Day: November 13, 2023

Analyst says ETH could spike to $3,100 if key resistance breaks

Ethereum is looking to break above a key resistance level at $2,150.
Crypto analyst Michael van de Poppe says ETH price could jump to between $3,100  and $3,600 if a breakout happens.
Catalyst for the market include a spot Bitcoin ETF approval and developments on Ether spot ETF applications.

Ethereum (ETH) traded to highs of $2,136 last week, before giving up some of the gains over the weekend to touch $2,016.

The top altcoin has however seen an uptick on Monday, rising to change hands around $2,120 as buyers looked for a first green candle in three days.

Various market observers see a potential approval for a spot Bitcoin ETF as a catalyst that could catapult both BTC and ETH. While many experts opine that the most likely period for approval is early January, there’s a window for the SEC to greenlight the first spot Bitcoin ETF for the US market. 

This window is open until November 17.

Reminder: There is currently a window open this week for an early approval of the $BTC etf through the 17th.

in addition last week blackrock filed for a spot $ETH etf

If the BTC etf is approved, expect both to fly pic.twitter.com/DbWWa68UAj

— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) November 13, 2023

Analyst on what next for ETH if resistance breaks

For one top analyst, ETH/USD faces a major hurdle near $2,150 – break this and the price of the world’s second largest cryptocurrency by market cap could surge to the next supply zone around $3,100. Above this would be the key resistance at $3,600.

The prediction thus forecasts a 44%-67% price jump for Ethereum if bulls break higher.

According to Michael van de Poppe, the highlighted resistance at $2,150 is comparable to the massive wall that rebuffed numerous bullish attempts for Bitcoin (BTC) at $30,000. Sharing his prediction with more than 672k followers on X, the founder and CEO of crypto trading group MN Trading wrote:

Ethereum faces the final resistance. Breaking above $2,150 marks the end of the bear market, as this level is comparable to the $30,000 barrier of Bitcoin. If it breaks, then we’re likely seeing a run towards $3,100-3,600.

Van de Poppe shared a price chart for Ethereum showing an ascending triangle pattern, which in technical analysis, signals a potential bullish breakout. The chart marks the two anticipated primary resistance zones as shown below.

#Ethereum faces the final resistance.

Breaking above $2,150 marks the end of the bear market, as this level is comparable to the $30,000 barrier of #Bitcoin.

If it breaks, then we’re likely seeing a run towards $3,100-3,600. pic.twitter.com/i91ULBRtLz

— Michaël van de Poppe (@CryptoMichNL) November 13, 2023

Ether was trading around $2,093 on Monday evening, 2.4% up in the past 24 hours. The cryptocurrency’s value shows an 11% and 35% surge in the past week and 30 days respectively.

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Crypto ETP inflows surpass $1B year-to-date as total AuM hits May 2022 high

Digital asset investment products recorded inflows of $293 million last week.
Bitcoin saw $240 million, Ethereum $49 million and Solana $12 million.
A report by CoinShares shows year-to-date inflows have surpassed $1 billion.

Inflows into digital asset investment products hit $293 million last week, the seventh consecutive week of positive flows. 

According to data from asset manager CoinShares, the 7-week streak of inflows has brought the total year-to-date flows into crypto exchange traded products to $1.14 billion. This follows increased institutional interest that has pushed yearly inflows YTD to its third highest yearly level. 

Meanwhile, total assets under management (AuM) in cryptocurrencies have increased 9.6% this past week.

The weekly flows report shows total AuM stood at $44.3 billion last week, up 99% this year and at the highest level since May 2022.

Bitcoin inflows hit $240 million last week

In specific investment products, Bitcoin saw $240 million in inflows last week to bring the total YTD reading to $1.08 billion. ETP trading volume for the flagship cryptocurrency accounted for nearly 20% of volume on trusted exchanges.

James Butterfill, the head of research at CoinShares, notes that the increase in ETP volume compared to BTC trading volume is a rare occurrence that “suggests ETP investors are participating much more in this rally compared to 2020/21.”

