Features TheBitTimes.com

Paradigm files an amicus brief in the SEC lawsuit against Binance. The platform points out the SEC’s “capacious” and “unreasonable” norms, highlighting the need for Congressional authorization. Per their official announcement, Paradigm opposes the SEC’s gambit despite the platform’s non-involvement with Binance. The research-driven technology investment firm Paradigm recently filed an amicus brief in the Securities and Exchange Commission’s (SEC) legal war against Binance. In an official statement, Paradigm asserted that they strongly oppose the regulator’s “gambit” despite the platform’s non-involvement with Binance. On September 29, Paradigm submitted the amicus brief in the SEC-Binance lawsuit to seek justice for the crypto exchange, claiming that the SEC’s theories contradicted the crypto communities’ knowledge of the securities laws. The platform pointed out the “critical” ways in which the SEC’s norms are vague. The first point Paradigm spotlighted

Amidst a courtroom setting, Assistant U.S. Attorney Danielle Kudla unveiled a striking revelation: the Department of Justice’s estimation places the potential duration of this legal saga at an intriguing four to five weeks. A suspenseful legal odyssey awaits former FTX CEO Sam “SBF” Bankman-Fried, spanning a duration of at least 21 days within the hallowed halls of justice. This gripping narrative unfolds its first chapter on October 4, embarking on an epic journey that shall persist until November 9, as meticulously detailed in a freshly unveiled trial calendar, now accessible to the public eye. As the burgeoning trial calendar unfurls on September 28, the anticipation intensifies, commencing with the riveting spectacle of jury selection on October 3. The grand premiere of the Bankman-Fried trial , a pivotal moment of reckoning, is slated for October 4, marked by a profound exploration of seven formidable fraud charges laid bare before an eager audience. Within this legal theater,

A new report indicated Bitcoin ETFs could release $600 billion in new demand — double Bitcoin's current market cap. Here's some math behind the estimates. A United States appellate court directed the Securities and Exchange Commission (SEC) in August to reassess its denial of Grayscale's application for a Bitcoin exchange traded fund (ETF). A little-noted consequence of that decision is that it could open the floodgates for $600 billion in new cash to enter the crypto currency market. ETFs provide investors with a regulated way to gain exposure to different asset classes, including Bitcoin (BTC). The approval of a Bitcoin ETF could democratize investment in the crypto currency sector, drawing parallels to how the iShares MSCI Brazil ETF and the VanEck Brazil Small-Cap ETF have democratized investing in the Brazilian market. Despite some hurdles, market analysts anticipate potential Bitcoin ETF approval by early 2024. A Bitcoin ETF could unlock an estimated $600 billion i

Ethereum developers have re launch ed the Holesky testnet after its initial rollout on Sep. 15 failed due to significant network misconfigurations. Data from Holesky’s dashboard showed a steady block production including client activity from entities like Google Cloud, Lighthouse, and Teku. Holesky, the largest test network launched on Ethereum since the Merge, was successfully released on Sep. 28. At press time, the testnet ran smoothly and was not stalled by issues reported by developers after the first attempt. Additionally, sentiment from a YouTube livestream organized by a developer known as EthStaker suggested that Ethereum builders are satisfied with Holesky’s launch. “Not going to have to build a third one,” one developer said on the call. Holesky is positioned as a key component of Ethereum’s testnet ecosystems where builders simulate important updates like proto-danksharding to slash transaction costs and run trials for decentralized applications (dapps). Apart f

Memeainator raised more than $300k a few days after starting its token sale. WorldCoin token surged as the developers increased their focus on emerging markets. Chainlink gained traction as demand for its tokenizatioon products rose. Cryptocurrency price s had a strong performance this week as they defied the gravity we saw in other assets like stocks and bonds.  Bitcoin price jumped to over $27,000 even as the Russell 2000 index moved to the bear market. In all, the total market cap of cryptocurrencies jumped to over $1.07 trillion. This article looks at some of the top cryptocurrencies to watch, including WorldCoin, Memeainator, and Chainlink.  Memeainator analysis Memeainator (MMTR) was one of the top breakout stars in the crypto industry this week. The developers launched a highly successful token sale on Wednesday, which has raised more than $391k from investors around the world. The token is going for $ 0.011 and is set to continue rising thro

