Wednesday 28 September 2022
Home / Court

Court

Crypto Biz: The 3AC saga takes another bizarre twist

About eight months ago, I vouched pretty strongly for Su Zhu to be included in the prestigious Cointelegraph Top 100. My reasoning was pretty straightforward: Zhu was not only an influential figure on social media, but he ran arguably the most revered hedge fund in crypto — Three Arrows Capital, also known as 3AC. Then, the bear market of 2022 exposed 3AC as a house of cards run by founders who believed their own hype — and made reckless business decisions along the way. With the 3AC saga still unfolding, we received privileged information this week about the company’s remaining assets. The revelations aren’t good if you’re a 3AC creditor looking to be made whole again. Source claims 3AC’s Deribit exposure is worth much less than reportedAn anonymous source close to the 3AC debacle reached out to Cointelegraph this week to reveal startling details about the failed hedge fund’s remaining assets. According to the source, 3AC’s holdings of Deribit shares are worth much less than reporte..

Read More »

Price analysis 7/22: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

In a downtrend, when markets do not respond negatively to bearish news, it is a sign that the selling may have reached exhaustion. Reports of electric vehicle maker Tesla dumping 75% of its Bitcoin (BTC) holdings in the second quarter only caused a minor blip as lower levels attracted strong buying from the bulls. Tesla was not the only institution that sold its Bitcoin. Arcane Research analyst Vetle Lunde highlighted in a Twitter thread that large institutions have sold 236,237 BTC since May 10. It is encouraging to note that even after huge selling by institutions and the unfavorable macro environment, Bitcoin has held up quite well. Daily cryptocurrency market performance. Source: Coin360The current bear market allows an opportunity for new traders to enter at lower levels. A report published by Boston Consulting Group, Bitget and Foresight Ventures shows that only 0.3% of individual wealth is parked in crypto compared to 25% in equities. This shows that crypto is still in the earl..

Read More »

California again allows crypto contributions to state, local political campaigns

Candidates for state and local offices in California will once again be allowed to accept donations in cryptocurrency after a ban was lifted by the state's Fair Political Practices Commission (FPPC) on Thursday. The ban was imposed in 2018. California was one of nine states that had banned political contributions in crypto due to perceived transparency and Know Your Customer (KYC) issues. The question of contributions in crypto was revived in March when the commission issued an opinion on the sale of nonfungible tokens (NFTs) for campaign fundraising. In May, a report was prepared by the FPPC that examined three options for its crypto policy. Those were to maintain the ban or treat crypto like cash, with a $100 contribution cap, as is done in several states. The third option was to treat crypto like an in-kind contribution, that is as a good or service rather than money, with the requirements that the contribution come through a processor that uses KYC protocols and the contributi..

Read More »

Crypto market cap climbs 15% in a week following Ethereum Merge date revelation

It has been a volatile yet positive week for cryptocurrencies, as traders ignored the warnings from crypto winter veterans that there was more downside in store and jumped back into the market at the first sign of rising prices. Evidence for the reversal in sentiment can be found in the Crypto Fear & Greed Index, which has climbed into the fear zone after spending a record time in the extreme fear territory due to collapsing prices in May and June. Crypto Fear & Greed Index. Source: AlternativeAs for what sparked the rally out of extreme fear, a closer look at the timeline points to the announcement of the expected date for the Ethereum Merge, which came on July 15. Data from Cointelegraph Markets Pro and TradingView shows that, following the Merge date revelation, the price of Ether (ETH) has climbed 38.5% from $1,190 to a daily high of $1,650 on July 22 amid an overall green day in the market. ETH/USDT 1-day chart. Source: TradingViewAlong with the climbing price of Ether, the to..

Read More »

Zipmex resumes withdrawals for trade wallets

Cryptocurrency exchange Zipmex has resumed withdrawals from its trade wallet after two days, but said transfers, deposits and trade will continue to be disabled from its Z Wallet. In a Friday announcement, Zipmex said its Thailand-based users could make withdrawals from its trade wallet, with the function expected to be “re-enabled this evening” for clients in other countries. The crypto exchange has had withdrawals disabled since Wednesday, citing a "combination of circumstances" beyond its control, including the recent market volatility. “Ever since the black swan events surrounding the crypto space Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets,” said Zipmex. “There were no materially adverse impacts to our operations.” Cointelegraph reported on Wednesday that, according to a person close to the exchange, Zipmex had ro..

