A billion-dollar bank is now being sued after more than $200,000 vanished from a dead man’s account, according to a new report. The estate of the late John Lindy Steward is suing FirstBank for allegedly refusing to reimburse a series of unauthorized transfers from his account – despite the bank being promptly notified of Steward’s death. The Virgin Islands Consortium reports that Reverend Arlington Chaseau, the estate’s executor, alerted FirstBank of Steward’s death in May of 2021 and left the account untouched for over two years. But in December of 2023, Chaseau received alerts of declined transactions due to insufficient funds. He later discovered the balance had dropped below $100, and says the bank had not frozen the account after receiving the death certificate. The lawsuit claims withdrawals began in September of 2022, including payments to a Discover credit card and ACH transfers to an external account. FirstBank reportedly admitted the activity might be fraudulent but only launched an investigation after Chaseau filed a police report in June of 2024. Last November, the bank pointed to a former teller suspected of siphoning $450,000 from Steward’s accounts since 2017. The ex-employee was arrested in January 2025, now faces embezzlement charges and is currently awaiting trial. The lawsuit demands compensatory and punitive damages from FirstBank for its failure to act. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post $200,000 Exits Dead Man’s Bank Account As Bank Employee Allegedly Pilfers Massive Pile of Cash for Personal Gain: Report appeared first on The Daily Hodl .
Crypto analyst Egrag Crypto has provided a bullish outlook for the XRP price, predicting that the crypto could rally to as high as $77. This prediction comes amid the correction in the broader crypto market, with XRP suffering a significant price decline. Analyst Predicts XRP Price To Hit $77 In an X post , crypto analyst Egrag Crypto predicted that the XRP price could rally to $77. The analyst’s accompanying chart showed that XRP could reach this price target between now and 2026. This bullish price prediction came as the analyst gave an update on XRP’s monthly Relative Strength Index (RSI). According to him, a double-top pattern is approaching. He added that the RSI must hold above 65. Otherwise, the crypto may touch the 14 Simple Moving Average (SMA). However, this may not be bad, as Egrag Crypto noted that historical data suggests this often precedes a significant pump. Egrag Crypto also revealed that the Bollinger Bands on the RSI are currently showing a wide range. He remarked that historical cycles indicate that XRP often reaches the top of the band or even exceeds it on the second attempt. In line with this, the analyst remarked that market participants are not bullish enough for what is ahead. This bullish outlook for the XRP price comes amid the recent crypto market crash , which saw Bitcoin, Ethereum, Solana, and even XRP drop significantly. As a result, XRP has dropped to number four on the crypto rankings by market cap. A Potential Bounce From Current Price Levels Egrag Crypto suggested that the XRP price could witness a bounce from its current level. In his analysis of the 4-hour chart, he noted that the crypto is witnessing three green candles after recording around seven consecutive red candles. The crypto analyst remarked that if XRP can establish a solid foundation around the $2.07 level, it could confirm a double-bottom formation. He highlighted $2, $1.855, and $1.73 as three other potential targets that can still be considered as part of this formation. The analyst’s chart showed that a bounce from these price levels could send the crypto back to its local highs and possibly pave the way for a rally to a new all-time high (ATH). A potential bounce for XRP will also likely depend on the Bitcoin price action. Meanwhile, crypto analyst Ali Martinez suggested that the XRP price could still drop lower before it experiences a bounce. In an X post, he stated that the crypto is breaking out of an ascending parallel channel, targeting $1.65. The post Analyst Predicts XRP Price To Hit $77 Despite Market Correction appeared first on CoinGape .