CEO Changpeng Zhao offered clarification on the CommEx deal via Twitter. Russian users will migrate to CommEx, with cross-platform crypto transfers expected during the transition. Ex-Binance staff may join CommEx to ensure a smooth user experience. CEO of Binance Changpeng Zhao provided clarification after announcing the sale of Binance’s Russia business to digital asset exchange CommEx, which launched on September 26 and is backed by crypto VCs. Some answers about Binance/CommEx. There will be crypto transfers between Binance & CommEx as users migrate with their funds. There are also older transactions during the testing phase of the integrations. This is expected. A few ex-Binance CIS team members may join their team,… — CZ Binance (@cz_binance) September 28, 2023 Zhao explained that as Russian users migrate to CommEx, some cross-platform crypto transfers between the exchanges will occur to move funds. He noted similar transactions happened previ

A closely followed crypto strategist is predicting a big move to the downside for one Dogecoin (DOGE) rival after forming a bearish structure. Pseudonymous analyst Kaleo tells his 596,500 followers on the social media platform X that Pepe (PEPE) could retrace recent gains and dip by more than 16% from its current value. “PEPE breaking out on LTF (low time frame). Looks like it’s ready to run it back to the highs. ” Source: Kaleo/X Looking at his inverted chart, the trader thinks Pepe is forming a double-top bearish pattern and will revisit the $0.00000061 level. Pepe is trading for $0.00000073 at time of writing, up 4.5% in the last 24 hours. Kaleo also says he remains bullish on Bitcoin (BTC) but predicts price volatility until a convincing bull market next year. “ Stack heavily on dips. Big picture everything that happens over the next six months is just noise to shake you out before the real fun begins later in 2024/2025.” Bitcoin is trading for $26,236

The U.S. dollar reached a 10-month high against all local currencies, including the BRICS bloc, and the USD is now keeping global oil prices under pressure. The strengthening of the U.S. dollar is a cause for concern as oil prices remain under pressure in international markets. The U.S. gains more than that of BRICS countries as exports become more expensive for developing countries. Crude and Brent oil are experiencing a dip in the markets as the U.S. dollar reigns supreme in September. Also Read: US Economy Could Settle Into a Long & Slow Grind, Predicts Economist Source: OilPrice On the other hand, gold declined against the U.S. dollar due to sell-offs from global investors. The gold index (XAU/USD) dipped to 107 on Thursday, falling from a high of 119 last week. The precious metal fell below the crucial support of $1,900 this week, which in turn is strengthening the U.S. dollar. The development puts the BRICS alliance in a corner as the bloc aims to challenge the US

Judge Michael Kaplan plans to approve BlockFi’s liquidation plan. Therein, some clients will receive partial compensation in Bitcoin (BTC) or Ethereum (ETH). Depending on the outcome of BlockFi’s legal battle with FTX exchange and Three Arrows Capital (3AC) hedge fund, unsecured creditors may receive between 35% and 63% of their funds by the end of 2023. The exact amount of compensation is uncertain and could potentially be affected by up to $1 billion. According to reports on Sep. 26, Michael Kaplan also said he will reject the objections raised by the U.S. Department of Justice’s bankruptcy watchdog regarding the termination of BlockFi’s senior management in the liquidation plan. You might also like: BlockFi battles FTX, 3AC in court over repayment claims On Nov. 11, 2022, BlockFi suspended withdrawals following the turmoil in FTX and Alameda Research.  A few days prior, Flory Marques, the platform’s founder, had reassured clients that their products were functional

