s Moving Average Convergence Divergence (MACD) just made a bullish crossover for the second time after slide below the zero line.

It’s worth noting that such an incident has only happened once before in Bitcoin’s history, in 2016. This pivotal moment was followed by a significant bull run that caused Bitcoin’s price to skyrocket the following year.

“A strong bullish cross in the MACD occurs when it crosses below the zero line. In 2016, the MACD bullishly crossed below the zero line for the first time, triggering a price rally. Now, in 2023, MACD has bullishly crossed below the zero line for the second time.”

The analyst admitted that as Bitcoin targets the $27,000 mark, the indicator signals long-term trends. However, he warns that in the short term, investors should be prepared for prices to fluctuate and move sideways before a recovery occurs.

“Remember, while MACD signals long-term trend changes, short-term fluctuations are normal. Price may move sideways or even slightly decline on LTF before the Bull Run begins,” he added.

Bitcoin targets $27,000
 
As the market awaits a potential Bitcoin bull run, the first cryptocurrency recently fell below $27,000, hitting a new two-week low. It managed to regain some ground but still struggled to overcome the $27,000 barrier.

While technical indicators can influence Bitcoin’s valuation, the asset is subject to external factors such as macroeconomic data and regulatory developments, especially approval from the US Securities and Exchange Commission (SEC).

Now, the possibility of a bull run could be sparked if Bitcoin can secure a sustainable close above $28,233.

Bitcoin price analysis
At the time of writing, Bitcoin was trading at $26,836, reflecting a drop of nearly 4% on the weekly chart.

 

In terms of technical analysis, Bitcoin is currently dominated by bearish sentiment. The one-day summary from TradingView shows a ‘sell’ rating at 14 while the moving averages show ‘strong sell’ at 12. On the other hand, oscillators are signaling ‘buy’ at 4 .

 

Based on recent price movements, Bitcoin’s potential to reach a new all-time high depends on its ability to sustain above the $27,000 resistance level.

Source:
https://tradecoind2.com/is-bitcoin-ready-to-increase-in-price/

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ETH price remains in a downtrend on the daily timeframe, in a move characterized by lower lows and highs. The largest altcoin by market capitalization is down around 12% so far this month, but signs of recovery appear to be emerging.

Former Frog Nation CFO bets
ETH price will increase

According to Frog Nation’s former CFO 0xSifu, the price of ETH could soon increase. The identity of this trader was recently confirmed as Michael Patryn, co-founder of Canadian exchange QuadrigaCX.

According to a report by Wu Blockchain, Perps Watcher discovered that 0xSifu made a bold investment, Long ETH with a position size of more than $20 million. Based on the report, this trader “opened and gradually increased Long ETH positions on Kwenta over the past 3 days,” proactively taking Long ETH positions at an average price of $1,562 and with 5.2 leverage time.

It is known that Sifu.eth previously opened a Short ETH position during the recent price drop that lasted about the past 2 weeks. However, he gradually closed this Short position before switching to Long three days ago.

Dormant ETH whales sell millions of dollars on Binance
As blockchain detective OnchainDataNerd reported earlier today, a whale has awakened after 3 years of inactivity and made a large transfer of ETH to the Binance exchange.

The whale deposited 4,500 ETH now worth nearly $7 million into Binance while the price remained at $1,542.

OnchainDataNerd points out that this whale bought a total of 11,900 ETH for $2.89 million in June 2020 on the Bitfinex exchange. Three years ago, this whale paid $243 per ETH and now the price has increased more than 6 times.

If he sold all the ETH purchased at the moment, the profit would be $15.56 million, according to OnchainDataNerd’s post.

Besides, a lot more ETH was transferred to centralized exchanges than the amount sent by the above-mentioned whale. According to recent X posts by popular blockchain tracker Whale Alert, whales have transferred a total of 59,860 ETH to two leading exchanges Coinbase and GateIO.

Anonymous whales deposited large amounts of 22,699 ETH and 22,157 ETH into Coinbase, and 15,000 ETH were transferred to GateIO. In total, these cryptocurrencies account for $92.3 million in fiat money.

