Author: Alyz Garsia

Judge Lane stated that creditor claims take priority over DCG’s equity stake. All the money that Genesis Global has to distribute is running out. Genesis Global, a bankrupt bitcoin lender, has received court approval to reimburse its creditors for $3 billion. This covers both fiat money and crypto, Digital Currency Group (DCG), its parent business, will not get anything. DCG won’t be able to emerge from bankruptcy. On Friday, May 17, Judge Sean Lane gave his approval to Genesis’s Chapter 11 repayment plan. Genesis can unfreeze and return client assets as a result of this choice. Genesis locked up the…

VanEck‘s Bitcoin ETF encountered a significant rise in cash inflow in the first quarter of 2024. According to the recent filing of VanEck Bitcoin trust with the Securities and Exchange Commission, the HODL Bitcoin made a great achievement by collecting $109 million in net assets in Q1 of 2024, conducted on March 31. Bitcoin ETF approved, while Ethereum ETF Anticipates Rejection  The initial filing revealed that some holders possessed 8,711 BTC, purchased for $ 515 million and now the estimated value is $619 million. The ETF also revealed liabilities totaling $20 million and a net realized gain of $6 million.…

Philippines initiates Sandbox testing to access the real-world performance of the PHPC stablecoin. This testing affects the local fiat ecosystem, and its potential applications, such as payments, trading, and DeFi. The Philippine central bank is about to initiate controlled trials of a national stablecoin that is pegged 1:1 to the local peso. In partnership with the crypto wallet, the Bangko Sentral ng Pilipinas (BSP) approved a pilot of PHPC, a Philippine peso-backed stablecoin. This grant gets approval under BPS‘s regulatory sandbox framework. As the agreement stated, the coin will keep the money reserve in pesos equal to the total circulation…

Grayscale‘s Bitcoin ETF experienced a rapid outflow of funds estimated as $66.9 million, more than it attracted in previous days. The rare Grayscale Bitcoin spot Exchange Traded Funds (ETF) evaporated in just two days as outflow strikes it. The Grayscale Bitcoin ETF, launched on January 11, recorded inflows worth $66.9 million after a straight outflow of $17.5 billion in 78 days since its launch. This investment came on May 3, and 6, each day collecting $63 million and $3.6 million. However, the ETF fails to maintain inflow momentum Source: Farside The Grayscale Bitcoin Trust (GBTC) recorded major outflows on May…

The Bitcoin BTC price is still trading above $60,000, showing a decline of 1.81% from yesterday. The network fundamentals are already showing pressure on Bitcoin as it fails to gain the expected price On May 9, Bitcoin faced the risk of breaking down below $61,000 as familiar trend lines underwent a new test of support. Source: Coinmarketcap BTC Price Maintains Pressure on Bull Market Support Data collected from Cointelegraph pro and Tradingview shows that Bitcoin is slightly losing all the gains made in the previous week. The Bitcoin price didn‘t show much growth due to volatile markets and small trading…

LocalBitcoins for Monero Exchange is closing after seven years of service to the XMR community. The Monero (XMR) peer-to-peer trading platform has closed. The ticker for XMR is currently down at $128. This closure contributes to the recent trend of crypto privacy closures and arrests. On May 7, LocalMonero declared that advertisements and new signups for Monero trades are no longer allowed. This modification takes effect right now. On May 14, the platform will stop trading the crypto asset with a privacy focus. The company gave the closure’s “internal and external factors” explanation, but it kept the details. On November…

A chain analysis report disclosed almost 1.75 million Bitcoin wallet dormant addresses from a decade ago. The Bitcoin address that was inactive in the era of Satoshi becomes active after 10 years. These addresses are holding 687 Bitcoins with an estimated amount of $44.9 million. On May 6, someone transferred these holdings to two different wallets. The first wallet received 625.43 BTC, and its address starts with bc1qky; however, the second wallet received the remaining 61.9 BTC, with a wallet address starting with bc1qdc. The anonymous transfer of Bitcoin, especially from Satoshi time, makes everyone curious in the crypto community.…

Wednesday becomes a dark day for US Bitcoin ETFs as holders sell their digital assets in bulk. The chairman of the Federal Reserve, Jerome Powell, dismissed the possibility of a spike in rates. Source: Coinglass Sales calculated on this day by 11 US-based ETFs are $563.7 million. This is the largest since the EFTs started trading in January. This extends to a five-day sale trend, according to the data gathered from Farside Investors and CoinGlass. Total withdrawals made by investors from US-based EFTs have totaled $1.2 billion since April 24. On Wednesday, Fidelity’s FBTC encountered a massive outflow, resulting in…

Binance founder CZ is under investigation for money laundering, raising concerns about cryptocurrency use. In this legal battle, the founder of Binance, Changpeng Zhao, found justice in an American court. In the hearing conducted on April 30, the prosecutor sentenced him to 3 years in prison. Highlighting the Issues The founder of Binance pleaded guilty for not taking safety measures to stop money laundering on his Platform. This is significant because it adds to the ongoing conversation about him and his company’s practices. In the justice department, prosecutor stated that “Zhao’s willful violation of U.S. law was no accident or…

Wasabi Wallet takes action as Samourai Wallet users face arrests. Find out why Wasabi Wallet is no longer available to Americans and the implications for privacy-focused cryptocurrency users. The service is also unavailable to American citizens residing abroad. For an unknown period, zkSNACKs has prevented American users from using Wasabi Wallet. The move was most likely made in response to the recent arrests of the Samourai Wallet creators and the pending legal action against the Tornado Cash developers. The creators of the privacy-focused Wasabi Wallet, zkSNACKs, have banned Americans, both citizens and residents, from using their website. The team mentioned…