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Майнинг в России: выгода, риски и оптимизация налогообложения

bits.media/ - 8 hours 13 min ago
Инвестиции в добычу биткоина растут в преддверии халвинга биткоина — как в мире, так и в России, говорят опрошенные Bits.media участники рынка. Объясняем, каковы доходность и риски, как реально работает налогообложение майнинга в РФ, как оптимизировать добычу криптовалют при разных формах легального предпринимательства.

Market Experts Predict When The Shiba Inu Price Will Reach $0.01

bitcoinist.com - Sat, 12/09/2023 - 17:32

Information technology platform, Telegoan has made a series of price predictions for the Shiba Inu price, ranging from 2023 up to 2050. 

Shiba Inu 2023 To 2025 Price Prediction

Crypto analytics firm, Telegoan has published several optimistic predictions for the price of the Shiba Inu native token (SHIB). According to the information technology firm, Shiba Inu could have a steady price increase over the years until it reaches a maximum of $1 in a few decades. 

For the 2023 price prediction, Telegoan has forecasted the SHIB price to reach a maximum price level of $0.0000216 by the end of 2023. At the time of writing, the current price of the Shiba Inu token is $0.0000103 according to CoinMarketCap. The cryptocurrency has seen relatively slow growth despite the present hype of a potential bullish rally for altcoins in 2024. 

In contrast, meme coins like Dogecoin have seen slight upticks attributed to the positive bullish sentiments in the crypto space and the ongoing developments in the Dogecoin ecosystem like the DOGE-1 lunar mission. 

Furthermore, Telegoan has predicted a maximum price increase of $0.0000571 and a minimum decline of $0.0000221 for SHIB in 2024. 

In 2025, the crypto analytics firm forecasted the price of SHIB to reach a maximum of $0.000728, with an average price of $0.000652. Telegoan has also stated that the Shiba Inu price could experience a minimum decline to $0.0000568 if the market falls short of expectations. 

SHIB Price Forecast for 2030 to 2050

In its price prediction report, Telegoan provided insights on the maximum and minimum price range SHIB tokens could reach for 2030, 2040, and 2050.

The predictions have cast SHIB in a different light as the cryptocurrency has had a stagnant growth trend despite the innovative initiatives introduced into the ecosystem such as the Shibarium network and the SHIB magazine. 

For 2030, Telegoan has stated that the SIB price could rise to $0.000712 with an average price increase of $0.000646. While the minimum price decrease for the cryptocurrency is predicted to be around $0.000593.

Furthermore, 2024 could see the Shiba Inu token going closer to the $0.01 price cap. Telegoan has predicted the cryptocurrency to reach a maximum of $0.089 with an average price increase of $0.076. Additionally, the minimum price decline for the token is estimated to be $0.054 for 2024. The information technology firm has also stated that the price of SHIB could surge even higher than its predictions if the crypto markets get extra bullish. 

Lastly, Telegoan estimated the price of Shiba Inu coin to rise to a maximum price of $1.07, with an average price increase of $0.89 by 2050. The crypto analytics company has stated that the cryptocurrency could surpass its initial predictions depending on the market’s outlook for that year. 

Nearly $900 Million In Bitcoin Sent To Exchanges – BTC Price Dip Incoming?

bitcoinist.com - Sat, 12/09/2023 - 14:10

Bitcoin put in another positive price performance over the past week, with its price rising by more than 14% in just seven days. However, the price of the premier cryptocurrency and the potential of the starting bull run might be under threat, as investors seem to be cashing in on their profits.

According to the latest on-chain data, significant amounts of Bitcoin have been on the move to cryptocurrency exchanges in the past few days.

BTC Traders Move Massive Amounts To Crypto Exchanges

Crypto analyst Ali Martinez revealed – via a post on X – that massive amounts of Bitcoin have been transferred to centralized exchanges in the past few days. This revelation is based on the “Exchange Inflow” data from the blockchain analytics platform Glassnode.

According to the post on X, around 20,000 BTC worth over $880 million have been sent to known crypto exchange wallets in the past five days. When Bitcoin – and most cryptocurrencies – are transferred to exchanges, it typically means that some investors might be looking to sell their assets.

Around 20,000 $BTC have been sent to known #crypto exchange wallets in the past five days, worth over $880 million! pic.twitter.com/rfeuBSaSv8

— Ali (@ali_charts) December 8, 2023

Massive transfers to exchanges are not particularly promising for crypto assets and their value, as they increase the amount of cryptocurrencies available in the open market. As more Bitcoin gets transferred to exchanges, there is a rise in supply available for sale, potentially putting downward pressure on the price.

However, it is worth noting that there has not been any apparent impact on BTC’s value so far. As of this writing, the Bitcoin price stands at $44,260, reflecting a 2.2% increase in the past 24 hours.

How Is Bitcoin Investors’ Sentiment Shifting?

Interestingly, another recent data point from Glassnode dispels the notion that investors may be losing faith in the premier cryptocurrency. The analytics platform revealed that the sentiment of long-term Bitcoin investors has changed to a state of belief. In fact, crypto pundit Ali Martinez noted that this marks “a significant shift in confidence” from investors.

As shown in the graph above, this on-chain data revelation is based on the long-term holder Net Unrealized Profit/Loss (NUPL) metric. This metric takes into account unspent transaction outputs (UTXOs) and serves as an indicator to assess the behavior of long-term investors.

It comes as no surprise that the BTC optimism continues to grow stronger as investors await the greenlight of spot Bitcoin ETF (exchange-traded fund) in the United States. Several spot BTC ETF applications are under the review of the Securities and Exchange Commission (SEC), with many expecting approvals in early 2024.

