Tag: #ETH

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

by Blockchain News

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%.

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

by Blockchain News

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.

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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Binance Initiates XIRTAM ETH Refund Process for Victims

by Blockchain News

Binance, one of the world’s leading cryptocurrency exchanges, has taken significant steps towards resolving the XIRTAM fraud incident that unfolded in early May 2023. The XIRTAM project, which defrauded investors of a substantial sum, saw its ill-gotten gains totaling approximately 1,909 Ether (ETH) frozen in a Binance.com account. Today, Binance has announced the commencement of the refund process for over 1,750 affected addresses.

Background and Analysis

In May 2023, the fraudulent XIRTAM project made headlines by duping investors and depositing the stolen funds into a Binance.com account. Binance acted swiftly by freezing the account and the associated assets, preventing the project’s culprits from accessing the funds. Since then, Binance’s security team has been diligently investigating the project’s activities and identifying victims, specifically assessing their net losses.

As a goodwill gesture, Binance has launched the recovery process for more than 1,750 victims of the XIRTAM fraud. Individuals who participated in any official XIRTAM token sale, whether public or private, may be eligible for a refund. To determine your eligibility and initiate a refund claim, consult Binance’s official guide, which is available in both English and Chinese languages.

Refund Claim Guide

For those potentially eligible for a refund, please follow the official guide provided by Binance: Refund Claim Guide.

It’s crucial to understand that the 1,909 ETH in question originated from XIRTAM’s token sale investors. Consequently, only individuals who participated in the official token sale will be considered for a refund.

Claim Contract, Source: Etherscan

Supported Contracts

Binance has identified the following contracts associated with XIRTAM:

Token Sale 1: 0x31eecf3f5c3ea2ee8ee7c0266a98e89f933a4b6b

Token Sale 2: 0x6c9cdd434d1c77c64fbc44f5c3ce1209cd53bc6a

Fjord Foundry LBP (Balancer): 0x67e0524739e59ca57ac27e520ea05d14cdb6015e

If you acquired XIRTAM tokens on the secondary market or through a third-party, it’s important to note that Binance cannot guarantee a refund at this time since they do not possess the funds used for those transactions. If you participated in an official token sale but the guide suggests you’re not eligible for a refund, it’s possible that your case is still under review.

Important Considerations

Binance retains the sole and absolute discretion to determine the refund process, criteria, eligibility, and refund amounts. The exchange will not be held responsible or liable for any claims, losses, or issues arising from XIRTAM’s actions or any decisions made regarding this refund process.

Contact and Inquiry

Should you have any questions or concerns, please refer to the guide for instructions on submitting an inquiry with detailed information about your investment and potential losses. Binance’s support team will review your case and provide follow-up assistance.

Binance remains committed to addressing the fallout from the XIRTAM incident and appreciates the continued support of its users.

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Binance Introduces New Dual Investment with BTC, ETH, BNB

by Blockchain News

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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Breaking: 299,998 ETH Transferred to Coinbase

by Blockchain News

Coinbase, a leading cryptocurrency exchange, has just received two significant Ethereum (ETH) transfers, totaling 299,998 ETH, or approximately $486,482,166 USD.

These transactions were reported by Whale Alert, a blockchain monitoring service. 

Coinbase was the recipient of two separate transactions, each consisting of 149,999 ETH, bringing the total to 299,998 ETH. The combined value of these transactions is estimated at around $486.5 million USD. The origin of these high-value transfers remains unknown.

Source: whale-alert

Both transfers to Coinbase were executed within the same minute, indicating a coordinated effort to move a substantial amount of Ethereum into the exchange. Transferring such large amounts to a crypto exchange often implies increased selling pressure, which could be bearish for the asset’s price.

Source: whale-alert

In a separate transaction, 15,000 ETH, amounting to $24,579,443 USD, was transferred to the crypto exchange Gate.io.

Ethereum co-founder Vitalik Buterin has been actively moving and selling assets, including Ethereum and Maker, over the past month. As reported by Blockchain.News, he transferred 999 ETH to a different address and deposited ETH into Bitstamp. Most recently, he sold 500 Maker (MKR) tokens for 350 ETH, valued at around $581,000, via the decentralized exchange CoWSwap. This marks his first MKR sale in two years, and the received ETH was transferred to an address with the prefix 0x3f6.

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Breaking: Vitalik Buterin’s First MKR Sale for ETH in Two Years Sparks Market Speculation

by Blockchain News

Vitalik Buterin, co-founder of Ethereum, just executed a significant transaction involving the sale of 500 Maker (MKR) tokens, valued at approximately $581,000, in exchange for 350 Ether (ETH). The transaction was conducted through the decentralized exchange CoWSwap and marks the first time Buterin has sold MKR tokens in two years. Following the sale, the received ETH was transferred to the address prefix 0x3f6. 

The transaction has drawn attention due to its potential implications for both MKR and ETH markets.

Market Context

At the time of writing, Maker (MKR) is trading at $1,142, while Ether (ETH) is priced at $1,635, according to Binance.

