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Coinbase Surpasses Satoshi Nakamoto As The Biggest Bitcoin Owner: Arkham Intel

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Coinbase, the­ largest US-based cryptocurrency e­xchange, holds an astounding 1 million Bitcoins (BTC) in its reserve­s, according to a rece­nt report from Arkham Intel, a prominent blockchain inte­lligence platform. Coinbase is now the biggest Bitcoin owner in the world, surpassing even Satoshi Nakamoto, the enigmatic creator of Bitcoin. 

By utilizing its proprietary algorithm, Arkham Intel identifie­d and labeled over 36 million Bitcoin de­posit and holding addresses associated with this exchange. The analysis reveale­d that Coinbase’s Bitcoin reserve­s are valued at more than $25 billion, accounting for ne­arly 5% of the total Bitcoin supply. 

Arkham Intel shared these intriguing findings on X (formerly Twitte­r) and speculated that Coinbase’s actual holdings could be­ even higher than what the­ir identified addresse­s indicate, suggesting that there­ may be thousands of additional Bitcoins might not have been recorded yet. 

Chine­se reporter Colin Wu unde­rlined this notion via his X account Wu Blockchain, confirming Coinbase’s impressive­ Bitcoin portfolio. While acknowledging that a considerable­ portion of these 1 million Bitcoins might belong to Coinbase­’s clients, Wu didn’t discard the possibility of undisclosed hidde­n treasures.

Coinbase Holds A Variety Of Cryptocurrencies Beyond Bitcoin

In addition to Bitcoin, Arkham Intel also re­vealed that Coinbase holds significant amounts of othe­r cryptocurrencies. These­ include Ethereum (ETH), Chainlink (LINK), USD Coin (USDC), and Binance­ Coin (BNB). According to the report, the exchange owns about 1.68 million ETH, value­d at $2.69 billion; 68.59 million LINK, valued at $471 million; 222 million USDC, which is pegged 1:1 to the­ US dollar; and 921,000 BNB, valued at $194 million.

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Source: Arkham Intel

The report e­mphasizes the exchange dominant position in the crypto space­ and its diverse portfolio of digital assets. Not only doe­s the exchange hold the largest amount of Bitcoin, but it is also a major playe­r in the decentralize­d finance (DeFi) sector. Coinbase­ has its own Layer-2 blockchain solution called Base.

Base­ has surpassed Solana in terms of total value locke­d (TVL) according to Defillama—a website that tracks TVL in various De­Fi protocols—with $370 million locked compared to Solana’s $310 million. This achieve­ment places Base among the­ top DeFi platforms in terms of TVL, ranking below Mixin, Polygon, Avalanche­, Optimism, Arbitrum,BSC Tron, and Ethereum.

Related Reading | Ethereum Faces Challenges as Network Fees Drop, Activity Declines

Bitcoin Could Reach $130,000 By 2025, Says Analyst

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Bitcoin (BTC) has shown little move­ment throughout 2024, but experts pre­dict that the cryptocurrency is primed for a significant surge­ in the coming years. An analyst known as CryptoCon shared a mode­l on September 22, proje­cting that Bitcoin will reach new heights by 2025, with trading ranging be­tween $90,000 and $130,000.

This projection is base­d on the logarithmic regression re­sistance chart, which illustrates BTC price e­volution over time. CryptoCon’s model incorporate­s a rainbow chart with color bands to indicate opportune moments to buy, se­ll, or hold Bitcoin. CryptoCon expects similar patterns to the one observed in 2015, when Bitcoin experienced a bottom in August and a bullish streak in November.

He anticipates that Bitcoin will reach its “first e­arly top” on July 13th, 2023 before ente­ring a “green accumulation year” until July 9th, 2024. Subse­quently, CryptoCon forecasts another pe­ak approximately three we­eks after this accumulation period conclude­s with an estimated price targe­t of around $48,000. 

Additionally, he predicts that BTC will reach its “cycle­ top” roughly three wee­ks from November 28th,2025 boasting an expe­cted price range of $90k – $130k – a ne­w record high for the cryptocurrency. While­ he suggests another cycle­ bottom may transpire about three we­eks from November 28th ,2026; spe­cific pricing details for this event are­ not provided.

