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- Shiba Inu price rebounds 100% after record lows against Dogecoin — More upside ahead?by Yashu Gola on February 5, 2023 at 6:29 am
SHIB price technicals hint at another possible 40% rally for Shiba Inu versus Dogecoin as Shibarium comes into focus. Shiba Inu (SHIB) price was at the lowest versus its top rival Dogecoin (DOGE) in November 2022. Three months later, the dynamics have flipped. SHIB price rises 100% versus DOGEOn Feb. 4, 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, up almost 100% three months after bottoming out at 0.00000993 DOGE, its lowest level on record.SHIB/DOGE daily price chart. Source: TradingViewThe sharp recovery came as investors’ focus shifted to the impending launch of Shibarium, a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet, announced on Jan. 16. As Cointelegraph reported, the SHIB price rebound gained momentum amid reports that Shibarium will go live on Feb. 14.In comparison, Dogecoin’s fundamentals looked pale, with Elon Musk suspending a DOGE tipping bot for violating Twitter’s rules.Hey @elonmusk Our Tipping bot @MyDogeTip got suspended for no reason. It was a good bot used to spread Dogecoin across the community. pic.twitter.com/4PTa1siOA7— DogeDesigner (@cb_doge) February 1, 2023 Nonetheless, both memecoins have had a great start to 2023. SHIB/USD is up almost 85% while DOGE/USD is up 36% year-to-date. What’s next for SHIB/DOGE?The SHIB/DOGE recovery trend is set to continue in the coming weeks, according to several technical indicators. Namely, the pair could climb to 0.00002181 by March 2023 based on historic cycles, up around 40% from current price levels, as shown in the chart below.SHIB/DOGE daily price chart. Source: TradingViewDOGE, SHIB price downside in February?But while SHIB appears to be in a better position to outperform DOGE, both memecoins face headwinds against the dollar in February. For instance, Dogecoin risks a small correction versus the dollar in coming days as it paints a potential rising wedge pattern.Rising wedges are bearish reversal patterns showing the price rising inside two converging, ascending trendlines. They resolve after the price breaks below the lower trendline and falls by as much as the wedge’s maximum height.Applying the scenario on the daily DOGE price chart brings its downside target to $0.0850, down 10% from current price levelsDOGE/USD daily price chart featuring rising wedge setup. Source: TradingViewMeanwhile, SHIB/USD also looks overstretched on its daily chart, based on its relative strength index of 81 — higher than 70 is considered “overbought.”In addition, it’s now facing a strong resistance zone at around $0.00001517 where a pullback is likely. If this is the case, February could see SHIB price drop to $0.00001300-$0.000013000 — its most voluminous area in recent months, down 13%-20% from current price levels.SHIB/USD daily price chart. Source: TradingViewConversely, a break above the $0.00001517-resistance would position SHIB for a run to $0.00001651, the upside target of its prevailing bull pennant setup. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
- London emerges as world’s most crypto-ready city for business — Researchby Arijit Sarkar on February 5, 2023 at 5:52 am
An examination of eight key data points determined London to sport the highest crypto readiness to entice businesses and start-ups. Along with pro-crypto regulations, mainstream adoption of cryptocurrencies requires a supporting infrastructure that can allow the general public access and exposure to the ecosystem. When considering eight key indicators around taxes, ATMs, jobs and events in crypto, London stands at the top as the most crypto-ready city in the world for businesses and start-ups.UK Prime Minister Rishi Sunak’s vision to “ensure the UK financial services industry is always at the forefront of technology and innovation” is on the right path, reveals research conducted by Recap. An examination of eight key data points determined London to sport the highest crypto-readiness to entice businesses and start-ups.Top 20 crypto-ready cities in the world. Source: RecapAs shown above, leading metropolitan cities such as Dubai and New York made it to the top three in the list. However, Hong Kong, which was positioned as the most crypto-ready country in 2022, fell to seventh place in the research. Top 50 crypto hubs, city-wise comparison. Source: RecapThe above list shows the top 50 major cities that have an infrastructure ready to experience the mass adoption of cryptocurrencies. Some key factors considered in the study include the total number of crypto-specific events, crypto-related jobs, crypto-specific companies and the number of crypto ATMs. Some of the non-crypto considerations include quality of life, R&D spend as a percentage of GDP and capital gains tax rate.Out of the lot, London is home to the most number of people working in crypto-related jobs — an indication of higher interest among the general public in the crypto ecosystem. However, cities from other geographies overshadow London in other metrics, strengthening the case for the global adoption of cryptocurrencies.Related: Bitcoin nodes data: Frankfurt houses the largest city-wide networkSteering forward in the quest to stay at the forefront, the Bank of England (BoE) and the United Kingdom Treasury highlighted the need to create a central bank digital currency (CBDC) by 2030.Cointelegraph previously reported that sources claim that the “digital pound” roadmap is set to be introduced by mid-February. The UK reportedly experienced a 35% drop in cash and coin payments in 2020 — a clear indication of an incoming era of digitization.
