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FTX Flips Shiba Inu To Become Top 100 Whales Biggest Holding As Key Investors Accumulates 39M FTX Tokens Worth $926M

Zabi
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FTX Flips Shiba Inu To Become Top 100 Whales Biggest Holding As Key Investors Accumulates 39M FTX Tokens Worth $926M

 

Ethereum Investors are taking a keen interest in Shiba Inu.



FTX Token (FTT) Flipped Shiba Inu (SHIB) and Becomes The biggest Holding By Dollar Value Among Top 100 ETH Whales as Three Key Ethereum Investors Scooped Up Whopping $926.54M Million Worth of FTT in Past 24 Hours.

As a result, FTT overcomes Shiba Inu (SHIB) to become the biggest holding position by dollar value among the top 100 ETH whales. The development comes after three top ETH Whales added an astounding amount of FTX Token to their stash.

 

“Bonobo” Bought $71.85 Million Worth of FTX Tokens:

The data from WhaleStats reveals that one of the top 100 ETH Whales named “Bonobo” accumulated an astounding 3 million FTX Token, worth $71,850,000 ($71.85M) in one significant transaction during the last 24 hours.

 “BlueWhale0079” Purchased $72 Million Worth of FTX Tokens:

Whereas, the data further states that among the top 1000 ETH Whales, the whale ranked 516 (as the biggest ETH Whale) on the WhaleStats platform labeled “BlueWhale0079” has gobbled up a massive chunk of 3 million FTX Tokens, worth $72,000,000 ($72M) in one noticeable transaction.

515th Biggest ETH Whale Acquired Whopping $782.69 Million Worth of FTX Tokens

Among the top 1000 ETH Whales, the whale ranked 515th on the WhaleStats platform named “BlueWhale0116” is also added a whopping total of 33,025,000 (33.02M) FTT, worth $782,692,500 ($782.69M) in two separate transactions to her portfolio.

BlueWhale0116 reportedly accumulated 13,500,000 (13.50M) FTT, worth $319,950,000 ($319.95M) in her first transaction.

Following one hour of this transaction, the whale was tracked to perform her second transaction and purchased 19,525,000 (19.52M) FTT, worth $462,742,500 ($462.74M).

Overall in the past 24-hour’s period, three top ETH Whales have scooped up a total of 39,025,000 (39.02M) FTX Tokens, worth $926,542,500 ($926.54M) in four separate transactions.

Ethereum Creator Vitalik Buterin Doesn’t Expect Crypto To Replace Traditional Currencies

Albert Brown
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Ethereum Creator Vitalik Buterin Doesn’t Expect Crypto To Replace Traditional Currencies

Ethereum Creator Vitalik Buterin Doesn’t Expect Crypto To Replace Traditional Currencies.



Cryptocurrencies are known to be volatile Bitcoin and Ethereum’s sell-offs wiped out the majority of whatever gains investors had made in the cryptocurrency market’s early going and accelerated its decline.

In the midst of it all, the creator of Ethereum, Vitalik Buterin, said Thursday that cryptocurrency assets will not replace conventional, government-backed currencies in the global economy.

“I do not expect cryptocurrencies to take over the world. It’s about cryptos and digital and governments.”

According to him, cryptocurrencies have seen substantial growth and popularity in recent years, but Buterin expects conventional and government-backed currencies to remain the dominant currency type.

Since bitcoin and other virtual currencies have been widely utilized in recent years and inflation has weakened the value of several people’s savings in currencies such as dollars, euros, or pounds, there’s been a lot of conjecture about how much of a role cryptocurrencies may play in everyday life.

In spite of the fact that proponents of cryptocurrencies are working to have digital assets replace conventional financial goods, laws are emerging as the primary obstacle in this space. This is a result of several governments, such as the United States, enacting laws to manage the space or proposing legislation to do so.

In addition, Buterin’s predictions about the future of cryptocurrencies come at a time when certain governments, such as that of El Salvador, have sanctioned the usage of bitcoin as a kind of legitimate currency. In the past, the inventor of Ethereum has referred to El Salvador’s Bitcoin requirement as “reckless,” while also criticizing others who praised the measure.

The introduction of digital currencies issued by central banks (CBDCs) is one strategy that governments are using in an effort to rein in the proliferation of cryptocurrencies. Among them is that a number of nations have already reached an advanced level of research to build CBDCs.

