Blockchain Explained

🟠 Nigeria asks Binance for data on its top 100 local users: report Nigeria has asked Binance to submit information on its top 100 users in the country — and its entire transaction history for the last six months — in the latest development of the dispute between Nigerian authorities and the exchange, Financial Times reported Tuesday. The country’s national security adviser also reportedly requested the exchange to settle outstanding tax liabilities. Source https://t.me/Blockchain_Explained

💰 Spot bitcoin ETFs have been an ‘absurd’ success and blown away expectations in just two months Spot bitcoin ETFs have only been trading for exactly two months, and they’ve already made a massive impact on the cryptocurrency industry. Whether it’s the amount of inflows, the number of bitcoin acquired or the high levels of trading volume, they have beaten predictions in every metric. At the same time, they have buoyed a bullish bitcoin-led market and revitalized the crypto industry. Source https://t.me/Blockchain_Explained

💰 JP Morgan CEO says he'll defend people's right to buy bitcoin JPMorgan Chase CEO Jamie Dimon said that despite his reservations towards bitcoin, he would still defend people’s right to purchase the asset if they wish. At this week's Australian Financial Review business summit in Sydney, Dimon discussed bitcoin's recent rally and offered his thoughts on the timing of this year's possible rate cut by the U.S. Federal Reserve. Source https://t.me/Blockchain_Explained

🏦 Coinbase asks appeals court to direct SEC to begin writing rules for crypto An appeals court should direct the Securities and Exchange Commission to begin a "long-overdue rulemaking process," Coinbase argued on Monday. The Securities and Exchange Commission violated the Administrative Procedures Act by not engaging in rulemaking and for not providing a detailed reason why it denied Coinbase's rulemaking petition, Coinbase said in its opening brief filed on Monday in the Court of Appeals for the Third Circuit. Source https://t.me/Blockchain_Explained

💰 Miners remain best equity proxy as bitcoin targets $150,000, Bernstein says Investing in bitcoin miners is the best equity proxy to bitcoin as the largest cryptocurrency by market cap heads toward $150,000, according to analysts at research and brokerage firm Bernstein. The analysts noted that miners almost always outperform bitcoin during bull markets and underperform during bear markets. “Investors have to take a through-cycle view and for us, we are still mid-way into the 2024-25 cycle and see every window of miner weakness as a buying opportunity,” they said. Source https://t.me/Blockchain_Explained

💰 The Bitcoin Halving is Getting Near: Miners Need to Prepare, According to Fidelity Fidelity Digital Assets have stated in a recent report that while Bitcoin (BTC) holders typically anticipate the quadrennial reward halving to boost prices, miners must actively strategize to plan for the upcoming event to prevent going bankrupt. According to analyst Daniel Gray, miners must sustain their current hash rate, energy consumption, and infrastructure and face ongoing competition from the entire network, all striving to maintain profitability amidst the same challenges. Source https://t.me/Blockchain_Explained

💰 Bitcoin’s road to new ATH was reflected in on-chain data Bitcoin recently matched its all-time high price of $69,000, only to experience a correction shortly after that. A new ATH marks a significant moment for the crypto market and serves as a critical moment for understanding the driving forces behind crypto rallies. It offers an empirical foundation to analyze the actions and sentiments of users and investors, providing insights into the current state and trends of the Bitcoin market. Source https://t.me/Blockchain_Explained

💰 Bitcoin to Face 30% Price Correction: Dutch Analyst Popular Dutch analyst Michael Van de Poppe has predicted that bitcoin is likely to experience a 30% price correction in the near future. He tweeted this out yesterday but today, just a few hours before press time, the premier digital asset posted a new All-Time High (ATH) of $70k on coinmarketcap.com. Basically Van De Poppe is trying to establish that if the ETF-inspired pump is taken out of the equation, a price correction is quite likely and historically proven. Source https://t.me/Blockchain_Explained

