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The New York Bankruptcy Court has approved Celsius’ restructuring plan. Celsius proposes to reorganize the firm into a BTC mining platform and initiate a reimbursement plan for creditors. The new firm will be rebranded as ‘NewCo’ and will be managed by the consortium Fahrenheit. According to recent reports, the New York Bankruptcy Court has approved the bankrupt cryptocurrency firm Celsius’ restructuring plan. After which, customers could recover their funds and receive equity in the new company, a creditor-owned Bitcoin mining company. In a court order dated November 9, Judge Martin Glenn of the Southern District of New York Bankruptcy Court approved the Celsius creditors’ proposal to restructure Celsius, which would be rebranded to NewCo. Under the proposed plan, the new platform will focus on BTC mining and staking fee earnings. The consortium Fahrenheit LLC will manage the new platform and is expected to acquire a minority stake in NewCo for ar...

Swiss multinational investment bank UBS Group is set to enable select high-net-worth clients in Hong Kong to trade crypto-linked exchange-traded funds (ETFs). The move is aimed at keeping pace with its competitor, HSBC, which has already incorporated three crypto-related futures ETFs on its investment platform in the city. The authorized ETFs, including Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures, have received the green light from Hong Kong’s Securities and Futures Commission. UBS following in HSBC’s footsteps The largest bank in Hong Kong, HSBC, has long been a participant in the crypto market. It recently announced that it would start offering Bitcoin and Ethereum ETFs in Hong Kong. The strategic move by UBS underscores the growing importance of crypto currencies in the financial sector and reflects the increasing demand from high-net-worth individuals for exposure to digital assets. Crypto regulation framework i...

Celsius Network is revamping into a Bitcoin mining company, promising customer repayments and an exit from bankruptcy .  Cryptocurrency lending platform Celsius Network has secured court approval to transition into a Bitcoin mining company owned by its creditors. This development is part of a comprehensive strategy to compensate account holders whose funds have been inaccessible for over a year. The confirmation of this strategy was announced by U.S. Bankruptcy Court in the Southern District of New York on Thursday. The approval signals a turning point for the company following its financial collapse last year. According to representatives for Celsius, the platform may commence asset distribution by early next year. BREAKING: THE PLAN HAS BEEN CONFIRMED. pic.twitter.com/SK1SwRDiUq — Celsius NewCo Community (@CelsiusNewCo) November 9, 2023 Celsius exiting Chapter 11 bankruptcy The company’s restructuring strategy, which garnered significant backing from its creditors,...

The rally in the crypto market looks overvalued, say JPMorgan Chase analysts. According to The Block, the bank noted the high expectations of traders and investors dictated by several factors. Among them, experts identified two main ones: the prospect of approval by the US Securities and Exchange Commission (SEC) of spot Bitcoin ETFs and the softening of the department’s supervisory policy, which stems from the previous paragraph. However, in both these cases, there are certain nuances, the report says. In the first, positive expectations are dictated by a likely jump in the exchange rate and an influx of capital, but the latter is unlikely, JPMorgan Chase notes: “First, instead of fresh capital entering the crypto industry to be invested in the newly-approved ETFs, we see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs, and publicly listed bitcoin mining companies, into the...

Swedish cryptocurrency proponent Eric Wall has flagged targeted attacks on well-known BTC community members. Criminals in Sweden are specifically targeting prominent local Bitcoin figures, which appears to be the result of ease of access to personal information and residential addresses in the country. Reports from Swedish media outlets LT and Aftonbladet have linked separate robberies in Rönninge and Södertälje that appear to have occurred under the same modus operandi. Victims were tied up and physically abused to steal physical and virtual Bitcoin holdings. Prominent cryptocurrency proponent Eric Wall, who currently serves as a StarkNet Foundation board member, highlighted the incidents in an X post (formerly Twitter). Wall said the two assault cases indicate that Swedish criminals are actively looking to target Bitcoin users. there's now officially a situation in sweden this monday, a middle-aged swedish couple was tied up in their home and robbed by 4 masked men. they were p...

