Kategorie: Crypto News

• Hedera (HBAR) price rose sharply on Nov. 12 to hit highs near $0.07 – the highest level since July.

The Hedera token rose more than 20% in the past 24 hours to hit highs near $0.07. This saw the cryptocurrency reach its highest price level since July and stand out among top gainers.

Gains for HBAR came as the cryptocurrency’s holders reacted positively to the latest Hedera news.

Specifically, the altcoin was surging after Canary Capital Group submitted an application to list an exchange-traded fund for HBAR.

Canary files for HBAR ETF

The proposal to list and trade shares of the Canary HBAR ETF comes amid an increased exuberance across the crypto market. With the SEC’s approval of spot Bitcoin and Ethereum ETFs having driven significant interest and demand from institutional investors, the anticipation is that more crypto assets could be poised for a similar trajectory.

Canary Capital is among the issuers targeting this potential influx of investment money. With the market seeing filings for spot ETFs for Solana, Litecoin and XRP in recent months, the addition of Hedera on the list has the HBAR community excited.

The filing for the HBAR ETF comes a few weeks after Canary launched its HBAR Trust.

Donald Trump’s historic win in the US election and the pro-crypto stance he showed during the campaign has crypto in an upbeat mood.

As the industry ponders the positive regulatory environment that Trump’s administration will offer, the anticipation is that approval for more crypto investment vehicles is highly likely. Moreso, the chances of a SOL, LTC, XRP or HBAR ETF being approved will rise significantly if current SEC Chair Gary Gensler exits the agency.

Trump pledged to fire the SEC chair when he takes over in January 2025.

The post Hedera skyrockets as Canary files for HBAR ETF appeared first on CoinJournal.

• Asset management firm, Alliance Bernstein, tells investors to “buy everything you can” as analysts expect major altcoins to outperform Bitcoin over the next 12 months.
• This comes as Bitcoin broke the $82,000 level. The crypto has since reached a new all-time high of $89,000.

In an article published on Monday, Analysts at Bernstein Research endorsed cryptocurrency, urging investors to buy everything [they] can” amid rising prices that appear to have been spurred by Donald Trump’s election victory.

Trump, now a staunch supporter of cryptocurrency, is set to be the first President to have founded a decentralized finance platform (World Liberty Financial) and is expected to usher in an era of favourable regulatory policies that could radically change how the US government engages with the crypto industry.

At the Bitcoin 2024 conference in July, Trump spoke about buying Bitcoin as a strategic reserve for the United States if he got elected. While this may not constitute an official campaign promise, it is one of several that the crypto industry holds on to.

Bitcoin’s rise to new highs

Bitcoin broke its previous all-time high of $73,000 on November 6^th, after the Presidential election. Since then, it has scaled to a new all-time high of $89,000 reached today. However, Trump’s Presidential victory isn’t the only catalyst propelling the premier crypto to new highs.

Increased institutional interest is another major catalyst for Bitcoin’s price action as institutions buy up the crypto either as an inflation hedge or for potential future profits.

MicroStrategy recently purchased 27,200 Bitcoin for $2 billion, its largest single purchase since 2020. The company’s total holding as of Nov 10 is 279,420 bitcoins costing $11 billion at an average price of $42,600 per BTC.

Today, MicroStrategy’s stash has doubled in value as Bitcoin trades at the $85,000 level as of publishing. As a result, its share price is 23% higher than yesterday’s close of $340; a trend which is becoming common among publicly listed companies with Bitcoin holdings.

Institutional interest is also evident in Bitcoin spot ETF inflows. The top 10 Bitcoin spot ETFs in the US recorded a cumulative inflow of $1.12 billion yesterday, according to data from Coinglass, a cryptocurrency derivative data analysis platform.

Research Analysts from Bernstein believe that Bitcoin will reach $200,000 this cycle and that a friendlier regulatory environment will allow major altcoins, like Ethereum and Solana, to outperform Bitcoin over the next 12 months.

Bitcoin is down 2% on the day of publishing.

The post Bernstein Urges Investors to Buy Crypto as It Predicts $200k per Bitcoin in 2025 appeared first on CoinJournal.

• In 2019, Binance acquired a 20% stake in collapsed FTX in a deal with Sam Bankman-Fried
• In 2021, Binance and FTX agreed to a deal that saw FTX buying back the stake, amounting to $1.76bn in FTT, BNB, and BUSD
• The transfer was done by Alameda Research, which was insolvent at the time and couldn’t afford the transaction

FTX has filed a lawsuit against Binance and its co-founder and former CEO Changpeng “CZ” Zhao to reclaim $1.76 billion over an alleged fraudulent transfer.

A filing from November 10 stated that Sam Bankman-Fried, FTX’s co-founder, fraudulently transferred “at least $1.76 billion” to Binance and Binance executives in July 2021.

In March, Bankman-Fried was sentenced to 25 years in prison for defrauding customers.

According to the filing, the transfer was part of a repurchase deal between Binance and FTX and shouldn’t have occurred. The filing claims that in November 2019, Binance acquired a 20% equity stake in FTX with over one million in Binance’s BNB token in a deal with Bankman-Fried.

Around February 2020, Binance acquired a further 18.4% in WRS, an umbrella company of Bankman-Fried based in the US. However, in July 2021, the two parties agreed on a deal that saw FTX buy back Binance and its executives’ entire stakes in FTX and WRS.

This amounted to around $1.76 billion in FTX’s FTT token, BNB, and BUSD (Binance’s stablecoin), which was funded by FTX’s sister company Alameda Research.

Couldn’t afford the transaction

Per the filing, the transfer was fraudulent because Alameda was insolvent at the time and couldn’t afford the transaction. According to testimony from Caroline Ellison, former CEO of Alameda Research, Alameda spent around “$1 billion of FTX Trading’s capital received from depositors to fund the repurchase.”

In September, Ellison was sentenced to 24 months in prison for her role in the collapse of FTX.

Following the repurchase, on November 6, 2022, Zhao is said to have “sent a series of false, misleading, and fraudulent tweets that were maliciously calculated to destroy his rival FTX, with reckless disregard to the harm that FTX’s customers and creditors would suffer.”

As a result, “Zhao’s false tweets triggered a predictable avalanche of withdrawals at FTX – the proverbial run on the bank that Zhao knew would cause FTX to collapse,” according to the filing.

The post FTX sues Binance, former CEO CZ for alleged fraudulent $1.76b transfer appeared first on CoinJournal.