iShook Finance & ishook iShook Finance & ishook en Copyright 2022 iShook Inc & All Rights Reserved. Australian gold production drops 9% in Q3, but the sector remains on solid footing Bookmark and Share

Tue, 29 Nov 2022 14:55:03 -0500 ishook
Reserve Bank of India to launch its retail CBDC pilot on December 1 Bookmark and Share

Tue, 29 Nov 2022 14:55:03 -0500 ishook
Liberty Gold adds more water rights Bookmark and Share

Tue, 29 Nov 2022 14:55:03 -0500 ishook
Endeavour ups Ity's M&I resources by 17% to 5.2Moz of gold, expects further increases in 2023 Bookmark and Share

Tue, 29 Nov 2022 14:55:03 -0500 ishook
Capital costs for Lucara Diamond's underground expansion estimated at $105 million Bookmark and Share

Tue, 29 Nov 2022 14:55:03 -0500 ishook
ANALYSIS&Pickup in U.S. 'Cyber Week' sales beat China's Singles Day gain Tue, 29 Nov 2022 14:50:03 -0500 ishook 3 S&P 500 Stocks For Your December 2022 Watchlist Tue, 29 Nov 2022 14:50:03 -0500 ishook Great&West Lifeco Non&Cumulative First Preferred Shares, Series G About To Put More Money In Your Pocket Tue, 29 Nov 2022 14:50:03 -0500 ishook Why Earnings Season Could Be Great for Casey's General Stores (CASY) Tue, 29 Nov 2022 14:50:03 -0500 ishook Why Big Lots (BIG) Might Surprise This Earnings Season Tue, 29 Nov 2022 14:50:03 -0500 ishook KBR Wins Place in DoD IAC to Build/Upgrade US Navy Aircraft Tue, 29 Nov 2022 14:50:03 -0500 ishook BlockFi Joins the Bankruptcy Parade Tue, 29 Nov 2022 14:50:02 -0500 ishook Want to Grow Your Money? Try This Scientific Secret to a Richer Life & CNET Tue, 29 Nov 2022 14:50:01 -0500 ishook Apple Announces 2022 App Store Award Winners & CNET Tue, 29 Nov 2022 14:50:01 -0500 ishook Post&Cyber Monday Deal: $106 Off Amazon's Eero 6 Plus Mesh Router & CNET Tue, 29 Nov 2022 14:50:01 -0500 ishook Kroger, Albertsons CEOs Defend $25B Merger Before Senate & CNET Tue, 29 Nov 2022 14:50:01 -0500 ishook Mint Is Still Offering 3 Months of Free Service Even After Cyber Monday Ended & CNET Tue, 29 Nov 2022 14:50:01 -0500 ishook Apple Music Replay: Find Out What Dominated Your Playlists in 2022 & CNET Tue, 29 Nov 2022 14:50:01 -0500 ishook 7 Best Creatine Supplements to Build Strength & CNET Tue, 29 Nov 2022 14:50:01 -0500 ishook Watch NASA's Orion Spacecraft Trigger Its Funky Disco 'Party Mode' & CNET Tue, 29 Nov 2022 14:50:01 -0500 ishook Another Supermassive Black Hole Near Earth Could Soon Be Revealed & CNET Tue, 29 Nov 2022 14:45:03 -0500 ishook Notable Tuesday Option Activity: JPM, STX, BLK Tue, 29 Nov 2022 14:15:03 -0500 ishook This simple Bitcoin options strategy allows traders to go long with limited downside risk

Bullish on Bitcoin but afraid of futures liquidations? Here is how pro traders use options to cast safer bets.

Bitcoin (BTC) bulls were hopeful that the Nov. 21 dip to $15,500 would mark the cycle bottom, but BTC has not been able to produce a daily close above $17,600 for the past eighteen days. 

Traders are clearly uncomfortable with the current price action and the confirmation of BlockFi's demise on Nov. 28 was not helpful for any potential Bitcoin price recovery. The cryptocurrency lending platform filed for Chapter 11 bankruptcy in the United States a couple of weeks after the firm halted withdrawals.

In a statement sent to Cointelegraph, Ripple's APAC policy lead Rahul Advani said he expects the FTX exchange bankruptcy to lead to greater scrutiny on crypto regulations." Following the event, several global regulators pledged to focus on developing greater crypto regulation.

Unfortunately, there is no way to know when investors' sentiment will improve and trigger a new bull run. Despite this, for traders who believe BTC will reach $20,000 by Dec. 30, there is a low-risk options strategy that could yield a decent return with limited risk.

How pro traders use the bullish Iron Condor strategy

Buying Bitcoin futures pays off during bull markets, but the issue lies in dealing with liquidations when BTC price goes down. This is why pro traders use options strategies to maximize their gains and limit their losses.

The bullish skewed Iron Condor strategy can maximize profits near $21,000 by the end of 2022 and it limits losses if the expiry price is below $18,000. It is worth noting that Bitcoin traded at $16,168 when the pricing for this model happened.

Bitcoin options Iron Condor skewed strategy returns. Source: Deribit Position Builder

The call option gives its holder the right to acquire an asset at a fixed price in the future. For this privilege, the buyer pays an upfront fee known as a premium.

Meanwhile, the put option allows its holder to sell an asset at a fixed price in the future, which is a downside protection strategy. On the other hand, selling this instrument (put) offers exposure to the price upside.

The Iron Condor consists of selling the call and put options at the same expiry price and date. The above example has been set using the Dec. 30 contracts, but it can be adapted for other timeframes.

As shown above, the target profit area is $18,350 to $24,000. To initiate the trade, the investor needs to short (sell) 2 contracts of the $20,000 call option and two contracts of the $20,000 put option. Then, the buyer must repeat the procedure for the $22,000 options, using the same expiry month.

Buying 5.8 contracts of the $18,000 put option to protect from an eventual downside is also required. Lastly, one needs to purchase 5.3 contracts of the $24,000 call option to limit losses above the level.

Related: Kraken settles with US Treasury's OFAC for violating US sanctions

This strategy yields a net gain if Bitcoin trades between $18,350 and $24,000 on Dec. 30. Net profits peak at 0.485 BTC ($7,860 at current prices) between $20,000 and $22,000, but they remain above 0.10 BTC ($1,620 at current prices) if Bitcoin trades in the $18,350 and $23,600 range.

The investment required to open this Iron Condor strategy is the maximum loss, hence 0.103 BTC or $1,670, which will happen if Bitcoin trades below $18,000 on Dec 30. The benefit of this trade is that a wide target area is covered while providing a 475% return versus the potential loss.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Tue, 29 Nov 2022 14:10:03 -0500 ishook
Tuesday 11/29 Insider Buying Report: VRAY, VOXX Tue, 29 Nov 2022 14:05:02 -0500 ishook Noteworthy Tuesday Option Activity: RCL, LVS, BIIB Tue, 29 Nov 2022 14:05:02 -0500 ishook Notable Tuesday Option Activity: CZR, NKE, TSN Tue, 29 Nov 2022 14:05:02 -0500 ishook Sally Beauty (SBH) Down More than 20% in 6 Months: Here's Why Tue, 29 Nov 2022 14:05:02 -0500 ishook Here's Why You Should Give Roper (ROP) Stock a Shot Now Tue, 29 Nov 2022 14:05:02 -0500 ishook Warren Buffett could be dead wrong about selling these 3 stocks recently — here's why they still have plenty of upside and might be worth buying Tue, 29 Nov 2022 13:50:03 -0500 ishook RBC Bets on Immigration in $10.1 Billion HSBC Canada Deal Tue, 29 Nov 2022 13:50:03 -0500 ishook 'Cash is king' right now, says strategist Tue, 29 Nov 2022 13:50:02 -0500 ishook Lordstown Motors begins shipping its Foxconn&made EV pickup trucks Tue, 29 Nov 2022 13:35:03 -0500 ishook Viatris completes $3B divestiture of biosimilars business Tue, 29 Nov 2022 13:35:03 -0500 ishook What Is ROI for Rental Property? Tue, 29 Nov 2022 13:35:03 -0500 ishook Meet Kevin, the ETF Tue, 29 Nov 2022 13:35:03 -0500 ishook ANALYSIS&Venezuela revived opposition talks highlight strengthened Maduro position Tue, 29 Nov 2022 13:30:03 -0500 ishook Why Should You Stay Invested in Prudential (PRU) Stock? Tue, 29 Nov 2022 13:30:03 -0500 ishook Sarepta's (SRPT) DMD Gene Therapy BLA Gets FDA Priority Review Tue, 29 Nov 2022 13:30:03 -0500 ishook CinCor (CINC) Tanks Due to Dismal Data on Hypertension Drug Tue, 29 Nov 2022 13:30:03 -0500 ishook Danone (DANOY) Upgraded to Buy: What Does It Mean for the Stock? Tue, 29 Nov 2022 13:30:03 -0500 ishook Sam Bankman&Fried Addresses Withdrawals, FTX Collapse in Newly&Released Audio Interview Tue, 29 Nov 2022 13:30:02 -0500 ishook BlockFi Has $355M in Crypto Frozen on FTX, Attorney Confirms Tue, 29 Nov 2022 13:30:02 -0500 ishook Coinbase Wallet to End Support for Bitcoin Cash, Ethereum Classic, Ripple's XRP and Stellar's XLM Tue, 29 Nov 2022 13:30:02 -0500 ishook COVID restrictions cool Chinese gold demand in October, but market looks healthy ahead of Lunar New Year Bookmark and Share

Tue, 29 Nov 2022 13:25:01 -0500 ishook
Dominica partners with Huobi to issue Dominica Coin & "the world's first national token" Bookmark and Share

Tue, 29 Nov 2022 13:25:01 -0500 ishook
European Investment Bank utilizes a private blockchain to settle the "first ever" €100 million bond Bookmark and Share

Tue, 29 Nov 2022 13:25:01 -0500 ishook
Gold, silver see mild safe&haven demand on China worries Bookmark and Share

Tue, 29 Nov 2022 13:25:01 -0500 ishook
Ghana says it's in talks with Dubai to barter gold for fuel, UAE's refinery denies claims Bookmark and Share

Tue, 29 Nov 2022 13:25:01 -0500 ishook
XRP is the third largest holding on Coinsquare & Canada's largest crypto exchange Bookmark and Share

Tue, 29 Nov 2022 13:25:01 -0500 ishook
A16z Leads $15M Round for Game Studio Roboto Games Tue, 29 Nov 2022 13:15:02 -0500 ishook Sony Launches Motion&Tracking Metaverse Wearables Tue, 29 Nov 2022 13:15:02 -0500 ishook Firm Behind FTSE 100 Unveils Crypto Index Series Tue, 29 Nov 2022 13:15:02 -0500 ishook 7 Second Chance Cyber Monday Deals at Their Lowest Prices Ever & CNET Tue, 29 Nov 2022 13:10:04 -0500 ishook Cyber Monday Deals: Last Chance to Grab Discounted Beats Headphones & CNET Tue, 29 Nov 2022 13:10:04 -0500 ishook Watch USA vs. Iran World Cup 2022 Match From Anywhere & CNET Tue, 29 Nov 2022 13:10:04 -0500 ishook Nintendo Switch Sports Adds Free Golf Update to the Mix & CNET Tue, 29 Nov 2022 13:10:04 -0500 ishook Pixel Fold: What Rumors Say About a Google Foldable Phone & CNET Tue, 29 Nov 2022 13:10:04 -0500 ishook OpenSea Seaport Protocol onboards creators and NFT holders on BNB Chain

BNB Chain’s integration into the Seaport Protocol aims to provide BNB Chain creators with multiple creator payouts, real-time payouts and collection management.

Crypto collectibles and nonfungible token (NFT) marketplace OpenSea announced plans to integrate BNB Chain on Seaport Protocol by the end of Q4 2022. The integration will allow users to buy, list and trade BNB Chain NFTs on the OpenSea marketplace.

BNB Chain was built by Binance to operate as a Web3-focused blockchain network powered by the exchange's in-house token, Binance Coin (BNB). BNB Chain’s integration into OpenSea's Seaport Protocol aims to provide BNB Chain creators with multiple creator payouts, real-time payouts and collection management, among others.

Sharing insights into the move, Gwendolyn Regina, Investment Director at BNB Chain, revealed her intent to deliver better experiences to NFT creators and users. She added:

“The integration will bring a large number of creators into the wider system, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.”

The integration aims to lower gas fees, provide easier signature confirmation actions and eliminate setup fees. In addition to BNB Chain, OpenSea plans to leverage Seaport across multiple blockchains to reach more users.

Related: Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do next

OpenSea recently confirmed to continue enforcing royalties across all collections after receiving significant public backlash for considering otherwise.

The community pushback came after OpenSea announced the launch of an on-chain tool that would allow creators to enforce royalties for any new collections on the platform but stopped short of offering the same to existing collections.

The on-chain tool, as described by OpenSea CEO Devin Finzer as a “simple code snippet,” was aimed at taking over the existing system of voluntary creator fee payment. The code would also restrict NFT sales to only marketplaces that enforce creator fees criteria.

Well… For instance, I committed myself to a 100 piece collection. I’m currently at 96 out of the 100… And now I’m stuck with this message and I can’t complete it. Ever. Thanks!

— Hammy.eth (@HamsterNFT) January 27, 2022

In January 2022, OpenSea had to backtrack its attempt to impose hard limits on minting NFTs after the community retaliated. The platform had temporarily changed its policy to only allow five NFT collections with 50 items per collection, which was previously unlimited.

While reversing the decision, OpenSea had argued that smart contracts were being misused and that “over 80% of the items created with this tool were plagiarized works, fake collections, and spam.”

Tue, 29 Nov 2022 13:10:02 -0500 ishook
$16K Bitcoin dropping to $12K–$14K — Can this really happen? Watch The Market Report

On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss if Bitcoin can actually drop all the way down to $12,000 or $14,000 and how the markets could potentially react.

On this week’s The Market Report show, Cointelegraph’s resident experts discuss the possibility of a $12,000–$14,000 Bitcoin (BTC) price and what that would mean for the rest of the crypto space.

We start off this week’s show with the latest news in the markets:

New BTC miner capitulation? 5 things to know in Bitcoin this week

Bitcoin prepares to exit a grim November just above $16,000 — what could be on the menu for BTC’s price this week? We discuss the protests in China, the possibility of Bitcoin miners being on the verge of capitulation and other important things to know about Bitcoin this week. We break down everything that could affect the price of Bitcoin and explain in simple, easy-to-understand language so you’re up-to-date and well-informed.

BlockFi bankruptcy filing triggers a wide range of community reaction

As crypto lending platform BlockFi filed for bankruptcy, members of the crypto community reacted with mixed feedback as another platform fell during the current bear market. We take a look at what the crypto community thinks of the BlockFi bankruptcy and do our own analysis as to what could possibly be the reason.

Calls for regulation get louder as FTX contagion continues to spread

Crypto executives and politicians are becoming louder in their calls for crypto regulation as the aftermath of the FTX collapse continues to reverberate through the industry. Could the whole FTX debacle be the catalyst that crypto regulators needed? Will the industry finally see some serious progress being made on the regulation front, and what could those regulations possibly look like? 

Our experts cover these and other developing stories, so make sure you tune in to stay up-to-date on the latest in the world of crypto. 

Next up is a segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: High-Frequency Trading (HFT).

Market expert Marcel Pechman then carefully examines the BTC and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.

Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. Our analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week, so make sure to tune in to find out.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room and write your questions there. The person with the most interesting comment or question will have a chance to win a one-month subscription to Cointelegraph’s Market pro worth $100.

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those Like and Subscribe buttons for all our future videos and updates.

Tue, 29 Nov 2022 13:10:02 -0500 ishook
Coinbase Wallet will stop supporting BCH, ETC, XLM and XRP, citing 'low usage'

The crypto wallet plans to stop support for the four tokens on Dec. 5, but added any remaining funds would still be tied to users' existing addresses.

Starting on Dec. 5, the Coinbase Wallet will no longer support four major tokens.

In a Nov. 29 notice on its help pages, Coinbase said the wallet will no longer support Bitcoin Cash (BCH), XRP (XRP), Ethereum Classic (ETC), and Stellar (XLM) as well as their networks. The crypto firm cited "low usage" of the four tokens in its decision to stop support starting on Dec. 5.

"This does not mean your assets will be lost," said the announcement. "Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase."

Source: Coinbase

This story is developing and will be updated.

Tue, 29 Nov 2022 13:10:02 -0500 ishook
Ukraine publishes an outline of its ‘e&hryvnia' CBDC project Bookmark and Share

Tue, 29 Nov 2022 13:05:02 -0500 ishook
Gold prices holding solid gains as U.S. consumer confidence falls to 100.2 in November Bookmark and Share

Tue, 29 Nov 2022 13:05:02 -0500 ishook
Gold prices stuck in neutral as hedge fund&induced short squeeze runs out of steam Bookmark and Share

Tue, 29 Nov 2022 13:05:02 -0500 ishook
Gold price gains on weaker USDX, higher crude oil Bookmark and Share

Tue, 29 Nov 2022 13:05:02 -0500 ishook
XLE, EMGD: Big ETF Outflows Tue, 29 Nov 2022 13:00:03 -0500 ishook SJNK, QSPT: Big ETF Inflows Tue, 29 Nov 2022 13:00:03 -0500 ishook Tuesday's ETF with Unusual Volume: SUSL Tue, 29 Nov 2022 13:00:02 -0500 ishook Tuesday's ETF Movers: CQQQ, IVOG Tue, 29 Nov 2022 13:00:02 -0500 ishook Tuesday Sector Laggards: Defense, Waste Management Stocks Tue, 29 Nov 2022 13:00:02 -0500 ishook Tuesday Sector Leaders: Metals & Mining, Non&Precious Metals & Non&Metallic Mining Stocks Tue, 29 Nov 2022 13:00:02 -0500 ishook Daily Dividend Report: RGCO,FSV,VGR,TOWN,ESLT Tue, 29 Nov 2022 13:00:02 -0500 ishook S&P 500 Analyst Moves: HCA Tue, 29 Nov 2022 13:00:02 -0500 ishook DeFi Lender Compound Tightens Borrowing Limits After Aave Exploit Attempt Tue, 29 Nov 2022 12:55:02 -0500 ishook FTX Fiasco boosts Bitcoin ownership to new highs: analysts weigh in

Data analytics firm Glassnode, hardware provider Trezor and Bitcoin exchange Relai observe an uptick in Bitcoin self-custody.

The bear market has inspired the little guy to accumulate vast amounts of Bitcoin (BTC).  The number of wallets holding 1 BTC or more recently hit new highs while those with 10 BTC or less are setting accumulation records.

However, to what extent are these newly minted “wholecoiners” taking custody of their private keys? Has the recent spate of insolvency among centralized exchanges (CEX) encouraged Bitcoin enthusiasts to move their Bitcoin into cold storage, removed from third party risk?

For Checkmate, lead analyst at Glassnode, the data would point to this result. Checkmate told Cointelegraph, “Overall looks like, at least a short-term, movement towards self-custody. Partly out of concern for CEX solvency.”

“Last few weeks have been the largest monthly decline in exchange balances in history, peaking at 177.9k BTC/month in withdrawal volume.”

He also shared that withdrawals from exchanges have made new records, as users have taken thousands of Bitcoin from exchanges. The spike is shown in red on the graph.

Customers withdrawing Bitcoin from exchanges has impacted exchange supply. The number of Bitcoin available on exchanges has “fallen to its lowest % of supply (11.99%) since Dec 2017. This means pretty much every coin that flowed in over the last 12 months, has flowed out,” Checkmate observed.

Plus, according to Glassnode data, withdrawals from exchanges accounted “for ~30% of all transactions in recent weeks.” The data would suggest an overall shift to self-custody: Bitcoin is being sent to hot or cold wallets.

When Bitcoin investors "withdraw" from exchanges, it can be to an offline hardware wallet, sometimes called cold storage, or an online wallet (hot). Hardware wallets or signing devices are tools that manage a user’s cryptocurrency wallet and private keys. Popular hardware wallets include Ledger, Trezor and ColdCard; hot wallets include Blue Wallet or Exodus Wallet.

Josef Tětek, Bitcoin analyst at Trezor, one of the world’s largest hardware wallet providers has observed a considerable drive in sales in the past mont. Tětek told Cointelegraph, “We have seen a dramatic rise in interest in Trezor devices and new Trezor Suite downloads. Our sales are hitting historic highs over the past few weeks.”

“Normally, a bear market is rather a quiet period for us, so this uplift in sales only shows how big of an impact the collapses of FTX and BlockFi have on people's trust in custodian services.”

Cointelegraph had previously reported that Trezor benefited from a 300% increase in hardware sales due to the FTX fiasco. That's despite the price per Bitcoin grinding down to the mid-teens.

For Swiss-based Bitcoin exchange Relai, it’s a similar story; the company shared with Cointelegraph that it’s seen plenty of new users as well as increased volume since FTX shenanigans.

Related: First time Bear market? Advice from Bitcoin Bull Michael Saylor

Imo Bábics, the Chief Marketing Officer at Relai told Cointelegraph:

"Well, we are non-custodial, to begin with. We have definitely noticed more people buying bitcoin due to the FTX crash.”

November was the best month in the Bitcoin exchange’s history. Relai added, “We know from our friends at ShiftCrypto that there's been a huge increase in demand for their BitBoxes."

ShiftCrypto is a hardware wallet provider like Trezor. The company’s social media feeds shared countless stories of users who recently became Bitcoin self-custody advocates following the FTX fiasco.

Tue, 29 Nov 2022 12:50:02 -0500 ishook
Dow Analyst Moves: JNJ Tue, 29 Nov 2022 12:40:03 -0500 ishook Best Stocks To Buy Today? 3 Natural Gas Stocks To Know Tue, 29 Nov 2022 12:25:02 -0500 ishook NXST Crosses Above Key Moving Average Level Tue, 29 Nov 2022 12:25:02 -0500 ishook Dow Movers: JNJ, DOW Tue, 29 Nov 2022 12:25:02 -0500 ishook Fidelity Crypto is a go: $4.5 trillion firm launches retail crypto trading Bookmark and Share

Tue, 29 Nov 2022 12:15:02 -0500 ishook
Should You Pause 401(k) Contributions in a Bear Market? Morningstar Compares Alternatives Tue, 29 Nov 2022 12:15:01 -0500 ishook Stock Market Flat As It Awaits Powell Speech; This Stock Soars Nearly 20% Tue, 29 Nov 2022 12:15:01 -0500 ishook Bitcoin Offshoot Becomes the Latest Victim of FTX’s Contagion Tue, 29 Nov 2022 12:15:01 -0500 ishook Crypto lender BlockFi is suing Sam Bankman&Fried over his shares in Robinhood: report Tue, 29 Nov 2022 12:15:01 -0500 ishook U.S. Government to Backstop Mortgages Above $1 Million Mark for First Time Tue, 29 Nov 2022 12:15:01 -0500 ishook In mid&November, mortgage rates saw their biggest decline since 1981. Here’s what 6 pros say will what happen next Tue, 29 Nov 2022 12:15:01 -0500 ishook Car Makers Face Bumpier Road in China Tue, 29 Nov 2022 12:15:01 -0500 ishook PriceSmart (PSMT) Shares Cross Below 200 DMA Tue, 29 Nov 2022 12:10:02 -0500 ishook Do You Have Sleep Anxiety? Use These 5 Tips to Cope & CNET Tue, 29 Nov 2022 12:00:04 -0500 ishook This Cyber Week Sale at Fossil Offers an Extra 50% Select Styles & CNET Tue, 29 Nov 2022 12:00:04 -0500 ishook 14 Best Plants to Keep in Your Bedroom for Better Sleep & CNET Tue, 29 Nov 2022 12:00:04 -0500 ishook Shinesty Boxers Are a Truly Fun and Functional Gift & CNET Tue, 29 Nov 2022 12:00:04 -0500 ishook Score 30% Off Skin Care With This Sitewide Cyber Sale at Peach & Lily Today Only & CNET Tue, 29 Nov 2022 12:00:03 -0500 ishook Nomad's Extended Cyber Monday Sale Offers 30% Off Tech Accessories for a Few More Hours & CNET Tue, 29 Nov 2022 12:00:03 -0500 ishook Cyber Monday's Best Amazon Device Deals Are Still Here && Get Them Before They're Gone & CNET Tue, 29 Nov 2022 12:00:03 -0500 ishook Spotify Wrapped 2022: When It's Coming and How to Find It & CNET Tue, 29 Nov 2022 12:00:03 -0500 ishook What Is a Credit Card? & CNET Tue, 29 Nov 2022 12:00:03 -0500 ishook Twitter Drops Enforcement of COVID&19 Misinformation Policy & CNET Tue, 29 Nov 2022 12:00:03 -0500 ishook EIB settles €100 million digital bond on private blockchain

"Unlike some cryptocurrencies using blockchain technology, the EIB's blockchain bond issues do not lead to extensive energy use," the bank wrote.

According to a new press release on Nov. 29, the European Investment Bank, or EIB, issued a first-ever euro-denominated €100 million digital bond on a private blockchain-underpinned platform with tokenization help from Goldman Sachs.

The latter, along with Société Générale Luxembourg, also act as the on-chain custodians for the financial instrument. The bond bears interest at a coupon rate of 2.57% per year with a maturity date of Nov. 29, 2024, and is governed by Luxembourger laws. 

Banque de France and the Banque Centrale du Luxembourg participated in the project to provide a digital representation of euro central bank money. The EIB says that "the transaction paves the way for future on-chain derivative solutions, by using the first interest rate swap hedge represented through the industry-developed common domain model."

In addition, the bond represents the "first cross-chain Delivery vs. Payment (DVP) settlement using an experimental CBDC [Central Bank Digital Currency] token."

Last April, the EIB successfully issued the first digital euro bond on a public blockchain. Goldman Sachs, Banco Santander, and Société Générale led the sale of the two-year €100 million digital bond. Regarding today's novel digital bond issuance on a private blockchain, Ricardo Mourinho Félix, EIB's Vice President, commented: 

"Blockchain has the potential to disrupt a wide range of sectors. It plays a central role in the success of Europe’s green and digital transitions, and strengthens our technological sovereignty. Innovation is part of the EIB’s identity and issuing this fully digital bond is another important step in helping to develop a fully digital ecosystem."
Tue, 29 Nov 2022 12:00:02 -0500 ishook
Bitcoin capitulation 4th&worst ever as BTC hodlers lose $10B in a week

Bitcoin hodlers lost big after FTX, on-chain data confirms, with BTC since becoming a major target for buy-the-dip opportunists.