On Feb. 25, Japanese investment firm Metaplanet announced that it had purchased an additional 135 BTC for around $96,000 per bitcoin. The $13 million buy has increased the firm’s total holdings to 2,235 BTC, worth around $205 million at current market prices. Its most recent addition to this stash was on Feb. 20, with a 68 BTC purchase . The latest purchase has propelled Metaplanet to the fifteenth-largest corporate holder of BTC globally, just behind Voyager Digital, according to BitBO. *Metaplanet purchases additional 135 $BTC * pic.twitter.com/JA3Rd9E8lP — Metaplanet Inc. (@Metaplanet_JP) February 25, 2025 Buying The Dip Metaplanet has a similar strategy to Strategy — formerly MicroStrategy — in generating a BTC Yield which measures Bitcoin holdings relative to total diluted shares. It reported a BTC yield of 23.2% so far for Q1 2025, which follows 310% in Q4 2024. In late January, the firm issued 21 million new shares through stock acquisition rights to its EVO Fund. Earlier this month, it raised 4 billion yen ($26.7 million) via bonds used to buy Bitcoin. Since July 2024, Metaplanet has aggressively increased BTC holdings through equity and debt financing. Metaplanet shares have increased a whopping 3,400% over the past 12 months. However, they dropped 4% on the day on Feb. 25 as Bitcoin and crypto markets crashed. The Japanese firm is not the only one buying the dip. El Salvador purchased a further 8 BTC this week, adding to its stash, which now totals 6,088 BTC worth around $560 million. The stacking will continue until morale improves! https://t.co/onNZgyL6Ei — The Bitcoin Office (@bitcoinofficesv) February 24, 2025 Just a few hours after announcing the successful completion of a $2 billion offering of convertible notes on Feb. 24, Strategy said it had purchased the same amount of BTC, bringing its total stash to 499,096 BTC worth around $46 billion. Bitcoin Slumps on Trump Tariffs The continued Bitcoin accumulation came just before markets took their largest hit of the year so far, with an 13% crash in total capitalization. BTC dumped around 10%, falling from $96,000 to its lowest price position in over three months of under $87,000. The market meltdown followed a news conference with Donald Trump and French President Emmanuel Macron in which Trump said his planned 25% tariffs on Canada and Mexico were “going forward on time, on schedule.” A similar crypto crash occurred earlier this month when Trump initially imposed his tariffs. Equity markets have also been in the red this week as stocks slid on renewed trade tariff fears. The post Metaplanet Buys The Dip Scooping Up 135 BTC, El Salvador Back Buying Bitcoin appeared first on CryptoPotato .
Crypto investors, are you eagerly awaiting the market recovery? The rollercoaster of the crypto market can be exhilarating and exhausting in equal measure. Amidst the fluctuating prices and uncertain trends, predictions from industry leaders often serve as beacons of hope or warnings of caution. Recently, a prominent voice has emerged with a potentially optimistic outlook: DiscusFish, the co-founder of F2Pool and Cobo. Let’s dive into his forecast and what it could mean for the future of the crypto sphere. Crypto Market Recovery: DiscusFish’s Timeline According to a post by Wu Blockchain on X (formerly Twitter), DiscusFish, a well-respected figure in the cryptocurrency mining and infrastructure space, has predicted that the crypto market recovery is on the horizon. He anticipates this rebound to occur sometime between June and October. This timeline offers a glimmer of optimism for investors who have weathered the recent market volatility. But what factors underpin this prediction? Historical Market Cycles: Crypto markets are known for their cyclical nature. Bull runs are often followed by corrections and consolidation phases, which can then pave the way for renewed growth. DiscusFish’s prediction might be rooted in the observation of these historical patterns, suggesting that the market is currently in a phase preparing for its next upward swing. Potential Catalysts: Market recoveries are rarely spontaneous. They are usually triggered by specific events or developments. These catalysts could range from technological advancements within the crypto space to macroeconomic factors or regulatory clarity. DiscusFish’s prediction timeframe suggests he might be anticipating some positive catalysts to emerge in the coming months. Market Sentiment Shift: Investor sentiment plays a crucial role in market dynamics. Periods of fear and uncertainty can depress prices, while growing confidence and optimism can fuel rallies. DiscusFish’s prediction could indicate a belief that market sentiment is poised to shift towards a more positive outlook. Decoding DiscusFish’s Prediction and the Bitcoin Price Prediction While a timeframe for