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Ammar Raza

Quant (QNT) Whale Transactions Hit 16-Month High: Santiment Report

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Santiment, an on-chain analytics platform, recently reported that the Quant Network (QNT) had experienced a high number of transactions from significant investors, or whales, in recent months. The most significant activity occurred on January 7th, when 187 QNT transactions worth over $100,000 were recorded, the largest such activity seen in 16 months.

The price of QNT has been declining since reaching record highs in September 2021 and hitting a yearly low of $94.3 on November 14th following the collapse of FTX. Despite this, the digital asset has shown some signs of recovery, forming a high-low structure and attempting to break through the $132.40 resistance level in December.

However, according to CoinMarketcap data, Quant is currently experiencing bullish momentum, with daily and weekly chart gains of 5% and 9%, respectively. The digital asset is trading at $117.83 and has seen a boost in trading volume of 102% in the past 24 hours. Its market cap has also increased by 4%.

QNT USD 2023 01 09 16 57 26
Source: Tradingview

Quant (QNT) Price Prediction

It’s always difficult to predict the future of cryptocurrency prices, as they are influenced by a wide range of factors. However, it’s possible that QNT could perform well in the future.

Many believe that Quant (QNT) has the potential to be a promising coin in 2023, while the token’s price has decreased by 40% over the past year. Santiment previously reported that “though their respective prices are down big, as is the rest of crypto, these are good signs for a better 2023” for QNT.

As the market begins to improve, Quant will reach a maximum price of $212.21 in 2023. The lowest anticipated price is $141.47, with an average price of about $176.84 per BitNation.

Outlook For The Crypto Market In 2023 From Quant CEO

“Gilbert Verdian, CEO & founder of Quant, discusses 2023 trends and forecasts with RBI editor Douglas Blakey.” According to Verdian, the crypto market has grown significantly in recent years and has the potential to impact the rest of the financial system. 

As a result, governments and regulators will need to implement more stringent rules in 2023 to protect consumers and mitigate risks. Verdian also predicts that banks and asset managers will seek to hire blockchain specialists and that central bank digital currencies (CBDCs) will become a political issue but ultimately prevail. 

He believes that the focus in 2023 will be on building CBDC infrastructure that values consumer protection, privacy, and interoperability but that politicization may continue to be challenging. 

Additionally, Verdian expects to see the widespread introduction of cybersecurity principles and safe custody solutions in 2023, with regulations eventually catching up to these developments.

Related Reading | Chinese Miner Predicts Ethereum Price Surge, Bitcoin to Remain Low 

Huobi Global Parent Firm Plans To Strengthen Its Position in the Korean Crypto Market

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Huobi Korea, a domestic crypto exchange, is looking to become a stronger presence in the local market. As part of their plan, they have decided to alter their name to simply Huobi and acquire shares from their parent company, Huobi Global.

The Korean exchange intends to gather input from internal and external employees through a call for a new mission and will finalize the task after considering these opinions, as reported by local media.

Huobi Global Its Parent Company Planing “Equity Agreement”

Both exchanges are negotiating an equity agreement. Because Li Lin, the founder of Huobi Global, owns the majority stake in Huobi Korea, while Chairman Cho Kook-bong and Korea Real Estate Trust also have sizable shares.

Having acquired 72% of the total shares in the Korean exchange, Cho Kuk-bong has succeeded the founder of Lilin and become its chairman. Within the virtual asset industry, Kuk-bong is seen as an owner of a significant crypto farm.

Huobi Global was widely known as a global virtual asset exchange that rivaled Binance and FTX. Established in 2013 by engineer Li Lin, it has become the largest crypto exchange in China since its rebranding. It signified to many in the industry as the drawing of a definitive line between the exchange and other major platforms.

Li Lin’s exchange recently experienced a crisis as demand for Proof of Reserve (POR) increased. As a result, the Korean exchange decided to distance itself from it. This follows the bankruptcy of FTX due to a lack of liquidity and the implementation of POR by virtual asset exchanges to protect customers from being unable to withdraw funds. 

The Korean exchange has been affected by actions taken by Huobi Global in the past, such as the suspension of transactions for five months due to a change in its corporate location. Its decision to change its name and purchase a stake may be an attempt to establish independence in the Korean market.

According to the report, an industry insider said:

Huobi Korea has suffered from foreign exchanges, especially the image of a Chinese exchange. It can be interpreted as trying to show that it is a ‘domestic exchange’ that is as safe as it is.