Европейский регулятор разработал стандарты для эмитентов стейблкоинов

bits.media/ - Sat, 12/09/2023 - 13:16
EBA сформулировало технические стандарты (RTS), препятствующие возникновению конфликта интересов пользователей и эмитентов стейблкоинов — токенов, привязанных к стоимости реальных активов (ART).

ZachXBT: «Взломавший Uranium Finance хакер использовал карты Magic: The Gathering для отмывания средств»

bits.media/ - Sat, 12/09/2023 - 12:39
Анонимный аналитик блокчейна ZachXBT обнаружил, что хакер, взломавший в 2021 году платформу DeFi Uranium Finance, использовал карточную игру Magic: The Gathering для отмывания части средств.

Bitcoin ‘Targeting $50,000’ In The Next Few Days, These Analysts Say

bitcoinist.com - Sat, 12/09/2023 - 12:30

As the market’s dismal atmosphere fades and traders come back in, the price of Bitcoin, the most actively traded cryptocurrency, has surged by approximately 160% this year, reaching a 20-month high of $44,300 on December 9.

Now that the harshest regulatory penalties have passed, traders are placing bets that big international fund managers and investment banks will accept the crypto.

The cryptocurrency market, which is infamous for its booms and busts, is bouncing back after two years of negativity and losses. At the beginning of this year, the value of bitcoin had dropped by three quarters from its peak of slightly over $69,000 in November 2021 to just $16,000.

Bitcoin Shows Mettle

After losing more than 15% of its weekly gains for holders, the largest cryptocurrency in the world by market capitalization, bitcoin’s price was trading sideways on Friday, near $43,500.

Today, investors are betting on growth companies and riskier assets in the hopes that central banks would start lowering interest rates next year, which is why bitcoin and other cryptocurrencies are surging.

The expectation surrounding the introduction of Spot Bitcoin ETFs and the institutional adoption of crypto are two factors driving the price of BTC in tandem with expectations of a reduction in interest rates.

This is also in line with predictions made by Standard Chartered, the largest bank in the UK, which states that the crypto may reach $120,000 by the end of the year.

“This will be the first time there could be true recognition of bitcoin … I do think this signifies that, this time, the rally will be more sustained,” James Butterfill, head of research at investment group CoinShares, said.

Web3 investor and cryptocurrency expert CredibleCrypto predicts that in the third week of December, the price of BTC will probably continue to rise and reach the $50,000 mark.

Crypto Analysts Eye $50,000 Price Target

The analyst claimed that regardless of whether the price of Bitcoin breaks the $42,000 lows or not, the asset is likely to fetch $50,000 early this month, pointing out the addition of $30 million in spot bids.

Analysts at CryptoQuant predict that in the first few months of 2024, Bitcoin’s target price may fall between $50,000 and $53,000.

“Bitcoin may be targeting $50,000 to $53,000 based on the network activity valuation perspective,” they said.

Experts analyzed the price of the alpha coin across short time horizons, predicting a correction due to a dearth of buyers on the spot market. They contended that a major change in circumstances is required before the price of BTC rises to $50,000 or more.

Some perceive the commencement of a novel “super cycle.” Last month, Bernstein, the American investment bank, made a forecast stating that the value of BTC might increase by over three times, reaching $150,000 by the year 2025.

Analysts reached the conclusion that supports their findings after closely examining elements including market capitalization, user activity on the Bitcoin network, and the amount of transactions related to Bitcoin.

These crucial indicators provide insightful information about the general well-being, activity, and vigor of the crypto ecosystem, which helped to create a thorough picture of the cryptocurrency’s present position within the broader financial system.

Featured image from Shutterstock

Объем торгов токеном JITO превысил $1 млрд в первый день после запуска

bits.media/ - Sat, 12/09/2023 - 12:22
Вчера состоялся запуск токена управления JITO одноименного протокола ликвидного стейкинга на базе сети Solana. В первый же день объем торгов с данным токеном превысил $1,1 млрд.

SEC And Fidelity Convene For Talks On Spot Bitcoin ETF Application

bitcoinist.com - Sat, 12/09/2023 - 10:29

The US Securities and Exchange Commission (SEC) and Fidelity Investment have recently met to discuss the company’s application for a spot Bitcoin ETF. This development comes amid engagements between the US top securities regulator and multiple asset managers looking to launch the same product, serving as an indication of incoming approvals. 

Fidelity Presents Bitcoin ETF Workflows, Updates Spot ETF Filing

According to an official memo from the SEC, the said meeting was held on December 7, in which six representatives from the US regulator were present alongside nine personnel from Fidelity and two executives from the Cboe BZX Exchange – the listing sponsor of Fidelity’s proposed spot Bitcoin ETF. 

During the dialogue, Fidelity shared a presentation named the Bitcoin ETF workflows, which showed the operational model of its Wise Origin Bitcoin Trust, highlighting its in-kind creation and redemption system. 

In this presentation, the asset manager emphasized the significance of enabling physical creation and redemption to improve trading efficiency and secondary market pricing for all participants.

Furthermore, Fidelity stated that arbitrage and hedge offered more efficiency when it came to physical creations and that self-clearing ETF market-maker firms can enhance efficient arbitrage by acting as Agency Authorized Participants (AP) for non-self-clearing ETF market-maker firms, particularly those associated with crypto affiliates.