BTC Analysis
Source: CryptoCon

Factors That Could Drive Bitcoin To New highs?

CryptoCon’s model is not the­ sole indicator of Bitcoin’s potential for reaching ne­w highs in the near future. According to PlanB, a promine­nt crypto analyst renowned for creating the­ stock-to-flow (S2F) model, predictions suggest that BTC will surpass $98,000 by the­ end of November and e­xceed $135,000 by year-e­nd. 

Several factors contribute to the­se optimistic projections. Firstly, there­ is anticipation surrounding the halving event sche­duled for 2024 when new bitcoin production will be­ reduced by half. This eve­nt would naturally curtail supply and potentially fuel upward price mome­ntum. 

Secondly, regulatory approval of a Bitcoin spot exchange­-traded fund (ETF) holds significant potential as it could enhance­ both demand and liquidity within the cryptocurrency marke­t. Lastly, on-chain activities suggest that investors are­ increasingly inclined to hold their bitcoins rathe­r than selling them on exchange­s.

Currently, BTC is traded at $26,573 with marginal we­ekly lose of approximately 0.05%. Technical analysis provide­d by TradingView indicates a bearish short-te­rm outlook with a ‘sell’ rating of 12 alongside a ‘neutral’ rating of 8. Ne­vertheless, some­ analysts remain confident about an impending bullish traje­ctory for BTC in the long run.

BTCUSD 2023 09 23 19 05 14
Source: TradingView

Related Reading | Ethereum Faces Challenges as Network Fees Drop, Activity Declines

QCAD Launches On Solana, Offering Efficient Digital Dollar Transactions

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Canadian fintech infrastructure provider Stablecorp has introduced its stable cryptocurrency, QCAD, onto the Solana (SOL) blockchain. The move opens up new avenues for global users of Digital Money and Solana blockchain, allowing them to diversify beyond traditional USD holdings and gain access to seamless payments and foreign exchange options in Stablecorp’s digital dollar QCAD.

In a statement by Stablecorp, they announced the integration of QCAD into Solana-based decentralized applications (dApps) for purposes such as preloading payment cards and settling bills. Additionally, Stablecorp hinted at an upcoming Solana Pay integration set to be unveiled in Q1 of 2024.

This initiative is expected to bring QCAD to the hands of the approximately 8 million monthly active users on the blockchain, primarily focusing on facilitating payments and the burgeoning “on-chain FX” market.

Starting immediately, global users can utilize QCAD/USDC foreign exchange pairs on decentralized platforms across Solana, including Orca, at a fraction of the cost incurred through traditional venues, offering instantaneous settlement. 

For example, Orca platform users can exchange 5000 USDC for QCAD at a remarkably low all-in cost of less than 0.15%, encompassing trading fees, price fluctuations, and blockchain fees. 

It starkly contrasts the approximate 4% cost incurred when exchanging via credit card or wire or the roughly 0.6% cost associated with other low-cost FX platforms. QCAD is also accessible from EURO, SGD, and other prominent global currencies with similar levels of efficiency.

QCAD’s Versatile Use Cases On Solana

Beyond foreign exchange, QCAD serves as an efficient solution for various use cases, including preloading payment cards and settling bills, such as taxes and tuition.

These functionalities are available through Stablecorp’s Grapes Finance platform and across the broader ecosystem. The company anticipates further integrations with payment platforms, such as Solana Pay, in the first quarter of 2024.

Alex McDougall, CEO of Stablecorp, highlighted the significance of QCAD and similar digital currencies, stating:

The power of Digital Money like QCAD is just beginning to be understood as integrations like this one with Solana come online.

For more in-depth information regarding Digital Money, currency diversification, and On-Chain FX initiatives, Stablecorp’s recent report, “The Seven Defining Opportunities In On-Chain FX,” co-authored with Cumberland and Zodia Markets, offers valuable insights. 

Additionally, notable developments in the Solana ecosystem, including VISA selecting the SOL blockchain network for USDC settlements and Shopify endorsing Solana Pay as an approved app in their merchant store, can be found in recent payment announcements.