recovery is encouraging, it’s essential to understand the nuances of DiscusFish’s statement. His prediction isn’t just a shot in the dark; it’s likely based on his deep understanding of the crypto ecosystem. When we talk about Bitcoin price prediction , especially in the context of market recovery, it’s crucial to consider the factors that can influence Bitcoin’s trajectory, as Bitcoin often acts as a bellwether for the broader crypto market. Factor Potential Impact on Bitcoin Price Institutional Adoption Increased institutional investment can drive up demand and prices. Regulatory Clarity Clear and favorable regulations can boost investor confidence and market stability. Technological Advancements (e.g., Layer-2 solutions) Improvements in scalability and usability can enhance Bitcoin’s value proposition. Macroeconomic Conditions (e.g., Inflation, Interest Rates) Bitcoin’s perceived role as an inflation hedge can influence its price in response to macroeconomic shifts. DiscusFish, as the F2Pool founder , has a vantage point on the mining industry, which provides valuable insights into network activity and market participation. F2Pool is one of the largest Bitcoin mining pools globally, giving its founder a unique perspective on the health and activity of the Bitcoin network. His insights are closely watched by many in the crypto community. The National Bitcoin Reserve Bill: A Make-or-Break Factor Perhaps the most critical element of DiscusFish’s prediction is his mention of the U.S. National Bitcoin Reserve bill. He warned that the failure to pass this bill could potentially “end the bull market.” This statement underscores the significant impact that regulatory decisions in major economies like the United States can have on the global crypto market. The Bitcoin Reserve bill , if passed, could signal a major shift in the U.S.’s stance towards Bitcoin, potentially leading to increased institutional adoption and market maturation. What is the National Bitcoin Reserve Bill? While the specifics of any hypothetical “National Bitcoin Reserve bill” mentioned by DiscusFish require further clarification (as no officially named bill with this exact title is widely known at the time of writing), the concept likely refers to legislative efforts aimed at integrating Bitcoin into the national financial framework. This could involve: Legal Tender Status: Similar to El Salvador’s move, though less likely in the U.S. context currently. Government Bitcoin Holdings: Establishing a national reserve of Bitcoin, possibly as a hedge against inflation or to diversify national assets. Favorable Regulatory Frameworks: Legislation that provides clarity and support for Bitcoin adoption and innovation within the U.S. financial system. DiscusFish believes the chances of the bill’s approval remain high, suggesting a degree of optimism about the regulatory landscape evolving favorably for Bitcoin. His warning, however, serves as a reminder that regulatory hurdles remain a significant factor in the crypto market’s trajectory. The outcome of such legislative efforts can indeed be a turning point, either fueling a bull market or potentially stifling growth if unfavorable. F2Pool’s Perspective on Market Trends Why should we pay attention to the perspective of the F2Pool founder ? Mining pools like F2Pool are the backbone of proof-of-work cryptocurrencies like Bitcoin. They aggregate the computational power of many miners, playing a vital role in validating transactions and securing the network. This position provides F2Pool and its leadership with unique insights into network activity, miner behavior, and overall market sentiment. DiscusFish’s views are not just personal opinions; they are informed by his deep involvement in the operational and infrastructural aspects of the crypto market. Key takeaways from DiscusFish’s prediction: Timeline for Recovery: Expects a crypto market rebound between June and October. Regulatory Influence: Highlights the critical role of the U.S. National Bitcoin Reserve bill. Optimism Despite Risks: Believes the bill has a high chance of approval, indicating overall optimism. Bull Market Contingency: Warns that failure of the bill could jeopardize the bull market momentum. In conclusion, DiscusFish’s prediction offers a hopeful outlook for crypto investors. While market predictions should always be taken with a grain of salt, his insights, grounded in his extensive experience and position within the crypto industry, warrant attention. The coming months will be crucial in observing whether his forecast materializes, particularly concerning regulatory developments and their impact on the market’s trajectory. Keep an eye on the news, stay informed, and navigate the crypto landscape with both optimism and caution. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action.