Bitcoin (BTC) hodlers have capitulated more than at almost any point in Bitcoin’s history this month.

Data from on-chain analytics firm Glassnode confirms that the November 2022 BTC sell-off was the fourth-largest ever.

Bitcoin investors see multi-billion-dollar losses

In the latest edition of its weekly newsletter, “The Week On-Chain,” Glassnode got to grips with the impact of the FTX debacle on BTC investors.

The results have been mixed, it reveals, with a major loss of confidence, on one hand, triggering loss-making divestment of funds, while “strong accumulation” has also occurred.

For those entering BTC in current conditions, however, life has been anything but easy.

“One consistent event which motivates the transition from a bear back towards a bull market is the dramatic realization of losses, as investors give up and capitulate at scale,” Glassnode explained.

“November has seen the fourth largest capitulation event on record, recording a 7-day realized loss of -$10.16B. This is 4.0x larger than the peak in Dec 2018, and 2.2x larger than March 2020.”
Bitcoin realized loss 7-day sum annotated chart (screenshot). Source: Glassnode

While the dollar-value capitulation can be explained thanks to BTC/USD trading five times higher than in late 2018 and 4.5 times higher than in March 2020, it is no secret that cold feet have characterized crypto markets since FTX imploded.

As Cointelegraph reported, directly following the event, hodlers were sitting on 50% of the BTC supply at an unrealized loss.

Glassnode referenced Bitcoin’s adjusted market-value-to-realized-value (MVRV) ratio, which shows that coins moving on-chain are returning loss-making levels rarely seen before in what it calls “peak under-performance.”

Adjusted MVRV ratio is the relationship between the market value of BTC and its realized value, minus the profit impact of coins dormant for seven years or longer.

“This metric is currently returning a value of 0.63 (average unrealized loss of 37%), which is very significant since only 1.57% of trading days in bitcoin history have recorded a lower Adjusted MVRV value,” the newsletter stated.

“In other words, if we discount profit held across the presumably lost supply, the current market is the most underwater it has been since the near pico-bottom set in Dec 2018 and Jan 2015.”
Bitcoin adjusted MVRV ratio annotated chart (screenshot). Source: GlassnodeBuying the dip like it’s December 2018

“The Week On-Chain” nonetheless contains some good news for market participants.

Related: Bitcoin shrugs off BlockFi, China protests as BTC price holds $16K

Despite the previous losses, hodlers have been accumulating BTC aggressively since — and the trend is encompassing everyone, from the smallest “shrimps” to the largest whales.

“From a comparative point of view, the recent strong accumulation score following the recent sell-off resembles that of late 2018,” Glassnode stated.

It added that similar black swan events in Bitcoin’s past, including recent ones such as the collapse of Terra’s LUNA, sparked similar investor reactions.

An accompanying chart, the seven-day moving average (MA) of the Accumulation Trend Score, showed current conditions as purple — characteristic of mass accumulation. Yellow, conversely, points to mass distribution of BTC on the market.

Bitcoin Accumulation Trend Score (7-day MA) annotated chart (screenshot). Source: Glassnode

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Tue, 29 Nov 2022 12:00:02 -0500 ishook
China Southern Airlines (ZNH) Shares Cross Above 200 DMA Tue, 29 Nov 2022 11:50:03 -0500 ishook Noteworthy ETF Outflows: SHY Tue, 29 Nov 2022 11:50:03 -0500 ishook Noteworthy ETF Inflows: OIH, SLB, HAL, BKR Tue, 29 Nov 2022 11:50:03 -0500 ishook Noteworthy ETF Outflows: XOP, TPL, PBF, PR Tue, 29 Nov 2022 11:50:03 -0500 ishook Notable ETF Outflow Detected & SPY, ABT, DHR, AMGN Tue, 29 Nov 2022 11:50:03 -0500 ishook Noteworthy ETF Outflows: IVW, LOW, AMD, INTU Tue, 29 Nov 2022 11:50:03 -0500 ishook SCHE: Large Inflows Detected at ETF Tue, 29 Nov 2022 11:50:03 -0500 ishook March 2023 Options Now Available For Fisker (FSR) Tue, 29 Nov 2022 11:50:02 -0500 ishook Mitsubishi UFJ Financial Group (MUFG) Shares Cross Above 200 DMA Tue, 29 Nov 2022 11:50:02 -0500 ishook QSR December 2023 Options Begin Trading Tue, 29 Nov 2022 11:50:02 -0500 ishook Lordstown Motors Achieves ‘Homologation.’ Why It’s a Big Deal for the Stock. Tue, 29 Nov 2022 11:35:02 -0500 ishook Ex&Dividend Reminder: General Motors, LCI Industries and Churchill Downs Tue, 29 Nov 2022 11:30:02 -0500 ishook Self&custody best practices Self-custody in crypto is the process of storing your own cryptocurrency using a digital or physical wallet, thereby removing it completely from any exchange or custodial partner. A self-custody wallet, also known as a non-custodial wallet, ensures that you and only you have access to…

The post Self-custody best practices appeared first on Kraken Blog.

Tue, 29 Nov 2022 11:25:03 -0500 ishook
Bilibili Third&Quarter Earnings, Revenue Top Estimates As Stock Jumps Tue, 29 Nov 2022 11:20:02 -0500 ishook Crude oil higher on optimism over relaxation of China's curbs Tue, 29 Nov 2022 11:15:03 -0500 ishook Ex&Dividend Reminder: Dominion Energy, Perrigo and Baxter International Tue, 29 Nov 2022 11:15:02 -0500 ishook Ex&Dividend Reminder: Mueller Industries, MillerKnoll and Textainer Group Holdings Tue, 29 Nov 2022 11:15:02 -0500 ishook EEM, PDD, BEKE, LI: ETF Inflow Alert Tue, 29 Nov 2022 11:15:01 -0500 ishook Ex&Div Reminder for Imperial Oil Tue, 29 Nov 2022 11:15:01 -0500 ishook Reminder & Trane Technologies (TT) Goes Ex&Dividend Soon Tue, 29 Nov 2022 11:15:01 -0500 ishook Ex&Dividend Reminder: Apple Hospitality REIT, NetEase and C.H. Robinson Worldwide Tue, 29 Nov 2022 11:15:01 -0500 ishook Ex&Dividend Reminder: Valvoline, Horton and Acushnet Holdings Tue, 29 Nov 2022 11:15:01 -0500 ishook First Mover Americas: BlockFi the Latest Chapter (11) in FTX Saga Tue, 29 Nov 2022 11:10:02 -0500 ishook USD Breaking News: CB Consumer Confidence Declines for Second Month, DXY Moves Lower Tue, 29 Nov 2022 11:05:01 -0500 ishook Jim Cramer Says Dow Jones Likely to Continue Outperforming; Here Are 3 Dow Stocks That Analysts Like Tue, 29 Nov 2022 11:00:03 -0500 ishook Generac Catches Another Downgrade. This Time Ford’s Electric F&150 Is to Blame. Tue, 29 Nov 2022 11:00:03 -0500 ishook AMC Networks CEO Christina Spade Steps Down After Less Than Three Months Tue, 29 Nov 2022 11:00:03 -0500 ishook Ask an Advisor: I have $225K in the Stock Market. Should I Cash Out Some of It? Tue, 29 Nov 2022 11:00:03 -0500 ishook Exxon To Leave Equatorial Guinea For Plum Projects In America Tue, 29 Nov 2022 11:00:03 -0500 ishook Banks Stuck With $42 Billion Debt Seize Chance to Offload It Tue, 29 Nov 2022 11:00:03 -0500 ishook South Korea’s unique and amazing crypto universe

Maybe its the language barrier, or the walls authorities have set up to prevent money from leaving the country. But whatever it is, South Korea has built its own unique corner of the cryptoverse thats unlike anywhere else on the planet.

Doo Wan Nam, a MakerDAO delegate who co-founded the research and advisory firm StableNode, laughs as he describes how crazy the intense speculation and crypto gambling can get in South Korea. He says its a country where the price of stablecoins like Dai or USD Coin can sometimes trade sky-high because if the price starts to rise a little above the $1 peg for some reason, speculators will jump in on the momentum trade. 

They sometimes trade for $20 because they dont know its a stablecoin, he explains. They go, You know, it was trading at $10, I bought it because it was pumping I dont know, I didnt read, I just bought.

So, I think that kind of tells you whether people knew what Terra was.

The spectacular $60-billion implosion of the Terra ecosystem, headed up by the charismatic but ultimately deluded Korean developer Do Kwon, casts a pall over the entire ecosystem.

Evening in downtown Seoul.Evening in downtown Seoul. Source: Pexels

Terra is also instructive about some of the unique characteristics of the crypto culture in Korea, which places less emphasis on decentralization and puts more trust in project leaders like Kwon.

Crypto is huge in this country obsessed with the latest and greatest technology. The capital city Seoul is a futuristic metropolis with massive high-res screens and blistering fast internet everywhere. One in three people in the country owns cryptocurrency, and the government has unveiled an ambitious plan to transform it into the fifth-most metaverse-friendly country in the world.

South Korea technology

While English is taught in schools, few speak the language at a conversational level. This is true of many countries of course but helps explain why many Koreans arent plugged into the same information sources as crypto fans in the United States. Forget western social media and tech giants such as Reddit, Google, Twitter and Facebook Google Maps barely works in the country and good luck getting an Uber.

Instead, South Koreans access the internet, chat, search, order food and call for rides using local giants Kakao and Naver.

Dr. Sangmin Seo from metaverse blockchain Klatyn.Sangmin Seo from metaverse blockchain Klatyn. Source: Andrew Fenton

More than 90% of Koreans are using (social media app) KakaoTalk every day, explains Sangmin Seo, who prefers to go by Sam. Hes the representative director of the Klatyn Foundation, Kakaos blockchain and metaverse offshoot. Naver is the most dominant search engine in South Korea. Googles share is about 10%20% and 70%80% of the market share for search engines is Naver.

Founded in 2011, Kakao is now the 15th-largest company in a country thats dominated by around 40 mega-corporations. Samsung, LG, Hyundai and SK together account for half the local stock markets value, while Samsung produces one-fifth of the countrys exports alone.

Zerocap analyst Nathan Lenga has researched the South Korean ecosystem in detail and explains theres a whole other crypto world bubbling in the country. He cites blockchain-based video game and Roblox competitor Zepetto.

People havent really heard about it, but it has 20 million users (a month), which is mindblowing, he says. 

Theres this whole other side of crypto that we just dont hear about thats based on Asian culture. And thats all originating in South Korea, and thats why theyre such adopters because they have their own versions.

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2017: South Korean crypto news

Seonik Jeon, CEO of Financial News and founder of Factblock, says that prior to 2017, the only time South Korea made international news was when North Korea was firing missiles.

However, as the blockchain market began in Korea, around 2017 and 2018, the amount of searching for blockchain and Korea together increased significantly, he explains.

Seonik Jeon, founder of Korean Blockchain Week and CEO of Factblock.Seonik Jeon, founder of Korean Blockchain Week and CEO of Factblock. Source: Supplied

Observers were fascinated by the speculative cryptomania that saw South Korea become the worlds third-largest crypto market in 2017. Bitcoin sometimes traded up to 20% higher in the country (also known as the famous Kimchi premium) due to capital controls introduced after the 20072008 global financial crisis to stop money from leaving the country. 

Many tried and failed to exploit this mouth-watering arbitrage opportunity, including cryptos current main character Sam Bankman-Fried but a handful succeeded.

Cryptocurrency and gambling

Koreas relationship with crypto is tied up in its complicated relationship with gambling, which is mostly outlawed for locals (except lotteries and horse racing). A study from the Korean Center on Gambling Problems suggests the average Korean is two to three times more likely to suffer from gambling addiction than other nationalities, and gambling is seen in a very negative light. 

Gambling itself is illegal in Korea, so a lot of people with gambling or a speculative [nature] then tend to go into stocks or crypto, says Nam. Crypto is very fast, high risk, high reward.

Seoul at night.Seoul at night. Source: Pexels

Nam got into the space during the initial coin offering boom of 2017 after finishing his military service and joining a blockchain company.

It was quite crazy. In Korea, it was very, very, highly speculative. Like, there were people literally especially middle-aged or the elderly, who didnt know much about blockchain they just had money, and they go to different events and say, I want to invest; how can I invest?

South Korean authorities banned ICOs toward the end of 2017, and news reports at the time claiming it was mulling a complete ban on crypto sent Bitcoins price plunging in January 2018 from a record high in December 2017.

Crypto bull run

The complete ban never happened, though, and there was a huge surge in adoption in 2021 due to skyrocketing prices that put the ICO boom to shame. According to Koreas Financial Services Commision (FSC), at the beginning of 2021, just 1.9 million citizens owned cryptocurrency. By the end of the year, that number had grown to 15.25 million citizens.

That means one in three citizens now owns crypto, and the FSC put the countrys digital asset market cap at 55 trillion won (currently $40,719,445,990), making it the seventh-largest country in the world for crypto ownership by market capitalization. Lenga attributes the surge in adoption to the 2021 bull run and the successful presidential campaign of Yoon Suk-yeol, which was strongly pro-crypto and even released a nonfungible token collection for supporters. Yoon took office in May this year.

Jeon, however, believes that tech-loving millennials are behind the surge. 

I believe the popularity of crypto in Korea is largely due to the younger generations curiosity and willingness to try new technologies, he explains.

South Korea put pedestrian street lights on the ground cause so many pedestrians were staring at phones.

— Trung Phan (@TrungTPhan) November 21, 2022

The millennial generation here is often called the mobile native generation due to their familiarity and acceptance of technology. They are enthusiastic and passionate and ready to quickly accept and adapt to changes and development in areas such as blockchain, Web3, NFTs and GameFi.

Growth slowed the following financial year (to June 2022), adding just 13.2% more transactions.

South Korean crypto exchanges

The surge in adoption in 2021 was accompanied by new licensing laws brought in around September that effectively banned the vast majority of crypto exchanges in the country. Each provider was required to get approval from both the Korea Internet and Security Agency and the FSC, and the 63 exchanges operating in the country were cut down to just a handful, including Upbit, Bithumb, Coinone and Korbit.

They have almost complete domination over the crypto industry, says Lenga. Once the new president starts to introduce more positive regulations and legislation in South Korea, I think that more diverse exchanges will come back. But most of them are just gone forever because they werent allowed to survive.

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Although viewed as overreach by many in the crypto community outside of Korea, inside, there was more acceptance of the need to clean up the industry, which Jeon said was fiercely competitive. 

In this small market, there was a competition for listing coins between exchanges, and all these scam coins were listed, which sometimes caused damage to investors, he says. 

Many insolvent coins that did not have proper business feasibility were sorted out. And it was an opportunity for investors to invest in a safer environment.

Doo Wan Nam from Stablenode.Doo Wan Nam from Stablenode. Source: Supplied

Nam puts the blame more on the banks than the government and points out that while 40 different exchanges were approved on the governments side, the ones that passed the banks side was only five, he says. Exchanges needed a banking partner to get fiat in and out, and few banks were willing to do business.

Another much-discussed regulatory issue surrounds crypto taxes, with longstanding plans to charge an additional 20% tax on crypto capital gains. Originally due to be implemented in January this year, its been delayed to 2025 and may never happen.

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Jeon says the government is feverishly studying the industry to understand it properly and regulate it effectively. Once they have these regulations ready, I think many companies are ready to jump into crypto, he says.

With the collapse of FTX following so quickly after the fall of Terra, reports emerged this week that the FSC is looking at bringing in new regulations to keep customer deposits separate from exchange assets and to regulate exchange tokens more strictly.

Korean technology: Decentralization

Probably the biggest difference between the crypto community in South Korea and in the West is the lack of emphasis and ideology around the importance of decentralization.

Nam explains that while American conceptions of crypto are built around ideas of self-sovereignty and decentralization, not your keys, not your coins, those sorts of ideas are not widely embraced in Korea.

Weve done a lot of surveys and research, and most Koreans dont really access crypto from, lets say, MetaMask. Most of them just put it in the crypto exchanges, and they never withdraw to [a wallet]. In fact, we have some surveys and realize that a lot of them dont even know [private cold wallets] exist.

As a result, decentralized autonomous organizations are an alien concept to many, and decentralized finance (DeFi) adoption is not as widespread. This is common to the East Asian region according to recent data from Chainalysis, which shows that just 28% of transaction data is related to DeFi. Thats lower than any other region apart from Eastern Europe and miles behind North Americas 43.3%.

Nam explains that theres a level of trust and faith in centralized projects with identifiable leaders that western crypto enthusiasts simply doesnt share.

They kind of believe in this having single leadership we kind of saw with Terra as well. Despite the fact that they were very big, we saw that Do Kwon had a lot of power, and he was able to hold sway within this ecosystem, which, for more decentralized protocols, might be criticized but, at least within Korea, felt like it was very natural, he says.

It doesnt really have this strong ideal of libertarianism; its seen more as a company or another form of cooperation. And second, theres still a lot of faith in traditional institutions. Ironically, that was the reason Ripple became really popular in Korea, Nam adds.

From their side, they believe its better to trust a centralized entity than themselves.

1/ Many are visiting Korea for @buidl_asia @eth_seoul_ @kbwofficial, and I frequently got this question: "Who are good Korean teams / leaders in the crypto space to meet?"

There are many interesting teams, but here are 24 you should definitely meet or at least learn of

— Doo | StableNode @Seoul (@DooWanNam) August 2, 2022

Sam, however, says that is starting to change and he believes it must change to embrace the opportunity fully.

Kakao and Koreans also care about decentralization, and we believe that our world will be more decentralized in the future, but we need time, and we need to educate people about the power of decentralization and how we lose from decentralization and what we get from decentralization, he stated.

Keep an eye out for part 2 which will explore South Koreas fascination with gaming, its blockchain game industry and ambitious plans to dominate the metaverse. 

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Terra hit us incredibly hard: Sunny Aggarwal of Osmosis Labs

Tue, 29 Nov 2022 10:45:03 -0500 ishook
How stable are stablecoins in the FTX crypto market contagion?

The collapse of crypto-exchange FTX hit the crypto world like a tropical storm. It bears asking once again: How stable are stablecoins?

If early November’s FTX collapse was crypto’s “Lehman moment” — as more than a few pundits have suggested — will the FTX contagion now spread to stablecoins? After all, Tether (USDT), the market leader, briefly lost its United States dollar peg on Nov. 10. In normal times, this might have raised alarm bells.

But, these aren’t normal times.

In fact, in the days following FTX’s Nov. 11 bankruptcy filing, stablecoin “dominance,” i.e., the sector’s share of overall cryptocurrency market capitalization, increased to 18%, an all-time high. Bitcoin (BTC), Ether (ETH), and most altcoins appeared to be feeling the pain from crypto-exchange FTX’s implosion, but not stablecoins.

But, what awaits stablecoins in the longer term? Will they really emerge from the FTX fiasco unscathed, or is the sector due for a shake-out? Are stablecoins (still) too opaque, undercollateralized and unregulated for investors and regulators, as many insist?

The collapse of the Bahamas-based crypto-exchange FTX hit the crypto world like a tropical storm, and so it bears asking once again: How stable are stablecoins?

Is the contagion spreading?

“The cracks in the crypto eco-system are increasing, and it would not be surprising to see a significant de-pegging event” in the future, Arvin Abraham, a United Kingdom-based partner at law firm McDermott Will and Emery, told Cointelegraph. Particularly at risk are those stablecoins that use other cryptocurrencies for their asset reserves, rather than fiat currencies like the euro or U.S. dollar, he said.

“There is some evidence that FTX contagion did spread to stablecoins,” Ryan Clements, assistant professor at the University of Calgary Faculty of Law, told Cointelegraph, citing the brief USDT de-pegging event. “This shows how interconnected the crypto market is to it.”

On Nov. 10, Tether fell to $0.97 on Bitstamp and several other exchanges and to $0.93 for a few moments on Kraken. Tron’s USDD stablecoin also wobbled. Stablecoins are never supposed to fall below $1.00.

For its part, Tether blamed the depegging on crypto-exchange illiquidity. Relatively few crypto trading platforms are well capitalized, and sometimes “there is more demand for liquidity than exists on that exchange's order books and has nothing to do with Tether's ability to hold its peg nor the value or makeup of its reserves,” said the company.

“Tether is completely unexposed to Alameda Research or FTX,” the firm added in its Nov. 9 blog post, further noting that its tokens are “100% backed by our reserves, and the assets that are backing the reserves exceed the liabilities.”

Recent: Tokenized government bonds free up liquidity in traditional financial systems

“The one thing that has saved Tether so far is that people have generally sold their Tether to others and most users have not actually cashed out,” said Buvaneshwaran Venugopal, assistant professor in the department of finance at the University of Central Florida. “Tether had to pay about $700 million recently and was able to do so.”

That said, “the general lack of enthusiasm for crypto and the shrinking options for stablecoins may change this situation,” Venugopal told Cointelegraph. Tether has about $65 billion in circulation, according to CoinGecko, and U.S. Treasury bills make up over 58% of its reserves. “This is a large holding which would be affected if Tether has to sell under a crunch, especially in an increasing interest rate environment.”

A darkening outlook for algos?

What about algorithmic stablecoins, sometimes called algos? When TerraUSD Classic (USTC), an algorithmic stablecoin, collapsed in May, some forecasted that algos as a sub-class were doomed. Does the FTX failure dampen algos’ prospects?

“They aren’t dead, and there are still some prominent ones, including the DAI token which is essential for the functioning of MakerDAO,” said Abraham.

But, doubts remain, as algorithmic stablecoins are not easily understood and worries persist that “reserves can be adjusted on a dynamic basis potentially leading to manipulation and facilitating fraud,” said Abraham.

Uncollateralized, or substantially under-collateralized, stablecoins are inherently fragile, adds Clements. Terra’s unsuccessful attempt in May to partially collateralize USTC with BTC in defense of its peg is another example of the fragility of an uncollateralized or under-collateralized stablecoin model, he told Cointelegraph, adding:

“The industry seems to be accepting this fact and moving away from uncollateralized algorithmic stablecoin models.”

“I think algorithmic stablecoins are going to be the sacrificial lamb within the stablecoin regulatory space,” Rohan Grey, assistant professor at Willamette University College of Law, told Cointelegraph. “They’re the ones whose heads will be on the chopping block” in the U.S. to appease regulators and other nay-sayers. Algos might still survive on the global stage, though, he suggested.

Looking ahead

It could become very difficult for crypto-backed (i.e., non-fiat) stablecoins to defend their pegs in the event of another major cryptocurrency drawdown, however. In Abraham’s view, it would possibly lead “to an implosion similar to what we saw with the collapse of the Terra stablecoin in the early days of this crypto winter,” he said. 

What about a collapse of the Tether and/or Circle, the industry’s leaders whose coins are mostly backed by U.S. dollars or related instruments like treasuries? Such an event would be “a catastrophic event for the crypto industry,” said Abraham, because “so much of the industry hinges on using one or the other of these tokens as an intermediate means of exchange.” Many crypto transactions begin with a transfer of dollars into USDT or Circle’s USD Coin (USDC) as a way to avoid “the exchange rate volatility of Bitcoin and other cryptocurrencies.”

“Tether is the really big one to watch right now because Tether is intrinsically connected to Binance,” said Grey, who noted that Binance is now playing the role of industry savior, a part played until recently by Sam Bankman-Fried and FTX. Tether’s and Binance’s fortunes are tied together, some believe.

Still, one has to be careful when making comparisons between the FTX collapse and the 2008 Lehman Brothers bankruptcy, which foreshadowed the Great Recession of 2008–2009. “There are obvious differences,” said Grey, “one being that at this point, the crypto ecosystem is still relatively segregated from the rest of finance.” Any damage should be relatively contained in the overall scheme of things, i.e., “average people” won’t be hurt as happened in the U.S. financial crisis of 2007–2008.

More transparency

It seems as a given that more transparency, particularly with regard to reserves, will be required for stablecoin issuers post-FTX. “The value proposition of a stablecoin is ‘stability,’” said Venugopal. “Therefore, anything that a company uses to bring about stability must be well-understood by the users.”

Absent legislation, stablecoin issuers may need to take it upon themselves to disclose more about their reserves. Grey, for instance, applauded the step that Paxos took in July when it announced that it would provide monthly reserve statements that included CUSIP numbers — Wall Street’s “bar code” for identifying securities — for all instruments backing its Paxos Dollar (USDP) and BinanceUSD (BUSD) stablecoins. Those coins are now backed exclusively by “cash, overnight loans secured only by U.S. Treasuries, and U.S. Treasuries with a less than 90-day maturity,” said Paxos.

Stablecoins have long been criticized for being under-collateralized, and this issue arose again with the Terra debacle in May. Has the stablecoin sector made any progress in this area over the past half year in this regard?

“Yes, uncollateralized and under-collateralized algorithmic stablecoins are far less popular post-Terra, and there is broader acceptance of the fragility of these stablecoin forms,” Clements told Cointelegraph. “You can see evidence of this in the soon to be launched Cardano DJED project, which will use an over-collateralized reserve model, and the abandonment of the undercollateralized NEAR algorithmic stablecoin project last month.”

Collateral, of course, remains a challenge for the traditional finance sector, too, even for commercial banks. It basically means the company, in this case, the stablecoin issuer, “has to forgo lucrative opportunities elsewhere and keep the collateral for a rainy day,” noted Venugopal. “Even the highly regulated banks hate capital adequacy and other liquidity requirements imposed on them and find ways to minimize the amount of money left idle or return less income.”

A sector shake-out?

Many predict a consolidation in the crypto sector generally post-FTX as weaker coins are winnowed out, much as happened in 2018 as the initial coin offering mania waned. Might something similar happen in the stablecoin world? In September, even before FTX’s fall, an academic paper from researchers at the University of Chicago and Stockholm Schol of Economics noted that partially collateralized stablecoin platforms are always vulnerable to large demand shocks, suggesting some winnowing out might be expected. 