Read More »

NFT sales will fund the restoration of physical monuments in Ukraine

The Ukrainian government will be using the proceeds of sales from an online nonfungible token, or NFT, museum to restore artwork in the real world. According to a Friday announcement and information shared with Cointelegraph, Ukraine’s Ministry of Culture and Information Policy said the government-supported Meta History Museum of War platform, aimed at preserving the timeline of major events in Russia’s war with Ukraine, raised 803.28 Ether (ETH) — roughly $1.3 million at the time — through NFT sales. The ministry said proceeds from the sales will go toward “the restoration of Ukrainian cultural institutions,” many of which have been damaged or destroyed by missile attacks from Russia. "During the six months of the war in Ukraine, the Russians destroyed hundreds of our museums, theaters and cultural institutions,” said Oleksandr Tkachenko, Ukraine’s Minister of Culture and Information Policy. “Ukrainian culture and national heritage have been damaged by almost 6 billion euros, and judg..

Read More »

Pro Bitcoin traders are uncomfortable with bullish positions

The previous $19,000 Bitcoin (BTC) support level becomes more distant after the 22.5% gain in nine days. However, little optimism has been instilled as the impact of the Three Arrows Capital (3AC), Voyager, Babel Finance and Celsius crises remain uncertain. Moreover, the contagion has claimed yet another victim after Thai crypto exchange Zipmex halted withdrawals on July 20. Bitcoin/USD 1-day price. Source: TradingViewBulls' hopes depend on the $23,000 support strengthening as time goes by, but derivatives metrics show professional traders are still highly skeptical of continuous recovery. Macroeconomic headwinds favor scarce assetsSome analysts attribute the crypto market strength to China’s lower-than-expected gross domestic product data, causing investors to expect further expansionary measures by policymakers. China’s economy expanded 0.4% in the second quarter versus the previous year, as the country continued to struggle with self-imposed restrictions to curb another outbrea..

Read More »

A short-term BTC rally or trend reversal? Find out now on ‘Market Talks’ with Crypto Jebb

The latest episode of Market Talks welcomes Nicholas Merten, the founder of DataDash, one of the largest cryptocurrency YouTube channels. Merten is an international speaker, thought leader and crypto analyst. He has utilized his 10-plus years of experience in traditional markets to understand the potential of cryptocurrencies and help his 515,000 YouTube subscribers make better investment decisions. One of the topics up for discussion with Merten isthe recent Bitcoin (BTC) price rally. Are the markets finally out of the sideways trend it’s been stuck in for months, or is this just another bull trap forming, with BTC to head back down below $20,000? With all seasoned traders and experts eyeing the BTC 200-week moving average, Merten is asked the significance of this indicator and why many consider it to be so important. They also get into where he sees BTC heading in the near future, toward $30,000 or back down to $17,000? Another topic up for discussion is whether retail investors are ..

Read More »

Ethereum Classic soars 100% in nine days outperforming ETH as ‘the Merge’ approaches

Ethereum Classic (ETC) has been outperforming its arch-rival Ethereum's native token Ether (ETH) during the current crypto market rebound with the ETC/ETH pairs at 10-month highs. Why is ETC beating ETH?ETC's price has risen to $27 on July 22, amounting to a 100% gain in nine days after bottoming out at $13.35. Comparatively, ETH's price has seen a 64% rally in U.S. dollar terms. ETC/USD versus ETH/USD daily price chart. Source: TradingViewEthereum's rebound has been among the sharpest among the top cryptocurrencies, primarily due to the euphoria surrounding its potential network upgrade in September. Dubbed "the Merge," the long-awaited technical update will switch Ethereum from proof-of-work (PoW) to proof-of-stake (PoS). Moreover, it will replace miners with stakers. As a result, the PoS switch could force existing Ethereum miners to switch to PoW chains. Unsurprisingly, Ethereum Classic is the closest to Ethereum in terms of network design and compatibility bec..

Read More »

Bitcoin wobbles on Wall Street open as Ethereum hits $1.6K in 6-week high

Bitcoin (BTC) took a step back as Wall Street trading began on July 22 after recovering most of its previous losses. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC bulls fail to sustain assault on multi-week highData from Cointelegraph Markets Pro and TradingView confirmed BTC/USD encountering fresh resistance near $24,000. The pair had spent the past 24 hours slowly clawing back lost ground after news that Tesla had sold most of its BTC holdings. With the pre-announcement high of $24,280 still in force, bulls saw something of a setback as Wall Street opened on the day, with BTC/USD losing around $400. Analyzing the current order book structure on major exchange Binance, on-chain monitoring resource Material Indicators warned that the overall bear market structure remained in control. "Extreme lows and drops usually results in a revert to the mean move, or relief rally. Basically sellers are exhausted and buyers step trying to buy the bottom, causing a relief rally," p..

Read More »