Genesis’ Crypto Trading Arm Is Moving Money Around, a Sign of Normalcy Amid Sibling’s Bankruptcy

A wallet controlled by the Genesis OTC trading desk sent about $125 million of ETH, FTM and USDT to Coinbase, Binance, Bitstamp and Kraken on Thursday, the day of the bankruptcy filing, according to blockchain data compiled by Etherscan. In the past several hours, the wallet has transacted several more times, receiving almost $50 million USDC. Author: Sage D. Young Source link

Solana Blockchain SOL Token Doubles From FTX-Crash-Induced Lows, but Will It Continue to Rebound?

Stefan Rust, CEO of blockchain technology firm Laguna Labs, said Solana has “held the ground solidly” by staying within the top 20 cryptocurrencies by market capitalization post-FTX, while hitting the metrics developers seek, including a project’s “distribution,” “difficulty in using toolsets,” “marketing and visibility” and “money.” He expects SOL’s price to rebound to $30 and even possibly $50 by the end of the year. Author: Jocelyn Yang Source link

Bitcoin Surges on Inflation Tailwinds, Hovers Near $21K

Ether followed a similar pattern to bitcoin, continuing its late-week momentum into Saturday to hit a two-month high before falling slightly. ETH was recently changing hands above $1,550, approximately where it stood same time, a day earlier. Other major cryptos were mixed with some rising a couple of percentage points and others dropping, although FTT, the token of embattled crypto exchange FTX, recently jumped 35% to trade just over $2. Seven months ago, FTT was trading over $35. SOL, the token of the Solana blockchain, which has been rallying over…

Bitcoin Retakes $20K, Leading as Broad Crypto Rally Continues

The largest cryptocurrency by market capitalization started the week near the $17,000 mark after hovering in the mid-$16,000 area since mid-December. Now at $20,250, bitcoin has gained more than 20% in the opening two weeks of this year. Still, the crypto – which topped $65,000 in Nov. 2021 – remains near the low end of a brutal bear market. Author: Jocelyn Yang Source link

Bitcoin Pushes Near $19K for First Time Since FTX Collapse

Steven Lubka, managing director of Swan Bitcoin’s private client department, said he expects inflation to continue to soften in the first half of 2023, which should give the Fed room to ease its monetary-tightening policy. He cautioned, however, that inflation in the second half of the year may not be so benign and that the central bank may have to deal with a softening or even recessionary economy alongside rising inflation. Author: Stephen Alpher Source link

Big Options Trade in Ether Market Would Profit from 69% Price Slide

Last week, a buy order for 50,000 contracts of ether options – with a $400 strike price and expiring in June – appeared on Deribit’s order book, raising alarm bells in the crypto community. As of press time, ether was priced around $1,300, so the options trade would pay off if the ether price slid 69% in less than six months. On Deribit, one ether options contract represents one ETH. Author: Jocelyn Yang Source link

U.S. Investigators Subpoena Hedge Funds in Binance Money-Laundering Probe: Report

Recently, Binance has made efforts to increase its commitment to compliance, growing its security and compliance staff by 500% in 2022. Additionally, last fall the company assembled a global advisory board chaired by Max Baucus, a former Democratic senator from Montana. Meanwhile, the exchange seems eager to improve its relations with the U.S. government, recently becoming active in crypto lobbying in Washington, DC. Author: Elizabeth Napolitano Source link