Crypto news

ByBit CEO’s Genesis Exposure Explanation Sparks Controversy in Crypto Community

Published

1 week ago

January 21, 2023

ByBit CEO’s Genesis Exposure Explanation Sparks Controversy in Crypto Community

Genesis Global Capital, the cryptocurrency lending platform owned and operated by DCG, filed for bankruptcy. According to the court document, the company has around 100,000 creditors.

Bybit is one of the major creditors among these entities, with over $152 million in debt that is due through its investment business Mirana. The community has become enraged as a result of the company’s involvement with Genesis.

Bybit CEO Explains

Ben Zhou, the CEO of Bybit, was quick to offer an explanation and clarify that the company did indeed have an exposure of more than $150 million to the failed cryptocurrency lender.

The CEO further said that Mirana only handled a part of Bybit’s assets and that the estimated exposure of $152 million included around $120 million worth of collateralized holdings, both of which Mirana had previously liquidated. Additionally, he promised that he ensured that customer funds are kept separate and that the various products offered by Bybit do not utilize Mirana.

Nevertheless, in spite of Zhou’s reassuring explanations, the community does not seem to be placated. The vast majority of the individuals who commented on his post expressed their need for more clarification on the issue.

Users are requesting that complete transparency be made about the company’s Earn items and the yield generation process. One user in particular raised concerns over Bybit’s connection with Mirana and enquired as to whether or not the company follows a strategy comparable to that of FTX and Alameda.

Genesis, its parent firm DCG, and its creditors have gone back and forth with a number of different approaches, but they have been unable to reach a deal. Due to the substantial amount of money that it owes to its creditors, the failure of the cryptocurrency lender left a mark on the cryptocurrency ecosystem.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Bitcoin Price

Crypto Market Turns Red – Here Are The Key Events To Watch This Week

Published

13 hours ago

January 30, 2023

Elena R

Crypto Market Turns Red – Here Are The Key Events To Watch This Week

The crypto market started the year on a positive note where most of the cryptocurrencies doubled their value. Since the start of 2023 Bitcoin has jumped nearly 40% and managed to hit a high of $23,861 just a day before, on January 29. This phenomenon pushed the overall cryptocurrencies on a brighter side where even the global crypto market cap has moved beyond the $1 trillion mark.

At the time of writing, Bitcoin is valued at $23,236 after a fall of 1.32% over the last 24hrs.

However, many industry experts have claimed that the upcoming week will not be a cakewalk for the crypto market. This is because they expect many global events that might rebound the positive market and the same is already felt as BTC loses nearly 2% in the last 24hrs.

Top Events Affecting Crypto Market

Fed’s Interest Rate Hike

The Federal Open Market Committee or also known as FOMC is set to have its next meeting on February 1st. Even though most of the investors and traders expect the US Federal Reserve to reduce the interest rate hike by 25bps, the possibility for 50 bps is still under consideration. Further, this interest rate hike will influence Fed Chair Jerome Powell’s approach.

Interest Rate Hike By European Central Bank

Next, as per the reports, the European Central Bank is expected to increase interest rate by 50 bps. Along with the European Central Bank, even the Bank of England is set to hike interest rates by 50 bps on February 2nd.

Major Tech Companies To Release Quarterly Results

It’s a known fact that the crypto market is always correlated with the US stock market, especially Nasdaq 100. This week major tech companies like Meta, Apple, Google and Microsoft are set to release their quarterly report which will have a deep impact on Bitcoin.

US Unemployment Data

This week the US Bureau of Labor Statistics will release the non-farm payrolls and their unemployment rate data. As of December 2022, the US unemployment data has decreased to 3.5% as the country’s economy had added 223,000 jobs during the same time.

The coming week will be extremely important for the crypto market because of which the traders and investors will have to reconsider their investment decisions.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Crypto news

Why Crypto Market Dropped Suddenly? Here Are The Top Reasons

Published

17 hours ago

January 30, 2023

Nidhi Kolhapur

Why Crypto Market Dropped Suddenly? Here Are The Top Reasons

The Bitcoin price saw a modest increase over the weekend, reaching near $24k, however, these gains were short-lived and were erased during the European trading session as the price fell to around $23k.

The crypto market saw a liquidation of over $116 million in the past 24 hours. According to the latest market update from Coingecko, the total crypto market capitalization has decreased by 2% to $1.087 trillion.

The decline in Bitcoin price is indicative of a dip in the entire crypto market, as expected. Ethereum is currently trading at around $1,578, a 2% decrease from its value earlier today.

Among meme coins, Floki Inu experienced the largest decline, dropping 17% and trading at around $0.00002375.