Industry experts feel that the decentralized nature of most cryptocurrencies poses a danger to various countries. Moreover, governments now have exclusive authority over money, and any disruption caused by cryptocurrencies is seen as a danger.

Dogecoin (DOGE) Co-founder Says Crypto Investors Should Collectively Learn from the Recent Crypto Market Collapse 

Lele Jima
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Dogecoin (DOGE) Co-founder Says Crypto Investors Should Collectively Learn from the Recent Crypto Market Collapse 

The Dogecoin creator is hoping that crypto investors learn important lessons from the recent market crash. 

Following the unfortunate developments that crashed the value of the cryptocurrency market, Billy Marcus, the co-founder of Dogecoin (DOGE), is curious to know whether crypto investors would learn from these events in order to prevent a recurrence. 

Marcus Advises Crypto Investors

The Dogecoin co-creator is particularly concerned about the market dip that was ushered in by the collapse of TerraForm Labs’ tokens, Celsius Network, and Three Arrow Capital. 

“Assuming we have a new bull run after this crypto winter, could we all collectively learn from the failings of Celsius, Luna, and 3ac,” the outspoken Dogecoin co-creator said. 

Aside from learning from the sad developments that have occurred in the past few weeks, Marcus urged members of the cryptocurrency community to always listen to experienced players when they call out risky crypto projects rather than bullying them into silence because doing so helps only short-term traders. 

“[We should] actually listen to people when they call out systemic risks instead of bullying people into silence because it helps short term bags,” Marcus added. 

Although Marcus acknowledged that it would be impossible to expect everyone in the cryptocurrency space to learn from the events of past weeks, he expressed confidence that some people must have learned vital lessons that will help them to be watchful in the future. 

Dogecoin Co-creator Vocal About Crypto Events

Marcus has always been vocal about what is happening in the cryptocurrency industry. The Dogecoin co-creator recently slammed Terra and Celsius Network for causing the collapse of the cryptocurrency market. 

Angered by the events that caused the collapse of the cryptocurrency market, Marcus said: 

“How much stupid ass shit like Luna and Celsius ready to collapse the entire market is there in crypto anyway?” 

Recent Collapse of the Crypto Market

Meanwhile, it is no longer new that Terra suffered a devastating crash that plunged not only the price of tokens but the value of the entire cryptocurrency market.  

While the cryptocurrency market was trying to recover from the devastating blow it was dealt from the collapse of the Terra tokens, the Celsius Network and the Three Arrow Capital incidents occurred. 

Babydoge Doubts Shiba Inu Founders are Coinmarketcap Founders As CMC Unverified Their Supply After Verifying

Zabi
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Babydoge Doubts Shiba Inu Founders are Coinmarketcap Founders As CMC Unverified Their Supply After Verifying

 

CoinMarketCap Unverified Shiba Inu’s Rival BabyDoge Supply After a Few Hours of Verification. BabyDoge Doubts Shiba Inu Founders are CMC Founders.



On Thursday, BabyDoge, a canine-themed cryptocurrency, announced via tweet that CoinMarketCap had finally verified its circulating supply after almost a year.

Following a few hours of the announcement, BabyDoge noticed that they had lost the “verification badge” they received from the CoinMarketCap and are now again considered unverified.

The team behind BabyDoge became suspicious about the matter and expressed anger while posting the following tweet: “There’s something odd going on inside CoinMarketCap. Rumor is SHIB founders are also CMC founders ~ not confirmed.”

BabyDoge strived hard to verify its circulating supply and market cap on CMC, despite the following facts:  BabyDoge Coin is now one of the top followed cryptocurrencies on the Twitter platform. BabyDoge also leads all other canine-themed cryptocurrencies from the front regarding holders’ counts.

After submitting hundreds of requests consistently for a year, BabyDoge finally got verification from the CoinMarketCap, but unfortunately got unverified after a few hours of confirmation.

As per BabyDoge’s team, this kind of odd behavior from the world’s premier price-tracking platform for cryptocurrencies forced them to think that the rumors circulating all-around social media platforms regarding the connection between SHIB Founders and CMC Founders might be true. This is because they don’t want to see the competition evolving in space.

Readers should note that verification from CMC is vital for the project nowadays, as it increases legitimacy and improves the project’s ranking on the platform. As a result, a project can gather more investors’ attention in the future.

However, BabyDoge is not the only project which has criticized the CMC. Crypto.com’s CEO Kris Marszalek has slammed CoinMarketCap several times before for providing incorrect information.

