2023-10-16 11:25

In a recent collaborative effort with Israel’s National Bureau for Counter-Terror Financing (NBCTF), Tether, a prominent stablecoin issuer, has frozen 32 cryptocurrency addresses suspected of ties to terrorist activities in Israel and Ukraine. The frozen addresses collectively held a total of $873,118 in USDT as of Monday. Paolo Ardoino, the newly appointed CEO of Tether, reiterated the company's commitment to promoting responsible use of blockchain technology and combating cybercrime. Arduino highlighted the traceability of cryptocurrency transactions as a crucial tool in obstructing terrorist funding channels. This move by Tether is not an isolated incident. The company has a history of freezing assets linked to illicit activities. In November 2023, Tether froze $46 million of its USDT stablecoin following a legal request tied to an FTX wallet amidst the exchange's downfall. This action temporarily disabled the "send USDT" function of the wallet, effectively halting any transfer of funds by the owner until the freeze was lifted. The company has been actively fighting against cybercrime on a global scale. In 2022, Tether froze over $360 million in assets and later reissued more than $100 million of intercepted USDT. In total, Tether has frozen approximately $835 million of USDT predominantly associated with blockchain and crypto exchange hacks. Tether's efforts align with broader initiatives to counteract cybercrime involving cryptocurrencies. In June 2023, Israel’s Defense Minister Yoav Gallant seized over $1.7 million from cryptocurrency wallets linked to Hezbollah using Chainalysis tools. Cybercriminals are increasingly shifting their focus from Bitcoin to stablecoins and alternative coins, taking advantage of their accessibility and potential for laundering through decentralized exchanges (DEXs). This trend underscores the importance of continuous vigilance and cooperation between cryptocurrency companies and law enforcement agencies worldwide. https://www.investing.com/news/cryptocurrency-news/tether-collaborates-with-israel-to-freeze-addresses-linked-to-terrorism-93CH-3199923

2023-10-16 11:09

In the Apex 2023 developer summit held on Monday, Ripple's Chief Technology Officer, David Schwartz, shared his vision of the XRP Ledger (XRPL) transforming the financial industry by tokenizing real-world assets. Highlighting the low transaction fees, seamless integration with decentralized exchanges, and broad applicability of XRPL, Schwartz claimed these features make it an ideal platform for launching such assets. Schwartz emphasized that tokenized assets should not be limited to specific currencies like the US dollar. Instead, they should provide access to a diverse range of assets. He predicted that within 18 months, XRPL will become the preferred platform for launching tokenized assets. This announcement was met with enthusiasm by the XRP Army, as reported by influencer Amelie. The Ripple CTO also explored how tokenization can revolutionize finance. By addressing inefficiencies in value transfer and democratizing access to various financial products, it can help regions with limited traditional financial services. Schwartz asserted that tokenized assets would expand access to quality investment products like collateralized loans and other financial services. The potential of XRPL in tokenizing assets such as debt was another topic touched upon by Schwartz. He believes that this process could lead to significant changes in the financial landscape, particularly in areas where traditional banking services are scarce or non-existent. Schwartz's comments at the Apex 2023 developer summit reflect a growing interest in blockchain technology's potential to disrupt traditional finance and open up new opportunities for investors worldwide. https://www.investing.com/news/cryptocurrency-news/ripple-cto-foresees-xrpl-becoming-preferred-platform-for-tokenized-assets-93CH-3199912

2023-10-16 09:32

Copyrighted Image by: Reuters. Investing.com - Crude fell, settling below $90 a barrel Monday, amid signs the global oil supply situation may improve on reports that US sanctions on Venezuela could ease if Caracas agrees to an election date — one of Washington’s prerequisites for normalizing trade and other relations with the South American country. Crude prices were also pressured by a lack of fresh upward catalysts from the Israel-Hamas war that threw a lifeline to oil bulls last week. Also weighing was data showing hedge funds and other big players in oil dumping their bullish holdings at an alarming rate last week despite Friday’s outsized rally. New York-traded West Texas Intermediate, or WTI, crude for delivery in November settled at $86.66 per barrel, down $1.03, or 1.2%. Last week, the US crude benchmark finished up almost 6%, with most, if not all, of that coming from a run-up Friday. London-traded Brent crude for the most-active December contract settled at $89.65, down $1.24, or 1.4%. Last week, the global crude benchmark gained 7.5%. Venezuela situation new shoe to drop on oil bulls The US and Venezuelan governments were getting ready to sign a pact in Barbados as early as on Tuesday to ease U.S. sanctions on Venezuela's oil industry in return for a competitive, monitored presidential election in Venezuela next year, according to media reports. Easing sanctions on Venezuela's oil industry could result in increased oil supply. Traders were also optimistic that the war between Israel and Hamas would remain confined to Gaza, without dragging in Iran — a tacit supporter of the Palestinian Islamist group. "It's more of the same on Monday in terms of the conflict in the Middle East being contained from affecting crude oil supplies," said John Kilduff, partner at New York-based energy hedge fund Again Capital. Hedge funds bailed out of oil during week ended Oct 10 Hedge funds and other money managers had, meanwhile, sold the equivalent of 140 million barrels in the six most important petroleum futures and options contracts over the week to Oct. 10, before another crude price spike on Oct. 13. “Portfolio investors have dumped positions in petroleum at some of the fastest rates in the last decade in the most recent week as the bullish sentiment that built up after OPEC⁺ production cuts evaporated,” Reuters columnist John Kemp said. The sales volume was the 14th largest in 552 weeks since March 2013, based on records filed with ICE Futures Europe and the U.S. Commodity Futures Trading Commission. Funds slashed their total positions by 197 million barrels over the most recent three weeks, reversing about half of the 398 million barrels purchased over the previous 12 weeks since the end of June. As a result, the combined position was reduced to 483 million barrels (30th percentile for all weeks since 2013) down from 680 million barrels (64th percentile) on Sept. 19. The ratio of bullish long positions to bearish shorts was cut to 3.86:1 (45th percentile) from 6.02:1 (81st percentile) as the bullish froth that had accumulated was blown away. The dump came as they reacted negatively to the end of the squeeze on inventories around the NYMEX delivery point, oil prices breaking lower, rising borrowing costs, and the growing threat of conflict in the Middle East. That seemed to contradict the notion among oil bulls that all investors wanted was to pile further and further on the oil rally without a care for risk. https://www.investing.com/news/commodities-news/crude-oil-slips-lower-underlying-tone-positive-on-middle-east-tensions-3199789

