The cryptocurrency market, known for its volatility, was once again thrown into a whirlwind of speculation and fear with the emergence of a massive 12,000 Bitcoin sell order on Binance. This colossal order, placed at a price point between $61,200 and $62,500, immediately raised eyebrows and ignited concerns about potential market manipulation by a powerful market player, often referred to as a “whale.” The Mechanics of Whale Manipulation Whale manipulation is a controversial tactic employed by large-scale investors to influence market prices. By placing substantial buy or sell orders, whales can create the illusion of increased demand or supply, driving…
Author: Coinschart
California’s Santa Monica is taking a step forward in crypto education by establishing a dedicated “Bitcoin Office.” The city aims to equip residents and businesses with knowledge about Bitcoin’s potential to shape the modern economy, according to a recent announcement. This office will actively seek partnerships within the crypto industry to boost Santa Monica’s economic recovery. It will also look to create new job opportunities and establish strategic collaborations. In this regard, the office aims to build a strong, future-oriented economy that benefits everyone in the community. Santa Monica’s Bitcoin Office to Drive Innovation, Job Creation The governmental office said it…
Breaking Down the News: BoJ Rate Hike and Bitcoin Dip Former BoJ Exec’s Outlook Former Bank of Japan (BoJ) executive Makoto Sakurai has indicated that another interest rate hike is unlikely this year, following Japan’s recent increase which caused Bitcoin to crash. On Monday, Bitcoin dipped below the $59,000 mark trading at $58,388 during press time. “They won’t be able to hike again, at least for the rest of the year,” a former Bank of Japan board member Makoto Sakurai said in an interview. “It’s a toss-up whether they can do one hike by next March,” reports The Japan Times. On…
The International Monetary Fund (IMF), on Tuesday, said that it is making progress toward reaching a consensus with El Salvador, advocating ways to mitigate Bitcoin (BTC) risks. According to an official statement, IMF’s discussions with the Salvadoran authorities include policies to strengthen the nation’s fiscal outlook. The policies would be supported by an IMF program, the statement read. “Progress has been made in the negotiations toward a Fund-supported program, focused on policies to strengthen public finances, boost bank reserve buffers, improve governance and transparency, and mitigate the risks from Bitcoin.” Both the parties have reached “preliminary understandings” on improving El Salvador’s primary balance by…
Canada-based crypto trading platforms (CTPs) are facing tight regulatory deadline from the Canadian Investment Regulatory Organization (CIRO). The crypto operators are required to comply with the deadline to complete their applications to receive an investment dealer status. The Canadian Securities Administrators (CSA) has “reminded” CTPs to adhere to CIRO membership requirements, ensuring regulatory alignment and customer protection. In 2021, the CSA and CIRO detailed that CTPs were allowed to operate as restricted dealers for temporary period. During the period, they would offer services, while seeking for fully authorized CIRO membership. However, as the transitional period comes to an end, the regulators in…
Semler Scientific, a Nasdaq-listed healthcare technology company based in California, continues to accumulate Bitcoin (BTC). According to the company’s press release from August 5, the firm purchased additional 101 BTC for approximately $6 million. This latest acquisition brings the company’s total Bitcoin holdings to 929, valued at over $53 million at the time of writing. Doug Murphy-Chutorian, Semler Scientific’s CEO, reported “strong income” from operations of $5.4 million in Q2 2024. He also stated that the firm will hold Bitcoin as a primary reserve asset. “We remain laser focused on acquiring and holding Bitcoin, while supporting and expanding our healthcare business.” Increasing Bitcoin Holdings…
10x Research CEO Markus Theilin cautioned traders, citing a “low $40,000s” Bitcoin as the best bull market entry for those buying the dip. Theilin argues that Bitcoin’s price needs to return to levels seen around the launch of spot Bitcoin ETFs for an optimal entry point. Bitcoin was last within this range on February 6th, trading at $42,577. He said: “To ideally time the next bull market entry, we aim for Bitcoin prices to fall into the low 40,000s.” This outlook is concurrent with that expressed by other analysts. Notably, in an X post Cane Island Alternative Advisors founder Timothy Peterson cited “$40k and $80k equally…
In a significant development for the cryptocurrency community, Kraken has confirmed the receipt of funds from the Mt. Gox Trustee. This marks a pivotal moment in the long-awaited restitution process for creditors affected by the infamous Mt. Gox exchange hack. Kraken has announced that it will begin distributing the funds received within 7 to 14 days. Kraken Begins Distribution of Bitcoin and Bitcoin Cash Funds from Mt. Gox Trustee Kraken, a major cryptocurrency exchange, has successfully received Bitcoin (BTC) and Bitcoin Cash (BCH) funds from the Mt. Gox Trustee, marking a significant milestone in the long-awaited distribution process to creditors.…
Returning to their screens following the July 4 break, U.S. traders were confronted with a historic plunge in bitcoin {{BTC}} that saw its price fall more than 10% from the pre-holiday level. Based on ETF data, they decided to lift the offer. According to numbers compiled by Farside Investors, U.S.-based spot bitcoin ETFs saw $143.1 million in net inflows on Friday, the highest level of inflows in at least two weeks. Leading the way was Fidelity’s Wise Origin Bitcoin Fund (FBTC), which took in $117.4 million of net new money. Other funds with net inflows were the Bitwise Bitcoin ETF (BITB),…
Bitcoin halving, a critical event for the network and the cryptocurrency market, particularly impacts the mining sector by reducing the Bitcoin reward by half. This fourth halving, anticipated to occur around April 19, will cut the block reward from 6.25 to 3.125 BTC. This programmed adjustment occurs every four years and follows the pattern set since the first halving in 2012. It is designed to control inflation and mimic the scarcity of traditional resources. In an interview with Cryptonews.com, Adam Sullivan, President and CEO of Core Scientific, discusses the challenges and opportunities this halving presents. Core Scientific is one of the largest Bitcoin miners in the…