Bitcoin Magazine The University of Austin (UATX) Partners with the Texas Bitcoin Foundation, Bitcoin Policy Institute, Unchained, and Strive to Host the Satoshi Papers Symposium The University of Austin (UATX) Partners with the Texas Bitcoin Foundation, Bitcoin Policy Institute, Unchained, and Strive to Host the Satoshi Papers Symposium Press Release The University of Austin (UATX) has partnered with the Texas Bitcoin Foundation (TBF), Bitcoin Policy Institute (BPI), Unchained, and Strive Asset Management to host the Satoshi Papers Symposium, an academic conference celebrating the launch of the TBF’s first book, The Satoshi Papers: Reflections on Political Economy after Bitcoin . The Satoshi Papers , published by BPI and edited by TBF executive director and BPI fellow Natalie Smolenski, draws inspiration from the eighteenth-century American debate between the Federalists and Anti-Federalists about the role of government in preserving the liberties of individuals and communities. The book features an open exchange of ideas among scholars about the relationship between money and state in a post-Bitcoin world. “ The Satoshi Papers brings together economists, historians, anthropologists, and other social scientists to think together about how a decentralized digital protocol can inspire the re-formation of existing political and economic institutions,” said Natalie Smolenski, founder and executive director of the Texas Bitcoin Foundation. Bitcoin Policy Institute, a DC-based policy think tank, launches its book publishing imprint with The Satoshi Papers . “Launching a publishing imprint represents a natural next step for BPI as we continue to advance the intellectual foundations of Bitcoin policy. And The Satoshi Papers is the perfect inaugural publication — it represents exactly the kind of rigorous academic discourse needed to bridge the gap between Bitcoin innovation and policy development,” said Grant McCarty, co-founder of BPI. The Satoshi Papers Symposium, which will be hosted on UATX campus on April 16, 2025, features presentations by authors of The Satoshi Papers who are also BPI fellows, including Avik Roy, Josh Hendrickson, Craig Warmke, and Natalie Smolenski. Faculty from the University of Austin will discuss the arguments the authors present in the book. “At the University of Austin, we are committed to the fearless pursuit of truth and rigorous debate about the ideas shaping our world,” said Chad Thevenot, SVP of Advancements and Communication at the University of Austin. “The Satoshi Papers Symposium is a perfect example of that commitment, bringing together scholars and students to explore the economic and political implications of Bitcoin. We are honored that UATX will be a convening platform for this critical conversation.” The Symposium uniquely encourages student participation. Thanks to a generous donation from Strive Asset Management, a financial services firm cofounded by Vivek Ramaswamy, all students in the UATX inaugural class will receive copies of The Satoshi Papers and invitations to join the discussion during the Symposium. Matt Cole, CEO of Strive, said, “Strive believes Bitcoin should be a core allocation in the portfolios of everyday Americans. In light of the inevitable volatility characterizing the early life of a rapidly monetizing new asset, deep education is essential for investors to build and maintain conviction in that allocation. The Satoshi Papers is a vital contribution to Bitcoin education, and we’re honored to partner in hosting the Symposium.” The Symposium is generously supported by Unchained, an Austin-native financial services firm for bitcoin. Joe Kelly, co-founder and CEO of Unchained and director of the Texas Bitcoin Foundation, said, “Bitcoin redefines the relationship between money and state, and education is key to that shift. The Satoshi Papers challenges us to think critically about financial sovereignty—something we make real at Unchained by ensuring individuals control their own bitcoin. We’re proud to support this symposium and the broader effort to secure financial freedom for generations to come.” Unchained will host a public reception, book sale and signing of The Satoshi Papers at the Bitcoin Commons on the evening of April 16th. About the University of Austin The University of Austin (UATX) is a new private, nonprofit, nonsectarian university in Austin, Texas, dedicated to the fearless pursuit of truth. Its innovative undergraduate curriculum combines the rich inheritances of the past with the most compelling ideas and initiatives of the present. Each student will undertake a four-year Polaris Project to build, create, or discover something that serves humanity. The University of Austin’s inaugural freshman class began their journey in the fall of 2024. Learn more at uaustin.org. About the Texas Bitcoin Foundation The Texas Bitcoin Foundation (TBF) is a public charity dedicated to research and education about Bitcoin and political economy. Founded in 2021 by Natalie Smolenski, the Foundation brings together scholars across disciplines from around the world to explore the social and political impacts of distributed digital technologies. Learn more at txbitcoinfoundation.org. About Bitcoin Policy Institute Bitcoin Policy Institute (BPI) is a nonpartisan, nonprofit think tank located in Washington, DC. It is dedicated to educating policymakers and the public about Bitcoin and disruptive digital technologies, providing research-based insights to inform sound policy in the United States. Learn more at btcpolicy.org. About Unchained Unchained is the most trusted name in premium bitcoin financial services, securing over 100,000 BTC through a collaborative custody model that combines institutional-grade security with white-glove service for high-net-worth individuals, families, and businesses. Learn more at unchained.com. About Strive Co-founded in 2022 by Vivek Ramaswamy, Strive is a financial services firm with a mission to maximize value for its clients through unapologetic capitalism. The firm has quickly grown to manage $1.7 billion in assets since the launch of its first fund in August 2022, competing directly with the world’s largest financial institutions by empowering Americans to invest with a sole focus on shareholder value maximization. Strive recently launched a wealth management business unit to offer true financial freedom, including the tailored integration of Bitcoin into the portfolios of everyday Americans. Learn more at strive.com. This post The University of Austin (UATX) Partners with the Texas Bitcoin Foundation, Bitcoin Policy Institute, Unchained, and Strive to Host the Satoshi Papers Symposium first appeared on Bitcoin Magazine and is written by Lana Miles .
