Here’s how altcoin futures volumes and the USD lending rate signal market crashes

Every once in a while, a new indicator pops out that can be used to detect price tops and bottoms in the market. This assertion is even more evident in cryptocurrencies because the data comes from exchanges and on-chain data extracted from the blockchain. These indicators are constantly monitored and commented on by analysts and traders. Some of the lesser-known metrics use data from altcoin derivatives volumes and the Bitfinex U.S. dollar lending rate. Altcoin volumes in futures markets indicate overheat The futures contract volume is usually triple that of,…

Ripple Execs Use Coinschedule Penalty as Defense

Key Takeaways Ripple’s legal team has published a new filing that aims to show that there is regulatory uncertainty around securities. Ripple cites the SEC’s comments on its recent regulatory actions against Coinschedule as evidence of this claim. The filing is part of a motion to dismiss the SEC’s claims against Ripple executives Brad Garlinghouse and Chris Larsen. Share this article The legal team for Ripple has filed a new defense against the U.S. Securities and Exchange Commission (SEC). This filing aims to use recent SEC comments as evidence of…

French government pushes for one agency to regulate crypto across the EU

The government of France has proposed that the European Securities and Market Authority, or ESMA, should regulate digital currency activity across the European Union. If enacted, this would establish a single authority over the crypto sector across the trading bloc and would create uniform regulations across the union through ESMA, as suggested by the French securities regulator, ​​Autorite des Marches Financiers, or AMF. The AMF’s proposal states: “Likewise, granting ESMA the power of direct supervision of public offers of crypto-assets in the EU (scrutiny of white papers) and of crypto-asset…

US lawmakers don’t want Olympic athletes to use digital yuan at 2022 games

Three United States senators have signed a letter urging Olympic officials to forbid American athletes from using the digital yuan during the 2022 Beijing Winter Games. In a Monday letter to U.S. Olympic and Paralympic Committee board chair Susanne Lyons, Republican senators Marsha Blackburn, Roger Wicker and Cynthia Lummis requested officials prevent U.S. athletes from using or accepting digital yuan, given their allegation that it can be “tracked and traced” by the People’s Bank of China, or PBoC. The three claimed that the Chinese Communist Party could use the digital…

3 reasons why Bitcoin Standard Hashrate (BTCST) price rallied by 50%

China’s ongoing crackdown on Bitcoin (BTC) mining resulted in a mass relocation of mining operations out of the country and it has led to a more than fifty percent drawdown in the Bitcoin network hashrate from an all-time high of 197.9 exahash per second (ehash/s) on April 15 to its current rate at 97 ehash/s.  Bitcoin network mean hash rate. Source: Glassnode One token that was hit especially hard by the hashrate drop was the Bitcoin Standard Hashrate Token (BTCST), a project that collateralized the Bitcoin hashrate with each token…

Polygon launches blockchain gaming and NFT studio

Ethereum (ETH) infrastructure developer Polygon has spun off a new subsidiary to advance its work in blockchain gaming and nonfungible tokens, or NFTs, offering further insight into the company’s long-term growth strategy. The newly formed Polygon Studios has three core objectives: establish Polygon’s position as the leader in decentralized gaming; create a brand that attracts developers and investors to its NFT ecosystem; and position Polygon as the best venue for transitioning to Web 3.0. Through an initiative called Polygon Gaming Studio, the company aims to help developers create and market…

Coinbase sued over Dogecoin Sweepstake ad Campaign

A Coinbase user has filed a class action lawsuit seeking $5 million in damages because of an allegedly misleading Dogecoin campaign. In the legal document, David Suski, the plaintiff, said he was deceived into trading $100 of Dogecoin (DOGE) for an entry into a $1.2 million sweepstakes offer on Coinbase. The document claims that Coinbase failed to communicate that a person could enter the sweepstakes without purchasing $100 of Dogecoin. The first day Dogecoin was available for trade on Coinbase, June 3, 2021, the company sent out an email to…

Coinbase Sued Over “Deceptive” Dogecoin Campaign

Key Takeaways Coinbase faces a class action lawsuit from a Dogecoin trader who seeks $5 million in damages. The plaintiff, David Suski, claimed he was deceived by Coinbase to trade $100 of Dogecoin to become eligible for a $1.2 million promotion. The promotion’s rules specify that a customer can be eligible without making any trade by mailing a simple index card. Share this article A Coinbase user has filed a class lawsuit seeking damages worth $5 million, alleging the exchange ran a misleading Dogecoin-related promotion. Disgruntled Trader Files Class Action…

Former BitGo employee will help deploy Andreessen Horowitz’s $2.2B crypto fund

Major venture capital firm Andreessen Horowitz will be promoting a former employee of digital asset infrastructure provider BitGo to assist in running its $2.2 billion crypto fund. According to Andreessen Horowitz general partner Katie Haun, Arianna Simpson will be joining partners Chris Dixon, Ali Yahya, and Haun for the launch of the firm’s $2.2 billion venture fund, Crypto Fund III. Simpson has been a general partner at the company for more than a year, and will be promoted to the position of deal partner to assist the fund aimed at…