Vitalik Buterin Transfers 500 ETH to Coinbase Custody

Leonardo Perez
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Vitalik Buterin Transfers 500 ETH to Coinbase Custody

Vitalik Buterin transferred 500 ETH from his vitalik.eth wallet address to Coinbase Custody. What is the purpose of that movement? Here the answer.

Messari data reveals that Coinbase Custody is currently the largest validator or “Baker” on the Tezos network. According to its Q2 2023 report, Coinbase Custody controls 15% of the total validator nodes and participates in XTZ, the native currency of Tezos, on behalf of its clients.

According to Lookonchain, a blockchain tracking company, Ethereum co-founder Vitalik Buterin recently transferred 500 ETH, valued at approximately $1.1 million, from his wallet, vitalik.eth, to Coinbase Custody, a secure platform designed for investors. institutional and large cryptocurrency holders.

Vitalik Buterin clarified that these transactions are not for personal benefit, but to donate funds to charitable causes. Such a transaction not only highlights Buterin’s philanthropic efforts, but also underscores the broader trend within the crypto community. Showing a collective commitment to harnessing wealth for the betterment of society. The movements of key figures in the world of cryptocurrencies often matter and can affect market sentiment.

Coinbase and ETF Custody

Of the 13 potential Bitcoin ETF issuers, 10 have chosen Coinbase Custody as a custodian, including newcomer Pando Asset, which filed its application with the SEC in recent days. That means Coinbase could be holding billions of dollars’ worth of Bitcoin on behalf of the funds, a level of centralization that has raised suspicions.

Armstrong rejected suggestions that having so much Bitcoin concentrated in one custodian is a risk.

“I think it’s a good endorsement for Coinbase and the trust that people place in it,” he told Decrypt, adding that Coinbase has stored “tens of billions” in cryptocurrencies over the past decade. He noted that Fidelity plans to custody its own Bitcoin; Cryptocurrency exchange Gemini has also entered the fray as custodian of VanEck’s ETF application.

“I hope other custodians are built,” Armstrong said. “I’m not worried in the short term, but in the long term, the cryptocurrency custody business will be attractive to a variety of companies and we will have more diversity in the ecosystem.”

What is Vitalik Buterin’s Opinion?

Vitalik Buterin noted that he has not sold ETH for personal gain since 2018, reaffirming his commitment to using his cryptocurrency holdings for philanthropic and project-based initiatives.

Indeed, in response to growing curiosity and potential misunderstandings surrounding his actions, Vitalik Buterin, a prominent figure in the crypto space, took to Warpcast, a popular online platform, to clarify the nature of these transactions, openly expressing his intention to contribute to the common good through the strategic use of its assets.

In this case, he clarified that transferring ETH to an exchange should not be misinterpreted as a sale for personal gain. Instead, he emphasized that the money goes toward philanthropic initiatives, nonprofits, or other impactful projects that align with his philanthropic vision. The recipients of these donations then sell the ETH to cover operating expenses.

Ethereum (ETH) Current Performance

According to CoinMarketCap, the current market price of Ethereum stands at $2,186 after experiencing a slight decrease of 0.4%.

Despite recent fluctuations, Ethereum’s market capitalization is strong, valued at approximately $262 billion. The 24-hour trading volume for ETH is around $10.57 billion. The price has experienced a 24-hour range between $2,151 and $2,251.

Finally, this move by Vitalik Buterin has caught the attention of the crypto community, generating discussions and speculation about his intentions.

By Leonardo Perez

Three Signs the SEC Will Approve a Bitcoin Spot ETF

Audy Castañeda
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Three Signs the SEC Will Approve a Bitcoin Spot ETF

BlackRock’s revised Bitcoin spot ETF proposal aligns with SEC preferences, suggesting a shift toward regulatory compliance. The deepening debates between the SEC and ETF issuers indicate a more engaged and nuanced examination of Bitcoin ETFs. SEC Chairman Gary Gensler acknowledged the impact of court rulings on ETF decisions, hinting at a possible change in his approach.