Bernstein claimed that the current market correction presents a strategic buying opportunity for investors and reiterated his 12-month Bitcoin price target of $200,000. In a market analysis note, Bernstein analysts suggested that a BTC price drop below $80,000 could provide an attractive entry point for investors looking to capitalize on the ongoing bull cycle. The firm remains confident in its bullish outlook and views the correction as temporary rather than a trend reversal. “If sentiment continues to weaken, we believe price levels below $80,000 will present an attractive risk-reward opportunity for investors looking to position for new cycle highs over the next 12-18 months,” Bernstein analysts wrote. The research note described the current price pullback as “another opportunity to participate in this cycle.” Related News: Binance CEO Richard Teng Talks About Bitcoin (BTC) and Altcoins' Drop! Bernstein analysts believe that BTC has yet to reach its cycle high, and predict a potential price level of $200,000 within the next 12 months. Their long-term thesis is based on Bitcoin developing as a “digital gold” asset class, along with increasing institutional and sovereign demand. Bitcoin has been range-bound in recent weeks, but has fallen sharply by over 7% in the past 24 hours, dropping below $87,000. Bernstein attributes the recent decline to several key factors, including the aftermath of the $1.5 billion hack of Bybit, one of the five largest offshore cryptocurrency exchanges. In addition, market volatility has been exacerbated by the controversy surrounding the Libra token, which has the backing of Argentine President Javier Milei. “However, we believe the BTC market is following broader equity risk-on sentiment driven by macro concerns about persistently high interest rates amid fears of the government turning deflationary with its DOGE program,” the analysts wrote. *This is not investment advice. Continue Reading: Bitcoin Is Bleeding – Bernstein Analysts Share Their Latest Insights and Forecasts
In a bold move amidst escalating regulatory scrutiny, Tether CEO Paolo Ardoino has stepped into the limelight to vehemently defend USDT, the world’s leading stablecoin. Ardoino’s assertive stance, broadcast across social media platform X, underscores Tether’s unwavering commitment to its mission and its critical role in the global financial landscape. But what exactly is driving this defiant defense, and what does it mean for the future of USDT and the broader crypto ecosystem? USDT’s Cornerstone Role in Financial Inclusion Ardoino passionately highlighted USDT’s pivotal role in bolstering U.S. dollar hegemony, particularly within emerging markets. He emphasized that USDT is not just another digital asset; it’s a crucial tool driving financial inclusion for millions globally. Let’s break down why this is so significant: Accessibility: In regions with unstable local currencies or limited banking infrastructure, USDT provides a stable and readily accessible alternative. Remittances: USDT facilitates faster and cheaper cross-border remittances, directly benefiting individuals and families relying on international money transfers. Economic Empowerment: By offering a stable store of value and a medium of exchange, USDT empowers individuals to participate in the digital economy and safeguard their assets. This focus on financial inclusion isn’t just rhetoric. It reflects a tangible impact in regions where traditional financial systems fall short. USDT, in this context, acts as a bridge, connecting underserved populations to the global financial network. Navigating the Murky Waters of Stablecoin Regulation The crypto industry is no stranger to regulatory headwinds, and stablecoins like USDT are increasingly finding themselves in the crosshairs. Proposed stablecoin regulation is becoming a hot topic globally, with lawmakers grappling to balance innovation with consumer protection and financial stability. Ardoino’s defense comes at a crucial juncture, addressing growing concerns and preempting potential restrictive measures. What are some of the key regulatory concerns surrounding stablecoins? Concern Description Systemic Risk The potential for stablecoins to trigger broader financial instability if not properly regulated, especially given their increasing market capitalization. Consumer Protection Ensuring users are