Crypto News

BitMEX Mastermind Arthur Hayes Pleads Guilty, Avoids Jail Time

The picture is getting clearer for BitMEX co-founder Arthur Hayes. The judge called what he did “a willful violation of the Bank Secrecy Act,” but he still got two years probation. Hayes will serve the first six months of that sentence in home confinement, but that’s it. The banker and entrepreneur will not set foot in a cell. Why was anyone expecting otherwise, though?  Related Reading | Arthur Hayes’ Crystal Ball Predicts: Bitcoin And Ethereum To See Carnage In June The top federal prosecutor in Manhattan, Damian Williams, commented in a statement that Hayes “allowed BitMEX to operate as a platform in the shadows of the financial markets.” That’s according to Bloomberg, publication that summarizes the situation as: “On Friday a federal judge sentenced Hayes to two years’ probation, after Hayes and BitMEX’s other founders were charged in 2020 with violating the Bank Secrecy Act, which requires the establishment of such safeguards, including verifying the identities of an exchange’s customers.” His company, BitMEX, also “agreed to pay $100 million to settle civil allegations that it allowed illegal trades for years and violated rules requiring anti-money-laundering programs, without admitting to or denying the claims.” Some people are completely against the sentence, as they believe it sets a dark precedent. Objections To Arthur Hayes’ Sentence  The publication quotes assistant US Attorney Samuel Raymond, who told US District Judge John Koeltl.  “This is a very serious offense. There were real consequences. When individuals like Mr. Hayes operate platforms without anti-money-laundering programs or know-your-customer programs, they become a magnet for people to launder money.” Considering criminals are highly incentivized to circumvent the AML measures and KYC procedures, we can categorically say that John Koeltl’s assumptions are skewed. However, that doesn’t justify not complying with the law. According to Samuel Raymond, not sending Hayes to prison “would send a message to him that the cost of doing business is merely a fine, and he could continue to violate the law for huge amounts and pay any fine.”  What About The Other BitMEX Co-Founders? The article is about Hayes, so, it doesn’t go into detail about the others. It summarizes their situation as follows: “Hayes and co-founder Benjamin Delo pleaded guilty in February, and Samuel Reed in March, each agreeing to forfeit $10 million. Delo is scheduled to be sentenced next month and Reed in July.” To close it all off, James Benjamin, Hayes’ lawyer, states the obvious. “Did BitMEX do a perfect and seamless job on its path from startup to a mature fintech company? No, it did not. There were some bumps in the road.” LUNA price chart on FTX | Source: LUNA/USD on Arthur Hayes On The Terra Luna Collapse As many crypto-experts knew, Terra was a disaster waiting to happen. In his latest piece about the Luna collapse, Arthur Hayes tried to explain the underlying problem with algo-stablecoins. Related Reading | BitMEX CEO Arthur Hayes Goes Mum amid CFTC Probe Rumor ”Algorithmic stablecoins are not much different than fiat debt-backed currencies, save for one crucial factor. Terra and others like it cannot force anyone to use UST at any price. They must convince the market with their fancy designs that the governance tokens backing the protocol will have a non-zero value that rises more quickly over time than the amount of fiat-pegged tokens issued.” Obviously, the model failed. The vulnerability was so big that maybe it wasn’t even a coordinated attack. The Terra Luna scheme wasn’t long for this world, in any case. Featured Image by Ichigo121212 from Pixabay | Charts by TradingView

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This Analyst Believes Ethereum May Lose 80% Of Its Value