Following this meeting, Fidelity has now updated the S-1 form in its filing with the SEC. Notably, Fidelity’s discussion with the securities market regulator comes after listing its spot Bitcoin ETF with the Depository Trust and Clearing Corporation (DTCC), all of which adds to increasing optimism regarding a potential approval. 

The Plot Thickens In The Spot Bitcoin ETF Saga 

The approval of a spot Bitcoin ETF continues to gather more interest as many predict it will boost the institutional demand for the premier cryptocurrency with various analysts predicting a massive surge in the token’s price to over $100,000. 

Aside from Fidelity Investments, the SEC has also met with other asset managers in recent weeks, notably BlackRock, Grayscale, and Invesco, who are also looking to launch a spot Bitcoin ETF. 

Based on a recent report by Reuters, these discussions have centered around key technical aspects of the proposed ETF, including custody arrangements, investor risk disclosure, and creation and redemption mechanisms.

Meanwhile, other prominent names in the ring, such as Hashdex and VanEck, have been updating their various applications, showing signs of preparation for an incoming greenlight. 

According to Bloomberg analyst, James Seyffart, the likeliest timeline for the approval of a spot Bitcoin ETF is January 5 to January 10, with the SEC potentially passing up to nine applications within this timeframe.

At the time of writing, Bitcoin continues to trade at around $44,318, picking up an impressive 14.25% gain in the last seven days. 

Featured image from Wall Street Journal, chart from Tradingview

Bitcoin ETF: Catalyst Or Controversy In The Crypto Universe?

bitcoinist.com - Sat, 12/09/2023 - 08:18

In the ever-evolving landscape of cryptocurrencies, the debate surrounding the desirability of a Bitcoin ETF (Exchange-Traded Fund) continues to captivate the attention of investors, enthusiasts, and industry experts alike.

This financial instrument, seen by some as a potential catalyst for mainstream adoption, and by others as a source of controversy, raises fundamental questions about the future of the crypto market.

The Case For A Bitcoin ETF

Increased Accessibility: Unleashing The Crypto Market To The Masses

One of the primary arguments in favor of a Bitcoin ETF revolves around the notion of increased accessibility. Proponents argue that by providing a regulated and straightforward investment vehicle, a Bitcoin ETF could lure both institutional and retail investors into the crypto market. The potential influx of capital could inject new life into the space, driving up prices and fostering a more diverse investor base.

Legitimacy And Mainstream Adoption: Bridging The Gap

For many, the approval of a Bitcoin ETF by regulatory bodies signals a crucial step towards legitimacy and mainstream adoption. In a financial world often skeptical of the uncharted territory of cryptocurrencies, an ETF could serve as a bridge between traditional finance and the crypto universe. The stamp of approval from regulators may attract institutional investors, leading to increased liquidity and stability.

Market Growth: A Ripple Effect On The Entire Ecosystem

Enthusiasts argue that a Bitcoin ETF could be a catalyst for substantial market growth. By providing a convenient on-ramp for traditional investors, the ETF may act as a conduit for a broader range of financial products and services in the crypto space. This, in turn, could fuel innovation and development across the entire ecosystem.

The Case Against A Bitcoin ETF

Market Manipulation Concerns: Unraveling The Wild West

Detractors express concern over the potential for market manipulation if a Bitcoin ETF were to be introduced. The relatively unregulated nature of the crypto market, combined with the immense scale of institutional investors, raises fears that prices could be manipulated to the advantage of a few. This apprehension highlights the need for robust regulatory frameworks to safeguard against such practices.

Decentralization Principles: Navigating A Fine Line

Central to the ethos of many within the cryptocurrency community is the idea of decentralization and autonomy from traditional financial systems. Critics argue that a Bitcoin ETF could compromise these principles by introducing regulatory oversight and institutional influence. Striking a balance between mainstream adoption and maintaining the decentralized nature of cryptocurrencies remains a significant challenge.

Volatility and Speculation: Taming the Crypto Rollercoaster

The cryptocurrency market is renowned for its volatility, and skeptics suggest that the introduction of a Bitcoin ETF could exacerbate this issue. The prospect of increased speculation and short-term price movements raises concerns about market stability and investor protection. Addressing these challenges is crucial for the long-term sustainability of the crypto market.


As the debate rages on, the question of whether the crypto market would be better off with or without a Bitcoin ETF remains unanswered. The dichotomy between those viewing it as a positive force for mainstream adoption and market growth and those wary of its potential negative impacts underscores the complex nature of the cryptocurrency ecosystem.

Ultimately, the trajectory of the crypto market will depend on the ability of stakeholders to navigate these challenges and shape a future that accommodates both innovation and responsibility.

(Analysts maintain their confidence that on January 10th, all spot Bitcoin ETFs will be approved simultaneously. The  US Securities and Exchange Commission (SEC) has a deadline of January 10 to grant approval for these funds’ applications.)

Featured image from Shutterstock

New Bill Introduced In Congress Targets Crypto’s Suspected Involvement In Financing Terrorism

bitcoinist.com - Sat, 12/09/2023 - 06:00

In response to the Hamas attacks on Israel in October, a group of bipartisan US senators has introduced the Terrorism Financing Prevention Act. The legislation aims to tighten regulatory actions against terror groups by countering the use of cryptocurrency for funding purposes

Led by Senators Mitt Romney, Mark Warner, Mike Rounds, and Jack Reed, the bill seeks to expand sanctions on foreign parties that facilitate financial transactions with terrorists, including the designation of all US-designated Foreign Terrorist Organizations (FTOs), such as Hamas.

Sanctions For Foreign Banks And Crypto Transactions?  