The possible approval of a Bitcoin spot ETF (exchange-traded fund) by the United States Securities and Exchange Commission (SEC) has been a topic of intense speculation in the cryptocurrency market. Recent developments suggest that the financial system could be close to reaching this important milestone.

Here are three indicators that point toward a possible green light from the SEC for a spot Bitcoin ETF.

ETF: BlackRock’s Revised Proposal Conforms to SEC Preferences

BlackRock recently updated its application for a spot Bitcoin ETF, notably allowing cash redemptions. This strategic shift appears to align closely with the SEC’s preferences, potentially increasing the chances of approval.

“The Trust issues and redeems baskets on an ongoing basis. These transactions will take place in exchange for cash. Subject to in-kind regulatory approval, these transactions may also take place in exchange for Bitcoin,” BlackRock said.

The SEC has set January 15 as the deadline for a decision on BlackRock’s application for a Bitcoin ETF. But the final verdict is expected on March 15. This move by BlackRock could set a precedent for future ETF filings, showing its willingness to adapt to regulatory expectations.

ETF: Deepening Debates Indicates SEC’s Commitment

Bloomberg Intelligence research analyst James Seyffart also reported that four different issuers have held discussions with the SEC about their Bitcoin ETF proposals. BlackRock recently held its third meeting with the SEC, while Grayscale, Franklin and Fidelity held their own meetings.

A federal appeals court ruling favorable to Grayscale’s ETF application appears to have forced the SEC to reconsider its stance. This could limit the SEC’s ability to reject new applications based on previously held arguments, subsequently hinting at a more open approach toward cryptocurrency-based financial products.

ETF: SEC Chairman Recognizes Impact of Court Rulings

Recent comments from SEC Chairman Gary Gensler reveal that the agency is processing multiple Bitcoin ETF applications, between eight and twelve. Gensler highlighted the influence of recent court rulings on the SEC’s decision-making process.

“We had denied several of these requests in the past, but the District of Columbia courts ruled on the matter. So, we are re-examining the issue based on those court rulings,” Gensler said.

This recognition indicates a possible change in the SEC’s approach, possibly making it more inclined to approve these requests. Recognition of legal precedents and ongoing examination of many applications suggest that the SEC is taking a more measured and potentially favorable view toward Bitcoin ETFs.

In conclusion, the combination of BlackRock’s accommodation proposal, increased engagement between the SEC and ETF issuers, and the SEC Chairman’s recognition of the impact of legal rulings collectively point toward a greater likelihood that the SEC approves a Bitcoin spot ETF.

This approval would be a milestone for the cryptocurrency market and would signal the growing integration of digital assets into conventional financial systems.

The SEC currently has 12 pending bitcoin spot ETF applications, including offerings from Grayscale and BlackRock. Most have a final decision date in March, apart from ARK Invest’s offer, which the SEC must approve or deny by January 10, 2024.

By Audy Castaneda

Hacker Sells Access to Binance Security Information for USD 10,000, And Other News

Leonardo Perez
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Hacker Sells Access to Binance Security Information for USD 10,000, And Other News

Hacker offers access to Binance law enforcement software for $10,000 through Breach Forums.

A hacker sells access to Binance law enforcement software for the sum of $10,000. This illegal incident follows an apparent security breach in law enforcement, and the transaction is being carried out via Bitcoin or Monero on the specialized cyberattack forum, Breach Forums.

According to suspicions, the hacker managed to enter the software by using compromised email credentials belonging to police officers in Uganda, the Philippines and Taiwan. Although Binance has not been directly affected, experts point out the importance of addressing the specific details of the attack to strengthen cybersecurity and ensure the protection of sensitive information shared on the platform.

CFTC Imposes Historic Sanctions on Binance: $1.5 Billion Fine and Injunctive Measures Following Legal Violations

The Commodity Futures Trading Commission (CFTC) is celebrating a significant legal victory after the US District Court approved a settlement against Binance and its CEO Changpeng “CZ” Zhao.