- Google invests $300M in AI firm previously funded by Sam Bankman-Friedby Brayden Lindrea on February 5, 2023 at 3:58 am
Members of Crypto Twitter are speculating whether Bankman-Fried and FTX will source the reported $530 million invested in Anthropic to pay off FTX creditors. Google Cloud has reportedly invested $300 million into artificial intelligence (AI) startup firm Anthropic, which also happened to receive over $500 million in funds from former FTX CEO Sam Bankman-Fried about six months before FTX catastrophically collapsed.While the $300 million figure was reported by Financial Times on Feb. 4, Anthropic confirmed the investment partnership with Google Cloud on the same day despite not disclosing any figures:We’re excited to use Google Cloud to train our AI systems, including Claude! https://t.co/IaqQ5lpJrP https://t.co/vOn5Cj4sPt— Anthropic (@AnthropicAI) February 3, 2023 In the same announcement, Anthropic also confirmed that they previously raised capital from Bankman-Fried and former Alameda Research CEO Caroline Ellison, among others, in its Series B fundraising round:The Series B round was led by Sam Bankman-Fried, CEO of FTX. The round also included participation from Caroline Ellison, Jim McClave, Nishad Singh, Jaan Tallinn, and the Center for Emerging Risk Research (CERR).”The fundraising efforts led by Bankman-Fried took place in April, 2022, according to Crunchbase.A recent post by The New York Times reported that of the $580 million raised, about $530 million came from Bankman-Fried and his former business partners.But some believe the figure to be even higher too.One FTX creditor believes Bankman-Fried’s stake in the AI company could be as high as $1.1 billion. However, the creditor didn’t elaborate on the figure.Other members of the Crypto Twitter community are also speculating whether Bankman-Fried’s stake will be used to pay off the massive pile of debt that FTX has accumulated from their recent controversies. Related: Google AI turns all 10,000 BAYC NFTs into machine-made artAs for the partnership, Anthropic will now utilize Google Cloud’s GPU and TPU clusters to train, expand, and implement its AI chatbox, called “Claude” — similar to that of OpenAI’s ChatGTP.Google Cloud received about a 10% stake in Anthropic, according to Financial Times.While it remains to be seen where the bulk of the debt in the FTX bankruptcy case will be sourced from, Bankman-Fried personally pleaded not guiltty to all eight fraud and conspiracy-based charges laid against him on Jan. 3. Bankman-Fried currently remains under house arrest at his parent’s California home until his trial date, which is set for Oct. 2, 2023.
- New Jersey enforces cease and desist orders against three ‘pig butcher’ scammersby Brayden Lindrea on February 5, 2023 at 1:00 am
These cybercriminals reach out to romance-seekers from dating apps like Tinder before convincing them to invest in their fraudulent cryptocurrency investment schemes. The New Jersey Bureau of Securities has ordered three website operators to stop luring romance-seeking victims into their fraudulent cryptocurrency investment schemes.The three firms hit with the cease and desist orders were Meta Capitals Limited, Cresttrademining Limited and Forex Market Trade, according to a Feb. 3 press release from New Jersey’s Attorney General Matthew Platkin.All three firms claimed to be cryptocurrency trading platforms, where they would entice victims into copying the trades of their “expert traders” so that they can make big returns.These firms bring in victims by reaching out to romance seekers on dating apps like Tinder through what is known as the “pig butchering” scam.Online scammers are taking advantage of investors in a new scam known as “pig butchering” where victims are “fattened up” before scammers take all they can. With today’s cease and desist orders we’re protecting NJ from cryptocurrency fraud. https://t.co/Q6xX5l4Ohk— Attorney General Matt Platkin (@NewJerseyOAG) February 3, 2023 “Pig butchering” is a scam where cybercriminals use social media to contact victims, instigate a romantic relationship and then lure them into a fraudulent cryptocurrency investment scheme once they’ve gained their trust.Platkin said they’re working hard to protect New Jersey residents getting lured into the investment scam:“These scammers build up a sense of comradery between them and their victim—all to squeeze every cent they possibly can out of these people with promises of huge returns on investments.”