🇺🇸 Grayscale, Coinbase meet with SEC about spot ether ETFs Grayscale and Coinbase held another round of talks with federal regulators this week, making headway in the companies' plans to launch an ether spot exchange-traded fund. The companies on Wednesday attempted to assuage the Securities and Exchange Commission (SEC) concerns about the safety of a spot ether ETF, which would expose investors to the price movements of the second-largest cryptocurrency by market cap. Source https://t.me/Blockchain_Explained

💰 BlackRock plans to purchase spot bitcoin ETFs for its Global Allocation Fund BlackRock may purchase spot bitcoin exchange-traded funds (ETFs) for its Global Allocation Fund, according to the U.S.-based asset manager’s updated filing with the Securities and Exchange Commission. The Global Allocation Fund, which utilizes U.S. and foreign equity, debt and money market securities in maximizing returns, held $17.8 billion in assets under management as of March 7, according to BlackRock. Source https://t.me/Blockchain_Explained

🇺🇸 SEC pushes back timeline on BlackRock's spot bitcoin ETF options trading application The Securities and Exchange Commission is delaying a decision on whether to allow Nasdaq ISE, LLC to list and trade options on BlackRock's spot bitcoin exchange-traded fund until next month. The SEC said it was extending the time period to make a decision on whether to "either approve or disapprove, or institute proceedings" until April 24, according to a filing made on Thursday. Source https://t.me/Blockchain_Explained

💰 Pantera eyes $250 million in discounted Solana tokens from FTX estate Crypto-focused asset manager Pantera Capital is raising funds to buy discounted Solana tokens from the bankrupt FTX exchange, Bloomberg reported on Mar. 7. According to the report, the company initiated the Pantera Solana Fund to acquire up to $250 million of SOL tokens from the distressed FTX estate. This move entails purchasing SOL at a discounted rate of approximately 39%, pegged at around $59.95 based on a 30-day average price. Source https://t.me/Blockchain_Explained

🟠 Binance.US Hit by Layoffs and 75% Revenue Drop Amid SEC Lawsuit Aftermath: Report According to Fortune, Binance.US is facing significant challenges, including forced layoffs and a decline in revenue, following legal actions initiated by the U.S. Securities and Exchange Commission (SEC). In newly released court documents, Binance.US Chief Operating Officer Christopher Blodgett disclosed that the company has been compelled to terminate over 200 employees, amounting to two-thirds of its workforce, since June. Source https://t.me/Blockchain_Explained

🇬🇧 UK Launches Consultation on Implementing OECD Crypto Reporting Framework The U.K. launched a consultation on its plans to implement the Organization for Economic Co-operation and Development's (OECD) crypto reporting framework on Wednesday following its spring budget speech. The Treasury, the government's finance arm, projected in its budget that implementing the crypto reporting framework could draw in £35 million ($45 million) between 2026 and 2027 and £95 million between 2027 and 2028. Source https://t.me/Blockchain_Explained

🇺🇸 SEC request court to take further action after reaching ‘impasse’ with Binance.US The SEC filed a joint motion on March 5 requesting the court to take further action against Binance.US over allegedly failing to comply with regulatory requests for information on customer assets. Binance.US claims in the joint filing that it has fully complied with all of the regulator’s information requests and argued that the SEC’s actions have caused the firm “material damage. Source https://t.me/Blockchain_Explained

🟠 Binance cuts support for Nigerian naira amid regulatory dispute Binance will discontinue all services for Nigeria’s fiat currency, the naira, amid an ongoing regulatory conflict in the country. The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for deposits after 14:00 UTC today. Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC. The conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira, according to an announcement. Source https://t.me/Blockchain_Explained

