Crypto Agenda for 29 Thursday 2024 Date
We'll be sharing today's daily news and prices of cryptocurrencies.
Daily News
Gemini strikes deal to return all assets ‘in kind’ to Earn users instead of historic dollar equivalent
The settlement is still pending finalization and approval from the Bankruptcy Court.
Gemini has reached an agreement to return all assets in kind to Earn users, exceeding the amount initially frozen. The settlement, pending court approval, would provide 97% of assets within two months and the remaining 3% within a year. The community welcomes this news, as the crypto market has grown significantly since November 2022, resulting in higher asset values for users.
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Price speculators sees highest single-day loss of $774 million YTD amid Bitcoin upward trajectory
Bitcoin's price swings in a largely positive market left eggs on the face of some traders.
Crypto speculators lost a record $774 million in a single day due to market volatility. Bitcoin surged to $63,000 but then plummeted below $60,000, triggering liquidations. The surge was partly fueled by fear of technical glitches on major exchanges. Despite the turbulence, Bitcoin regained ground, and other cryptocurrencies like Ethereum, Solana, Cardano, and Dogecoin posted gains. Short traders accounted for a significant portion of the losses. Binance and OKX reported the highest liquidations, while Huobi, Bybit, and Bitmex also saw substantial losses.
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Marathon posts record growth in 2023 earnings, unveils Bitcoin Layer-2 Anduro
The company mined a record 12,852 BTC in 2023, which drove its revenue to $387.5 million.
Marathon Digital reported record growth in 2023 earnings, including a 229% increase in revenue and a net income of $261.2 million. The company also unveiled Anduro, a Bitcoin Layer-2 network that will enable the creation of sidechains and serve as a programmable application layer. Anduro sidechains will utilize merge-mining, allowing miners to earn revenue from sidechain transactions while mining Bitcoin. This shift to Bitcoin development marks a significant expansion for Marathon, which has previously focused primarily on mining.
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Webull ended crypto offerings due to SEC opposition during past IPO attempts
The online brokerage company is about to close a $7.3 billion SPAC deal which will allow it to list on Nasdaq.
Webull discontinued its crypto offerings due to SEC opposition during IPO attempts. The company believes its previous IPO failures were partly caused by its crypto exposure. Despite the SEC's unclear regulations, Webull's competitor, Robinhood, successfully launched an IPO with crypto trading features. Webull plans to list on Nasdaq via a SPAC deal with SK Growth Opportunities Corp, but the deal awaits shareholder and regulatory approval.
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Gemini agrees to return $1.1 billion to Earn customers as part of NYDFS settlement
Gemini has also agreed to pay a $38 million fine and to contribute $40 million towards the Genesis bankruptcy proceedings.
The New York State Department of Financial Services (NYDFS) reached a settlement agreement with Gemini, requiring the crypto exchange to return $1.1 billion to Earn customers. The settlement stems from Gemini's failure to adequately oversee operations with Genesis, a third party accused of fraud. Gemini also agreed to contribute $40 million to Genesis' bankruptcy proceedings and pay a $37 million penalty for compliance failures. This settlement concludes legal actions against Gemini and Genesis related to the Earn program, which involved offering unregistered securities.
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Apple teases generative AI plans, hints at user devices playing a role
Cook said Apple sees "incredible breakthrough potential" for generative AI and is investing significantly in the area.
Apple plans to incorporate generative AI into its products, with a focus on enhancing user productivity and problem-solving. The company sees potential for AI in its devices, such as the iPhone and Mac, and hints at features like AI-generated code, music playlists, and presentations. Apple has invested in AI development, moving staff from its canceled electric car program to this area. However, shareholders rejected a proposal for a transparency report on the ethical use of AI.
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Ark Invest and 21Shares enhance Bitcoin ETF transparency with Chainlink integration
Market observers have urged the Bitcoin ETF issuers to embrace industry-standard transparency measures.
Ark Invest and 21Shares have integrated Chainlink Proof of Reserve to enhance transparency of the ARK 21Shares Bitcoin ETF (ARKB). This integration allows investors to verify that the ETF's Bitcoin holdings support its value. The transparency is achieved through public accessibility of the Bitcoin reserve and historical data via Chainlink Proof of Reserve. This move follows industry efforts to increase transparency in Bitcoin ETFs, and sets a new standard for combining transparency and security in digital asset management. ARKB is one of the top-performing spot Bitcoin ETFs, but trails behind BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Trust (FBTC) in terms of assets under management.
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Binance drops Nigerian naira from P2P platform amid forex manipulation concerns
The Nigerian authorities have intensified their focus on Binance amid the escalating foreign exchange issues.
Binance has removed the Nigerian naira from its peer-to-peer platform due to concerns about foreign exchange manipulation. Nigeria's high crypto adoption and peer-to-peer volume have raised concerns, as the government believes these markets are manipulating the foreign exchange rate. Binance has yet to comment, but two executives have been detained in Nigeria. Despite the government's crackdown, Nigerians remain interested in cryptocurrencies due to a lack of reliable cross-border transaction channels.
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Coinbase crashes due to technical issues after Bitcoin touches $63K
The outage caused unbridled speculation over the cause on social media, with opinions ranging from retail entering the market to the exchange getting hacked.
Coinbase experienced technical issues after Bitcoin's surge to $63K. The exchange's website and app are down, and users are facing zero account balances and delayed transactions. Coinbase acknowledges the issues and is investigating. Speculation suggests the outage may be due to increased user activity amid the market rally or a sign of retail investors returning. Some have raised concerns about a possible hack, while others joke about a "rug pull" by the exchange.
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At $61,594 Bitcoin is at fair market price according to the power law model
Bitcoin exits the bear market as logarithmic model suggests current price is 'fair value.'
Bitcoin has reached its "fair market price" of $61,594, according to the Bitcoin Power Law model. This model uses a logarithmic scale to predict Bitcoin's long-term price trajectory and suggests that the current price is in line with historical trends. The model also indicates that Bitcoin is entering a bull market "bubble," which is a key component of each Bitcoin halving cycle. However, it's important to note that this is a model and market forces can change.
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Adam Back doubles down on $100K before halving amid sustained market rally
Back said that Bitcoin typically surges in condensed timeframes during bull markets, and the roughly 20% climb this month indicates building momentum.
Blockstream CEO Adam Back predicts Bitcoin will reach $100,000 before the halving event in 51 days. He cites factors such as bear liquidation, OTC trading desk shortages, and investor FOMO. Back's prediction aligns with optimistic views of Bitcoin reaching $1 million, while more conservative estimates suggest $150,000 by year-end. Back also highlights Bitcoin's historical tendency for rapid surges and the potential for a "gamma squeeze" on MicroStrategy's stock due to its large Bitcoin holdings.
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Prices of Cryptocurrencies (February 2024)
| Symbol | Price |
|---|---|
| STEEM - USDT | 0.2745000 $ |
| BTC - USDT | 62852.870 $ |
| ETH - USDT | 3467.4800 $ |
| BNB - USDT | 407.70000 $ |
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