Elon Musk slams NFTs on the Joe Rogan podcast only to unintentionally make the case for Bitcoin Ordinals. In this week’s newsletter, we dive into the dynamic world of nonfungible tokens (NFTs) and their impact on the digital landscape, as NFT sales have skyrocketed to an impressive $129 million in November, according to data from Nansen. Despite the surge in sales , OpenSea has laid off a substantial amount of staff as it prepares to launch version 2.0 of its platform, and Elon Musk unintentionally made a case for Bitcoin Ordinals. Meanwhile, an OpenSea investor has taken a 90% markdown on their stake in the platform, and don’t forget this week’s Nifty News featuring The Simpsons roasting NFTs. NFT sales volume jumps to $129 million in November — Nansen data NFTs have seen a large increase in weekly sales volume, with sales reaching 29,704 Ether (ETH), worth approximately $56 million, and later surging to 68,342 ETH (over $129 million) in a matter of weeks. NFT marketplace Blur had...

At press time, DOGE was trading at $0.07373 after its spruce dipped 2.01% in the past day. An analyst believes that DOGE could target $0.084 if it can break above the $0.076 level. Technicals on DOGE’s daily chart, however, indicate that buyers have lost some of their strength. The renowned cryptocurrency analyst and trader, Ali, shared in an X post today that he believes Dogecoin’s (DOGE) price could move up soon. According to the analyst, DOGE is currently “navigating a tight zone, sandwiched between two crucial supply walls.” #Dogecoin is navigating a tight zone, sandwiched by two crucial supply walls. Support Wall: Spanning $0.072-$0.073, with 200K addresses holding 28.6B $DOGE. Resistance Wall: Ranging from $0.074-$0.076, where 124K addresses hold 26.95B #DOGE. Note that support outstrips… pic.twitter.com/O5FRIJ1SIl — Ali (@ali_charts) November 8, 2023 DOGE’s supply wall spans between $0.072-$0.073, with about 200K addresses holding 28.6 bil...

A U.S. government report found that the SEC faces difficulty hiring crypto experts. Professionals were reportedly reluctant to divest their crypto holdings to work for the agency. The report cited conflict of interest laws and competition from the private sector, hurting expert recruitment. The United States Securities and Exchange Commission (SEC) is facing difficulties in hiring qualified crypto asset experts, a report from the Office of Inspector General (OIG) has revealed. The OIG report on the management and performance challenges faced by the SEC has outlined the difficulties faced by the agency in recruiting qualified crypto experts. The SEC has ongoing cases against multiple entities in the crypto domain, including Ripple, Binance, and Coinbase. Against a backdrop of a mounting number of cases, the SEC is reportedly finding it challenging to hire experts in the field of crypto. The agency statutes require professionals to sell their crypto assets to w...

U.S. legislator has proposed reducing the annual salary of Securities and Exchange Commission chair Gary Gensler to a mere one dollar. Representative Tim Burchett has put forth an amendment to the Financial Services and General Government (FSGG) bill, proposing to reduce SEC Chair Gary Gensler’s salary to $1 in an effort that aligns with a broader proposal to defund the regulator. The FSGG bill, introduced on July 13, encompasses a variety of measures designed to slash federal spending. Gensler, believed to earn over $300,000 annually for his role at the SEC, has become a focal point in this legislative push for fiscal prudence. Burchett was not the sole legislator advocating for reduced SEC funding, with the overarching bill proposing significant funding reductions for several government agencies. You might also like: SEC’s Gary Gensler advises crypto industry in Bitcoin whitepaper anniversary post Representative Steve Womack, presenting the bill to the House Rul...

Solana (SOL) becomes the most traded altcoin in US exchanges this year.  Solana (SOL) is witnessing a dramatic climb in trading volume , outshining other altcoins on exchanges accessible in the United States over the current year. Leading exchange, Coinbase strategically increased its holdings by acquiring 2.2 million SOL tokens on Oct. 18. Since then, SOL is up by over 35%. In contrast, South Korea’s prominent exchange, Upbit, sold nearly 4 million SOL tokens. SOL’s monthly price chart What’s driving Solana (SOL)? A surge in network activity, particularly within liquid staking token protocols such as Jito, has contributed partially to Solana’s price acceleration, according to the data from Kaiko Research. As a prominent alternative Layer 1 (alt L1) blockchain, Solana is frequently juxtaposed with Ethereum (ETH), and the recent months have seen Solana outshine its counterpart. The comparative ratio of SOL to ETH has escalated from 0.011 in September to ...