2023-10-16 07:22

In a recent development, Binance, a prominent player in the cryptocurrency exchange market, carried out its 25th quarterly BNB token burn on Monday. The operation incinerated over $450 million worth of tokens, including more than 2.1 million BNB and an additional 314.69 tokens through the Pioneer Burn Program for lost tokens. This strategic move aligns with Binance's deflationary model strategy to enhance the scarcity and potential value of its native token. Throughout its history, the company has incinerated between 808,888 and 2.22 million BNB per event, reducing the total supply by 0.41% to 1.74%. The Auto-Burn process used for these operations is designed to remove half of the total supply (100 million BNB) from circulation and operates independently of the Binance exchange. Despite this significant burn, the market price of BNB remained largely stable, reflecting broader crypto market trends with a slight 3% gain and trading at $213. However, it is still down by 13% year-to-date. The price of BNB is influenced not only by supply but also by wider crypto market trends, regulatory developments, and macroeconomic indicators. https://www.investing.com/news/cryptocurrency-news/binance-burns-450-million-bnb-tokens-price-remains-stable-93CH-3199563

2023-10-16 06:36

Litecoin, the digital currency often referred to as "the silver to bitcoin's gold," recently celebrated its 12th anniversary and underwent its third reward halving on Monday. The event saw miners' earnings reduced to 6.25 LTC per block. As of mid-October 2023, Litecoin ranks as the 15th heavyweight in the crypto realm, boasting a nearly $4.55 billion market cap. The digital currency is held by approximately 7.14 million distinct addresses. Its circulating supply is nearing its max cap, standing at about 73.76 million LTC out of a possible 84 million LTC. Concentration of wealth is significant within Litecoin's ecosystem, with the top ten wallets controlling a substantial 12.67% of the total stash. A wallet identified as "M8T1B" leads the pack with over 2.5 million coins. Further down the list, the top twenty wallets hold 16.41% of the total supply, while the top fifty and one hundred wallets control 27.14% and 37.64%, respectively. This concentration contrasts with Bitcoin, whose top 100 wallets hold only 13.64% of its circulating supply but aligns more closely with XRP's top 100 holders who control 33.14%. In comparison to other digital currencies such as Solana, whose top ten wallets control an impressive 32.99% of its total supply, Litecoin's distribution appears less concentrated at the top end. The Litecoin community is home to 458 millionaires, with 82 accounts each holding $10 million or more in LTC. Interestingly, around 2.3 unique addresses contain just $1 in LTC, reflecting a broad spectrum of holdings within the digital currency's user base. https://www.investing.com/news/cryptocurrency-news/litecoin-marks-12th-anniversary-holds-455-billion-market-cap-93CH-3199417

2023-10-16 06:12

Copyrighted Image by: Reuters. Large Bitcoin wallet holders have seen an 8.1% increase over the past 20 months, with an additional 11,806 addresses holding at least 10 BTC. This surpasses the previous record set in 2019, indicating a positive sentiment following the bear market of 2022. The data, released on Monday, suggests that despite fears of price corrections among long-term holders, large-scale transactions persist. Just last week, transactions exceeding $100,000 totaled nearly $37 billion, highlighting active market activity. WhaleAlert reported two significant transactions involving more than $100 million each. One transaction involved a transfer of 2,818 BTC to Coinbase (NASDAQ:COIN), and another saw 1,630 BTC moved from Bybit. Bitcoin prices have shown stability recently with minor daily gains and are approaching the $28,000 mark. Data from IntoTheBlock reveals that 67% of holders are currently in profit. The Securities and Exchange Commission's (SEC) decision not to challenge Grayscale's Bitcoin Trust Fund's ETF conversion application has also positively influenced the market. The unchallenged application has been seen as a positive sign for the cryptocurrency industry. Crypto analysis firm Rekt Capital has predicted a potential "Road to New All-Time Highs" for Bitcoin. Meanwhile, the Bitcoin Fear & Greed Index stands neutral at 47. This index measures the current sentiment of the Bitcoin market and ranges from zero (extreme fear) to 100 (extreme greed). A neutral reading suggests a balance between buying and selling activity. https://www.investing.com/news/cryptocurrency-news/bitcoin-whale-activity-surges-as-market-shows-signs-of-stability-93CH-3199347