This seems a reasonable outcome, suggested Abraham, especially since the European Union’s Markets in Cryptoassets Regulation (MiCA) and other legislation will impose high compliance costs on stablecoin issuers. Requirements like auditable reserves “will make it much harder to issue stablecoins and should significantly limit the potential for collapse.”

“When disclosure becomes mandatory, we are going to see fewer stablecoins,” Venugopal told Cointelegraph. “In general, I don’t think the world needs thousands of cryptocurrencies/tokens out there acting like securities or assets, especially when they are just speculative. We may need utility tokens but not security tokens.”

Boosting investor confidence

Given the risks, are there steps that coin issuers and/or regulators can take to avoid another industry calamity? “Stablecoins will definitely need to be more transparent with their reserves,” according to Abraham. This is already being prescribed in new legislation. He added:

“Both the EU’s new MiCA and the draft Responsible Finance and Innovation Act in the U.S. impose reserve requirements on stablecoin issuers.”

In the case of MiCA, an audit of stablecoin reserves will be required every six months.

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Venugopal also agreed that if stablecoins want to become a viable medium of exchange and store of value for the decentralized finance world, they need to be more transparent and make their assets auditable, adding:

“Tether has been long accused of lying about its cash reserves which are crucial to its U.S. dollar peg. The fact that Tether has been delaying its audit does not help.”

Market perception of reserve instability, or insufficiency, can catalyze investor selloffs which impact a stablecoin’s peg, added Clements. “As a result, more transparency is needed in this area to increase investor confidence and stability, and to this end regulation could help the stablecoin market by requiring proof of reserves, audits, custodial controls on collateral, and other safeguards to ensure collateral transparency and sufficiency.”

Tue, 29 Nov 2022 10:45:03 -0500 ishook
GBP/USD Price Gaining Ahead of US CB Consumer Confidence The GBP/USD pair signaled that the swing higher ended. The US data could be decisive these days. A new lower low activates a larger drop. The GBP/USD price is trading around 1.2036 at the time of writing. The pair has turned bullish as the US dollar lost traction. The currency pair tries to recover after …

The post GBP/USD Price Gaining Ahead of US CB Consumer Confidence appeared first on Forex Crunch.

Tue, 29 Nov 2022 10:35:03 -0500 ishook
Is Most&Watched Stock Merck & Co., Inc. (MRK) Worth Betting on Now? Tue, 29 Nov 2022 10:35:03 -0500 ishook International Business Machines Corporation (IBM) Is a Trending Stock: Facts to Know Before Betting on It Tue, 29 Nov 2022 10:35:03 -0500 ishook Here is What to Know Beyond Why Advanced Micro Devices, Inc. (AMD) is a Trending Stock Tue, 29 Nov 2022 10:35:03 -0500 ishook Cheniere Energy, Inc. (LNG) is Attracting Investor Attention: Here is What You Should Know Tue, 29 Nov 2022 10:20:03 -0500 ishook Airbnb, Inc. (ABNB) Is a Trending Stock: Facts to Know Before Betting on It Tue, 29 Nov 2022 10:20:03 -0500 ishook Top Clean Energy ETFs in 2022 Tue, 29 Nov 2022 10:20:02 -0500 ishook Is Trending Stock Marathon Petroleum Corporation (MPC) a Buy Now? Tue, 29 Nov 2022 10:20:02 -0500 ishook Euro Dollar Outlook: EUR/USD Wrestles with Resistance at Prior Support Tue, 29 Nov 2022 10:05:03 -0500 ishook 10 Trading Mistakes to Avoid in Forex Trading Tue, 29 Nov 2022 10:05:03 -0500 ishook Here's Why it is Apt to Buy Dillard's (DDS) at This Moment Tue, 29 Nov 2022 10:00:01 -0500 ishook Raytheon (RTX) Wins $397.7M Deal to Support ESSM Production Tue, 29 Nov 2022 10:00:01 -0500 ishook Practicing Gratitude Isn't Woo&Woo. It's a Path to More Money & CNET Tue, 29 Nov 2022 09:55:02 -0500 ishook Cyber Monday Deals Still Available: Don't Miss These 79 Sales Under $50 & CNET Tue, 29 Nov 2022 09:55:02 -0500 ishook Bitcoin Nov. 29 daily chart alert & Sideways trading slightly favors bulls Bookmark and Share

Tue, 29 Nov 2022 09:50:02 -0500 ishook
Roku stock sinks following another Wall Street downgrade Tue, 29 Nov 2022 09:50:01 -0500 ishook Tesla Stock Is Finding a Bottom. Thank the Bears. Tue, 29 Nov 2022 09:50:01 -0500 ishook These Are Warren Buffett's 12 Biggest Stock Mistakes This Year Tue, 29 Nov 2022 09:50:01 -0500 ishook The return&to&office war may finally be reaching a compromise, but companies will be the biggest losers Tue, 29 Nov 2022 09:50:01 -0500 ishook This Savvy Strategy Could Hand You "Serene" 11%+ Dividends Tue, 29 Nov 2022 09:45:02 -0500 ishook Arthur J. Gallagher (AJG) Expands in California With Buyout Tue, 29 Nov 2022 09:45:02 -0500 ishook SONY to Roll Out Mocopi Sensors in Late January: Key Takeaways Tue, 29 Nov 2022 09:45:02 -0500 ishook Reasons to Add American Electric Power (AEP) to Your Portfolio Tue, 29 Nov 2022 09:45:02 -0500 ishook PRA Group (PRAA) Concludes Refinancing $750M Revolving Credit Tue, 29 Nov 2022 09:25:03 -0500 ishook Citi Trends (CTRN) Q3 Earnings and Revenues Top Estimates Tue, 29 Nov 2022 09:25:03 -0500 ishook Factors to Note Ahead of Zscaler's (ZS) Q1 Earnings Release Tue, 29 Nov 2022 09:25:03 -0500 ishook What You Need to Know From UnitedHealth's (UNH) Latest Outlook Tue, 29 Nov 2022 09:25:03 -0500 ishook Petrobras (PBR) Withdraws From Regap Refinery Sale Process Tue, 29 Nov 2022 09:25:03 -0500 ishook Hibbett (HIBB) Misses Q3 Earnings and Revenue Estimates Tue, 29 Nov 2022 09:25:03 -0500 ishook Oil & Gas Stock Roundup: Spotlight on Deals by Diamondback, Chevron Tue, 29 Nov 2022 09:25:03 -0500 ishook Stock Futures, Oil Rise as Concerns Over Chinese Protests Fade Tue, 29 Nov 2022 09:15:02 -0500 ishook Marvell (MRVL) to Report Q3 Earnings: What's in the Offing? Tue, 29 Nov 2022 08:55:03 -0500 ishook 5 Valuable Price&to&Book Stocks in the Spotlight Tue, 29 Nov 2022 08:55:03 -0500 ishook Inequality in Society Drives Stock&Market Performance Tue, 29 Nov 2022 08:45:02 -0500 ishook CrowdStrike (CRWD) Q3 2022 Earnings: What to Expect Tue, 29 Nov 2022 08:40:03 -0500 ishook Daily Markets: Waiting for the Fed Tue, 29 Nov 2022 08:40:03 -0500 ishook Roku stock slumps after downgrade by long&time bull, citing market share and profitability concerns Tue, 29 Nov 2022 08:30:02 -0500 ishook Boston Scientific to acquire Apollo Endosurgery for $615 million in cash Tue, 29 Nov 2022 08:30:02 -0500 ishook Update: Humana to lay off 150&plus employees as it shuts down Jupiter facility Tue, 29 Nov 2022 08:30:02 -0500 ishook India to Start Retail CBDC Pilot in Four Cities With Four Banks Tue, 29 Nov 2022 08:20:03 -0500 ishook Why You Should Add Reliance Steel (RS) Stock to Your Portfolio Tue, 29 Nov 2022 08:10:02 -0500 ishook Korean Crypto Exchange Upbit's Parent Q3 Profit Slides 73%: Report Tue, 29 Nov 2022 08:05:02 -0500 ishook Chainlink eyes 25% rally ahead of LINK staking launch in December

LINK's price could rally on speculations over Chainlink's oracle services growth coupled with a supportive technical pattern.

Chainlink (LINK) looks poised for 25% price rally in the days leading up to its staking protocol launch, based on several fundamental and technical facto.

Chainlink price rallies ahead of staking launch

The staking feature, which will go live as v0.1 in beta mode on Dec. 6, comes as a part of the so-called "Chainlink Economics 2.0" that focuses on boosting LINK holders' reward-earning opportunities for "helping increase the crypto economic security" of Chainlink's oracle services.

Earlier, Chainlink users had to launch their own nodes to receive rewards in LINK tokens. The staking feature effectively opens new avenues for them to earn LINK rewards that could, in theory, boost demand for the token.

Additionally, demand for LINK's parent platform Chainlink, as an oracle service provider, should also increase.

David Gokhshtein, the founder of blockchain-focused media company Gokhshtein Media, believes it could happen in the wake of the recent FTX collapse.

The analyst highlighted how traders have been seeking more clarity on exchanges' reserves after the FTX fiasco, which can boost demand for oracle services like Chainlink and, in turn, push LINK's price higher.

$LINK is definitely being overlooked. With everything that’s happened and with the new “Proof of Reserves” being pushed out there, ChainLink will be used to push that data out there.

— David Gokhshtein (@davidgokhshtein) November 26, 2022

Chainlink Labs launched its PoR auditing services to exchanges on Nov. 10.

The speculations have helped LINK price rally in recent days. Notably, Chainlink price gained 35.50% eight days after bottoming out locally at around $5.50 — trading for as much as $7.50 on Nov. 29, its highest level in two weeks.

The LINK/USD pair now eyes further upside in the near term, price technicals suggest.

A failed LINK price breakdown

LINK reclaimed its multi-week rising support trendline on Nov. 29, three weeks after losing it in the wake of the FTX-led market selloff.

In doing so, the Chainlink token also invalidated its prevailing ascending triangle breakdown setup toward $4.

It now trades inside the pattern's range, eyeing a rally toward the upper trendline near $9.40, up 25% from the current price levels, by the second week of December, as shown below.

LINK/USD three-day price chart. Source: TradingView

Michaël van de Poppe, market analyst and founder of Eight Global, also anticipates LINK to hit or cross above $9

#Chainlink showing a ton of strength, also expecting continuation there to happen.

If I didn't have a long yet (but I do), then I'd be targeting for something like this in which I'd be looking at $9 area for a TP.

— Michaël van de Poppe (@CryptoMichNL) November 29, 2022

Moreover, a bullish continuation move above the $9.40 resistance could have LINK eye $16 next, the ascending triangle breakout target.

Related: Binance publishes official Merkle Tree-based proof of reserves

Conversely, slipping below the triangle's lower trendline again risks bringing the breakdown setup toward $4 back in play, down about 45% from current prices.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Tue, 29 Nov 2022 08:00:03 -0500 ishook
Analysts See 10% Upside For RSPE Tue, 29 Nov 2022 07:55:02 -0500 ishook Implied RWL Analyst Target Price: $86 Tue, 29 Nov 2022 07:55:02 -0500 ishook The Math Shows VO Can Go To $239 Tue, 29 Nov 2022 07:55:02 -0500 ishook The Implied Analyst 12&Month Target For FIW Tue, 29 Nov 2022 07:55:02 -0500 ishook Implied SPYV Analyst Target Price: $44 Tue, 29 Nov 2022 07:55:02 -0500 ishook POLL&S&P 500 seen ending end next year up 6% after choppy first half Tue, 29 Nov 2022 07:55:01 -0500 ishook M & T Bank a Top Socially Responsible Dividend Stock With 2.8% Yield (MTB) Tue, 29 Nov 2022 07:55:01 -0500 ishook Ukraine Considering CBDC That Can Facilitate Crypto Trading Tue, 29 Nov 2022 07:50:02 -0500 ishook Gold Bounces off 100&Day MA Eyeing a Break of $1760 Tue, 29 Nov 2022 07:45:02 -0500 ishook US Dollar (DXY) Outlook – Fed Chair Powell, US Inflation Data and NFPs All Near Tue, 29 Nov 2022 07:45:02 -0500 ishook Surprising Analyst 12&Month Target For SLYG Tue, 29 Nov 2022 07:35:03 -0500 ishook Analysts See 10% Gains Ahead For The Holdings of HSMV Tue, 29 Nov 2022 07:35:03 -0500 ishook POLL&Toronto market seen higher if economic downturn not too severe Tue, 29 Nov 2022 07:35:03 -0500 ishook Salesforce’s (NASDAQ:CRM) Q3 Theme: Soft Software Spending vs. Solid Solutions Suite Tue, 29 Nov 2022 07:35:03 -0500 ishook TCL Stylus 5G Review: How 4 Months Went With This $258 Phone & CNET Tue, 29 Nov 2022 07:20:01 -0500 ishook Best Cyber Monday Under&$25 Deals That You Can Still Grab Today & CNET Tue, 29 Nov 2022 07:20:01 -0500 ishook Non&whale Bitcoin investors break new BTC accumulation record

Bitcoin addresses holding up to 10 BTC have been accumulating record amounts of BTC in the aftermath of the FTX collapse.

Some non-whale Bitcoin (BTC) investors seem to have had zero issues with the cryptocurrency bear market as well as fear, uncertainty and doubt (FUD) around the fall of FTX, on-chain data suggests.

Smaller retail investors have turned increasingly bullish on Bitcoin and started accumulating more BTC despite the ongoing market crisis, according to a report released by the blockchain intelligence platform Glassnode on Nov. 27.

According to the data, there are at least two types of retail Bitcoin investors that have been accumulating the record amount of BTC following the collapse of FTX.

The first type of investors — classified as shrimps — defines entities or investors that hold less than 1 Bitcoin ($16,500), while the second type — crabs — are a category of addresses holding up to 10 BTC ($165,000).

“Shrimp” investors have reportedly added 96,200 BTC ($1,6 billion) to their portfolios following the FTX crash in early November, which is an “all-time high balance increase.” This type of investors collectively hold 1.21 million BTC ($20 billion), which is equivalent to 6.3% of the current circulating supply of 19.2 million coins, according to Glassnode.

In the meantime, “crabs” have bought about 191,600 BTC ($3.1 billion) over the past 30 days, which is also a “convincing all-time-high,” the analysts said. According to the data, the new milestone has broken a previous high of BTC accumulation recorded by crabs in July 2022 at a peak of 126,000 BTC ($2 billion) bought per month.

Bitcoin net position change for addresses holding up to 10 BTC. Source: Glassnode

While crabs and shrimps have been accumulating the record amounts of Bitcoin, large Bitcoin investors have been selling. According to Glassnode, Bitcoin whales have released about 6,500 BTC ($107 million) to exchanges over the past month, which remains a very small portion out of their total holdings of 6.3 million BTC ($104 billion).

The behavior of shrimps and crabs seems to be interesting given the latest industry events, with Sam Bankman-Fried’s crypto exchange becoming a subject of a massive industry scandal involving alleged fraud and funds misappropriation.

On the other hand, some big Bitcoin investors have claimed to keep being bullish on Bitcoin despite the ongoing crisis, with the government of El Salvador starting purchasing BTC on a daily basis starting from Nov.17. Twitter CEO Elon Musk also expressed confidence that Bitcoin “will make it” despite the current industry issues, but there might be a “long crypto winter,” he said.

Related: Exchange outflows hit historic highs as Bitcoin investors self-custody

In the aftermath of the fall of FTX, Bitcoin immediately lost about $6,000 of its value, plummeting from around $21,000 below $16,000 in mid-November. The cryptocurrency has been slightly recovering over the past few weeks, edging up to no higher than $17,000.

At the time of writing, BTC is trading at $16,500, or up around 1.7% over the past 24 hours, according to data from CoinGecko.

Tue, 29 Nov 2022 07:15:03 -0500 ishook
Bitcoin shrugs off BlockFi, China protests as BTC price holds $16K

BTC price action heads higher with Bitcoin joining Asia stocks in a rebound despite FTX pressures continuing.

Bitcoin (BTC) held crucial $16,000 support into Nov. 29 as bulls weathered ongoing FTX fallout and macro triggers.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader teases BTC long as $16,500 reappears

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD leaving lower levels untouched overnight.

The pair had seen a flash downturn after the Nov. 27 weekly close thanks to uncertainty from China over Coronavirus measures.

A recovery nonetheless took the market higher, with $16,500 coming into play at the time of writing.

As Cointelegraph reported, traders and analysts had warned that it was all but essential to preserve current support, with a violation opening up the road to $14,000 or lower.

Popular trader Crypto Tony even felt comfortable going long BTC on the day.

“Flipping the EQ would be a safer long entry, but keeping this open with a tight stop loss is the best way for me,” he revealed to Twitter followers.

An accompanying chart identified support and resistance zones in play on midrange timeframes.

BTC/USD annotated chart. Source: Crypto Tony/ Twitter

Even fresh repercussions over the FTX debacle failed to dent Bitcoin’s performance, meanwhile, these coming in the form of a bankruptcy filing and lawsuit from crypto lender BlockFi.

The latest in a chain reaction sparked by FTX going under, the news came alongside a surprise resumption of salary payments by the defunct exchange.

“Makes sense after this bounce, as we've created a HL on Bitcoin and aiming at resistance again,” Michaël van de Poppe, founder and CEO of trading firm Eight, about a higher low (HL) on the 4-hour chart.

“Taking out the range between $16.5-16.8K would trigger continuation towards $18K.”
BTC/USD annotated chart. Source: Michaël van de Poppe/ TwitterChina woes cool ahead of Fed Powell speech

China meanwhile formed the main macro focus on the day, with anti-lockdown protests’ impact on market sentiment nonetheless seeming to ease.

Related: New BTC miner capitulation? 5 things to know in Bitcoin this week

Asian markets bounced back strongly, with Hong Kong’s Hang Seng up 5.2% at the time of writing and the Shanghai Composite Index gaining 2.3%.

Hang Seng Index (HSI) 1-hour candle chart. Source: TradingView

“We do not expect China policy to publicly shift away from the Zero Covid stance, however, we could see some easing of the policy privately and in localized areas,” Mohit Kumar, an analyst at investment banking firm Jefferies, wrote in a note quoted by Bloomberg.

Nov. 30 looked set to be the key trading day of the week, with Bitcoin’s monthly close accompanied by a speech from Jerome Powell, Chair of the United States Federal Reserve.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Tue, 29 Nov 2022 07:15:03 -0500 ishook
BlockFi bankruptcy filing triggers a wide range of community reaction

Some pointed their fingers at podcaster Anthony Pompliano for promoting the crypto lending platform quite recently.

As crypto lending platform BlockFi filed for bankruptcy, members of the crypto community reacted with mixed feedback as another platform fell during the current bear market. 

Despite BlockFi citing the FTX contagion as the reason for its bankruptcy filing, podcaster Matt Odell pointed out a different explanation. Odell wrote that the lending platform went bankrupt because it was lending customer funds to high-risk traders who played with leverage recklessly. “This is a tale as old as Bitcoin, leverage kills, and trusted third parties are security holes,” he added.

In a tweet, Mario Nawfal highlighted that BlockFi's bankruptcy filing was something that many members of the community anticipated. According to Nawfal, the bankruptcy filing marks the end of an era for the lending and yield-earning platform that was able to barely hang on after the Voyager and Celsius debacles.

With many losing funds during the process, some pointed their pitchforks to entrepreneur and podcaster Anthony Pompliano who introduced them to the lending platform. A Twitter user claimed that they lost most of their savings after listening to Pompliano’s podcast that recommended BlockFi.

Another community member claimed that they diversified their portfolio by putting some funds in FTX, BlockFi and Bitcoin (BTC) which Pompliano recommended. They noted that two out of the three have already gone to zero.

ShapeShift founder Erik Voorhees also reacted to information coming out that the Securities and Exchanges Commission (SEC) is one of the creditors for BlockFi. Voorhees floated the idea of the SEC returning $70 million that they took from BlockFi in order to help the users that they should be protecting.

Related: Silvergate denies recent FUD, confirms minimal exposure to BlockFi

Meanwhile, the crypto lending platform has filed a lawsuit against former FTX CEO Sam Bankman-Fried's holding company called Emergent Fidelity Technologies. BlockFi hopes to get Bankman-Fried's shares in Robinhood that were used as collateral earlier this month.

Tue, 29 Nov 2022 07:15:03 -0500 ishook
Blockchain&based fintech company prepares to enter $500B freight settlement market

Although rare, real-world blockchain utility does exist, now evidenced by one company’s efforts to reduce transactional fees in supply chains.

TruckCoinSwap (TCS): Partnership Material

The world is quick to blame inflation for the rising prices at grocery stores and retailers. This was the #1 political issue for recent Election Day voters in the United States. For example, media sources recently reported poll data that 85% of Americans could not afford to spend $200 on a Thanksgiving meal in November 2022, and only 25% could afford $100.

However, few recognize inflation is only part of the problem. Higher costs for products and services are also directly attributable to settlement fees paid by transportation providers who are forced to take out the equivalent of payday loans against their freight invoices.

Shipper payment terms in the transportation industry are known to be egregious, and most transportation carriers cannot afford to wait 30–180 days to get paid. When a carrier factors, it pledges the collection rights in its accounts receivable to the bank and, in exchange, the bank advances cash in about 10 business days.

By industry averages, this cost to carriers is 3% of every receivable — often escalating up to a 25% annualized interest rate. The bank then waits the 30–180 days and collects directly from the freight shipper. If inflation is thought of as a silent tax, invoice factoring is a second layer of silent taxes on everything we buy.

More than 1 million U.S. trucking companies are factoring 100% of their invoices, and 50% of third-party logistics companies are too. Due to inflation, larger transportation companies are also losing 3% or more of their invoice values when waiting over 60 days to get paid by shippers. These costs create higher freight rates, and the excesses ultimately trickle down to every household and consumer.

Fixing a broken supply chain by settling on the blockchain

TruckCoinSwap (TCS) is a fintech and freight-tech company utilizing a blockchain-integrated mobile app to provide fast and free freight receivables settlement to transportation companies. Moreover, TCS is listed on CrossTower in the U.S. and abroad in 80 countries, and is now also listed on Uniswap.

Chief technology officer Jake Centner explained:

“Centralized exchanges can work very well, and the team couldn’t be more proud of the relationships TCS has made. However, the TCS token must also have a decentralized exchange and non-custodial option in the ecosystem for transportation companies and holders. Uniswap has been the gold standard in this space.”

To that end, TCS has created a process and platform identical to how carriers are settling now, with one added step. A few days after uploading freight documents into the TCS mobile app, a push notification is sent and settlement is made available in the real-time U.S. dollar (USD) value of TCS tokens.

The carrier can then accept settlement via direct deposit from TCS. After receiving the balance in its crypto wallet, the carrier can immediately sell through its exchange market to regain USD liquidity. By taking settlement via TCS, and being able to sell in a matter of minutes, carriers avoid both factoring costs and crypto volatility.

By industry averages, TCS estimates every factoring freightliner can recapture a significant portion of its net revenue. In the supply chain, reducing operating costs makes transportation companies more solvent and applies downward pressure on freight rates. In time, the costs of goods and, more specifically, food prices, can decrease.

Regarding the company’s adoption, CEO Todd Ziegler shared:

“TCS already has truckers involved in the beta, and we were just approached by two more large strategics. One has 223 trucks. The second is one of the largest companies in the U.S. managing freight documents, with over 500,000 transportation users. It speaks volumes that these companies are already interested in integrating with TCS.”

The future of freight and blockchain

Earlier this month, TCS presented its solution at the Future of Freight conference to over 20,000 attendees and has since gained traction in both the crypto and transportation communities with features in FreightWaves, business publications and other related media.

With many strategic relationships already in play, TCS believes it is in a strong position to help carry the transportation industry forward into web3. In looking ahead to the intersection of the two industries, Ziegler offered:

“Following recent court rulings and the acceleration of the DCCPA [Digital Commodities Consumer Protection Act] on Capitol Hill, we’re going to see U.S. crypto exchanges eliminate several coins. Many exchanges are already struggling for revenue and AUM [assets under management], and they’re not going to stick their necks out in the wake of FTX. The projects with no real use case will be the first to go, and the digital assets with value propositions to industry will see greater market share.”

Material is provided in partnership with TCS

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

Tue, 29 Nov 2022 07:15:03 -0500 ishook
The stock market rally isn't yet over, Deutsche Bank strategist says Tue, 29 Nov 2022 07:15:01 -0500 ishook The 'exceptionalism of technology' is probably over for the stock market: Goldman Tue, 29 Nov 2022 07:15:01 -0500 ishook Electric vehicle maker Arrival changes CEO, sees strategy chief depart amid restructuring Tue, 29 Nov 2022 07:15:01 -0500 ishook ‘We are treading water:’ An energy crisis is grinding European industry to a halt as the U.S. and China race ahead, Volkswagen warns Tue, 29 Nov 2022 07:15:01 -0500 ishook Snowflake (NYSE:SNOW) Q3 Earnings Preview: Here’s What to Expect Tue, 29 Nov 2022 07:10:01 -0500 ishook Dominica works with Huobi for digital identity program

The Commonwealth of Dominica has launched a digital identity program and national token in partnership with Huobi.

Cryptocurrency exchange Huobi has partnered with the Commonwealth of Dominica to roll out a digital identity and national token service that promises digital citizenship of the West Indian island nation.

Not to be confused with the nearby, larger Dominican Republic, Dominica is home to some 72,000 people and is situated in the middle of the Lesser Antilles archipelago. The government is looking to explore metaverse and Web3 technology to drive its development and attract talent from the cryptocurrency and blockchain ecosystem.

The island nation is one of the first Caribbean countries to adopt a Citizenship by Investment program. Dominica passports allow access to over 130 countries around the world, including mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom, and Singapore.

Dominica’s government will partner with Huobi to issue Dominica Coin (DMC) and digital identity documents (DID) with DMC holders set to be granted digital citizenship in the country. DMC and DID will run on the TRON network and be issued on Huobi Prime and will serve as credentials for a future Dominica-based metaverse platform.

