MATIC tokens worth millions were moved before its massive drop
Cryptopolitan (RSS)
Amidst a notable price drop, blockchain data reveals that key market makers, Jump Trading and Cumberland, sent millions of dollars worth of Polygon (MATIC) to various crypto exchanges on Friday night. Analytics firm Lookonchain reported the transactions, stating that Cumberland deposited 9 million MATIC, valued at over $6.3 million, to Binance, and 5 million MATIC, worth $3.5 million, to Coinbase. Additionally, a crypto wallet associated with Cumberland, Jump Trading, and Robinhood deposited a cumulative total of 9.4 million MATIC to different crypto exchanges.
A large portion of MATIC tokens moved to exchanges
These deposits seemingly led to the selling of MATIC tokens on the exchanges, resulting in a sudden and significant decline in price. Similar price movements were observed in other tokens such as Cardano (ADA) and Solana (SOL), which experienced drops of up to 25% within the past 24 hours.
The tokens’ price fluctuations are likely connected to recent allegations of being classified as securities in multiple lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against crypto exchanges Binance and Coinbase earlier in the week.
In light of these developments, crypto services firm Matrixport issued a note stating that further selling of major tokens could be anticipated during the weekend. The firm mentioned that altcoins, including MATIC, might experience additional crashes due to thin trading volumes and reduced activity from market makers like Binance.
Analysts blame SEC for the significant drop in crypto prices
The sudden movement of a significant amount of MATIC tokens by market makers raises questions about the potential impact of such actions on the overall market. It highlights the interconnectedness between market activity and token prices, particularly in the context of regulatory scrutiny and market sentiment.
As investors and industry participants navigate these fluctuations, it becomes crucial to monitor ongoing legal proceedings and regulatory developments. The classification of tokens as securities can have far-reaching consequences for both the affected tokens and the broader cryptocurrency market. Market participants will be closely observing how these events unfold and the potential implications they may have on the future of these digital assets.
In the volatile world of cryptocurrencies, market movements driven by various factors underscore the importance of staying informed and exercising caution. Understanding the dynamics between market makers, regulatory actions, and token prices can provide valuable insights for investors and traders seeking to navigate the crypto landscape.
Cryptopolitan (RSS)
Amidst a notable price drop, blockchain data reveals that key market makers, Jump Trading and Cumberland, sent millions of dollars worth of Polygon (MATIC) to various crypto exchanges on Friday night. Analytics firm Lookonchain reported the transactions, stating that Cumberland deposited 9 million MATIC, valued at over $6.3 million, to Binance, and 5 million MATIC, worth $3.5 million, to Coinbase. Additionally, a crypto wallet associated with Cumberland, Jump Trading, and Robinhood deposited a cumulative total of 9.4 million MATIC to different crypto exchanges.
A large portion of MATIC tokens moved to exchanges
These deposits seemingly led to the selling of MATIC tokens on the exchanges, resulting in a sudden and significant decline in price. Similar price movements were observed in other tokens such as Cardano (ADA) and Solana (SOL), which experienced drops of up to 25% within the past 24 hours.
The tokens’ price fluctuations are likely connected to recent allegations of being classified as securities in multiple lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against crypto exchanges Binance and Coinbase earlier in the week.
In light of these developments, crypto services firm Matrixport issued a note stating that further selling of major tokens could be anticipated during the weekend. The firm mentioned that altcoins, including MATIC, might experience additional crashes due to thin trading volumes and reduced activity from market makers like Binance.
Analysts blame SEC for the significant drop in crypto prices
The sudden movement of a significant amount of MATIC tokens by market makers raises questions about the potential impact of such actions on the overall market. It highlights the interconnectedness between market activity and token prices, particularly in the context of regulatory scrutiny and market sentiment.
As investors and industry participants navigate these fluctuations, it becomes crucial to monitor ongoing legal proceedings and regulatory developments. The classification of tokens as securities can have far-reaching consequences for both the affected tokens and the broader cryptocurrency market. Market participants will be closely observing how these events unfold and the potential implications they may have on the future of these digital assets.
In the volatile world of cryptocurrencies, market movements driven by various factors underscore the importance of staying informed and exercising caution. Understanding the dynamics between market makers, regulatory actions, and token prices can provide valuable insights for investors and traders seeking to navigate the crypto landscape.
Twitter
Over the past 16 hours, #Cumberland has deposited 9M $MATIC ($6.3M) into #Binance and 5M $MATIC ($3.5M) into #Coinbase.
A total of 14M $MATIC ($9.8M) was deposited to exchanges.
And the price of $MATIC dropped by ~29%.
https://t.co/9wKI6alh2s
A total of 14M $MATIC ($9.8M) was deposited to exchanges.
And the price of $MATIC dropped by ~29%.
https://t.co/9wKI6alh2s
Bitcoin Exchange Supply At 5-Year Low, Will BTC Price Surge?
CoinGape (RSS)
The world’s largest cryptocurrency Bitcoin (BTC) has entered a phase of consolidation and has been flirting around $26,000 over the past few days. However, the recent SEC lawsuits on Binance and Coinbase have led to further outflows from the exchanges.
