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Tesla CEO and X owner Elon Musk has long demonstrated an interest in cryptocurrencies. His public endorsements and criticisms of various digital currencies have often sent ripples through the crypto market.  Yet, despite his fascination with the decentralized digital realm, Musk has once again reiterated that none of his companies will ever create a crypto token. To be super clear, none of my companies will ever create a crypto token — Elon Musk (@elonmusk) November 4, 2023 It follows another clarification in August, which came in the form of a response to a user, @DogeDesigner, who had posted misleading headlines about X’s alleged crypto -token launch. Musk’s curt response, “And we never will,” put an end to any speculation. However, the declarations have not entirely ruled out Musk’s interest in the world of digital currencies. Known for his admiration of Dogecoin (DOGE), a cryptocurrency that started as an Internet meme, Musk has a history of stirr...

Coinbase has denounced rumors of it imposing Bitcoin withdrawal limits circulating on social media as inaccurate. Crypto exchange Coinbase has refuted rumors it had imposed a $5,000 per week limit on Bitcoin (BTC) withdrawals after a user's post claiming as such gained traction on social media.  An Oct. 24 post from a user on X (formerly Twitter) claimed that he’d been hit with a purported policy that restricted his withdrawals of Bitcoin from Coinbase to a maximum threshold of $5,000 a week. The post gained over 250,000 views, with more than 420 retweets and nearly 2,000 likes. The post also gained attention of crypto researcher Chris Blec, who asked if anyone could verify the claim being made. . @Coinbase is limit ing bitcoin withdraw ls. I just tried to send BTC from Coinbase to my cold wallet, and encountered a NEW $5k/wk withdraw l limit policy (implemented 10/13). I've been a Coinbase customer for 10 years. GET YOUR BITCOIN OFF EXCHANGES!!!! — Colin Brown (@thecolin...

The amount of unclaimed Arbitrum (ARB) tokens accounts for 0.69% of ARB’s total supply of 10 billion. Arbitrum, a major Layer 2 solution for the Ethereum blockchain, has officially added the unclaimed tokens from the Arbitrum airdrop to its network’s treasury. The Arbitrum Foundation sent 69.4 million unclaimed Arbitrum (ARB) tokens to the Arbitrum’s decentralized autonomous organization (DAO) treasury on Sept. 24, the foundation announced on X (formerly Twitter). The foundation emphasized that Arbitrum users will no longer be able to claim ARB tokens anywhere. “Please be safe out there,” the Arbitrum Foundation added. At the time of writing, the transferred amount of ARB is worth around $56 million. The cryptocurrency slipped 1.6% over the past 24 hours, trading at $0.81, according to data from CoinGecko. The amount of unclaimed ARB tokens accounts for 0.69% of ARB’s total supply of 10 billion. According to data from Dune Analytics, 93% of eligible users had claim ed the tokens. E...

About $570 million in weekly BTC options expire on Friday, and the recent macro and crypto news events have further tilted the advantage to bearish traders. On Aug. 16, Bitcoin closed below $29,000 for the first time in 56 days. Analysts quickly pointed to this week’s Federal Open Market Committee minutes, which expressed concerns about inflation and the need to increase interest rates, as the likely cause. Despite the immediate reasons for the drop, the upcoming $580 million Bitcoin (BTC) options expiry on Friday favors the bears. They could potentially make a $140 million profit on Aug. 18, adding to the downward pressure on Bitcoin and complicating BTC’s search for a bottom. Federal Reserve minutes did not impact traditional markets On Aug. 16, Federal Reserve Chair Jerome Powell emphasized the 2% inflation target. This pushed the U.S. 10-year Treasury yield to its highest level since October 2007, prompting investors to shift away from riskier assets like cryptocurrencies in favo...

Elon Musk addressed the issue of scam tokens like $X and $TWITTER falsely claiming connections to the social media platform. Elon Musk firmly stated that the social media platform X, (formerly known as Twitter), has no plans to launch any crypto tokens, as he responded to a post regarding questionable X and Twitter-based digital currencies on Saturday, August 5. In response to a post made by DogeDesigner, Elon Musk addressed the issue of scam token s like $X and $TWITTER falsely claiming connections to the social media platform. DogeDesigner had cautioned the crypto community about being cautious with certain articles related to scam token s and clarified that neither Elon Musk nor X had ever initiated a crypto token . In his reply, Elon Musk asserted, "And we never will." Previously, Elon Musk had dropped hints about the possibility of incorporating cryptocurrency as a payment option on his platform. Traders were left wondering whether he would introduce a particular cryp...

