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The number of Bitcoin wallet addresses in profit hit a record 39.1 million on October 30, surpassing the previous high of 38.1 million in November 2021. The in-profit BTC addresses are currently at an 18-month high of 81.1%, according to Glassnode data. This percentage increased from 60% to 80% in just two months. The BTC addresses at a loss have also dropped to a little over 9 million. In December 2022, as the crypto market plunged due to FTX’s bankruptcy, more than 20 million addresses were at a loss. The significant increase in in-profit addresses comes as BTC nears an 18-month high. Bitcoin is currently up by around 26% in just one month and was trading at $34,526 at 08:00 ET on October 31. The total number of non-zero BTC addresses currently sits at 48.3 million despite Bitcoin’s spot price remaining 50% lower than its ATH. Bitcoin Shows Strength Above $34K Bitcoin’s price continues to show strength at the $34K level despite market chatter on spot BTC exchan...

Star witness Caroline Ellison wept at the end of a second day of testimony against former boyfriend Sam Bankman-Fried as she described a web of deceit at the collapsed FTX crypto exchange he founded Ellison’s voice trembled as she recalled the “worst week of my life,” and said that when the truth about their deceitful actions was revealed, “I felt a sense of relief that I didn’t have to lie anymore.”   Dishonest Balance Sheet At the core of the deception was a balance sheet document that led to the collapse of Bankman-Fried’s companies . Ellison said it was deliberately designed to mislead lenders, presenting a false picture of affiliate Alameda Research’s financial health. She called it a “dishonest” document and revealed that even with manipulated numbers, it still showed significant risks for hedge funds. Caroline Ellison Ordered To Use FTX Funds For Alameda Ellison said that Bankman-Fried, who is on trial o...

Stablecoin issuer Circle weighed in on the Securities and Exchange Commission’s (SEC) lawsuit against Binance, arguing that stablecoins are not securities. The SEC had said in its June lawsuit that the Binance USD (BUSD) stablecoin was sold as an investment contract, and thus a security under the law, because it offered a yield via a reward program. Circle’s filing argues that stablecoins cannot be securities. “Payment stablecoins, on their own, do not have the essential Features of an investment contract,” it said in a   court filing . “Decades of case law support the view that an asset sale — decoupled from any post-sale promises or obligations by the seller — is not sufficient to establish an investment contract.” Circle also argued that assets pegged to the dollar are not securities because their buyers do not anticipate making a profit given the 1:1 ratio to the fiat currency it is pegged to.  Binance Fights for Surviv...

In the latest Cointelegraph Report, we assessed the value AI is bringing to the crypto industry, by separating the hype from real use cases. In the latest Cointelegraph Report, we sought to find out the real value AI brings to the crypto industry beyond the hype surrounding the technology. To do so, we looked into three main areas where AI is impacting crypto : trading, data analytics, and user experience.  For many years, trading bots have allowed users to execute trades in an automated way based on certain pre-set parameters.  With the recent development of Large Language Models such as ChatGPT, AI-powered bots are capable of processing large amounts of historical data, which can be helpful in predicting future price movements.  However, despite the latest advancements, AI-powered bots are still not sophisticated enough to elaborate complex trading strategies. “It's basically like having a bunch of dumb partners who can, who can adhere to very basic commands, but they can'...

Decentralized peer-to-peer network Mixin Network said it can only guarantee the security of 50% of user funds after a $200 million breach. “No matter what your assets are — whether it’s Bitcoin or Ethereum — we will ensure that half of it is unaffected,” said Mixin founder Feng Xiaodong in a live broadcast. “We’re trying to find a way to recover the compromised money, but that is very difficult.” The news about the security breach caused a 5% drop in XIN, the network’s digital currency. Source: CoinGecko Mixin Suspends Some Services Temporarily Due to the security breach, Mixin Network has temporarily halted its deposit and withdrawal services. It also said it’s sought assistance from Google and SlowMist, a blockchain security company, to help with the ongoing investigation. [Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network's cloud service provider was attacked by ha...

With inflation and other economic crisis taking their toll on the global markets, there is no doubt that the cryptocurrency industry has suffered the biggest correction. Several incidents have also turned out to be catalysts in creating a bearish momentum in the market. Bitcoin, which was trading at its all-time high of around $67,000 just last year has fallen more than 70% since. While the market was already in a red zone, one incident in May shocked a huge number of investors and crypto enthusiasts. The fall of Terra’s Luna(now renamed LUNC) was an unexpected instance as it was one of the most popular and well -performing assets in the space at that time. Let us take a look at the specifics before we talk about its recent hike What is Terra (LUNC) Terra is a blockchain protocol developed by Daniel Shin and Do Kwon to power price-stable global payments using fiat-pegged stablecoins. Based on its white paper, Terra combines fiat currency stability with Bitcoin (BTC)...

Given the current volatility in the cryptocurrency market and its growing interconnection with the traditional financial system , the FSB appears to be increasingly worried about the cryptocurrency market . In October, the Financial Stability Board (FSB), a global financial regulator that is comprised of all G20 nations, will prepare to propose international legislation for cryptocurrencies and stablecoins. An important step toward crypto regulation was taken today when the Financial Stability Board (FSB) published a statement on the international regulation and supervision of activities involving crypto-assets. Buy the Dip Now Your capital is at risk. The watchdog intends to present a report on regulatory and supervisory methods for stablecoins and other crypto assets to the G20 finance minister and central bank governors in October 2022. The Financial Stability Board intends to have a public consultation report on the evaluation of recommendations ready by that time. Th...