🇭🇰 Hong Kong regulators warn of increasing crypto exchange impersonation scams Hong Kong’s Securities and Futures Commission (SFC) has warned the public against suspicious websites impersonating the two licensed crypto exchanges in the city-state, according to a Mar. 4 notice. According to the notice, several sites impersonating the image and branding of both Hash Blockchain Limited and OSL Digital Securities Limited are attempting to trick users. In addition, the financial regulator cautioned that there might be other deceptive platforms impersonating licensed entities. Source https://t.me/Blockchain_Explained

🇺🇸 U.S. Judge Enters Default Ruling Against Ex-Coinbase Insider, Says Secondary Market Sales are Securities Transactions In an insider trading case involving Coinbase’s former product manager Ishan Wahi, his brother Nikhil Wahi, and their friend Sameer Ramani, a U.S. court ruled on March 1, that the trading of certain crypto assets on a secondary market, which Coinbase is, are securities transactions. The court took this critical position in a default judgment against Ramani. A default judgment is given when the defendant fails to respond to a court summons or does not appear in court. Source https://t.me/Blockchain_Explained

🟠 Binance CEO Richard Teng asked to appear before Nigerian committee Binance is in hot water in Nigeria in the aftermath of its settlement with the U.S. Department of Justice (DOJ). Nigeria’s House of Representatives Committee on Financial Crimes issued an ultimatum to Binance CEO Richard Teng on Friday, according to a local news report. Ginger Onwusibe, the chairman of the committee, has asked Teng to appear before the committee by March 4. The summons was issued over its alleged involvement in financial crimes, including money laundering and terrorism financing. Source https://t.me/Blockchain_Explained

🇺🇸 Biden administration’s notorious Bitcoin mining survey halted after legal backlash The US Energy Information Administration (EIA) agreed to stop the emergency survey of Bitcoin miners as part of an agreement to end the lawsuit filed by several industry players, including the Texas Blockchain Council. According to the March 1 court filing, the EIA must destroy any survey information it has already received and information yet to be received. It must also sequester or keep confidential that data until it is destroyed. Source https://t.me/Blockchain_Explained

🇮🇩 Indonesia mulling changes to dual taxation on crypto: Report Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has reportedly asked the nation’s Ministry of Finance to assess its stance on cryptocurrency taxation. According to a recent local report, executive staff members at Bappebti have requested to reassess the government-imposed value-added tax (VAT) of 0.11% on each crypto transaction in Indonesia, as well as the 0.1% income tax on crypto. Source https://t.me/Blockchain_Explained

💰 El Salvador and pro-Bitcoin businesses reaping rewards after years of skepticism El Salvador and several forward-thinking corporations, including Nexon and Tahini’s, are witnessing substantial returns on their Bitcoin investments, challenging the wave of skepticism they faced from the media and financial analysts. Despite enduring a barrage of negative press when they made their investments over the last few years, the Bitcoin stacks they built up are now positioned to reap significant profits as BTC approaches its all-time high price levels. Source https://t.me/Blockchain_Explained

💰 MicroStrategy’s Bitcoin Bet Is Paying Off Big, Delivering 2x Returns MicroStrategy’s Bitcoin holdings have become a major success, showcasing a strategy that has propelled the company to impressive unrealized gains. Co-founded by Chairman Michael Saylor, the business intelligence firm’s bold move into Bitcoin since 2020 has been a masterclass in foresight and conviction, especially during a time when the asset class was still considered the ‘Wild West of Finance.’. Source https://t.me/Blockchain_Explained

📉 Shido token plummets 94% as exploiter drains Ethereum staking contract The token for the layer-1 blockchain Shido dropped as much as 94% in just 30 minutes after suffering an exploit on its Ethereum-based staking contract. Blockchain security firm PeckShield alerted its followers to the drop in a Feb. 29 X post. In a follow-up post, it explained an exploiter managed to transfer the blockchain’s Ethereum staking contract to another address with the new owner then upgrading the contract with a hidden function to withdraw staked tokens. Source https://t.me/Blockchain_Explained

