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Upbit Announces Dunamu & Partners’ Digital Asset Holdings for October 2023

by Blockchain NewsOctober 31, 2023

On October 31, 2023, Upbit, recognized as a global standard digital asset exchange, continued its endeavor to promote a healthy development in the digital asset/blockchain industry by providing a safe and transparent digital asset trading environment.

In a previous announcement, it was conveyed that if a digital asset invested by Dunamu & Partners is supported for trading on Upbit, there would be no selling of the said digital asset for three months from the initial trading support date. Following this period, any changes in the holding amount of the digital asset would be disclosed through Upbit’s official announcements at the end of each month.

In adherence to this principle, the digital asset holdings of Dunamu & Partners for October 2023 were disclosed. It was stated that starting from the disclosure in May 2022, the holding details of BTC (Bitcoin) acquired through exchange trades by Dunamu & Partners would be included, along with the wallet addresses of the held digital assets. This information was provided and published upon request by Dunamu & Partners on October 31, 2023.

The disclosure on October 31, 2023, detailed the following:

Holder: Dunamu & Partners

Digital Asset Type: BTC

Investment Date: February 19, 2021

Upbit Trading Support Date: October 24, 2017

Quantity of Digital Asset Held: 2,081.84950412

Cumulative Sales Volume: No transaction history

Wallet Addresses:

a) 1CqkZMD1BKZGAiFhRV7GmBRVB7xEgxi7qY

b) 14mHARtJMifbK1wRKjtVpmt95ixucSiW5c

Holding Purpose: Holding digital assets acquired through exchange trades with LUNC (formerly LUNA).

Upbit reiterates its commitment to continue striving to provide a transparent and healthy trading environment.

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Bitcoin Miner Integrated Ventures Sees Decline in Annual Revenue Despite Higher BTC Production

by Blockchain NewsOctober 2, 2023

Integrated Ventures Inc. (OTCQB: INTV) disclosed its yearly mining revenues amounting to $3,862,849 with a production of 162.71 bitcoins for the financial period ending on July 30, 2023, according to a press release on September 29, 2023. Despite the increased bitcoin production compared to 108.29 bitcoins in 2022, the company witnessed a revenue dip from $4,871,473. The decreased revenue against a higher bitcoin yield is primarily attributed to the faltering cryptocurrency market conditions during 2023, where the average dollar value of mined bitcoin plummeted to $23,740.44 from $44,986.17 in the preceding year.

Integrated Ventures’ financial highlight unveiled a net income loss of $25,459,967 for 2023, significantly up from the $688,003 net loss in 2022. The stark increase in net income loss was largely driven by expenses including a depreciation expense of $3,597,346, loss on disposition of mining equipment amounting to $1,197,522, impairment of mining equipment valued at $5,574,363, and a noteworthy annual stock compensation to management, valued at $15,247,500. Excluding these expenses, the annual income loss would stand at $458,736.

The gross loss for the year was reported at $6,297,476, primarily due to an uptick in depreciation expense which totaled $3,597,346. On excluding this expense, the annual gross profit would have been positioned at $1,162,733.

CEO Steve Rubakh acknowledged the challenging cryptocurrency milieu, marked by events like the FTX debacle, which impacted mining revenues. Despite these hurdles, the company managed to enhance bitcoin production without additional capital infusion.

Furthermore, the management is eyeing fintech sectors emphasizing liquidity, alongside AI/VR smart glasses/headsets. Due diligence is underway on two promising projects for potential strategic mergers or asset acquisitions to bolster shareholder value and revenue growth.

Integrated Ventures, a Technology Holdings Company, continues to focus on cryptocurrency mining among other tech-oriented domains. The company’s revenue streams presently encompass digital currency mining and hosting.

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Tagged : #BTC / ASSET ACQUISITIONS / Bitcoin / Cryptocurrency Market / DEPRECIATION EXPENSE / INTEGRATED VENTURES / News / STRATEGIC MERGERS / YEARLY MINING REVENUE

MicroStrategy Acquires Additional 5,445 Bitcoins, Total Holdings Reach 158,245 BTC

by Blockchain NewsSeptember 26, 2023

Key Takeaways

MicroStrategy purchases 5,445 more Bitcoins for approximately $147.3 million.

The company now holds a total of 158,245 Bitcoins, acquired at an average price of $29,582 per Bitcoin.