Top
10 Ethereum wallets increase accumulation
As reported by on-chain data aggregator Santiment earlier this week, the top 10 Ethereum wallets both belonging to exchanges and not affiliated with them have accumulated the second largest amount of the cryptocurrency.

Currently, the top 10 addresses on exchanges contain 8.51% of the total ETH supply. As for wallets outside the exchange, they increased their holdings to a whopping 39.22 million ETH.

ETH
price
shows bullish
divergence
Meanwhile, ETH price has a bullish divergence for the ETH/USDT trading pair on Binance on the daily timeframe. As reported, prices recorded lower lows since around August 18. Along with that, the Relative Strength Index (RSI) shows higher lows, forming a strong bullish divergence.

The presence of oversold conditions on the RSI and subsequent higher lows reinforces this outlook, suggesting underlying strength.

However, it is important to note that you must conduct your own research when trading and do not rely entirely on the investment choices of others. Additionally, according to the industry’s oldest precaution, only trade what you can lose.

Source:
https://tradecoind2.com/nearly-60000-eth-pushed-onto-the-floor-as-former-frog-nation-cfo-longed-eth-for-20-million/

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Governor Gavin Newsom of California has officially signed a new bill into law, marking a pivotal moment for the Golden State’s cryptocurrency scene.

 

The measure, aimed at regulating California’s growing cryptocurrency industry, has been met with enthusiasm from both supporters and skeptics of the digital asset space.

According to the report, the cryptocurrency bill was passed by the California legislature in August, essentially requiring cryptocurrency companies to have a license to operate in the state.

The legislation comes on the heels of growing concerns over the collapse of the FTX exchange last year and other market upheavals.

With federal action still uncertain, California lawmakers took it upon themselves to establish a basic regulatory framework for the industry.

Governor Newsom is an outspoken supporter of blockchain technology and cryptocurrency.

It’s worth noting that this is not the first time California has tried to regulate the cryptocurrency industry. In a similar move last year, Governor Newsom rejected a bill, citing concerns that it resembled New York’s BitLilance regulation, which has often been criticized for its strict approach to regulation. electronic money regulations.

Enforcement of California cryptocurrency laws
The new rules will take effect in January 2025, giving crypto companies time to respond to regulatory changes. Notably, the law expands the scope of regulation to include stablecoins. Under this law, stablecoins must be issued by a bank or licensed by the California Department of Financial Protection and Innovation.

Additionally, the market value of the stablecoin will be calculated using US generally accepted accounting principles (GAAP). This regulatory step is intended to ensure the stability and security of these digital assets, protecting both issuers and users.

This new California law also clarifies which federal agency, the SEC or CFTC, has the authority to regulate cryptocurrency businesses in the United States. This is an important step in defining the regulatory landscape for cryptocurrencies, which have become an important part of the global financial system.

Source:
https://tradecoind2.com/california-officially-signs-cryptocurrency-bill-into-law/

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Grayscale appears ready to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) after the U.S. Securities and Exchange Commission (SEC) missed an appeal deadline. Meanwhile, GBTC stock’s discount to net asset value (NAV) has decreased significantly from 48% to 16%.

Grayscale gets closer
to
ETFs

After the deadline for the securities regulator to appeal Grayscale’s conversion request expired, the company issued a statement. They expressed their willingness to convert the Bitcoin Grayscale Trust (GBTC) into an ETF.

Grayscale’s statement shared with Fox News said :

“Team Grayscale stands ready to work on converting GBTC to an ETF upon SEC approval, and we look forward to sharing more information as soon as possible.”

The statement came after the SEC decided not to appeal the court’s approval of Grayscale’s fund conversion application. Bloomberg analyst James Seyffart predicts Grayscale and the SEC will begin dialogue this week to get a clear answer on ETF approval.

While investors expect approval, GBTC’s market capitalization is nearly $3.5 billion based on Yahoo Finance data. The next important approval deadline for the SEC is on January 10, related to applications previously filed by ARK Invest and 21Shares.

Additionally, the SEC is evaluating multiple other spot Bitcoin ETF proposals, including those from financial heavyweights like Fidelity and BlackRock.

