Crypto news

FTX Exchange To Make a ComeBack – CEO John J Ray III Makes Bold New Plans

Published

2 weeks ago

January 20, 2023

FTX Exchange To Make a ComeBack – CEO John J Ray III Makes Bold New Plans

The fallen cryptocurrency exchange – FTX is on its journey to restart itself under the new leadership of CEO John J Ray III. John stated that he is investigating the plans to restart the exchange which was down since November 2022.

Many high officials have been accused of fraudulent activities at FTX. However, the client base still applauds the company’s technology and suggested that the company still has a potential reboot system that may benefit its clients. John has now established a team to investigate the probability of relaunching FTX.com which is the primary international exchange operated by the company.

John also plans to improve security, and customer experience and expand its asset range available on FTX. He also plans to invest heavily in state-of-the-art security measures and hire risk management to continuously monitor and upgrade the system. In addition to that, new features and tools will be introduced to make the platform more user-friendly and easily access information.

Previously John and SBF had disagreements on whether or not FTX should have filed for Chapter 11 bankruptcy in 2022. SBF has criticized John’s approach while dealing with the situation. John stated that SBF’s remarks were “unhelpful and self-serving”

In a recent development, the team has located $5 billion in cash and liquid cryptocurrencies. John termed this as a “Herculean effort” to sort the business’s finances. The price of FTX’s native cryptocurrency, FTT, is currently being traded at $2.41, representing an increase of 34% in the past 24 hours and a 68% jump during the last seven days.

It remains to be seen whether or not Ray’s plans for FTX will come to fruition, but many in the crypto industry are optimistic about the exchange’s future under his leadership.

Sam Bankman Fried Responds to John’s Statement

Sam Bankman Fried – Ex-founder of FTX – has shared his thoughts on the new CEO John J. Ray III’s recent statement about the potential restart of the exchange. He said that he is happy that John is encouraging the idea of restarting FTX even though he was previously not in terms with it. Sam also stated that he is waiting for John to acknowledge the fact that the FTX US branch is financially stable and can return the money to the customers.

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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.

Bitcoin Price

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

Published

14 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

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.

Crypto news

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

Published

18 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.