The key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Nonfungible tokens (NFT) adoption is picking up steam across the food and beverage industry, with many fast-food chains displaying interest in this new asset class.  A report by ResearchAndMarkets.com states that the global food & beverage NFT market size is expected to reach USD 2,134.04 Million by 2032. These statistics have been evident as recently, Global fast-food brands , including Pizza Hut and Papa John’s, are discovering new ways to integrate NFTs into their marketing strategies.  The report states that the key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Unique ownership opportunities, using NFTs in virtual reality and video games, promotions and advertising from food companies and restaurants are o...

Several Bitcoin price indicators suggest that BTC’s narrow trading range could end soon, resulting in a volatile price move in BTC and altcoins. Bitcoin continues to test investors’ patience, as it remains stuck inside a tight range. Although the near term is boring, traders need to be on their toes because narrow ranges are generally followed by a sharp increase in volatility. The only problem is that it is difficult to predict the direction of the breakout with certainty. Glassnode’s latest weekly newsletter highlighted that Bitcoin’s (BTC) consolidation has shrunk the Bollinger Bands, which are separated by just 4.2%. Citing various on-chain indicators, the authors concluded that investors are unwilling to sell, and in several aspects, it looks similar to “periods like 2016 and 2019-20, characterized by choppy market conditions.” Daily cryptocurrency market performance. Source: Coin360 Although Bitcoin’s near term may look uncertain, the long term remains bullish. Capriole Investme...

Industry stakeholders seek clarity regarding the implications of taxation and its connection to the recognition of cryptocurrency and associated procedures. The president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Obinna Iwunna, has commented on the implementation progress of the Finance Act, 2023, signed into law on May 28. According to Iwunna, the successful execution of the law will be challenging due to its premature introduction. The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including crypto currencies. In a Cointelegraph interview, Iwunna criticized the idea of implementing a 10% tax on cryptocurrencies in the current uncertain climate, likening it to putting the cart before the horse. He highlighted the ongoing issue with the Central Bank of Nigeria (CBN) instructing commercial banks not to facil...

The price of the memecoin has surged by over 2,000% in the past two weeks. On May 1, cryptocurrency exchange OKX announced that it would be listing memecoin Pepe (PEPE) at 17:00 Hong Kong Time (HKT) and open Pepe withdrawals on May 2 at 17:00 HKT. In supporting the listing decision, OKX staff wrote:  “Pepe the Frog is a cartoon character and internet meme created by cartoonist Matt Furie. Pepe was designed to be a green frog with a human-like body; this is one of the most popular memes in the world.” Several cryptocurrency exchange s, including MEXC Global, Bitget, Gate.io and Huobi, listed Pepe trading pairs two weeks prior, stirring what appears to be a trading frenzy . The token has returned 2,340% since April 17 and is now trading at $0.000001223 apiece at publication. Following news of the OKX listing, Pepe’s price has surged over 50% in the past 24 hours. Created on the Ethereum blockchain by anonymous developers, the Pepe token was created, according to CoinMarketCap, “as ...

New data from research by eBit Labs and LiveArt marketplace reveals that the previous estimates of creator royalty losses, which were around $35 million, may be much higher. The nonfungible token (NFT) space has been a proven gateway for helping users take their first steps into the Web3 space. This is particularly true when it comes to artists and creators using Web3 tools to enhance their work.  However, new data from eBit Labs and LiveArt marketplace reveals that the loss of creator royalties over the past year in the NFT space could be higher than estimated. According to the data, after the emergence of the Blur marketplace in October 2022, two of the leading NFT collections - Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) - experienced shortcomings in royalties of around $20 million alone The new data involving BAYC and MAYC shortcomings then points to previous estimates of $35 million in royalty shortcomings likely being too small. Figure 1: Fees paid vs shortfall ...

Russia’s existing regulatory stance on the cryptocurrency industry would potentially lead the country to “direct financial losses,” the RACIB argued. As Russia continues to delay adopting crypto currency regulations, local advocates have appealed to Russian President Vladimir Putin to change the government’s approach to regulating the market. The Russian Association of Crypto Industry and Blockchain (RACIB) — a major group of crypto and blockchain enthusiasts in Russia — issued an open letter to Putin on March 6, urging the president to address the risks of ignoring the global development of the crypto industry. In the letter, the RACIB argued that Russia has been too slow to implement experimental legal regimes targeting crypto adoption despite enforcing its first crypto law, “On Digital Financial Assets,” in 2021. In November 2022, lawmakers in Russia introduced a series of legal amendments to the crypto law, proposing to launch a “national cryptocurrency exchange.” According to th...