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Hong Kong To Regulate Crypto Industry And Issue Tokenized Green Bonds

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Hong Kong’s financial authorities made a commitment to regulate the cryptocurrency industry better. In November last year, the financial secretary revealed several trial programs in an official announcement. 

One notable program is the release of tokenized green bonds for institutional investors. However, the issuance of these government green bonds was scheduled to start by the end of the last year, making it the first time a government green bond has been tokenized.

However, according to the latest announcement, the Financial Secretary of Hong Kong declared that the government would soon release tokenized green bonds, aiming to target institutional investors. They also aspire to implement the proper regulatory guidelines to unlock the potential of Web 3.0 technology.

HK Government Completed Crypto Legislative Work

Paul Chan Mo-po, the Financial Secretary, reported that numerous tech companies and startups had contacted about establishing international headquarters or expanding in Hong Kong in the last two months. Many also consider listing in Hong Kong under the policy of “attracting businesses and talent.

In a recent speech, Chan Mo-Po announced that the government has finished drafting legislation for a licensing system for crypto asset service providers. 

Chan Mo-Po commented that as the virtual asset exchange market continues to grow, Hong Kong has become a hub for high-quality virtual asset companies. The government aims to regulate the market in order to realize the potential of technologies like Web 3.0 and prevent risks to financial stability, investor protection, and improper funding activities.

According to him, the system requires relevant exchanges to meet anti-money laundering, anti-terrorist financing, and investor protection standards similar to those that traditional financial institutions must follow. It is expected to give crypto exchanges a greater level of legitimacy in the market.

He further stated that the government and regulatory agencies are conducting pilot projects to evaluate the technical benefits of virtual assets and examine related applications:

He revealed that the green bonds to be issued by the government will be tokenized for subscription by institutional investors.

Moreover, Chen Haolian, the Deputy Secretary for Financial Affairs and Treasury attended the same event and noted that the Securities Regulatory Commission is actively creating guidelines for crypto asset exchanges, intending to launch a public consultation by the start of this year.

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BitPay Reveals DOGE Is Now Fourth Most Popular Crypto For Transactions

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The popularity of Dogecoin as a transactional currency has risen significantly in recent months. According to BitPay, a prominent crypto payment processor, Dogecoin is now the fourth most popular cryptocurrency for transactions on the platform. 

In June, Dogecoin accounted for 6% of transactions on BitPay, but by December, that figure had nearly doubled to 10%. This trend suggests that an increasing number of people are using this token as a means of exchange.

As can be seen from the list, the number of transactions for Bitcoin (BTC), which is currently ranked first, decreased from 53.3% to 41.81 during the same period. Ethereum (ETH), which had been ranked second in June, dropped to third in December and replaced Litecoin (LTC), accounting for 25.51% of transactions.

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Source: bitpay

The token’s recent success can be partly attributed to Elon Musk’s tweets about the cryptocurrency. This attention has made DOGE one of the few cryptocurrencies that have generated returns for investors, even those who joined the market late. 

Additionally, Last year, Elon Musk’s Boring company used BitPay to accept cryptocurrency payments for a collectible perfume known as “Burnt Hair.” It enabled customers to purchase the fragrance with a range of cryptocurrencies, including Dogecoin.

Recently, CoinSwitch, India’s largest cryptocurrency trading app with a user base of around 20 million, reported that Dogecoin was among the most popular assets held by its users in 2022.

Dogecoin (DOGE) Price Rises

Since this news was released, the data from CoinGecko shows that Dogecoin has experienced significant increases in value over the past 24 hours and the past week. The current price of token is $0.072313, with a 1.8% increase in the last 24 hours and a 1.84% increase in the previous seven days.

DOGEUSDT 2023 01 07 07 30 18
Source: Tradingview

Despite the downward trend that has persisted throughout 2022, the token has recently broken out of a short-term bullish pattern and is trying to regain the $0.074 resistance level. 

Dogecoin’s price was much higher in May 2021, reaching a record high of $0.73. However, by June 2022, the price had fallen by more than 90%. Even at its best price in the current year, the coin is still much lower than it was at its all-time high.

The token’s price increased significantly after billionaire Elon Musk bought Twitter in October. The token was worth $0.07203 on October 27th and $0.1572 on November 1st. However, its price has fluctuated since then.