GBTC discount
narrows
Meanwhile, GBTC’s discount to net asset value (NAV) fell from nearly 48% in December 2022 to 16% on Friday according to YCharts data. Cryptocurrency investor and KOL Scott Melkar noted :

“Closing the discount gap between market price and NAV could be a sign of changing market sentiment and could potentially increase demand for GBTC shares.”

A fund’s discount to NAV essentially means that the market price of the shares is trading at a lower price than the actual value of the assets held by the fund. In simpler terms, investors are buying something for less than its value at a bargain price.

Melkar explains further:

“Reducing the discount to 16.59% could be interpreted as a more optimistic market view for GBTC, but it should be noted that there is no guarantee the discount will continue to narrow or even move to a premium. deviated”.

According to investor Mike Alfred, amid recent developments, arbitrage trading has skyrocketed . He explained that as the GBTC discount dwindles over the next few weeks, these traders will likely buy back or cover their Bitcoin Short positions to reduce the risk of holding GBTC. This is likely to lead to increased demand for both Bitcoin and Bitcoin futures contracts.

“A lot of GBTC arbitrage traders are shorting spot BTC as a hedge against their long GBTC positions. As the GBTC discount approaches zero in the coming weeks, there will be a lot of short covering in spot and futures as people begin to sell off their GBTC holdings. Please be patient”.

Source:
https://tradecoind2.com/grayscale-is-getting-ready-to-convert-gbtc-into-an-etf/

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Stablecoin issuer TrueUSD has been affected by a third-party security breach that resulted in the exposure of some customers’ personally identifiable information.

Information includes the customer’s full name, email address, and phone number (for customers who joined in 2018-2019). Customer addresses, dates of birth, bank names, transaction history, and public addresses of blockchain accounts were also exposed.

The breach involved TrueUSD’s bank, customer management service provider, and former product management service provider – TrueCoin.

Vector attacks third parties
TrueCoin informed TrueUSD that on September 20, 2023, a third-party provider notified them of “unusual account changes within TrueCoin’s organization due to a compromised support provider violation”. TrueCoin added it has no logs of attackers downloading, changing or deleting personally identifiable information from its systems.

Immediately following this announcement, TrueCoin’s technical and cybersecurity teams initiated an investigation to determine the extent of the breach, the email said.

“TrueCoin has taken swift action to prevent any further unauthorized access. TrueCoin’s internal systems were not compromised,” the announcement noted.

TrueUSD added that following this incident, it recommends that customers carefully monitor their personal accounts for any suspicious activity. TrueUSD further emphasized that customers should be careful of any phishing attacks and contact the company if they notice anything unusual.

Source:
https://tradecoind2.com/trueusd-customers-blockchain-wallet-address-was-exposed-due-to-a-third-party-breach/

[NewspaperD2]

Digital asset investment products from asset managers such as CoinShares, Bitwise, Grayscale, ProShares and 21Shares recorded net inflows for the third consecutive week. The funds added a net $15 million – mostly in Bitcoin.

According to the latest report by CoinShares, Bitcoin products saw inflows of $16 million last week, pushing inflows to $260 million year-to-date. Bitcoin short funds also recorded inflows of $1.7 million.

The data, as of late Friday, “are unlikely to yield positive news from the U.S. over the SEC’s failure to appeal Grayscale’s legal challenge, potentially paving the way for a U.S. spot ETF.” Ky,” head of research at CoinShares James Butterfill wrote.

Solana and XRP products recorded inflows

Solana’s investment products added $3.7 million to the $24 million registered last week. XRP funds also recorded modest inflows of $0.42 million – the 25th consecutive week of positive inflows for the product. Butterfill said:

“The steady cash flow underscores the support of the investment community, especially considering the successful legal challenges against the SEC.”

Butterfill added that overall net inflows are a sign that “sentiment is steadily improving.”



Screenshot 2023 10 16 at 12.31.32 Screenshot 2023 10 16 at 12.31.32

However, inflows were not always positive, with Ether funds seeing outflows of $7.4 million – largely reversing the $10 million inflows added after the launch of six Ethereum funds futures ETF last week. Butterfill shares:

“This perhaps reflects ongoing protocol design concerns.”

This was followed by Chainlink, Litecoin and Tezos products, with outflows of $0.31 million, $0.28 million and $0.25 million respectively last week.