As announced by the US Senator for Utah state, Mitt Romney, the Terrorism Financing Prevention Act addresses the emerging threat of digital assets and their potential role in financing terrorism. It empowers the US Department of the Treasury to identify foreign banks and digital asset transaction facilitators that knowingly engage in transactions with FTOs or related parties. 

According to the press release, sanctions, such as restrictions on using US correspondent bank accounts or digital asset transactions with US persons, will be imposed on these identified actors.

The legislation also incorporates a provision from the previously introduced Crypto-Asset National Security Enhancement and Enforcement (CANSEE) Act, granting the Financial Crimes Enforcement Network (FinCEN) the authority to restrict transactions involving “primary money laundering concerns” that do not involve a US correspondent bank account. Senator Romney stated: 

The October 7 attacks on Israel perpetrated by Hamas have made it more urgent and necessary for the U.S. to counter the role that cryptocurrency plays in the financing of terrorism. Our legislation would expand financial sanctions to cover all terrorist organizations—including Hamas—and it would equip the Treasury Department with additional resources to counter terrorism and address emerging threats involving digital assets

This provision equips FinCEN with the necessary tools to address threats related to digital assets and non-traditional finance networks.

Integrity Of US Financial System In Fight Against Terrorism

To support the effective implementation of these programs, the Terrorism Financing Prevention Act authorizes the required resources for the Treasury Department. The bill emphasizes the need to protect the integrity of the US financial system from terrorist organizations, including Hamas, and their reprehensible acts.

By tightening regulations and imposing sanctions on foreign entities involved in facilitating transactions with FTOs, the senators aim to disrupt terrorist financing networks. In this regard, Senator Rounds claimed: 

It is critical that the Department of the Treasury has the necessary counter-terrorism tools to combat modern threats. The Terrorism Financing Prevention Act takes common sense steps toward rooting out terrorism by sanctioning foreign financial institutions and foreign digital asset companies that assist them in committing these heinous acts. 

Featured image from Shutterstock, chart from TradingView.com

Solana Rockets Up 14%, But Watch Out For Whale Selling

bitcoinist.com - Sat, 12/09/2023 - 05:00

Solana (SOL) has seen a rally of over 14% over the past day, but exchange deposits from the whales could be a worrying sign for these gains.

Solana Has Observed A Fresh Rally During The Past Day

While Bitcoin has gone stale in the last few days, some altcoins have taken the front seat as they have registered some sharp bullish momentum. Among these decoupled assets is also Solana, which has really blasted off in the past day.

During the last 24 hours, SOL has observed a rally of more than 14%, reaching the $73 level for the first time since early May, as the chart below shows.

SOL’s performance during the past day has been the second strongest among the top 30 cryptocurrencies by market cap, with only Cardano (ADA) coming up with better returns.

The coin has also notably outperformed XRP (XRP), its next closest competitor in the market cap list, suggesting that if the cryptocurrency can continue its run, it can close the gap on it and possibly even surpass it to become the fifth largest asset in the sector.

Generally, during rallies like these, some investors give in to the allure of profit-taking and sell their holdings. It would appear that some large entities may be doing just that if blockchain data is anything to go by.

SOL Whales Have Made Exchange Inflows Of 300,000 SOL Today

According to data from the cryptocurrency transaction tracker service Whale Alert, two large transactions have occurred on the Solana blockchain during the last 24 hours.

The first of these transfers involved a movement of 150,000 SOL, worth just under $10.2 million, when the transaction went through on the network. Given the large scale of the move, it’s likely that a whale was behind it.

Here are some more details regarding this Solana whale transfer:

The transaction appeared to go from an unknown wallet (likely the whale’s personal self-custodial address) to a wallet attached to the cryptocurrency exchange Binance.

Investors transfer coins from their wallets to central platforms like these for various purposes, of which selling is a major one. Considering that the transfer has come during a rally, selling may have been the likely reason behind the deposit.

Interestingly, the other whale transaction from today also involved almost the same number of tokens as this transaction, and the address details reveal that the same addresses were, in fact, also associated with this second transfer.

It seems likely that the same whale was behind both of these moves about 13 hours apart. If this humongous holder indeed planned to sell with these deposits, then it’s possible that the SOL rally could encounter some resistance.

Tether Joins El Salvador’s “Freedom Visa” Program, Requires $1M Bitcoin Investment

bitcoinist.com - Sat, 12/09/2023 - 04:00

El Salvador, along with the largest stablecoin issuer in the world, Tether, has introduced a new citizenship-by-investment program, the “Adopting El Salvador Freedom Visa Program,” aimed at attracting 1,000 individuals willing to make a significant investment in the country using Bitcoin or USDT.

Successful applicants will receive a residency visa, a pathway to citizenship, and the opportunity to become integral contributors to El Salvador’s “socio-economic transformation.”

Tether Selected As Technology Provider For El Salvador 

In collaboration with Tether, the government of El Salvador announced the program’s launch. It aims to create an environment where individuals can actively shape the nation’s future by catalyzing economic expansion and driving transformative societal change. 

The initiative focuses on establishing El Salvador as a global center for “cutting-edge” technology, financial innovation, culture, safety, and societal progress.

According to the announcement, applicants must meet eligibility criteria and make a non-refundable $999 deposit in Bitcoin or USDT during the streamlined application process to participate in the program. Upon acceptance, the deposit will be credited towards the required $1 million investment in Bitcoin or USDT, which secures the Freedom Visa and paves the way for citizenship. 