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NFTs Are Heating Up Again: Trading Volumes Reach Three-Month High

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WU Blockchain reported today that the NFTs market saw a significant increase in trading volume yesterday, reaching a three-month high with a single-day total of over 32,000 Ethereum (ETH). 

image 21
Source: NFTGo

On January 5th, the market capitalization of the NFT market reached a three-month high of approximately 10.23 million ETH. The previous high was seen on December 10th, when the market cap was about 9.82 million ETH. 

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Source: NFTGo

The data is gathered from an NFT marketplace or analytics platform, NFTGo. Additionally, OpenSea, a major marketplace for NFTs, also experienced a two-month peak in ETH-denominated trading volume on the same day. 

However, NFTGo’s Barometer is currently at 31/100, indicating that NFT market sentiments are cool. In the last 24 hours, there have been 19,288 buyers and 19,288 Sellers.

NFTs Sales Volume in 2022 Nearly Matches 2021 Peak

According to data from DappRadar, the volume of NFT sales in 2022 almost reached the peak seen in 2021, despite declining sales and falling prices in recent months. The market generated approximately $24.7 billion in organic trading volume across blockchain platforms and marketplaces in 2022, a slight decrease from the $25.1 billion recorded in 2021. 

However, DappRadar observed a significant increase in the number of NFTs traded last year, with approximately 101 million NFT trades recorded in 2022, compared to about 58.6 million in 2021. It suggests that a larger number of NFTs were traded at lower values due to the decrease in crypto and NFT prices.

The crypto market saw significant value loss in 2022, with losses intensifying due to the collapse of Terra’s LUNA and UST and the downfall of the crypto exchange FTX. This “crypto winter” led to a decline in crypto prices and had a similar effect on the NFT market. 

image 23
Source: OpenSea

Sales of NFTs saw a boost in January as the market carried over momentum from 2021, with top marketplace OpenSea recording a record month with $5 billion in trading volume. However, trading volume decreased in the following months before a surge in late April due to the launch of NFT land plots for the metaverse game Otherside by Yuga Labs. You can also check out other NFT market moves by going to BuyNFT.

image 22
Source: OpenSea

It drove OpenSea to a single-day record for trading volume, but the market did not maintain this momentum and saw a drop in monthly volume from nearly $3.3 billion in May to just over $1 billion in June. Since then, the market has not surpassed the $1 billion mark.

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Binance Enters ACSS: Sets New Standards for Crypto Exchanges

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Binance, a leading cryptocurrency exchange, announced yesterday that it had become a member of the Association of Certified Sanctions Specialists (ACSS), a global organization that brings together professionals specializing in sanctions compliance.

“Binance is the first crypto exchange to formally join the association.”The ACSS is a global organization for sanctions professionals, and it promotes compliance by supporting the development of its members. Companies and governments use the ACSS to help with sanctions compliance. 

The world’s largest exchange has emphasized regulatory compliance in the past two years, and its compliance team has grown from 500 to 750 people. In addition, the exchange has obtained licenses, registrations, and approvals in 14 countries, including France, Dubai, Australia, and others.

Binance has received DASP registration from AMF in France, DASP registration from OAM in Italy, Virtual Asset Services Provider registration from the Bank of Spain in Spain, and Class 3 CASP registration from CySEC in Cyprus and many others.

Binance To Enhance Team With ACSS Training 

Binance will use ACSS resources to improve its team’s abilities. To be certified, the exchange’s sanctions team and professionals in charge of money laundering reporting, compliance operations, and special investigations must complete ACSS training, according to the press statement.

ACSS will train the exchange’s sanctions team on the latest OFAC guidelines for creating sanctions compliance programs. ACSS will also help the team stay updated on sanctions laws and understand the risks of violations in various countries.

Binance’s Global Head of Sanctions, Chagri Poyraz, said:

By working closely with the ACSS, we will take our sanctions compliance standards to a level that is recognized by a reputable industry association and provide upskilling opportunities for our compliance team. 

Poyraz further stated that they, together with other market participants, want to maintain the industry standard for security and compliance.

ACSS Executive Director Saskia Rietbroek said they are honored to be selected by Binance, a global leader in blockchain and cryptocurrency infrastructure. 

Rietbroek said that ACSS would provide high-quality training to Binance’s team in this rapidly evolving industry and contribute to improved compliance in the crypto industry.