protected from fraud, market manipulation, and lack of transparency in stablecoin operations. Money Laundering and Illicit Finance Preventing the use of stablecoins for illegal activities and ensuring compliance with anti-money laundering (AML) regulations. Reserve Transparency Demanding clear and verifiable information about the assets backing stablecoins to maintain their peg and ensure solvency. These are legitimate concerns, and Ardoino’s response isn’t to dismiss regulation entirely, but to advocate for a balanced and informed approach that doesn’t stifle innovation or hinder the benefits of stablecoins like USDT. Ardoino’s Accusation of “Lawfare” Against Tether In a fiery counter-offensive, Ardoino didn’t just defend USDT; he accused competitors of resorting to “lawfare” – using legal and regulatory avenues to attack Tether rather than focusing on building superior products. This accusation injects a layer of intrigue and rivalry into the narrative. According to Ardoino, instead of competing fairly in the market, some entities are attempting to dismantle Tether through regulatory pressure. This is a serious allegation, suggesting a cutthroat competitive landscape within the stablecoin arena. Is there merit to Ardoino’s claims? While concrete evidence of coordinated “lawfare” is difficult to ascertain publicly, the intense competition and high stakes in the stablecoin market make such tactics plausible. The regulatory landscape itself can become a battleground, and lobbying efforts, strategic complaints, and leveraging regulatory uncertainties can be used as competitive tools. USDT’s $115 Billion Treasury and the Dollar’s Dominance A cornerstone of Ardoino’s defense is the substantial $115 billion in U.S. Treasuries held by Tether. This massive holding isn’t just a figure; it’s a statement. It underscores USDT’s deep integration with the traditional financial system and its contribution to the strength of the U.S. dollar. By investing heavily in U.S. Treasuries, Tether argues it is not only ensuring the stability of USDT but also indirectly supporting the U.S. economy and reinforcing the dollar’s global cryptocurrency regulation dominance. This point is crucial in the context of regulatory discussions. Tether is positioning itself not as a rogue entity operating outside the system, but as a significant participant within it, contributing to the very financial instruments regulators are tasked with overseeing. This narrative aims to soften regulatory stances and highlight the potential unintended consequences of overly restrictive measures against USDT. Resisting Regulatory Attacks: A Vow for the Future Ardoino’s message is clear: Tether will not back down. He vowed to resist what he perceives as regulatory attacks, reiterating USDT’s crucial role in providing financial access and stability to millions worldwide. This isn’t just a defense; it’s a declaration of resilience. Tether is signaling its intent to fight for its position in the market and to advocate for regulatory frameworks that are both effective and conducive to innovation. This resistance is likely to manifest in several ways: Proactive Engagement: Increased dialogue with regulators globally to educate and address concerns. Legal Challenges: Preparedness to contest regulations deemed unfair or overly restrictive. Strategic Innovation: Exploring technological and operational adjustments to navigate evolving regulatory landscapes. Public Advocacy: Continuing to communicate USDT’s benefits and counter negative narratives through public platforms. Conclusion: USDT’s Defiant Stance and the Road Ahead Paolo Ardoino’s assertive defense of USDT is more than just a PR exercise; it’s a strategic move in the face of mounting regulatory pressure. By highlighting USDT’s role in financial inclusion, its substantial U.S. Treasury holdings, and accusing competitors of “lawfare,” Tether is actively shaping the narrative and pushing back against perceived threats. The coming months will be critical as regulatory frameworks for stablecoins continue to develop. Whether Tether’s defiant stance will successfully navigate these challenges remains to be seen, but one thing is clear: USDT is not going down without a fight, and its future trajectory will significantly impact the entire cryptocurrency ecosystem. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action.
