Bitcoin and select altcoins are attempting to start a recovery, but higher levels are expected to attract strong selling by the bears. Source link
Price predictions 12/22: SPX, DXY, BTC, ETH, BNB, XRP, SOL, DOGE, ADA, BCH
Category: Bitcoin News
Ethereum Rebounds to $3K: Whales Accumulate Before Breakout
Ether’s (ETH) price reclaimed the $3,000 level on Monday, a 16% rebound from the $2,620 multimonth low reached on Nov. 21. Market analysts pointed to key data metrics that suggest that ETH is “building up for breakout” to higher highs. Key takeaways: Ethereum whales accumulated aggressively over the last six months. Robust network activity, Ethereum scaling upgrades in January are tailwinds for ETH. Traders expect ETH to rally to all-time highs once the barrier at $4,000 is broken. What’s behind Ether’s rebound? Ethereum whales remained confident about the prospects of…
Coinbase Acquires The Clearing Company, Expands Prediction Markets Strategy
Coinbase has agreed to acquire The Clearing Company, an on-chain prediction markets startup that spans digital assets, politics, sports, and culture, as it expands its push to become an “Everything Exchange” offering a broad range of investment products. In an announcement shared with Cointelegraph, Coinbase said it has entered into a definitive agreement to acquire The Clearing Company, with the transaction expected to close in January. Financial terms of the deal were not disclosed. The acquisition marks a rapid turnaround for The Clearing Company, which was founded earlier this year…
Binance Let Suspect Accounts Move $1.7B Even After $4.3B US Plea Deal
Binance reportedly continued to allow suspicious accounts to move funds in crypto even after the exchange pledged to tighten controls as part of its $4.3 billion US criminal settlement in 2023. According to internal data reviewed by the Financial Times, a network of 13 user accounts processed about $1.7 billion in transactions from 2021, including roughly $144 million after the November 2023 plea agreement. The files reportedly include Know-Your-Customer (KYC) documents, IP and device logs, and transaction histories for users in countries including Venezuela, Brazil, Syria, Niger and China. Regulatory…
Clarity Act Delays Trigger $950M Crypto Fund Outflows
Crypto investment products saw $952 million in outflows, marking the first red week in four, as investor sentiment took a hit due to delays to a key US crypto regulatory bill. Crypto exchange-traded products (ETPs) recorded $952 million in outflows, led by $555 million for Ether (ETH) funds and $460 million for Bitcoin (BTC) funds. The large-scale outflows were mainly attributed to delays to the Digital Asset Market Clarity Act, or Clarity Act, a matter that prolonged “regulatory uncertainty and concerns over whale selling,” according to a CoinShares report published…
Insurers May Soon Hold Crypto with Hong Kong Rule Review
The Hong Kong Insurance Authority is reportedly proposing to allow insurance capital allocation to cryptocurrencies and infrastructure projects. Bloomberg reported on Monday that the city’s regulator started reviewing the risk-based capital regime to support the insurance industry and economic development. Crypto allocations would be subject to a 100% risk charge, meaning that the insurer would need regulatory capital roughly equal to the full value of its crypto position. The proposal would also allow infrastructure investment at a time when Hong Kong faces a budget deficit. Some companies that submitted feedback…
Aave Governance Vote Draws Backlash Over Snapshot Escalation
A governance vote at decentralized finance (DeFi) lending protocol Aave sparked a backlash from key stakeholders after a proposal on ownership of Aave’s brand assets was escalated to a snapshot vote amid unresolved discussion. The proposal asks the community whether Aave (AAVE) token holders should regain control over the protocol’s brand assets, including domains, social handles, naming rights and other intellectual property through a DAO-controlled legal vehicle. Aave founder Stani Kulechov said the community was interested in a decision, announcing that the proposal had been moved to a vote. “We…
Hyperliquid Clarifies HYPE Token Shorting By Ex-Employee
Decentralized perpetuals exchange Hyperliquid has addressed community concerns about a wallet that was believed to be linked to the internal team selling large amounts of HYPE (HYPE). Co-founder Iliensinc said on Hyperliquid’s Discord channel Monday that the wallet flagged by the community for shorting HYPE belongs to an ex-employee who was terminated in the first quarter of 2024. “This individual is no longer associated with Hyperliquid Labs, and their actions do not reflect our team’s standards or values,” Iliensinc wrote, referring to the address 0x7ae4…1028. The clarification followed weeks after…
Fed Seeks Input on Fed Accounts for Fintechs
The US Federal Reserve is requesting public input on its proposed “payment account,” dubbed a “skinny master account” which fintechs and crypto firms are drawn to as it would allow access to the central bank without needing the typical approvals. “These new payment accounts would support innovation while keeping the payments system safe,” Fed Governor Christopher Waller said on Friday. In October, Waller recommended that the Fed explore the idea of implementing payment accounts to clear and settle certain transaction activities of eligible financial institutions. Waller added the Fed is…
Klarna Partners With Coinbase to Raise USDC Funding From Institutions
Klarna, a Swedish fintech company known for its “Buy Now, Pay Later” (BNPL) service, has partnered with crypto exchange Coinbase to add stablecoins to its institutional funding toolkit. Under the arrangement, the global payments and digital banking firm plans to raise short-term funding from institutional investors denominated in USDC (USDC), using Coinbase’s crypto-native infrastructure, according to a Friday announcement. “This is an exciting first step into a new way to raise funding,” Klarna chief financial officer Niclas Neglén said. “Stablecoin connects us to an entirely new class of institutional investors,…