The acquisition comes amid a period of relative price stability for Bitcoin, which is currently trading around $26,000.

Strategic Investment

MicroStrategy, a leading business intelligence firm, has further solidified its position as a significant Bitcoin investor by acquiring an additional 5,445 BTC. The announcement was made by Michael Saylor, the company’s co-founder and executive chairman, on X (formerly known as Twitter) on September 25, 2023. The acquisition was completed for a total cash payment of $147.3 million, averaging $27,053 per Bitcoin.

Regulatory Filing Details

According to a Form 8-K filing submitted to the United States Securities and Exchange Commission (SEC), the latest acquisition took place between August 1 and September 24, 2023. As of the latter date, MicroStrategy and its subsidiaries control approximately 158,245 Bitcoins. These assets were acquired at an average price of $29,582 per Bitcoin, inclusive of all fees and expenditures. The aggregate purchase price for all Bitcoin assets held by the company stands at around $4.68 billion.

Market Context

The acquisition comes at a time when Bitcoin prices have shown relative stability, hovering around the $26,000 mark for several weeks. After peaking close to $28,000 on August 29, the cryptocurrency hit a low of $25,000 on September 11. According to data from CoinGecko, the current market price of Bitcoin is $26,081, representing a 1.9% decrease over the last 24 hours and a 4% decrease over the past week.

Company’s Bitcoin Strategy

This latest acquisition reinforces MicroStrategy’s bullish stance on Bitcoin. Earlier in June 2023, the company purchased 12,333 Bitcoins for a total of $347 million, at an average price of $29,668 per coin. Notably, MicroStrategy reported its first profitable quarter since 2020 in Q1 2023, thanks in part to a one-time income tax gain.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Tagged : #BTC / Acquisition / Bitcoin / Cryptocurrency / FORM 8-K / Investment / Michael Saylor / Microstrategy / News / SEC

Bitcoin and Ethereum Bounce 3% After Liquidating Over $160 Million

by Blockchain NewsSeptember 12, 2023

Coinglass Data Reveals Major Liquidations

In the past 24 hours, Coinglass data shows that the crypto network liquidated a staggering $167 million. Out of this, long positions accounted for $150 million. Bitcoin faced liquidations surpassing $77 million, while Ethereum saw over $33 million in liquidations. XRP and SOL followed with liquidations of $4.58 million and $3.44 million, respectively.

FTX’s Asset Sale Sends Shockwaves

Market jitters intensified with the revelation that FTX plans to offload its crypto holdings. As reported by Blockchain.News, FTX’s disclosed crypto assets are valued at roughly $3.4 billion. The top 10 digital assets on the platform make up a dominant 72% of its total crypto holdings. Solana (SOL) leads the pack with a valuation of around $1.2 billion. Bitcoin (BTC) and Ethereum (ETH) trail with values of $560 million and $192 million, respectively. Other notable assets include APT, USDT, XRP, BIT, STG, WBTC, and WETH.

Week Sees Massive Token Unlocks

This week is marked by significant token unlocks. On September 11 at 08:00 (UTC), Moonbeam released 9.7 million GLMR tokens, worth about $1.74 million, or 1.34% of its circulating supply. Aptos will follow on September 12 at 08:00, unlocking 4.54 million APT tokens valued at roughly $23.85 million, representing nearly 2% of its supply. Lido will release 1.5 million LDO tokens on September 13 at 11:33, valued at about $2.22 million or 0.17% of its supply. Euler plans to release 150,000 EUL tokens on September 14 at 07:17, worth around $400,000 or 0.83% of its supply. Flow will unlock 7.29 million FLOW tokens on September 16 at 08:00, valued at approximately $3.09 million, or 0.70% of its supply. Lastly, ApeCoin is set to release a massive 40.6 million APE tokens on September 17 at 08:00, with an estimated value of $51.6 million, making up a significant 11.02% of its circulating supply.

Hot Cryptocurrency Lows

Several hot cryptocurrencies hit record lows. ARB touched an all-time low, while PEPE saw its lowest since being listed on Binance. Shiba Inu’s (SHIB) price has dropped even lower than its lowest point during the summer of Shibarium.

Bitcoin and Ethereum Rebound by Over 3% Following Recent Dip

In the wake of prevailing news and a bearish sentiment, Bitcoin’s price dropped to $24,900. This marked a value even lower than its August 17, 2023, level when Bitcoin suffered a 7% decline. This downturn resulted in over $160 million being liquidated. However, following the dip, a bullish RSI divergence was observed, prompting Bitcoin to swiftly rebound by more than 3%.