As bitcoin dipped on Monday and into Tuesday, Peter Schiff—a vocal economic pundit and longtime BTC skeptic—leveraged the digital asset’s decline to lob a critique at Strategy’s Michael Saylor and the cryptocurrency’s volatility. Schiff Goes After Saylor’s Bitcoin Moves Schiff, whose disdain for bitcoin is well-documented, framed the moment as a poetic rebuttal to its
Mavryk Network raises $5 million in funding from top Web 3 VCs. The capital will be used to expand its RWAs tokenization offerings. Plans to launch TGE ramp up as the network testnet is released. In an announcement this week, Mavryk Dynamics revealed it has secured over $5 million in funding for its brainchild, Mavryk Network , a Layer-1 blockchain designed to revolutionize and democratize asset ownership. The funding is scheduled to develop and expand its real-world asset (RWA) network economy and nurture the RWA community by building the tokenization of assets platform. According to the press release, the investment is set to simplify how individuals interact with RWAs and decentralized finance (DeFi). Mavryk Network is a standalone blockchain that leverages RWA tokenization, DeFi applications, and robust infrastructure, to transform how individuals interact with and leverage tokenized assets. The platform creates an interconnected network economy through the seamless integration of RWA with DeFi. Mavryk aims to create an accessible digital commonwealth for asset tokenization, and the L1 has already secured over $360 million in RWAs ready for tokenization. The latest funding round welcomed some of the top VCs in asset tokenization and Web 3, as they aim to propel the company to new heights. Some of the investors in the $5 million capital funding round, include Ghaf Capital, Big Brain, MetaVest Capital, Cluster Capital, Collective Ventures, and Atlas Fund, alongside commitments from Draper Gorne Holme, Blockchain Alpha, Wentworth Hall Family Office, AngelDAO, and Everest Ventures. One of the VCs, Aylon Morley from Wentworth Fall Family Office, believes the capital is indicative of the potential that Mavryk Network shows in revolutionizing asset tokenization. The platform aims to transform illiquid properties into tradable digital assets through DeFi-powered lending and fractionalized ownership on the secure network including assets such as real estate, bonds, debt, equities, commodities, Bitcoin miners and insurance-backed securities. “We chose to invest in Mavryk because we firmly believe in the transformative potential of RWA markets as a tangible and impactful use case,” explained Aylon Morley on why the company chose to invest in Mavryk. “Mavryk’s robust infrastructure and experienced team bring maturity and innovation to the table.” Notwithstanding, the platform combines traditional finance principles with DeFi innovation to create seamless access to global assets. The platform included several non-custodial features such as an on-chain protocol treasury, liquidity mining, bug bounties, and grants. Its innovative architecture is underpinned by strategic tokenomics that prioritize stakeholder prosperity and user security. “We’re creating a future where traditional, analogue assets seamlessly integrate into a digital network economy, unlocking investment opportunities that were once exclusive to a privileged few and making them accessible to investors around the globe,” said Alex Davis, founder of Mavryk. Additionally, Mavryk’s founders have extensive expertise in blockchain ecosystem development and pioneered open-source initiatives – including a new RWA token standard – as well as multiple RWA DEXs for non-custodial trading and lending/borrowing applications. Recently, the platform launched its testnet, with the mainnet launch ever inching closer. Following a successful testnet, the team will launch its token generation event (TGE), releasing the $MVRK token to the public. The token powers the ecosystem, securing the network through staking and validator nodes. It is built with automated fee burns and economic incentives to drive sustainable growth and value perseverance. The testnet provides a user-friendly blockchain-based environment for RWA tokenization and seamless DeFi integration, setting the scene for a thriving ecosystem that provides direct value to users. It mirrors the mainnet functionality, providing users with a risk-free environment to experiment with the network’s features, test decentralized applications (dApps), purchase fractional test shares of real-world investments, submit feedback, and earn testnet rewards. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Is Bybit becoming a **massive** Ethereum whale? The popular crypto exchange has once again made headlines with a significant **Ethereum** (ETH) acquisition, signaling a strong move in the digital asset space. Just when you thought the crypto market couldn’t get any more interesting, Bybit drops another bombshell – a huge **ETH OTC trade**! What’s the Buzz Around Bybit’s Latest Ethereum Grab? According to blockchain analytics firm Lookonchain, Bybit has acquired a staggering 36,893 ETH, valued at approximately $87.5 million, through an over-the-counter (OTC) trade. This isn’t a one-off event; it’s part of a larger trend. Over the past three days alone, the **crypto exchange** giant has accumulated a whopping 212,101 ETH, worth around $574 million, all via OTC transactions. Let’s break down what this means and why it’s turning heads in the crypto world. This substantial accumulation raises several key questions: What exactly is an OTC trade, and why is Bybit using it? Why is Bybit specifically targeting Ethereum? What are the potential implications of such a large acquisition for the Ethereum