❄️ Telegram ad platform to launch via TON blockchain Starting in March, Telegram channel owners in over 100 countries can start receiving financial rewards for their work after the ad platform opens for all advertisers. Channel owners will start receiving 50% of the total advertising revenue generated by Telegram from displaying ads in their channels, according to an announcement on Feb. 28 by Pavel Durov, the founder and CEO of Telegram. Source https://t.me/Blockchain_Explained

💰 Bitfinex hacker testifies in Bitcoin Fog trial as government witness Convicted Bitfinex hacker Ilya Lichtenstein has become a key government witness in a jury trial involving the alleged operator of crypto mixer Bitcoin Fog Roman Sterlingov, Bloomberg News reported on Feb. 27. US prosecutors arrested and charged Sterlingov in April 2021 over allegations that the mixer helped launder 1.2 million BTC — worth $335 million at the time — linked to illicit activities on the dark web. Source https://t.me/Blockchain_Explained

💰 Hut 8 to finance new Texas mining facility with Bitcoin reserves Bitcoin miner Hut 8 intends to use part of its reserve BTC holdings to finance establishing a new mining facility in Culberson County, Texas. According to a Feb. 27 statement, this decision is part of a new treasury strategy that would leverage the firm’s BTC reserves to bolster its balance sheet and support growth endeavors. Hut 8 is one of the largest Bitcoin mining firms in the industry. The company has a BTC reserve of more than 9,000 BTC, estimated to be worth $523 million. Source https://t.me/Blockchain_Explained

📊 Stablecoin Market Cap Hits $140B, Highest Since 2022 Amid USDC Resurgence, Tether Growth The stablecoin market's expansion is accelerating this year as fresh money continues to enter into the digital asset market, fueling the crypto rally. The total market capitalization of stablecoins recently climbed past $140 billion in February, according to CoinMarketCap. This is the highest level since December 2022, DefiLlama data shows. They thus serve a key role for digital asset markets, making the growing market cap an important milestone for the broader crypto market. Source https://t.me/Blockchain_Explained

🆘 BitForex alleged $2.5 billion volume flatlines as exchange abruptly goes offline Hong Kong-based crypto exchange BitForex appears to have gone entirely dark following the suspension of its website and trading application on Feb 23. Users have been unable to initiate withdrawals or access the exchange for several days, which boasted over $2 billion in trading volume as recently as Feb 24. Data from CoinGecko shows trading volume decreasing from $2.5 billion to $1 billion between Feb 22 and Feb 24 before flatlining. Source https://t.me/Blockchain_Explained

🆘 MicroStrategy’s X account hacked, shilling Ethereum token phishing scam Hackers took over the official MicroStrategy X account, posting a series of malicious links to a fake airdrop for a so-called Ethereum-based $MSTR token. Business intelligence firm MicroStrategy’s X account has been hacked, posting malicious links to a fake airdrop of a so-called "official" Ethereum-based MSTR token. According to independent blockchain sleuth ZachXBT and anti-scam platform Scam Sniffer, losses incurred from the scam have already tallied over $440,000. Source https://t.me/Blockchain_Explained

💰 Grayscale continues Bitcoin sell-off on Coinbase with $175m transfer Crypto asset manager Grayscale has made a strategic move by transferring 3,443.1 Bitcoin, amounting to over $175 million, to an address associated with the Coinbase exchange. The transfer has sparked significant interest within the financial and cryptocurrency communities, as Grayscale has been known to influence market dynamics significantly. Source https://t.me/Blockchain_Explained

🪙 Tron Fee Revenue Hits ATH $1.758M High: Data According to Tronscan data, Tron’s fee revenue soared to a record-breaking $1.758 million on February 20th. Tron’s revenue stems from fees levied on transactions, which are subsequently burned. This revenue is determined by multiplying the daily quantity of TRX burned by the closing price of TRX on CoinMarketCap. This milestone essentially underscored Tron’s growing adoption and activity within its network, reflecting investor confidence and increasing utility. Source https://t.me/Blockchain_Explained