Maker (MKR) is a governance token associated with MakerDAO, a decentralized autonomous organization on the Ethereum blockchain. MKR has seen a significant price fluctuation over the past few months, surging over 100% from its lowest point of $511 on June 10, 2023, to a peak of $1,370 on August 20, 2023. This dramatic surge in MKR’s value has been linked to market maker DWF, who is characterized as a “bad guy” in the industry.

Historical Significance

The trading activities of Vitalik Buterin and the Ethereum Foundation have historically been key indicators for the cryptocurrency market. Sales by Buterin have often been followed by market downturns, making this recent transaction particularly noteworthy.

Market Implications

Buterin’s decision to sell MKR could be seen as a bearish signal for the token. However, the fact that he chose to exchange MKR for ETH complicates market sentiment. This dual action could be interpreted in various ways, but it generally suggests that MKR may be overvalued, while ETH could be undervalued.

Vitalik Buterin’s recent MKR sale and subsequent ETH acquisition could sparke discussions about the valuation of both tokens. While the market has yet to show a significant reaction, the transaction serves as a focal point for ongoing analysis and speculation.

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Ethereum Alert: High Win Rate ETH Whale Eyes New Trading Opportunity After Experiencing First Loss

by Blockchain News

An astute Ethereum (ETH) whale with a high win rate, identified by the address 0xb15485a37a1e6759f0dff1bdccfc27c2c96c8b2e, transferred 6.3 million USDT back to Binance today, September 2, 2023, according to EmberCN, a crypto analysis Twitter account.

whale-eth2.JPG

Source: ethplorer

This move has sparked speculation that the whale may be eyeing new buying opportunities. Known for a “buy low, sell high” strategy, the whale had been on a profitable streak since May 2023, successfully executing five trades before encountering a setback in August.

First Significant Loss

On August 14, 2023, the whale moved 22,340 ETH, valued at $41.1 million, into Binance and withdrew 12.88 million USDT just 20 minutes later. Following this transfer, the ETH price fell from $1,844 to $1,834.5, suggesting that the whale’s ETH holdings were likely partially or fully sold.

The investor triggered a stop-loss at $1,840 per ETH, resulting in a liquidation of 22,340 ETH. This investment cycle lasted one and a half months and led to a loss of approximately $1.27 million, or 2.7%.

smart-whale.JPG

Source: etherscan

After the stop-loss was triggered, the ETH price continued to decline for three consecutive days, culminating in a significant crash on August 17, 2023, when ETH fell by over 14% in a single day. At the time of writing, the ETH price stands at around $1,635.

Previous Trading Records

On June 28, 2023, the whale transferred 25,000 ETH ($47.25 million) purchased between June 8-10 into Binance in the early morning, aiming to realize a profit of $2.05 million.

At 0:30, when ETH rose to $1,890, the transfer to Binance was made.

By 1:00, ETH had reached its peak and began to decline.

At 2:00, the whale withdrew 15.9 million USDT from Binance.

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Ethereum Alert: Over 10,000 ETH Moved to Binance by a Smart Whale

by Blockchain News

A notable Ethereum smart whale transferred 12,087 ETH, equivalent to around $20.61 million, to Binance today, according to EmberCN, an onchain analys. This transaction marks the latest in a series of strategic moves by the investor, who has been notably silent for the past two years.

This smart whale, who initially acquired 52,000 ETH between December 2018 and January 2019 at an average price of $110, has fully liquidated their holdings, realizing an estimated profit of $46.15 million, or an 804% increase. The transactions were executed through various centralized exchanges (CEXs), including Kraken, Bitstamp, and most recently, Binance.

A Multi-Year Strategy Unfolds

The whale’s investment strategy spanned over several years and involved multiple transactions:

June 2019: 27,198 ETH were transferred to Bitstamp at an average price of $257.

July 2019 to August 2021: 12,715 ETH were moved to Kraken, with an average price of $1,911.

August 2023: 12,087 ETH were sent to Binance at an average price of $1,705.

The average selling price across these transactions was $998, significantly higher than the initial average buying price of $110.

Calculating the Gains

The whale’s total investment was initially acquired for approximately $5.73 million (52,000 ETH at an average price of $110). After the series of transactions, the total value realized was approximately $51.88 million, yielding a profit of $46.15 million or an 804% increase.

Implications for the Market

The recent transfer to Binance is noteworthy not just for its size but also for what it may imply about market sentiment. Large transfers of cryptocurrency to exchanges often precede selling activity, which could exert downward pressure on prices. While it’s difficult to attribute market movements to single actors, the timing and scale of this transaction could be interpreted as a lack of optimism about Ethereum’s immediate future.

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

by Blockchain News

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

by Blockchain News

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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Bitcoin (BTC) $ 26,578.12 0.10%
Ethereum (ETH) $ 1,594.57 0.30%
Litecoin (LTC) $ 64.56 0.29%
Bitcoin Cash (BCH) $ 208.54 0.58%