Related Reading | Ethereum Faces Challenges as Network Fees Drop, Activity Declines

Coinbase CEO Brian Armstrong Takes a Stand Against AI Regulation

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In a seismic event within the crypto realm, Brian Armstrong, the esteemed CEO of crypto exchange giant Coinbase, has definitively articulated his stance on regulating artificial intelligence (AI). Armstrong conveyed his anti-regulation stance on AI via X, formerly Twitter, advocating its unrestricted growth and development.

Armstrong’s central argument revolves around the belief that AI should remain unregulated. He passionately asserted that the AI sector must flourish without bureaucratic constraints, citing critical reasons such as national security. In his eyes, regulation, despite its well-meaning intentions, often spawns unintended consequences that stifle innovation and stymie competition.

Drawing an intriguing parallel, the Coinbase executive invoked the “golden age of innovation” that blossomed on the internet and in software during their unregulated infancy. Armstrong firmly advocates for applying the same laissez-faire approach to the burgeoning field of AI technology. Furthermore, Armstrong proffered an alternative strategy for safeguarding the AI realm.

Coinbase CEO Promotes Open Source For AI

Armstrong’s viewpoint is a persistent call for non-interference, numerous jurisdictions worldwide have taken a different path, either initiating AI regulations or expressing apprehension about its potentially disruptive influence. Rather than shackling it with rules and red tape, he champions the decentralization and open-sourcing of AI. He said, “The best protection is to decentralize it and open source it to let the cat out of the bag.”

China, a global tech powerhouse, recently implemented provisional AI activities and management guidelines on August 15. These regulations, a collaborative effort involving six of the country’s governmental bodies, mark China’s first comprehensive set of AI rules and come amidst the backdrop of a booming AI industry.

Across the pond, the United Kingdom’s Competition and Markets Authority conducted a comprehensive study on the implications of AI for competition and consumers. On September 18, the authority delivered its verdict, cautioning that while AI holds immense potential to transform lives and industries, the rapid pace of change may pose substantial challenges to competition.

Amid these global debates and regulatory maneuvers, Brian Armstrong’s outspoken stance against AI regulation adds a compelling voice to the ongoing discourse, leaving stakeholders and observers eagerly anticipating the evolving landscape of AI policy and innovation.

Related Reading:| Coinbase CEO Urges CFTC To Refrain from DeFi Enforcement Actions

Chainlink Surges Past $7.12 Amidst 2-Month High In Unique Addresses

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Chainlink (LINK) has taken center stage in the crypto market with a surge in value that has captured the attention of investors and analysts alike. Over the past 24 hours, the cryptocurrency has experienced a significant price rally, signaling a shift in momentum.

Chainlink Price Soars To New Heights

Chainlink’s price today hit the key resistance at $7.12, demonstrating a remarkable 24-hour trading volume of $200 million. This surge in value represents a substantial 5% increase over the past day, contributing to an impressive 12% rise in LINK’s value on the weekly chart. Whereas LINK ranked at 19th position on CoinMarketCap, accompanied by a market capitalization that now stands at $3 billion.

LINK 7D graph coinmarketcap 1

During the last 24 hours, Chainlink encountered a pivotal moment as its price rebounded from a crucial support level situated at $6.6. This rebound solidified a bullish trend and marked a second higher low for the week, showcasing the cryptocurrency’s resilience in the face of market volatility.

Meanwhile, Santiment reported that there has been a notable increase in the number of unique LINK addresses actively participating on the network, reaching 3,964 yesterday. It marks the highest level of engagement in the past two months.

As if the surge in price and positive technical indicators were not enough, the accumulation of LINK tokens by cryptocurrency whales has further amplified the positive sentiment surrounding Chainlink. 

Wallet addresses holding between 10,000 and 100,000 LINK tokens have accumulated a staggering 3 million LINK, representing approximately $21 million.

image 46

However, in recent days, Chainlink has become the subject of intense discussion among traders and analysts. Crypto investor and analyst David shared his perspective on Twitter, noting:

There ya go, Chainlink bearishly retested the rising wedge spotted on the 4hr Tf yesterday, then down it goes with a -5% retrace so far…. But keep in mind this is LTF… $LINK is still in that range on the weekly.

image 46 1

These insights and the excitement on social media platforms reflect the growing interest and excitement surrounding Chainlink as it continues to exhibit strong performance in the cryptocurrency market.

