Author: NBTC
An entity dubbed “7 Siblings” capitalized on the recent Ethereum price decline to thousands of ETH tokens, according to Blockchain analytic platform Lookonchain. Lookonchain data shows that the entity quietly purchased 56,093 ETH, worth $129.3 million at the time. Details of the Transaction Per blockchain data, 7 Siblings started its ETH accumulation yesterday when ETH was trading around $2,600 and continued buying until the price decreased further to $2,191. The average buying price of the 56,093 ETH was $2,305. Interestingly, Lookonchain revealed that the accumulation spree lasted 12 hours on August 4 and 5, 2024. The entity converted $129.3 million…
Inflows into XRP-focused investment products surged by 250% in the past week, according to a recent report by CoinShares. Over $1 million flowed into these exchange-traded products last week, up from $400,000 the previous week. This brings the total net flows into XRP ETPs to more than $19 million since the beginning of the year. This dramatic increase in inflows is likely linked to rising expectations surrounding the SEC’s case against Ripple, which may soon reach a conclusion. Currently, the parties are negotiating the final compensation amount, with the SEC demanding $2 billion, while Ripple is seeking no more than…
South Korean prosecutors have indicted former Wemade CEO Chang Hyun-guk for allegedly falsifying and concealing details about the circulation of Wemix tokens. Korean prosecutors have indicted Chang Hyun-guk, the former CEO of gaming company Wemade, on charges of fabricating and withholding information regarding the circulation of Wemix tokens, linked to the company. The indictment, announced on Monday, Aug. 5, accuses the former Wemade chief executive of deceiving investors by failing to disclose substantial sales of Wemix tokens despite his February 2022 promise to cease such sales and provide transparency on circulation data, Korea JoongAng Daily reports. The legal action follows…
Binance, the leading cryptocurrency exchange by trading volume, recently released its proof of reserves. Notably, meme cryptocurrency Shiba Inu remains among its largest holdings. However, there has been a notable drop in the exchange’s SHIB holdings during this summer. At the start of June, Binance’s net SHIB balances stood at 62.96 trillion tokens. Now, they stand at 62.79 trillion. This represents a 0.27% drop over the past month. While the drop is insignificant, a clear pattern has emerged. At the start of June, Binance held roughly 64.8 trillion worth of SHIB tokens. In two months, the exchange’s SHIB reserves have…
DBS refers to Bitcoin as “digital gold,” promoting smart but careful investing and enhancing its reputation as a worthwhile asset. Bitcoin’s price drop from $74K to $60K sparked varied responses; savvy investors saw a buying opportunity in market swings. Bitcoin’s price at $61,416 shows resilience; a $39B trading volume in 24 hours highlights an active market with a slight 0.05% increase. Bitcoin’s journey has been truly remarkable. The biggest bank in Singapore, DBS, highlighted Bitcoin’s potential as a store of wealth by drawing comparisons to digital gold. As is common in the financial industry, DBS suggests cautiously and strategically investing…
Ethereum (ETH) had one of its worst days of the year on Monday, August 5, as the price experienced a steep 23% correction. The result of this infamous decline was a drop to $2,120 — a level it last reached in 2023. However, while ETH has quickly recovered, the initial plunge likely marked the bottom, and here’s why. Ethereum On-Chain Signals Points to Major Upswing From an on-chain perspective, Ethereum’s Market Value to Realized Value (MVRV) Z—Z-Score is down to 0.52. This entry-adjusted metric tells whether a cryptocurrency’s price is undervalued or overvalued relative to its fair value. In other…
General Updates Neo founder Da Hongfei regained control of his X account after it was hijacked by a hacker. The hacker posted about fraudulent airdrops in an attempt to steal funds from token holders. Neo hosted an X Space entitled Neo Eco-Talk: Exploring the Intersection of AI and Web3, hosted by Neo Global Development business development manager Carolyn. The guests included Assisterr co-founder and CEO Nick Havyrliak, DSC ecosystem builder Cedar, TrendX COO Mahmoud Farouk, and Gaianet community lead Oz. Neo launched a new Galxe Quest social media campaign in collaboration with ecosystem partner Tria. The campaign offers an equivalent…
India is not looking to regulate the cryptocurrency sector anytime soon according to Minister of State for Finance Pankaj Chaudhary. Chaudhary’s comments came in response to questions directed to him by GM Harish Balayogi, a member of parliament. Balayogi’s questions sought clarity over the government’s stance regarding cryptocurrencies. Specifically, the MP inquired about the extent of research or initiatives undertaken by the government to understand the crypto sector and wether or not there are any forthcoming legislations planned in this regard. In his written reply on Aug. 5, Chaudhary said there is “no proposal” to regulate the “sales and purchase”…
Binance released its 21st proof of reserves as of August 1, revealing significant changes in user holdings in various cryptocurrencies. The snapshot in question highlights an increase in Bitcoin (BTC) assets and slight decreases in Ethereum (ETH) and Tether (USDT) balances. In addition, Binance experienced net inflows of $3.27 billion over the past month. Other major cryptocurrencies that the company offers in its proof of reserve and the amount of assets it holds are as follows: BTC Customer Net Balances: 613,470.71 Binance Net Balances: 652,370,556 ETH Customer Net Balances: 4,701,876,445 Binance Net Balances: 4,853,965,331 USDT Customer Net Balances: 21,192,804,719,188 Binance…
In recent years, the world of cryptocurrencies has seen explosive growth, pushing major asset managers like BlackRock to reconsider their stance on Bitcoin and digital assets. BlackRock, the giant in the investment industry with over 10 trillion dollars in assets under management, has recently made significant strides towards the adoption of bitcoin and other cryptocurrencies. This movement has been amplified by the success of their exchange traded fund (ETF) dedicated to bitcoin, which has quickly gained ground in the market. Evolution of BlackRock’s approach towards Bitcoin and cryptocurrencies The role of ETFs in the institutional adoption of cryptocurrencies Evolution of…