Markets

China’s Supreme Procuratorate has dealt a significant blow against illegal cryptocurrency operations by sentencing Zhao Dong, the founder of RenrenBit and a minor shareholder of Bitfinex, to a seven-year prison term. The prominent crypto figure faced charges for running illegal business operations and engaging in unauthorized foreign exchange trading. This move underscores China’s continued crackdown on illicit activities within the industry. Crypto OTC Illegal Ventures Dong,...

Tether, the company behind the popular stablecoin USDT, announced a significant milestone in its growth, with its market value reaching $91 billion. It was also revealed that over 2023, the firm has added approximately $4 billion in excess reserves to its stablecoin’s consolidated reserves, showcasing its commitment to stability and resilience in the volatile digital currency market. Tether’s Ardoino Reveals Company’s Growth and Plans The announcement was made by Tether’s...

XRP tokens, the native cryptocurrency for the cross-border Ripple Labs network, have traded sideways in a narrow band with support around $0.62 since mid-November. At the same time, SOL used the opportunity, surged by an impressive percentage, and surpassed XRP in terms of market cap ranking. Ripple’s Turn Next After Solana? But the XRP price tested at $0.68 once on Friday, Dec. 8, before falling back to support lines, and resistance was again tested at $0.64 on Christmas...

The rise and triumph of the Ordinals in 2023 have provoked the ire of Bitcoin maximalists. The surge in transaction fees, in particular, has heightened tensions between the two factions of the Bitcoin community. In an unexpected turn of events, a contributor to Taproot Wizards, a collection featuring inscriptions by Bitcoin Ordinals, claims to have devised a method for Bitcoin enthusiasts to disapprove of Ordinals inscriptions. Script to Reject Ordnals on Bitcoin According to...

Despite a predictable slump in the crypto market on Boxing Day, one contrarian token rallied – jumping over 22% in just 24 hours. We’ll dive into the specifics of MATIC’s dramatic price appreciation, as well as a new altcoin that’s also forecast to see significant gains in the near future. Christmas Comes Late for Polygon HODLers Within 24 hours, MATIC (Polygon) jumped from $0.86 to $1.06 and a current market cap of $10.1 billion, placing it 12th among cryptocurrencies live...

The “smart money index”, which measures the net bullish bets by institutional players through Chicago Mercantile Exchange (CME) Bitcoin futures, has reached an all-time high of over 13,700 in recent days. Large investors have taken large long positions in the Bitcoin (BTC) futures market, indicating that institutional capital is flooding into the coin in anticipation of the SEC potentially approving a spot Bitcoin exchange-traded fund (ETF). Meanwhile, Bitcoin is trading today at around...

2024 could be a slower year for the business landscape in the US economy, however, many economists are positive that the US recession could be thwarted with a soft landing. Bulls made a strong comeback this year in 2023, and as the year ends, the Fed has given major signals of interest rate cuts in 2024. This has kept the markets upbeat and investors bullish on Wall Street. Does this mean that the US economy is completely out of the woods? Well, not entirely as economists share mixed...

The Binance Smart Chain has also witnessed a 7% increase in the number of addresses engaging with its dApps over the past 30 days. On December 26, the native cryptocurrency of the Binance Smart Chain registered an 11% increase in price, reaching its highest value since June. This pattern reflects a continuation of the trend that began last week when the price surged from $233 to $277, an 18% increase, before closing around $264. Although the price is currently experiencing a minor...

In addition to top executives stepping aside from the board of directors, Grayscale Investments also filed an updated spot Bitcoin ETF application with the SEC on Tuesday. Top cryptocurrency investor Grayscale Investments LLC has been preparing to offer spot Bitcoin exchange-traded funds (ETF) in a bid to widen its market share. On Tuesday, the company made several moves to ensure an imminent approval of spot BTC ETF, which is anticipated to happen in the next few weeks. Grayscale...

Solana price started a strong increase above the $88.00 resistance against the US Dollar. The price is now trading above $100 and the 55 simple moving average (4 hours). There is a connecting bullish trend line forming with support near $100 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase). The pair must clear $115 and $120 to continue higher in the near term. Solana price is trading in a positive zone above $100 against the US Dollar, like...