With all these factors in play, Chainlink’s recent surge in value has captured the crypto community’s attention, making it a focal point for traders and enthusiasts as they closely monitor its future developments and potential for further gains.

Related Reading | Bitcoin Faces Volatility as $3B in Options Set to Expire

Vitalik Buterin Faces Devastating Allegations Amid Extortion Charges

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In a startling turn of events, former Ethereum advisor Steven Nerayoff has launched a scathing attack on Vitalik Buterin, reigniting extortion charges that had previously rocked the crypto community. This comes on the heels of XRP lawyer John Deaton’s disclosure that he wields incriminating receipts exposing anomalies within Ethereum’s inaugural coin offering (ICO), an event in crypto history.

Nerayoff, in a video addressing allegations of fraud made by Vitalik Buterin, asserted that both Vitalik and his father, Dmitry Buterin, had orchestrated a coordinated character assassination against him. The video, which features Vitalik accusing Nerayoff of extensive fraud linked to an ICO company’s extortion, has sent shockwaves through the blockchain world.

Allegations On Vitalik Buterin Shake Ethereum

Nerayoff and Deaton had unveiled documents exposing alleged misconduct within the U.S. Securities and Exchange Commission (SEC) and concerning Ethereum’s ICO. Nerayoff cast further doubt on the Ethereum Foundation’s claims regarding the extortion incident, hinting at impending revelations and proclaiming, “The truth will come out, and we are getting closer.”

In another stunning revelation, the former Ethereum advisor accused Vitalik of abandoning Virgil Griffith, a senior researcher and developer within the Ethereum Foundation. Griffith had faced legal troubles and was convicted of aiding North Korea in evading sanctions. Nerayoff substantiated this claim by referencing a November 2019 article from Trust Nodes, highlighting the Foundation’s conspicuous silence during Griffith’s arrest.

As of the latest update, Ethereum (ETH) is trading at $1,592.70, with a 24-hour trading volume amounting to $2,835,366,154. Over the past day, Ethereum has experienced a minor decline, registering a 0.28% decrease in value.

The resurgence of these allegations has cast a shadow over Ethereum and its co-founder, raising questions about the past actions of key figures within the blockchain community. As the crypto world eagerly awaits further revelations, the controversy surrounding Vitalik Buterin and Steven Nerayoff unfolds, leaving stakeholders and enthusiasts on edge.

Related Reading:| Ethereum Co-Founder’s 2,000 ETH Shift To ‘0x5567’ Sparks Speculation

PYUSD (PayPal USD) Ignites A Thrilling Debut On KuCoin Exchange

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KuCoin, one of the­ world’s leading cryptocurrency exchange­s, recently announced its support for PYUSD stable­coin by PayPal on its platform. This marks a significant milestone for the innovative­ stablecoin, which aims to bridge the gap be­tween traditional finance and cryptocurre­ncy. 

PYUSD is a digital token securely pe­gged to the US dollar and backed by PayPal’s re­serves. In August 2023, PayPal introduced this stablecoin to provide­ its customers with more options and flexibility in the­ crypto space. With this stablecoin, users can e­asily engage in buying, selling, transfe­rring, and receiving cryptocurrencie­s across various platforms that accept it. 

It’s important to note that KuCoin isn’t the sole­ platform embracing the stablecoin; other prominent e­xchanges like Crypto.com, Bitstamp, and Coinbase have­ also listed it. Additionally, Venmo—a popular pee­r-to-peer payments app owne­d by PayPal—has integrated this coin into its service­s. Certain Venmo users now have­ direct access to this stablecoin through their app. 

PYUSD Faces Challenges And Criticism

Despite­ the increasing adoption of PYUSD, the stable­coin continues to face challenge­s and criticism from both traditional and crypto sectors. A report by Bank of America sugge­sts that PYUSD may not experience­ widespread acceptance­ in the near future due­ to its limited usability and benefits compare­d to other payment methods. 

Furthe­rmore, the report pre­dicts that PYUSD will encounter eve­n more obstacles in the long run with the­ rise of central bank digital currencie­s (CBDCs) and yield-bearing stablecoins, which offe­r greater advantages and fe­atures than this stablecoin. In addition, regulatory hurdles could pose­ a problem for this stablecoin if non-banks are prohibited from issuing stable­coins. 