Regional division still exists, transaction volume still declines
US markets continued to see minimal inflows into crypto funds, adding $2.1 million last week, while Germany was behind most inflows for the week, adding 16.1 million USD. Canada registered a capital inflow worth 3.5 million USD. Sweden was the only European country to report outflows – totaling $7.5 million.

Despite continued net capital inflows, trading volumes remained 27% below the 2023 average, Butterfill noted.

Source:
https://tradecoind2.com/crypto-funds-recorded-net-inflows-for-the-third-consecutive-week/

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Several reports emerged on Monday claiming that the United States Securities and Exchange Commission (SEC) has finally given the green light to a spot Bitcoin ETF.

Despite the ongoing uncertainty over the news, BTC price responded by immediately skyrocketing to around $30K.


Source: TradingView
 

While the SEC has approved several futures-based BTC ETFs, the securities watchdog has delayed and rejected every spot ETF application for about a decade now.

Hopes were raised earlier this year after the world’s largest asset manager – BlackRock – applied to launch such a project.

However, the SEC delayed making a final decision on BlackRock’s application, as well as several other applications.

On Monday, October 16, news broke  from several sources that the Commission had finally approved a spot ETF product for US residents.


🚨 BREAKING: SEC APPROVES ISHARES BITCOIN SPOT ETF.

— Cointelegraph (@Cointelegraph) October 16, 2023

 

The price of the underlying cryptocurrency responded by jumping immediately. It was pumped to $28,000, but the hype surrounding the possibility of approval caused it to increase by about two thousand dollars.

Update:

BlackRock said the company’s application for a spot Bitcoin ETF is still under review by the SEC after the price of the world’s largest cryptocurrency spiked following social media rumors that the fund had been approved.

https://twitter.com/EleanorTerrett/status/1713913109272809602
 

A BlackRock spokesperson confirmed that the iShares Bitcoin application is still under review by the regulator. The SEC has yet to approve a bitcoin spot ETF in the US.

After the correction news appeared, BTC price dropped back to 28,101 USD at the time of writing.

Source:
https://tradecoind2.com/btc-price-spikes-to-30000-as-sec-report-approves-spot-bitcoin-etf/

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According to onchain data , popular blockchain analytics firm Arkham Intelligence appears to be selling its ARKM tokens through crypto market maker Wintermute.

On October 16, crypto detective Lookonchain reported that the Arkham Ecosystem Fund Wallet  transferred 21.58 million ARKM, worth approximately $7.34 million, to Wintermute, of which  1.5 million ARKM ( worth more than 500,000 USD) was deposited into  the Binance cryptocurrency exchange.


 https://twitter.com/lookonchain/status/1713846322732863880

The motive behind these transactions remained undisclosed as of press time. The transfer of tokens to the exchange is usually for sale.

Meanwhile, Arkham’s alleged sales  follow similar transactions made by the ecosystem wallet recently. According to Lookonchain, this wallet transferred 25.75 million ARKM worth 8.74 million USD to the same wallet “0xfF3E” on October 3. Through this transaction, Arkham sent about 4.15 million ARKM worth 1 .41 million USD for Binance between October 5 and October 12.

Another blockchain analytics company, SpotOnChain, further corroborated  these transactions.

Arkham Intelligence launched the ARKM token at the beginning of the year and faced a lot of criticism after introducing the onchain smart market. The ARKM token is integral to the platform as it is used to set up and receive bonuses.

However, the blockchain analytics company’s technology has come under fire after being linked to a market crash in April. Whistleblowing platform Crypto Leaks also reported that Arkham used backdoor exploits at Binance and FTX to link exchange users to their private cryptocurrency wallets.

Despite speculation about trading activity, Arkham’s ARKM token is up 3.8% over the past 24 hours and trading at $0.34 at press time. This price movement reverses a negative trend that saw the digital asset lose more than 10% in value over the past month.