Tether’s role as a technology enabler supports the initiative by providing essential tech and payment infrastructure. In this regard, Paolo Ardoino, Tether’s CEO stated: 

Our collaboration with the government of El Salvador is a significant moment for Tether as a technology provider. This initiative highlights our commitment to supporting cities and communities in their pursuit of financial freedom and innovation. It represents a unique opportunity for us to utilize our technological capabilities to foster growth and innovation in the region. Being chosen as the tech provider underscores the importance of robust infrastructure in driving meaningful change. This partnership reinforces our dedication to advancing technology, empowering nations, and enabling individuals to invest in a future where innovation and progress go hand in hand.

Social Development And Economic Growth

The program aims to fund vital social development projects, including improvements in education, medical infrastructure, essential services, transportation, and communication networks. 

As announced, these initiatives seek to uplift communities and lay the foundation for a more prosperous future for all Salvadorans while positioning El Salvador as a symbol of advancement in Central America.

Adriana Mira, El Salvador’s Vice Minister of Foreign Affairs, expressed the program’s significance in economic development and innovation. The streamlined application process and the emphasis on visionary contributions to the nation’s growth underscore El Salvador’s dedication to inclusive development. Mira concluded: 

This collaboration signifies a pivotal milestone in our dedication to economic development and innovation. The ‘Adopting El Salvador Freedom Visa Program” offers an extraordinary opportunity for individuals to actively participate in shaping a prosperous future for our nation. 

Featured image from Shutterstock, chart from TradingView.com 

Crypto Regulatory Failures: FCA’s Slow Enforcement And Staffing Woes Draw Criticism

bitcoinist.com - Sat, 12/09/2023 - 03:00

The UK’s Financial Conduct Authority (FCA) is facing criticism from the country’s National Audit Office (NAO) for its sluggish approach to enforcing crypto laws and a shortage of staff with expertise in cryptocurrencies. 

In a recent report published by the NAO, an independent entity responsible for scrutinizing public spending, it highlighted the potential impact of crypto-assets as an area of uncertainty that could hinder the FCA’s regulatory effectiveness.

While the FCA mandated compliance with anti-money laundering regulations for digital asset firms in January 2020 and began engaging with unregistered firms, it did not initiate enforcement actions against illegal operators of crypto ATMs until February 2023. The report raises concerns about the FCA’s ability to address risks effectively within the crypto sector.

New Hires And Focus On Crypto Expertise

As reported, the FCA has been implementing significant changes in its data management practices to identify risks more efficiently. However, the report indicates that these efforts are expected to take years, with identified data risks not anticipated to be mitigated before 2025. 

Furthermore, staff turnover, including at senior levels, has been a persistent issue for the FCA in recent years. Although turnover rates have decreased, specialist areas still face delivery risks due to high turnover. The report further states:

The FCA has experienced high staff turnover, including at senior levels, in recent years. While turnover for the FCA as a whole has now fallen, delivery risks remain high in some specialist areas.

To address this, the FCA has recruited and trained over 2,000 new staff members, including seven out of 11 senior officials who joined since September 2020. The FCA recognizes the importance of maintaining specialist skills and expertise, as a shortage of crypto-savvy staff contributed to delays in registering crypto-asset firms under money laundering regulations.

Significant Crackdown On Illicit Crypto Activity 

In addition, the FCA is actively enhancing its international engagement efforts to manage its influence on global developments strategically. 

Recognizing the significance of international collaboration, the FCA has established a new international steering committee to provide cross-organizational oversight and support. The report notes that the FCA collaborates with other organizations to address common issues across various sectors, including the digital economy and financial services.

Ultimately, the FCA has reportedly been in charge of over 1,400 illegal digital asset activity cases between January 2020 and June 2023. It also received over 13,350 scam reports between 2020 and the first half of 2022 while supervising 50,000 firms across the UK. 

The global cryptocurrency market continues its remarkable growth trajectory as it currently stands at a staggering market cap of $1.59 trillion, according to data from CoinGecko. 

This represents a 3% change in the last 24 hours and an impressive 90.23% change compared to the market cap recorded one year ago.

Featured image from Shutterstock, chart from TradingView.com 

Dogecoin Open Interest Climbs To 6-Month High, 100% Rally Incoming?

bitcoinist.com - Sat, 12/09/2023 - 02:00

The Dogecoin open interest has been on a steady climb lately and on the 10-year anniversary of the meme coin, the open interest broke a new 6-month high. Open futures interest rose to $625 million on Wednesday, December 6, showing just how much interest the meme coin has been seeing lately.

Dogecoin Open Interest At New 6-Month High

Dogecoin’s open interest saw a considerable spike between the months of October and December after the price began a steady climb. This took the open interest from around $240 million in August to as high as $625 million by early December.

As Bitcoinist previously reported, this steady increase in the open interest could signal a price rally is coming. It actually means more investors are betting on the price of the digital asset, and while it could go either way, it is also a testament to many eyes following DOGE’s price performance.

The historical performance also shows that there has been a price increase usually when the open interest rises, and DOGE has not failed this time around. Since the initial Bitcoinist report, the DOGE price has risen from $0.084 to as high as $0.1 before correcting back downward. This suggests that the Dogecoin price is following its historical performance and the increase in open interest heralds good tidings for the coin.

The last time that the Dogecoin open interest was this high was back in April 2023 and like always, the price had risen in tandem with this metric. However, given the price performance that followed the spike in April 2023, it might not all be good news for the DOGE price going forward.

DOGE Could See A Price Decline

Given that historical performance points toward a bullish performance, it is also prudent to look at the times when historical performance has ended in a bearish trend. A case of this is in April 2023 when the open interest began to lose momentum. As a result, the price declined rapidly.

