| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin's price surge stalls as whales accumulate, bearish signals emerge |  | Bitcoin's recent week-long bullish surge slowed with less than a 1% price increase in the last 24 hours Despite the stagnation, whales accumulated over $1 billion worth of BTC in the last five days
After a week-long bullish surge, Bitcoin's upward momentum waned, with minimal price movement in the last 24 hours. Despite this, large investors, known as whales, continued to accumulate BTC.
Over the past seven days, Bitcoin's price surged by over 13%, raising hopes for further gains. However, in the past 24 hours, BTC's growth slowed, with less than a 1% price increase. It traded at $34,096.52, holding a market capitalization exceeding $665 billion.
While the whales displayed confidence by purchasing more than $1 billion worth of BTC in the last five days, the broader market sentiment appeared less optimistic. BTC's supply on exchanges surpassed its off-exchange supply, indicating selling pressure. The exchange reserve also grew, further emphasizing selling pressure.
Interestingly, despite these signs of increased selling pressure, BTC's liquidation levels remained normal, according to Hyblock Capital's chart. Social metrics revealed a rise in negative sentiment, and BTC's Altrank increased by 31 over the past week.
Moreover, Bitcoin's trading volume decreased, and its Price Volatility 1w declined, indicating a stall in its value uptrend. The MVRV ratio also dropped, increasing the likelihood of a price decrease in the coming days. | | | Learn More | | Ethereum shows strength in uptrend, some holders in profit despite declining new user activity |  | Ethereum's recent price performance indicated a potential uptrend, with a 13% gain since its inception, and the RSI remains supportive of the bullish trend Ethereum holders have started to see profits, with the MVRV chart showing a shift from losses to over 1% profit
Ethereum's recent price performance showed strength, indicating a potential new uptrend as certain groups of holders started to see profits. On the daily chart, Ethereum gained around 13% since the beginning of this uptrend, with a minor recent decline that didn't overshadow the significant gains in the past days.
It was trading above $1,780, and Ethereum's Relative Strength Index (RSI) dipped below 70 but didn't disrupt the ongoing bullish trend.
Notably, some Ethereum holders were in profit, as indicated by the Market Value to Realized Value (MVRV) chart from Santiment. The 180-day MVRV showed these holders holding over 1% profit, reaching 1.7% at that time. This was significant as this group had been in a loss position for over three months. A similar trend was seen in the 90-day MVRV, with even greater profitability.
Despite Ethereum's uptrend, new user activity remained subdued, as indicated by the new address metric on Glassnode. The number of daily new addresses declined, reaching 65,525, suggesting that on-chain activity was being driven by existing addresses rather than new users. This could potentially impact Ethereum's future trends. | | Learn More | | SOL token transferred as price soars, market indicators signal mixed sentiment |  | Solana experienced double-digit price surge amid a bullish market, making it the seventh-largest cryptocurrency with a market cap of over $13.49 billion FTX's transfer of more than 300,000 SOL tokens worth over $10 million introduced uncertainty
Solana was a consistent member of the top 10 cryptocurrencies and recently benefited from a double-digit price surge during the bullish market. However, FTX, the infamous crypto exchange that caused turmoil a few months back, transferred a significant amount of SOL tokens.
Solana showed robust performance lately, buoyed by favorable market conditions, resulting in a double-digit price increase over the past week. CoinMarketCap reported a 12% price rise for SOL in the last seven days.
At the time of writing, SOL was trading at $32.20, boasting a market capitalization of over $13.49 billion, securing its place as the seventh-largest cryptocurrency. Despite SOL's positive weekly performance, recent developments introduced some uncertainty.
CoinMarketCap noted a slight 0.2% dip in SOL's value over the last 24 hours, which could be attributed to FTX's recent activity. FTX transferred more than 300,000 SOL tokens, worth over $10 million.
Interestingly, despite the transfer, Solana's liquidity heatmap indicated that investors were not actively selling the token. This was evident from SOL's liquidation heatmap, as provided by Hyblock Capital. | | Learn More | | Thai bank acquires majority stake in Satang crypto exchange for $103M |  | Kasikornbank (KBank) entered the cryptocurrency sector by purchasing a 97% stake in the local exchange Satang for 3.7 billion Thai baht The acquisition leads to the rebranding of Satang Corporation to Orbix Trade Company Limited
Thailand's prominent bank, Kasikornbank (KBank), entered the cryptocurrency sector by acquiring a majority stake in the local crypto exchange, Satang. KBank, also known as Kasikorn Bank, purchased 97% of Satang's shares for 3.7 billion Thai baht (approximately $103 million). This strategic move was facilitated through KBank's subsidiary, Unita Capital, which focused on investments in the digital asset industry.