According to a recent Bloomberg article, John Roque of 22V research believes that Ethereum might fall to $420, a loss of 80% from its present price, and here’s why. Ethereum May Fall 80% The trader believes Ethereum, which is presently trading at $2,000, is about to break through the support zone and will most likely fall below $420. Roque drew attention to a price range in which $3,580 is the top and $2,000 is the bottom. With Ether falling below $2,000, it is no longer within the previously specified range and will begin to fall to the next significant chart support at around $420. Source: 22v Research Because the second-largest cryptocurrency is rapidly losing value, it has fallen below all moving averages, including the 50-, 100-, and 200-day lines. The above-mentioned indicators’ downward movement is a significant bearish factor for any asset. Ethereum is also oversold on both the weekly and daily charts, according to Roque, which is why it cannot rally in the foreseeable future. ETH/USD trades aroun $2k. Source: TradingView While the analyst claims that Ethereum is basically “over” key support levels for the second largest cryptocurrency on the market may still be seen. On the weekly chart, for example, traders have yet to test 200-week average support. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 ETH Exchange Supply Rising Santiment, an on-chain data provider, gives us an insight into what Ethereum’s next price action might be (ETH). On an 8-hour chart, large shorts for Ethereum at $2,000 have built up, according to the data provider. However, according to Santiment, this normally doesn’t work out with the shorter, and a short squeeze is likely to ensue. As a result, the price of Ethereum may rise again. Data shows funding rates history. Source: Santiment The ETH exchange supply is another item to consider. Santiment observes: “While we saw a nice drop in supply on exchanges for the past year or so, May 1st 2022 saw a huge increase in supply on exchanges as folks rushed to exit their positions, which is clearly reflected on the price itself.” As a result, any future increase in the exchange supply will cause another decline. This indicates that investors are panicked and have given up totally. Although the situation appears to be dire, this may be an excellent time to fill new roles. Related reading | Ethereum Hashrate Breaks All-Time High, Will Price Follow? Featured image from iStockPhoto, Charts from

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Stablecoins Receive Queen’s Blessings As UK Braces For Landmark Crypto Legislation

Prince Charles spoke on behalf of the Queen of England (citing health reasons) at the House of Lords last week, outlining her government’s legislative priorities and listing the measures it intends to present to members of parliament. One of the emphasis was on cryptocurrencies during the Queen’s annual address to the British Parliament, as the […]

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Blockchain analytics provider Nansen integrates and invests in DeFi data app 

Nansen, a  blockchain data analytics platform, announced today that it will be participating in an ongoing seed round for leading DeFi data platform To coincide with its seed investment, Nansen will also be integrating, the first time Nansen has incorporated outside data into its platform. is an analytics platform that provides clarity […]

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Crypto News Ethereum

Experts Say Ethereum Will Grow 100% To Hit $5,783 By Year-End

Ethereum remains one of the most successful cryptocurrencies in the market, although its current price does leave a lot to be desired. It has not been spared from the general market downtrend that has rocked the crypto space and has since lost its footing above $3,000, a crucial point for the digital asset. Nevertheless, it seems the future is not at all gloomy for the second-largest cryptocurrency going by reports from a Finder’s panel. Ethereum To Surge 100% A recent Finder’s panel made up of industry experts has released an extremely bullish long-term outlook for the cryptocurrency. The panel which took part in the quarterly survey from Finder consisted of 36 industry experts who shared their forecasts for the digital asset. According to them, Ethereum may very well still be in the early stages of its growth price-wise. The digital asset which is currently trading a little above $2,800 received some of the best feedback and the consensus was that there is much growing to do in 2022 alone. They put forward that ETH will see another 100% growth this year that would see its price hit as high as $5,783 before the year runs out.  Related Reading | Brace For Impact: A Dot Com Magnitude Crash To Rock The Crypto Market? “Ethereum will jump from its current price of US$2,810 to US$5,783 by the end of 2022,” the panel said. “The price is expected to continue to rise going forward, hitting $11,764 by 2025 and $23,372 by 2030.” Despite the bullish outlook for the altcoin going from current perspectives, it is more bearish compared to the previous predictions. The panel had previously put Ethereum’s price at $6,500 by the end of the year 2022, but the recent quarterly report has seen them adjust this prediction by about 10%. Nevertheless, it remains a good outlook for the digital asset. Not everyone shared the bullish outlook for ETH though. One expert, John Hawkins, senior lecturer at the University of Canberra, said he sees the digital asset ending the year below $2,000. ETH price trending at $2,800 | Source: ETHUSD on How This Will Happen There are a lot of predictions going around for Ethereum which all hinge on the upcoming upgrades on the network. The move to the consensus layer that will see the network move to the proof of stake mechanism is an upgrade that is anticipated to bolster the value of the token and Finder’s experts seem to think so too. Keegan Francis who is the global cryptocurrency editor at Finder explained that for him, the long-term outlook for the cryptocurrency remains pretty bleak until the upgrades are carried out. With this would come the ability to scale for the network. However, Francis added that people will continue to buy the cryptocurrency due to “hype, promise, and potential.” Related Reading | TA: Ethereum Shows Positive Signs But This Resistance Is The Key The network still remains the leading DeFi platform. But with it losing so much market share to competitors, the cryptocurrency editor does not have a lot of confidence right now. “Ethereum is at a very uncertain place in its journey at the moment,” Francis explained. “It is currently losing DeFi (decentralized finance) market share to its competitors.” Ethereum continues to trade above $2,800 in the early hours of Tuesday. Its price is up 0.15% in the last 24 hours to be trading at $2,843 at the time of this writing. Featured image from CoinQuora, chart from