Dogecoin’s open interest is already seeing a decline, as data from Coinglass shows it fell 10% between Wednesday and Thursday, although there was a small 1.89% uptick on Friday. This could suggest a more bearish impulse compared to a bullish trend. If this happens, then the DOGE price could return to $0.08.

However, if the bullish trend holds similarly to October 2022 when the price went from $0.06 to $0.15, the DOGE price could mount a 100% rally from here. This would put the meme coin’s price just shy of $0.2, validating analysts’ expectations of a bullish rally coming for Dogecoin.

Kazakhstan’s Crypto Purge: More Than 900 Exchanges Axed In 2023

bitcoinist.com - Sat, 12/09/2023 - 01:00

Kazakhstan’s Financial Monitoring Agency (FMA) has taken a firm stance against unlicensed crypto exchanges. Throughout 2023, the FMA has actively shut down access to nearly a thousand crypto exchanges operating without appropriate licensing.

Crackdown On Unlicensed Crypto Exchanges

The actions by the FMA were disclosed in a press release published on the Kazakh government’s website. The agency’s chairman, Ruslan Ostroumov, emphasized during a meeting of the Eurasian Group on Combating Money Laundering in China, noting:

This year, 980 illegal cryptocurrency exchange platforms have been blocked in the country. Nine investigations have been launched into illegal exchange transactions worth $36.7 million and laundering of criminal proceeds. Preventive measures are being taken.

Kazakhstan’s Digital Assets Law, enacted in February 2023, set the stage for these actions. The law prohibits creating, trading, and operating digital currencies and cryptocurrency exchanges without a national license.

The Astana International Financial Center (AIFC) plays a crucial role in this regulatory framework, as it is the body in control of providing initial authorization for digital currency-related operations within the economic zone of Kazakhstan.

In June, the Astana International Financial Center granted Binance a permanent license, allowing it to offer services to users in Kazakhstan. These services include exchange and conversion options, deposit and withdrawal of fiat currency, and custody of digital currency assets.

This development suggests that while the regulatory authorities in Kazakhstan are not inherently opposed to cryptocurrency exchanges, they are “firmly” against the operation of unlicensed digital asset exchanges within the region.

Coinbase Impacted By The Blockade

Coinbase, one of the world’s leading digital currency exchanges, was impacted by Kazakhstan’s regulatory measures. The Ministry of Culture and Information of Kazakhstan announced the blocking of Coinbase earlier last month.

This decision responded to the exchange’s alleged non-compliance with Kazakhstan’s digital assets legislation and associated fraudulent activities.

Local media sources reported that the Ministry’s decision to block Coinbase stemmed from the exchange’s engagement in crypto trading activities, contradicting specific provisions of Kazakhstan’s Law on Digital Assets.

The request to block access to Coinbase reportedly originated from the Ministry of Digital Development, Innovation, and Aerospace Industry, citing the exchange’s operations as non-compliant with national regulations.

The enforcement against Coinbase and other platforms was carried out under the Communications Act of Kazakhstan. This legislation forces internet service providers to restrict access to sites hosting “prohibited” content, which, in this case, pertains to unregistered and non-compliant digital currency exchanges.

Regardless of the crackdown on crypto, the global crypto market has continued to express bullishness. Notably, over the past 24 hours, the overall market value has surged by nearly 3%, currently at a valuation of $1.7 trillion.

Featured image from Unsplash, Chart from TradingView

Ripple Buys Back 700 Million XRP: Researcher Explains Why

bitcoinist.com - Sat, 12/09/2023 - 00:00

In recent days and weeks, there has been much speculation as to whether the XRP price is being manipulated and what forces could be behind it. Now, renowned XRP community member Mr. Huber (@Leerzeit) has made an interesting discovery. According to him, it seems like Ripple has bought back 700 million tokens in an effort to stabilize the XRP price.

Huber, who is recognized for his insights within the XRP community, first shared crucial data indicating Ripple’s recent activity in the XRP market. He presented a chart comparing the XRP price with the total market capitalization of the cryptocurrency market, emphasizing a noticeable pattern.

“Check this out: XRP has lost literally all the extra gains it has made against the general crypto market since the ruling and legal clarity. All of it, really. But somehow it doesn’t want to drop lower than that ratio. Look at the reaction if XRP wants to fall even lower than before the ruling. And it wants to so big time” Huber remarked on X.

In a subsequent post, Huber further elaborated on the underperformance of XRP compared to other cryptocurrencies, expressing his surprise at this trend. “It’s just the fact that xrp is literally one of the 5 worst performing of all of crypto half a year after getting ‘legal clarity’ was not on my mind either. I mean it doesn’t have to outperform it, just not being worse than ever before,” he stated.

The Strategic Purchase By Ripple

Further delving into the matter, Huber found that Ripple was buying back XRP tokens lately, a rare occurrence in the company’s history. “Ripple has been buying back XRP since last week… Ripple bought back around 700 million XRP… In fact, this month is one of the few months ever Ripple was buying back. I wonder why..” he pondered in his posts.

Responding to a user’s query about the rationale behind such a move, Huber clarified, “ODL [On-Demand Liquidity] – Ripple customers selling on open markets making the price drop. Ripple buys back on open markets in order to keep XRP markets stable and liquid.”

He further elaborated on Ripple’s strategy, shedding light on the company’s liquid assets and their role in maintaining market stability. “The escrow is not liquid. They have other liquid wallets which are excluded from circulating supply. So total supply minus circulating supply minus escrow gives you Ripple’s liquid holdings,” he explained.

