Crypto Guides, Knowledge & Insights

Coinbase Apologizes For Calling PEPE A “Hate Symbol”

On Wednesday, Justin Sun provided clarification regarding the speculation around his exploration of Coinbases Chief Legal Officer, Paul Grewal, issued an apology on Thursday for a company newsletter that described the Frog meme, which forms the basis for the PEPE cryptocurrency, as a hate symbol used by the “alt-right group.” The apology was issued late in the afternoon.　　Coinbase Responds To Controversy　　As of writing, the tweet shared by Grewal had garnered more than 650,000 views and was met with acclaim. While some individuals on Twitter noted that Coinbases apology was belated, others applauded the company for acknowledging the power of the meme and taking corrective action.　　In a tweet posted on Thursday morning, Paul Grewal expressed his apologies, saying, “We made a mistake, and we apologize.” He explained that the team had recently discussed the PEPE meme coin to provide an accurate representation of a popular topic. However, he acknowledged that the newsletter did not provide a complete understanding of the coin and the memes evolution, and he apologized to the community.　　Coinbases Controversial Email　　On Wednesday, Coinbase users were sent an email that classified the Pepe meme as a hate symbol, suggesting that it had been embraced by alt-right supporters. This statement was

2023-05-12Deep Dive

Bittrex exchange allowed borrowing 250 BTC to cover bankruptcy

The Bittrex exchange is asking the court to increase the total loan value to $19 million.　　Bittrex exchange allowed borrowing 250 BTC to cover bankruptcy　　According to Reuters, the court has allowed Bittrex to borrow 250 BTC ($7 million worth) from parent company Aquila Holdings to cover Chapter 11 bankruptcy proceedings.　　In addition, Bittrex will also ask the court to allow an additional 450 BTC (approximately $12.4 million) in a hearing in June. The total loan value will be $19 million, if approved. While Bittrex can afford to refund customers, the loan will make the bankruptcy process smoother.　　As Cointelegraph reported, the Seattle-based platform filed for bankruptcy in the US on Monday. The companys international branches continue to operate to serve customers outside of the United States. The current US regulatory environment has put pressure on the platform, especially after the SEC accused Bittrex of operating an unauthorized stock exchange.　　Before filing for bankruptcy, Bittrex closed its US branch, stopped deposits, and asked users to withdraw funds. The exchange currently has more than 100,000 creditors, with debts and assets estimated at $500 million to $1 billion. Two subsidiaries, Bittrex Malta Ltd and Bittrex Malta Holdings Ltd, have also filed for bankruptcy protection with the Delaware

2023-05-11Deep Dive

Standard Chartered predicts Bitcoin will reach $100,000 by 2024

According to Standard Chartered Bank, crypto winter is over and Bitcoin could hit $100,000 by 2024.　　Geoff Kendrick, head of crypto research at Standard Chartered, made the point:　　“We see the potential for Bitcoin (BTC) to hit $100,000 by the end of 2024, as we believe the ‘crypto winter’ is finally over.”　　Accordingly, the recent US banking crisis has fueled growth for Bitcoin and reminded of its core value, as “a decentralized digital asset”. In addition, the analyst of Standard Chartered Bank also listed potential growth drivers for BTC in the near term, including the Feds halt to interest rate hikes, the next Bitcoin halving and regulations in the direction of beneficial for cryptocurrencies.　　What makes the bank believe BTC will hit $100,000 is that the coin is holding a position as a “safe haven” and a great store of value. continues to rise and continues to dominate the cryptocurrency industry.　　In addition, while Bitcoin often benefits when traditional assets suffer, the current Nasdaq correlation indicators show that Bitcoin is gradually in sync with the overall risk-on-asset situation. Standard Chartered believes that the Feds rate hike cycle is coming to an end, which is expected to bring an improvement to the risk asset class and

