Crypto Magazine

🟠 Binance Fired Investigator Who Uncovered Market Manipulation at Client DWF Labs: WSJ Binance fired a member of staff who uncovered evidence of market manipulation at crypto investment firm DWF Labs, one of cryptocurrency exchange's clients, the Wall Street Journal reported on Thursday, citing interviews with Binance employees past and present, documents, emails and other industry participants. The former staffer and his colleagues on Binance's market-surveillance team had been hired to winkle out signs of market manipulation. Source @CryptoMagazine

🇺🇸 Former President Donald Trump says "Biden doesn't even know what" crypto is and if you like crypto you "better vote for Trump." @CryptoMagazine

💰 FTX claims rise above 100 cents on the dollar on back of bankruptcy plan FTX claims have risen above 100 cents on the dollar following the estate’s draft recovery plan that estimates the majority of creditors will see a recovery rate of 118%. For instance, crypto bankruptcy site Xclaim shows that FTX claims are now going for between 101% and 112%. “It's absolutely unbelievable,” said Thomas Braziel, a partner at 117 Partners and 507 Capital and an investor in distressed assets. “I mean, Lehman was 141 cents on the dollar, and that took 10 years. This is 142% as the projected high number. Source @CryptoMagazine

📣 MoonPay partners with BitPay to streamline crypto transactions The web3 fintech firm MoonPay and the crypto payments platform BitPay have partnered to facilitate easier crypto transactions. According to a social media post from MoonPay, the partnerships aim to make selling crypto faster and easier and streamline how users send crypto to their bank account or debit card. Source @CryptoMagazine

💰 Bitcoin options traders bet on a bullish September price move above $100,000, analysts say Analysts are observing bullish conditions in the bitcoin options market following the digital asset's bounce back on Friday — an uptick sustained throughout the weekend and into early week trading. QCP Capital analysts say bitcoin risk reversals have gone positive, with calls now more expensive than puts. This suggests a bullish sentiment among investors, as they are willing to pay more for options that benefit from a rise in bitcoin than options that protect against a decline in price. Source @CryptoMagazine

📊 Less Than 10% of Stablecoin Transaction Volume Coming from Real Users: Report Less than 10% of stablecoin transaction volumes are organic or come from real people, according to new findings by Visa and data platform Allium Labs, Bloomberg reported. Out of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity,” the report said. The analysis removed transactions done by bots and large-scale traders to “isolate those made by real people.”. Source @CryptoMagazine

🪙 Ethereum’s low gas fees drive ETH burn rate to yearly low The Ethereum network has seen the daily amount of ETH burned drop to its lowest level this year — mainly driven by a recent drop in average gas fees. Currently, gas fees are hovering between 5 and 10 gwei, which is one of the lowest levels seen year-to-date and affecting ETH issuance. The decrease in network fees has resulted in fewer ETH being burned. On Sunday, the amount of ETH burned was a mere 610 ETH — marking a record low for this year as Ethereum’s gas fees remained minimal. Source @CryptoMagazine

📊 Crypto companies raise $2.5bn in first quarter Crypto companies raised almost $2.5 billion in venture capital investment in the first quarter of this year, representing a 29% increase in dollar value and a 68% higher deal count on a quarter-on-quarter basis, according to a research report compiled by Galaxy Digital. “After 3 consecutive quarters of declining deal count and capital invested, both rose in Q1,” according to the report, which also noted that alongside the big increase in deal count, which rose to 603, the amount of capital invested gained a comparatively modest 29%. Source @CryptoMagazine

💰 Grayscale's Bitcoin ETF Sees First Inflow After Billions Lost Since January The Grayscale product had been the dominant conventional investment vehicle for those looking to invest in bitcoin (BTC) without directly purchasing the cryptocurrency. But it got competition in January when it was converted into an easier-to-trade ETF at the same time nine rival spot bitcoin ETFs began trading. GBTC has much higher fees, and investors yanked billions of dollars from it. Its bitcoin holdings have dropped from more than 600,000 bitcoin to around 290,000 bitcoin, according to fund data compiled by CoinDesk. Source @CryptoMagazine

💰 Bitcoin's Rally to $64,000 Triggers $26.65 Million Short Squeeze in 4 Hours The price of bitcoin (BTC) increased by 4.5% against the U.S. dollar on Friday, rebounding from last week’s decline when it fell beneath the psychological $60,000 mark. Despite this 4.5% rise over 24 hours, BTC prices remain 4.3% below their level from seven days prior. After stabilizing for nearly two days, the upward movement of BTC began at 8 a.m. Eastern Time (ET) on Friday. Source @CryptoMagazine