The court officially issued a consent order, imposing a series of sanctions and injunctions against the popular cryptocurrency exchange and its leader. According to a recent statement, the court concluded that Zhao and Binance allegedly violated the Commodity Exchange Act and CFTC regulations, resulting in a $150 million civil monetary penalty against Zhao personally.

Binance is now forced to shell out a hefty sum of $1.35 billion for alleged fees related to ill-gotten transactions. In addition, he must pay an additional fine of $1.35 billion to the CFTC.

MicroStrategy Founder Dismisses Gold Investment Given Bitcoin Performance

Michael Saylor, founder of the technology company MicroStrategy, argues that investing in gold makes no sense, especially when comparing the performance of the precious metal with that of Bitcoin, the main cryptocurrency on the market.

In a post shared over the weekend, Saylor presented a chart revealing an impressive 253% increase in the price of Bitcoin since August 2020, when MicroStrategy began its investments in the cryptocurrency. According to the businessman’s analysis, gold’s performance was zero during this same period until December 15 of this year.

It’s no surprise that Michael Saylor sees Bitcoin as the natural leader when it comes to storing value. His company MicroStrategy has been investing heavily in this asset for three years and currently holds 174,530 BTC, acquired for approximately $5.2 billion.

The most recent Bitcoin purchase came in late November, when MicroStrategy acquired another 16,130 BTC for approximately $593.3 million. This purchase raised the company’s average Bitcoin reserve price to approximately $30,252 per coin.

Extradition of Terraform Labs Co-Founder in Montenegro Revoked

After months of uncertainty and anticipation in the community, the case of Terraform Labs co-founder Do Kwon has taken an unexpected turn in Montenegro. The Court of Appeal has accepted Kwon’s appeal, thus revoking the extradition orders and returning the case to the trial court for a new trial and decision.

The news has generated surprise and frustration among some members of the community. The reversal of the extradition has had an immediate impact on financial markets, with the LUNC cryptocurrency seeing a 17% surge following the court’s latest decision.

Facing significant legal challenges from both the US and South Korea, Kwon has doggedly refuted all allegations of fraud. The charges include commodity fraud, securities fraud, wire fraud, and conspiracy to commit fraud and market manipulation.

Kwon’s four-month sentence for passport forgery ended on December 15. This new legal development is expected to have significant repercussions on the future of Terraform Labs co-founder.

By Leonardo Perez

Cardano Founder: We Are Growing Organically Like Bitcoin, Will ADA Prices Increase?

Audy Castañeda
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Cardano Founder: We Are Growing Organically Like Bitcoin, Will ADA Prices Increase?

The cryptocurrency, which was once priced at more than $3, has historically had a much higher valuation.

Charles Hoskinson, the founder of Cardano, celebrated the network’s recent growth, noting that it reflects the organic development of Bitcoin (BTC). While some have expressed concerns about network congestion, Hoskinson stated that Cardano is designed to handle such loads and has ample room for future scalability.

Demand Increases and Cardano Moves Away from “Ghost Chain” Status

In August, this Proof-of-Stake (PoS)-based network presented significant innovations: it launched interchain bridges, implemented the long-awaited Mithril update, and launched its Voltaire testnet, among other notable advances.

Cryptoasset monitor Santiment validated Cardano’s dynamism by highlighting it as the leading development platform, with more than 500 daily developer contributions on GitHub in the last month. At this pace, Cardano has surpassed powerhouses like Polkadot, Kusama, and Chainlink, which previously topped these rankings.

This recognition underscores that, regardless of the fluctuation in the price of ADA, there is a firm commitment from developers to the network. In addition, there is growing interest in Cardano’s smart contract capabilities, attracting new projects that choose this chain as their platform of choice.

In a post on X that brought a lot of attention, the founder reminded the community that just a few months earlier the network had been criticized for being a useless “ghost chain.” However, as the network “fills up” and blocks fill up, Hoskinson assured the community that the platform is designed to handle growing demand with more room to grow in the future.