Related: The Caribbean is pioneering CBDCs with mixed results amid banking difficulties

DMC tokens will be cross-chain compatible with the Ethereum and BNB Smart Chain through the BitTorrent Chain bridge. Huobi Prime registered users are eligible for the airdrop of DMC and Dominica DIDs.

The primary use case for Dominica DIDs include KYC verification on cryptocurrency exchanges, opening bank accounts in Dominica as well as applying for loans and registering digital enterprises.

Huobi unveiled plans to relocate its headquarters from the Seychelles to the Caribbean in November 2022, citing the region’s cryptocurrency-friendly stance. Dominica also adopted the The Eastern Caribbean Central Bank (ECCB) CBDC program in December 2021

Tue, 29 Nov 2022 07:05:02 -0500 ishook
Yield Curve Inversion Reaches New Extremes Tue, 29 Nov 2022 06:55:03 -0500 ishook Macau Finally Draws a Winning Hand Tue, 29 Nov 2022 06:55:03 -0500 ishook TPG Taps Montag for Ambitious Carbon&Credit Effort Tue, 29 Nov 2022 06:55:03 -0500 ishook Tech Selloff Catches Up With Private Startups Tue, 29 Nov 2022 06:55:03 -0500 ishook POLL&Brazil stocks set to rally 13% by end&2023 despite policy uncertainty Tue, 29 Nov 2022 06:55:01 -0500 ishook FTX reportedly used Alameda’s bank accounts to process customer funds

Former FTX CEO Sam Bankman-Fried, in a conversation with Vox, admitted to using Alameda’s banking facilities for FTX user deposits.

The FTX contagion saga sees new revelations around its misconduct every other day, and the latest one solidifies the collusion between the failed crypto exchange and its sister company Alameda Research from the very beginning.

FTX, like many other crypto exchanges, found it difficult to get a banking partner to process fiat transactions- as banks have been hesitant to tie up with crypto exchanges due to a lack of regulatory oversight. FTX overcame this problem by using its sister company’s banking accounts to process transactions for the crypto exchange.

Former CEO of FTX Sam Bankman-Fried confirmed in a conversation with Vox that the exchange was using Alameda’s bank accounts to wire customer deposits. Some customers were reportedly asked to wire their deposits through Alameda, which had a banking partnership with fintech bank Silvergate Capital.

The collision between Alameda and FTX over the customer’s fund later became the main point of failure. Bankman-Fried had claimed that even though FTX never gambled users’ funds, it did loan them to Alameda. The former CEO claimed that he thought Alameda had enough collateral to back the loans, but as reports have suggested, a majority of it was in the native FTX Token (FTT).

The claims of the former CEO of the failed crypto exchange regarding misuse of customers’ funds have varied from time to time. First, Bankman-Fried claimed that the exchange and Alameda were independent entities and later also assured that customer funds were safe, only to delete his tweet about the claim later.

Related: After FTX: Defi can go mainstream if it overcomes its flaws

The allegations around misuse of banking loopholes arose last week when bankruptcy proceedings revealed that FTX owned a stake in a small rural bank from Washington state via its sister company Alameda. At the time, many alleged that the investment in the rural bank was done to bypass the requirements of getting a banking license.

The scope of wrongdoing in using Alameda’s banking accounts for FTX customer deposits depends on the arrangement between the bank and Alameda. In a statement to Bloomberg, Silvergate said that the bank doesn’t comment on customers or their activities as a matter of firm policy. Silvergate didn’t respond to Cointelegraph’s request for comments at the time of writing.

Tue, 29 Nov 2022 06:45:02 -0500 ishook
What Will OPEC+ Do Next? Here’s What the Street Says Is Coming Tue, 29 Nov 2022 06:40:02 -0500 ishook Shell to Buy Biogas Producer in $2 Billion Deal Tue, 29 Nov 2022 06:40:02 -0500 ishook UnitedHealth announces mixed guidance for this year, 2023 Tue, 29 Nov 2022 06:25:02 -0500 ishook Oil's huge surge in 2022 has completely reversed: Morning Brief Tue, 29 Nov 2022 06:25:01 -0500 ishook Chinese Startups Try to Make It Big in the U.S.&&&Without the Backlash Tue, 29 Nov 2022 06:15:01 -0500 ishook Elon Musk's Apple Attack Sets Stage for Public Spat With Risks for Apple, Twitter Tue, 29 Nov 2022 06:15:01 -0500 ishook Euro Breaking News: Mixed EZ Sentiment Leaves Emphasis on CPI Data Tomorrow Tue, 29 Nov 2022 06:10:02 -0500 ishook Kraken Daily Market Report for November 28 2022
  • Daily spot trading volume: $1.14 billion, 30 day average spot: $774.3 million.
  • Total futures notional: $71.4 million.
  • The top five traded coins were, respectively, Tether (↑0.01%), USD Coin (↑0.01%), Bitcoin (↓1.3%), Ethereum (↓2.1%), and Dai (↓0.01%).
  • Strong returns from Oxygen (↑25%), pSTAKE (↑18%), and My Neighbor Alice (↑17%).
  • The post Kraken Daily Market Report for November 28 2022 appeared first on Kraken Blog.

    Tue, 29 Nov 2022 06:00:03 -0500 ishook
    Chinese Stocks Like Alibaba Aren’t Reacting Much to the Covid&19 Unrest. Not Yet. Tue, 29 Nov 2022 05:50:03 -0500 ishook A Buffett Buyout at Occidental Tue, 29 Nov 2022 05:50:03 -0500 ishook First US State where you can no longer mine crypto: Law Decoded, Nov. 21&28

    New York governor Kathy Hochul signed the moratorium, prohibiting any new mining operations that aren’t based on 100% renewable energy.

    The state of New York became the first one in the United States to impose a moratorium on proof-of-work (PoW) mining, albeit only for two years. Last week, New York governor Kathy Hochul signed the moratorium into a bill, prohibiting any new mining operations that aren’t based on 100% renewable energy. The renewal of licenses would also be frozen. In eight months, the anti-mining bill made its way from the first passing through the state Assembly to the governor’s pen. 

    The statewide development seems unlucky for New York City mayor Eric Adams, who is focused on making the city a crypto hub. Commenting on the moratorium’s signing into law, Adams sounded more peaceful than he was in June when he promised to ask the governor of the state to veto the document. This time Adams pledged to work with the legislators “who are in support and those who have concerns” and come “to a great meeting place.”

    At the end of the day, the state of New York remains perhaps the least welcoming place for crypto due to its regulatory regime: Not only do the miners have to get a fully renewable power source now, but the trading platforms are struggling since the hard-to-get BitLicense introduction in 2015. However, some officials believe the national crypto laws should look more like New York’s.

    US senators urge Fidelity to reconsider its Bitcoin offerings

    United States senators Elizabeth Warren, Tina Smith and Richard Durbin have renewed their calls for Fidelity Investments to reconsider offering a Bitcoin (BTC)-linked 401(k) retirement product. In a letter addressed to Fidelity Investments CEO Abigail Johnson, the three senators said the recent fall of FTX is more reason than any for the $4.5 trillion asset management firm to reconsider its Bitcoin offering to retirement savers. 

    The senators also added that “charismatic wunderkinds, opportunistic fraudsters, and self-proclaimed investment advisors” have played a huge role in manipulating the price of Bitcoin, which in turn has impacted 401(k) retirement savings holders who have invested in Fidelity’s Bitcoin product.

    The Reserve Bank of India to launch a retail CBDC pilot in December

    The Reserve Bank of India (RBI) is in the final stage of preparing the rollout of the retail digital rupee pilot. Each bank participating in the trial will test the central bank digital currency (CBDC) among 10,000 to 50,000 users. To integrate the new payment option, the banks will collaborate with PayNearby and Bankit platforms. 

    The CBDC infrastructure will be held by the National Payments Corporation of India (NPCI). Reportedly, at some point, the pilot is going to include all the commercial banks in the country. Earlier the RBI launched the wholesale segment pilot for the digital rupee, with the main use case being the settlement of secondary market transactions in government securities.

    Tornado Cash developer to stay detained until next year’s hearing

    A Dutch court hearing ruled that the Tornado Cash developer Alexey Pertsev would be held for another three months as the investigation continues. The prosecution outlined a broad overview of its investigation, painting Pertsev as a central figure in Tornado Cash’s operation before Advocate WK Cheng delivered his first defensive argument. The advocate confirmed that the first session has been postponed to Feb. 20, 2023, and reiterated his belief that the state had presented a one-sided interpretation of Pertsev’s involvement with Tornado Cash. 

    Turkey seizes FTX assets amid the ongoing investigation

    Turkey’s Financial Crimes Investigation Board (MASAK) has seized assets belonging to Sam Bankman-Fried after launching an investigation into FTX’s affairs in the country. The Turkish investigatory body found that FTX TR failed to safely store user funds, embezzled customer funds through shady transactions, and manipulated supply and demand in the market by having customers buy and sell listed cryptocurrencies that were not backed by actual cryptocurrency holdings.

    As a result of these findings, MASAK seized Bankman-Fried’s and affiliates’ assets after finding strong “criminal suspicion” on the above-mentioned points. A LinkedIn post from FTX TR noted that the exchange had over 110,000 users and processed an average monthly transaction volume of $500 million–$600 million since the launch of its mobile application earlier in 2022.

    Tue, 29 Nov 2022 05:25:02 -0500 ishook
    National Bank of Ukraine releases draft concept for digital hryvnia

    One of the design options for the Ukrainian CBDC describes the e-hryvnia available for usage in crypto exchange operations.

    The National Bank of Ukraine (NBU) has introduced a draft concept for its central bank digital currency (CBDC) candidate digital hryvnia, or e-hryvnia.

    Ukraine’s central bank on Nov. 28 released a statement on the concept of e-hryvnia, which aims to perform all the functions of money by supplementing cash and non-cash forms of the hryvnia as its key purpose.

    The NBU said it has presented the e-hryvnia concept and continues developing the CBDC project with participants of the virtual assets market, payment firms and state bodies.

    According to the announcement, the central bank is currently considering and developing three possible CBDC options, depending on design and main characteristics.

    The first option describes the e-hryvnia for retail non-cash payments with the possible functionality of “programmed” money through smart contracts. A retail e-hryvnia would enable the implementation of targeted social payments and the reduction of government expenditures on administration, the NBU said.

    The second CBDC option envisions the e-hryvnia available for usage in operations related to cryptocurrency exchange, issuance and other virtual asset operations. “The e-hryvnia can become one of the key elements of quality infrastructure development for the virtual assets market in Ukraine,” the announcement notes.

    The third option includes the e-hryvnia to enable cross-border payments in order to provide faster, cheaper and more transparent global transactions.

    “The development and implementation of the e-hryvnia can be the next step in the evolution of the payment infrastructure of Ukraine,” Oleksii Shaban, director of NBU payment systems and innovative development department, said in the statement. He added that a Ukrainian CBDC could have a positive impact on ensuring economic security and strengthening the monetary sovereignty of the state, as well as e sustainable economic growth.

    Related: Russia aims to use CBDC for international settlements with China

    According to the announcement, the Ukrainian Intellectual Property Institute registered the trademark “e-hryvnia” for the NBU in October 2022.

    As previously reported, the NBU has been actively studying the possibility of issuing a CBDC in recent years, hiring blockchain developers and cooperating with major industry projects like the Stellar Development Foundation.

    According to the regulator, the NBU launched a pilot project ​to issue the e-hryvnia for blockchain-based retail payments back in 2018.

    Tue, 29 Nov 2022 05:25:02 -0500 ishook
    3 Best Retail Stocks to Own, Post Black Friday Frenzy Tue, 29 Nov 2022 05:15:02 -0500 ishook CURLF, GTBIF, or IIPR: Which "Strong Buy" Cannabis Stock has Higher Upside Potential? Tue, 29 Nov 2022 05:15:02 -0500 ishook GBP Forecast: Pound Undeterred by Hawkish Fed Speakers, BoE’s Bailey in Focus Tue, 29 Nov 2022 04:30:02 -0500 ishook After Brutal 76% Fall, is Alibaba Stock (NYSE:BABA) a Buy? Tue, 29 Nov 2022 04:05:01 -0500 ishook USD/CAD Price Analysis: CAD Struggling Amid WTI’s Fall Oil prices are falling as demand concerns grow due to China’s COVID restrictions. Chinese are protesting against President Xi Jinping’s zero-COVID policy. The dollar rose after hawkish remarks from Fed’s James Bullard. Today’s USD/CAD price analysis is bullish as the Canadian dollar weakens on lower oil prices. Tuesday’s early trade saw a decline in oil …

    The post USD/CAD Price Analysis: CAD Struggling Amid WTI’s Fall appeared first on Forex Crunch.

    Tue, 29 Nov 2022 02:40:03 -0500 ishook
    USD/CHF Outlook: Bulls Return amid Hawkish Fedspeak The dollar rose after the Fed’s James Bullard argued for future rate increases. Bullard believes rates need to get to between 5.00% and 5.25%. Investors are awaiting Jerome Powell’s speech for more clues on the future of monetary policy. Today’s USD/CHF outlook is bullish as the dollar extends Monday’s gains. On Monday, the dollar recovered …

    The post USD/CHF Outlook: Bulls Return amid Hawkish Fedspeak appeared first on Forex Crunch.

    Tue, 29 Nov 2022 02:40:03 -0500 ishook
    China Markets Rally on Reopening Bets, More Property Measures Tue, 29 Nov 2022 02:30:02 -0500 ishook 'Three Pines' on Prime Video: An Uneven Murder Mystery & CNET Tue, 29 Nov 2022 02:10:01 -0500 ishook LBRY alleges Apple forced it to censor certain terms during COVID&19

    After Elon Musk lamented the winding back of Apple's Twitter advertising, crypto company LBRY replied about its own troubles with Apple and censorship.

    Blockchain-based file-sharing and payment network LBRY has alleged that tech giant Apple forced it to filter out certain search terms during the COVID-19 crisis in an apparent rejection of free speech. 

    In a Nov. 28 post on Twitter, LBRY alleges it was asked to censor anything related to COVID-19, especially vaccines and the human origins of the virus, or face having its apps removed from the Apple store.

    "We had to build a list of over 20 terms to not show results for, only on Apple devices. If we did not filter the terms, our apps would not be allowed in the store," the crypto company alleged.

    LBRY is a decentralized content-sharing platform that allows artists, filmmakers, writers and other content creators to retain full artistic and financial control over their work. Its Odysee video-sharing website is one of its best-known apps, but it's unclear if this app was involved in the alleged censorship.

    The blockchain firm made the revelation in a response to a post from Elon Musk, who said that Apple has "mostly stopped" advertising on Twitter due to concerns about the social media platforms' content, prompting LBRY to share its experience with Apple during the COVID-19 pandemic.

    During Covid, Apple demanded our apps filter some search terms from being returned. If we did not filter the terms, our apps would not be allowed in the store.

    Apple may make good products, but they have been opposed to free speech for some time.

    — LBRY (@LBRYcom) November 28, 2022

    LBRY also alleges when some of its users included images of "Pepe the Frog" in videos, Apple "Rejected" them.

    Pepe the Frog is an Internet meme of a green anthropomorphic frog originating in 2005, which has since been adopted by protest groups in Hong Kong and used in political-based ideology.

    The crypto company said that "Apple may make good products, but they have been opposed to free speech for some time.”

    Cointelegraph reached out to Apple for comment but has not received a reply by the time of publication.

    Related: Crypto Twitter unhappy with SBF ‘puff piece’ pushed by mainstream media

    Meanwhile, discussions around censorship on Twitter have continued to rage on. 

    Musk took over Twitter on Oct. 28 and has been teasing the release of the "Twitter Files", supposed proof of a concentrated effort by the previous Twitter administration to stifle free speech on the platform.

    The Twitter Files on free speech suppression soon to be published on Twitter itself. The public deserves to know what really happened …

    — Elon Musk (@elonmusk) November 28, 2022

    Musk's takeover of Twitter and subsequent plans for the platform have seen some users seek out decentralized social networks as an alternative. 

    Twitter co-founder and former CEO Jack Dorsey recently unveiled a new Bitcoin-powered Bluesky Social app as part of a decentralized answer to Twitter.

    The Oct. 18 announcement came roughly three years after the initiative was announced by Dorsey, with the goal of allowing users should to have control over their data and be able to move it from platform to platform without permission.

    Tue, 29 Nov 2022 02:05:03 -0500 ishook
    Israel's chief economist lays out recommendations for crypto regulation

    The chief economist said the Supervisor of Financial Service Providers and the Israel Securities Authority should be granted more powers to oversee the industry.

    Israel's chief economist has laid out a list of recommendations as to how policymakers should tackle digital asset laws in the country in order to safely drive up crypto adoption.

    In a 109-page report submitted to the Minister of Finance on Nov. 28, Shira Greenberg, Chief Economist at the Ministry of Finance, called for a more comprehensive regulatory framework that would bring trading platforms and crypto issuers in line and would expand the powers given to its financial regulators. 

    Greenberg recommended Israel should improve investor certainty and protection by imposing stricter licensing requirements on trading platforms and issuers of cryptocurrencies, as well as ensuring funds originating from digital assets are more safely managed.

    She also recommended the Supervisor of Financial Service Providers have broader powers to oversee licensing rules and develop a more comprehensive taxation framework for the buying and selling of digital assets.

    Expanded powers for the Israel Securities Authority were also recommended by Greenberg, who stated the powers were needed in order to ascertain whether a digital asset falls within the scope of Israeli securities laws and to monitor the activity of payment service providers in the crypto space.

    In regards to legislation, Greenberg made mention of the need to implement specific licensing and supervision rules for stablecoin issuers, along with a proposed establishment of an inter-ministerial committee to examine and regulate blockchain-based decentralized autonomous organizations (DAOs).

    She added it was important that policymakers and lawmakers take into account the concept of technological neutrality when implementing digital asset-related rules.

    Minister of Finance Avigdor Lieberman praised Greenberg for her work, stating the report “constitutes the most comprehensive and up-to-date report currently available on this issue for government use” in Israel and that he expects the “report will serve as a basis for future decisions and legislation” on digital asset-related matters in the months to come.

    Related: Israel’s regulator teases comprehensive crypto framework at ICC

    Despite Israel often being referred to as a tech-savvy nation, the country hasn’t shown to be too crypto-obsessed thus far, having ranked 111th out of 146 countries in a recent global crypto adoption index conducted by blockchain data firm Chainalysis. 

    Greenberg also referenced data in her report that states that Israeli residents have accounted for 21 million blockchain-based transactions in total, which only equates to 0.04% of all crypto transactions worldwide.

    Meanwhile, only 2% of Israelis reported owning or using a crypto wallet.

    More adoption appears to be on its way. The Tel Aviv Stock Exchange (TASE) recently announced on Oct. 24 that it intends on creating a blockchain-based platform to expand its trading services to cryptocurrencies. In the same month, TASE also kicked off live tests for a pilot project involving the tokenization of digital bonds, which is expected to be completed in Q1 2023.

    Government-issued licenses are finally being issued too, with Israeli-based trading platform Bits of Gold becoming the first firm to receive a license from the Capital Markets Authority in Sep. 2022 to store digital currencies through their own secured custody wallet and provide certain digital asset-related services to banks.

    Tue, 29 Nov 2022 01:55:03 -0500 ishook
    See Vivid Space Views of Mauna Loa Volcano Erupting for First Time Since 1984 & CNET Tue, 29 Nov 2022 01:55:02 -0500 ishook Cyber Monday Deals: Last Chance to Grab Beats Headphones at All&Time Low Prices & CNET Tue, 29 Nov 2022 01:35:02 -0500 ishook Oil Leaps as OPEC+ Speculation, China’s Covid Briefing Lift Mood Tue, 29 Nov 2022 01:25:03 -0500 ishook Warren Buffett Gains Ground as Elon Musk Stumbles Tue, 29 Nov 2022 01:25:03 -0500 ishook Twilio Stock Has Been Hammered. 3 Reasons It Could Fall Even More. Tue, 29 Nov 2022 01:25:03 -0500 ishook POLL&India's RBI may set cut&off yield on 10&year state bonds in 7.63%&7.66% band Tue, 29 Nov 2022 01:25:01 -0500 ishook Nifty News: China’s lockdown protest NFTs emerge, Candy Digital cuts staff, and more

    Two collections have appeared on NFT marketplace OpenSea depicting images and art related to the rare widespread protests in China over its lockdown policies.

    China’s COVID-19 protests cemented as NFTs

    Nonfungible tokens (NFTs) depicting the ongoing protests in China against the country’s tough zero-tolerance COVID-19 policy have found their way to the NFT marketplace OpenSea.

    At least two collections have been created in November, the first is a Polygon (MATIC)-based collection called “Silent Speech” featuring 135 NFTs depicting images of protesters, signage, graffiti and even social media screenshots related to the ongoing protests up for auction starting at 0.01 Ether (ETH), or just under $11.50.

    A Silent Speech NFT titled “Beihang University” (translated) shows an image of multiple tealight candles within surgical masks. Candles are an often used symbol of remembrance.

    Another collection titled “Blank Paper Movement” of 36 Ethereum-based NFTs with a floor price of 10 ETH, or nearly $11,800, features a more artistic take as the images of the protests appears to be painted.

    Holding a blank sheet of paper has emerged as a symbol representing the suppression of speech in the rare and widespread protests which have flared up across China since Nov. 14, starting with residents of Guangzhou, one of China’s biggest cities, tearing down police barricades in response to COVID-19 related measures.

    Demonstrators in Beijing hold blank pieces of paper in a rally against the communist government.
    This idea developed during a student movement by a group of high school students in HK.

    — 鄉港 (@sabaocean) November 28, 2022

    The protests intensified on Nov. 24 as a fire that day in a high-rise building in the northeastern city of Urumqi killed 10 people.

    Some Chinese internet users believe residents weren’t able to escape due to extreme lockdown measures which have included authorities wiring or welding doors shut.

    Candy Digital lays off 100 staff 

    NFT company Candy Digital has reportedly laid off a sizeable portion of its workforce amid turbulent crypto market conditions and a massive dip in NFT trading volumes this year.

    More than one-third of the company’s roughly 100 employees were cut according to a Nov. 28 report from the sports industry outlet Sportico.

    It’s unclear the reason for the layoffs and if any particular departments were affected as Candy Digital has not publicly addressed the layoffs. The former community content manager at Candy Digital, Matthew Muntner, in a Nov. 28 Twitter post publicly confirmed he was part of the staff cuts:

    I hate that I have to share this as much as I loved my job at @CandyDigital but I was part of the layoffs that occurred earlier today.

    I am quickly looking for a new role in Community Management, Graphic Design, or related Marketing.

    Thanks, Candy Fam for one hell of a ride ❤️

    — Muntner (@muntnerdesigns) November 28, 2022

    Cointelegraph contacted Candy Digital for comment but did not receive an immediate response.

    Candy Digital was launched in June 2021, backed by sports e-commerce store Fanatics, crypto-friendly entrepreneur Gary Vaynerchuk and Galaxy Digital CEO Mike Novogratz.

    The company quickly gained partnerships with sports leagues including Major League Baseball, NASCAR’s collaborative Race Team Alliance, and several college athletes. It was valued at $1.5 billion in Oct. 2021 following a $100 million funding round.

    Candy Digital’s layoffs follow others across technology firms such as NFT protocol Metaplex’s Nov. 17 cuts of “several members” of its team, Meta’s Nov. 9 layoff of 11,000 employees, and Flow blockchain developer Dapper Labs’ Nov. 2 layoffs of roughly 130 employees.

    Bored & Hungry restaurant runs pop-up at Phillippine blockchain week

    The Long Beach-based NFT-themed burger restaurant Bored & Hungry has set up a pop-up shop at the Philippine Blockchain Week which kicked off on Nov. 28 local time.

    It’s the first time the restaurant has operated in South East Asia, the brand also operated a pop-up french fry stand at NFT.London in early November.

    Grilling in Manila for 3 days only!

    Home of the Trill Burger, America’s best burger of 2022: @BorednHungry is bringing their apes and burgers to Manila!

    — Philippine Blockchain week (@philblockchain) November 27, 2022

    The restaurant first opened in April and is themed using the owner's intellectual property of his owned Bored Ape Yacht Club and Mutant Ape Yacht club NFTs and accepted ETH and ApeCoin (APE) as payment.

    Around two months after its opening, in June, the store inexplicably stopped accepting cryptocurrency as a form of payment, likely due to the drop in crypto prices.

    Ripple’s XRP Ledger hits new record NFT sale

    Ripple’s XRP Ledger blockchain has recorded a new record NFT sale, with an XPUNK NFT — a clone of the popular Ethereum-native CryptoPunk NFTs — selling for 108,900 XRP (XRP), about $44,000 at the time of sale on Nov. 25.

    The #XRPL has a new record! An @XRPLPUNKS NFT just got sold for 108900 $XRP (44000 USD).
    This is just the beginning for #NFTonXRP.

    — (@onXRPdotcom) November 25, 2022

    The sale was a result of an open auction with over 20 people in a Discord voice chat according to the XPUNKS official Twitter account. It refused to disclose the purchaser but said “the community knows who it is.”

    Related: The metaverse is a new frontier for earning passive income

    The XRP Ledger introduced NFTs on Oct. 31 with the introduction of the XLS-20 standard that was first proposed on May 25, 2021, the NFTs feature “automatic royalties” for creators.

    More Nifty News

    The community-led decentralized autonomous organization (DAO) made up of ApeCoin holders launched its own NFT marketplace on Nov. 24 featuring only Yuga Labs-backed collections.

    Following the surprise win of the Saudi Arabian soccer team at the FIFA World Cup over Argentina on Nov. 22, the floor price of a Saudi Arabian-themed NFT collection unrelated to the team jumped by 52.6% with some appearing to view the tokens as an indirect way to bet on the success of soccer teams.

    Tue, 29 Nov 2022 01:00:01 -0500 ishook
    Silvergate denies recent FUD, confirms minimal exposure to BlockFi

    Silvergate Capital has been quick to distance itself from the now-bankrupt crypto lender BlockFi.

    Institutional crypto services provider Silvergate Capital has confirmed its minimal exposure to the embattled BlockFi crypto lending firm.

