Bitcoin

As the FTX crisis draws on, competitor and leading global exchange platform Binance recorded a jump in client withdrawals. Users have pulled out assets such as Bitcoin, Ethereum, and other stablecoins from the firm as tensions soar throughout the market.  CZ however dismissed any worries, describing the increased withdrawals as only 'slight' and 'normal'.  Binance Users Withdraw BTC, ETH, and Others On-chain data platform CryptoQuant reports BTC withdrawals on Binance totaling 81,712 tokens. This amounts to roughly $1.35 billion at…

Instagram Influencer Jay Mazini has pled guilty to stealing $2.5 million in Bitcoin from his victims in one of multiple giveaway scams. The influencer – whose official name is Jebara Igbara – faces up to 20 years in prison for his crimes. As the Department of Justice (DOJ) announced on Wednesday, Mazini has specifically pled guilty to wire fraud, wire fraud conspiracy and money laundering. Mazini was known for social media stunts like giving away large amounts of cash to…

Arthur Hayes – co-founder of the crypto exchange BitMEX – broke down the macro backdrop to Bitcoin and Ethereum’s latest price pump.  The former CEO argued that the U.S. Treasury is responsible for the rally, due to upcoming plans to alter the supply of Treasury bills in the market.  RRPs, T-Bills, and Bitcoin Both Bitcoin and Ethereum broke out of trading ranges below $20,000 and $1400 respectively for the first time in weeks on Tuesday. The move was largely unexpected,…

Per a CoinATMRadar report, Spain now ranks third globally in terms of crypto ATM installations within its borders. The European nation has pushed past El Salvador to sit behind the USA and Canada. Spain Now 3 ATMs Ahead of El Salvador According to the data, crypto users in Spain now have access to a total of 215 crypto-optimized ATMs. Indeed, Spain is responsible for 0.6% of crypto ATM installations around the world. Notably, El Salvador only falls behind by 0.1%…

Shares of the Grayscale Bitcoin Trust are once again trading at a record low relative to the fund’s net asset value. Each share is now 36.7% less valuable than the underlying Bitcoin that’s backing it.  Per Grayscale’s website, the total value of its 643,572 BTC under management is roughly $12.4 billion.  This puts its holdings per share at about $17.9. Meanwhile, its actual share value is currently just $11.46, Since shares of GBTC can’t be liquidated as easily as with…

With many crypto industry firms struggling through the bear market, the world’s largest digital asset exchange has offered to lend a hand. Binance Pool has announced a $500 million lending project to help support struggling crypto miners, helping keep the ecosystem afloat. According to Binance’s official announcement on Thursday, Binance’s pool will support both crypto miners and “digital infrastructure providers.”  Loans to such firms will be available for an 18 to a 24-month term, with interest rates ranging from 5%…

BNY Mellon – the oldest bank in the United States – just became the first to begin offering crypto custody services for its clients.  The custodian will now protect users’ cryptocurrencies alongside their traditional investments on its platform.  A Bank Adopts Bitcoin According to the Wall Street Journal, the bank partnered with the established crypto custodian Fireblocks to offer the service. The latter serves institutional clients and has hired former SEC chairman Jay Clayton as an advisor. The service is…

U.S. officials charged a man in California on Friday for unlawful importation of drugs and conspiracy to commit money laundering. He allegedly sold those counterfeit drugs for Bitcoin.  As detailed in a press release by the Department of Justice, 27-year-old John Khuu was brought to Federal court for his charges on Thursday.  He allegedly serviced customers across the United States with controlled substances on dark web markets, including counterfeit pharmaceutical pills. Khuu and his co-conspirators would typically have his customers…

Living up to its reputation as “digital gold”, Bitcoin’s correlation with the physical commodity appears to actually be rising over recent weeks.  The correlation coefficient between both assets hit a yearly high of 0.4 last week – its highest point in over a year.  “Digital Gold” Coming True? As noted by the crypto market data provider Kaiko, Bitcoin’s correlation with gold since last year has oscillated between positive 0.2 and negative 0.2. In other words, the movements of one asset…