Also notable were the inflows into Ethereum investment products.

According to CoinShares’ weekly report, inflows of $49 million last week was the largest for Ether since August 2022. The sentiment around Ether-based ETPs has improved significantly over the past two weeks. Notably, this outlook is unfolding as spot Ethereum ETF filings spark interest.

Solana sees huge inflows

Solana, one of the top performing crypto assets these past few weeks, also recorded notable inflows this past week. $12 million were poured into SOL products over the seven days , while the altcoin leads the segment with $121 million in year-to-date inflows.

The optimism is reflected in the SOL price, which had fallen dramatically in November 2022 as the market reacted to the collapse of FTX. At current levels of $59, Solana is trading 170% over the past 30 days and 315% over the past year.

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Bitget halts plans for crypto licence in Hong Kong

Bitget announced that it will halt operations for its Hong Kong unit by December 13.
The crypto exchange said the decision is down to “business and market related considerations.”
Users have until then to withdraw their funds.

Bitget has announced that its Hong Kong unit will not pursue registration as a Virtual Asset Trading Platform in Hong Kong.

The crypto exchange will also be halting all operations on December 13.

Bitget halts Hong Kong unit

Bitget’s decision to halt operations of its Hong Kong unit and to withdraw from the pursuit of a licence comes amid rumours that the firm may be looking at a potential deal with OSL, the first crypto exchange to be licensed in Hong Kong.

According to crypto news account Wu Blockchain, OSL announced a suspension to its stock trading on Monday. 

BitgetX hk announced its decision not to apply for a compliant cryptocurrency exchange license in Hong Kong. Market rumors that Bitget has acquired or invested in Hong Kong’s first licensed exchange, OSL. OSL announced today that it would suspend trading due to major matters.…

— Wu Blockchain (@WuBlockchain) November 13, 2023

A notice by the BC Technology Group, which owns OSL, to the Hong Kong Stock Exchange quoted a “notifiable transaction which constitute inside information.”

Bitget on the other hand pointed to “business and market related considerations.”

With a heavy heart, we regret to inform you that due to business and market related considerations, we have decided not to pursue a Virtual Asset Trading Platform (VATP) licence in Hong Kong. As a result of this decision, the BitgetX website (www.BitgetX.hk) will cease its operations effective December 13, 2023. At the same time, Bitgetx.hk will permanently exit the Hong Kong market,” the crypto exchange wrote.

According to the platform, users are advised to withdraw their assets by the indicated deadline, thereafter the BitgetX.hk website will go offline.

It is crucial that you withdraw your assets before the deadline. Failure to do so will result in the inability to access these assets once BitgetX is closed,” the exchange said in a FAQ section of the announcement.

Hong Kong’s new crypto licensing framework

Bitget unveiled its HK unit in April this year, offering access to spot trading and peer-to-peer (P2P) transactions to its customers. The move came ahead of Hong Kong’s crypto licensing framework rolled out in June.

The new requirements mandated crypto providers to seek and receive licences from the Securities and Futures Commission before offering trading services and products to retail customers. The SFC also warned crypto firms against misleading customers about potential licensing by pointing to local arms that were yet to be registered.

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XRP whales make waves as Shiba Memu presale nears conclusion

XRP whales recently moved nearly 900 million tokens in significant weekend transactions.
Ripple Labs has also strategically transferred 100 million XRP.
The Shiba Memu presale countdown intensifies with only 46 days left.

In a weekend marked by significant cryptocurrency movements, XRP whales have stirred the waters by transferring nearly 900 million XRP tokens between anonymous addresses.

Simultaneously, the Shiba Memu presale is gaining momentum, with only 46 days left until its conclusion. This article delves into the jaw-dropping XRP transactions and the ongoing Shiba Memu presale dynamics.

XRP whales in action

Over the weekend, large XRP holders, commonly known as whales, executed massive transfers, bringing the total close to 900 million XRP tokens.

