Crypto Guides, Knowledge & Insights

Insider Source: Jump Trading Parts Ways with Robinhood and May Further Withdraw from the Market

Insiders have disclosed to CoinDesk that Robinhoods cryptocurrency business has ceased its collaboration with Jump Trading. Previously, Robinhood had provided retail customers with low-cost cryptocurrency trading services, with Jump Trading serving as a partner to provide market-making services.　　Reportedly, in the face of heightened regulatory scrutiny, Jump Trading has been gradually withdrawing from the U.S. market.　　Earlier, Tai Mo Shan Ltd, a subsidiary of Jump Trading that handled Robinhoods order flow, had been listed in Robinhoods financial reports, but the company has been absent from these reports since Q4 of 2022.　　The reasons for the termination of this partnership between the two entities remain unclear. (Source: CoinDesk)　　

2023-08-30Deep Dive

CYBER Price Soars Over 85% in 24 Hours

Key Points:　　- CyberConnects CYBER price surged from $3.8 to $8.2 in just half a day.　　- Currently, the price has corrected to the $7.1 zone with an increase of 85.38% in the last 24 hours.　　- CYBER‘s strong bullish momentum can be attributed to the overall market recovery following Grayscale’s legal win over the SEC.　　CyberConnnects CYBER price has gained significant traction after achieving an increase of over $85% in just 24 hours.　　The CYBER token, which is the Web3 social graph protocol, briefly crossed $8.22 around 5 a.m. today and has now dropped back to $7.1 with an 85.38% gain in just the last 24 hours.24h CYBER price chart. Source: CoinMarketCap　　The impetus for CYBER‘s incredible increase is largely due to the overall market recovery as Bitcoin and major cryptocurrencies have surged significantly in the past 12 hours, thanks to Grayscale’s legal victory over the SEC.　　Just like when Ripple gained a legal advantage in its lawsuit with the SEC, causing the price of XRP and many alleged altcoins to be securities to skyrocket, the cryptocurrency market in the past hours has recorded a positive reaction after the US Securities and Exchange Commission lost ground against another crypto company, Grayscale.　　The token went live on Binance

2023-08-30Deep Dive

Grayscale’s Court Win Over SEC Lifts Hopes for Bitcoin ETF Approval

Crypto asset manager Grayscale Investments has scored a major victory against the United States Securities and Exchange Commission in its efforts to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin $27,383 exchange-traded fund (ETF). Previously, the SEC rejected its GBTC application on grounds that the products were not “designed to prevent fraudulent and manipulative acts and practices.” Grayscale subsequently sued, and the decision has been overturned.　　According to Aug. 29 court filings, U.S. Court of Appeals Circuit Judge Neomi Rao ordered Grayscale‘s petition for review be granted and the SEC’s order to deny the GBTC listing application be vacated. Previously, Judge Rao said that the SEC did not “offer any explanation” as to why Grayscale was in the wrong. However, the order does not guarantee the eventual listing of a Grayscale spot Bitcoin ETF.　　Michael Sonnenshein, CEO of Grayscale, said on X (formerly Twitter) that its legal team is “actively reviewing” the court opinion.　　On June 29, 2022, the SEC denied Grayscale‘s application to convert GBTC into a spot ETF. The next day, Grayscale’s senior legal strategist, former U.S. Solicitor General Donald B. Verrilli Jr., filed a petition for review with the United States Court of Appeals for the District

2023-08-30Deep Dive

Binance Will Stop Supporting BUSD In 2024

Key Points:　　- Cryptocurrency exchange Binances app will stop supporting BUSD in 2024.　　- Paxos will close the acquisition of BUSD by February 2024.　　- BUSD was previously sued by the SEC for being an unregistered security.　　After many turbulent lawsuits, market-leading cryptocurrency exchange Binance has decided to stop supporting its stablecoin BUSD in 2024.　　According to an official announcement on crypto exchange Binances app, the exchange tells users it will stop supporting its stablecoin, BUSD, in 2024. And the services will be phased out until Paxos will complete the acquisition of BUSD by February 2024.　　Perhaps under pressure from regulators, BUSD has made users wary even though it is still in the top 5 stablecoins by market capitalization, $3,102,462,479.Top Stablecoin Tokens by Market Capitalization. Source: CoinMarketcap　　On February 13 of this year, the United States Securities and Exchange Commission (SEC) is about to file a lawsuit against Paxos Trust Company as an issuer of BUSD, alleging that the coin is an unregistered security.　　Following that, US-based blockchain infrastructure platform Paxos Trust Company announced it would stop issuing new Binance stablecoins from February 21. At the time, Changpeng Zhao (CZ), CEO of Binance, said BUSD holders shouldnt worry as Paxos will manage the conversion and fully cover the

2023-08-30Deep Dive

Optimism: Initial OP Token Grant to be Allocated to BASE Tomorrow

In official announcements, Optimism revealed its plan to distribute initial OP tokens through a grant to Base on August 30th. This transaction had been pre-informed as part of their ongoing plans.　　In a previous update, Base and Optimism developers jointly introduced a revenue-sharing and governance-sharing protocol. The smart contracts of Base can only be upgraded through a 2/2 multisig wallet, with one signature controlled by Base and the other by the Optimism Foundation.　　Base will also allocate 2.5% of its revenue or 15% of its profits to the Optimism Collective, depending on which is higher. In return, Base stands to receive up to a maximum of 118 million OP tokens over the next six years, granting it a voice in the protocol governance of Optimism.　　