Stock markets continue to trend upward, while crypto investors wait for this week’s Federal Reserve statements before choosing which direction BTC and altcoin prices will take. The United States equities markets are trying to extend their recovery at the start of the new week. One of the reasons that could be boosting investor confidence is that the yield on the benchmark 10-year note has slipped further to 3.924%. However, the bullish sentiment of the equities markets has not rubbed off on the cryptocurrency markets which continue to underperform. Bitcoin’s (BTC) tight range trading since March 4 suggests that there is uncertainty about the next directional move. Daily cryptocurrency market performance. Source: Coin360 Generally, periods of low volatility are followed by a pick-up in volatility. The congressional testimony of Federal Reserve Chair Jerome Powell on March 7 and March 8 will be watched for the outlook on inflation and rate hikes. Later, on March 10, the release of Febru...

The firm said it received an investigative subpoena in December regarding its crypto listings, crypto custody and platform operations. Robinhood Markets has confirmed that it had received an investigative subpoena from the United States Securities Exchange Commission (SEC) over its digital asset business' crypto listings , custody and platform operations. In a 10-K filing, the brokerage said it received the investigative subpoena in December shortly after crypto exchange FTX filed for bankruptcy in November, and after "several other major cryptocurrency trading venues and lending platforms earlier in 2022," including Three Arrows Capital, Voyager Digital Holdings and Celsius Network. The investigative subpoena was in relation to its cryptocurrency listings and custody services, which they said came in response to the crypto bankruptcies last year: "In December 2022, following the 2022 Crypto Bankruptcies, we received an investigative subpoena from the SEC regardi...

Cointelegraph visited a grocery store and a luxury car club to learn how crypto has been adopted in Dubai. The city of Dubai has been very welcoming to the crypto space, providing the much-needed regulatory clarity to help the industry thrive. While this attracts native Web3 and crypto businesses to the emirate, even non-crypto businesses started integrating technologies like crypto, nonfungible tokens (NFTs) and even the metaverse into their operations.  Cointelegraph went to explore various parts of Dubai to find out how crypto and Web3 technologies have been integrated within some businesses in the emirate. Ordering groceries with cryptocurrencies Day To Day, one of the popular and most affordable grocery chains in Dubai, announced that it started to accept crypto payments last year. On Aug 8, local media outlet Khaleej Times reported that the hypermarket has started to accept crypto as payment in their online store and several of their branches throughout Dubai.  Cointelegraph re...

This is believed to be the first insider trading case involving cryptocurrency. The brother of a former Coinbase product manager , Nikhil Wahi, has been sentenced to 10 months in prison for wire fraud conspiracy charges, in what is believed to be the first inside r trading case involving cryptocurrency.  As reported by Reuters, Nikhil Wahi pleaded guilty in September to initiating trades based on confidential information obtained from his brother , Ishan Wahi, who was a former Coinbase product manager . Ex-Coinbase manager's brother sentenced to 10 months in insider trading case https://t.co/Kyy6DqSb9D pic.twitter.com/ruQjwr5i4h — Reuters (@Reuters) January 10, 2023 Nikhil Wahi admitted to trading with the use of inside information obtained from Coinbase. According to the federal prosecutors in Manhattan, Ishan Wahi, a former product manager, had shared confidential information regarding new digital assets that Coinbase was planning to add to its trading platform, with both...

With the start of a new year, the crypto market is bracing itself for the unknown. What are the main challenges and goals? If 2022 was any kind of template for gauging what the crypto market might offer for investors going forward, it proved to be terribly difficult to predict. The space saw a brutal shock to the global crypto market capitalization, which fell just over 60% from $2.2 trillion to about $797 billion year to date. It also saw the two largest cryptocurrencies by market cap, BTC and ETH, fall by 64% and 67%, respectively, during the same time frame, with the concurrent slide in the alt market too. These price drops, combined with the demise of the FTX exchange, were not events that many, if any, foresaw. Furthermore, the fallout from the FTX debacle is not yet over, given that some crypto projects and venture funds have retained treasury accounts on the exchange. That said, if 2022 was indeed messy, then 2023 has to offer something more positive, but growth is likely to be...