Two substantial transactions, one involving 425,807,780 XRP and the other moving 424,307,758 XRP, were conducted by wallets with unregistered owners. At the time of these transfers, the transactions were valued at $288,496,378 and $281,090,947, totalling a staggering 850.1 million XRP and $569.4 million in fiat.

Ripple Labs’ strategic moves

Last week, Ripple Labs, the driving force behind XRP, was also in action. The fintech behemoth initiated a transfer of 100 million XRP between its wallets.

Additionally, Ripple Labs carried out customary transfers to the Bitstamp and Bitso crypto exchanges via Ripple-related wallets. Both Bitstamp and Bitso have been long-term Ripple partners, actively participating in Ripple Payments, the evolution of what was formerly known as On-Demand Liquidity service (ODL).

Shiba Memu presale countdown

Amidst the bustling Ripple (XRP) activity, the Shiba Memu presale is making headlines. With only 46 days remaining until its conclusion, the presale is entering a critical phase.

Participants have a limited window to secure Shiba Memu tokens before the presale concludes. The countdown emphasizes the urgency for potential investors to consider participation in this unique and revolutionary meme token.

In the next few hours, Shiba Memu anticipates an increase in its presale price. This dynamic pricing strategy adds an element of urgency for potential investors, encouraging early participation before the next price surge. The pricing adjustments align with Shiba Memu’s commitment to providing value to its community and adapting to market conditions.

Shiba Memu’s marketing autonomy

Shiba Memu distinguishes itself by its self-sufficient marketing capabilities, powered by AI technology. Unlike traditional meme tokens relying on human marketing teams, Shiba Memu generates its marketing strategies, drafts its PR, and promotes itself across forums and social networks.

AI technology not only produces content but actively engages with users. The upcoming launch of an AI marketing dashboard further highlights Shiba Memu’s commitment to transparency and user interaction.

Conclusion

XRP whales’ massive XRP transfers underscore the ever-evolving nature of the market, while Shiba Memu’s innovative approach, empowered by AI, adds a unique dimension to the crypto landscape.

With both XRP and Shiba Memu capturing attention, investors navigate a landscape of strategic moves and market dynamics, emphasizing the need for vigilance and adaptability in the ever-fluctuating world of cryptocurrencies.

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Multi-chain trading platform zkLink now supports Bitget Wallet connectivity

Victoria, Seychelles, November 13th, 2023, Chainwire

Renowned as one of the pioneers in multi-chain trading based on zero-knowledge (ZK) proof technology, zkLink has announced that it has integrated support for Bitget Wallet (formerly known as BitKeep). As a prominent trading infrastructure solution provider, zkLink facilitates interoperability across a myriad of Layer 1 and Layer 2 blockchains, utilizing cutting-edge multi-chain ZK-Rollup technology to streamline cross-chain and cross-rollup interactions.

Following the integration with Bitget Wallet, users may now easily access zkLink’s diverse suite of official ecosystem DApps via the Bitget Wallet browser extension, including ZKEX, a widely-acclaimed multi-chain order book DEX. Users may also now engage in spot and perpetual contract trading over a wide diversity of blockchains, including zkSync Era, Linea, BNB Chain, Arbitrum, Polygon, Avalanche, Optimism, and Base, right from their Bitget Wallet.

Additionally, users of the Bitget Wallet mobile app can also easily search for and access the zkLink Ecosystem DApps within the wallet’s integrated DApp browser.

Boasting comprehensive support for over 90 leading blockchains and a wide array of Web3 services, Bitget Wallet users are sure to have all their Web3 needs met.

In particular, Bitget Wallet’s DApp browser categorizes and lists over 20,000 different DApps, enabling users to discover a variety of on-chain applications including DEXs, lending platforms, GameFi, and social networks, while also providing the ability to visit any DApp directly via URL search.