Following this acquisition, Satang Corporation underwent a name change to Orbix Trade Company Limited. KBank's cryptocurrency business was structured into three divisions: Orbix Custodian, a custody platform; Orbix Invest, a venture arm; and Orbix Technology, dedicated to blockchain development.
Satang was a significant player in Thailand's cryptocurrency landscape, offering services such as a crypto exchange and other digital asset-related services. Notably, Satang's founder, Poramin Insom, was recognized for launching the privacy-oriented cryptocurrency Firo (formerly Zcoin).
Insom confirmed the acquisition on Facebook and assured that the existing services would continue. This development followed KBank's recent launch of a $100 million fund targeting Web3, fintech, and AI, signifying the bank's growing interest in emerging technologies. | | Kraken complies with court order, shares user data with IRS |  | Kraken confirmed compliance with U.S. court order to provide IRS with data of around 42,000 users, following a legal battle Data shared included names, birthdates, tax IDs, addresses, and transaction history for users with transactions over $20,000 from 2016 to 2020
Kraken, a U.S.-based cryptocurrency exchange, confirmed its compliance with a court order to share data of approximately 42,000 users with the U.S. Internal Revenue Service. The data was transmitted to the IRS in early November.
Kraken had received a court order from the U.S. District Court for the Northern District of California in May 2021, requiring them to provide a broad range of records and data related to their U.S. clients. Initially, Kraken had objected to the IRS's demands and contested the summons in court, resulting in a significant reduction in the number of affected clients and the volume of client data shared.
The court's directive mandated Kraken to furnish profile and transaction data for clients who had conducted transactions exceeding $20,000 in any single year from 2016 to 2020, including those who had only made deposits and withdrawals.
Data shared with the IRS included names, birthdates, tax IDs, addresses, contact information, and transaction history of the affected customers. It was estimated that around 42,000 accounts had their information forwarded to the IRS.
| | SEC Chair Gary Gensler's makes critique of inconsistent approach to Bitcoin ETFs |  | Video from 2019 revealed Gary Gensler's criticism of the SEC's inconsistency in approving Bitcoin futures but rejecting spot Bitcoin ETFs Gensler's past stance contrasted with his recent SEC decisions, as the agency has consistently rejected spot Bitcoin ETF applications
A resurfaced video from 2019 showed Gary Gensler, who was then the SEC Chair, criticizing the inconsistent approach of the United States securities regulator toward spot Bitcoin products. In the video, Gensler discussed blockchain regulation at the 2019 MIT Bitcoin Expo in a conversation with SEC Commissioner Hester Peirce. He expressed his view that while Bitcoin futures and possibly Ethereum futures would exist, Bitcoin ETFs did not, which he found inconsistent.
Gensler noted the similarity in laws between these products. However, it's worth noting that Gensler's past stance on spot Bitcoin exchange-traded funds (ETFs) contrasted with his past remarks. The SEC had approved Bitcoin and Ether futures ETFs but had consistently rejected spot Bitcoin ETF applications. Gensler's reasoning was that these ETFs lacked protections against market manipulation.
Recently, Grayscale, an asset manager, sued Gensler's SEC for rejecting its proposal to transform its Bitcoin trust into a spot ETF, continuing the regulatory tradition of not approving such applications. | | Tether dominates Brazil's cryptocurrency market with 80% of transactions |  | Brazil's adoption of stablecoin Tether skyrocketed, accounting for 80% of all cryptocurrency transactions, surpassing Bitcoin in July 2022 Government data revealed that USDT transactions in Brazil reached $271 billion Brazilian reais in mid-October
Brazil witnessed a substantial surge in the adoption of stablecoin Tether (USDT), accounting for 80% of all cryptocurrency transactions in the country, according to data from Brazil's revenue service agency. As of mid-October, USDT transactions in Brazil that year totaled $271 billion Brazilian reais ($55 billion), nearly double the volume of Bitcoin transactions, which stood at $151 billion reais ($30 billion). Stablecoins were cryptocurrencies designed to maintain a stable value, often pegged to fiat currencies like the U.S. dollar and the Brazilian real.
USDT's prominence in Brazil steadily rose since 2021, surpassing Bitcoin in July 2022. The crypto market's challenges in the past year, marked by the collapses of crypto lenders Three Arrows Capital and Voyager Capital, caused an overall 25% decline in crypto transactions, ending at $154.4 billion reais ($31 billion) in 2022, as reported by the government.
Brazil's tax agency utilized advanced technology, including artificial intelligence and network analysis, to track citizens' crypto-related activities and detected suspicious transactions. Additionally, the agency targeted citizens' crypto investments held abroad, with new legislation recognizing cryptocurrencies as "financial assets" for tax purposes in foreign investments. | | Bullish trend relieves Bitcoin |
|
| | | | |
|
|
No comments:
Post a Comment