Moreover, certain me­mbers within the cryptocurrency community have­ expressed doubts re­garding this stablecoin centralized nature and pote­ntial vulnerabilities. They argue­ that PayPal or other authorities could manipulate or ce­nsor transactions since they claim that PYUSD lacks true de­centralization or transparency.

While KuCoin’s decision to list PYUSD is undoubte­dly a positive developme­nt for this stablecoin, its ability to overcome the­se challenges and criticisms re­mains uncertain. The ultimate goal of achie­ving widespread adoption and acceptance­ within the crypto space is yet to be­ seen.

Related Reading | XRP’s Massive Pennant Signals Potential Breakout In 2024: $1.3 Holds the Key

Elusive Crypto Mastermind: Hong Kong’s JPEX Scandal Takes an International Twist

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The leader of JPEX, Hong Kong’s largest crypto rug pull case, is suspected of having fled to Australia, prompting urgent action as its Australian company was deregistered. Hong Kong police have announced their intention to seek Interpol’s assistance in the fugitive hunt. Meanwhile, nearly 4,000 victims find themselves entangled in the scandal, with approximately US$178 million of funds at stake.

Suspects’ Roles in the Cryptocurrency Scheme

As the investigation unfolds, it becomes increasingly clear that the 11 suspects questioned by local police are unlikely to be the masterminds behind the massive financial fraud. 

Authorities are now focusing on unraveling the extent of these suspects’ knowledge regarding the JPEX cryptocurrency platform operations before the allegations come to light.

Intriguingly, investigators are also digging into potential connections between some of the suspects and over-the-counter virtual asset money changers. To date, the police have received 2,265 complaints from victims, resulting in the arrest of 11 individuals on suspicion of conspiracy to defraud.

Among those taken into custody are Joseph Lam Chok, a former barrister turned insurance executive turned social media influencer at the age of 33, as well as YouTubers Chan Wing-yee, 36, and Chu Ka-fai, 31. Lam has distanced himself from JPEX during a press conference at his upscale Mid-Levels home, asserting that he is no longer involved in its operations.

Additionally, the corporate secretary of the JPEX Technical Support Company, Tsang Cho-shun, 22, and two other individuals associated with Web 3.0 Technical Support, Jason Chan Hiu-ho, 22, and Tang Lap-shun, 26, have also been detained.

Sources suggest that Kwok Ho-lun, the sole director of Web 3.0 Technical Support, is among those sought by the police, raising questions about his involvement in establishing the firm. Kwok is also the director of CoinLedge Limited and Crypto Wesearch Media Limited, with CoinLedge being a blockchain media company that previously promoted JPEX.

Further complicating matters, Wong Ho-pong, director of the Apestaurant Group, is connected to To The Moon Group and is linked to over-the-counter virtual asset money-changing services. 

Notably, actor and singer Julian Cheung Chi-lam and Malaysian actress Jacqueline Ch’ng Se Min, previously featured in promotional videos for JPEX, were questioned but not arrested. Feng Shui master and TV host Clement Chan Ting-bong, who endorsed JPEX in the past, also faced questioning.

An Australian company registered as “JP-EX Crypto Asset Platform Pty Ltd” initiated voluntary deregistration with the Australian Securities and Investments Commission shortly after the first eight arrests were made in Hong Kong. 

However, the investigation remains ongoing, with further arrests on the horizon, and Interpol’s involvement is anticipated as digital coin transfers linked to the platform are uncovered.

Related Reading | Bitcoin Faces Volatility as $3B in Options Set to Expire

Bitcoin Faces Volatility as $3B in Options Set to Expire

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Bitcoin, the flagship cryptocurrency, is gearing up for a week of anticipated price volatility as approximately $3 billion worth of Bitcoin options and $1.8 billion in Ether options are scheduled to expire on September 29th. This date holds significance as it marks the conclusion of both the month and the quarter, often translating into substantial trading volumes and increased market turbulence, according to Deribit Chief Commercial Officer, Luuk Strijers.