2023-05-11Deep Dive

Binance Trading Volume Halved in April 2023

Despite the significant drop in trading volume, Binance has maintained its position in the crypto industry.　　Trading volume on Binance halved in April 2023　　According to information from CCData, spot trading volume on Binance has continued to have a second month of decline, with a rate of decrease of 47%.　　Trading volume on Binance halved in April 2023　　According to information from CCData, spot trading volume on Binance has continued to have a second month of decline, with a rate of decrease of 47%.　　In the last month, trading volume on Binance only reached 297 billion USD, this is the second bottom since 2021. The market share of the exchange also dropped in tandem, to 46%. In the first quarter of 2023, Binance lost 16% of the global spot market share.　　Not only Binance, but other centralized exchanges also have a similar situation. The total volume spot above has plummeted to its lowest level since December 2022. Among them, some less affected platforms include Upbit (-10%), KuCoin (-17%) and Huobi (-20%). Crypto.com (-60%), Binance (-48%), and Bitfinex (-38%) are at the bottom of the growth chart.　　Spot trading volume on popular platforms compiled by WuBlockchain　　In April, the derivatives trading volume of major platforms decreased by 7.4% compared

2023-05-11Deep Dive

Ripple Exec Bids For EU’s MiCA Amid US SEC Crackdown; Ripple Moving Out?

Crypto-linked companies have accused the Securities and Exchange Commission (SEC), which is the main regulator of Wall Street, of not providing clear regulations for digital assets. In response, some companies are considering moving overseas, including Ripple Labs. The SEC has been attempting to regulate digital assets, but the lack of clarity has caused concern for firms in the industry.　　Ripple Looking To Move Out？　　The Securities and Exchange Commission (SEC), the primary regulator of Wall Street, has been attempting to regulate digital assets. However, several crypto-linked firms have complained that the commission has not been providing much-needed regulatory clarity. This has led to various firms, including Ripple Labs, contemplating offshore relocation.　　Recently, U.S. House Committee on Financial Services Republicans expressed that the SECs enforcement-based regulatory approach is pushing innovation in the crypto industry to foreign shores. The committee added that the commissions actions are jeopardizing American competitiveness and investors protection.　　Despite this, Financial Services GOP has indicated that the Republicans will offer regulatory clarity for digital assets to safeguard this technology in the United States. Meanwhile, Susan Friedman, International Policy Counsel at Ripple, has emphasized that the concerns regarding innovation moving overseas are not overstated. She pointed out that several significant players in the

2023-05-11Deep Dive

Bittrex to receive 250 BTC loan valued at $7M to start bankruptcy case

According to research, Bittrex has received approval from a U.S. bankruptcy judge for a $7 million loan from its parent company on May 10th.　　Bittrex to gain $7M loan, possibly more　　During a court hearing, Judge Brendan Shannon granted Bittrex approval for a $7 million loan from its parent company, Aquila Holdings. The loan, consisting of 250 BTC, was granted in part due to the specific features of cryptocurrency, such as its low-interest rate and volatility protections. Additionally, Bittrex plans to request another loan of 450 BTC during a June hearing. If Bitcoins value remains stable until next month, the second loan would be worth $12.4 million, bringing the total of the two loans up to $19 million. Bittrex claims that it can afford to pay back all customers in cryptocurrency, but the loan will help facilitate the bankruptcy process.　　Under the terms of the loan agreement, Bittrex will not need to pay back more than 110% of Bitcoins current value when repaying the loan. The loan will come from Aquila Holdings, and Judge Shannons approval of the loan was seen as a positive move for the bankruptcy proceedings.　　Bittrex filed for bankruptcy this week　　Bittrex first hinted at suspending its U.S. operations in late

2023-05-11Deep Dive

Why is the price of Bitcoin on Binance exchange 700 USD more expensive than the market?

Recently, the crypto community has discovered that the Bitcoin price on Binance.US is higher than the market average.　　According to CoinDesk, the price of Bitcoin on Binance.US, a subsidiary of Binance in the US, is $650-700 USD higher than the market price. At the time of writing, Bitcoin is trading at $28,393, according to data from Binance.US. However, data from CoinGecko and CoinMarketCap shows that the price of Bitcoin is currently $27,722. This is about 2% lower than the Bitcoin price listed on Binance.US.　　Bitcoin price difference between Binance.US and Coinbase (left) and between Binance.US and Binance (right). Source: CoinDesk.　　Bitcoins intraday high price on Binance.US amounted to $28,600, while Bitcoins intraday high in the market was $28,004. The lowest Bitcoin price of the day on Binance.US ranged from $27,350 to $27,669.　　The community also discovered that the USDT price on Binance.US is about 3% different from other stablecoins.　　USDT price on Binance.US is about 3% difference compared to other stablecoins. Source: Twitter.　　Data from CryptoWatch shows that the current exchange has an overwhelming number of buy orders, leading to an imbalance in the order book. In addition, Binances Bitcoin premium also appeared right after the “crash” of stopping withdrawals on May 7.　　Difference between buy (green)