Bitget plans to invest in Indian blockchain startups under the $10M BlockchainForYouth Fund. Bitget is sponsoring India’s BUIDL for Web3 summit under the B4Y initiative. The $10 million investment aims to nurture high-potential crypto projects for innovation in new technologies. The renowned crypto derivatives and copy trading platform Bitget has made public its intent to channel significant investments into Indian-based blockchain startups. The exchange proclaimed this development in a recent statement, noting that it is part of Bitget’s Blockchain4Youth (B4Y) initiative, which has earmarked $10 million for Web3-focused projects. According to the notification, the initiative is launching today, November 6, and will run until December 4, 2023, sponsoring BUIDL for Web3, India’s leading multi-chain summit. Notably, this summit, powered by Bitget, is a collaboration between Lumos Labs and BuidlersTribe. The exchange noted that the summit will provide a pla...

Сrypto exchange Bitfinex resolved a security incident and contacted all customers affected by a phishing attack . However, no funds have been lost. Crypto exchange Bitfinex said in a blog post it had suffered “a minor information security incident,” affecting customer accounts. According to the statement, an individual or group conducted a phishing attack against Bitfinex’s customer support agent. It resulted in losing a “small portion” of the company’s “customer support boards.” You might also like: New York resident confesses to hacking Bitfinex in 2016 As per Bitfinex, the bad actors got unauthorized access to “partial, incomplete, and stale information.” “Most of the affected customer accounts were empty or inactive. We are continuing to review the incident and the compromised information.” Bitfinex The crypto exchange noted the attacker did not get access to the firm’s core systems, r...

Tellor reports double-digit gains in the past 24 hours, where it currently sits at $112.21. At the same time, PeckShield shared the news of its account being hacked. A fake airdrop The hackers made two posts on X about the fake airdrop of Tellor’s native TRB tokens, urging users to claim free TRB tokens by following a phishing link.  #PeckShieldAlert Tellor’s X (formerly Twitter) account (@WeAreTellor) has been hacked pic.twitter.com/WwP9GSdMCe — PeckShieldAlert (@PeckShieldAlert) November 3, 2023 The initial post misleadingly stated, “The $TRB airdrop is live on an EVM chain near you…,” redirecting users to a counterfeit tellor[.]co website mimicking Tellor’s genuine URL. Subsequently, a follow-up post reaffirmed the false promise , asserting that “$75,000 claimed on…”. You might also like: Tellor (TRB) price surges 750% as network activity hits ATH PeckShield shared news of the Tellor X account being com pr...

As Cardano Summit 2023, the special competition for all early-stage Cardano (ADA) startups, begins in Dubai, United Arab Emirates (UAE), one project has received particular attention – the world’s first-ever hardware crypto currency wallet in the form of a stylish ring. Indeed, the new crypto currency cold storage product developed by Tangem is the first jewelry crypto wallet in the world, and it made its debut at the annual summit for the Cardano community, giving fans a first look at its special Features and characteristics at a workshop on November 3. Cardano community team director shows off Tangem Ring. Source: ADAtainment As previously announced, the participants of the workshop received their own Tangem Ring and wallet for free to take these products for a test ride and become the first owners of the ring-shaped hardware wallet before its public sale. Commenting on the development, Tangem CTO Andrey Lazutkin said: “As we unveil Tangem Ring, we’re not just l...

As the firm moves to open up The Sandbox Map, co-founder Sebastian Borget said he believes individual creators and brands will ultimately drive what the metaverse of the future will offer. Individual creators and brands will ultimately determine the future of the metaverse as opposed to any centralized entity, according to the co-founders of The Sandbox. On Nov. 3, the team behind the Ethereum-based metaverse announced on X it had made The Sandbox Map accessible to everyone, where “LAND” owners can publish their own experiences without needing to partake in an application process (which was previously required). THE METAVERSE IS NOW OPEN Starting today, LAND owners in The Sandbox can instantly publish experiences on the map! We're accelerating user-generated content to unleash the creative potential of creators like you. Let's build the metaverse together. #UGC #CreatorsDayHK pic.twitter.com/A2E8gNI2it — The Sandbox (@TheSandboxGame) November 3, 2023 “Now [anyon...