💰 $540 Million in Bitcoin Withdrawn From Exchanges: Price Impact Bitcoin is experiencing a surge in outflows from centralized crypto exchanges, hitting its highest level in eight months, indicating a significant shift in market dynamics. On-chain data from IntoTheBlock, a prominent market intelligence platform, shows weekly net outflows from centralized exchanges have peaked. Approximately $540 million worth of Bitcoin was withdrawn this week, marking the largest net outflow since June 2023. Source https://t.me/Blockchain_Explained

💰 Bitcoin miner Riot Platforms generated record $281 million total revenue in 2023 Bitcoin mining and data center hosting firm Riot Platforms generated record total revenue in 2023, according to its annual report for the year ending 31 Dec. filed today. Riot’s total revenue rose 8% from $259.2 million in 2022 to $280.7 million in 2023. Bitcoin mining revenue accounted for $189 million (67%) of the total revenue — up 20% from 2022 — driven by higher Bitcoin production and the rising price of Bitcoin, the company said. Source https://t.me/Blockchain_Explained

🔴 Avalanche confirms block finalization stall, developers currently investigating Avalanche has confirmed a block finalization stall, preventing blocks from being accepted on the network, with developers currently investigating. “Developers across the community are currently investigating a stall in block finalization that is preventing blocks from being accepted on the Primary Network.” Avalanche stated in an incident report at 6:30 a.m. ET. Source https://t.me/Blockchain_Explained

🟠 Binance faces scrutiny as presidential adviser calls for Nigeria ban An adviser to Nigeria’s president has called for a ban on Binance, KuCoin and other trading platforms in the country. Bayo Onanuga — President Bola Tinubu’s adviser on information and strategy — took to the X social media platform to allege that the platforms manipulated the country’s fiat currency, the Nigerian naira, contributing to the ongoing decline of the currency in the forex market. This is coming amid speculations that the government is already considering a ban. Source https://t.me/Blockchain_Explained

🇳🇬 Nigerians turn to VPN as government blocks access to Binance, Coinbase, others Binance has acknowledged reports of Nigerian users encountering difficulties accessing its official website following the government’s directive to block prominent crypto platforms’ sites. In a Feb. 22 email sent to its users and obtained by CryptoSlate, Binance clarified that the restriction only affects attempts to reach its official Binance.com site, leaving its app users unaffected by the measure. Source https://t.me/Blockchain_Explained

💰 Lido adds 1inch for faster withdrawals of stETH and wstETH Liquidity staking protocol Lido added support for decentralized exchange aggregator 1inch. The addition of 1inch facilitates the swapping of stETH (staked ether) and wstETH (wrapped staked ether), as well as ETH, Ethereum's native token, when unstaking. 1inch enables faster exits onto Ethereum, Arbitrum and Optimism, according to an official release. Source https://t.me/Blockchain_Explained

🪙 Former FTX executives Backpack exchange expands to 11 US states Amid tightening global crypto regulations, Backpack, a crypto exchange founded by former FTX executives, has broadened its reach to 11 US states, including California, Colorado, Indiana, Missouri, Wyoming, and others. In a Feb. 21 announcement on the social media platform X (formerly Twitter), the company disclosed its availability to residents within the states above, with CEO Armani Ferrante outlining plans to consolidate the exchange’s presence in the US. Source https://t.me/Blockchain_Explained

🦊 MetaMask integrates Blockaid security alerts for wallet users across multiple chains Crypto wallet app MetaMask has enabled, by-default, integration of security alerts — powered by security firm Blockaid — for its extension and mobile app users across multiple chains. These security alerts were integrated by default on Ethereum (via extension) in January 2024 and are now available for mobile and extension on the following networks: Linea, BNB Chain, Polygon, Arbitrum, Optimism and Avalanche. Source https://t.me/Blockchain_Explained