Source: TradingView

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Meitu decided to sell all 31,000 ETH and 940.89 BTC, turning to AI

In a strategic move due to financial losses incurred due to investments in cryptocurrencies, Chinese technology company Meitu has decided to divest its entire cryptocurrency portfolio, redirecting capital to the intellectual sector. Artificial intelligence (AI) is developing strongly. The decision comes after significant losses to their cryptocurrency holdings amid a macroeconomic downturn in the cryptocurrency market.

https://twitter.com/azcoinnews/status/1714076453686362445
 

Back in March 2021, Meitu invested 100 million USD to acquire 31,000 ETH and 940.89 BTC. However, given the current market conditions, the company is struggling with a loss of approximately $24.76 million due to significant fluctuations in the cryptocurrency market influenced by macroeconomic factors.

Kang Yikong, Meitu’s Senior Investor Relations Manager, has confirmed that the company has no intention of continuing its cryptocurrency holdings. Instead, Meitu plans to gradually liquidate its Bitcoin and Ethereum assets at the appropriate time, reallocating these resources into the promising field of artificial intelligence. The AI ​​sector has proven to be a lucrative source of revenue for Meitu, fueling the company’s rapid growth and providing stability in the face of current economic uncertainties.

Recently, Meitu introduced MiracleVision 3.0, an AI solution specifically designed for the company’s video design applications. Kang Yikong believes that artificial intelligence will be the foundation for Meitu’s sustainable development. By adopting AI technology, Meitu aims to strengthen its position as an industry leader and pioneer in harnessing the power of AI for innovative applications.

Source:
https://tradecoind2.com/meitu-decided-to-sell-all-31000-eth-and-940-89-btc-turning-to-ai/

[NewspaperD2]

Veteran trader Peter Brandt recently posted an ETH chart highlighting a pattern. He asked his followers if the highlighted pattern was a rising wedge and if not, what would need to happen to turn it into one.

A rising wedge is a chart pattern used in technical analysis to predict a possible bearish reversal. It is depicted by a narrowing price range with higher highs and higher lows, both surrounded by upward sloping trend lines.

Veteran traders are not surprised to ask this question, as there are other chart patterns that resemble the rising wedge pattern, both in structure and trading strategy. Falling wedges, ascending and descending triangles, symmetrical triangles, flags and pennants are examples.
User X responded to Brandt’s question by saying that price action would need to touch the upper trendline a third time for the pattern to meet the definition of a wedge.

Brandt agrees that a third contact point above is needed for the wedge to form properly while adding that, more likely, the pattern presented on the ETH chart could turn into something else.

Ethereum has experienced a decline over the past week, hitting a seven-month low at $1,520. The downward price movement coincided with Ethereum’s total transaction fees falling to their lowest level in years.

Source:
https://tradecoind2.com/veteran-trader-peter-brandt-comments-on-the-ethereum-chart-pattern/

[NewspaperD2]

In a recent fund analysis conducted by Bitrace on Tron addresses involved in OTC trading, findings indicated that over 3.439 billion USDT classified as “at risk” flowed into addresses this in the past 24 months.

The above figure does not include addresses associated with centralized exchanges, compliant cryptocurrency acceptance platforms, and major money laundering organizations.

Risk funds flood OTC addresses

Recent findings after Bitrace analyzed Tron addresses conducting OTC activity show that an alarming 34.39 billion at-risk USDT was transferred to these wallets over the past 24 months.

The report also revealed that more than half of the funds pouring into USDT were medium to high risk funds. Specifically, 14.7% of this USDT is related to online gambling, 20.1% to black and gray market products, 19.4% is related to money laundering.


Source: Bitrace
 

Receiving USDT from these addresses can “contaminate” the wallets involved and be vulnerable to risk management enforcement by centralized platforms. Furthermore, investors linked to those addresses may be subject to scrutiny by law enforcement agencies.

Anonymity is an important aspect of the cryptocurrency industry as users increasingly seek privacy-enhancing technologies. However, it is important to note that this trend also entails higher associated risks. Bitrace research demonstrates OTC trading markets with higher levels of anonymity tend to attract a higher proportion of risky cryptocurrencies.

Bitrace cited a case of cryptocurrency being used for online gambling and illegal funds finding their way into an exchange, ultimately leading to money laundering charges. The OTC address “TGTKDo” has been active since September 2022, with a cumulative trading volume exceeding 28.8234 million USDT.

This address made multiple money transfers related to money laundering and online gambling, potentially putting the accounts on the platform receiving these funds at risk of being controlled or frozen.

