Binance’s Perspective Binance CEO Richard Teng has denounced Nigerian authorities for allegedly abusing their power and mistreating Binance executives, including Tigran Gambaryan who remains in detention. Teng claims that Binance proactively sought guidance from Nigerian regulators, but received no response. He alleges that in early 2024, Binance employees were offered a “settlement” in exchange for…
Full Refunds for FTX Customers FTX, the now-bankrupt cryptocurrency exchange, has announced a plan to fully reimburse customers and creditors. This includes compensation for the time value of their investments. Bankruptcy Traders Take the Lead Contrary to expectations, the biggest beneficiaries of the repayment plan are not customers but bankruptcy traders. These traders bought claims…
Ethena’s USDe: A New Contender Ethena’s USDe stablecoin is making waves in the crypto world. Unlike traditional stablecoins like USDT and USDC, which are backed by fiat currency, USDe is a “synthetic dollar” backed by a mix of assets, including staked ETH derivatives and short positions. Partnership with Bybit Ethena has recently partnered with Bybit,…
On-Chain Analysis On-chain analyst Willy Woo believes Bitcoin (BTC) is showing signs of a potential surge in price. According to Woo, the volume-weighted average price (VWAP) oscillator chart is indicating a bullish divergence, suggesting that investors are accumulating BTC despite falling prices. VWAP Oscillator The VWAP oscillator measures the average traded price of an asset,…
Accumulation Activity Slows Down Analytics firm IntoTheBlock has noticed a shift in the behavior of large Bitcoin (BTC) holders, known as whales. Since March, whales have consistently bought BTC during price pullbacks. However, IntoTheBlock reports that whales holding over 1,000 BTC are now showing less enthusiasm for buying dips. The firm’s netflow metric, which tracks…
Enforcement Actions on the Horizon The head of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has warned that the crypto industry is facing a wave of regulatory enforcement in the coming months. Protecting Investors Behnam emphasized the need to protect investors in the absence of clear regulations. He stated, “Without a regulatory framework, you…
Bitcoin’s Bull Run Continues Tom Lee, CEO of Fundstrat, remains bullish on Bitcoin, predicting significant gains this year despite recent volatility. He believes the cryptocurrency’s bull market is far from over and sees it potentially reaching $150,000. Stock Market Outlook Lee is also optimistic about the stock market, highlighting strong earnings growth and a large…
Funding Rate and Basis Point to a Price Surge Crypto analyst Will Clemente observes that Bitcoin’s funding rate and 3-month annualized basis are cooling off after recent negative readings. This suggests a dominance of long-position trades, indicating growing investor confidence in Bitcoin’s future price action. Positive Funding Rate and Price Increase The funding rate has…
Evolution of Account Abstraction on Ethereum Ethereum accounts come in two types: externally owned accounts (EOAs) and contract accounts. EOAs are limited in functionality and security, making them unsuitable for complex transactions. Previous Proposals EIP-4337: Allowed smart contracts to act as accounts, improving user experience. EIP-3074: Enabled EOAs to delegate transaction authority to smart contracts…
Naira Under Attack? Nigeria’s government is concerned that cryptocurrencies are being used to manipulate the value of the Naira. The Securities and Exchange Commission (SEC) is proposing a ban on Peer-to-Peer (P2P) platforms that allow Nigerians to buy and sell crypto with local currency. P2P Battleground P2P platforms offer a convenient and often cheaper way…