When questioned about the sustainability of this strategy and its potential impact on the price, Huber responded, “As soon as big buyers buy more than Ripple can provide within their own Pool of liquidity.”

Implications For The XRP Price

This revelation by Mr. Huber has sparked a new wave of discussions in the XRP community. Ripple’s decision to buy back such a significant amount of XRP is seen as an effort to maintain market stability and liquidity. Meanwhile, ODL customers could be a reason for XRP’s lackluster performance.

Prominent figures in the XRP community, such as Edward Farina and WallStreetBulls have argued in recent days that the XRP price has remained stagnant despite significant developments and partnerships. They claim that this underperformance, compared to other cryptocurrencies that surge in value with lesser news, indicates a potential manipulation​​​​ of the XRP price.

At press time, XRP traded at $0.65359.

XRP Price Pump: Why This Crypto Analyst Believes It’s Now Or Never

bitcoinist.com - Fri, 12/08/2023 - 23:00

Popular Bitcoin and crypto analyst Muro has joined the XRP bandwagon, predicting a ‘now or never’ moment to go long on the XRP price. The crypto has had a flurry of activities over the past few months, with various predictions coming on the crypto’s direction before the end of 2023 and in 2024. However, it had gone unnoticed by Muro until the last week of November when he noted a price breakout.

Technicals Signal A Breakout

The XRP price appears to be on the verge of exploding from a technical standpoint. Crypto analyst Muro initially made his stance on XRP known in a social media post on November 23, when the crypto broke above the $0.6 region after days of consolidation. 

According to him, XRP’s breakout resembled that of ETH and SOL and is ready to continue on this movement with or without testing the consolidation low of $0.58. Although Muro didn’t mention a long-term price target for the breakout, a look through the price chart he shared indicated a target around the $0.8 region.

Muro shared an update on the trade on December 5, indicating he bought with a tight stop below the crypto’s recent lows. However, a recent update by the analyst showed the crypto has largely consolidated since then. He noted that XRP appears to be putting his patience to the test, but technical analysis continues to indicate a ‘now or never’ moment.

$XRP typically testing patience again since last night’s entry, I usually don’t trade this coin but TA wise it said to me that now or never, let’s see https://t.co/VQbrZtmQ0B pic.twitter.com/uPAk9Q03xd

— Muro (@MuroCrypto) December 6, 2023

Is A Breakout Really In The Books For XRP Price?

A look through various timeframes shows different sentiments around the asset. The XRP price is still in a wider consolidation period, which began in the last two weeks of November following months of price rise, as evidenced by a negative 5% in a 30-day timeframe. However, Muro’s technical analysis resonates with a larger part of the crypto industry, as many analysts have predicted a breakout for the price of XRP.

At the time of writing, XRP is trading at $0.6429. The crypto seems to be making progress in December, up by 5.25% since the beginning of the month. Coincodex’s Fear & Greed Index points to a 72 greed on the scale, indicating bullish sentiment is still in control.

Popular XRP analyst ERGAG CRYPTO predicted an imminent XRP price breakout towards the $1.30 to $1.50 range using the 0.5 Fibonacci level. Another crypto analyst known as Jaydee puts a longer-term price target of $20 in the next year. 

The XRP price is on its way to overtaking BNB and becoming the fourth-largest crypto by market cap. At the time of writing, XRP has a market cap of $34.6 billion and is less than $1 billion away from surpassing BNB’s market cap of $35.5 billion. 

Swan Soars In Bitcoin Space: Onboarding Institutions With $200 Million Deployed

bitcoinist.com - Fri, 12/08/2023 - 22:00

In a year of turmoil in the Bitcoin and crypto sector, Swan has been one of the companies injecting capital into the nascent industry. Despite the sector’s struggles, including high-profile setbacks faced by Sam Bankman-Fried and Changpeng Zhao, Bitcoin has thrived, culminating in a remarkable rally to close the year.

A report from Fortune Magazine highlights Swan’s investment and why they could be poised to yield positive results as the market turns bullish.

Swan Expands Offerings with Bitcoin-Backed Lending Amid Industry Turbulence

Swan, a Bitcoin-centric financial firm, announced an expansion into institutional services such as Bitcoin-backed lending and a substantial $40 million fundraising in 2023.

Founded in 2019 by Cory Klippsten, Swan started as a straightforward Bitcoin investment platform, focusing on core services like crypto buying, selling, and custody.

Klippsten, a vocal critic of broader crypto practices, has consistently highlighted the importance of Bitcoin and the pitfalls of risky strategies like rehypothecation. The report noted that his stance has only been reinforced by the downfall of companies like FTX, BlockFi, Celsius, and Genesis.

In an exclusive interview with Fortune, Klippsten revealed that Swan’s robust performance amid the crypto crash has paved the way for the firm’s foray into institutional offerings. Klippsten said:

We believed that in the aftermath of the capital destruction and crypto scandals, there was still a demand for these services globally, with limited providers available. Our reputation and brand have engendered trust.

Dubbed “Swan 2.0,” the firm’s journey hasn’t been without its share of controversy. Initially partnering with Prime Trust for custody services, Swan faced challenges when Prime Trust declared bankruptcy.

The subsequent partnership with Fortress also encountered hurdles, including a hacking incident and a failed Ripple acquisition. Swan’s current collaboration with BitGo aims to establish the first U.S. Bitcoin-only trust company, with hopes for a 2024 launch.

