bitcoin

Saturday, December 2, 2023

Coinbase market share grows outside US trading hours amid Binance saga: Report

According to Kaiko Research, Bybit experienced a rise in market share around the clock, whereas Coinbase witnessed significant growth outside of the United States trading hours.

Following cryptocurrency exchange Binance reaching a substantial multi-billion-dollar settlement with United States regulators last week, an on-chain data analytics firm reported a surge in Coinbase's market share.

On November 21, Binance and the United States Department of Justice (DoJ) reached a settlement of $4.3 billion, settling allegations related to anti-money laundering.

However, the legal challenges have led to other crypto exchanges seeing an increase in market share, according to research firm Kaiko Research.

The firm recently published a report that indicates that Coinbase has seen an uptick in its trading volume, during the European trading day, outside the regular United States trading hours:

“Coinbase’s share grew the most outside of U.S. trading hours (14-22 UTC), instead surging in the middle of the trading day in Europe and the beginning of the trading day in eastern Asia.”

Meanwhile, Bybit is reportedly seeing significant changes across the entire day.

“Bybit is the immediate standout winner, gaining market share in every single hour and growing by more than 20% in 16 out of 24 hours," the report stated.

*Percentage change in BTC market share.*

*Read more*

*from Cointelegraph.com News https://ift.tt/T6B9VXR*

North Korean hackers have pilfered $3B of crypto over past six years: Report

In 2022, North Korean hackers swiped crypto worth ten times more than the country earned from exports in 2021, according to US cybersecurity firm Recorded Future.

According to United States cybersecurity firm Recorded Future, North Korean hackers have stolen around $3 billion in cryptocurrency since 2017, with more than half of that amount stolen in the past year alone.

Recorded Future indicated in a recent report that the amount of stolen crypto equates to approximately half of North Korea’s entire military expenses for the year:

"North Korean threat actors were accused of stealing an estimated $1.7 billion worth of cryptocurrency in 2022 alone, a sum equivalent to approximately 5% of North Korea’s economy or 45% of its military budget.”

Since 2017, North Korea has significantly increased its focus on the cryptocurrency industry, stealing an estimated $3 billion worth of cryptocurrency. pic.twitter.com/cES9gq2AK3
— Recorded Future (@RecordedFuture) November 30, 2023

Furthermore, the stolen amount surpasses the total annual income from exports for the nation by a considerable margin.

“This amount is also almost 10 times more than the value of North Korea's exports in 2021, which sat at $182 million,” the report stated.

Meanwhile, it explained that North Korean hackers initially targeted South Korea for its crypto, before expanding their focus to the rest of the world:

“North Korean cyber operators shifted their targeting from traditional finance to this new digital financial technology by first targeting the South Korean cryptocurrency market before significantly expanding their reach globally.”

It was noted that support from the North Korean government has led to a significant expansion in the scale of the illicit operation.

from Cointelegraph.com News https://ift.tt/5Nb2vQm

What is market manipulation in cryptocurrency?

Market manipulation in cryptocurrency involves artificially influencing prices or trading volume to deceive investors.

Market manipulation in the crypto sphere, explained

In the cryptocurrency space, market manipulation refers to the deliberate use of different deceptive strategies to artificially inflate or deflate the price of cryptocurrencies.

One of the signs of market manipulation includes sudden, unusual price increases or decreases that have nothing to do with important news or trends.

Moreover, persistent anomalies in the market or opaque trading methods may indicate manipulative activity, raising doubts about the market’s integrity among investors and authorities. Also, pump-and-dump schemes are prevalent in the crypto sphere, where a group deliberately inflates the price of a cryptocurrency by disseminating false information to entice buyers, who subsequently sell their holdings at a profit.

Additionally, whale manipulation is a market manipulation technique used by large holders, or whales, to purposefully buy or sell huge sums of a cryptocurrency to manipulate its price. Moreover, spoofing — the practice of placing huge buy or sell orders and then canceling them before they are executed to simulate a false sense of market demand — aims to manipulate the crypto market.

Crypto markets are also impacted by insider trading, which is the practice of people making trades based on secret knowledge.

from Cointelegraph.com News https://ift.tt/DvNh2IO

Friday, December 1, 2023

Price analysis 12/1: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

Bitcoin price hit a new 2023 high on Dec.1 and multiple altcoins are following suit. Is the crypto market preparing for a Santa Claus rally?

Bitcoin (BTC) rallied about 9% in November, with $38,000 proving to be a difficult obstacle to cross. Coinglass data shows that in the past five years, Bitcoin rose only in 2020, but the extent of the rise at 46.92% was impressive.

Entering into the new year, several analysts are bullish on Bitcoin. 28 research note, Standard Chartered said that the possibility of the earlier-than-expected approval of spot Bitcoin exchange-traded funds could boost the price of Bitcoin to $100,000 before end-2024.