2023-08-29Deep Dive

NFT Trading Platform Faces Liquidity Crisis

PROOFs Research Director NFTstats.eth has posted on Platform X (formerly Twitter), stating that on August 27th, the daily trading volume of NFTs on major NFT trading platforms dropped below 5000 ETH for the first time in nearly two years.　　According to data visualized by NFTstats.eth, its evident that the trading volumes on several prominent NFT trading platforms have been consistently contracting. In comparison to the peak earlier in the year, with a daily trading volume exceeding 80,000 ETH, the maximum daily trading volume has plummeted by over 90%.　　

2023-08-29Deep Dive

StarkNet Community Gearing Up for Commemorative NFT Release as TVL Sees Short-Term Dip

StarkNet, through its presence on Platform X (formerly Twitter), has announced that the community is actively preparing for a commemorative NFT release in celebration of the mainnets quantum leap version.　　The NFT issuance is scheduled for August 30th at 13:00 (UTC+8) and will last for a brief 24-hour period. This quantum leap version corresponds to StarkNet 0.12 and was officially deployed to the mainnet on July 12th.　　According to data from L2BEAT, StarkNets Total Value Locked (TVL) has experienced a rapid decline since 10:00 (UTC+8) on August 28th, plummeting from $143 million to $107 million, marking an intraday decrease of over 29%.　　

2023-08-29Deep Dive

friend.tech Threatens Existing Points Forfeiture If Users Use Copy Apps

Key Points:　　friend.tech warns users points may be confiscated if they participate in similar apps.　　The statement received a negative response from the community because of unfair competition practices.　　The apps daily revenue has dropped by more than 95%, from a peak of $840,000 on August 21 to just $80,500 on Aug.　　Social networking app Web3 friend.tech announced that users may have their existing points confiscated if they participate in forks or apps that clone their platform.　　According to the official announcement, decentralized social protocol friend.tech has warned that it will punish users who choose to fork or imitate the platform by confiscating users existing points on the platform.　　While the team has yet to share what the final score will be used for, only mentioning August 15, it “will have a special purpose when the app moves into official release”.　　Therefore, this network statement quickly received negative feedback from the community. They believe that “threatening” users is an unfair competition action of the platform. Many comments are also sarcastic that the application does not copy previous applications.　　While friend.tech did not mention any particular competitors, several X users in the response pointed to an app called Shares. This new app is scheduled to launch in public beta

2023-08-29Deep Dive

Robinhood Now Holds Over $3 Billion In Bitcoin, The 3rd Largest BTC Holder

Key Points:　　Robinhood holds over $3 billion in Bitcoin, the third-largest after Binance and Bitfinex.　　Owner speculation includes BlackRock and Gemini involvement.　　The companys significant crypto role highlights user influence.　　According to data from Arkham Intelligence, Robinhoods investment and trading platform has garnered attention as it holds more than $3 billion worth of Bitcoin in a single wallet, CoinDesk reported.　　This substantial holding has accumulated over several months, making Robinhood the third-largest Bitcoin holder globally, trailing behind crypto giants Binance and Bitfinex, with holdings of $6.4 billion and $4.3 billion, respectively.　　The enigmatic ownership of this wallet has sparked intrigue and speculation within the market. Theories have ranged from being linked to financial heavyweight BlackRock, which expressed interest in a Bitcoin ETF, to crypto exchange Geminis potential involvement in transferring user holdings.　　Recent data reveals that Robinhood consolidated approximately 118,300 Bitcoins from multiple smaller wallets into this single wallet over the course of three months. The custody of these assets is overseen by crypto trading firm Jump Trading, as confirmed by representatives from Arkham.　　While the Bitcoin community has often associated large addresses with crypto exchanges, the companys significant holdings have surprised industry observers due to its focus on equities and options trading. This marks a novel development

2023-08-29Deep Dive

Crypto Luminary Ben Armstrong Resigns Amid Related To Scam Memecoin

Key Points:　　Ben Armstrong resigns from BitBoy Crypto amidst internal conflicts.　　Speculations arise over the reasons, including meme coin involvement and potential investigations.　　BitBoy Crypto‘s future is uncertain as the community ponders Armstrong’s next steps.　　Renowned cryptocurrency influencer Ben Armstrong has stepped down from his position at Hit Network/BJ Investment Holdings and its subsidiary brands, including the widely followed podcasts BitBoy Crypto and About The Blockchain.　　This surprising decision was confirmed through a screenshot shared by Jason A. Williams on X platform.　　Armstrong, who had faced criticism for endorsing high-risk investment trades for ordinary investors through affiliate links, announced his resignation via his personal account. Acknowledging internal conflicts within his company, he expressed confidence in maintaining control despite his departure.　　The move was also confirmed by a statement shared by crypto influencers, including Jason A. Williams and Ran Neuner, from Around The Blockchain. This indicates that Armstrong will no longer be the face of BitBoy Crypto.　　In response to the situation, Armstrong posted on his personal X account:　　This is Ben.　　TJ Shedd & Justin Williams have attempted a coup at my company.　　Just confirming what is going around. It‘s true. There has been a mutiny at BitBoy Crypto & Hit Network. But it won’t work. They have no leverage　　Until they

2023-08-29Deep Dive

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