JPEX thunderstorm incident
The cryptocurrency world is facing many challenges, as evidenced by the ongoing “JPEX storm incident”. Specifically, several “OTC exchange shop” operators in Hong Kong were arrested for helping victims deposit money into JPEX.

Bitrace’s previous audit results of JPEX hot wallet addresses revealed a 22.04% risk pool. As a result, the operators of these acceptance companies may be subject to anti-money laundering investigations in the future.

Bitrace advises regular crypto investors to exercise caution when choosing a licensed and compliant platform to conduct OTC transactions to prevent “tarnishing” their addresses. Ignoring these risks can have serious consequences for investors and the broader cryptocurrency ecosystem.

Source:
https://tradecoind2.com/bitrace-reveals-over-3-4-billion-trc20-usdt-risk-flows-to-otc-addresses/

[NewspaperD2]

FTX Trading Ltd. and the affiliated debtors (collectively, the “FTX Debtors”) announced a proposal to resolve customer asset disputes in pending Chapter 11 bankruptcy cases. This breakthrough is called “Addressing the Customer Deficit” and is expected to be proposed with the revised Reorganization Plan by December 16, 2023. Pending Bankruptcy Court approval, this settlement will mark an important step in resolving client estate litigation and has the potential to confirm the Revised Plan in Q2/ 2024.

 

The core of the customer asset lawsuits revolve around FTX.com and FTX US customers, asserting interests in specific assets, rather than being treated as uninsured claimants. guaranteed, like common creditors. The Customer Deficit Settlement Agreement is designed to end the dispute by granting the customer an unsecured claim against the FTX Debtors. This request will have equitable priority in relation to certain assets segregated or otherwise reserved from exchanges.

This remarkable settlement was reached after months of lengthy, arduous negotiations between Debtor FTX, the Executive Committee of the Ad Hoc Committee of Non-US Customers (representing approximately $1 billion in claims of FTX.com customers), Official Committee of Unsecured Creditors and hypothetical group representatives. All parties involved have committed to implementing the “Settlement and Planning Assistance Agreement” (“Support Agreement”), which has been publicly disclosed on file with the Bankruptcy Court for the purpose of providing provide information.

John. J. Ray III, CEO and Chief Restructuring Officer of Debtor FTX, expressed the importance of this proposed settlement, stating:

“The agreement to resolve our client’s property matters is another important milestone in our case. Starting from the most challenging financial disaster I have ever seen, debtors and creditors came together to create enormous value from a situation that could easily have left customers with almost total loss. ”.

Updated Revised Reorganization Plan and Recall for customers

The revised Plan has significant similarities to the Draft Plan presented by Debtor FTX for discussion on July 1, 2023. Under this plan, the FTX Debtors intend to classify their assets into 3 groups based on the conditions at the commencement of the Chapter 11 cases:

– Assets are segregated for the benefit of FTX.com customers.

– Assets are segregated for the benefit of FTX US customers.

– A “General Fund” for other assets.

FTX.com and FTX US customers will also have the opportunity to request a “Deficit Claim” from the General Fund, corresponding to the estimated value of lost assets on the respective exchanges. The estimated Deficiency Claim value is approximately $8.9 billion for FTX.com and $166 million for FTX US. To balance property rights requirements and the complexity of asset tracing, a negotiated portion of the Deficit Claims will be given equitable priority within the General Fund. This means that 66% of the General Fund will be dedicated to paying Deficit Claims, with the remaining 34% allocated to paying other Deficit Claims and general creditors.

Debtor FTX anticipates that, if the Amended Plan is approved, customers of both exchanges will receive more than 90% of the worldwide deliverable value by the end of the second quarter of 2024. However, they also predict customers may not receive full payments and FTX.com customers may suffer larger percentage losses.

Recovery plans for customers and non-customers will depend on many factors, including tax and government claims, recovery efforts, the outcome of litigation, and the relief process required. demand, among many other factors.

Recommended priority resolution proposed
The Customer Deficit Settlement Agreement also provides the opportunity for eligible customers to resolve priority risks associated with their claims. Under the terms of the agreement, the FTX Debtor has committed to provide qualified customers accepting the Amended Plan with a means to resolve its exchange preference liability.