“We are working around the clock to protect the victims of these types of scams and to show these scammers our laws still apply in cyber space,” Platkin added.Acting Director Cari Fais of the Bureau’s Division of Consumer Affairs also hopes that the enforcement actions will make it clear that they will “pursue scammers who prey on people’s trust.”The crackdown comes as the United States Federal Bureau of Investigation (FBI) reported about 4,300 victims to have lost a combined $429 million from pig butcher scams alone in 2021. No statistics have been released yet for 2022.Chief of the Bureau of Securities Amy Kopleton suggested that the pig butcher scam works well for fraudsters because their target audience is already in a position of vulnerability:“Even the savviest of investors can have a hard time recognizing fraud when it’s being perpetrated by someone for whom they have a romantic interest.”Related: Navigating the world of crypto: Tips for avoiding scamsThe companies hit with the cease and desist orders were also found to have violated New Jersey securities laws by offering and selling unregistered securities, the Bureau said.On top of that, Meta Capitals Limited and Cresttrademining Limited were also found to be operating as unregistered broker-dealers.Pig butcher scams aren’t just running rampant in the United States either.A recent investigation by the United Kingdom Bureau of Investigative Journalism on Jan. 29 found that of the 168 forex companies it considered to be engaging in fraudulent activity, about half of them had a linkage to pig butchering-like scams.
- SBF bail guarantor to go public, UK crypto framework and Celsius news: Hodler’s Digest, Jan. 29 – Feb. 4by Editorial Staff on February 4, 2023 at 9:44 pm
Top Stories This Week SBF’s $250M bail guarantors should be made public, rules judge The identities of two individuals who helped former FTX CEO Sam Bankman-Fried with his $250 million bail bond could be revealed next month following a recent ruling by United States District Judge Lewis Kaplan. Bankman-Fried’s legal counsel has until Feb. 7 Top Stories This WeekSBFs $250M bail guarantors should be made public, rules judgeThe identities of two individuals who helped former FTX CEO Sam Bankman-Fried with his $250 million bail bond could be revealed next month following a recent ruling by United States District Judge Lewis Kaplan. Bankman-Frieds legal counsel has until Feb. 7 to contest the decision. As bankruptcy proceedings continue, FTX and affected parties have requested subpoenas for information and documents from close relatives of Bankman-Fried, claiming not all members of his inner circle have responded to requests for information. Other recent news includes Alameda Research suing bankrupt crypto lender Voyager Digital in an attempt to claw back $445.8 million in loan repayments made before FTX collapsed.UK Treasury publishes crypto framework paper: Heres whats insideThe United Kingdom’s HM Treasury published a long-anticipated consultation paper for its upcoming crypto regulation. The document covers a broad range of topics, from algorithmic stablecoins to nonfungible tokens to initial coin offerings. The authority aims to level the playing field between crypto and traditional finance by incorporating digital assets into the U.K.’s Financial Services and Markets Act 2000. Read also Features The blockchain projects making renewable energy a reality Art Week Connecting the Dots: Collectivism and Collaboration in the Crypto Art World Celsius publishes list of users eligible to withdraw majority of assetsBankrupt crypto lending firm Celsius came up with a withdrawal process for users who had funds in its custody in June 2022, when the company ceased withdrawals. Celsius released an official update on upcoming withdrawals, providing the list of users eligible to access approximately 94% of qualified custody assets. Users will also receive specific details related to gas and transaction fees associated with the upcoming procedures.Silvergate faces DOJ investigation over FTX and Alameda dealingsCrypto bank Silvergate is being probed by the United States Department of Justice fraud unit over its involvement with the bankrupt FTX exchange and its affiliates. Investigators are trying to find out how deep the FTX and Alameda Research dealings went with the California-based bank. According to Silvergate, Alameda opened an account in 2018, before the launch of FTX. Silvergate was heavily impacted by the collapse of FTX in November, reporting a $1 billion loss last quarter.Meta CEO Zuckerberg steadfast on metaverse plans despite $13.7B setbackMark Zuckerberg, CEO of Meta, said the company plans to remain committed to its long-term strategy for the metaverse despite its Reality Labs business suffering operating losses amounting to $13.7 billion in 2022 the largest ever yearly losses recorded for its metaverse-building division. The company’s overall revenue for the fourth quarter was $32.1 billion, surpassing Wall Street expectations.