While Cardano aims to compete with Ethereum as the preferred smart contract platform, its development is based on peer-to-peer research and progress has been systematic. Looking at Cexplorer block data, the average Cardano block saturation is 56.98% as of December 18. This figure is higher than the monthly average of 44.5%.

However, what is clear is that the block size has been gradually increasing over the past two years. At the beginning of 2021, the average block usage, measuring capacity, was 64 kb.

This figure now stands at 88 KB, indicating growth and greater adoption by application developers. However, it is worth noting that the maximum capacity on Cardano is an adjustable parameter. Consequently, it may be modified in light of the transactional claim.

Cardano Refinements: Will ADA Prices Increase Like Bitcoin?

Cardano is in the Basho stage after graduating from Goguen when the network activated smart contracts. With more dapps launching, the platform is being optimized to improve performance and boost scalability.

Scalability is a big concern in blockchains as it can directly determine how quickly transactions are processed, a factor that also plays a role in determining fees. Still, unlike Ethereum, fees are stable on Cardano, regardless of network load.

Hoskinson also highlighted Cardano’s organic growth in the post about X, attributing its success to community participation and engagement. The founder emphasized that venture capitalists, crypto media, or influencers are not driving the platform, just as Bitcoin grows.

This comparison could point to other smart contract competitors, including Solana. FTX’s estate controlled a significant portion of the circulating supply of SOL. The defunct exchange will gradually sell SOL to pay creditors. Still, it remains to be seen if ADA will follow the same trajectory as BTC in the long term.

By Audy Castaneda

Spain: Launch of Metaverse Focused on Comics and Graphic Art

Leonardo Perez
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Spain: Launch of Metaverse Focused on Comics and Graphic Art

Spain launched the first metaverse focused on comics and graphic art in order to explore applications of AI to graphic creation. This metaverse features four different virtual spaces, all based on works by professional artists. This virtual space seeks to establish itself as a beacon in the convergence of art and technology in Spain.

In an exciting crossover between creativity and technology, Madrid has become the epicenter of the ninth art with the first metaverse focused on graphic and comic artists.

This metaverse is conceived as a shared virtual reality space. It has welcomed comic and graphic art artists, as well as enthusiasts and hobbyists, to explore the inexhaustible possibilities that artificial intelligence (AI), blockchain technology and virtual worlds offer in digital creation.

Metaverse Lands in the World of Comics in Spain

During the past weekend, prominent artists such as Mauro Entrialgo, Montxo Algora, Miguel Ángel Martín and the musical group AVIADOR DRO united under the banner of METARTGENX. In this virtual reality space, they wholeheartedly addressed the challenges and opportunities that virtual worlds and artificial intelligence present for graphic art.

For these creators, AI and virtual worlds represent more than just tools; They are new mediums that take their art to unexplored frontiers.

This metaverse becomes the three-dimensional canvas where they display their creative worlds beyond traditional vignettes and frames. Montxo Algora stated the following:

“The crux of the matter is the word humanity, we don’t want machines to paint for us, but we want artists who can express themselves in new ways and we want all these media in some way, too, to help us discover our own humanity.”

Despite significant AI advances in visual creation. Mauro Entrialgo pointed out, laughing, that there is still a field where artificial intelligences limp. “What artificial intelligences still cannot do is tell a joke; “They make it terrible, without fun,” he said.

AI and Metaverse, a Promising Combination

This metaverse features four virtual spaces based on the artists’ works, offering visitors a unique immersive experience. From Miguel Ángel Martín’s iconic loft apartment to the gallery that encapsulates the “universe” of Montxo Algora in the 80s. Each space reflects the intersection of creativity, artificial intelligence and virtual worlds.

This event is not only an exhibition of works and comics, but also a merchandising market that immerses itself in the artists’ imaginations. Equipped with virtual reality glasses, users enter a three-dimensional environment where artificial intelligence contributes to the creation of unique products.

Metaverse Seeking to Be a Reference in the History of Spain

Each artist has brought their unique vision to this metaverse. From the virtual recreation of Miguel Ángel Martín’s habitat to Mauro Entrialgo’s Entrialgo Metabase. These spaces offer an experience that goes beyond words. Miguel Ángel Martín shared his amazement:

“The immersive experience in the virtual recreation of a characteristic habitat and landscape from my comics is shocking. It scares me even!”