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Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto

Bitcoin (BTC) prices saw notable volatility on Friday, frequently breaching the $40,000 mark but failing to maintain that level. As of this writing, the top cryptocurrency by market capitalization had increased by 3.2 percent during the previous 24 hours, trading at $40,205. Bitcoin saw stiff resistance after breaking over that mark, plummeting below $40,000 in less than an hour, according to CoinDesk data. Over the next several hours, the world’s most valuable cryptocurrency traded at the previously mentioned price level, occasionally topping it and then falling below $40,000. Suggested Reading | What’s In A Name? Ethereum Domain Name Sales Climb 2,300% More Countries Embrace Bitcoin Bitcoin rose alongside US stocks as new evidence of investor accumulation and increased use by nations ranging from Africa to Central and South America emerged. The global cryptocurrency market capitalization stood at $1.80 trillion, a little decrease over the previous 24 hours. However, the overall volume of cryptocurrency trade increased by nearly 14% to $95.54 billion. Bitcoin traded flat for the second day straight, with virtually little increase. It has been trading in a narrow range over the last few days, according to Mudrex CEO and Co-founder Edul Patel. “A similar pattern is anticipated to continue over the next one or two days. Ethereum, the second-largest cryptocurrency, is also trading similarly, with a slight increase. In comparison, the majority of cryptocurrencies have been in the red during the last day, said. BTC total market cap at $736 billion on the daily chart | Source: Failing To Sustain Momentum Bitcoin managed to sustain a brief gain during the early hours of Tuesday, but subsequently fell below the $40,000 support level in the afternoon, and has since reached repeated low points throughout the week. By Friday, the cryptocurrency Fear and Greed Index had fallen one point to 23, indicating that it remained in “severe fear.” On the same day, Bitcoin had an upward correction in response to stronger market indices. However, BTC is facing further selloffs as it strives to break through the $40,000 barrier. Suggested Reading | Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike Significant Resistance Recent price swings of the cryptocurrency “indicated substantial resistance” in the range of $40,000 to $41,500, according to John Iadeluca, founder and CEO of multi-strategy firm Banz Capital. He added that selling pressure has been especially intense “around the $40,000-$40,500 price levels.” Meanwhile, the Central African Republic recently became the world’s second country to legalize bitcoin as a form of payment. Cuba’s Central Bank announced the issuance of licenses to virtual asset service companies. The license will be offered to Cuban and foreign people and organizations. Featured image from Pixabay, chart from

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Stripe Teams Up With Twitter To Allow Payments In Crypto

Stripe is pushing cryptocurrency to the forefront by allowing merchants who accept its payment processing service, StripsPayments™, to pay their users in USDC. Starting this Friday, Twitter will let certain creators receive payments for features on Ticketed Spaces, and Super Follows through the crypto wallet. In the Super Follows Twitter offer, individuals can earn monthly income […]