Swan Navigates Crypto Challenges, Eyes Growth with New Trust Venture

Entering the crypto lending space, Swan plans to distinguish itself from failed models like Celsius and Genesis. Klippsten emphasized a commitment to not rehypothecating customer assets and focusing solely on Bitcoin-backed loans.

The lending service will launch soon, allowing users to deposit Bitcoin and receive dollar-denominated loans at competitive rates.

Swan’s 2023 fundraising efforts, totaling around $165 million, have primarily focused on bolstering the Bitcoin ecosystem. Klippsten envisions raising an additional $150 million in 2024 to fuel further expansion.

With a projected $200 million revenue in early 2024, Swan is rapidly expanding its revenue streams, including advisor services and asset management for institutional investors, marking a significant stride in the Bitcoin-focused financial landscape.

Cover image from Unsplash, chart from Tradingview

Bitcoin HODLing: A Third Of The Supply Now Unmoved Since 5+ Years

bitcoinist.com - Fri, 12/08/2023 - 21:00

On-chain data shows about a third of the total circulating Bitcoin supply hasn’t seen any movement on the blockchain since over five years ago.

Bitcoin Supply Grows More Dormant As HODLing Continues

In a new post on X, analyst James V. Straten shared a chart showing how the Bitcoin supply held by the different long-term holder segments has changed over the asset’s history.

The “long-term holders” (LTHs) refer to those investors who have been holding onto their coins since at least 155 days ago. The holders who own coins with an age less than this threshold are known as the “short-term holders” (STHs).

Statistically, the longer a holder keeps their coins dormant, the less likely they become to move them at any point. Due to this reason, the LTHs are the more resolute group of the two, rarely selling their Bitcoin and staying strong even in times of significant losses or profits.

Now, here is a chart that shows the trend in the supply carried by specific bands of the LTHs, starting from the 1+ year segment:

As mentioned before, coins only become more likely to remain unsold the longer they stay dormant. These segments are a part of the Bitcoin LTHs, who are already quite resolute, but as one goes down these bands, this conviction becomes even stronger.

From the above graph, it’s visible that the BTC LTH supply that hasn’t registered any movement since 1+ years ago has observed a sharp increase recently. Something to keep in mind is that when this metric’s value goes up, it doesn’t mean that buying is taking place in the present.

Rather, the buying happened around a year ago; these HODLers have just kept their coins dormant long enough that they have now matured into this LTH age band. One year ago, BTC was still trading around its lows following the FTX collapse, so the latest increase would have come from the bottom buyers.

Interestingly, none of the Bitcoin LTH age bands have participated in any net selling recently, despite the fact that Bitcoin has observed some sharp bullish momentum. In fact, all of these groups have observed some degree of rise, implying that the HODLing behavior has only grown stronger.

Besides the 1+ years old band, the 5+ years old band has seen the most significant increase recently, as the supply held by these investors has now neared the 33% mark, suggesting that almost one-third of the asset’s supply has remained dormant for at least half-a-decade now.

As Straten has pointed out, five years ago was around when the bear market of the previous cycle saw its bottom. It would appear that some of the holders who bought them are still continuing to HODL the asset.

Considering the rollercoaster these Bitcoin investors would have experienced over the years and the massive profits they would be carrying by now, they would certainly have to be the diamond hands among the diamond hands indeed.

BTC Price

Bitcoin has seen its bullish momentum stall down in the last few days as the cryptocurrency is still trading around the $43,600 mark.

Dogecoin Influencer Believes DOGE Wallet Hack Was Planned And Targeted

bitcoinist.com - Fri, 12/08/2023 - 20:00

A Dogecoin influencer has shared his thoughts on how the hack that occurred on the official X (formerly Twitter) account of the My Doge Wallet must have happened. Apparently, there is the possibility that the hack was done to prove a point. 

Dogecoin Wallet Account Hack “Well Planned And Diabolically Timed”

In a post on his X (formerly Twitter) platform, Dogecoin influencer Mishaboar stated that the hack on MyDoge’s X account was “well planned and diabolically timed.” Regarding the timing, the influencer was referring to the fact that it occurred on Dogecoin’s anniversary. He believes that the hack was done to hijack this “special Dogecoin day.”

As to how it happened, Mishaboar noted that it was most likely a SIM-swap attack. If so, then it is similar to what happened to Ethereum’s co-founder Vitalik Buterin. Buterin lost his X account to hackers back in September, with him confirming later on that it happened as a result of a SIM swap attack. 

After making his suspicions known, Mishaboar also used the opportunity to admonish the community on how to keep their account safe. He advised that they enable 2FA authentication on X using an authenticator application or a physical security key. He noted that this is even more crucial for accounts with a large following. 

The community has the influencer to thank, as he was one of those who quickly warned others that MyDoge’s X account had been compromised at the time the hack occurred. The hackers had posted phishing links, which could have led to users’ wallets being drained. 

These scams and hacks seem to be on the rise this period as Shiba Inu’s scam detector Susbarium had recently warned of impersonators and scammers in the community who are out to mislead users. 

MyDoge X Account Restored

Alex, the Chief Technology Officer (CTO) of the My Doge Wallet, confirmed in an X post that the MyDoge X account has been restored. In a subsequent post, Alex also confirmed Mishaboar’s suspicions as he stated that his phone was SIM swapped. He admitted that 2FA was not enabled on the account as that would have “prevented the hack immediately.”

Meanwhile, just like he mentioned at the time the hack occurred, he reiterated that all user wallets and data were safe and that the hackers didn’t have access to any of these. According to him, the hackers can’t have access to such information as the company doesn’t have access to users’ funds since it is a self-custodial wallet.


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