About Bitget Wallet (Web3 trading wallet)

Formerly known as BitKeep, Bitget Wallet stands as Asia’s largest and global frontrunner among all-in-one Web3 multi-chain wallets. We offer a comprehensive range of on-chain products and DeFi services to our users, including wallet functionality, Swap feature, NFT trading, DApp browsing, and more. Bitget Wallet has also recently launched its MPC wallet, delivering a more secure and user-friendly Web3 wallet experience for all of its users.

With a 5-year legacy, Bitget Wallet has garnered acclaim from over 12 million users worldwide and has secured partnerships with prominent industry leaders including Ethereum, BNB Chain, Arbitrum, Polygon, and others. This success stems from our commitment to consistently delivering secure and convenient products and services.

In March 2023, Bitget, a leading crypto derivatives trading platform made a substantial $30 million investment in BitKeep, acquiring a controlling stake. Following this strategic move, BitKeep underwent a transformative and strategic brand evolution in August, officially rebranding itself as Bitget Wallet.

For more information, visit:

Website
Twitter
Telegram
Discord

About zkLink

zkLink is a multi-rollup trading infrastructure secured with zk-SNARKS, pioneering a seamless decentralised trading experience. By connecting various L1 blockchains and L2 networks, zkLink’s unified, multi-purpose ZK-Rollup middleware enables developers and traders to leverage aggregated assets and liquidity from different chains, contributing to a more accessible and efficient DeFi ecosystem for all.

For more information, visit:

Website
Twitter
Telegram
Discord

 

Contact

Rachel Cheung
Bitget
media@bitget.com

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New altcoin outshining Ethereum and Shiba Inu as Morgan Stanley calls crypto winter end

Morgan Stanley Wealth Management has called the end of the extended crypto bear market, indicating that the crypto spring is on the horizon. The crypto market has been projected to rally to a new high in this new bull market. Ethereum and Shiba Inu have already recorded significant gains as the crypto market enters a bull phase.

There have been dark horses that outperformed the crypto market in previous bull cycles. Analysts have identified a potential dark horse for this bull market. Read on to find more information.

Shiba Inu reclaims a major resistance level: devs hint at major changes 

Shiba Inu has struggled in 2023, despite the gains recorded in the broader crypto market. However, the Shiba Inu coin joined the recent market rally, increasing past a key resistance level at $0.000008000. 

SHIB also rallied above its 200-day Exponential Moving Average (EMA). This level holds significance as it historically acts as a barrier between the bearish and bullish territories. With this bullish trend, crypto analysts have predicted a potential Shiba Inu price increase. 

If the price of Shiba Inu holds the $0.00000800 support, it has been forecasted to rally to $0.000012000. This prediction was strengthened by the recent updates shared by the Shiba Inu development team.

The team hinted that the product will be a potential game changer in the crypto space. Other SHIB developments that could spur a Shiba Inu value increase include ShibaSwap and its Self-Sovereign Identity (SSI) feature.

Ethereum reclaims $2,000 on spot ETF excitement, analyst predicts 80% increase 

The price of Ethereum has surged past $2,000 for the first time in more than seven months over spot ETF excitement. 

The rally was ignited by reports of BlackRock registering for a spot at Ethereum ETF in Delaware. Because of this, analysts are bullish about Ether. A popular crypto analyst, Kyle Doops shared his bullish predictions for the price of Ethereum.

According to the Ethereum chart shared by Doops, a pattern for an enormous 80% move has been formed. Based on his Ethereum price prediction, ETH could outperform Shiba Inu and rally to $3,600 in the coming weeks.

In the short term, while ETH remains above the $1,979 level, the trajectory of the leading altcoin remains decisively positive.

Meet the crypto bull market dark horse, Meme Moguls

Ethereum and Shiba Inu were top performers in previous bull markets. However, while they have been predicted to record substantial gains in the coming bull market, they will be outperformed by new crypto, Meme Moguls (MGLS).

Meme Moguls meet the requirements of dark horses in previous bull markets – launching in a unique market. It has introduced what will be the world’s first meme-backed stock market-style exchange.