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $23,572, Ether (ETH) at $1,661 and XRP at $0.40. The total market cap is at $1.09 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Render Token (RNDR) at 94.86%, dYdX (DYDX) at 45.84% and ImmutableX (IMX) at 43.41%.The top three altcoin losers of the week are UNUS SED LEO (LEO) at -12.30%, eCash (XEC) at -5.50% and Toncoin (TON) at -5.30%.For more info on crypto prices, make sure to read Cointelegraphs market analysis. Read also Features Tokenomics not Ponzi-nomics: Influencing behavior, making money Features Sexual Violence in India: Blockchains Role in Empowering Survivors Most Memorable QuotationsRegulators rightfully will scrutinize this industry much, much harder, which is probably a good thing, to be honest.Changpeng CZ Zhao, founder and CEO of BinanceThe fact that both the SEC and CFTC took action against market manipulation by an alleged rogue trader is a credit positive for the industry as a whole.Cristiano Ventricelli, assistant vice president of decentralized finance at Moody’s Investor ServiceNone of the signals that I’ve seen so far suggest that we should shift the Reality Labs strategy long term.Mark Zuckerberg, founder and CEO of MetaBehind the scenes, Celsius conducted its business in a starkly different manner than how it marketed itself to its customers in every key respect.Shoba Pillay, former federal prosecutor and partner at Jenner & BlockWe believe that Bitcoin mining is being unfairly targeted and double-taxed by the IRS, currently.Dennis Porter, CEO of Satoshi Action Fund“[Bitcoin is] not an effective store of wealth. But we are in a world where money as we know it is in jeopardy.”Ray Dalio, billionaire investor and entrepreneurPrediction of the Week $25,000 Bitcoin now crowded tradeThe Federal Reserve raised interest rates by 0.25% this week, in line with almost all expectations, leading the BTC/USD pair spiking above $24,000 for the second time in as many days, with market participants still hopeful for a trip to $25,000 before a more significant retracement.BTC has had a clean breakout above its macro downtrend line + a backtest, investment research resource Game of Trades stated on Twitter, adding that the next big resistance to clear is the $25k region.Pseudonymous trader Crypto Tony acknowledged that the target may no longer materialize. $25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade, he wrote.FUD of the Week BonqDAO protocol suffers $120M loss after oracle hackDecentralized autonomous organization BonqDAO has suffered a smart contract exploit that led to millions of dollars being stolen via an oracle hack that allowed the exploiter to manipulate the price of the AllianceBlock (ALBT) token. An independent analysis from blockchain security firm PeckShield has estimated the loss to reach $120 million, comprising $108 million from 98.65 million Bonq Euro (BEUR) tokens and $11 million from 113.8 million Wrapped AllianceBlock Tokens (WALBT).Bithumb owner arrested in South Korea over alleged embezzlementA man suspected of being the real owner of South Korea’s largest crypto exchange, Bithumb, has been arrested for embezzlement. According to prosecutors, he and his brother, head of Bithumb affiliate Inbiogen, colluded to embezzle corporate funds and manipulate the stock prices of Inbiogen. Among other headlines, Spanish authorities have arrested the CEO of Hong Kong cryptocurrency exchange Bitzlato in a joint effort between France, Portugal, Cyprus and United States law enforcement.Kraken shuts down Abu Dhabi office, suspends support for AEDCrypto exchange Kraken has closed its Abu Dhabi office less than a year after receiving regulatory approval to operate in the region. According to the company, existing users will still have access to the platform using other fiat currencies. Several employees are also expected to remain in the area. The move in the Middle East comes after Kraken announced plans to cut its workforce by 30% more than 1,000 people in an effort to survive the crypto winter.Best Cointelegraph FeaturesIs the Metaverse really turning out like Snow Crash?Snow Crash foretold many of the issues with the Metaverse back in the 1990s. Here are some of the problems that still need to be solved.Tiffany Fong flames Celsius, FTX and NY Post: Hall of FlameTiffany Fong stumbled into Twitter fame after getting burned in the Celsius bankruptcy. She says she has no idea where it will lead.Why are crypto fans obsessed with micronations and seasteading?From repurposed cruise ships like MS Satoshi to the blockchain-governed Liberland and Satoshi Island, crypto fans are trying to create utopian new communities built around new rules. 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