Author: NBTC
Market maker Cumberland may have bought the dip as data showed the firm moving millions in Tether stablecoins to centralized exchanges. Since Aug. 6, Cumberland has sent over $1 billion in Tether (USDT) to CEX platforms like Binance, Coinbase, and Kraken, according to LookOnChain data. Market makers provide liquidity in financial ecosystems and sometimes adopt an asset accumulation strategy to buffer profits or revenue. Cumberland’s CEX deposit spree began just after the global market slump on Aug. 5, when Bitcoin (BTC) dipped below $50,000, and the total cryptocurrency market plunged to $1.8 trillion. You might also like: Bitfinex: Bitcoin may…
The latest FTX-related sentencing saw Caroline Ellison, the former co-CEO of Alameda Research, handed two years behind bars for her role in the exchange’s spectacular collapse. Ellison is expected to be in prison by November 7. Ellison’s sentence was so lenient thanks to her lending the investigation her full cooperation. Indeed, the judge presiding over the case noted that he hadn’t seen a cooperator “quite like Ms. Ellison.” However, he also made it clear that due to the severity of the case, remorse and cooperation aren’t a complete “get out of jail free card.” She had pleaded guilty to seven…
Giant payment company Worldpay plans to verify blockchain transactions for the very first time in order to better understand how funds move through digital ledgers. According to a Bloomberg report on Sept. 26, the international payment provider is already in talks with several blockchains in hopes of becoming a validator, network participants that monitor and verify transactions in digital ledgers. “The idea is to be part of the ecosystem right at the base,” said Sanchit Mall, Worldpay‘s web3 and crypto lead in the Asia-Pacific region. He explained that Worldpay intends to directly participate in blockchains so that they can better…
Welcome To Latam Insights Encore, a deep view of Latin America’s most relevant economic and cryptocurrency-based news last week. In this edition, we discuss the positive impact bitcoin adoption had on the growth of the tourism industry in El Salvador and how this can be applied to other countries. Bitcoin Acknowledged to Be a Catalyst for Tourism in El Salvador The positive influence of Bitcoin is reaching beyond its original function, that is fixing money and monetary policy dynamics. A recent investment climate report prepared by the U.S. Department of State has highlighted that Bitcoin has been a catalyst for…
Litecoin founder Charlie Lee announced plans to expand the cryptocurrency into banking services at the recent Litecoin Summit in Nashville. Additionally, Charlie Lee is optimistic about a potential Litecoin ETF in the U.S. Charlie Lee, founder of Litecoin, has consistently captured the crypto community’s attention. At the recent Litecoin Summit in Nashville, Charlie Lee, the founder of Litecoin, announced that Litecoin would be expanding into the banking sector. 🚨 CHARLIE LEE ANNOUNCES LITECOIN IS EXPANDING INTO BANKING SERVICES. At the recent Litecoin summit held in Nashville, the integration of Litecoin into banking giant BBVA’s app was unveiled. This option to…
In most countries, the rate at which crypto activity grows across transaction size brackets varies significantly. However, the United Arab Emirates (UAE) is an outlier with growth across all brackets, which indicates a ‘balanced and comprehensive adoption landscape,’ according to a recent Chainalysis report. The UAE received over $30 billion in crypto between July 2023 and June 2024, ranking in the top 40 globally. The report highlighted that his growth is driven by a combination of factors, including regulatory innovation, institutional interest, and expanding market activity. Crypto received through small and large retail investor activity, with transaction sizes of less…
42% of metaverse enthusiasts in the US have purchased items endorsed by celebrities or influencers. This highlights how influential digital personalities have been in guiding consumer decisions. According to Statista, the rise of metaverses has seen a wave of high-profile celebrities and prominent brands taking steps toward the decentralized web revolution. As this virtual landscape continues to expand, it has become a hotspot for consumer engagement, mainly driven by the allure of celebrity endorsements. Source: Statista Celebrities drive engagement with virtual events and digital avatars in the metaverse The metaverse is a shared virtual space where individuals interact using augmented…
According to a new report published by Bitfinex, the Bitcoin (BTC) price made a significant recovery today, reaching $70,000. This represents an increase of more than 30% from the low point on July 5, which was previously predicted to be the bottom. The upward momentum coincided with the Bitcoin 2024 conference. The Bitcoin options market initially experienced an increase in implied volatility, but this has since decreased as traders reduced their exposure. As the major options expiration approaches on Friday, August 2, analysts expect consolidation and even potentially a small pullback in the market. Despite the general resistance being broken,…
Chicago cryptocurrency derivatives exchange Bitnomial is set to launch USD cash-settled futures contracts for the XRP cryptocurrency under the “XUS” ticker. Bitnomial has notified the Commodity Futures Trading Commission (CFTC) that the new product is intended to trade after Aug. 13. The execution of these futures will take place on the exchange’s electronic trading platform. The contracts will be cleared through a derivatives clearing organization that is registered with the CFTC. The exchange has noted that XRP is already being traded on several domestic and foreign markets, which is why market manipulation is “unlikely.” Bitnomial will publish trading volumes recorded…
The U.S. Congress Foreign Affairs Committee agreed to a resolution Tuesday regarding Tigran Gambaryan’s imprisonment in Nigeria. Now the resolution will go to the House of Representatives. The official document urges the government of Nigeria to “immediately release” the Binance executive, and for the U.S. government to formally declare him a “citizen wrongfully detained by a foreign government.” Gambaryan was taken into custody in February by Nigerian authorities. Since then, his family says that his health has significantly deteriorated, as he suffers from a herniated disc among other ailments. The recent resolution states that there is no legal basis for…