As a trailblazer, the project aims to help investors become their own moguls in the $17.9 trillion meme coin market. The unique placement of MGLS as the token to power this ecosystem gives it enough potential to outperform ETH, SHIB, and the rest of the crypto market. Join now for only $0.0019.

To learn more about Meme Moguls, Visit Meme Moguls.

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Kraken and Cardano forge alliance amidst Memeinator presale surge

Hoskinson is eyeing a collaboration with Kraken for a Layer-2 network
Kraken wants to follow Coinbase’s move to launch a Layer-2 blockchain.
Memeinator presale continues to gather steam with $1,303,398 raised so far.

In a strategic move within the dynamic landscape of the cryptocurrency sector, Charles Hoskinson, the visionary founder of Cardano Blockchain, has hinted at a potential partnership with Kraken, a prominent US cryptocurrency exchange. The primary objective of this alliance is to jointly develop a cutting-edge Layer-2 (L2) blockchain network.

Kraken is actively seeking a proficient blockchain developer to enhance its technological capabilities, aligning with the industry trend of expanding into blockchain technology development. The pursuit of launching its own Layer-2 network positions Kraken to tap into new revenue streams and strengthen its position in the evolving digital currency landscape.

Kraken’s Layer-2 aspirations and industry trends

Kraken’s pursuit of a Layer-2 network aligns with broader industry trends where major players are venturing into blockchain technology development. The move not only signifies a strategic pivot for cryptocurrency exchanges but also reflects a commitment to embracing the transformative potential of blockchain technology.

As the competition intensifies for blockchain partnerships, Kraken’s considerations extend to evaluating leading blockchain technology firms, including Polygon and Matter Labs. The final selection remains uncertain, leaving the potential partnership with Cardano in suspense.

Charles Hoskinson remains optimistic about the potential collaboration with Kraken. If chosen, he sees the opportunity for Kraken to chart a path to success similar to Coinbase’s experience with Layer-2 networks. The increasing interest in Layer-2 networks among major cryptocurrency entities underscores the industry’s dedication to innovation and growth within the blockchain technology ecosystem.

🚀 Exciting crypto news! 🤝 Charles Hoskinson, #Cardano founder, drops hints about a potential collaboration with #Kraken for a Layer-2 (L2) network partnership. 🔗💱

Kraken is on the hunt for a #blockchain partner to build their L2, and the competition is heating up! 🔥 With… pic.twitter.com/IHlfvE1ph1

— Collin Brown (@CollinBrownXRP) November 13, 2023

Coinbase’s influence: a precedent for success

Coinbase’s precedent in collaborating with Optimism to build the OP Stack for its Layer-2 network, Base, has set a noteworthy example. The partnership led to substantial improvements in decentralized application efficiency and user experiences on the Ethereum platform.

Coinbase’s commitment to transparency, demonstrated through open-sourcing Base’s code, highlights the industry’s collaborative approach to enhancing Layer-2 networks.

Memeinator continues to make waves with its presale

While the Kraken and Cardano partnership unfolds, the meme coin market is experiencing its own surge with the ongoing Memeinator presale. Memeinator, touted as the ultimate meme coin set to dominate the meme trading space, has garnered significant attention with its unique narrative and promise of genuine utility.

The Memeinator project leverages AI technology, powerful viral marketing, and a mission to eliminate sub-par memes. As the presale progresses, the project aims to raise $1,504,310, with the current stage at $1,303,398. Memeinator’s roadmap includes the launch of innovative products like the Memescanner and the Memeinator Game, adding layers to its potential success.

Investors eyeing the Memeinator presale are witnessing the MMTR token’s value on the ascent. The current price stands at $0.0133, with the next presale stage offering a higher value at $0.014. This upward trajectory underscores growing interest and demand for MMTR tokens, fueled by the project’s ambitious goals and the anticipation of its unique offerings in the meme coin space.

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November’s crypto picks: Tezos, Rebel Satoshi, and ApeCoin

Tezos surges 13% in 2023, but a renewed bullish momentum will usher in more gains.
ApeCoin plunged 61% in 2023, but a resurgence in NFT activity might see it rally. 
RebelSatoshi proves the next top meme coin with a projected 150% presale surge. 