market and the broader crypto landscape? Decoding the ETH OTC Trade: Why Over-the-Counter? Let’s first understand **ETH OTC trade**. Over-the-counter (OTC) trading is a method of trading securities or other financial instruments directly between two parties, without the supervision of an exchange. In the context of cryptocurrency, OTC trades are often used for large transactions to avoid impacting the open market price. When a **crypto exchange** like Bybit wants to acquire a significant amount of Ethereum, executing the purchase on a public exchange could lead to slippage , driving up the price and potentially making the acquisition more expensive. Benefits of OTC Trading for Large Crypto Acquisitions: Reduced Slippage: Bybit can secure a large amount of ETH at a pre-agreed price, minimizing the risk of price spikes during the purchase. Price Stability: OTC trades help maintain market stability by preventing sudden large buy orders from influencing the public exchange order books. Privacy and Discretion: Large institutions and exchanges often prefer OTC for privacy, keeping their large transactions away from public scrutiny until they are completed and reported. Customized Deals: OTC desks can offer more flexibility in terms of pricing, settlement, and transaction size, catering to the specific needs of large buyers like Bybit. However, OTC trades also come with challenges, such as counterparty risk and the need for trust between the transacting parties. For established exchanges like Bybit, these risks are typically managed through robust due diligence and established relationships with OTC desks. Why Ethereum? Bybit’s Bullish Stance on ETH The next logical question is: why **Ethereum**? Bybit’s massive accumulation of ETH suggests a strong bullish outlook on the second-largest cryptocurrency. There could be several reasons driving this strategic move: Anticipation of Ethereum’s Future Growth: Bybit might be betting on the long-term growth and adoption of the Ethereum ecosystem. With ongoing developments and upgrades, Ethereum remains a cornerstone of decentralized applications (dApps), DeFi, and NFTs. Meeting Institutional Demand: As **institutional crypto** adoption grows, there’s an increasing demand for Ethereum. Bybit, as a leading exchange, might be positioning itself to cater to this rising institutional interest in ETH. Strategic Reserve for Exchange Operations: Exchanges need substantial crypto reserves to facilitate trading, withdrawals, and other operational activities. Increasing ETH holdings could be a strategic move to bolster Bybit’s reserves and ensure smooth operations. Potential for Staking and Yield Generation: While the content doesn’t explicitly mention staking, holding large amounts of ETH opens up opportunities for staking and generating yield, further enhancing Bybit’s revenue streams. Example: Institutional Interest in Ethereum The increasing interest of institutions in cryptocurrencies is undeniable. Companies like MicroStrategy and Tesla have famously invested heavily in Bitcoin. Now, Ethereum is also gaining traction among institutional investors. Bybit’s **institutional crypto** focused OTC purchases could reflect this broader trend of institutions diversifying their crypto portfolios beyond Bitcoin and into Ethereum. The Broader Implications for the Crypto Exchange Market Bybit’s significant **ETH OTC trade** activity has broader implications for the **crypto exchange** market and the overall sentiment. Potential Market Impacts: Bullish Signal for Ethereum: Such a large accumulation by a major exchange can be interpreted as a strong bullish signal for Ethereum. It indicates confidence in ETH’s future value and potential. Increased Scarcity: Removing a substantial amount of ETH from the open market, even temporarily, can contribute to a sense of scarcity, potentially supporting price appreciation over time. Validation of OTC Markets: Bybit’s activity highlights the growing importance and legitimacy of OTC markets in the cryptocurrency space, especially for large-scale transactions. Competitive Pressure on Other Exchanges: Other crypto exchanges might take note of Bybit’s strategic ETH accumulation and consider similar moves to strengthen their positions and reserves. Actionable Insights for Crypto Enthusiasts: Keep an Eye on Exchange Flows: Monitoring large exchange inflows and outflows, especially OTC transactions, can provide valuable insights into market sentiment and potential price movements. Diversify Your Portfolio: Bybit’s ETH move reinforces the importance of considering Ethereum as a key component of a diversified crypto portfolio, alongside Bitcoin and other promising assets. Stay Informed About Institutional Activity: Tracking institutional crypto adoption and investment trends can help you understand the broader market dynamics and make more informed investment decisions. Conclusion: Bybit’s Ethereum Power Play Bybit’s **massive** acquisition of Ethereum via OTC trades is more than just a news headline; it’s a strategic power play that underscores the exchange’s bullish outlook on ETH and the growing significance of OTC markets in crypto. This **institutional crypto** level accumulation could be a harbinger of further positive developments for Ethereum and the broader digital asset space. As Bybit continues to expand its ETH holdings, it will be fascinating to watch how this unfolds and impacts the market dynamics. For crypto enthusiasts and investors, staying informed about these large-scale movements is crucial to navigating the ever-evolving landscape of digital finance. To learn more about the latest crypto market trends, explore our article on key developments shaping Ethereum price action.