🪙 Ethereum’s low gas fees drive ETH burn rate to yearly low

The Ethereum network has seen the daily amount of ETH burned drop to its lowest level this year — mainly driven by a recent drop in average gas fees. Currently, gas fees are hovering between 5 and 10 gwei, which is one of the lowest levels seen year-to-date and affecting ETH issuance. The decrease in network fees has resulted in fewer ETH being burned. On Sunday, the amount of ETH burned was a mere 610 ETH — marking a record low for this year as Ethereum’s gas fees remained minimal.

Source

@CryptoMagazine

📊 Less Than 10% of Stablecoin Transaction Volume Coming from Real Users: Report

Less than 10% of stablecoin transaction volumes are organic or come from real people, according to new findings by Visa and data platform Allium Labs, Bloomberg reported. Out of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity,” the report said. The analysis removed transactions done by bots and large-scale traders to “isolate those made by real people.”.

Source

@CryptoMagazine

💰 Bitcoin options traders bet on a bullish September price move above $100,000, analysts say

Analysts are observing bullish conditions in the bitcoin options market following the digital asset's bounce back on Friday — an uptick sustained throughout the weekend and into early week trading. QCP Capital analysts say bitcoin risk reversals have gone positive, with calls now more expensive than puts. This suggests a bullish sentiment among investors, as they are willing to pay more for options that benefit from a rise in bitcoin than options that protect against a decline in price.

Source

@CryptoMagazine

💰 FTX claims rise above 100 cents on the dollar on back of bankruptcy plan

FTX claims have risen above 100 cents on the dollar following the estate’s draft recovery plan that estimates the majority of creditors will see a recovery rate of 118%. For instance, crypto bankruptcy site Xclaim shows that FTX claims are now going for between 101% and 112%. “It's absolutely unbelievable,” said Thomas Braziel, a partner at 117 Partners and 507 Capital and an investor in distressed assets. “I mean, Lehman was 141 cents on the dollar, and that took 10 years. This is 142% as the projected high number.

Source

@CryptoMagazine

🟠 Binance Fired Investigator Who Uncovered Market Manipulation at Client DWF Labs: WSJ

Binance fired a member of staff who uncovered evidence of market manipulation at crypto investment firm DWF Labs, one of cryptocurrency exchange's clients, the Wall Street Journal reported on Thursday, citing interviews with Binance employees past and present, documents, emails and other industry participants. The former staffer and his colleagues on Binance's market-surveillance team had been hired to winkle out signs of market manipulation.

Source

@CryptoMagazine

🪙 Robinhood Wells Notice Shouldn’t Deter Eventual Approval of an Ether Spot ETF: JPMorgan

The Well’s Notice issued to trading platform Robinhood (HOOD) by the U.S. Securities and Exchange Commission (SEC) should not pose an obstacle to the eventual approval of spot ether (ETH) exchange-traded funds (ETFs), JPMorgan (JPM) said in a research report on Wednesday.

Source

@CryptoMagazine

🟠 Binance Reportedly Fired Investigator Who Discovered Market Manipulation at Client Company

Binance and DWF Labs have refuted market manipulation claims in a WSJ report, with the former stating that the company is intolerant to market abuse. With Binance founder and former CEO Changpeng “CZ” Zhao recently sentenced to four months imprisonment, a WSJ report is alleging that the crypto exchange giant fired one of its investigators who exposed market manipulation by one of the company’s clients, DWF Labs.

Source

@CryptoMagazine

🟠 DOJ taps FRA over Sullivan & Cromwell for Binance's 3-year monitorship: report

The United States Department of Justice (DOJ) appointed Forensic Risk Alliance (FRA) to serve as the outside monitor over the crypto exchange Binance, reports Bloomberg citing people familiar with the matter. FRA, a London-based providing services in forensic accounting and compliance consulting services, beat out Sullivan & Cromwell to take on the position, Bloomberg adds. Binance must undergo a monitorship of three years as part of its plea deal with the DOJ related to money laundering violations.

Source

@CryptoMagazine

💰 Bitcoin repeats ‘2016 history perfectly’ amid $350K price prediction — Traders

Bitcoin is replicating the same path as it did after the 2016 Bitcoin halving event, with one indicator signaling it may be nearing its local bottom and another indicating it could reach $350,000 during “the peak” of this cycle, according to crypto traders. Rekt indicates that the reaccumulation range at this point of the cycle is any price below $61,081, which Bitcoin is currently trading below, at $60,901, according to CoinMarketCap data.

Source

@CryptoMagazine

💰 Bitcoin mining firm Bitfarms fires CEO amid $27 million damages lawsuit

Toronto-based Bitcoin mining firm Bitfarms fired CEO Geoffrey Morphy on Monday, effective immediately, after he filed a lawsuit against the company claiming $27 million in damages for breach of contract. Previously President and COO, Morphy was promoted to CEO in December 2022. However, in March this year, Bitfarms announced Morphy would be departing the company upon completing its executive search, though he would continue to lead the mining firm in the interim to ensure a “smooth transition.”

Source

@CryptoMagazine

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🪙 Tornado Cash developer Alexey Pertsev sentenced to 64 months: report

Tornado Cash developer Alexey Pertsev was convicted on money laundering charges. A Dutch court convicted Pertsev, 31, of laundering $1.2 billion in crypto through the Tornado Cash mixer between July 9, 2019, and Aug. 10, 2022, DL News reported. A three-judge panel sentenced the developer to five years and four months in prison. “Tornado Cash in its nature and functioning is a tool intended for criminals,” one of the judges overseeing the case reportedly said.

Source

@CryptoMagazine

🔵 Stablecoin issuer Circle eyes US move, setting stage for rumored IPO

Stablecoin issuer Circle reportedly plans to shift its legal home to the United States from Ireland for undisclosed reasons, Bloomberg reported on May 15. Circle’s decision to shift to the US comes as a surprise, given the advantageous low corporate tax rates it enjoyed in Ireland. Additionally, the move could subject the crypto firm to a heavier tax load and confront it with the challenges of a less favorable regulatory landscape.

Source

@CryptoMagazine

💰 FTX repayments might cause crypto buying pressure: K33

A Tuesday report from the digital asset brokerage firm K33 suggests that repayments from the collapsed crypto exchange FTX might have bullish effects on the crypto market. "While Mt. Gox and Gemini creditor repayments represent a bearish overhang in the market, FTX’s cash repayment may be viewed as a bullish overhang," K33 wrote in the report.

Source

@CryptoMagazine

💰 Bitcoin options traders anticipate short-term price correction, analysts say

Despite yesterday's softer U.S. CPI inflation report, investors are still ready to pay a premium for short-term downside protection, according to CF Benchmarks' analysis of Chicago Mercantile Exchange (CME) options on bitcoin futures. The CF Benchmark analysts said that although bitcoin saw a breakout above the $66,000 mark after yesterday's softer inflation print, there is still "higher implied volatility for OTM puts compared to calls."

Source

@CryptoMagazine