Ultimately, this metaverse seeks to establish itself as a beacon in the convergence of art and technology in Spain. Demonstrating that the ninth art not only resides between vignettes, but also inhabits virtual worlds.

This event marks a milestone in the exploration of artificial intelligence and virtual worlds as tools for artistic expression, challenging the border between the tangible and the digital. In this case, the Spanish metaverse seeks to become more fun, creative and, above all, immersive.

By Leonardo Perez

Bitcoin Timeline 2024: ETF, Halving and Predictions

Audy Castañeda
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Bitcoin Timeline 2024: ETF, Halving and Predictions

As we head into the transformative year of 2024 for Bitcoin, several pivotal events are expected to reshape the cryptocurrency landscape.

The early approval of a Bitcoin exchange-traded fund (ETF), a possible rate cut and the long-awaited Bitcoin halving are among the key developments. Additionally, the Financial Accounting Standards Board’s (FASB) decision to adopt fair value accounting for Bitcoin marks an important milestone.

On December 13, CryptoState lead analyst James Van Straten posted on X what he thinks will happen to Bitcoin next year:

“Bitcoin Potential 2024 Timeline

Jan: ETF Approval

Feb: ETF Trading (Based on GLD)

March – Potential for first-rate cut

April – Halving

May – November: Rate cuts and liquidity

December – FASB is expected to adopt fair value accounting for Bitcoin.”

ETF Approval and Trading: A New Era for Bitcoin

January 2024: Approval of a Bitcoin ETF, similar to the GLD (Gold ETF), is a game-changer. It signifies a monumental shift in regulatory attitude towards cryptocurrencies, offering mainstream investors a regulated vehicle to invest in Bitcoin.

February 2024: Following approval, Bitcoin ETF trading begins, attracting a new wave of institutional and retail investors. This development is expected to improve liquidity and stabilize the Bitcoin market.

March 2024: The possibility of a first rate cut in March 2024 signals a crucial juncture. This move, while typically aimed at stimulating the economy, also suggests caution, hinting at underlying economic challenges. Investors and analysts will closely monitor this period for its implications on the financial market in general and on Bitcoin.

April 2024: The Bitcoin halving in April 2024, a scheduled event that will halve the reward for mining new blocks, is expected to have a significant impact on its value. Historically, halving events have resulted in substantial price increases, as reduced supply pressures meet steady or increasing demand.

May – November 2024: This period is expected to be marked by further rate cuts and increased liquidity, which could drive further investment in Bitcoin. However, caution is advised as these measures may react to an imminent economic slowdown.

December 2024: Michael Saylor, founder of MicroStrategy, highlighted the FASB’s decision to adopt fair value accounting for Bitcoin for fiscal years beginning after December 15, 2024. This move is a significant endorsement of the legitimacy of Bitcoin as a treasury reserve asset for corporations globally.

On December 13, Michael Saylor posted the following on X:

“FASB has officially adopted Fair Value Accounting for #Bitcoin for fiscal years beginning after Dec 15, 2024. This upgrade to accounting standards will facilitate the adoption of $BTC as a treasury reserve asset by corporations worldwide.”

According to FASB, early adoption is permitted for both interim and annual financial statements that have not yet been issued. If amendments are adopted in an interim period, they must be adopted as of the beginning of the fiscal year that includes that interim period.

Long-Term Outlook: Bullish on Bitcoin

Amid these developments, a warning note looms about a possible pre-recession bull trap. The Federal Reserve’s rate cuts may not mean an economic improvement but rather a strategy to prevent a collapse. Investors are advised to remain cautious as signs still point to a recession.

Despite short-term uncertainties and possible economic recession, the long-term outlook for Bitcoin remains bullish. The confluence of regulatory acceptance, increased corporate adoption, and the halving event contribute to a positive long-term trajectory for Bitcoin.

By Audy Castaneda

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