After performing poorly between Q1 and Q3, the crypto market began showing bullish signs in Q4 2023. As a result, top crypto coins like Tezos (XTZ) and ApeCoin (APE) have surged significantly, making them top picks for November. 

Meanwhile, Rebel Satoshi ($RBLZ), an emerging meme coin, is positioning itself as the best cryptocurrency to buy in November after promising a 150% ROI during its public presale. 

Why are Tezos, ApeCoin, and Rebel Satoshi the best cryptos to consider for investment in November? Let’s find out!

Tezos up 13% in 2023: what’s coming next?

Tezos has performed decently thus far in 2023. On January 1,  the price of XTZ was hovering around $0.73. However, XTZ started surging and went as high as $1.44 in February after Weiss Ratings praised Tezos. However, XTZ failed to hold these gains and plunged sharply.

By November, XTZ had stabilized around $0.83. Notably, this XTZ price means Tezos has surged 13.70% from the January 1 level. However, will Tezos’ upward trajectory continue? Analysts believe Tezos will continue climbing to close the year, trading around $0.98. In the long term, analysts believe XTZ can soar as high as $2.43 in 2025.

This forecast makes Tezos a good crypto to buy. Analysts peg this bullish XTZ prediction on Tezos gaining more adoption due to its flexible governance model, bug-free code, and dividend issuance. 

ApeCoin slumps in 2023: sheds 61% of its value!

ApeCoin has performed deplorably in 2023. On January 1, APE was trading around $3.64. After surging briefly in February, APE began retracing its growth and plummeted as interest in NFTs waned. By November, APE had levelled off around $1.35. This price means ApeCoin has lost 61.54% of its value thus far in 2023.

As a result of this poor performance, investors are increasingly asking whether APE is a good investment. Analysts believe ApeCoin will continue surging to close the year, trading around $2.32. The long-term APE forecast is more bullish, with experts predicting the token will surge to $5.18 in December 2025.

This ApeCoin prediction makes APE one of the best coins to invest in, especially for long-term HODLers. Analysts peg this APE prediction on APE getting more adoption as interest in Yuga Labs’ Bored Ape Yacht Club (BAYC) NFT collection resurges. 

Rebel Satoshi charms investors

Rebel Satoshi, a new meme coin that draws inspiration from the rebellious spirits of Satoshi Nakamoto and Guy Fawkes, is making waves in the crypto market despite being in its public presale. The main attraction of the Rebel Satoshi project is its mission to bring together the silent majority, hit a $100 million cap, and challenge centralized crypto entities. 

To achieve these goals, RebelSatoshi depends on its native $RBLZ token. $RBLZ boasts a 250 million supply cap, significantly lower than popular meme coins. Moreover, $RBLZ features a deflationary mechanism, which will burn $RBLZ tokens over time to ensure the price always increases. This feature makes $RBLZ the best crypto to invest in now!

As of November, Rebel Satoshi was in the Early Bird Round of its ongoing public presale, with $RBLZ priced at $0.010. RebelSatoshi has named the next round Rebel, and the $RBLZ price is set to increase to $0.013 at the start of this round. 

Moreover, Rebel Satoshi has set the listing price for $RBLZ at $0.025. This means that early Bird investors will see their $RBLZ holdings surge 150% by the time RebelSatoshi gets listed.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Presale Website or contact Rebel Red via telegram.

 

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Bybit Fintech sued for $1 billion by the FTX bankruptcy team

The FTX Bankruptcy is seeking to recover assets worth about $1 billion.
The lawsuit will be heard by a Delaware Court.
The funds in question were allegedly withdrawn from FTX.

FTX’s bankruptcy advisers have recently initiated legal action against Bybit Fintech and its affiliated companies, including Bybit’s investment arm, Mirana Corp.

The lawsuit, filed in a Delaware court, aims to recover approximately $953 million in cash and digital assets that were allegedly withdrawn from FTX just before its Chapter 11 bankruptcy filing a year ago.