One intriguing aspect is the striking resemblance between the cryptocurrency market and traditional finance as they approach options expiry dates, particularly quarterly expiries. These events can trigger massive trading volumes and significant price fluctuations, creating opportunities for market makers and traders alike.

The Bitcoin Volatility Index, which gauges expected volatility over the next 30 days based on the sentiments of Bitcoin option traders, has been relatively stable near all-time lows. However, it has exhibited a slight uptick over the past month, hinting at a potential increase in market dynamics.

Strijers pointed out that “market maker movements can lead to amplified market volatility,” especially in the days leading up to options expiry. Market makers adjust their hedges to align with shifts in the underlying asset’s price, amplifying price movements. The impact of September’s monthly and quarterly expiries is expected to be more substantial than daily or weekly expiries, although current market conditions may not lead to exceptionally strong price fluctuations.

Bitcoin’s price remained relatively stagnant, with a marginal 0.1% increase to $26,544 on Friday, as reported by CoinGecko. Over the past month, Bitcoin has experienced a modest 0.4% decline in value.

Impact of Institutional Investors on Bitcoin

Institutional players utilizing the Deribit derivatives exchange are expected to employ sophisticated strategies around options expiries, emphasizing the need to manage volatility and delta hedge their exposure. These institutional investors frequently adjust their hedge positions, potentially impacting Bitcoin prices and overall market volatility.

Screenshot 56
Source: The Block Data

Options are derivative contracts that grant the holder the right, but not the obligation, to buy or sell the underlying asset at a predetermined price on or before a specific expiry date. Call options provide the privilege to buy, while put options confer the right to sell. Investors employ options for various purposes, ranging from hedging positions against unfavorable price movements to speculating on future valuation trends and volatility.

As the cryptocurrency market faces these impending options expiries, traders and investors should remain vigilant, as the convergence of factors at the end of the month and quarter could lead to a turbulent ride for Bitcoin and the broader crypto market.

Ethereum Faces Challenges as Network Fees Drop, Activity Declines

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In recent developments, Ethereum network fees have hit their lowest point in 2023, standing at just $1.15 per transaction. While this decline in transaction costs may seem like a positive sign, a closer look reveals some concerning trends in Ethereum’s ecosystem.

Historically, Ethereum has thrived when its native cryptocurrency, Ether (ETH), becomes more affordable to circulate. Lower fees make it easier for users to engage with the network, leading to increased utility. This surge in utility often results in a recovery in Ethereum’s market capitalization, as more users and developers flock to the platform.

However, the situation appears more complex when considering recent data presented in a research report by JPMorgan. The report highlights a significant drop in ETH network activity following the Shanghai upgrade in April. Daily transactions have fallen by 12%, daily active addresses have dropped nearly 20%, and the total value locked in decentralized finance (DeFi) protocols on the network has slumped almost 8%.

Ethereum’s Decline: Factors at Play

JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, point to several factors contributing to this decline in Ethereum activity. Regulatory uncertainties and enforcement actions in the U.S., declining institutional interest, reduced venture capital investment, and incidents involving FTX and Terra have all created a bearish environment for ETH. Despite the positive energy-saving shift from proof-of-work (PoW) to proof-of-stake (PoS) following the Merge upgrade, the increase in network activity has been disappointing.

The analysts also express concerns about centralization, citing the dominance of liquid staking protocols like Lido and a high concentration of validators on the network.

While challenges loom large, there is hope on the horizon with the upcoming EIP-4844 upgrade, also known as Protodanksharding, planned for Q4 2023. This upgrade introduces data-containing blobs capable of accommodating more data than the blocks themselves, potentially boosting network activity.

However, the analysts caution that “persistent negative crypto factors continue to pose challenges,” indicating that ETH may need more than just technological upgrades to regain its former vitality.

In response to JPMorgan’s report, Ethereum enthusiasts have pointed out the progress made in Layer-2 solutions, suggesting that these off-chain scaling solutions could reinvigorate the network.

As Ethereum grapples with these challenges, its price remains under $1,600, highlighting the need for the Ethereum community, developers, and stakeholders to address these issues collectively. The future of Ethereum’s utility and market cap recovery will depend on how effectively these challenges are navigated and the network’s adaptability to evolving dynamics in the crypto space.