Tag Archives: AA News

Bitcoin’s correlation with the U.S. equities market has been rising for more than a month, as seen in the collective plunge and rally across different asset classes during the Japanese yen crisis earlier this month and the Federal Reserve’s statements at the Jackson Hole symposium last week. According to the recent edition of the Bitfinex Alpha report, the Pearson Correlation metric, which measures the relative correlation of bitcoin (BTC) with the S&P 500 and the NASDAQ,...

Thailand’s law authorities recently raided a house occupied by a company running Bitcoin mining operations. According to the South China Morning Post’s coverage, the illegally operated Bitcoin mining activities triggered frequent power outages in the vicinity for over a month. Illegal Bitcoin Mining Operations Bitcoin, the leading cryptocurrency, uses a proof-of-work (PoW) consensus mechanism. This entails that transactions are added to the blockchain through the mining...

Digital asset investment products attracted $533 million in inflows last week, the biggest in over a month, following Jerome Powell’s hint at the Jackson Hole Symposium that an interest rate cut might occur in September. While trading volumes were lower than in recent weeks, these products still totaled $9 billion for the past seven days. According to CoinShares’ latest edition of Digital Asset Fund Flows Weekly Report, Bitcoin dominated the market, drawing in $543 million in...

After Telegram CEO and founder Pavel Durov was arrested by French authorities over the weekend, more details have emerged that shed light on the reason for his apprehension. On July 8, a judicial investigation was opened against “a person unnamed” on charges related to complicity with various offenses committed using Durov’s messaging app, including money laundering and dissemination of child poronography. Per a press release from the court of Paris shared by Disclose.TV, the...

Stablecoins have reached an all-time high market cap of $169.57 billion following nearly a year of uninterrupted growth. Leading assets such as Tether’s USDT and Circle’s USDC have seen a significant resurgence this year, in addition to a newcomer. Stablecoin Market Cap Surge Data compiled by DefiLlama revealed that this is the highest market cap for stablecoins, surpassing the previous peak of $167 billion established in March 2022, which later declined to $135 billion by...

Alphabet Inc’s Google department is making great strides with its AI chatbot, Gemini. Among Large Language Model AIs (LLMs), it competes with the likes of ChatGPT, Meta AI, and X’s Grok. As such, CryptoPotato decided to inquire about what cryptocurrency could be the next to have an exchange-traded fund in the States to track its performance. Alphabet’s Gemini Gets to Work While Nvidia AI chips are most popular for loading and calibrating AI chatbots, the Mountain View,...

A former Kansas bank executive was sentenced to 293 months in federal prison for embezzling $47.1 million in a cryptocurrency fraud scheme that led to the collapse of Heartland Tri-State Bank (HTSB). Shan Hanes, 53, the former CEO of HTSB, pleaded guilty to one count of embezzlement by a bank officer. $47M Crypto Fraud Court documents revealed that Hanes executed 11 unauthorized wire transfers between May and July 2023, directing $47.1 million of the bank’s funds to a...

The current U.S. benchmark rate for massive overnight money market loans from the central bank is in the range of 5.25% and 5.5%. When Powell spoke in Jackson Hole, Wyoming, on Friday, markets expected more signals of a regime of interest rate cutting ahead. Instead, he went a step further and explicitly endorsed rate cuts. In fact, he said it’s not a matter of if there will be cuts but how deep to make them: “The time has come for policy to adjust. The direction of travel is...

Binance announced that it has prevented over $2.4 billion in losses from potential scams and fraudulent activities that could have impacted more than 1.2 million users from January to July 2024 owing to its risk management measures. According to the official press release shared with CryptoPotato, Binance employs an internal risk engine that provides 24/7 real-time monitoring using a combination of artificial intelligence (AI) and manual reviews. Binance’s Internal Risk...

Bitcoin ETFs have been on an impressive streak lately, and the last trading week saw more than $500 million allocated to the largest US-based products. However, Ethereum ETFs are in the opposite corner, with minor trading volumes and withdrawals. Bitcoin ETFs on a Roll The spot Bitcoin ETFs had a rough start of the month as they lost more than $550 million in just three days on August 2, 5, and 6. This coincided with the major crash for BTC as the asset tumbled from over...