*Daily cryptocurrency market performance. Source:* *Coin360*

Galaxy Digital CEO Mike Novogratz also sounded upbeat about Bitcoin while speaking to Bloomberg on Nov. Additionally, the Federal Reserve cutting rates may act as a further trigger that could send Bitcoin’s price near the all-time high by this time next year.

Could Bitcoin sustain above $38,000 and clear the path for a rally to $40,000, or will bears again play spoilsport?

from Cointelegraph.com News https://ift.tt/w8Bvuj0

Bitcoin price hits $39K as Powell stirs bets Fed rate hikes are over

Bitcoin reaches levels not seen since May 2022 amid an excited market reaction to the latest Fed inflation commentary.

Bitcoin (BTC) hit $39,000 for the first time since mid-2022 on Dec.

*BTC/USD 1-hour chart. Source: TradingView*

Powell: Calling end to hikes would be “premature”

Data from Cointelegraph Markets Pro and TradingView confirmed a new 19-month BTC price high of $39,000 on Bitstamp.

Bitcoin bulls, already in a strong position, beat out resistance as Fed Chair Jerome Powell took to the stage at Spelman College in Atlanta, Georgia for a scheduled appearance.

“The FOMC is strongly committed to bringing inflation down to 2% over time and to keeping policy restrictive until we’re confident that inflation is on a path to that objective,” he said in prepared remarks.

“It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease.”

While keeping his tone cautious, Powell appeared to boost risk asset sentiment with his comments on the current state of the U.S.

Reacting, financial commentary resource The Kobeissi Letter was among those with a more sober take on what the Fed might do in the future.

“Their narrative has not changed since last year, but markets continue to call for a Fed pivot,” it wrote in part of a post on X (formerly Twitter).

“As we have stated before, the Fed would rather spark a mild recession than risk a resurgence of inflation.
Read more

from Cointelegraph.com News https://ift.tt/9wWOoPl

Why is the crypto market up today?

The crypto market is up today thanks to MicroStrategy's relentless Bitcoin purchases ahead of the key ETF decisions.

The cryptocurrency market is up today with its net valuation reaching $1.427 trillion for the first time since May 2022.

Bitcoin (BTC), which controls more than half of the market share, contributed the most to the crypto sector's growth on Dec. Ether (ETH), the second-largest cryptocurrency by market cap, jumped 2.8% over $2,100.

*Crypto market capitalization weekly performance chart. Source: TradingView*

Why is crypto market going up today?

Crypto market gains in the last 24 hours coincide with MicroStrategy's announcement that it had purchased nearly $600 million worth of Bitcoin at an average price of $36,785 per BTC. This acquisition brings the company's total BTC holdings to over $6 billion.

Interestingly, MicroStrategy's BTC investment comes a month ahead of the U.S. Securities and Exchange Commission's potential approval of all Bitcoin exchange-traded fund (ETF) applications.

When people ask if there is demand for a spot Bitcoin ETF just take a look at purchases like Microstrategy today with the $500mm+ ticket.

Microstrategy is effectively used as a publicly traded Bitcoin ETF proxy.

Read more

from Cointelegraph.com News https://ift.tt/E598bK6

Binance VIP traders got sneak peak of US settlement: Report

At an exclusive dinner in Singapore, certain Binance executives reportedly told traders about the pending settlement with U.S. officials, allowing the exchange to stay in business.

Executives of cryptocurrency exchange Binance reportedly gave a heads-up to its top market makers regarding a potential $4.3-billion settlement with authorities in the United States.

According to a Dec. 1 Bloomberg report, Binance traders at an exclusive September dinner in Singapore were informed about a tentative deal the crypto exchange had with U.S. Some Binance executives reportedly told certain traders at the event that the exchange could easily afford the $4.3-billion penalty to stay in business.

Then Binance CEO Changpeng “CZ” Zhao was reportedly not in attendance at the event, but Richard Teng, who succeeded Zhao following the settlement, was mingling with guests.

According to Teng’s posts on X (formerly Twitter) from September, the then head of regional markets was in Singapore for the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix for Formula 1 and “plenty of side events.” Cointelegraph will release an exclusive interview with the Binance CEO at 6:00 pm UTC on Dec.

Glad to be speaking at Ethereum_sg. Busy week in Singapore with Token 2049, Milken, plenty of side events and rounded up by Singapore F1 night race https://t.co/FBirPWgRLg
— Richard Teng (@_RichardTeng) September 12, 2023

As part of its settlement, Binance must pay $4.3 billion to various U.S. at the time of publication, as a court considered his request to return to the United Arab Emirates before sentencing in February.

from Cointelegraph.com News https://ift.tt/mneodWL