Charges against Mirana Corp.

The lawsuit alleges that Mirana Corp. enjoyed special “VIP” benefits not available to regular FTX customers, exploiting these privileges to withdraw a substantial portion of assets from FTX. Mirana is accused of exerting pressure on FTX employees to fulfil its withdrawal requests while other customers faced delays accessing their funds as the exchange approached collapse in November 2022.

According to the complaint, Mirana withdrew over $327 million from FTX between the early morning of November 7 and November 8, 2022, during a critical period when FTX had paused withdrawals.

Bybit affiliates named in FTX’s Chapter 11 Bankruptcy lawsuit

Bybit Fintech Ltd., Mirana, and affiliated crypto trading firm Time Research Ltd. are listed as defendants in the bankruptcy lawsuit. Additionally, a senior Mirana executive and Singaporean residents allegedly involved in the FTX withdrawals are named in the legal proceedings.

FTX, under new management, is intensifying efforts to recover funds disbursed before its Chapter 11 filing. Legal actions have been initiated against various entities, including Kives and his venture capital firm, K5, to reclaim significant sums. FTX is also exploring the possibility of reclaiming funds donated to politicians, charitable organizations, and payments made to celebrities, such as Shaquille O’Neal and Naomi Osaka, for endorsing the platform.

This lawsuit represents the latest move in FTX’s ongoing legal battles as it seeks to navigate the complexities of Chapter 11 bankruptcy and recover lost assets.

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Bithumb planning IPO on KOSDAQ, aims for top spot in Korean crypto market

Bithumb aims to be the first crypto-related company listed on KOSDAQ.
Bithumb has selected Samsung Securities as the underwriter for its strategic move into traditional financial markets.
Former Chairman Lee Jeong-hoon has made a comeback, boosting confidence as Bithumb seeks to rebuild trust.

South Korean cryptocurrency exchange Bithumb is strategically positioning itself for an initial public offering (IPO) on the Korean Securities Dealers Automated Quotations (KOSDAQ) by the second half of 2025, according to reports from a local news outlet.

Bithumb’s decision to go public is seen as a strategic response to recent industry challenges, such as hacks and collapses. By subjecting its operations to external validation, the company aims to build public trust in the cryptocurrency market.

Observers speculate that Bithumb’s IPO aspirations are not solely driven by external financial requirements, given the company’s substantial assets, transaction data, and revenues, exceeding 400 billion won.

With plans to reclaim the top spot in the Korean market, Bithumb’s IPO could potentially attract institutional investors and boost confidence among retail investors and new adopters.

This move follows the footsteps of Upbit, which currently holds a significant market cap in South Korea’s crypto landscape and is part of the self-regulating body known as the South Korean Blockchain Association.

IPO preparations in full swing

In its bid to become the first industry-related company listed on KOSDAQ, Bithumb has undertaken concrete steps, including the hiring of staff and onboarding traditional firms to facilitate the public listing. The move aligns with the company’s vision to secure the top spot in South Korea’s digital asset exchange market by trading volume.

Last month, Bithumb took a significant stride by selecting Samsung Securities as its underwriter for the IPO. While the company has yet to confirm the specific details of the public listing, it has acknowledged the appointment of an underwriter. This decision is indicative of Bithumb’s commitment to adhering to rigorous financial scrutiny as it ventures into the realm of traditional financial markets.

The CEO of Bithumb Holdings, Jaewon Lee, will lead the company through this strategic shift and potential listing on KOSDAQ, marking a significant development for the Korean cryptocurrency industry.

Lee Jeong-hoon returns amid strategic shift

As internal planning continues, former Chairman Lee Jeong-hoon, the largest shareholder, has returned to the board of directors. This move is aimed at instilling confidence in the management team and bringing a sense of stability as the company gears up for its IPO.

Notably, Lee Jeong-hoon had faced accusations related to fraud concerning Bithumb’s acquisition, but he was found not guilty earlier this year.

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