On-chain data provider Santiment reported that the Bitcoin exchange supply has dropped to a 5-year low as users choose self-custody amid the ongoing regulatory action. It reported:
“Bitcoin’s exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC laws...
View original post
CoinGape (RSS)
The world’s largest cryptocurrency Bitcoin (BTC) has entered a phase of consolidation and has been flirting around $26,000 over the past few days. However, the recent SEC lawsuits on Binance and Coinbase have led to further outflows from the exchanges.
On-chain data provider Santiment reported that the Bitcoin exchange supply has dropped to a 5-year low as users choose self-custody amid the ongoing regulatory action. It reported:
“Bitcoin’s exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC laws...
View original post
Coinbase and cash app partner to empower self-custody with Jack Dorsey’s Bitcoin wallet
Cryptopolitan (RSS)
Two major companies in the crypto industry, Coinbase, and Cash App, have announced that they will be integrating Jack Dorsey’s Bitcoin self-custody wallet. This partnership is a monumental advance in the widespread use of decentralized finance, giving investors greater discretion over their digital possessions.
The expanding use of self-custody wallets
With more and more people desiring to take complete charge and ownership of their digital assets, self-custody wallets have become increasingly popular. To use a conventional crypto exchange, consumers must place their faith in the platform to safely store their funds. The risk of having one’s cash stolen or lost in the event of a platform failure or hack has led some to question the wisdom of the centralized custody model.
Block (SQ), Jack Dorsey’s FinTech firm, will connect its new Bitkey self-custody bitcoin wallet to Cashapp, its financial services platform, and Coinbase, an exchange for bitcoin and other cryptos. Wallet public beta testing will begin in the following weeks, and a complete global release is planned for later this year, the business announced in a blog post published on Wednesday.
Cashapp is Block’s financial services platform that offers payments, equities, and bitcoin all in one app. At the same time, Coinbase is the largest crypto exchange in the U.S. Users of Bitkey can now use the wallet’s app to purchase and sell bitcoin (BTC) through Cashapp and Coinbase.
🚨 BREAKING: Both #Coinbase $COIN and Cash App have announced plans to integrate Jack Dorsey's self-custody wallet for #Bitcoin – Coinbase Blog
— BecauseBitcoin.com (@BecauseBitcoin) June 15, 2023
The Bitcoin hardware wallet BitKey was created by Block, formerly known as Square, and linked to Jack Dorsey. BitKey was announced previously; however, the wallet is now unavailable to the general public. In the United States, Canada, the United Kingdom, Brazil, Australia, and other worldwide regions, the full suite of Bitkey products is scheduled to debut later this year.
Coinbase and Cash App approve a self-custody wallet
There are several benefits for users when Dorsey’s Bitcoin self-custody wallet is integrated with Coinbase and Cash App. First and foremost, it eliminates the need for a centralized repository for Bitcoin and instead enables users to store their holdings in private wallets. Users can rest easy knowing that they are the sole proprietors of their own money.
Furthermore, this integration is consistent with the decentralization and user autonomy that fuel the Bitcoin movement. Coinbase and Cash App’s self-custody feature promotes a more equitable financial system by making Bitcoin more widely available.
When the wallet is released, customers can purchase Bitcoin through the Cash App and Coinbase.
Our strong belief is that self-custody is the best place to hold and manage your Bitcoin […] If anything goes wrong with a custodial platform, you know that—this industry has had a lot of ups and d...
View original post
Cryptopolitan (RSS)
Two major companies in the crypto industry, Coinbase, and Cash App, have announced that they will be integrating Jack Dorsey’s Bitcoin self-custody wallet. This partnership is a monumental advance in the widespread use of decentralized finance, giving investors greater discretion over their digital possessions.
The expanding use of self-custody wallets
With more and more people desiring to take complete charge and ownership of their digital assets, self-custody wallets have become increasingly popular. To use a conventional crypto exchange, consumers must place their faith in the platform to safely store their funds. The risk of having one’s cash stolen or lost in the event of a platform failure or hack has led some to question the wisdom of the centralized custody model.
Block (SQ), Jack Dorsey’s FinTech firm, will connect its new Bitkey self-custody bitcoin wallet to Cashapp, its financial services platform, and Coinbase, an exchange for bitcoin and other cryptos. Wallet public beta testing will begin in the following weeks, and a complete global release is planned for later this year, the business announced in a blog post published on Wednesday.
Cashapp is Block’s financial services platform that offers payments, equities, and bitcoin all in one app. At the same time, Coinbase is the largest crypto exchange in the U.S. Users of Bitkey can now use the wallet’s app to purchase and sell bitcoin (BTC) through Cashapp and Coinbase.
🚨 BREAKING: Both #Coinbase $COIN and Cash App have announced plans to integrate Jack Dorsey's self-custody wallet for #Bitcoin – Coinbase Blog
— BecauseBitcoin.com (@BecauseBitcoin) June 15, 2023
The Bitcoin hardware wallet BitKey was created by Block, formerly known as Square, and linked to Jack Dorsey. BitKey was announced previously; however, the wallet is now unavailable to the general public. In the United States, Canada, the United Kingdom, Brazil, Australia, and other worldwide regions, the full suite of Bitkey products is scheduled to debut later this year.