On Monday, renowned publication The New Yorker published a completely off-kilter article that compared FTX to a bank, infantilized Sam Bankman-Fried, and let his family decry their treatment by the media with little to no pushback whatsoever. While article s like this are fr US trating to those of US covering Crypto , it’s also important to disc US s why they’re not j US t annoying but could paint a potentially misleading picture to those not quite as immersed in the ind US try. Misinformed with PR-like commentary The article offers little in the way of substance, but more important are the completely twisted, misinformed false equivalencies. These include “It is standard practice for banks to take depositors’ money and use it for other activities.” The article’s author, Sheelah Kolhatkar, isn’t new to the dark world of finance and unregulated industries: she’s previously written a well-received book called Black Edge that covers Steve Cohen (now owner of the New York Mets base

MATIC faces resistance at $0.5216, but a rebound to $0.5250 is possible with positive momentum. Rising trading volume suggests growing interest in MATIC despite a 2.19% drop. Oversold RSI and stochastic RSI hint at short-term bounce potential for MATIC. The Polygon (MATIC) market has been in a downtrend for the last 24 hours, with optimistic efforts at a recovery being thwarted at the day’s intraday high of $0.5216. Consequently, pessimism prevailed, and the price dropped to a new 7-day low of $0.5085 before finding support. The MATIC market was still experiencing negative momentum at press time, resulting in a 2.19% drop to $0.5093. If bearish pressure pushes MATIC below $0.5085, the next support level to watch is around $0.5050. However, a rebound toward the next resistance level at $0.5250 is possible if the market finds positive momentum and breaks above the intraday high of $0.5216. MATIC’s market capitalization fell by 2.19% to $0.5085 during the de

Top US crypto exchange Coinbase holds almost $25 billion worth of Bitcoin (BTC) in reserves, according to blockchain intelligence firm Arkham. Arkham says those holdings make the exchange the largest Bitcoin entity it has tabulated. According to Arkham, Coinbase holds nearly 5% of the BTC in existence, roughly the same amount as Satoshi Nakamoto, the asset’s pseudonymous creator. The market intelligence firm says Coinbase holds more than 947,000 Bitcoin across 36 million BTC deposit and holding addresses. The exchange’s largest cold wallet contains approximately 10,000 BTC, according to Arkham. The firm also notes Coinbase likely has thousands of additional Bitcoin that aren’t labeled yet. Overall, the exchange holds over $28.904 billion worth of crypto in reserves, including $2.69 billion worth of Ethereum (ETH) and $520 million worth of the decentralized oracle network Chainlink (LINK). Coinbase also holds $234.59 million of the stablecoin USDC. The exchang

The American payments company, MoneyGram , is moving into crypto territory. The company has just announced that it will launch a non-custodial crypto wallet. The wallet is aimed to help customers move funds between fiat and USDC, a stablecoin issued by Circle. According to CEO Alex Holmes, MoneyGram has undergone a digital transformation in the past five years. The company wishes to counter “misconceptions” that it will be replaced by products that don’t rely on cash. Homes stated, “We’re redefining paradigms around what it really means to move money between fiat currencies.” Also Read: Microsoft’s Updated Xbox Rumored to Include Crypto Wallets Additionally, MoneyGram’s non-custodial crypto wallet has been developed in collaboration with Stellar. The partnership with Stellar will allow users to buy and hold the currency. Holmes believes that the foray into crypto is the next step for the company to experiment with how to leverage blockchain technology. Furthermore, the wal

Investment products record outflows for the sixth week in a row. According to a CoinShares report, the market saw an outflow of $9 million last week. Sales for the week were the lowest, amounting to $820 million. This figure is significantly lower than the average of $1.3 billion. As was the case a week earlier, there is a divergence in sentiment from a regional perspective. Capital inflows reached $16 million in Europe, where investors see recent regulatory disappointment as an opportunity. At the same time, U.S. investors withdrew $14 million due to unrest in the local crypto market. “A divergence in sentiment from a regional perspective was evident this week, with inflows into Europe totaling US$16m, where investors see recent regulatory disappointment as an opportunity. While U.S. investors pulled out US$14m,” CoinShares report states. Bitcoin-based products experienced outflows for the third week in a row. Last week, there was an outflow of $6 million. The $15 millio