While Ethereum (ETH) has been affected by the same rally as much of the rest of the crypto market in recent weeks, its upward momentum has been somewhat less decisive than that of other major cryptocurrencies. Still, considering that it is, at the time of publication, well above its October highs, we decided to consult AI on what the future has in store for the end of November.  Based on the data available on November 2, the algorithm s of PricePredictions – a cryptocurrency analytics and forecasts platform – estimate that Ethereum will be worth $1,903 on November 30.  ETH 30-day price forecast. Source: PricePredictions The estimate, reached using multiple important technical analysis (TA) indicators like moving average convergence divergence (MACD), relative strength indicator (RSI), Bollinger Bands (BB), and average true range (ATR), points toward a continuing rally for the cryptocurrency. Cryptocurrency Ethereum bears gain new weapon wi...

Charles Hoskinson addresses concerns about the expansion of the Cardano ecosystem.  The founder of Cardano and IOG spoke about IOG’s involvement in developing the Midnight blockchain.  Hoskinson said new developments would take Cardano to new heights. Cardano founder Charles Hoskinson has addressed concerns about the Nami wallet and Midnight blockchain being part of the Cardano ecosystem. In his tweet, Hoskinson outlined how new projects would develop the network’s ecosystem and help push the adoption of the network. The tweet also urged the Cardano community to focus more on development to make the network a leader in the blockchain space.  I seem to notice a lot of this lately. Nami, Midnight, etc etc. Lots of amazing people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We aren't different from any DApp company in Cardano. We have products and services… https://t.co/4hWArOD0bw —...

Crypto analyst James Straten tweeted that the number of BTC whales holding more than 1K Bitcoin is increasing in Q3 of 2023. A user reported that BTC whales have accumulated over 30,000 BTC, worth $1 billion in 7 days. Lawyer Scott Johnsson tweeted about the potential approval of a spot Bitcoin ETF by the US SEC on November 2. Earlier today, crypto analyst James Straten tweeted that the number of Bitcoin whales holding over 1K BTC has been on the rise during the latter half of this year. According to him, whales buy cheaper BTC during bear markets to increase their holdings before dumping them for profit in bull markets. Something I'm noticing on-chain is that whales that hold 1k #Bitcoin or more are increasing in terms of number, in the second half of this year. This entity tends to increase in bear markets (buy cheap #BTC) and reduce in bull markets as they offload into profits.… pic.twitter.com/XbSOPa21PQ — James V. Straten (@jimmyvs24) November ...

According to popular cryptocurrency Youtuber CryptosRUs, the approval for the first Bitcoin (BTC) spot exchange-traded fund (ETF) in the U.S. could be coming within days. In a video posted on Oct. 31, CryptosRUs pointed to a closed SEC meeting scheduled for Nov. 2nd that will cover topics like “resolution of litigation claims” as a sign that a Bitcoin ETF decision is imminent. This comes after SEC Chairman Gary Gensler posted a cryptic Bitcoin-related tweet on Oct. 31st, the 15th anniversary of the release of Satoshi Nakamoto’s famous Bitcoin whitepaper. You might also like: Bitcoin ETFs could face rug-pull from Gensler, analysts say Many believe this closed meeting may involve a review of Grayscale’s Bitcoin ETF application. Grayscale recently won a lawsuit against the SEC after the regulator stalled on approving their application. If the SEC can’t find a valid reason to deny Grayscale’s ETF, they may have no choice but to approve i...

A court-ordered liquidation process allows FTX to sell nearly $3.4 billion worth of crypto assets in weekly batches starting from $50 million a week. The crypto wallet s linked to now-defunct crypto exchange FTX and its sister trading firm Alameda Research have sent over $13 million in different altcoins to numerous crypto exchanges early on Nov. 1. According to data from on-chain analysis firm Spotonchain, the FTX wallet first transferred $8.12 million worth of altcoins to Coinbase. The assets include 46.5 million GRT ($4.85 million), 972,073 RNDR ($2.3 million), and 708.1 MKR ($967,000). FTX and Alameda linked crypto deposit on Coinbase. Source: SOC The wallet addresses of FTX and Alameda Research made another $5.49 million transfer after three hours to Binance and Coinbase. The top 3 assets with the highest value in this transaction include 1.14 million DYDX ($2.64 million), 192,888 AXS ($1.05 million), and 5,858 AAVE ($522,000). #FTX and #Alameda Research further deposited...