This settlement involves reducing their claim or paying in cash, with the amount specified on the Plan Amendment ballot called the “Preferred Settlement Amount.” The priority settlement amount for each eligible customer will be equal to 15% of the difference between their withdrawals in the nine days prior to the Chapter 11 cases and their deposits during the same period.

It is important to note that the preferred settlement offer has not yet received approval from the Bankruptcy Court and may be subject to change by Debtor FTX prior to approval.

In summary, the proposed Client Deficit Resolution represents an important step toward resolving client asset disputes and brings much-needed clarity to Chapter 11 cases. FTX debtor. This development opens a path to a fair resolution and recovery for customers, although there are certain uncertainties that will need to be resolved as the process progresses. The final outcome will largely depend on many different variables, causing this case to continue to attract attention and scrutiny from all parties involved.

Source:
https://tradecoind2.com/ftx-announced-a-proposal-to-settle-customer-assets/

[NewspaperD2]

A widely followed crypto analyst is issuing a warning that most altcoins are in the midst of a severe downtrend that will eventually trap them below all-time highs (ATHs) forever .

In a new video update, Benjamin Cowen speaks that most altcoins are currently in a “severe decline,” forgotten due to the relative resilience of Bitcoin (BTC).

Cowen also noted that while  Bitcoin’s price fell, it crushed even worse altcoins.

“A lot of altcoins in the top 100 are falling pretty hard right now and a lot of people are completely ignoring it… The only reason people are ignoring it is because Bitcoin is doing well so it’s easy for altcoin prices to fall…

If you want exposure to the crypto world in the year leading up to halving, Bitcoin can often give you a decent amount of upside exposure while minimizing your downside risk in the altcoin market. Some people think that means Bitcoin can’t fall – it can.

I mean it fell in the second half of 2019, it even fell in the early stages of the halving cycle last year, so it could go down. It’s just that if it goes down, it will likely drag down the altcoin market.”

According to Cowen, very few altcoins that exist today will reach new ATH levels again.

“I think the entire altcoin market will recover. The issue is not ‘will the altcoin market recover?’

In my mind, the question is ‘will the altcoins that people are using DCA, will they recover?’ And there might be one out of 10 or one out of 50 or one out of 100 that go on to make new highs, but a lot of those might go away.”

Cowen went on to note that the next bull market could be sparked by a major capitulation event for Bitcoin, eliminating the weak before the price rally.

“Even Bitcoin is likely to capitulate and we will have to find out how low the secondary fear level will go before we actually move that movement to a more sustainable bull market.

There is an interesting thing to look at with Bitcoin over the past two cycles and that is what really started the bull market… Hitting ATH will not happen until Bitcoin capitulates massively.”

Source:
https://tradecoind2.com/benjamin-cowen-most-altcoins-will-never-return-to-ath/

[NewspaperD2]

The community is concerned that fake approval news could affect Bitcoin ETF chances

On October 16, a false report was published by major cryptocurrency-focused media outlet Cointelegraph, sending shockwaves throughout the industry as it claimed the U.S. Securities and Exchange Commission (SEC) ) approved BlackRock’s Bitcoin spot exchange-traded fund (ETF) application.

 

After this news, the price of BTC increased to more than $30,000, but quickly dropped to around $28,000 after determining it was fake news.

The incident has sparked a flurry of responses and discussions about its potential impact on the SEC’s upcoming decision regarding the many Bitcoin spot ETF applications pending approval or rejection.

The article below will summarize some reactions from key stakeholders in the community.

This event
hurts the ETF’s chances

Many believed the news hurt the chances of ETF approval as the regulator consistently claimed the market could be easily manipulated and cited the asset’s price fluctuations in its statements.

Over the past decade, the SEC has rejected many spot Bitcoin ETF applications it received because fund issuers failed to demonstrate adequate measures to protect investors from market manipulation.

According to stakeholders like Adam Cochran, a partner at Cinneamhain Ventures, fake news has given financial regulators more grounds to reject spot Bitcoin ETFs.

Cochran said :

“Cointelegraph has seriously damaged the chances of ETF approval…The SEC is really looking for any reason to say no and we just gave them even more ammunition.”

