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Foundry’s free model, which helped it get to the top, will now be a paid service. Due to Genesis’ bankruptcy due to FTX deals, the Digital Currency Group will change its Bitcoin mining strategy. Freeing Up Revenue Even though Genesis and its creditors came to an agreement, and DCG, the parent company of the crypto trading platform, was one of them, Genesis is set to be sold as soon as a buyer comes along. The agreement between DCG and its subsidiary was a good step forward. But DCG is still in a tough situation and seems to be trying to find new ways to make money. Foundry USA, a branch of DCG that mines Bitcoins, will start charging users for their service around the middle of April. Since Foundry went online in 2019, it has been free to use. Since then, it has quickly become the largest mining pool in the world in terms of computing power. According to btc.com, Foundry is in charge of 33.49 percent of the global Bitcoin mining pool. F2Pool is in s

After a trio of Spot Bitcoin ETF applications were delayed early Thursday, the SEC will also delay a decision on BlackRock’s Spot Bitcoin ETF application. JUST IN: 🇺🇸 SEC delays decision for BlackRock's Spot #Bitcoin ETF. — Watcher.Guru (@WatcherGuru) August 31, 2023 The SEC delayed a decision on multiple Spot Bitcoin ETF applications, including Valkyrie, WisdomTree, and Invesco earlier today. After a Washington court overturned the SEC blocking Grayscale’s application earlier this week, many expect the SEC to delay other applications and appeal the court’s decision. Also Read: SEC Delays Valkyrie, WisdomTree Spot Bitcoin ETF Applications “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” documents say in response to the BlackRock proposal. Source: CryptoSlate The SEC has yet to allow any

Based on some definitions of a bear market, the current cycle is not the longest crypto winter ever seen and may not even be a bear market. Cryptocurrencies like Bitcoin (BTC) are not in their “longest ever bear market” and probably are not even in a bear market at all, according to some industry observers. MN Trading founder Michaël van de Poppe took to X (formerly Twitter) on Aug. 27 to claim that Bitcoin is currently in its “ longest bear market ” in history. “Right now, the price of Bitcoin is nowhere near the valuation of the peak in November '21. It's down more than 50% and in a bear market of 490 days,” the trader wrote. Van de Poppe’s statement has brought much attention from X users, amassing 1.3 million views and nearly a thousand reposts at the time of writing. Some crypto enthusiasts, however, are confident that Van de Poppe’s information is not the case. To determine the length of the current “bear market ” in crypto, it’s necessary to understand that there are d

Bitcoin surged to reach a peak value of $27,998 earlier today. This price surge was linked to Grayscale’s legal victory over the Securities and Exchange Commission [SEC]. Nonetheless, there were also various speculations circulating about the potential manipulation of Bitcoin’s price. It came to our attention that specific large investors acquired a substantial quantity of BTC before the current price spike. Santiment noted that these Bitcoin addresses jointly gathered $388.3 million. These whale accounts supposedly obtained a total of 14,596 BTC shortly before the announcement of Grayscale’s successful outcome against the SEC. Source This action resulted in the community engaging in conjecture that there might be indications of manipulation regarding the price of Bitcoin. A number of individuals proposed that they weren’t caught off guard. This is because such an action is anticipated before a piece of significant news. Did retail investors have a role to play in Bitcoin’s

The agreement in-principle reached by DCG and creditors also said that the Ad Hoc Group and Gemini did not support the deal. The lenders of the bankrupt cryptocurrency lender Genesis are not satisfied with the latest in-principle settlement agreement with other parties including the Digital Currency Group (DCG). The Ad Hoc Group of Genesis Global Capital (GGC) lenders — represented by lawyers Brian Rosen and Jordan Sazant — on Aug. 29 responded to a public bankruptcy plan update, calling the reached in-principle agreement “wholly insufficient.” Posted hours before, the public update said that DCG reached an agreement in principle with Genesis’ unsecured creditors (UCC) and debtors, proposing USD equivalent recoveries of 70%–90%. The update stressed that neither the Ad Hoc Group nor the Gemini exchange supported the deal in principle described in the plan update. “Although the mediation has terminated, constructive discussions with the Ad Hoc Group and Gemini regarding the aforemen