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Bitcoin Whale Moves 15,000 BTC After Four Years

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An old Bitcoin wallet that had been inactive for approximately four years recently transferred about 15,000 BTC (worth about $252.5 million) to an unknown address, according to data analysis from Lookonchain. 

The account was last active in July 2019. The specific addresses involved were mentioned in Lookonchain’s tweet. However, the address that received the funds now holds almost 26,056 BTC, nearly half a billion worth of BTC. 

It is unclear who owns the wallet that moved the large amount of Bitcoin, but it is possible that it belongs to either a significant retail investor who has been accumulating Bitcoin in various wallets over time or a considerable blockchain platform that required emergency funding. 

Over the past six months, wallets containing between 0.1 and 100 BTC have grown in size by roughly 9%. It was recently reported by Santiment on Twitter, showing that mid-level to smaller holders of Bitcoin are accumulating their holdings.

Santiment outlined an unprecedented influx of “whales,” or significant investors, that has been steadily amassing Bitcoin since the bullish 2017 cycle. This was one of the most pronounced buying patterns in cryptocurrency history.

As Bitcoin hit an unprecedented high of around $20,000, some of its major holders decided to take profits by selling their positions. Then, when the cryptocurrency price decreased to a lower level, these same whales began building up their stashes again until the end of last year. 

In the face of BTC’s recent drop beneath the $20k milestone, they’ve returned to actively purchasing it. However, the Santiment report implies that although these major players are correct in forecasting price movements over extended periods of time, their forecasts for short-term shifts can often be incorrect.

Analysts Warned About Bitcoin (BTC) 

Charles Edwards of Capriole Investments recently tweeted a chart warning that Bitcoin could soon make an expansive, prolonged shift due to its plummeting volatility levels. 

He stated that historical precedent suggests that the changes occurring when Bitcoin is faced with low volatility are not just temporary and tend to remain over time. Thus, traders should avoid going against the trend as it emerges in this upcoming movement.

Additionally, crypto expert Jason Pizzino believes that the MVRV ratio indicates that Bitcoin’s late-stage bear accumulation phase could be winding down over the next couple of months. In a recent YouTube video, Pizzino informed his followers that there are signs of BTC entering into an accumulation stage.

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Binance & Gopax Acquisition Status Uncertain, Repayment of Funds at Risk

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An employee of Binance has reportedly stated that the acquisition of Gopax, a South Korean-based crypto exchange, has yet to be determined, according to WU Blockchain.

It has been noted that Gopax is currently in need of approximately $47 million in order to repay its wealth management product customers. If Binance is unable to provide the necessary funding, it is possible that investors may experience losses.

It has been previously reported by TronWeekly that Binance, a leading global cryptocurrency exchange, is planning to enter the Korean market through the acquisition of Gopax, a Korean exchange. The acquisition was reportedly in its final stages, with due diligence completed and procedures being confirmed.

Binance Acquisition Of Gopax Exchange

South Korean media outlet Chosun has confirmed that cryptocurrency exchange GoPax must pay back up to KRW 60 billion (approx. 47 million) to its customers.

According to the report, following the collapse of FTX in November of last year, Genesis Global Capital, the management company for GoFi, ceased repayment and GoFi deposits became insolvent. Genesis has repeatedly promised to repay the funds, but it is uncertain if they will be able to do so.

The funds, which include principal, interest, and delay interest, must be returned for both fixed and free-form products and are based on the closing price of virtual assets at the time of payment suspension. 

On November 23, KRW 33.8 billion was calculated as the amount to be repaid for suspended fixed-type products, made up of KRW 33.1 billion in principal and KRW 700 million in interest. 

When this amount is subtracted from the total repayment fund of KRW 60 billion, KRW 26.2 billion remains. This remaining amount is based on the closing price on November 16 and corresponds to the repayment of principal and interest for free-form products.

The acquisition of Gopax by Binance is expected to be equal to or greater than the total amount of GoFi repayments. However, if GoPax is unable to secure the necessary funds from Binance, which is reportedly in talks to acquire the company, domestic investors may suffer losses. 

40% of Crypto Bank Silvergate’s Staff Cut In Effort to Cover $8B in Customer Withdrawals

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Silvergate Capital, a crypto-focused bank, announced on Thursday that it would cut approximately 200 employees or 40% of its workforce and abandoned its plans to launch its own digital currency.