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Tagged : #BTC / #ETH / #XRP / $Sol / Bitcoin / Bounce / CRYPTO LIQUIDATIONS / News

Why Bitcoin May Crash Below $20,000 Soon

by Blockchain NewsSeptember 8, 2023

Predicting Bitcoin’s Price Through Historical Data

Historical trends and data points often shed light on potential future movements, especially in the volatile world of cryptocurrencies. September, based on our comprehensive analysis, traditionally poses challenges for Bitcoin, the leading digital currency.

In September 2022, Bitcoin experienced a decrease of -3.09%. This decline was the most notable for a September month since the year 2014. Projecting forward, if 2023 follows this previous trend, we can anticipate the cryptocurrency to touch around the $25,107 mark by the close of the month. However, widening our lens to account for an average September decline, which sits at roughly -9.22% over the considered years, this figure might recede even further to approximately $23,530.

Amplitude analysis serves as another tool to gauge the potential future trajectory of Bitcoin. Revisiting the data from September 2018, a standout month with the lowest amplitude since 2014 (with the exclusion of 2015 and 2016 due to their respective price increases), Bitcoin’s price underwent a fluctuation of about 19.51%. Taking into account the current month’s opening price of $25,927, should Bitcoin tread the amplitude path of 2018, a downward spiral to a figure around $20,867.67 is conceivable. Current market conditions, which many analysts view as unfavorable, inject a layer of uncertainty to Bitcoin’s near-term outlook.

Diving deeper into historical amplitude patterns, the average for this parameter over the years hovers around 27.21%. Based on this percentage, a plausible scenario might see Bitcoin nearing a concerning valuation of $18,860 in the foreseeable future.

Technical Analysis

Bitcoin’s price trends remain under intense scrutiny by both traders and investors. Currently, its value hovers around the $25,800 mark. A notable setback from the bullish momentum of the 10-daily moving averages emphasizes the significance of the $26,000 support level for Bitcoin. This threshold is pivotal for traders; any falter here could trigger an downtrend.

Source: Binance

Adding to the intricacies is the crucial $25,000 support line. Bitcoin has displayed commendable tenacity since August 17th, consistently staying above this mark. Notably, the upward trending line for Bitcoin also converges around this $25,000 zone. Should the currency break this line, the implications could be severe. Without any clear support immediately below, Bitcoin might be vulnerable to a sharp dive, potentially spiraling down to the $20,000 range.

Given these dynamics, it’s essential for investors to remain vigilant, harnessing both historical insights and in-depth technical analysis to steer through the capricious nature of Bitcoin’s valuation.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Tagged : #BTC / $20 / 000 / Analysis / Bitcoin / Crash

Ripple XRP Joins The Giving Block’s Initiative for Maui Wildfire Relief

by Blockchain NewsSeptember 8, 2023

Ripple’s cryptocurrency, XRP, is the latest addition to the philanthropic efforts addressing the aftermath of the devastating wildfires in Maui. The Giving Block, a platform known for facilitating charitable donations via cryptocurrency, has expanded its roster to include XRP as a means to support the affected residents of Maui.

The wildfires in Maui have resulted in over 100 reported deaths, the destruction of hundreds of homes and businesses, and the displacement of thousands. With XRP now joining other supported cryptocurrencies like BTC, ETH, USDC, BCH, AAVE, AXS, BAT, BNT, BOND, and MATIC, among others, the potential reach of the fundraising campaign is significantly amplified.

Jared Isaacman, CEO of Shift4, the parent company of The Giving Block, has pledged a 1:1 match for the first $500,000 donated to the Maui response fund. This initiative could potentially amass up to $1 million for relief efforts. Donations made in any of the supported cryptocurrencies, including XRP, will be equally distributed among participating humanitarian relief organizations. These entities are on the ground, providing urgent medical care and aid to affected children, individuals, families, and animals.

To date, the fund has received $72,657.74 in donations. With the matched amount, the total stands at $145,315.48, marching towards a goal of $1 million. The Maui Emergency Response Fund is open for contributions in various forms, including the aforementioned cryptocurrencies, stocks, DAF grants, and cards. Donors have the option to support the fund directly or to donate to individual organizations involved in the relief efforts.