    On Nov. 28, Silvergate announced that its deposit relationship with BlockFi is “limited to less than $20 million of its total deposits from all digital asset customers.” Those deposits totaled $13.2 billion in Q3 according to the firm’s revenue report.

    It added that BlockFi was not a custodian for its Bitcoin-collateralized leverage loans and the firm has no investments in BlockFi.

    To quell investor jitters, Silvergate CEO Alan Lane said, “as the digital asset industry continues to transform, I want to reiterate that Silvergate’s platform was purpose-built to manage stress and volatility.”

    Silvergate Provides Statement on Minimal Exposure to BlockFi

    — Silvergate Bank (@silvergatebank) November 28, 2022

    Silvergate has been the subject of a lot of FUD (fear, uncertainty, and doubt), or “false and misleading statements,” in its words.

    On Nov. 29, technical analyst and Swiss investor Walter Bloomberg told his 622K Twitter followers “Silvergate Capital said to have lent money to BlockFi,” but failed to provide any evidence.

    Others have added to the FUD fest with several Tweets over the past week, however, most of them were lacking specifics.

    On Nov. 28 Cointelegraph reported that BlockFi had become the latest victim of the FTX contagion to file for Chapter 11 bankruptcy.

    The filing stated that BlockFi has more than 100,000 creditors, assets between $1 billion and $10 billion, and similar liabilities. The latest high-profile crypto bankruptcy appears to have fuelled this recent round of FUD, which Silvergate has seen fit to refute.

    Related: Silvergate Capital's crypto-to-fiat transfers decrease by $50B compared with Q3 2021

    Earlier this month, the WSJ ran an article on Silvergate claiming that the company was battling the contagion fears. The crypto bank has seen its stock prices plunge this year but that has been the case for most publically listed crypto companies.

    SI prices declined 11.1% on the day to finish at $24.45 in after-hours trading according to Market Watch. Silvergate stock has slumped 83.6% since the beginning of the year.

    On Nov. 23, Cointelegraph reported that CEO, Brendan Blumer, had purchased a stake in Silvergate Capital.

    Tue, 29 Nov 2022 01:00:01 -0500 ishook
    Euro Fights Back Against a Tumultuous US Dollar Caught Between Risk and a Hawkish Fed Tue, 29 Nov 2022 00:55:03 -0500 ishook POLL&South Korea Nov exports set to fall by most in 2&1/2 years Tue, 29 Nov 2022 00:50:03 -0500 ishook POLL&Oil embargo set to restrain Russian stocks recovery in 2023 Tue, 29 Nov 2022 00:35:03 -0500 ishook What To Expect From Deutsche Bank Stock? Tue, 29 Nov 2022 00:35:03 -0500 ishook What's Next For Deere Stock After A Solid Q4? Tue, 29 Nov 2022 00:20:02 -0500 ishook Bankrupt BlockFi Sues Sam Bankman&Fried for His Robinhood Shares, FT Reports Tue, 29 Nov 2022 00:15:03 -0500 ishook Global Stocks Rise as China Rebounds; Dollar Falls: Markets Wrap Tue, 29 Nov 2022 00:10:02 -0500 ishook Stock Market Closes Lower After Fed Official Says Inflation Could Last Into 2024 Tue, 29 Nov 2022 00:10:02 -0500 ishook Is Citigroup Stock Fairly Priced? Tue, 29 Nov 2022 00:05:02 -0500 ishook Should You Buy Teleflex Stock At $225? Tue, 29 Nov 2022 00:05:01 -0500 ishook Cyber Monday: Final Hours For Deals Under $25 at Amazon, Walmart and More & CNET Tue, 29 Nov 2022 00:00:02 -0500 ishook Last Chance Cyber Monday Bed Accessory Deals: Save on Sheets, Pillows and Even Dog Beds & CNET Tue, 29 Nov 2022 00:00:02 -0500 ishook Snap Reportedly Tells Staff to Be in the Office 4 Days a Week by February & CNET Tue, 29 Nov 2022 00:00:02 -0500 ishook Don't Miss These Last Chance Cyber Monday Deals At Target & CNET Tue, 29 Nov 2022 00:00:02 -0500 ishook Cyber Monday: Your Last Change to Save $48 on Peacock Premium & CNET Tue, 29 Nov 2022 00:00:02 -0500 ishook POLL&BOJ's next move will unwind loose policy, 92% of economists say Mon, 28 Nov 2022 23:45:02 -0500 ishook Is There A Better Pick Over 3M Stock? Mon, 28 Nov 2022 23:45:02 -0500 ishook Yardeni Says Curve Inversion Shows Bonds, Stocks Have Bottomed Mon, 28 Nov 2022 23:30:02 -0500 ishook Calls for regulation get louder as FTX contagion continues to spread

    The FTX saga has made some crypto executives, researchers, analysts, and politicians more aligned on regulation than ever.

    Crypto executives and politicians are becoming louder in their calls for crypto regulation as the aftermath of the FTX collapse through the industry. 

    In just the last 24 hours, the European Central Bank (ECB) president Christine Lagarde called regulation and supervision of crypto an “absolute necessity” for the European Union, while United States House Financial Services Committee Chair Maxine Waters announced that lawmakers will explore the collapse of FTX in a Dec. 13 inquiry.

    On Nov. 28, United States Senator and crypto supporter Cynthia Lummis described the collapse of FTX as a wake-up call for congress, according to The Financial Times. 

    During an interview at the Financial Times’ Crypto and Digital Assets Summit, Lummis said the bipartisan bill she introduced this year would have prevented the FTX collapse as regulators would be able to see if an exchange fell below the threshold “Immediately.”

    “Those are things that had they been in place for FTX, would have set off alarm bells, that would have created regulatory enforcement actions and reviews by federal regulatory agencies,” she explained.

    Meanwhile, in an on-stage talk at the University of Nicosia as part of a Binance Meetup Nicosia, Binance CEO Changpeng Zhao said he believes regulation is a way to help the industry develop, “protect consumers” and apply consequences to those caught breaking the law.

    Stephanie Link a Chief Investment Strategist and Portfolio Manager at investment advisor Hightower Advisors, has called for more regulation as well, stating crypto is “Broken and irrelevant” until there is regulation.

    Why do we continue to discuss crypto? Broken and Irrelevant. Until there is regulation.

    — Stephanie Link (@Stephanie_Link) November 27, 2022

    Tom Dunleavy, a senior research analyst from crypto analytics firm Messari gave similar pro-regulation sentiment in a Nov. 28 post on Twitter, noting that clearer regulation around crypto will pave the way “for massive flows” of new investors.

    The biggest concern institutional investors have with investing in crypto is the uncertain regulatory environment

    Clearer regulation paves the way for massive flows

    — Tom Dunleavy (@dunleavy89) November 28, 2022

    “The biggest concern institutional investors have with investing in crypto is the uncertain regulatory environment,” Dunleavy said.

    The crypto analyst cited the Coinbase-sponsored 2022 Institutional Investor Digital Assets Outlook Survey which found just over half of the respondents considering investing in crypto were concerned about the uncertain regulatory environment.

    Related: FTX collapse put the Singapore government in a parliamentary hot seat

    Last week, banking and financial services JP Morgan in a Nov. 24 note said that it expects there to be more urgency to get a consistent framework in place in the wake of FTX’s collapse.

    According to the firm, regulations are likely to be imported from the traditional finance system, “Thus causing a convergence of the crypto ecosystem towards the traditional finance system.”

    Mon, 28 Nov 2022 23:20:02 -0500 ishook
    Analysts love these energy stocks — and give one upside of more than 60% Mon, 28 Nov 2022 23:15:02 -0500 ishook What's Next For Baidu After Q3 Earnings Beat? Mon, 28 Nov 2022 23:10:04 -0500 ishook What's Next For Chevron's Stock? Mon, 28 Nov 2022 22:50:02 -0500 ishook Should You Buy NY Times' Stock At $35? Mon, 28 Nov 2022 22:50:02 -0500 ishook Sonos Cyber Monday Sale: Your Final Chance to Save 20% on Speakers, Soundbars and More & CNET Mon, 28 Nov 2022 22:45:03 -0500 ishook Cyber Monday Deals: Last Chance to Score Beats Headphones at All&Time Low Prices & CNET Mon, 28 Nov 2022 22:45:03 -0500 ishook The Best Last Chance Cyber Monday Deals on Amazon Devices & CNET Mon, 28 Nov 2022 22:45:03 -0500 ishook More People Should Watch This Perfect 2005 Christmas Movie & CNET Mon, 28 Nov 2022 22:30:02 -0500 ishook FTX resumes employee and contractor payments after weeks in limbo

    The payments will exclude former FTX CEO Sam Bankman-Fried, and certain former execs including Gary Wang, Nishad Singh, and Alameda's Caroline Ellison.

    Bankrupt crypto exchange FTX has announced it will be “resuming ordinary” cash payments, salaries and benefits to its remaining employees around the world.

    The announcement came from new FTX CEO John Ray III on Nov. 28, as the insolvency professional looks to help FTX and its approximated 101 affiliated companies (FTX Debtors) navigate their way through the U.S. Bankruptcy Court in Delaware.

    "With the Court's approval of our First Day motions and the work being done on global cash management, I am pleased that the FTX group is resuming ordinary course cash payments of salaries and benefits to our remaining employees around the world.”

    “FTX also is making cash payments to selected non-U.S. vendors and service providers where necessary to preserve business operations, subject to the limits approved by the Bankruptcy Court,” he added.

    The announcement comes around 10 days after FTX debtors filed a motion to pay prepetition compensation and benefits to employees and contractors in the Delaware bankruptcy court on Nov. 19, which excludes payments to former FTX CEO and founder Sam Bankman-Fried, along with Gary Wang, Nishad Singh, and Caroline Ellison.

    Sharing our press release just issued: FTX Resumes Ordinary Course Payments of Employees and Certain Foreign Contractors

    — FTX (@FTX_Official) November 28, 2022

    The latest announcement will mean that the remaining employees and contractors of FTX will be receiving nearly three weeks' worth of pay, which was presumably halted after the company filed for bankruptcy on Nov. 11.

    Ray acknowledged the financial hardship imposed on FTX employees and foreign contractors with the payment delay and thanked them for their support.

    “We recognize the hardship imposed by the temporary interruption in these payments and thank all of our valuable employees and partners for their support."

    The relief will include cash payments owed to workers at FTX Trading and 101 other affiliated companies since the Nov. 11 bankruptcy filing, in addition to the many vendors and service providers who still need to be paid out by FTX.

    However, the resumption of payments won’t apply to all FTX subsidiaries and related companies.

    In The Bahamas, where the crypto exchange is headquartered, only employees and contractors of the FTX Debtors will receive relief, but not those who worked for FTX Digital Markets, which is subject to a separate liquidation proceeding in The Bahamas.

    It also won't apply to Australia-based employees and contractors for FTX Australia and its subsidiary FTX Express, which are also subject to separate proceedings in Australia.

    Related: US House committee sets Dec. 13 date for FTX hearing

    On Nov. 22, FTX Trading announced it had been granted interim and final approvals for all of the "First Day" motions for matters related to its bankruptcy filing on Nov. 11.

    At the time, Ray said he expected the motions to fast-track FTX Debtor’s efforts to reimburse other stakeholders affected by the trading platform’s collapse, such as FTX users and creditors, with the new CEO suggesting that a potential buyout of FTX’s assets could benefit stakeholders sooner rather than later.

    However, some insolvency lawyers warn that the process could take years, or even decades, given the complexity and scope of FTX’s collapse.

    Insolvency lawyer Stephen Earel, partner at Co Cordis in Australia recently told Cointelegraph that it’ll take the courts several years, if not decades, to determine who owned what crypto assets before coming up with a plan to redistribute those funds.

    FTX Trading alone owes its top 50 creditors $3.1 billion, according to a document submitted as part of its Chapter 11 bankruptcy proceedings.

    Mon, 28 Nov 2022 22:25:02 -0500 ishook
    Fundstrat saw Bitcoin hitting $200,000 before it fell to $16,000. Here’s why they’re still hopeful after a ‘horrific year’ for crypto Mon, 28 Nov 2022 22:20:02 -0500 ishook Oil surges as speculation over OPEC cut outweighs China concerns Mon, 28 Nov 2022 22:20:01 -0500 ishook Oil prices slide on concerns over China's demand Mon, 28 Nov 2022 22:20:01 -0500 ishook 'Andor' Ending Explained: Season Finale, Post&Credits Scene Recap & CNET Mon, 28 Nov 2022 22:10:02 -0500 ishook US Dollar Soars as Dow Jones Sinks on Hawkish Fed Comments. DXY Ready to Reverse? Mon, 28 Nov 2022 22:00:05 -0500 ishook Crude Oil Price Looks Lower on China Lockdown Fears Ahead of OPEC+. Where to for WTI? Mon, 28 Nov 2022 22:00:04 -0500 ishook Fed’s shrinking of balance sheet via quantitative tightening is ‘a complete mistake,’ says Mizuho Mon, 28 Nov 2022 22:00:02 -0500 ishook Dow Jones Sells Off Nearly 500 Points On China Covid Protests, Fed Official Comments: What To Do Ahead Of Powell Speech Mon, 28 Nov 2022 22:00:02 -0500 ishook How Disney's Fired CEO Got Paid $44 Million To Get Lost Mon, 28 Nov 2022 22:00:02 -0500 ishook Looming S&P 500 Bear Case Sees 15% Drop on Fed Balance&Sheet Unwind Mon, 28 Nov 2022 22:00:02 -0500 ishook CrowdStrike, Okta And Zscaler Likely To Post Upbeat Quarterly Results, Analyst Says Mon, 28 Nov 2022 22:00:02 -0500 ishook Marathon Oil's Solid Balance Sheet & Shareholder Returns Prompt 30% Price Target Hike By This Analyst Mon, 28 Nov 2022 22:00:02 -0500 ishook POLL&Rates and recession: European shares face rocky start to 2023 Mon, 28 Nov 2022 21:55:02 -0500 ishook POLL&Japan's Nikkei seen rallying 6% to key 30,000 level by mid&2023 Mon, 28 Nov 2022 21:55:02 -0500 ishook Tesla Working on Model 3 Redesign, Report Says & CNET Mon, 28 Nov 2022 21:30:03 -0500 ishook These Cyber Monday Google Store Deals End Soon: Save on Pixel, Nest, Fitbit and More & CNET Mon, 28 Nov 2022 21:30:03 -0500 ishook Merriam&Webster's Word of the Year Is as Grim as You'd Expect & CNET Mon, 28 Nov 2022 21:30:03 -0500 ishook Best Target Cyber Monday Sales: Final Hours to Score These 27+ Deals & CNET Mon, 28 Nov 2022 21:30:02 -0500 ishook EURUSD Reverses from 1.0500 Again as Fed and ECB Will Both Escalate Signaling Mon, 28 Nov 2022 21:25:01 -0500 ishook Gold sinks below $1,750 on hawkish Fed comments, copper steady Mon, 28 Nov 2022 21:00:04 -0500 ishook BlockFi sues FTX's Bankman&Fried over shares in Robinhood

    BlockFi is demanding Bankman-Fried’s investment company turn over its shares in Robinhood as collateral it agreed to pay as part of a pledge agreement.

    Newly-bankrupt crypto lending platform BlockFi has filed a lawsuit against Sam Bankman-Fried’s holding company Emergent Fidelity Technologies seeking his shares in Robinhood that were pledged as collateral earlier in November.

    The suit was filed on Nov. 28 in the United States Bankruptcy Court for the District of New Jersey just hours after BlockFi filed for Chapter 11 bankruptcy in the same court.

    As per the filing, BlockFi is demanding Emergent turnover collateral as part of a Nov. 9 pledge agreement that saw Emergent agree to a payment schedule with BlockFi that it has allegedly failed to pay.

    BlockFi names the collateral as “including certain shares of common stock.”

    In May, Bankman-Fried acquired a 7.6% stake in the online brokerage firm Robinhood, buying a total of $648 million in Robinhood shares through his Emergent investment company.

    Related: FTX collapse drives curiosity around Sam Bankman-Fried, Google data shows

    BlockFi is one of the latest firms to file for bankruptcy as a result of the collapse of FTX crypto exchange.

    The crypto firm initially previously denied that a majority of its assets were held on FTX earlier in the month, but also acknowledged “significant exposure” to FTX.

    In its bankruptcy filing, BlockFi stated that it has assets between $1 billion and $10 billion with liabilities in the same range, along with over 100,000 creditors.

    Mon, 28 Nov 2022 20:40:02 -0500 ishook
    From "Black Friday" to "White Paper Revolution" Mon, 28 Nov 2022 19:55:04 -0500 ishook Crypto Bank Silvergate Says Its BlockFi Digital Asset Deposit Exposure Totals Less Than $20M Mon, 28 Nov 2022 19:55:02 -0500 ishook Google, iHeartMedia Pay $9 Million to Settle Deceptive Endorsement Claims Mon, 28 Nov 2022 19:55:01 -0500 ishook Musk Claims Apple Is Threatening to Remove Twitter From App Store Mon, 28 Nov 2022 19:55:01 -0500 ishook Elon Musk's Boring Company Ghosts Cities Across America Mon, 28 Nov 2022 19:55:01 -0500 ishook 'Knives Out' Sequel Delivers in Theaters for Streaming Giant Netflix Mon, 28 Nov 2022 19:55:01 -0500 ishook Disney's Robert Iger Faces Troubled Animation Market Mon, 28 Nov 2022 19:55:01 -0500 ishook Li Auto Inc. Sponsored ADR (LI) Gains As Market Dips: What You Should Know Mon, 28 Nov 2022 19:40:02 -0500 ishook ANALYSIS&China protests highlight Xi's COVID policy dilemma & to walk it back or not Mon, 28 Nov 2022 19:40:01 -0500 ishook BlackBerry (BB) Stock Moves &0.83%: What You Should Know Mon, 28 Nov 2022 19:40:01 -0500 ishook Darden Restaurants (DRI) Stock Moves &1.06%: What You Should Know Mon, 28 Nov 2022 19:40:01 -0500 ishook Oxford Industries (OXM) Stock Moves &1.28%: What You Should Know Mon, 28 Nov 2022 19:20:05 -0500 ishook Cal&Maine Foods (CALM) Dips More Than Broader Markets: What You Should Know Mon, 28 Nov 2022 19:20:05 -0500 ishook Wells Fargo (WFC) Stock Moves &0.97%: What You Should Know Mon, 28 Nov 2022 19:20:05 -0500 ishook Netflix (NFLX) Stock Moves &1.53%: What You Should Know Mon, 28 Nov 2022 19:20:05 -0500 ishook Broadcom Inc. (AVGO) Stock Moves &1.45%: What You Should Know Mon, 28 Nov 2022 19:20:05 -0500 ishook AutoZone (AZO) Stock Moves &0.63%: What You Should Know Mon, 28 Nov 2022 19:20:04 -0500 ishook From the NY Times to WaPo, the media is fawning over Bankman&Fried

    Mainstream media outlets just can’t seem to stop drooling over the disgraced FTX founder.

    Nearly three weeks have passed since FTX founder Sam “SBF” Bankman-Fried announced that his exchange was facing a deep liquidity crisis, was unable to find a last-minute bailout, and was forced to file for Chapter 11 bankruptcy. The insolvency impacted millions of investors, leaving many portfolios completely wiped out.

    Bankman-Fried has openly admitted that FTX loaned customer deposits to Alameda Research, FTX’s sister hedge fund, although he has characterized this as a mistake that was caused by “confusing internal labeling.” FTX’s terms of service explicitly state that customer funds will never be lent to other financial institutions or used by FTX for proprietary trades. Sam publicly stated in a now-deleted tweet, “We don’t invest client assets (even in treasuries).”

    The broader crypto markets have bled red in response, and other industry stalwarts now face insolvency risk with the contagion spreading to Genesis, Grayscale and many other firms that held assets on FTX or were owed money by Alameda Research.

    Related: The fall of FTX and Sam Bankman-Fried might be good for crypto

    FTX’s new turnaround CEO John Ray III stated in court documents, “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” In the same court documents, FTX admitted that it may have more than 1 million creditors, the majority of whom were users who lost money when SBF took it and loaned it to Alameda Research for its proprietary trading business.

    In the wake of Bankman-Fried’s actions, it’s deeply appalling that mainstream media outlets like The Wall Street Journal, The New York Times, The Washington Post, Forbes, and many others have covered the FTX scandal and ensuing meltdown with kiddy gloves, refusing to call out Bankman-Fried and his inner circle for using and abusing customer funds.

    Instead, these publications have largely framed the FTX disaster as a series of honest mistakes by overly ambitious and quirky entrepreneurs that adhere to the effective altruism movement. Bankman-Fried and insiders like Caroline Ellison, former CEO of Alameda Research, were simply trying to do good for the world and will no longer be able to see their benevolent aspirations through.

    The Wall Street Journal, for instance, published an article focused primarily on Bankman-Fried’s charitable aspirations — while lightly glossing over the fact that he misused customer funds:

    Bankman-Fried has said his law-professor parents instilled in him an interest in utilitarianism, the philosophy of trying to do the greatest good for the greatest number of people. He said he started putting those ideals into practice while majoring in physics at MIT. Concerned with the suffering of animals on factory farms, he said, he stopped eating meat.

    The WSJ also delved into the FTX Foundation and its Future Fund (a nonprofit arm of FTX), discussing how many good causes are no longer able to collect on promised grants:

    Related: Will SBF face consequences for mismanaging FTX? Don’t count on it

    “The collapse of Mr. Bankman-Fried’s empire has reverberated well beyond its Bahamas base, through the halls of academia and pioneering laboratories around the world. Several grant recipients [...] were still owed funds when FTX failed, according to people familiar with the matter.”

    Not once did the WSJ condemn Bankman-Fried for his actions. While it discussed multi-million dollar losses that charitable causes have suffered, it failed to mention the multiple billions that were stolen from FTX customers who were promised their deposits were safe.

    Similarly, The Washington Post reported that Sam Bankman-Fried and his brother Gabe wanted to make a difference after the global pandemic rocked the world in 2020:

    A Washington Post review of lobbying disclosures, federal records and other sources found that the brothers and their network have spent at least $70 million since October 2021 on research projects, campaign donations and other initiatives intended to improve biosecurity and prevent the next pandemic.

    The publication omitted the fact that charitable donations were, in fact, funded by money SBF obtained from customers. The article further lamented that the brothers will no longer be able to fund their pandemic-related philanthropic efforts:

    But the sudden collapse of FTX, which filed for bankruptcy last Friday after reports that customer funds were being used to prop up a sister trading firm, has sparked a financial contagion expected to doom the brothers’ pandemic-prevention agenda.

    Unfortunately, the impact of FTX collapsing goes far beyond negatively impacting pandemic-prevention funding. Millions of people lost their money by trusting FTX to custody their crypto. Companies using FTX to hold their corporate treasuries are now going under. Hedge funds, venture capitals, and centralized finance platforms have all been severely crippled, with some investors that have otherwise outperformed the market now facing 50% losses because of the embezzling of their funds.

    Perhaps the most egregious reports have come from The New York Times. In one widely criticized puff piece, the author painted a picture of an ambitious but overextended entrepreneur who made mistakes but did so legally. With a little bit more oversight or perhaps a larger team, they advised, these costly mistakes may have been avoided. They even described SBF as a philanthropist who let his charitable ambitions get too large:

    Even as he kept hiring down, Mr. Bankman-Fried built an ambitious philanthropic operation, invested in dozens of other crypto companies, bought stock in the trading firm Robinhood, donated to political campaigns, gave media interviews and offered Elon Musk billions of dollars to help finance the mogul’s Twitter takeover. Mr. Bankman-Fried said he wished ‘we’d bitten off a lot less.’

    The downright offensive reporting painted the embattled ex-CEO as simply being too busy and overworked to properly monitor what was going on in his companies.

    FTX and Alameda Research are described as closely linked. However, they are not described as related parties that should have clear restrictions when doing business with one another. In no world was it appropriate to commingle funds between the two parties when FTX’s assets were primarily customer funds. Instead, the article explained Bankman-Fried’s defense of the muddied relationship by pointing out that Alameda is a crucial market maker and liquidity provider to FTX.

    Related: My story of telling the SEC ‘I told you so’ on FTX

    In a follow-up post, the NYT explored SBF’s political and charitable contributions in depth, describing the now-shamed entrepreneur as the Democratic Party’s second-largest donor behind George Soros, and depicting his broad influence on politics and regulation:

    A network of political action committees, nonprofits and consulting firms funded by FTX or its executives worked to court politicians, regulators and others in the policy orbit, with the goal of making Mr. Bankman-Fried the authoritative voice of crypto, while also shaping regulation for the industry and other causes, according to interviews, email exchanges and an encrypted group chat viewed by The New York Times.

    Amid the discussion of his numerous donations, the article never once posited where Bankman-Fried’s generous funding came from. There is no mention that FTX and Alameda are now bankrupt, and that many lives are ruined. Funds that were stolen from users to prop up FTX’s equity value or FTT’s price that are then used for political and charitable donations should be clawed back. Put simply, the money was not Bankman-Fried’s to give.

    Forbes wrote a similar puff piece on the other antagonist in the FTX downfall and former CEO of Alameda Research, Caroline Ellison. It led with effusive compliments for the now-fired executive:

    Alameda Research CEO Caroline Ellison is a math whiz who loves Harry Potter, fringe political philosophy and taking big risks. She is also one of the supporting players in Sam Bankman-Fried's FTX catastrophe.

    The article went on to profile her ascension from star student at Stanford to Alameda Research, where she eventually took the reins at the proprietary trading firm. It discussed her penchant for math, polyamory and, of course, effective altruism. It also suggested she may be the scapegoat for the downfall of Alameda:

    Many of the people who have flocked to Ellison’s defense gather on Urbit, a peer-to-peer platform [...], one of her online supporters told Forbes. They think Ellison was set up to be the fall person, and claim that former co-CEO Sam Trabucco, who they derisively call ‘Sam Tabasco,’ is behind Alameda’s implosion.