The bank has written off the $196 million it invested in acquiring the technology and assets of the Diem Association from Meta. The bank had previously partnered with them in 2021 to issue the stablecoin, with Silvergate managing the reserves and issuing the coin itself. 

At that time, the bank’s CEO stated that the bank plans to launch a regulated, scalable stablecoin by the end of 2022 and will continue to support the open-source community responsible for its development. Lane expressed confidence that current contributors will share in the bank’s vision for the future.

However, the decision to cut staff and abandon its digital currency plans comes in the wake of a transformative shift in the digital asset industry in Q4 2022, which saw several high-profile bankruptcies due to significant over-leverage. 

In response to these events and their impact on the company’s balance sheet, Silvergate is taking measures to strengthen its business, including reducing its expenses.

The headcount reduction will allow Silvergate to continue providing tailored customer experiences while carefully managing its expenses in a challenging economic climate. Affected employees were notified on January 4th, 2023, and will receive severance packages and job placement resources.

The bank estimates that the cost of the workforce reduction will be approximately $8 million, including $6.1 million in severance payments and $1.3 million in employee benefits. Most of these costs will be incurred in Q1 2023. 

These costs are in addition to a $4 million restructuring charge incurred in Q4 2022 for severance and employee benefits related to the company’s exit from the mortgage warehouse lending product.

Crypto Bank To Sell Assets At a Steep Loss

US lawmakers have scrutinized Silvergate due to its ties to crypto exchange FTX and Alameda Research. In December, three senators sent a letter to the bank requesting information on its involvement in customer losses during the FTX exchange collapse. 

The letter suggests that Silvergate’s role in transferring FTX customer funds to Alameda involved a failure to properly monitor and report suspicious activity.

According to a report by the Wall Street Journal today, Silvergate sold off debt on its balance sheet to handle around $8.1 billion in withdrawals, resulting in a loss of $718 million. This loss is said to be greater than the bank’s profits since 2013. In addition, deposits related to cryptocurrency at the bank decreased by 68% in the fourth quarter of last year.

Because of this, Silvergate dismissed 40% of its personnel. Despite this, the bank remains positive in its commitment to crypto and claims to have enough funds to handle a transformation phase. The bank highlighted that it’s taking decisive action to navigate the current market situation.

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Crypto Bank Juno Asks Users To Sell Their Assets Here’s Why

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On January 4th, the crypto bank Juno tweeted that customers should either remove their crypto assets to a self-custody wallet or sell them for funds in a Juno checking account that is FDIC insured up to $250,000 through a partner bank.

As stated in a Twitter thread, Juno has chosen to rely on a third-party company to handle customers’ cryptocurrency assets rather than managing them directly. However, due to recent uncertain circumstances involving this partner, Juno has taken proactive measures to safeguard the interests of its customers.

Juno CEO and co-founder Varun Deshpande said that the decision to advise customers to self-custody or sell their assets was made as the company’s current custodian, Wyre, plans to shut down its operations in the near future.

The company indicated that it is actively working to resume crypto purchases and deposits as soon as possible and plans to switch to a new crypto partner. They reassured customers that they would continue to operate, fulfill orders as usual, and remain committed to the crypto market.

As a precautionary measure, the company has temporarily disabled the ability to purchase cryptocurrency on its platform. It has automatically converted stablecoins (mentioned in the tweet) to US dollars in an FDIC-insured checking account. Additionally, customers will not be charged for any fees incurred due to this action, the company said.

The company ensures security for additional services:

All Banking and card-related services are unaffected and continue to operate as usual. Juno has always taken a community-first approach, and this was a preemptive action taken directly in the interest of users.

The company also stated that since announcing this change to its users, the value of crypto assets held on the platform has dropped below $1.25 million. The company is currently contacting customers and encouraging them to take control of their asset management (self-custody).

Crypto Payments Company Wyre to Shut Down

Yesterday, Tronweekly reported that Juno’s custodial partner, Wyre, a cryptocurrency payments company, has informed its employees that it will be shutting down. Axios first disclosed this news.

According to reports, the CEO, Ioannis Giannaros, notified certain employees of the company’s closure through email during the holiday season and mentioned that the company would be liquidated. 

Whereas, Giannaros stated in an email to Axios that Wyre is still functioning but will be scaling back its operations as it maps out its future plans. He has not yet responded to requests for additional comment on the allegations made by ex-employees.

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