Factors Attributing To BTC’s Price Crash

The fluctuations in Bitcoin’s market can be attributed to various macroeconomic factors, including the upcoming statement from the Federal Reserve on interest rates.

Most analysts anticipate the Fed to raise interest rates by over 25 basis points, which Mathew Dixon, CEO of Evai.io, believes will drive the Bitcoin price upward.

Additionally, a declining dollar is seen as a positive for Bitcoin, which is widely considered as a hedge against inflation.

#FOMC interest rate decision +25bps will likely spark a relief rally in #Btc #Altcoins and risk assets so long as expectations are met that interest rate increases are slowing whilst economy is currently robust. However economy will slow dramatically in coming months imo #Evai pic.twitter.com/tQZnbNAXCb
— Matthew Dixon – CEO Evai (@mdtrade) January 29, 2023
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Despite this, there have been ongoing discussions about a potential correction in Bitcoin’s price.

Binance has been accused of manipulating the market by pumping up the price using its BUSD market. As a result, it is expected that short-term holders and miners will outnumber the whale buyers, leading to a correction.

As January 2023 draws to a close, crypto analysts will closely monitor the monthly close. According to popular analyst Rekt Capital, a close above $23.4k on the monthly candle would indicate bullish sentiment.

Meanwhile, long-term Bitcoin attributes indicate a possible multi-week consolidation towards next year’s halving event. Most analysts expect Bitcoin to retest ATH and enter the price discovery region after the 2024 halving.

As the crypto market continues to evolve, it will be interesting to see how the industry reacts to the latest developments. Do you think Bitcoin will bounce back or continue its downward trend? Let us know your predictions.

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Nidhi Kolhapur

Crypto news

Breaking! Philippines Securities Regulator Wants Public Opinions To Draft The Country’s Crypto Law

Published

17 hours ago

January 30, 2023

Qadir AK

Breaking! Philippines Securities Regulator Wants Public Opinions To Draft The Country’s Crypto Law

The Philippines Securities and Exchange Commission (SEC) is taking a significant step towards regulating the crypto sector in the country as they have released a bunch of draft rules and regulations and are now seeking feedback from the public to finalize the laws.

This is a solid step for the crypto industry in the Philippines and a sign that the government is taking a proactive approach to providing a safe and encrypted environment for digital asset transactions.

Moreover, this is a crucial moment for the crypto community as users in the Philippines will be able to have their say and influence the future of the sector as the SEC is open to hearing from individuals, organizations, and businesses involved in the crypto industry and wants to ensure that the rules and regulations are fair, effective, and in line with international best practices.

Filipino Crypto Users Get In A Conversation With The SEC

The Philippines SEC is seeking public view to draft its crypto law and bring the crypto business under the general consumer protection law. Previously, the SEC stepped up to get crypto under rules and regulations in order to protect investors’ funds just after the sudden fall of the crypto exchange FTX.

Now, the regulatory body is inviting the public to comment on these draft rules, creating a chance for crypto enthusiasts to come together and shape the future of the industry in the Philippines.

With the implementation of the Financial Products and Services Consumer Protection Act signed by former President Rodrigo R. Duterte, the regulator is stepping up to ensure that everyone involved in the crypto space can provide suggestions with confidence.

However, the act does not indicate any specific names or crypto firms; the draft includes crypto in the classification of securities. The draft law will accept public views, including opinions and suggestions, till 7 February.

Crypto Adoption To Skyrocket In Philippines

The Philippines is on fire with the crypto fever that swept the nation in 2022! With the bull market at its peak, everyone wanted a piece of the action, and adoption skyrocketed. But as the market cooled and high-profile bankruptcies made headlines, regulators stepped in to bring stability to the wild west of crypto.

And now, the Philippines Securities and Exchange Commission (SEC) is taking charge and leading with its bold move to regulate the crypto space. But they’re not just talking the talk; they’re walking the walk with a draft of rules that will put the crypto industry in the Philippines on a level playing field with the rest of the world.

The draft law states, “Securities shall include ‘tokenized securities products’ or those which grew with the abstraction of key characteristics from cryptocurrency’s underlying distributed ledger technology to apply in the traditional financial sector.”

It further states, “It is the policy of the State to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services under the conditions of transparency, fair and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices.”

The Philippines Securities and Exchange Commission (SEC) is making it known that they mean business when it comes to regulating the crypto industry! As the crypto industry is getting bigger every day, the SEC wants to make sure everyone is abiding by the rules.

Therefore, a violation of the law will force the authority to suspend a director, executive, or employee of a crypto firm. Additionally, if a firm is found to violate the new regulations, the SEC has the power to suspend their entire operation. In addition, the country’s Market Securities and Registration Department (MSRD) will be deployed to review firms offering crypto services and securities to the residents of the Philippines.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.