    Forbes hinted that Ellison could flee Hong Kong for Dubai, but did little in assigning accountability to the former CEO. It blatantly omitted the fact that she was at the helm of disastrous trading and risk management at Alameda, including her involvement in transferring FTX customer funds to Alameda to backstop her trading losses.

    The mainstream media should be accountable to higher standards of journalism than we’ve seen in this coverage. Too many outlets have compromised the veracity of their reporting, perhaps because their reporters share Bankman-Fried’s left-leaning politics.

    It’s clear Bankman-Fried’s influence reaches far beyond the crypto industry and extends into the mainstream media. We need stronger citizen journalism to get the full truth out, and we must collectively make sure that the former billionaire is held accountable for his actions.

    Matthew Liu is the co-founder of Origin Protocol, a blockchain platform that brings NFTs and DeFi to the masses through its two flagship products, Origin Story ( and Origin Dollar ( A serial entrepreneur, he previously co-founded PriceSlash (acquired by BillShark) and Unicycle Labs. He was one of the earliest PMs at YouTube before it was acquired by Google, and also served as VP of Product at Qwiki (acquired by Yahoo!) and Bonobos (acquired by Walmart). He bought his first BTC in 2012 and participated in the Ethereum crowdsale in 2014.

    This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

    Mon, 28 Nov 2022 19:20:03 -0500 ishook
    Aave Supporters Say Lending Freeze Will Help Transition the Network Mon, 28 Nov 2022 19:20:03 -0500 ishook JPMorgan Chase & Co. (JPM) Dips More Than Broader Markets: What You Should Know Mon, 28 Nov 2022 19:10:04 -0500 ishook Accenture (ACN) Dips More Than Broader Markets: What You Should Know Mon, 28 Nov 2022 19:10:04 -0500 ishook DocuSign (DOCU) Stock Moves &0.52%: What You Should Know Mon, 28 Nov 2022 19:10:03 -0500 ishook RELY Crosses Below Key Moving Average Level Mon, 28 Nov 2022 19:10:02 -0500 ishook Israel’s Ministry of Finance Proposes New Guidelines for Regulating Digital Assets Mon, 28 Nov 2022 19:05:03 -0500 ishook Last Chance: 8 Cyber Monday Deals at Their Lowest Prices Ever & CNET Mon, 28 Nov 2022 19:05:02 -0500 ishook Audi Debuts Sharper Performance Versions of 2023 RS 6 Avant, RS 7 Sportback & CNET Mon, 28 Nov 2022 19:05:02 -0500 ishook More People Should Watch This Slick Time Travel Mystery on Netflix & CNET Mon, 28 Nov 2022 19:05:02 -0500 ishook Why SVB Financial (SIVB) Is Out of Favor for Investors Mon, 28 Nov 2022 18:50:02 -0500 ishook Crypto Markets Today: BlockFi Files for Bankruptcy Protection, MakerDAO Rejects $500M Proposal to Invest in Bonds and BTC Slides Mon, 28 Nov 2022 18:45:04 -0500 ishook 2023 Audi RS 6 Avant Performance Packs 621 HP & CNET Mon, 28 Nov 2022 18:45:03 -0500 ishook 2023 Audi RS 7 Performance Is a Sharper Sportback & CNET Mon, 28 Nov 2022 18:45:03 -0500 ishook Cyber Monday: Last Day to Get Peacock Premium For Just $1 a Month (Save $48) & CNET Mon, 28 Nov 2022 18:45:03 -0500 ishook Elon Musk Is Weaponizing Twitter Against Apple Now & CNET Mon, 28 Nov 2022 18:45:03 -0500 ishook Gift Idea for a Film&Lover: Alamo Drafthouse Gift Card Deal Ends Soon & CNET Mon, 28 Nov 2022 18:45:03 -0500 ishook Cyber Monday Deals Ending Soon: Don't Miss These 77 Sales Under $50 & CNET Mon, 28 Nov 2022 18:45:03 -0500 ishook Meta fined €265M for allowing scrapers to steal Facebook's centralized user data

    Blockchain and Web3 companies are attempting to prevent leaks like these in the future by creating alternative login processes and distributing necessary data collection in a highly decentralized way.

    The Irish Data Protection Commission (DPC) announced on Nov. 28 that it has fined Facebook developer Meta €265m for breach of the European Union’s General Data Protection Regulation (GDPR). Specifically, the commission stated that it had fined Meta for failing to design Facebook in such a way that it would protect users from data breaches.

    The announcement followed a more than year-long investigation that began in April, 2021. The breach itself occurred even earlier, in late 2019.

    Data Protection Commission announces decision in Facebook “Data Scraping” Inquiry:

    — Data Protection Commission Ireland (@DPCIreland) November 28, 2022

    The data breach was first discovered when a Tech Crunch report revealed that hundreds of millions of Facebook users’ phone numbers were listed in a publicly-accessible database online. Although the database was later taken down by the web-host, its existence revealed that Facebook’s data had been breached.

    In April, 2021, the DPC began investigating the breach. At the time, Meta posted a statement about the breach called “The Facts on News Reports About Facebook Data.” Meta claimed that an attacker had used its contact importer tool to spam the server with phone numbers to see which ones had Facebook accounts associated with them.

    Each time the attacker got a response, they were able to gain the personal details of the user and match these details up with the users’ phone number. As a result, users’ personal data had been leaked to malicious actors.

    In the statement, Meta claimed that it had patched this contact importer vulnerability once the breach was discovered and that the tool was now safe.

    According to the new DPC statement, it found “infringement of Articles 25(1) and 25(2) GDPR” due to this incident and “has imposed administrative fines totalling €265 million.”

    The use of personal data in social media apps has become controversial in recent years as data breaches have become commonplace.

    Several blockchain companies have attempted to solve the problem by creating blockchain social media apps that do not require users to give out their email addresses or phone numbers. For example, both Bitclout and Blockster are social media apps that allow users to sign in with just an Ethereum wallet.

    Ethereum Developers have also offered a proposal, called “EIP-4361,” to standardize the wallet login process across all apps. Supporters believe this could eliminate the need to ask users for sensitive personal information in social media apps, which could help to prevent breaches like this in the future.

    Mon, 28 Nov 2022 18:40:03 -0500 ishook
    7 Science&Backed Foods That Make You Happy & CNET Mon, 28 Nov 2022 18:15:02 -0500 ishook New 3D Map of Mars' North Pole Reveals Buried Canyon & CNET Mon, 28 Nov 2022 18:15:02 -0500 ishook ECB president reiterates calls for 'MiCA II' in response to FTX collapse

    In June, Christine Lagarde said a potential MiCA II framework “should regulate the activities of crypto-asset staking and lending, which are definitely increasing.”

    Christine Lagarde, president of the European Central Bank, or ECB, has once again called regulation and supervision of crypto an “absolute necessity” for the EU in the wake of the collapse of crypto exchange FTX.

    At a Nov. 28 hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Lagarde cited Facebook’s Libra as an example of the ECB’s involvement which was “helpful to stop some of the players” from engaging with crypto firms. However, she said the situation with FTX — involved with crypto assets as opposed to stablecoins — was more about the “stability and reliability” of the exchange and the ECB needed to step up as a global regulator to address people’s increasing interest in digital assets.

    “At least Europe [on the road to crypto regulation] is ahead of the pack,” said the ECB president. “But as I said previously, it’s one step in the right direction. This is not it — there will have to be a MiCA II, which embraces broader what it aims to regulate and to supervise, and that is very much needed.”

    Introductory statement by President Christine @Lagarde at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament

    — European Central Bank (@ecb) November 28, 2022

    The Markets in Crypto Assets bill, or MiCA, is awaiting final approval following legal and linguistic checks by EU lawmakers. The European Parliament economics committee accepted the MiCA framework in October following trialogue negotiations between the EU Council, the European Commission and the European Parliament. Many expect the policy to go into effect starting in 2024.

    Lagarde referred to MiCA II — presumably additional legislation building on the work lawmakers did for the original bill — in June. At the time, the ECB president said the framework “should regulate the activities of crypto-asset staking and lending, which are definitely increasing.”

    Related: European Central Bank addresses guidance on licensing of digital assets

    European Parliament economics committee member Stefan Berger, one of the proponents of the MiCA framework, also cited the downfall of FTX in advocating for crypto regulation on Nov. 9:

    “The FTX case makes it clear what dangers a completely unregulated crypto market and crypto exchanges without licenses entail. We still have a large number of crypto asset service providers whose concept is not understandable. MiCA addresses exactly this problem. With a global MiCA, the FTX crash would not have happened.”

    The ECB is currently conducting the two-year investigative phase of its digital euro project, exploring the use of online payments validated by third parties. Some officials within the EU expect to see legislation related to a digital euro in 2023.

    Mon, 28 Nov 2022 18:10:04 -0500 ishook
    FTX collapse impacts Miami’s nightclub scene: Report

    Young crypto entrepreneurs went from spending big bucks on champagne showers to being visibly absent from the nightclub scene.

    The fallout from the collapse of FTX spans beyond the Web3 and crypto ecosystem. Reports gathered by the Financial Times suggest that nightclubs in Miami have been negatively affected by the collapse of the once-reputable cryptocurrency exchange.

    According to nightclub owners, young, nerdy crypto bros went from lavishly spending on champagne showers and buying $50,000 tables at clubs to completely vanishing from the nightlife scene.

    Andrea Vimercati, director of food and beverage at the Moxy Hotel group, told the Financial Times: “They were ordering 12 or 24 bottles of the most expensive champagne and just showering themselves without even drinking.” According to the nightclub staff, the young, nouveau riche entrepreneurs walked around the clubs pulling out their digital wallets and bragging about the amount of money they were making.

    However, the unexpected implosion of FTX, loss of funds and fall in the value of cryptocurrencies have completely changed the nightlife scene in Miami. The young crypto entrepreneurs who once splurged in nightclubs now appear to be visibly absent following the collapse of FTX. 

    Gino LoPinto, operating partner at Miami nightclub E11even, shared that once his establishment started accepting cryptocurrency payments, it processed $6 million worth of transactions between April and December 2021. However, over the last three months, the club has only recorded about $10,000 worth of transactions. 

    Related: FTX collapse put the Singapore government in a parliamentary hot seat

    Since the collapse of FTX, many companies and individuals have been affected. On Nov. 28, BlockFi announced that it had filed for Chapter 11 bankruptcy, citing the collapse for its troubles

    On Nov. 15, Cointelegraph reported that FTX-owned Japanese cryptocurrency exchange Liquid took to Twitter to officially announce it had suspended fiat and crypto withdrawals on its Liquid Global platform.

    Mon, 28 Nov 2022 18:10:04 -0500 ishook
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    U.S. House schedules its first FTX hearing as ECB President Lagarde calls for broader crypto regulation Bookmark and Share

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    Bitcoin pulls back to support at $16,200 as unrest in China rattles global markets Bookmark and Share

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    Mon, 28 Nov 2022 18:10:02 -0500 ishook
    FTX Received Some Customer Deposits Via Bank Accounts Held by Alameda Mon, 28 Nov 2022 18:05:04 -0500 ishook Mark Cuban: Here's why we couldn't close the Shark Tank&infused Woobles deal Mon, 28 Nov 2022 18:05:04 -0500 ishook AROC Makes Notable Cross Below Critical Moving Average Mon, 28 Nov 2022 18:05:02 -0500 ishook Brixmor Property Group (BRX) Shares Cross Below 200 DMA Mon, 28 Nov 2022 18:05:02 -0500 ishook Why the $12 Tamagotchi Is the Best Gift to Buy on Cyber Monday & CNET Mon, 28 Nov 2022 18:00:03 -0500 ishook Best Meal Delivery Deals for Cyber Monday 2022 & CNET Mon, 28 Nov 2022 17:55:03 -0500 ishook Noteworthy Monday Option Activity: MSTR, WYNN, AXSM Mon, 28 Nov 2022 17:45:03 -0500 ishook Notable Two Hundred Day Moving Average Cross & PAYO Mon, 28 Nov 2022 17:45:02 -0500 ishook Victory Capital Holdings Breaks Below 200&Day Moving Average & Notable for VCTR Mon, 28 Nov 2022 17:45:02 -0500 ishook Omega Healthcare Investors Breaks Below 200&Day Moving Average & Notable for OHI Mon, 28 Nov 2022 17:45:02 -0500 ishook Relative Strength Alert For Telephone & Data Systems Mon, 28 Nov 2022 17:45:02 -0500 ishook Vishay (VSH) Unveils an Optocoupler, Expands Portfolio Mon, 28 Nov 2022 17:45:02 -0500 ishook Notable Two Hundred Day Moving Average Cross & JKHY Mon, 28 Nov 2022 17:45:02 -0500 ishook UPS Strong on Dividends & Buybacks Despite Cost Challenges Mon, 28 Nov 2022 17:45:02 -0500 ishook Ukrainian Government Puts Binance Payment Service Integration on Hold Mon, 28 Nov 2022 17:40:03 -0500 ishook DeFi Giant MakerDAO Voting on Hiking DAI Stablecoin Rewards Mon, 28 Nov 2022 17:40:03 -0500 ishook Regulating Crypto Not a ‘One&Agency Solution,’ CFTC Commissioner Says Mon, 28 Nov 2022 17:40:03 -0500 ishook Google Settles FTC Charges About 'Deceptive' Pixel 4 Endorsements & CNET Mon, 28 Nov 2022 17:40:02 -0500 ishook The Best Cyber Monday Deals on Amazon Devices Won't Be Around For Much Longer & CNET Mon, 28 Nov 2022 17:40:02 -0500 ishook Apple Watch vs. Oura Ring: Which Is the Better Sleep Tracker? & CNET Mon, 28 Nov 2022 17:40:02 -0500 ishook S&P, Nasdaq, Dow Jones Tighten Ahead of a Busy Economic Calendar Mon, 28 Nov 2022 17:35:01 -0500 ishook Notable Two Hundred Day Moving Average Cross & CTRE Mon, 28 Nov 2022 17:25:03 -0500 ishook Wrapped Bitcoin Trades at Discount Amid Market Contagion Mon, 28 Nov 2022 17:00:03 -0500 ishook GK8 increases insurance cap on digital assets to $1B

    Institutional customers storing Bitcoin and other digital assets in GK8’s cold vault will receive up to $1 billion in insurance coverage.

    Digital asset custody platform GK8 has partnered with USI Insurance Services to expand its insurance policy for institutional customers — a move the company said would incentivize banks and other financial institutions to start investing in cryptocurrency. 

    The insurance policy offers up to $1 billion of coverage per client for digital assets stored in GK8’s cold vault and up to $125 million for assets stored in MPC custody, the company announced on Nov. 28. GK8 said the insurance caps are significantly higher than any other digital asset policies on the market today.

    Lior Lamesh, GK8’s co-founder and CEO, said the new insurance coverage would “incentivize new institutional players to confidently step into the crypto space” and enable existing customers to increase their holdings of digital assets.

    Lamesh told Cointelegraph that GK8’s clients “need access to a higher cap of insurance in order to increase the peace of mind and protect all the [assets under management] of their clients fully.”

    USI Insurance Services, GK8’s underwriting partner, is an insurance brokerage headquartered in Valhalla, New York. The company generated nearly $2 billion in revenue in 2021.

    Institutional investors have shown a keen interest in adopting digital assets, but concerns around regulation and security have limited uptake so far. The collapse of crypto exchange FTX may have exacerbated these concerns, with Binance CEO Changpeng Zhao opining that investor sentiment could take years to recover. Meanwhile, former United States presidential candidate Andrew Yang told the Texas Blockchain Summit on Nov. 18 that the FTX collapse could create an “appetite” for harsher regulation.

    Related: Crypto insurance a ‘sleeping giant’ with only 1% of investments covered

    Calls to curtail crypto adoption have grown louder in Washington, with senators Elizabeth Warren, Tina Smith and Richard Durbin urging Fidelity Investments to reconsider offering retirement planners access to a Bitcoin (BTC) investment product.

    Mon, 28 Nov 2022 16:55:04 -0500 ishook
    Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish

    Bitcoin whales and market makers continue to add to their leverage long positions, even though it’s unclear whether $15,500 was the final bottom.

    Bitcoin (BTC) bears have been in control since Nov. 11, subduing BTC price below $17,000 on every 12-hour candle. On Nov. 28, a drop to $16,000 shattered bulls' hope that the 7% gains between Nov. 21 and Nov. 24 were enough to mark a cycle low at $15,500.

    The most likely culprit was an unexpected transfer of 127,000 BTC from a Binance cold wallet on Nov. 28. The huge Bitcoin transaction immediately triggered fear, uncertainty and doubt, but the Binance CEO, Changpeng Zhao, subsequently announced it was part of an auditing process.

    Regulatory pressure has also been limiting BTC’s upside after reports on Nov. 25 showed that cryptocurrency lending firm Genesis Global Capital and other crypto firms were under investigation by securities regulators in the United States. Joseph Borg, director of the Alabama Securities Commission, confirmed that its state and several other states are investigating Genesis' alleged ties to securities laws violation.

    On Nov. 16, Genesis announced it had temporarily suspended withdrawals, citing "unprecedented market turmoil." Genesis also hired restructuring advisers to explore all possible options, including but not limited to a potential bankruptcy, as reported by Cointelegraph on Nov. 23.

    Let's look at derivatives metrics to better understand how professional traders are positioned in the current market conditions.

    Margin markets show leverage longs at a 3-month high

    Margin markets provide insight into how professional traders are positioned because it allows investors to borrow cryptocurrency to leverage their positions.

    For instance, one can increase exposure by borrowing stablecoins to buy Bitcoin. On the other hand, Bitcoin borrowers can only short the cryptocurrency as they bet on its price declining. Unlike futures contracts, the balance between margin longs and shorts isn't always matched.

    OKX stablecoin/BTC margin lending ratio. Source: OKX

    The above chart shows that OKX traders' margin lending ratio increased from Nov. 20 to Nov. 27, signaling that professional traders increased their leverage longs during the 6% dip toward $15,500. Presently at 34, the metric favors stablecoin borrowing by a wide margin — the highest in three months — indicating traders have kept their bullish positions.

    Leverage buyers ignored the recent dip to $15,500

    The long-to-short metric excludes externalities that might have solely impacted the margin markets. In addition, it gathers data from exchange clients' positions on the spot, perpetual and quarterly futures contracts, thus offering better information on how professional traders are positioned.

    There are occasional methodological discrepancies between different exchanges, so readers should monitor changes instead of absolute figures.

    Exchanges' top traders Bitcoin long-to-short ratio. Source: Coinglass

    Even though Bitcoin failed to break above the $16,700 resistance, professional traders have kept their leverage long positions, according to the long-to-short indicator.

    For instance, the ratio for Binance traders improved somewhat from 1.00 on Nov. 21, but ended the period at 1.05. Meanwhile, Huobi displayed a more substantial increase in its long-to-short ratio, with the indicator moving from 1.01 to 1.08 in the seven days until Nov. 28.

    At crypto exchange OKX, the metric slightly decreased from 0.99 on Nov. 21 to 0.96 on Nov. 28. Consequently, on average, traders are confident enough to keep adding leverage to bullish positions.

    Related: US House committee sets Dec. 13 date for FTX hearing

    The $16,200 support showed strength, suggesting that traders are turning bullish

    These two derivatives metrics — margin and top trader's long-to-short — suggest that size leverage sellers did not back the Bitcoin price correction to $16,000 on Nov. 28.

    A bearish sentiment would have caused the margin lending ratio to go below 15, pushing the long-to-short ratio much lower. It is important to note that even pro traders can misinterpret the market, but the present reading from the derivatives market favors a strong $16,000 support.

    Still, even if the price revisits $15,500, bulls should not be concerned as the derivatives indicators withheld neutral-to-bullish on Nov. 21 and further improved during the week.

    The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

    This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

    Mon, 28 Nov 2022 16:55:04 -0500 ishook
    Compound Finance to impose lending caps in light of failed Aave exploit

    Some illiquid altcoins will have their borrow limit reduced by upwards of 99%.

    On Nov. 28, users of decentralized finance, or DeFi, lending platform Compound Finance passed a proposal to impose restrictions on the maximum borrowing of 10 tokens on the protocol. The proposal was put forth by financial modeling firm Gauntlet and passed with a majority "Yes," although total turnout amounted to less than 7% of the COMP tokens in circulation. 

    Most notably, tokens such as Uniswap (UNI) and COMP had their borrow limits slashed from 11,250,000 and 150,000 to 550,000 and 18,000, respectively. Other less liquid altcoins on Compound, such as (YFI), had its borrow cap reduced from 1,500 to just 20. Coins such as wrapped Bitcoin (WBTC), which previously had no borrow limit on Compound, have been slapped with a ceiling of 1,250 on maximum borrow.

    Proposal 135 has passed with quorum. ✅

    Proposal 135 sets borrow caps for ten Compound v2 markets.

    The proposal will be applied in two days.

    — Compound Governance (@compgovernance) November 28, 2022

    According to Gauntlet, the proposal would prevent "insolvency risk from liquidation cascades," "price manipulation Mango squeeze exploits," "risk of high utilization," and "risk from shorting assets from a short position on Compound of significant size relative to the circulating supply of the asset." Although the related incident was not directly referenced, Gauntlet also conducted modeling and risk assessment for DeFi lending protocol Aave. 

    On Nov. 22, it was uncovered that Mango Markets hacker Avraham Eisenberg attempted to exploit the protocol by shorting high amounts of Curve (CRV), which was an illiquid token on Aave at the time, and forcing the protocol to liquidate the position at a loss due to significant slippage. However, it turned out that the slippage was far less than expected, resulting in an estimated $10 million loss after a CRV short squeeze.

    Gauntlet then proposed to freeze a series of tokens on Aave V2 that may be at risk of an exploit due to lack of liquidity. Currently, the Compound Finance protocol has $654.7 million in total borrowings collateralized by $2.146 billion worth of assets. 

    Mon, 28 Nov 2022 16:55:04 -0500 ishook
    Controlling shareholders' stakes in GBTC are 'highly illiquid': Report

    "It's net good news for GBTC shareholders and FUD fighting," said Selkis.

    According to a new Twitter post by Ryan Selkis, CEO of blockchain research firm Messari, Grayscale Bitcoin Trust's (GBTC) controlling shareholders Genesis Global and Digital Currency Group cannot simply "dump" their holdings to raise more capital. Selkis explained that the restrictions are due to Rule 144A of the U.S. Securities Act of 1933, which forces issuers of over-the-counter, or OTC, traded entities to give advance notice of proposed sales, as well as a quarterly cap on sale of either 1% of outstanding shares or weekly traded volume. 

    2/ DCG bought nearly $800mm worth of GBTC shares since the premium flipped to a discount in early 2021.

    DCG's board authorized up to $1.2bn of share purchases across Grayscale Trusts.

    In light of the current liquidity issues, the remainder is likely on hold indefinitely.

    — Ryan Selkis (@twobitidiot) November 28, 2022

    Based on calculations provided by Selkis, this works to a maximum of $62 million in liquidations per quarter based on the outstanding shares test and $23 million in liquidations per quarter based on the trading volume test. "It's *much* more likely DCG-Genesis refinance using GBTC as collateral," he wrote.

    Grayscale Bitcoin Trust, the largest Bitcoin investment trust in the world, is currently trading at a discount to net asset value (NAV) of 40% due to liquidity issues surrounding its operator Genesis Global and rumors of insolvency surrounding its owner Digital Currency Group. It is said that Digital Currency Group bought nearly $800 million worth of GBTC shares since it began trading at a discount to NAV. The firm and its affiliates now own roughly 10% of the trust's outstanding shares.

    After Genesis Global began halting withdrawals on Nov. 16, rumors began circulating that its parent company Digital Currency Group, was also in a state of insolvency and would need to liquidate GBTC to pay back its creditors. Grayscale has since clarified that "the laws, regulations, and documents that define Grayscale's digital asset products prohibit the digital assets underlying the products from being lent, borrowed, or otherwise encumbered" and that "the $BTC underlying Grayscale Bitcoin Trust are owned by $GBTC and $GBTC alone."

    Grayscale also published a letter signed by Coinbase's CFO, Alesia Haas, and CEO of Coinbase Custody, Aaron Schnarch, showing that it currently holds 635,235 Bitcoins (BTC) under custody in Grayscale's name. 

    Mon, 28 Nov 2022 16:55:04 -0500 ishook
    US House committee sets Dec. 13 date for FTX hearing

    The House event, titled "Investigating the Collapse of FTX," will follow a similar hearing in the Senate Agriculture Committee scheduled for Dec. 1.

    The United States House Financial Services Committee has announced it will be holding a hearing to investigate the events around the collapse of crypto exchange FTX.

    In a Nov. 28 announcement, House Financial Services Committee chair Maxine Waters said lawmakers had scheduled a hearing aimed at exploring the collapse of FTX for Dec. 13. The hearing, expected to be “Part I” in perhaps a series of hearings around the impact of a major crypto exchange declaring bankruptcy, was first announced on Nov. 16 but not scheduled.

    Following the fall of FTX, the urgent need for legislation has never been greater. @FSCDems anticipated this need & have already been working for several months under the leadership of Chairwoman Waters, w/ RM McHenry, to craft bipartisan legislation.


    — U.S. House Committee on Financial Services (@FSCDems) November 16, 2022

    The House committee said in its previous announcement that it expected to hear from individuals and companies involved in the events that led to FTX filing for bankruptcy under Chapter 11 in the District of Delaware, including former CEO Sam Bankman-Fried, Alameda Research, and Binance. Though Bankman-Fried was reportedly still based in the Bahamas at the time of publication, New York Times journalist Andrew Sorkin said on Nov. 24 the former CEO intended to give an interview in New York City on Nov. 30 during a conference.

    The U.S. Senate Agriculture Committee has also scheduled a hearing on “Lessons Learned from the FTX Collapse” for Dec. 1, in which Commodity Futures Trading Commission chair Rostin Behnam will appear as a witness. It’s unclear if Bankman-Fried will also speak to the committee should he remain in the country following his New York itinerary.

    Related: BlockFi files for bankruptcy, cites FTX collapse for its troubles

    FTX has been a target for lawmakers and regulators around the world following the firm filing for bankruptcy on Nov. 11. The Australian government reportedly said its Treasury department planned on implementing regulations aimed at improving investor protection in 2023, while the Monetary Authority of Singapore has faced scrutiny for not warning investors about FTX.