Join Our Telegram channel to stay up to date on breaking news coverage Lawyers for Sam Bankman-Fried refuted the prosecution’s contention that the FTX founder has enough access to a laptop to prepare for his defence and demanded his release from jail. “As we feared, the current plan does not work in practice and Mr. Bankman-Fried is not, in fact, getting `access to [an] internet-enabled laptop,’” they wrote in a Sept. 8 letter. “The description of Mr. Bankman-Fried’s access to the internet-enabled laptop in the 500 Pearl Street cellblock is inaccurate.” They said Bankman-Fried has not had anywhere near the amount of air-gapped computer access that the Department of Justice arranged. Lawyers cited a situation on Sept. 1, when Bankman-Fried was called back to his cell at 2:30 p.m. for a headcount that resulted in him losing 4 hours that was promised as time for him to prepare for his trial. On September 6, he was released from his ...

Join Our Telegram channel to stay up to date on breaking news coverage Pokémon-based cryptocurrency fraud has been a problem in the past. Fans have spent more than $10 million on Pokémon-themed campaigns this year. The PokeMonFi (Pokémon) venture has disappeared in a haze of smoke, reportedly per Twitter information collated by cybersecurity company CertiK, with the official Twitter handle being removed and the worth of the project&rsquo ;s two digital coins, $PMC and $PMF, plummeting to zero. Investors’ money is seized in this Pokémon-themed Ponzi scheme without the games, NFTs, or other blockchain-based content ever appearing. A rug pull is a type of cryptocurrency scam that happens if a group arbitrarily inflates the value of their token and then vanishes with the money, abandoning a worthless token. Rug pulling is a type of escape fraud and decentralised finance (DeFi) exploit. Crypto Rug Pull with a Pokémon theme A cyber-security c...

Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin Academy, Jay Z, and Jack Dorsey’s Bitcoin schooling training course has completed its first iterative process. After twelve weeks, the action plan concluded with a $1000 Bitcoin drop for every attendee who chose to obtain a grant. According to Business Insider, both Jack Dorsey and Jay-Z individually financially supported the entire system , along with the last airdrop. But it’s uncertain how many individuals have received this airdrop; Jay’s mom revealed in an electronic mail that the curriculum served 350 Marcy citizens. She stated that Marcy citizens attended. What’s also important is that all required resources are made available, such as supper, care for children, gadgets, internet connectivity, and a permanent team and teachers, to ensure that as many individuals as possible can participate in both people or online. The Bitcoin Academy was revealed in June as a live...

Join Our Telegram channel to stay up to date on breaking news coverage Cryptocurrency usage in Asian countries, as well as Oceania, has been on the rise in recent years. However, this growth in popularity of Bitcoin and altcoins in this part of the world might soon skyrocket like never before, thanks to the efforts of a single wallet provider known as Pouch. The wallet provider has made a great effort to increase Bitcoin uptake on a single island in the Philippines, known as Boracay. The aggressive campaign resulted in more than 120 businesses of all sizes teaming up with the wallet in order to enable Bitcoin payments. As a result, people can now pay for homemade food in roadside restaurants, as well as pretty much anything else, simply by using Bitcoin. The efforts of a single wallet have turned the island resort into a Bitcoin haven, and many are already referring to Boracay as the “Bitcoin island.” Both Pouch and Filipinos stand to benefit from the new servi...

Join Our Telegram channel to stay up to date on breaking news coverage Former senior FTX executive Ryan Salame pleaded guilty to charges of making illegal campaign contributions and fraud and agreed to forfeit up to $1.5 billion as part of a plea deal. Salame, former co-CEO of FTX Digital Markets, admitted to using money from FTX affiliate Alameda Research to make millions of dollars of illegal donations. He also pleaded guilty to operating an unlicensed money transfer business. “Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law,” said prosecutor Damian Williams During his plea before Judge Lewis Kaplan, Salame said he had made political contributions using his own name, with the funds originating from a subsidiary of Alameda. T he transfers were la...

Join Our Telegram channel to stay up to date on breaking news coverage Up-and-coming blockchain recruitment platform Deelance has sent ripples across the Indian freelance market. The platform led an aggressive Twitter campaign using the hashtag #DeeLanceCoin, which made it to the third spot on Twitter in India. Multiple comments attached to this hashtag indicated curiosity from the Indian populace about the opportunities that a decentralized freelance platform would offer.  I’ll surely get some #DeeLanceCoin in this Presale.. To The Mooon Baby… ✈️@deelance_com #Deelance #crytpo pic.twitter.com/9OHWxfCCp1 — Sameer Shaikh (@isameerking) April 7, 2023 India is one of the countries with the largest population in the world. The World Population Review places the county’s population at a staggering 1,425,482,974 individuals, 65% of whom are below 35.  Such a high population of young people needs a stable, equitable, and self-sustai...