Coinbase and Cash App approve a self-custody wallet
There are several benefits for users when Dorsey’s Bitcoin self-custody wallet is integrated with Coinbase and Cash App. First and foremost, it eliminates the need for a centralized repository for Bitcoin and instead enables users to store their holdings in private wallets. Users can rest easy knowing that they are the sole proprietors of their own money.
Furthermore, this integration is consistent with the decentralization and user autonomy that fuel the Bitcoin movement. Coinbase and Cash App’s self-custody feature promotes a more equitable financial system by making Bitcoin more widely available.
When the wallet is released, customers can purchase Bitcoin through the Cash App and Coinbase.
Our strong belief is that self-custody is the best place to hold and manage your Bitcoin […] If anything goes wrong with a custodial platform, you know that—this industry has had a lot of ups and d...
View original post
Coinbase
Announcing a Global Partnership with Block’s Bitkey Wallet
💰 Riot Platforms Repays $200M Debt to Coinbase
Bitcoin mining giant Riot Platforms has fully repaid a $200 million credit facility from Coinbase Credit. The repayment, completed this Monday, was officially confirmed in a recent SEC filing.
By settling the remaining principal and interest, Riot has successfully released its collateral. This collateral previously consisted of a mix of Bitcoin, USDC, and cash held under the custody of Coinbase Custody Trust Company.
The company reported that no early termination fees or penalties were incurred during the prepayment process. This move significantly strengthens the miner's balance sheet and frees up its digital asset reserves.
#RiotPlatforms #BitcoinMining #Coinbase #CryptoNews
Bitcoin mining giant Riot Platforms has fully repaid a $200 million credit facility from Coinbase Credit. The repayment, completed this Monday, was officially confirmed in a recent SEC filing.
By settling the remaining principal and interest, Riot has successfully released its collateral. This collateral previously consisted of a mix of Bitcoin, USDC, and cash held under the custody of Coinbase Custody Trust Company.
The company reported that no early termination fees or penalties were incurred during the prepayment process. This move significantly strengthens the miner's balance sheet and frees up its digital asset reserves.
#RiotPlatforms #BitcoinMining #Coinbase #CryptoNews
🚨 Coinbase Vendor Breach Exposes Customer Contact Data
Major crypto exchange Coinbase confirmed that a security incident at its analytics vendor, Amplitude, has exposed the contact information of a small group of users. The exchange clarified that its internal systems remain secure and were not breached during this event.
The exposure reportedly affected a "small subset" of Coinbase customers alongside other clients of Amplitude. Coinbase Support stated on X that customer funds are completely safe and unaffected by the data leak.
This incident follows reports of other cyberattacks in the industry, including investigations into a potential breach at South Korean exchange Bithumb. Coinbase has not yet disclosed the exact number of users impacted by this specific vendor leak.
#Coinbase #Security #CryptoNews #DataBreach
Major crypto exchange Coinbase confirmed that a security incident at its analytics vendor, Amplitude, has exposed the contact information of a small group of users. The exchange clarified that its internal systems remain secure and were not breached during this event.
The exposure reportedly affected a "small subset" of Coinbase customers alongside other clients of Amplitude. Coinbase Support stated on X that customer funds are completely safe and unaffected by the data leak.
This incident follows reports of other cyberattacks in the industry, including investigations into a potential breach at South Korean exchange Bithumb. Coinbase has not yet disclosed the exact number of users impacted by this specific vendor leak.
#Coinbase #Security #CryptoNews #DataBreach
💰 Coinbase Returns to Profit with $719 Million Q3 Net Income
Coinbase has ended a two-quarter losing streak, reporting a net income of $719 million for the third quarter. While total revenue hit $1.22 billion, the profit was largely driven by $715 million in gains from crypto assets held on the company's own balance sheet.
Transaction revenue reached $590 million, beating analyst expectations despite low market volatility. A major highlight was Prediction Markets, which became one of the fastest-growing products in the exchange's history, reaching $200 million in annualized revenue.
The exchange also saw record growth in its USDC holdings, which hit $22 billion. Subscription and services revenue, led by stablecoins, now accounts for nearly half of the company's net revenue at $570 million.
#Coinbase #CryptoNews #Earnings #USDC
Coinbase has ended a two-quarter losing streak, reporting a net income of $719 million for the third quarter. While total revenue hit $1.22 billion, the profit was largely driven by $715 million in gains from crypto assets held on the company's own balance sheet.
Transaction revenue reached $590 million, beating analyst expectations despite low market volatility. A major highlight was Prediction Markets, which became one of the fastest-growing products in the exchange's history, reaching $200 million in annualized revenue.
The exchange also saw record growth in its USDC holdings, which hit $22 billion. Subscription and services revenue, led by stablecoins, now accounts for nearly half of the company's net revenue at $570 million.
#Coinbase #CryptoNews #Earnings #USDC