2023-05-10Deep Dive

OKX exchange sends $60 million in crypto to Alameda Research

OKXs transfer of funds to investment fund Alameda Research is believed to be part of a recovery effort to pay creditors of the bankrupt exchange FTX.　　OKX exchange sends $60 million in crypto to Alameda Research　　According to data from crypto analytics platform Arkham Intelligence, on May 9, OKX sent approximately $60 million worth of digital assets to FTX-backed hedge fund wallets. is Alameda Research.　　The above funds are allocated to 16 separate transactions and include approximately 337.9 million Mask Network (MASK) tokens worth $1.3 million and $57.77 million USDT stablecoin. According to Arkham Intelligence, Alameda Research currently holds over $284 million worth of assets in its crypto wallet. The funds largest holdings are USDT, BitDAO (BIT), Ether and Stargate Finance (STG).　　OKX exchange sends $60 million in crypto to Alameda Research　　According to data from crypto analytics platform Arkham Intelligence, on May 9, OKX sent approximately $60 million worth of digital assets to FTX-backed hedge fund wallets. is Alameda Research.　　The above funds are allocated to 16 separate transactions and include approximately 337.9 million Mask Network (MASK) tokens worth $1.3 million and $57.77 million USDT stablecoin. According to Arkham Intelligence, Alameda Research currently holds over $284 million worth of assets in its crypto wallet. The

2023-05-10Deep Dive

Former Coinbase Director Ishan Wahi gets 2 years in prison

After nearly 10 months of investigation, Ishan Wahi, former Product Manager of Coinbase exchange, was sentenced to 2 years in prison by the court.　　According to Reuters, on May 9, in Manhattan state court, US Judge Loretta Preska officially sentenced Ishan Wahi, 32 years old.　　According to the prosecutor, this is the first case of insider trading in the cryptocurrency market to be tried. In February, former Coinbase CPO Ishan Wahi pleaded guilty to charges related to wire fraud.　　Judge Preska judged that Ishan Wahi had “seriously abused” the trust of Coinbase company to conduct illegal activities. At the same time, efforts to cover up the tracks show that Wahi and his accomplices are aware that their actions are wrong, but still do it intentionally.　　Coinbase CPO Ishan Wahi becomes the first person in the US to be convicted for insider trading in cryptocurrency.　　During his trial on Tuesday, Ishan Wahi expressed regret for his actions. Wahi said that the actions affected the lives of family and friends, who were also present at the trial.　　“I made a big mistake, it will follow me for the rest of my life,” Wahi said.　　Previously, in September 2022, Nikhil Wahi, Ishan Wahis brother, pleaded guilty to wire fraud. This

2023-05-10Deep Dive

Crypto exchange Bittrex files for bankruptcy after SEC complaint

Bittrex Inc, a cryptocurrency exchange, filed for bankruptcy protection on Monday, following allegations by the U.S. Securities and Exchange Commission (SEC) that it was running an unregistered securities exchange. This occurred three weeks after the SECs accusation against Bittrex.　　Bittrex, headquartered in Seattle, announced the cessation of its operations in the US on April 30, but clarified that the filing for bankruptcy protection would not affect Bittrex Globals operations outside of the US. Bittrex Global, located in Liechtenstein, caters to customers outside the US.　　　　Bittrex Inc filed for bankruptcy protection with the Delaware court, citing assets and liabilities between $500 million and $1 billion. This comes three weeks after the SEC accused the Seattle-based cryptocurrency exchange of running an unregistered securities exchange, leading the company to cease operations in the United States on April 30.　　Despite the filing, Bittrex Global, which operates outside the United States and is based in Liechtenstein, will remain unaffected. However, Bittrex noted that it still holds cryptocurrency assets belonging to US customers who did not withdraw funds before April 30. The exchange assured that these assets are secure and that it intends to request a limited reopening of customer accounts to return the crypto to its rightful owners.　　Over

2023-05-10Deep Dive

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