Bitcoin is not catching a genuine bid despite the buzz around Grayscale, analysis warns, with BTC price still able to dive lower. Bitcoin (BTC) drifted toward $27,000 after the Aug. 30 Wall Street open as the dust settled on digital asset manager Grayscale’s legal victory. BTC/USD 1-hour chart. Source: TradingView BTC buyer interest remains low Data from Cointelegraph Markets Pro and TradingView showed BTC price cooling volatility which began the day prior, when a positive verdict for Grayscale against United States regulators sparked 7.5% gains. Bitcoin managed $28,143 on Bitstamp — its highest in almost two weeks — before returning to consolidate lower. Despite closing the daily candle above two key moving averages, these had yet to return as definitive intraday support, and on the day, analysts were cautious. In a Quicktake post for on-chain analytics platform CryptoQuant, contributor MAC_D was among those noting that the Grayscale move had originated on derivatives exchanges. Desp

Analysts say the best-case scenario is the SEC approves the batch of spot Bitcoin ETFs but it may also exercise its right to an appeal. The United States Securities and Exchange Commission is facing its first deadlines to decide on seven new Bitcoin (BTC) spot exchange-traded fund applications with the latest being Sept. 4 amid its defeat to Grayscale Investments in a U.S. federal appeals court. Investment firm Bitwise will learn if its ETF will win the SEC’s approval on Sept. 1 while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all be awaiting the SEC’s decision for their funds by Sept. 2, according to several SEC filings. Meanwhile, Valkyrie is set to hear back from the SEC on Sept. 4. List of recent Bitcoin spot ETF applicant filing dates and deadlines. Source: Bloomberg The U.S. Court of Appeals ruled on Aug. 29 that the SEC’s rejection of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was “arbitrary and capricious” — but

According to a new report by CoinShares, the digital asset industry saw a whopping $168 million worth of out flows over the last week, with Bitcoin (BTC) leading the pack. This represented the highest out flows from the sector “since the US regulatory crackdown on exchanges in March 2023.” According to CoinShares, BTC was at the center of the out flows , with $149 million. Ethereum (ETH), on the other hand, saw out flows worth $16.8 million. On a month-to-date basis, Bitcoin saw out flows of $251.2 million, while Ethereum saw out flows of $29.8 million. The total out flows for the month of August now sit at $278 million. Meanwhile, XRP and Litecoin (LTC) saw minor in flows of $0.5 million and $0.44 million, respectively. Also Read: Argentina is Adopting Bitcoin Faster than El Salvador: Ark Invest However, the report noted that fund flows remain positive for BTC on a yearly basis, with $265 million. Source: CoinShares Additionally, CoinShares mentioned that the negat

Cryptocurrency mining firm Argo Blockchain has reduced its debts to $75 million through the first half of 2023. The mining company, which has been one of a number of firms to struggle amid negative market conditions and a highly-competitive mining ecosystem, reported half year net losses of $18.8 million in 2023, down over 50% from a net loss of $39.6 million in H1 2022. Argo also notes that it has reduced its debt by $4 million in 2023, taking its total debt to $75 million. The company has cut its debt by $68 million, having owed $143 million in June 2022. Revenues were down by 31% in comparison to H1 2022, with Argo netting $24 million midway through 2023 which it linked to a decrease in the value of Bitcoin and increasing global hashrate and the associated network difficulty. Argo reports that it mined a total of 947 Bitcoin through the first half of the year, an increase of just 1% of the BTC mined during the same period in 2022. It is worth noting that 2023 has seen a 78% increa

Bitcoin falling back to $25,000 would mark its "last big dip" before the next BTC price bull run, says Cane Island's Timothy Peterson. Bitcoin (BTC) can easily end up below $25,000 next month, says one longtime market observer. In a new BTC price outlook, Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, put the odds of a dip to local lows at 50/50. BTC price may see "last big dip" in September While Bitcoin bulls continue their breakout attempts above $30,000, various popular traders and analysts have their sights on lower levels. Peterson, well known for his technical insights, now believes that typical August and September performance may yield a return to the $25,000 mark. Uploading a chart of monthly performance statistics for BTC/USD to X, he concluded that a “last big dip” may hit before September is over. Put another way, BTC price downside over the next six weeks or so could top 15%. “There is a 50% chance that bitco

