Crypto conspiracy theories abound, but prop traders are just doing its job

Alameda Research is a cryptocurrency trading firm and liquidity provider founded by crypto billionaire Sam Bankman-Fried (SBF). Before founding his firm in 2017, SBF spent three years as a trader at the quantitative proprietary trading giant Jane Street Capital, which specializes in equity and bonds. In 2019, SBF founded the crypto derivatives and exchange FTX, which has quickly grown to become the fifth-largest by open interest. The Bahamas-based exchange raised $400 million in January 2022 and was valued at $32 billion. FTX’s global derivatives exchange business is separate from FTX…

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What are Bitcoin covenants, and how do they work?

Various prominent Bitcoin experts, including Adam Back, Jimmy Song and Andreas Antonopoulos, have raised some concerns over the implementation of restrictive covenants, in particular with the BIP119. In particular, Antonopoulos has voiced concerns over “recursive covenants” that the new update could convey, thereby deteriorating the network. A recursive covenant occurs when a programmer restricts a transaction, but he does it in a way that restricts another transaction after that, starting a domino effect resulting in future limitless recursive covenants. Blacklisting and risks of censorship and confiscation While locking up where…

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How low can Ethereum price drop versus Bitcoin amid the DeFi contagion?

Ethereum’s native token Ether (ETH) has declined by more than 35% against Bitcoin (BTC) since December 2021 with a potential to decline further in the coming months. ETH/BTC weekly price chart. Source: TradingView ETH/BTC dynamics The ETH/BTC pair’s bullish trends typically suggest an increasing risk appetite among crypto traders, where speculation is more focused on Ether’s future valuations versus keeping their capital long-term in BTC.  Conversely, a bearish ETH/BTC cycle is typically accompanied by a plunge in altcoins and Ethereum’s decline in market share. As a result, traders seek safety…

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6 Questions for Daniel Yan of Matrixport – Cointelegraph Magazine

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!   This week, our 6 Questions go to Daniel Yan, founding partner and chief operating officer at Matrixport — a digital assets financial services platform where users can invest, trade and leverage crypto assets.   Hey guys, this is Dan — I am a founding partner at Matrixport. I have been COO of the company since 2019 overseeing the day-to-day operation…

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Small-time investors achieve the 1 BTC dream as Bitcoin holds $20k range

Ever since early Bitcoin (BTC) investors woke up millionaires as the ecosystem gained tremendous popularity alongside the mainstreaming of the internet, investors across the globe have been in the rush to accumulate as many of the 21 million BTC — one Satoshi at a time. With BTC recently trading at the $20,000 range for the first time since 2020, small-time investors found a small window of opportunity to achieve their dream of owning at least 1 BTC. On June 20, Cointelegraph reported that the number of Bitcoin wallet addresses containing…

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Yuga Labs breaks silence, X2Y2 outpaces OpenSea and more…

Yuga Labs has finally broken its silence over the conspiracy theory that alleges the team embedded alt-right and Nazi memes/imagery into the artwork and branding behind the Bored Ape Yacht Club (BAYC). As Cointelegraph previously reported, the BAYC conspiracy theory was once again brought into the limelight on June 20 after YouTuber Philion published a video exploring the supposed evidence that artist Ryder Ripps initially compiled at the start of this year. In a Medium blog post shared via Twitter on June 25, Yuga Labs co-founder Gordon Goner said that…

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