    Mon, 28 Nov 2022 16:55:04 -0500 ishook
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    Staking infrastructure firm Kiln has closed a $17.8 million fundraising round led by the likes of Consensys, GSR and Kraken Ventures.

    Staking technology provider Kiln has closed out a $17.8 million fundraising round featuring the likes of Consensys and Kraken Ventures. The company is eyeing ‘exponential’ growth in demand for ETH staking services from institutional clients in the future.

    Kiln is a software-as-a-service provider focused on enterprise-grade staking solutions across 16 different proof-of-stake blockchain protocols. Its infrastructure enables users to stake on-chain while maintaining asset custody on separate solutions as well as cloud platforms and validator clients.

    An announcement shared with Cointelegraph outlined growing institutionalization of cryptocurrency staking as a trend in the market. According to Kiln, this is driving the need for ‘validator-agnostic APIs and services’ to allow for multi-provider staking.

    Cointelegraph spoke to Kiln co-founder and CEO Laszlo Szabo to unpack the need for multi-faceted staking services. Major exchanges and service providers like Coinbase, Ledger and Binance are serving an increasingly institutionalized staking market according to Szabo and need to interact with multiple staking providers to spread operational risk:

    “The legacy solution is to manage relationships with staking providers independently, leaving the product and engineering teams of the leading companies with the task of integrating different staking providers into their workflows.”

    Integrating new protocols for staking now requires custom staking and unstaking transactions for each individual protocol format, as well as running data rewards collection infrastructure and integrating custom custodian APIs.

    This is a primary reason for Kiln creating a suite of products enabling wallets, custodians, and exchanges to handle multi-provider staking.

    Ethereum’s recent transition to proof-of-stake (PoS) consensus also leads Sazbo to believe that demand for ETH staking will ‘grow exponentially’. His firm cited data from other PoS protocols which see between 50-80 percent of assets staked, in comparison to the 12.5% of ETH’s total supply currently staked in the Beacon chain contract.

    Kiln already serves institutional clients including Ledger, Binance US and GSR. It intends to go to market with these firms with a focus on institutional segments including funds and banks.

    Szabo also told Cointelegraph that the firm is in discussions with leading traditional financial institutions which are preparing comprehensive crypto-related products and exploring staking:

    “They are past the discovery stage already and making significant progress even though processes are long with this kind of player.”

    Ethereum’s recent transition to proof-of-stake (PoS) consensus has also driven the company's belief that demand for ETH staking will ‘grow exponentially’. The firm cited data from other PoS protocols which see between 50-80 percent of assets staked, in comparison to the 12.5% of ETH’s total supply currently staked in the Beacon chain contract.

    Staking Ethereum is now an integral part of how the PoS smart contract blockchain operates on a daily basis. There are a number of staking options available to prospective users, but a full 32 ETH is required to become a validator of the network and provide participation rewards.

    Everyday users looking to stake a smaller amount of ETH are able to participate in pooled staking or solutions offered by centralized exchanges.

    Mon, 28 Nov 2022 16:40:01 -0500 ishook
    MakerDAO community votes against CoinShares' 500M investment proposal

    About 72.43% of the community votes went against CoinShares' proposal to invest MakerDAO’s funds into various traditional assets

    Decentralized lending protocol, MakerDAO, has voted against crypto investment firm CoinShares' proposal to invest between 100million and 500million worth of the community’s funds, into a portfolio of corporate debt securities and government-backed bonds for yield, as an investment strategy. 

    72.43% of the community votes went against CoinShares' proposal to invest MakerDAO’s funds into various traditional assets. If the community had voted in favor of CoinShare’s proposal, the crypto investment firm would have provided “a variable APY above the SOFR interest rate (3.01% as of October 26, 2022) in the community’s preferred currency (DAI, USDC, USD…) to MakerDAO'', which would have been withdraw-able on-chain. 

    On the community board of MakerDAO, a few members explained why they voted against the proposal. A community member with the username “Feedblack Loops LLC" shared:

    “Since governance has voted on excess USDC then available, going to just say no to proposals of this type moving forward until the house gets in order. Coinshares had many incongruencies up front but did a decent job of articulating confusing portions of their proposal. Optimistic for a revision / different approach.”

    Another user by the name Llama, who also voted against the proposal, said: “We believe this proposal to be extremely beyond protocol risk tolerance.”

    Related: MakerDAO co-founder Nikolai Mushegian dies at 29 in Puerto Rico

    In October, the MakerDAO community approved the custodianship of $1.6 billion worth of the stablecoin USD Coin (USDC) with the institutional prime brokerage platform for crypto assets, Coinbase Prime. The custodianship was expected to allow the MakerDAO community to earn a 1.5% reward on USDC held with Coinbase Prime. 

    On Oct. 14, Cointelegraph reported that MakerDAO’s revenue plummeted in the third quarter of 2022, caused by a fall in loan demand and few liquidations, while expenses remained high.

    Mon, 28 Nov 2022 16:40:01 -0500 ishook
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    Turmoil in China, concerns over the global economy and BlockFi’s bankruptcy filing are all weighing on crypto markets this week.

    China witnessed a spike in Covid cases and that has resulted in strict lockdown restrictions in several parts of the country. This triggered widespread protests in China and has possibly pulled the global stock markets lower. 

    In addition to the turmoil in China, the cryptocurrency markets, which are already in a bear grip, are reeling under pressure from the Chapter 11 bankruptcy filing by BlockFi and its subsidiaries. Bitcoin (BTC) is down 21% in November, on track to its worst November performance since 2018.

    Daily cryptocurrency market performance. Source: Coin360

    The sharp fall in Bitcoin’s price has drastically reduced the number of wallets holding more than $1 million worth of Bitcoin. There were 112,898 millionaire wallets on Nov. 8, 2021, but Glassnode data shows that as of Nov. 25, only 23,245 wallets boast of a Bitcoin balance worth $1 million or more.

    Could the weakness in the S&P 500 index (SPX) pull Bitcoin below $16,000? Let’s study the charts to find out.


    The recovery in the S&P 500 index has risen close to the downtrend line. The bears are likely to defend this level as they had done on two previous occasions.

    SPX daily chart. Source: TradingView

    The sellers will have to sink the price below the 20-day exponential moving average (3,922) to tilt the short-term advantage in their favor. Post that, the index could drop to the 50-day simple moving average (3,794) and later to 3,700.

    Contrarily, if the price turns down from the current level or the overhead resistance but bounces off the 20-day EMA, it will suggest that traders continue to buy on dips. That could improve the prospects of a break above the downtrend line. If that happens, the index could rise to 4,300. Such a move will suggest that the downtrend has ended.


    The U.S. dollar index (DXY) turned down from 108 on Nov. 21, indicating that the sentiment has turned bearish and the traders may be using the rallies to lighten long positions and establish short positions.

    DXY daily chart. Source: TradingView

    The downsloping 20-day EMA (108) and the relative strength index (RSI) in the negative territory indicate that bears are in command. If bears succeed in pulling the price below 105, the selling could intensify and the index may slide to 103.50 and then 102.

    On the other hand, if the rebound off $105 sustains, the recovery could reach the 20-day EMA. If the relief rally again faces rejection at this level, the likelihood of a break below 105 increases.

    On the upside, buyers will have to pierce the resistance at 108 to signal a strong comeback. The index could then rise to the uptrend line where it may face tough resistance from the bears.


    Bitcoin’s relief rally could not even reach the 20-day EMA ($16,972), indicating that traders are hesitant to buy at higher levels. The sellers will now try to pull the price to the crucial support at $15,476.

    BTC/USDT daily chart. Source: TradingView

    The BTC/USDT pair is forming a descending triangle pattern, which will complete on a break and close below $15,476. This negative setup has a target objective at $13,330.

    The downsloping moving averages indicate advantage to bears but the bullish divergence on the RSI suggests that the bearish momentum could be weakening.

    If the price turns up and breaks above the downtrend line, it could invalidate the negative setup. That could open the doors for a possible rally to the overhead resistance at $17,622. Buyers will have to kick the price above this level to indicate that the downtrend could be ending.


    Ether (ETH) reached the 20-day EMA ($1,233) on Nov. 26 but the bulls could not propel the price above it. This suggests that the bears continue to defend the 20-day EMA vigorously.

    ETH/USDT daily chart. Source: TradingView

    The sellers may try to pull the price to the support line of the descending channel pattern, which is close to the psychologically critical level of $1,000.

    Buyers are likely to defend this level with all their might but they will have to clear the overhead obstacle at the 20-day EMA to start a sustained recovery. The ETH/USDT pair could then rise to the 50-day SMA ($1,337) and subsequently to the resistance line.

    On the downside, a break and close below the channel could accelerate selling and sink the pair to the June low at $881.


    BNB’s (BNB) recovery turned down from $318 on Nov. 26 and plunged back below the breakout level of $300 on Nov. 28.

    BNB/USDT daily chart. Source: TradingView

    The bears will try to solidify their position by pulling the price below the moving averages. If they succeed, it will suggest that the break above $300 may have been a bull trap. The BNB/USDT pair could then decline to $275 and later to $258.

    If the price turns up from the moving averages, it will suggest that lower levels are attracting buyers. The pair could then again rise to $318. If bulls drive the price above this resistance, the pair could rally to $338.


    XRP (XRP) rose above the overhead resistance of $0.41 on Nov. 25 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.

    XRP/USDT daily chart. Source: TradingView

    This may have attracted selling by the bears who pulled the price below the 20-day EMA ($0.39) on Nov. 28. The price has dipped to the breakout level from the symmetrical triangle.

    This is an important level to keep an eye on because a break below it will suggest that the XRP/USDT pair may extend its stay inside the $0.30 to $0.41 range for a few more days. The flattening 20-day EMA and the RSI near 45 suggest that the bullish momentum has weakened in the near term.

    Buyers will have to push and sustain the price above $0.41 to signal the start of a new up-move.


    Cardano’s (ADA) relief rally could not even reach the 20-day EMA ($0.33), indicating a lack of demand at higher levels.

    ADA/USDT daily chart. Source: TradingView

    The bears will try to build upon their advantage and resume the downtrend by pulling the ADA/USDT pair below the support near $0.30. If they do that, the pair could drop to the support line where buyers may step in and arrest the decline.

    This bearish view could invalidate in the near term if the price rebounds off the support near $0.30 and rises above the 20-day EMA. The pair could then attempt a rally to the downtrend line, indicating that the bears may be losing their grip.

    Related: New BTC miner capitulation? 5 things to know in Bitcoin this week


    Dogecoin (DOGE) soared above the psychological level of $0.10 on Nov. 27 but the bulls could not sustain the higher levels. Profit booking pulled the price back into the range on Nov. 28.

    DOGE/USDT daily chart. Source: TradingView

    The 20-day EMA ($0.09) is gradually sloping up and the RSI is in the positive territory, indicating that buyers have a slight edge. If the price springs up from the 20-day EMA, the bulls will try to resume the up-move by pushing the DOGE/USDT pair above $0.11. If they manage to do that, the rally could reach the 61.8% Fibonacci retracement level of $0.12.

    On the contrary, if the price turns down and breaks below the moving averages, it will suggest that the break above the range may have been a bull trap. The pair could then drop to the support at $0.07.


    Buyers are struggling to push Polygon (MATIC) above the 20-day EMA ($0.88). This suggests that bears are viewing the relief rallies as a selling opportunity.

    MATIC/USDT daily chart. Source: TradingView

    The MATIC/USDT pair could again drop to the uptrend line. This level has acted as a strong support on four previous occasions, hence the bulls will again try to defend it aggressively. If the price bounces off the uptrend line, the pair could rise to the 50-day SMA ($0.90).

    A break above this level will suggest that the bulls are on a comeback. The pair could then rise to $0.97. On the contrary, if the price breaks below the uptrend line, the pair could drop to the important support at $0.69.


    Polkadot (DOT) is in a strong downtrend. Attempts by the bulls to start a recovery fizzled out at $5.53 on Nov. 24. This suggests that the sentiment remains negative and traders are selling on rallies.

    DOT/USDT daily chart. Source: TradingView

    The bears have pulled the price near the crucial support at $5. This is an important level for the bulls to defend because if they fail to do that, the DOT/USDT pair could resume the downtrend. The pair could then decline to $4.06.

    Alternatively, if the price turns up from the current level or rebounds off $5, it will suggest demand at lower levels. Buyers will again try to push the price above the 20-day EMA ($5.57) and extend the relief rally. The pair could then rise to $6.50.

    The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

    This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

    Mon, 28 Nov 2022 16:05:03 -0500 ishook
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    Wells Fargo's Preferred Stock, Series Y Shares Cross 6% Yield Mark Mon, 28 Nov 2022 14:50:02 -0500 ishook Power Corp. of Canada's Preferred Shares, Series B Crosses Above 6.5% Yield Territory Mon, 28 Nov 2022 14:50:02 -0500 ishook Why It's So Hard To Find an Apple iPhone 14 Pro This Holiday & CNET Mon, 28 Nov 2022 14:45:02 -0500 ishook Twitter&Musk Update: Spam Obscured Chinese COVID&19 Protest Tweets & CNET Mon, 28 Nov 2022 14:45:02 -0500 ishook Jack Dorsey’s Block sues for trademark infringement

    “The use of the designation "VERSE" constitutes an infringement of our client's trademarks under German trademark law,” Block’s legal counsel said in a letter to

    Digital payments company Block Inc. is pursuing legal action against Roger Ver’s over alleged trademark infringement involving its newly launched Verse token, which concluded a $33.6 million private sale in May 2022. 

    In a letter addressed to CEO Dennis Jarvis and the company’s legal counsel Joseph Collement, lawyers representing Block claimed that’s use of “Verse” constituted trademark infringement under German trademark law. The letter, dated Aug. 10, 2022, was a follow-up to a July 4, 2022 notice in which Block’s legal counsel, Bird & Bird, first laid out its trademark infringement case in Germany. A person familiar with the matter shared the letter with Cointelegraph.

    The alleged trademark violation stems from Block’s acquisitions of Verse Technologies Inc. and Decentralized Global Payments S.L. in 2020. “The portfolio of Verse and Decentralized also included a peer-to-peer payment app under the name "VERSE". Since the takeover, our client has been operating this app,” the letter read.

    Block’s legal counsel explained that the “VERSE” app is available in Europe, including Germany, and can be accessed on both Apple and Android devices. The letter detailed Block’s rights over a figurative mark that contains the word “Verse” as well as the “VERSE” word mark, with priority for computer and application software for mobile devices.

    “The use of the designation "VERSE" constitutes an infringement of our client's trademarks under German trademark law,” the letter concluded, adding:

    “Our client therefore has claims against you to cease and desist from the infringing acts. Furthermore, our client has claims for information about the scope of the infringing acts as well as claims for compensation for all damages that our client has incurred or will incur as a result of the infringement. Finally, our client is also entitled to reimbursement of the costs incurred by us in connection with this letter.”

    Block’s legal counsel requested that sign a declaration of discontinuance and undertaking by Aug. 17, 2022, or face further legal action. It also requested that “cease and desist” its Verse token operations in the European Union or face a contractual penalty of $10,400 (€10,000) “for each case of contravention.” Block also requested to be reimbursed for legal fees of $3,906.54 (€3,744.50). is owned by early Bitcoin (BTC) investor Roger Ver, who served as CEO until Aug. 1, 2019. operates a digital asset exchange and wallet and provides daily news on the cryptocurrency market. Many in the crypto community know Ver for his strong support of Bitcoin Cash (BCH), which emerged in 2017 after departing Bitcoin’s original blockchain due to philosophical differences around scalability and transaction speed. However, its supporters believe BCH aligns more with the vision set out for Bitcoin in Satoshi Nakamoto’s 2008 white paper.

    Founded in 2009 by Jack Dorsey, Block rebranded from Square in December 2021 as its focus shifted to blockchain technology and Bitcoin. Dorsey has increasingly focused on Bitcoin hardware and payment solutions since stepping down as Twitter CEO in November 2021.

    Related: Get your money back: The weird world of crypto litigation

    Ver and Dorsey have been involved in personal disputes over the years, including in 2019 when Ver accused Dorsey of supporting Lightning Network because of his alleged romantic involvement with Lightning Labs CEO Elizabeth Stark. Some have speculated that these personal issues are why Twitter never verified’s handle when Dorsey was CEO.

    My theory for why @jack is so irrationally hot for #LightningNetwork is because he has / had a romantic relationship with @starkness, the CEO of @lightning

    — Roger Ver (@rogerkver) August 10, 2019

    The Verse token at the heart of the legal dispute is publicly advertised on’s Twitter page. Verse is described by its creators as a “cross-chain token” focused on expanding into low-fee Ethereum Virtual Machine (EVM) chains. It has a fixed supply of 210 billion tokens distributed over seven years. Its private sale, which concluded this past May, raised $33.6 million.

    Mon, 28 Nov 2022 14:40:02 -0500 ishook
    FTX logos and promotional material still everywhere despite bankruptcy proceedings

    Though some officials have removed all traces of their deals with FTX, the firm's branding still appears on a few sports venues and merchandise.

    Before its liquidity issues and bankruptcy filing in November, FTX was well known for its prolific stance on making sponsorship deals. Even with many in and out of the space now associating the exchange with failed financial institutions, traces of the promotional glitter bomb it has unleashed on the world aren’t likely to go away anytime soon.

    In Abu Dhabi, attendees for the Gumball 3000 motor rally in November noted on social media that wristbands for the event and more than one of the vehicles bore FTX’s logo, as did advertisements around the city. The crypto exchange did not appear as a sponsor on the event’s website at the time of publication.

    Race weekend in Abu Dhabi
    Didn’t know FTX also sponsored Gumball 3000. Lol good old days when I used to feel proud to see FTX man I’m in tears. My $ftt RIP
    Gotta respect constant changes in crypto

    — belindazhou.eth in Sg (@ciaobelindazhou) November 18, 2022

    In 2021, the now infamous crypto firm inked a $135-million deal to rename the NBA Miami Heat’s stadium the FTX Arena until 2040. Following FTX’s bankruptcy filing, officials in Miami-Dade County on Nov. 22 filed a motion to terminate the naming rights agreement. A hearing on the matter is scheduled for Dec. 16, but at the time of publication, the FTX logo is still all over the Miami sports venue, leading to mockery online:

    Lol hat a metaphor the best player on the team gets to blatantly travel while running near the FTX logo on the floor

    — ◾️ frontier (@frontier_anon) November 26, 2022

    Ouch! Just passed the Miami Heat arena- the FYX arena.#Web3 @FTX_Official

    — Sandy.NFT 11-11 (@sandy_carter) November 28, 2022

    Though the FTX Token (FTT) may not be something crypto users want to hang on to, the firm’s bankruptcy could increase the value of promotional merchandise. FTX sponsored the Formula 1 international racing team backed by luxury car brand Mercedes. Some fans reported that Mercedes’ car no longer sported the FTX logo at the Sao Paulo Grand Prix — held around the same time the firm filed for bankruptcy — with many also pointing out that the team’s caps still prominently featured the company branding:

    FTX logo on Mercedes F1 caps looked cool, now it is a rare piece

    — Nikita Fadeev (@NikitaAFadeev) November 24, 2022

    Related: Esports team TSM suspends $210M sponsorship deal with FTX

    Other partnerships between the exchange and sporting entities included endorsements from NFL quarterback Tom Brady and NBA point guard Stephen Curry, a global partnership with the International Cricket Council, a five-year deal with Major League Baseball, and a ten-year agreement to purchase the naming rights to Cal Memorial Stadium — now FTX Field — in Berkeley. Though officials have reportedly scrapped some of the exchange’s logos in an effort to no longer advertise FTX’s services, the promotional shrapnel spread by the firm may not be wholly removed for some time.

    Mon, 28 Nov 2022 14:40:02 -0500 ishook
    Kraken settles with US Treasury's OFAC for violating US sanctions

    The U.S.-based crypto exchange agreed to pay more than $362,000 as part of a deal “to settle its potential civil liability” related to violating sanctions against Iran.

    The United States Treasury Department’s Office of Foreign Assets Control, or OFAC, has announced a settlement with crypto exchange Kraken for “apparent violations of sanctions against Iran.”

    In a Nov. 28 announcement, OFAC said Kraken had agreed to pay more than $362,000 as part of a deal “to settle its potential civil liability” related to violating the United States’ sanctions against Iran. The U.S.-based crypto exchange will also be investing $100,000 into sanctions compliance controls as part of the agreement with Treasury.

    “Due to Kraken’s failure to timely implement appropriate geolocation tools, including an automated internet protocol (IP) address blocking system, Kraken exported services to users who appeared to be in Iran when they engaged in virtual currency transactions on Kraken’s platform,” said OFAC.

    This story is developing and will be updated.

    Mon, 28 Nov 2022 14:40:01 -0500 ishook
    Significant Sales: October 2022 Highlights Significant Sales: October 2022 Highlights

    From a US$28.5M sale in Makena, Hawaii to a SG$18.5M sale in Singapore, here are five sales represented by the Sotheby’s International Realty® global network in October.

    Santa Monica, California 

    Robin WalpertSotheby’s International Realty – Santa Monica Brokerage, US$11,351,000


    Steve TayList Sotheby’s International Realty, Singapore, SG$18,500,000

    Makena, Hawaii

    Ryan MacLaughlin, Alex Cortez | Island Sotheby’s International Realty, US$28,500,000

    Marbella, Spain

    Enrique Silgo | Seville Sotheby’s International Realty, EUR€7,300,000

    La Loma, Mexico

    Laura de la Torre, Mariana Méndez | Mexico Sotheby’s International Realty, US$3,100,000

    Discover previous editions of Significant Sales on the blog

    Mon, 28 Nov 2022 14:30:04 -0500 ishook
    Monday 11/28 Insider Buying Report: RKT, TPL Mon, 28 Nov 2022 14:30:01 -0500 ishook DCP Midstream LP's 7.875% Series B Fixed&to&Floating Rate Cumulative Redeemable Perpetual Preferred Units Ex&Dividend Reminder Mon, 28 Nov 2022 14:30:01 -0500 ishook Here is Why Growth Investors Should Buy Paycom (PAYC) Now Mon, 28 Nov 2022 14:10:04 -0500 ishook Peacock Premium Is Just $1 a Month for Cyber Monday (Save $48) & CNET Mon, 28 Nov 2022 14:05:03 -0500 ishook 3 REITs With Massive Dividend Yields Mon, 28 Nov 2022 14:00:03 -0500 ishook It Pays to Procrastinate: The New 6.89% I bonds Will Beat the Old 9.62% Bonds in Just 4 Years Mon, 28 Nov 2022 14:00:02 -0500 ishook Fed’s Bullard Says Markets Underestimating Chances of Higher Rates Mon, 28 Nov 2022 14:00:02 -0500 ishook Gilead's Cancer Program Notches Another Win, But It's Arcus Stock That Surges Mon, 28 Nov 2022 14:00:02 -0500 ishook Stock market could see ‘fireworks’ through the end of the year as headwinds have ‘flipped,’ Fundstrat’s Tom Lee says Mon, 28 Nov 2022 14:00:02 -0500 ishook ‘We see major stock markets plunging 25% from levels somewhat above today’s,’ Deutsche Bank says Mon, 28 Nov 2022 14:00:02 -0500 ishook Dow Jones Leader Boeing Headlines 4 Best Stocks To Watch Mon, 28 Nov 2022 14:00:02 -0500 ishook Contemporary Michigan Home On 12 Acres (PHOTOS)

    Photography by WAYUP MEDIA

    LOCATION: 4550 Hunter Creek Lane, Rochester, Michigan


    BEDROOMS & BATHROOMS: 4 bedrooms & 7 bathrooms

    PRICE: $6,999,999

    This contemporary style home is located at 4550 Hunter Creek Lane in Rochester, Michigan and is situated on over 12 acres of land. 

    It was designed by AZD Architects and built in 2019. It features approximately 8,500 square feet of living space with 4 bedrooms, 4 full and 3 half bathrooms, floating staircase, 2-story great room, dining room, gourmet kitchen, rec room with wet bar, golf simulator, gym, 4-car garage and more.

    Outdoor features include patios, kitchen/BBQ and an infinity pool with spa.

    It is listed at $6,999,999.

    Mon, 28 Nov 2022 13:40:02 -0500 ishook
    Central Banks and Bitcoin: Closer Than You Think Mon, 28 Nov 2022 13:35:02 -0500 ishook Crypto fund investment still dominated by the United States: Database

    Crypto database shows that most firms are venture capital at 52.8%, followed by hedge funds with 44.3% and then private equity and mutual funds at 2.9%.

    Despite venture capital funding halving in October, there seem to be funds that still remain bullish on this space investing in emerging markets, Web3 and infrastructure. But, most people do not know who these mysterious funds are or what they are made of, or if there is a project starting up, how to get in touch with these funds.

    That is why Cointelegraph Research created a Crypto Funds Database, which keeps track of a list of nearly 900 different crypto funds from around the world. This database is designed for those looking to keep up with contacts from the movers and shakers within the crypto industry. From general information like founding dates, contact information (with backup contacts as well), size of firms, assets under management (AUM) size and much more, this database provides a great overview with actionable data.

    The Crypto Fund Database can be accessed in the Cointelegraph Research Terminal here.

    The United States houses most crypto funds

    82.4% of all crypto funds come from ten countries, led by the United States with 419 funds. A distant second is the United Kingdom with 51 funds, followed by China at 46. The funds in these three countries exceed 500 billion in AUM and can be a formidable force in shaping the future of Web3 and the crypto space.

    As regulation discussions heat up in the United States, it may be interesting to see if these funds shift to relocation to more crypto-friendly geographies if the bureaucratic red tape does not allow for innovation to be invested in.

    The Cointelegraph Research team

    Cointelegraph’s Research department comprises some of the best talents in the blockchain industry. Bringing together academic rigor and filtered through practical and hard-won experience, the researchers on the team are committed to bringing the most accurate and insightful content available on the market.

    Demelza Hays, Ph.D., is the director of research at Cointelegraph. Hays has compiled a team of subject matter experts from across the fields of finance, economics and technology to bring to the market the premier source for industry reports and insightful analysis. The Cointelegraph Research team utilizes APIs from a variety of sources in order to provide accurate and useful information and analyses.