Kraken FX editor-in-chief Pete Rizzo echoed the same sentiment and said the event “delayed the ETF by at least six months.”

“We won’t get a spot Bitcoin ETF anytime soon, at least not until 2024. One of the reasons the SEC did not approve an ETF was concerns about market manipulation and then this is happening ”, user X Victor commented .

People who think differently
However, some community members have a more optimistic view of the event, saying the reaction following the news is evidence of how much the market waited for approval.

In an October 16 interview with Fox Business, BlackRock CEO Larry Fink commentedThe market reaction is “an example of pent-up interest in cryptocurrencies” and evidence of a “flight to quality.”

Jeff Dorman, chief investment officer at crypto-focused investment management firm Arca, had more insight. According to him, the SEC cannot cite “deceptive media” reports as evidence of market manipulation.

Dorman gave the example of how a false report that the White House was hacked in 2013 caused hundreds of billions of dollars in stock and debt losses.

“It doesn’t matter what asset you are trading. Wrong news will create sensational price action,” he concluded .

Source:
https://tradecoind2.com/the-community-is-concerned-that-fake-approval-news-could-affect-bitcoin-etf-chances/

[NewspaperD2]

In a move to dispel rumors and speculation surrounding his recent ETH transfers, Vitalik Buterin, the famous founder of the Ethereum blockchain, addressed the growing concerns of the cryptocurrency community . .

In a tweet, Buterin clarified the nature of the transactions, asserting that any reports that he personally sold ETH are false. He clarified that these transfers were mainly charitable donations made to organizations and projects, which needed to be liquidated to cover operating costs.

“I have not “sold” ETH for personal gain since 2018.”

The message from the co-founder of Ethereum came in response to widespread questions in the cryptocurrency community about the nature of these money transfers. Many people considered it a sell-off, leading to bearish sentiment in the market.

A notable recent example is the Kanro charity closely linked to Vitalik Buterin which transferred a significant amount of approximately 15.43 million USDC. Of this total, 500,000 USDC was transferred to Coinbase on October 14, while 14.93 million USDC was sent to Gemini on October 16.
Buterin previously introduced Kanro on June 9, 2023, emphasizing that they received funding primarily from Crypto Relief, led by Polygon founder and Buterin himself. Kanro’s mission is to research global solutions for pandemics and potential future epidemics.

Despite Buterin’s efforts to clarify the situation, the mysterious nature of his recent activities continues to raise questions. While some questions have been answered, there is still an air of mystery surrounding his transactions, making many people curious. As the cryptocurrency world speculates about the motive, it seems like there’s still a lot left to this story.

ETH
whales
hold 1/3 of the supply but selling continues
According to the latest data from on-chain analytics provider Santiment, ETH is increasingly concentrated in the hands of whales.

On October 18, Santiment reported billionaire investors with more than 1 million ETH held 32.2% of available supply for the first time since 2016.

Furthermore, ETH transactions exceeding $1 million have reached their second highest in a month.

With whales controlling 1/3 of the supply, Ethereum becomes very concentrated in the hands of the wealthy. However, Santiment did not specify whether these figures include entities such as centralized exchanges or stablecoin issuers that hold large amounts of ETH.

On the other hand, the selling pattern was also analyzed and whales have been selling ETH for the past few months.

According to data from Glassnode, there are “notable differences” in the behavior of holding large amounts of Bitcoin and ETH, demonstrating differing views among crypto whales.

Since 2020, Ethereum whales, or whales holding over 1,000 ETH in this case, have gradually reduced their holdings, resulting in the sale of approximately $20 million in ETH.

However, according to CoinMarketCap data , Bitcoin whales holding more than 1,000 BTC mainly maintain their inventory of assets.

Meanwhile, Ethereum staking has never been stronger, with more assets staked than ever despite the network allowing unstaking starting in April.

According to Beaconcha.in, there is currently a record 27.6 million ETH staked worth approximately $43.4 billion. This number accounts for about 23% of total supply.

Furthermore, the supply has decreased by 260,640 ETH or $409 million since The Merge last September, according to Ultrasound.Money

Source:
https://tradecoind2.com/the-community-is-concerned-that-fake-approval-news-could-affect-bitcoin-etf-chances/