India has advocated for a global crypto framework for years, however, back home, the crypto ecosystem is still looking for a clear regulatory framework and simpler taxation. Indian Prime Minister Narendra Modi called for a global collaboration on formulating crypto regulations during the Group of 20 (G20) summit. G20 President India has taken up the task of advocating for a comprehensive global framework for regulating crypto currencies. G20 is the premier forum for international economic cooperation that plays a critical role in strengthening global architecture and governance on all major international economic issues. India currently holds the Presidency of the G20. During an interview with a local daily, the Indian PM talked about the role of emerging technologies such as blockchain and cryptocurrency. Modi noted that the nature of such emerging technologies will have an impact on the global scale. Thus, the rules, regulations and framework around it should not belong to one

In an official statement, cryptocurrency exchange Binance unveiled its plans to implement updates to the zero-fee Bitcoin trading starting from September 7. Binance cryptocurrency exchange announced its intention to modify its zero-fee Bitcoin trading program on Aug. 24. This action has the potential to initiate a significant market downturn , reminiscent of the 90% trading volume decline observed following Binance's discontinuation of zero-fee trading in March. In an official statement, cryptocurrency exchange Binance unveiled its plans to implement updates to the zero-fee Bitcoin trading starting from Sept. 7. Binance intends to modify the zero-fee Bitcoin trading for the Bitcoin (BTC)/ True USD (TUSD) spot and margin trading pair. Previously, traders experienced zero maker and taker fees while engaging in BTC trading with TUSD pairs. However, a regular taker fee will now be implemented based on the user's VIP level. Nonetheless, users will still encounter no maker fees when

Many prominent crypto commentators are concerned that this will make crypto firms even more reluctant to do business in the United States. Several prominent crypto commentators have criticized the new crypto tax reporting rules recently put forth by United States president Joe Biden.  On Aug. 25, in an effort to catch crypto users avoiding taxes, the Internal Revenue Services (IRS) proposed brokers follow new rules for selling and trading digital assets. Brokers would use a new form to make tax filing easier and prevent cheating on taxes. The Treasury indicated that the proposed rules would make digital asset reporting similar to reporting on other kinds of assets. However, many in the crypto community believe the stringent rules will push the crypto industry even further away from the U.S. Messari CEO, Ryan Selkis was among those who responded unfavorably to the news, believing that if Biden secures re-election, the crypto industry will not flourish in the country.  There's n

Push for Distinct Representation In July, Otis Davis, an investor, approached the United States Bankruptcy Court, Southern District of New York, advocating for a distinctive legal class for Celsius Network’s investors. This move aimed to differentiate them from the company’s employees and customer base. advertisement 📢 In a setback for stake holders , a judge has denied their request for representation in the Celsius bankruptcy case. Despite recent rulings in the SEC vs Ripple case, the judge also declined to declare CEL token as "not a security." #Celsius #Bankruptcy #SECvsRipple — Block Savvy (@Block_Savvy) August 25, 2023 Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read Best Crypto Trading Bots List 2023 Must Read

Another Whale Dumps XRP Holdings Whale Alert in a post on April 25 reported that a whale moved 29,300,000 XRP valued at $15.13 to crypto exchange Bitstamp. Further data also revealed that the whale is potentially dumping its XRP holdings it transferred 14 million XRP to Bitso a few hours earlier. advertisement Judge Torres allowing the U.S. Securities and Exchange Commission to file an interlocutory appeal in response to XRP token sales caused a major selloff. XRP price plunged below two critical support levels of $0.6 and $0.5. XRP price currently rebounding from the $0.5 support level and risks a massive fall if traders and whales decide to sell their holdings. Meanwhile, Ripple vs SEC trial is likely to happen in April-end or mid-May as the plaintiff SEC and defendants Ripple Labs, CEO Brad Garlinghouse, and executive chairman Chris Larsen have informed the court about their unavailability in the second quarter of 2024. XRP price rebounded in response, bu

BTC and ETH Regain Momentum With a trading volume of over $16 billion in just 24 hours, Bitcoin price has grown 1.62%, positioning itself at $26,475 . The BTC/USD cryptocurrency pair`s market capitalization is around $508 billion, reinforcing its top rank on CoinMarketCap.  advertisement Ethereum, often considered the silver to Bitcoin’s gold, is not far behind its peers. Ethereum price surged nearly 2%, returning to the $1,650 mark. With decentralized finance (DeFi) and smart contracts’ ever-increasing relevance, Ethereum’s potential seems boundless. BTC vs ETH 1-day price chart, Source: CoinMarketCap Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read Best Crypto Trading Bots List 2023 Must Read