Among the participating organizations are Airlink, All Hands and Hearts Smart Response, Inc., Convoy of Hope, Direct Relief, Feeding America, Global Empowerment Mission, Habitat for Humanity Maui, Inspire Church, Maui Humane Society, and World Central Kitchen.

The $500k Maui Emergency Response Fund Match Campaign, spearheaded by Jared Isaacman, operates on a first-come-first-served basis. There’s a cap of $100k in direct donations to eligible nonprofits, but no caps on donations to the Maui Emergency Response Fund itself.

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Tagged : #BTC / #ETH / #XRP / GIVING BLOCK / MAUI WILDFIRE RELIEF / News / Ripple

Binance Introduces New Dual Investment with BTC, ETH, BNB

by Blockchain NewsSeptember 5, 2023

Binance announced today the launch of a new set of Dual Investment products. These products come with updated Target Prices and Settlement Dates, allowing users to either “Sell High” or “Buy Low” on a variety of cryptocurrencies.

Dual Investment is an investment vehicle that doesn’t guarantee the protection of the principal amount invested. The primary risk associated with this product stems from market price fluctuations. During periods of high market volatility, accurately forecasting the gap between the target price and the actual market price at the time of settlement can be challenging. This uncertainty also extends to predicting the currency in which the settlement will occur. Hence, prior to subscribing, it’s crucial to fully comprehend both the features of the product and the associated risks.

Subscription Mechanics

The subscription format for these new products is on a first-come, first-served basis. According to the announcement, Dual Investment allows users to set a specific price and date in the future for buying or selling selected cryptocurrencies, all without incurring any fees. Once subscribed, the Annual Percentage Rate (APR) will be locked in, despite any market fluctuations that may occur before the subscription.

Target Users and Currencies

The “Sell High” products are designed for users who aim to accumulate higher rewards on their cryptocurrency holdings or sell their deposit currency at a future date for a price higher than the market rate at the time of subscription. The “Buy Low” products, on the other hand, are tailored for those who wish to accumulate high rewards on stablecoin holdings or buy a cryptocurrency at a future date for a lower price than the current market rate.

Settlement Dates

For “Sell High” products with Ethereum (ETH) as the deposit currency and Bitcoin (BTC) as the currency to sell for, the settlement dates range from September 12, 2023, to March 29, 2024. For “Buy Low” products with Bitcoin (BTC) as the deposit currency and Ethereum (ETH) or Binance Coin (BNB) as the currency to buy, the settlement dates are similarly ranged.

Additional Features and Notes

Binance has also introduced a Dual Investment Auto-Compound feature, which users can enable or disable at their discretion. However, it’s worth noting that Dual Investment products cannot be redeemed before the Settlement Date. (Read Exclusive Interview with CZ by Blockchain.News)

The APR for these products will change in real-time depending on market conditions but will be locked in once the subscription is confirmed.

Risk Factors

While Dual Investment offers a structured way to invest in cryptocurrencies, Binance has stated that it may stop accepting new subscriptions at any time. Therefore, potential investors should exercise due diligence and consider the associated risks.

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Tagged : #BTC / #ETH / Binance / Bnb / DUAL INVESTMENT / News

OKX Discloses Monthly Proof of Reserves, Holding $10.4 Billion in BTC, ETH, and USDT

by Blockchain NewsAugust 30, 2023

OKX, a global Web3 technology firm and cryptocurrency exchange, disclosed its 10th consecutive monthly Proof of Reserves (PoR) report today. The report shows that the exchange holds USD$10.4 billion in primary assets, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

In an effort to understand public sentiment about PoR and transparency, OKX conducted two Twitter polls. The data reveals that 84% of respondents consider monthly PoR reports to be either ‘somewhat important’ or ‘very important.’ Additionally, 88% of respondents indicate that transparency is a significant factor in choosing a crypto platform.

The August PoR report from OKX encompasses 22 commonly traded digital assets and demonstrates that the exchange has maintained a reserve ratio above 100% for ten consecutive months. The reserve ratios for BTC, ETH, and USDT are currently 102%, 102%, and 103%, respectively. Lennix Lai, OKX Global Chief Commercial Officer, stated, “The 38% increase in assets under management on OKX coincides with our focus on transparency, as indicated by our monthly PoR reports.”