    Disclaimer: The opinions expressed in the article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

    Mon, 28 Nov 2022 13:30:02 -0500 ishook
    Game7 allocates $100M in open&source technology grants for Web 3.0 gaming companies

    "We're looking to support teams building innovative open-source infrastructure that can accelerate the blockchain gaming space and foster collaboration," wrote Game7 in its FAQ.

    On November 28, blockchain gaming accelerator Game7 announced that it would allocate $100 million in open-source technology grants to upcoming Web 3.0 startups. As told by the Game7, distributions will support individuals and entities building blockchain games, smart contracts, core software infrastructures, and community tooling. The grants will be paid in USD Coin (USDC).

    What's first?

    Open source technology grants are the first to launch - and we'll be supporting individuals, DAOs, and companies working on:

    Game development tooling
    Smart contracts and standards
    Core infrastructure
    Community tooling

    — Game7 (@G7_DAO) November 28, 2022

    Beyond the initial funding, the team said developers will also gain access to tech support, mentoring, and early Game7 initiatives. The decentralized autonomous organization, or DAO, claims it is chain agnostic and will support applications from any blockchain network. While award amounts have not been disclosed, in a list of frequently asked questions, Game7 explained that "applicants should not view grants as a substitute for venture funding."

    In addition, upfront payments are only awarded "in exceptional cases," and most payments will only be issued contingent on the completion of certain project milestones. Developers must also undergo know-your-customer checks, sign a contract, and apply with their digital wallets. However, developers are not bound by any exclusivity agreements and can also apply for other grants or VC funding. Game7 estimates that after submission, its due diligence process will take four to six weeks before a decision is issued.

    Game7 was created on November 18, 2021, as part of a $500 million blockchain ecosystem accelerator backed by BitDAO. Most of the funding came from its namesake decentralized treasury. At the same time, Forte, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Off-chain Labs, OP Games, Polygon Studios, Solana Ventures, and now defunct Alameda Research also participated in the seed round. 

    Mon, 28 Nov 2022 13:30:02 -0500 ishook
    Great Panther Mining's deal to sell Peruvian assets to Newrange Gold terminated Bookmark and Share

    Mon, 28 Nov 2022 13:25:03 -0500 ishook
    First Majestic to sell its royalty portfolio to Metalla Royalty for $20 million Bookmark and Share

    Mon, 28 Nov 2022 13:25:03 -0500 ishook
    Sarepta Surges As It Nears The Finish Line With A Muscular Dystrophy Gene Therapy Mon, 28 Nov 2022 13:25:02 -0500 ishook Activision Blizzard Stock Is A Buy—Whether Microsoft’s Deal Goes Through or Not, Analysts Say Mon, 28 Nov 2022 13:25:02 -0500 ishook Analyst Says Coinbase 'A Waste Of Time', Taylor Swift's Concert Fiasco Under DOJ Probe, Shopify Clocks Record Black Friday Sales: Top Stories Monday, Nov. 28 Mon, 28 Nov 2022 13:25:02 -0500 ishook In Satellites, Antitrust Could Lead to Less Competition Mon, 28 Nov 2022 13:25:02 -0500 ishook Rare China protests roil global commodities markets Mon, 28 Nov 2022 13:25:01 -0500 ishook Gasoline Prices Sink to Lowest Since February as Demand Sags Mon, 28 Nov 2022 13:25:01 -0500 ishook Are You Looking for a High&Growth Dividend Stock? Mon, 28 Nov 2022 13:20:02 -0500 ishook How Filo Mining advances its big copper project by 'piggybacking' on another Bookmark and Share

    Mon, 28 Nov 2022 13:10:02 -0500 ishook
    BlockFi files for bankruptcy, becoming the latest victim of the FTX contagion Bookmark and Share

    Mon, 28 Nov 2022 13:10:02 -0500 ishook
    Dow Analyst Moves: WMT Mon, 28 Nov 2022 13:00:05 -0500 ishook Bullish Two Hundred Day Moving Average Cross & HTHT Mon, 28 Nov 2022 13:00:05 -0500 ishook Palomar Holdings is Now Oversold (PLMR) Mon, 28 Nov 2022 13:00:05 -0500 ishook NUGO, RFEU: Big ETF Outflows Mon, 28 Nov 2022 13:00:05 -0500 ishook Daily Dividend Report: SJI,BTG,HTLD,ELTK Mon, 28 Nov 2022 13:00:04 -0500 ishook Monday's ETF Movers: CQQQ, GDXJ Mon, 28 Nov 2022 13:00:04 -0500 ishook Monday Sector Laggards: Shipping, Oil & Gas Exploration & Production Stocks Mon, 28 Nov 2022 13:00:04 -0500 ishook Monday Sector Leaders: Beverages & Wineries, Cigarettes & Tobacco Stocks Mon, 28 Nov 2022 13:00:04 -0500 ishook S&P 500 Analyst Moves: BF.B Mon, 28 Nov 2022 13:00:04 -0500 ishook Monday's ETF with Unusual Volume: XTN Mon, 28 Nov 2022 13:00:03 -0500 ishook Singapore Banks' Exposure to Bitcoin 'Insignificant' but Subject to Highest Risk Weight Mon, 28 Nov 2022 13:00:02 -0500 ishook 96+ Cyber Monday Deals Under $25 at Amazon, Best Buy, Target and More & CNET Mon, 28 Nov 2022 12:55:04 -0500 ishook Meta Hit With $275M Fine Over Scraped Facebook Data & CNET Mon, 28 Nov 2022 12:55:04 -0500 ishook Yellowstone Season 5: Why Paramount's Hit Show Isn't on Paramount Plus & CNET Mon, 28 Nov 2022 12:55:04 -0500 ishook Anker's Cyber Monday Deals Make Charging Your Gear More Affordable With Up to 43% Off & CNET Mon, 28 Nov 2022 12:55:04 -0500 ishook The Glossier Perfume Everyone's Been Talking About Is Now On Sale & CNET Mon, 28 Nov 2022 12:55:04 -0500 ishook Best Cyber Monday Deals: 189 Deals at Walmart, Best Buy, Amazon and More & CNET Mon, 28 Nov 2022 12:55:03 -0500 ishook 79+ Under&$50 Cyber Monday Deals to Help You Check Everyone Off Your Gift List & CNET Mon, 28 Nov 2022 12:55:03 -0500 ishook Commemorate Every Moment With Discounted Pandora Jewelry & CNET Mon, 28 Nov 2022 12:55:03 -0500 ishook Best Cyber Monday Xbox Controller Deals, Starting at $40 & CNET Mon, 28 Nov 2022 12:55:03 -0500 ishook Watch Portugal vs. Uruguay World Cup 2022 Match From Anywhere & CNET Mon, 28 Nov 2022 12:55:03 -0500 ishook BlockFi files for bankruptcy, as many expected, cites FTX collapse for its troubles

    The crypto lender was previously "rescued" by FTX following the LUNA stablecoin collapse.

    BlockFi announced on Nov. 28 that it has filed for Chapter 11 bankruptcy. The filing in the United States Bankruptcy Court for the District of New Jersey pertains to the company and its eight subsidiaries. The move comes after several days of speculation on the company’s financial health after the collapse of FTX.

    According to a statement, BlockFi has $256.9 million on hand. It has filed motions “to pay employee wages and continue employee benefits without disruption. It also seeks to “establish a Key Employee Retention Plan to ensure the company” and has created an internal plan to reduce expenses.

    BlockFi International has also filed for bankruptcy with the Supreme Court of Bermuda, according to the statement.

    Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.

    — BlockFi (@BlockFi) November 28, 2022

    This is a breaking story that will be updated as it develops. 

    Mon, 28 Nov 2022 12:55:02 -0500 ishook
    Cyber Insurers Turn Attention to Catastrophic Hacks Mon, 28 Nov 2022 12:40:02 -0500 ishook DAX 40, FTSE 100, Dow Jones (DJI) Weighed Down by Risk Aversion Mon, 28 Nov 2022 12:35:02 -0500 ishook Can Germany’s Inflation Slow Down DAX’s Recovery? Mon, 28 Nov 2022 12:35:02 -0500 ishook MakerDAO Community Rejects CoinShares Proposal to Invest Up to $500M in Bonds Mon, 28 Nov 2022 12:20:03 -0500 ishook Bitcoin will ‘teleport’ to $14K or worse if BTC breaks $16K — Analyst

    Bitcoin faces pressure from China, a stock market trend in addition to the FTX fallout.

    Bitcoin (BTC) hovered above $16,000 on the Nov. 28 Wall Street open as analysts diverged on what to expect from the next market move.

    BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin spot price near key support

    Data from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining the $16,000 support level at the time of writing amid misgivings over China’s impact on risk assets.

    After a modestly higher weekly close, the pair still lacked volatility as one commentator warned of a “teleport” toward $12,000 should $16,000 break.

    “When it breaks below 16k, it teleports to 12k-14k,” Il Capo of Crypto insisted.

    Popular Twitter account Credible Crypto asked where the volatility had gone, while Crypto Tony likewise identified $16,000 as a line in the sand for his own trading strategy.

    “Finally some movement .. Stop loss firmly remains at $16,000, but will close if hit and look for shorts if we then proceed to close below the support zone and flip into resistance,” part of a tweet read on the day.

    BTC/USD annotated chart. Source: Crypto Tony/Twitter

    Fellow trader Pentoshi meanwhile focused on macro triggers as Chinese protests over the country’s COVID-19 containment strategies weighed on sentiment.

    The S&P 500, he predicted, was due a rejection next, setting the tone for a long-term downtrend to continue.

    S&P 500 1-week candle chart. Source: TradingView$19,500 could become the new BTC price ceiling

    Others drew attention to the upcoming monthly close amid a lack of catalysts elsewhere at the start of the week.

    Related: New BTC miner capitulation? 5 things to know in Bitcoin this week

    Beyond a source of potential volatility, trader and analyst Rekt Capital noted that Bitcoin’s monthly closing price would determine its longer-term price range.

    “When BTC lost the ~$19500 level as support... It broke down into the ~$13900-$19500 Monthly Range,” he explained on the day.

    “Monthly Candle Close is coming up soon. A Monthly Close below ~$19500 would likely confirm the ~$13900-$19500 Range as its new playground.”
    BTC/USD annotated chart. Source: Rekt Capital/Twitter

    BTC/USD was down around 21% for the month of November at the time of writing, marking its worst November performance since its last bear market year in 2018.

    BTC/USD monthly returns chart (screenshot). Source: Coinglass

    Cointelegraph previously outlined potential bottom targets for the pair, among them those based on performance during previous bear markets.

    The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

    Mon, 28 Nov 2022 12:20:03 -0500 ishook
    Tokenized government bonds free up liquidity in traditional financial systems

    There are a number of benefits associated with tokenized government bonds, yet adoption may take time.

    A handful of government-backed financial institutions have been exploring tokenization use cases to revolutionize traditional financial systems. For instance, El Salvador’s Bitcoin Volcanic bond project has been in the works for over a year and aims to raise $1 billion from investors with tokenized bonds to build a Bitcoin city. 

    The Central Bank of Russia has also expressed interest in tokenized off-chain assets. In addition, the Israeli Ministry of Finance, together with the Tel Aviv Stock Exchange (TASE), recently announced the testing of a blockchain-backed platform for digital bond trading.

    Cointelegraph Research’s 2021 Security Token Report found that most securities will be tokenized by 2030. While notable, the potential behind tokenized government bonds appears to be massive, as these assets can speed up settlement time while freeing up liquidity within traditional financial systems. 

    Brian Estes, CEO of Off the Chain Capital and a member of the Chamber of Digital Commerce, told Cointelegraph that tokenizing a bond allows for faster settlement, which leads to reduced costs.

    “The time of ‘capital at risk’ becomes reduced. This capital can then be freed up and used for higher productive use,” he said. Factors such as these have become especially important as inflation levels rise, impacting liquidity levels within traditional financial systems across the globe.

    Touching on this point, Yael Tamar, CEO and co-founder of SolidBlock — a platform enabling asset-backed tokenization — told Cointelegraph that tokenization increases liquidity by transferring the economic value of a real-world asset to tokens that can be exchanged for cash when liquidity is needed.

    “Because tokens communicate with financial platforms via a blockchain infrastructure, it becomes easier and cheaper to aggregate them into structured products. As a result, the whole system becomes more efficient,” she said.

    To put this in perspective, Orly Grinfeld, executive vice president and head of clearing at TASE, told Cointelegraph that TASE is conducting a proof-of-concept with Israel’s Ministry of Finance to demonstrate atomic settlement, or the instant exchange of assets.

    In order to demonstrate this, Grinfeld explained that TASE is using the VMware Blockchain for the Ethereum network as the foundation for its beta digital exchange platform. She added that TASE will use a payment token backed by the Israeli shekel at a one-to-one ratio to conduct transactions across the blockchain network.

    Recent: TON Telegram integration highlights synergy of blockchain community

    In addition, she noted that Israel’s Ministry of Finance will issue a real series of Israeli government bonds as tokenized assets. A live test will then be performed during the first quarter of 2023 to demonstrate atomic settlements of tokenized bonds. Grinfeld said:

    “Everything will look real during TASE’s test with the Israel’s Ministry of Finance. The auction will be performed through Bloomberg’s Bond Auction system and the payment token will be used to settle transactions on the VMware Blockchain for Ethereum network.”

    If the test goes as planned, Grinfeld expects settlement time for digital bond trading to occur the same day trades are executed. “Transactions made on day T (trade day) will settle on day T instead of T+2 (trade date plus two days), saving the need for collateral,” she said. Such a concept would therefore demonstrate the real-world value add that blockchain technology could bring to traditional financial systems. 

    Tamar further explained that the process of listing bonds and making them available to institutions or the public is very complex and involves many intermediaries.

    “First the loan instruments need to be created by a financial institution working with the borrower (in this case, the government), which will be processing the loans, receiving the funds, channeling them to the borrower and paying the interest to the lender. The bond processing company is also in charge of accounting and reporting as well as risk management,” she said.

    Echoing Grinfeld, Tamar noted that settlement time can take days, stating that bonds are structured into large portfolios and then transferred between various banks and institutions as a part of a settlement between them.

    Given these complexities, Tamar believes that it’s logical to issue tokenized government bonds across a blockchain platform. In fact, findings from a study conducted by the crypto asset management platform Finoa and Cashlink show that tokenized assets, such as government bonds, could result in 35%–65% cost-savings across the entire financial system value chain.

    From a broader perspective, Perianne Boring, founder and CEO of the Chamber of Digital Commerce, told Cointelegraph that tokenized bonds also highlight how technology-driven innovations in financial instruments can provide investors with alternative financial products.

    “Generally, such bonds would come with reduced costs and more efficient issuance, and come with a level of transparency and monitoring capabilities that should appeal to investors who want greater control over their assets,” she said.

    Features such as these were recently demonstrated on Nov. 23, when Singapore’s DBS Bank announced it had used JPMorgan’s blockchain-based trading network Onyx to execute its first tokenized intraday repurchase transaction.

    Banks use repurchase agreements — also known as repos — for short-term funding by selling securities and agreeing to repurchase them later. Settlement usually takes two days, but tokenizing these assets speeds this process up. A DBS spokesperson told Cointelegraph that the immediate benefits of tokenized bonds or securities result in an improvement in operational efficiency, enabling true delivery vs. payment and streamlined processes with golden copies of records.

    Challenges may hamper adoption 

    While tokenized bonds have the potential to revolutionize traditional financial systems, a number of challenges may slow adoption. For example, Grinfeld noted that while Israel’s Ministry of Finance has expressed enthusiasm in regards to tokenization, regulations remain a concern. She said: 

    “To create new ways of trading, clearing and settlement using digital assets, a regulatory framework is needed. But regulations are behind market developments, so this must be accelerated.”

    A lack of regulatory clarity may indeed be the reason why there are still very few regions exploring tokenized government bonds. 

    Varun Paul, director of central bank digital currencies (CBDCs) and financial market infrastructure at Fireblocks, told Cointelegraph that while many market infrastructure providers are exploring tokenization projects behind the scenes, they are waiting on clear regulations before publicizing their efforts and launching products into the market.

    Fireblocks is currently working with TASE and Israel’s Ministry of Finance to provide secure e-wallets for the proof of concept, which will enable the participating banks to receive tokenized government bonds.

    In addition to regulatory challenges, large financial institutions may find it difficult to grasp the technical implications of incorporating a blockchain network. Joshua Lory, senior director of Blockchain To Go Market at VMWare, told Cointelegraph that market education across all ecosystem participants will accelerate the adoption of the technology.

    Yet, Lory remains optimistic, noting that VMware Blockchain for Ethereum’s beta was announced in August of this year and already has over 140 customers requesting trials. While notable, Estes pointed out that blockchain service providers must also take into account other potential challenges such as back-end programming for brokerage firms to make sure they are equipped to report bonds accurately on their statements.

    Recent: After FTX: Defi can go mainstream if it overcomes its flaws

    All things considered though, Estes believes that the tokenization of multiple assets is the future. “Not only bonds, but stocks, real estate, fine art and other stores of value,” he said. This may very well be the case, as Grinfeld shared that following the proof-of-concept, TASE plans to expand its range of tokenized asset offerings to include things such as CBDCs and stablecoins.

    “This POC will lead us toward a complete future digital exchange based on blockchain technology, tokenized assets, e-wallets and smart contracts,” she said. Adoption will likely take time, but Paul mentioned that Fireblocks is aware that financial market participants are interested in taking part in replicating TASE’s model in other jurisdictions:

    “We anticipate that we will see more of these pilots launching in 2023.” 
    Mon, 28 Nov 2022 12:20:03 -0500 ishook
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    Those looking to earn passive income in the metaverse have several available options, but how profitable and durable these are isn’t yet clear.

    When new technologies and platforms are created, there are incredible discovery phases in which economic activity eventually picks up and starts taking shape. The metaverse is arguably in that discovery phase, with many entrepreneurs finding ways to earn passive income on it.

    As economic activity in the metaverse rises, new passive income opportunities are seemingly being created on a regular basis, as are opportunities to actively earn income. While what works and what doesn’t is still up for debate, there are some in the vanguard of metaverse passive income.

    What is the metaverse?

    Before digging into passive income opportunities in the metaverse, it’s first important to analyze what is actually is. The term “metaverse” has been one of the most popular buzzwords in the Web3 space over the last few months, while millions are moved in digital economies focusing on it.

    The word “metaverse” comes from Neal Stephenson’s 1992 cyberpunk sci-fi novel Snow Crash. In the Web3 space, the term is used to describe a digital world where people actually own the assets within it.

    The metaverse differs from past digital worlds, like those created in video games, through the use of nonfungible tokens (NFTs). These unique blockchain-based tokens can be freely traded by users but cannot be duplicated or copied. What can be done in the metaverse is still being explored, but so far, real businesses have been created within these metaverses.

    Another defining characteristic of the metaverse is interoperability. Virtual worlds like that of popular videogame Roblox could be thought of as metaverses, but unlike the new, blockchain-based iterations, players don’t exercise control or ownership over their assets.

    Various companies have been moving into the metaverse, with Walmart seemingly gearing up to enter the space, while fashion brands like Ralph Lauren and Gucci have signaled that virtual clothes could be a major growth area for them. Companies are entering the space as it grows rapidly and is expected to become an $800 billion industry within two years.

    Given the potential size, earning passive income in the space could be a great opportunity. Taking advantage of passive income opportunities can be easy for those already deep into the metaverse, but how long each opportunity will allow entrepreneurs to earn isn’t clear.

    Renting out metaverse land

    One of the most well-known ways of earning passive income in the metaverse is by owning property in it and renting it out. Metaverse platforms like Decentraland and The Sandbox let users rent land for a fee to others.

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    There currently isn’t a lot of data on what type of earnings metaverse landlords can expect, as that information isn’t being widely shared. Nevertheless, it’s known to be an attractive market as companies look to host events on the metaverse.

    Pavel Sinelnikov, co-founder and CEO of Ethereum layer-2 scaling solution Metis DAO, told Cointelegraph that metaverses aim to achieve “digital land ownership and the ability to buy, sell, and rent land and other virtual items,” adding:

    “Metaverses create an abstraction of real-life, where there is a living virtual economy in the game that is not locked and restricted to the digital domain, but instead extends outside of it; these are real and valued assets, holding value outside of the digital realm.”

    According to Sinelnikov, the economies seen within metaverses like Decenraland and The Sandbox impact the “greater and real-world DeFi [decentralized finance] ecosystem,” while allowing for more interoperability opportunities.

    Leasing assets

    Another way to earn passive income in the metaverse involves leasing out assets, as some users may not want to directly purchase expensive NFTs.

    One well-known example of NFTs being leased to other users to earn passive income comes from the popular game Axie Infinity. The game is based on NFTs called on Axies that were, at one point, rather expensive as the game’s popularity exploded during the bull market.

    In the game, Axies were needed to compete and earn rewards in the form of Smooth Love Potion (SLP) tokens. Players who could not afford Axies would receive them from so-called team managers in exchange for some of the SLP tokens they managed to earn. The managers were, in essence, earning passive income from their Axies as other players — called scholars — used them to earn rewards. The practice was so popular that some “scholars” in Venezuela were making a living off of leased Axies.

    Other metaverse assets can be leased, depending on the platform. Sinelnikov commented that lending, renting and asset fractionalization are interactions that have already been formed on the metaverse, with the best part about them being that “no single provider can restrict the usage or control the market, since the assets belong to you and not to an individual provider.”

    Secondary market royalties

    Some NFT artists have earned extensive royalties through the secondary market as their creations are traded among collectors. The same type of interaction is possible in the metaverse.

    Prakash Somosundram, co-founder and CEO of blockchain game launchpad Enjinstarter, told Cointelegraph that “any wearable creator can earn royalties when the assets they create are sold on the secondary market.”

    John Burris, chief of strategy at metaverse app IMVU, told Cointelegraph that the metaverse is “filled with opportunities to earn,” stating that while some metaverse worlds are play-to-earn and others “host gig-like economies,” almost all of them offer item creation and sales:

    “With blockchain and NFTs we’ve finally unlocked a true ownership and royalty model where royalties can and will continue to flow back to the original creator, providing well-deserved passive income as those items change hands.”

    Per Burris, the metaverse “serves as a great way for people to make money no matter who they are, or where they’re from, in the real world.” The ability to create, own and sell goods, he said, opens up opportunities to people that they would not get otherwise.

    Virtual games

    Gaming is one of the metaverse’s largest use cases, with most metaverse worlds either being completely focused on gaming or having a large portion of users focusing on it. Some involve gambling, while others generate their revenue in other ways.

    Decentral Games’ ICE Poker virtual casino is one of the most popular metaverse gambling operations out there and since it’s based in the metaverse, a lot of the costs traditional casinos have aren’t present.

    Other games, however, aren’t related to gambling at all. Some generate revenue through asset sales, secondary market royalties or donations. Roderik van der Graff, the founder of global investment firm Lemniscap, told Cointelegraph that one of the firm’s portfolio companies has launched a tower defense game to generate revenue through the metaverse.

    The game is called Spark Defense and allows users to “monetize their land and complete quests to collect, earn and own NFTs which they can use across the game,” van der Graff said.


    Our final way to make passive income in the metaverse is through advertisements. Setting up large billboards in popular areas can draw in advertisers looking to get the crowd’s attention to sell their products or services, whether these are in the metaverse or outside of it.

    Finding advertisers for these billboards may mean the income isn’t completely passive, as after a campaign ends, an advertiser may lose interest and the billboard owner may have to start looking for someone else to rent.

    In fact, most of the options above are likely to require some involvement from the entrepreneur. Then again, true passive income doesn’t really exist, as even the most passive investments have to be monitored from time to time.

    Is passive income in the metaverse worth chasing?

    If generated income isn’t entirely passive, some may consider it not worth chasing, given the drawbacks. According to Burris, downsides include engaging in speculation and dealing with the volatility of the cryptocurrency space, as most transactions are conducted in either NFTs or crypto tokens:

    “It’s important users and creators looking to create income in the metaverse examine the platforms and metaverses they use, and look at the product as a whole. Is the team experienced? Is the metaverse active? Can it sustain itself through economic downturns?”

    Somosundram said that the sustainability of an income stream “depends on the success of the specific metaverse and/or game where you generate your passive income,” which may mean often moving on to another venture.

    It’s also worth pointing out that entrepreneurs may end up betting on a metaverse world that is later on abandoned, making their investment worthless as every passive income opportunity in the metaverse relies on heavy traffic.

    On the bright side, Somosundram said that passive income from the metaverse is a “great means of diversification along with traditional financial instruments,” and there can be a rapidly expanding number of opportunities out there as the metaverse industry grows.

    As exact figures aren’t widely shared, it’s up to entrepreneurs whether they want to bet on the metaverse and start building their income streams on it or whether they prefer to focus their attention elsewhere. Those who risk making it in the metaverse may have to innovate to stand out, however.

    Making it in the digital world

    While renting property or a digital billboard won’t require significant innovation, some of the more prolific earners are taking different approaches. Somosundram told Cointelegraph the story of a Singapore-based entrepreneur that created a GameFi guild that built up a pool of assets to lease for a fee.

    In another potential example, he pointed to tattoo artists using a service to “mint wearable tattoo art that generates passive income from the secondary market royalties.”

    Recent: After FTX: Defi can go mainstream if it overcomes its flaws

    Burris noted that on the platform he represents, there are “over 200,000 active creators, making over 350,000 new items for sale every month.” He stated:

     “As more and more people spend their time in virtual worlds, and begin looking toward it as a way to earn a living, it’s important to have both passive and active income opportunities — just like in the real world.”

    Whether entrepreneurs want to move forward with passive income ideas for the metaverse, it’s worth pointing out that there are no guarantees that the time or money invested will generate returns, as the space is constantly evolving.

    Economic activity in the metaverse is still at an embryonic stage, as many are still figuring things out. As the metaverse evolves, new opportunities will likely present themselves the same way they’re presenting themselves in the broader cryptocurrency space.

    Mon, 28 Nov 2022 10:55:02 -0500 ishook
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