The global competition in the field of artificial intelligence [AI] has been intensifying, with numerous prominent tech companies joining the fray. Now Amazon has committed to invest, as much as $4 billion in the AI startup Anthropic. Initially, Amazon will pour in $1.25 billion. This comes with the flexibility to potentially increase its investment to a maximum of $4 billion. The e-commerce giant will have a minority stake in the firm. For Anthropic, this not only brings increased financial support from Amazon but also grants access to the computational capabilities of Amazon Web Services, a critical resource for advancing AI model development. Unpacking the Amazon-Anthropic Deal: What You Need to Know It should be noted that Anthropic has been utilizing AWS services since 2021. Under the terms of the investment arrangement, Anthropic has selected Amazon’s AWS as its primary cloud service provider for critical tasks. This entails safety research and the development of upcomin

Bankruptcy filings are at levels comparable to the 2008 Great Recession and the 2020 COVID-19 pandemic downturn. Some analysts see this as a potential sign of impending market crashes based on historical patterns. The economy faces a threat from rising interest rates, potentially impacting the stock market. Recent data reveals bankruptcy filings have climbed to levels comparable to the Great Recession in 2008 and the COVID-19 pandemic downturn in 2020. BANKRUPTCY FILINGS SURGE TO DANGEROUS LEVELS Bankruptcy filings have recently reached levels on par with the Great Recession in 2008 and the 2020 COVID-19 pandemic. This indicator often suggests that the economy isn't performing well, and has historically always been… pic.twitter.com/CJKQnTRhTc — Whale (@WhaleChart) September 24, 2023 Total bankruptcy filings recently matched figures seen during those prior crises. Some analysts take this as an omen of impending market crashes based on historical p

Glassnode Alerts shared in an X post earlier today that there has been a noticeable drop in the USDT’s exchange inflow. According to the post, the USDT Exchange Inflow Volume (7d MA) dropped to 18,420,750.594 USDT. At press time, USDT’s daily trading volume was down 30.81% and stood at just over $11 billion. The on-chain tracking platform Glassnode Alerts revealed in an X post earlier today that there has been a drop in the amount of Tether (USDT) that has flowed onto exchanges. According to the post, the USDT Exchange Inflow Volume (7d MA) has reached a 1-month low of 18,420,750.594. $USDT Exchange Inflow Volume (7d MA) just reached a 1-month low of 18,420,750.594 USDT Previous 1-month low of 18,421,739.041 USDT was observed on 22 September 2023 View metric:https://t.co/iqIWsjblZd pic.twitter.com/qQ2fdYkCri — glassnode alerts (@glassnodealerts) September 24, 2023 The post also noted that the previous 1-month low was observed on 22 September 2023. This

Base’ has outpaced established networks like Solana proving its growing prominence in the DeFi landscape. Base’s remarkable rise is driven by projects like Aerodrome Finance and Friend.tech. Base has also enjoyed an impressive increase in transaction volume. Coinbase ’s layer 2 network, Base, has witnessed an astounding surge in its Total Value Locked (TVL), hitting approximately $397.32 million within just a month and a half since its August launch. This meteoric rise has propelled Base ahead of Solana, whose TVL currently stands at $358.96 million. In the past 30 days alone, Base’s TVL surged by a staggering 97.21%, as evident on DeFiLlama, while Solana experienced a 9.64% decrease in TVL during the same period. Interestingly, the surge comes even after Base suffered an outage at the beginning of September. Screenshot from DefiLlama Blockchain projects launched on Base Within Base’s TVL, two native projects have played a pivotal role. Leading the charge