Since the launch of its PoR page in late 2022, the exchange reports that hundreds of thousands of users have engaged with its open-source verification tool. This tool enables users to independently verify the solvency of OKX while maintaining their privacy. To date, the exchange has made over 210,000 addresses public for its PoR program.

OKX plans to continue publishing monthly PoR reports and is developing tools for user verification of its solvency and asset backing.

The firm, which has over 50 million global users, is known for its crypto trading services and publishes its Proof of Reserves on a monthly basis as part of its operational transparency.

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Tagged : #BTC / #ETH / Cryptocurrency Exchange / News / Okx / Proof Of Reserves / USDT

$265M in BTC Withdrawn from Binance in 2018 Suspected of Money Laundering

by Blockchain NewsAugust 28, 2023

A prominent Bitcoin address has come under the spotlight for allegedly laundering approximately $265 million through various Bitcoin mixers. The address in question, 1EU2pMence1UfifCco2UHJCdoqorAtpT7, was initially funded with 9,999.99 BTC from Binance in May 2018, as reported by crypto analyst ZachXBT today, on 28 August 2023.

The nature of the transactions has raised eyebrows in the crypto community. ZachXBT highlighted that the deposits were all on-chain, making them easily traceable. “With this much volume it’s harder to hide,” he commented.

The use of the term “laundering” has sparked debate among crypto enthusiasts. The Intelligent Investor, a known figure in the crypto space, pointed out the challenges of truly hiding such a significant amount. “If you got a black box that ‘mixes’ a few million dollars of peon size common transactions, then a whale shows up one day to ‘mix’ $250m, surveillance is just gonna track all outputs that day,” they remarked.

Others questioned the use of the term “laundering,” seeking clarity on whether the funds were illicitly obtained. ZachXBT responded by emphasizing the suspicious nature of the transactions. “It was spread out across smaller deposits to avoid detection,” he noted, adding that using a centralized exchange as a mixer would be more effective for such a large amount if the source was not illicit.

ZachXBT further stated that casual mixer use for privacy enthusiasts is typically associated with platforms like Samourai or Wasabi, rather than the methods observed in this case.

The debate highlights the persistent challenges and concerns about crypto laundering and its potential misuse. As the industry evolves, the imperative for transparency and accountability becomes even more pronounced.

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Tagged : #BTC / Binance / BITCOIN MIXERS / MONEY LAUNDERING / News

HashKey Launches as HK’s First Licensed Retail Crypto Exchange, Begins BTC and ETH Trading

by Blockchain NewsAugust 28, 2023

On 28 August 2023, HashKey Exchange, the city’s first licensed retail virtual asset exchange (crypto exchange), commenced operations today. The official launch, hosted at the Maritime Museum Central, was attended by key figures from the HKSAR government, leading banks, insurance entities, and representatives from the Big 4 auditing firms.

The platform, which supports direct bank transfers in both USD and HKD, introduced initial fiat trading pairs such as BTC/USD, ETH/USD, and USDT/USD. Joseph Chan Ho-lim, JP, Undersecretary for Financial Services and the Treasury, and Norman Chan Tak-lam, GBS, JP, Chairman of the Hong Kong Web3 Association, were among the notable speakers who shed light on the evolving landscape of the Web3 industry in Hong Kong.

Livio Weng, COO of HashKey Group, highlighted the capabilities of the HEX Engine, a robust system designed to handle up to 5,000 transactions per second (TPS). Emphasizing compliance, HashKey Exchange operates under the stringent guidelines set by the Hong Kong Securities and Futures Commission. This includes rigorous user admission protocols, anti-money laundering measures, and consistent transaction monitoring. Additionally, the platform has fortified its security measures, storing 98% of its digital assets in cold wallets. To ensure transparency and adherence to regulatory standards, regular audits are conducted by the Big 4 accounting firms.

In celebration of its inauguration, HashKey Exchange is offering a temporary waiver on trading fees and has introduced the “HashKey Grand Launch Festival,” providing added benefits for its new user base.

HashKey Exchange, a subsidiary of HashKey Group, stands as the pioneer in Hong Kong, having received the green light for virtual asset trading for retail users from the Securities and Futures Commission (SFC). HashKey Group, a prominent digital asset financial service provider in Asia, delivers a comprehensive suite of services, ranging from trading to Web3 infrastructure, with operations spanning Hong Kong, Singapore, and Japan.

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Tagged : #BTC / #ETH / Crypto Exchange / Hashkey / HK / LICENSED / News