Category: Cryptocurrency news

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Bitcoin Cryptocurrency news Ethereum

Ethereum reaches $1,900

Ethereum suddenly gained ground against Bitcoin, with its ratio rising from 0.052 to around 0.054 BTC, while its dollar price touched $1,900.

It is the highest level in four months and this price increase is due to several reasons, some of them specific to ethics.

The biggest one is probably the Celestia airdrop. This gave around 170,000 ethereums $500 just for being eth users.

Many of them were likely sold instantly for eth, and the attention Celestia received during the airdrop earlier this week has disappeared.

That’s a new ethical statement, with Celestia’s market capitalization currently at $330 million. Small compared to Ethereum’s market cap of $228 billion, but potentially enough to change the ratio a bit.

Another reason is that Ethereum has not kept up with Bitcoin, which has gained 30% this month compared to Ethereum’s 17%.

This has happened in the past when Bitcoin has led gains, as it did recently due to speculation about the BlackRock Spot ETF, but Ethereum generally recovers over time.

Especially since in this case, if Bitcoin gets a spot ETF, so will Ethereum, since Ethereum future ETFs have been approved, so any advantage Bitcoin might have would only be temporary.

For example, the Securities and Exchange Commission (SEC) recognized the filing of the Invesco Galaxy spot eth ETF this Friday. The deadline for approval or rejection is in May, just a few months after Bitcoin’s January.

As Bitcoin is somewhat off track at resistance above $36,000, numerous cryptocurrencies have seen gains against BTC, with Sol in particular rising 80%. Therefore, the ethereum ratio now also has its turn, at least for today.

Devconnect’s week-long Ethereum meetup in Turkey is also almost here, starting on November 13th.

Ethereum will not be holding a Devcon this year, as Devconnect is different in that it is more focused on coders.

However, as there will be no Devcon, this Devconnect is sort of the main ethical event of the year. Your schedule is packed for the week and there is a lot going on.

Whether this will affect the price remains to be seen. There may be announcements, although the Ethereum Foundation has not promoted the event much.

All three combined gave eth some strength for the day, but on the downside, bitcoin could also be benefiting from the macro picture and eth became inflationary again during the day.

Its supply increased by 0.16% on this quiet Sunday, but during the week it fell by 0.005%. Which makes for a mixed picture as some Ethereum users attempt to transition to the second layers.

Overall, touching $1,900 is a positive sign that eth may be trying to break the $2,000 resistance. It will likely work alongside bitcoin if they manage to break the resistance levels, then eth could also fall below that level.

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Bitcoin Investment cryptocurrency exchange Cryptocurrency news NFT Investment

Nike-RTFKT NFT universe rises to $1.4 billion in transactions

The collaboration between Nike and digital art studio RTFKT has opened a new chapter in NFT trading, with its collections approaching a volume of US$1.4 billion. With revenues reaching $170 million, this partnership highlights the growing intersection of digital assets and physical goods. The recent frenzy was catalyzed by a counterfeiting event that allowed NFT holders to pre-order limited edition Nike-RTFKT sneakers, triggering a 600% increase in trading.

NFTs unlock exclusive physical sneakers

Consumers have shown great enthusiasm for Nike-RTFKT offerings, with special events granting NFT holders exclusive access to tangible products. This step not only improved consumer engagement but also strengthened the authentication process. Sneaker fans, including LeBron James, have embraced this innovative approach, bridging the gap between physical collectibles and their digital counterparts. Furthermore, these initiatives have supported the digital authentication process, guaranteeing the legitimacy of the coveted sneakers.

Market resonance and forging success

The recent Dunk Genesis Cryptokicks parody has caused a spike in trading activity. In October alone, transactions for the necessary NFTs increased to more than half a million dollars. Furthermore, the market response to physical sneakers was equally strong, with after-sales on platforms like eBay reaching prices four times higher than the initial cost.

This strong market resonance signifies the powerful appeal of integrating NFTs with exclusive physical products, a trend that is becoming increasingly common in the sneaker industry.

Significantly, Nike and RTFKT’s digital venture is a testament to the effective fusion of NFT technology with traditional consumer goods, increasing not only the value but also the authenticity of sneakers for collectors around the world. As this blending of the physical and digital worlds takes firmer root, it is clear that the collectible footwear landscape is undergoing a significant transformation.

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Bitcoin Wallet Cryptocurrency news Investment News

Coinbase Jumps 7% Ahead of Earnings

The stock price of Coinbase (COIN), one of the biggest crypto exchange in the world, is up 7.3% today ahead of an earning calls at 17:30 GMT-4.

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Bitcoin cryptocurrency exchange Cryptocurrency news

Thailand’s Bank Kasikorn Acquires Majority Stake in Satang Crypto Exchange

Kasikorn Bank, Thailand’s second-largest bank, has reportedly acquired a 97% stake in cryptocurrency exchange Satang. The deal was completed through Unita Capital, a subsidiary of Kasikorn Bank, and involved 3.705 million Thai baht ($102.8 million) worth of shares in Satang’s parent company.

Wu Blockchain highlighted cryptocurrency news in a post on X on Monday, citing CoinDesk.

   Thailand's second-largest bank, Kasikorn Bank, has acquired a 97% stake in the parent company of cryptocurrency exchange Satang. The deal is valued at 3.705 million Thai baht ($102.8 million). K-Bank recently obtained a crypto exchange license and launched a $100 million fund targeted...

Satang Corporation, founded in 2017 and one of Thailand’s leading digital asset exchanges, offers trading in over 45 cryptocurrencies. Details show that the platform’s customer base exceeds one million.

According to a local media report published on Monday, the completion of the deal will see Satang renamed as Orbix, with three subsidiaries, namely: Orbix Custodian, Orbix and Orbix Technology.

Kasikorn, also known as K-Bank, recently received a cryptocurrency exchange operator license and launched a $100 million fund for Web3, fintech and artificial intelligence (AI).

K-Bank’s move sees it join other leading financial giants in Thailand in foraying into the crypto ecosystem. These include Siam Commercial Bank (SCB) and Gulf, a local energy giant that recently partnered with Binance to expand global crypto exchange services in the country.

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Bitcoin cryptocurrency exchange Cryptocurrency news

Kraken will share data from 42,000 users with the IRS

US-based exchange Kraken says it will share the data of 42,000 users with the US Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November.

On its support page, Kraken specifies that the subpoena to produce “a broad range of records and data” about its US customers and pass them to the IRS came from a court order from the Northern District of California in May 2021. The company opposed this. IRS demands and fought the subpoena in court, convincing it to “substantially reduce” the number of affected customers and the amount of customer data.

The court ordered Kraken to submit profile and transaction data of customers who exceeded $20,000 in transactions during any year between 2016 and 2020. This also includes those who made no transactions but deposits and withdrawals.

Kraken will share data such as name, date of birth, tax identification, address, contact information and transaction history of these customers. There will be about 42,000 accounts whose information will be sent to the IRS.

The US Court of Appeals for the First Circuit is reviewing another case in which the IRS subpoenaed user data from a crypto exchange. In 2018, Coinbase told the 13,000 affected customers that it would provide the IRS with their taxpayer ID, name, date of birth, address, and historical transaction records from 2013-2015.

One such user, James Harper, appealed against the IRS to prevent the US government from having unlimited access to a user’s transaction history. In October 2023, cryptocurrency advocacy group DeFi Education Fund (DEF) filed an amicus brief supporting Harper’s appeal.