2.5M Terra 2.0 (LUNA) May Hit Exchanges For Immediate Selling

Mark Brennan
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2.5M Terra 2.0 (LUNA) May Hit Exchanges For Immediate Selling

Terra To Send 2.5M LUNA To Exchanges For Immediate Selling, Funds Meant To Support Projects On Terra 2.0.



A recent proposal has given the green light for Terra to sell millions of LUNA to fund Terra 2.0 projects.

Development on Terra 2.0 is still ongoing. Projects that were initially on the original Terra change have migrated to Terra 2.0. However, the new chain has had its own issues, starting with the flawed LUNA airdrop that followed its launch.

To keep developers from ditching its blockchain network, Terra came up with an attractive package to fund their ventures. This provision was included in the proposal for the creation of Terra 2.0.

Proposal Passed

Recently, a proposal, dubbed Proposal 446, was fielded to the community to release the allocated funds to support developers on the new blockchain. The proposal, hosted and tracked on Terra Station, was passed with over 88% support.

 

Now, this Builder Emergency Allocation is ready for release. In a recent tweet, LUNCDAO announced that 2.5 million LUNA will be released to support 52 select projects on Terra 2.0. The funds can be sold on exchanges with immediate effect to support the developing team’s expenses.

The 2.5 million LUNA are 50% of the initial 5 million LUNA allocated for this purpose. At press time, LUNA is trading at around $2.27 as shown on CMC. With 2.5 million LUNA to be sold, the funding figure is expected to come out as around $5.6 million. The wallets involved can be tracked here.

What About LUNC?

Meanwhile, the Terra community, especially users who hold the crashed LUNC, have been complaining, claiming that Do Kwon and TFL have abandoned LUNC. This claim could be apparent judging from the efforts the team is putting into developing Terra 2.0 as opposed to the silent treatment given to UST and LUNC.

A few days ago, Do Kwon took to Twitter to dispel fears that TFL has abandoned LUNC. He promised to be more communicative to the community.

SEC v. Ripple: SEC Submits 10 Documents to Support Its Attorney-Client Claim Over William Hinman’s Speech

Mark Brennan
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SEC v. Ripple: SEC Submits 10 Documents to Support Its Attorney-Client Claim Over William Hinman’s Speech

The Securities and Exchange Commission (SEC) submitted for in-camera review the 10 exemplar documents requested by the court earlier this week. 


According to the SEC, the documents will support its motion asserting that the internal documents related to the 2018 speech made by William Hinman, the former Director of the agency’s Corporation Finance are protected by attorney-client privilege.

Details of the Submitted Documents

The 10 exemplar documents are grouped into three categories for the court’s convenience. Explaining the details of the categorized documents, the SEC noted that the first category of documents contains draft emails from David Fredrickson, the former Chief Counsel at the agency’s Corporation of Finance, where he discussed the necessary legal issues of the speech.

The second category of exemplar documents contain a June 11, 2018 email from Michael Seaman, Hinman’s counsel, that was sent to Hinman, Fredrickson and Valerie Szczepanik, former Senior Advisor for Digital Assets of the SEC’s Corporation of Finance.

Notably, the email from Seaman contained a draft of the speech, which prompted Hinman to seek legal advice from his colleagues, including legal staff of the SEC’s Division of Investment Management, Trading and Markets, among others.

The Securities and Exchange Commission noted that the third category of exemplar documents includes a draft of the mail Hinman received from Seaman on June 11, 2018, which was sent by the former Director of Corporation Finance to attorneys in different SEC departments.

“To facilitate the Court’s review, enclosed is a revised Attachment 1 with the documents the SEC is now submitting for in camera review,” the SEC concludes, adding a list of privileged logs related to Hinman’s speech.

Hinman’s 2018 Speech

Meanwhile, the June 14, 2018 speech made by Hinman has become an integral part of the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC).

The speech referred to as “Ethereum Free Pass” by many is considered by Ripple and Individual Defendants as an imperative tool to dismiss the argument that its cryptocurrency offering breached U.S. security laws.

SEC’s Quest to Protect Hinman’s Documents

However, all efforts made by the blockchain company to have the SEC surrender the documents that resulted in the formulation of the speech have not yielded positive results.

The SEC has been bent on protecting Hinman’s document despite being ordered on two occasions to surrender them.

In a renewed assertion, the SEC claimed that the document is protected by attorney-client privilege.

According to the SEC, Hinman discussed the legal implications of the speech before it was made public, a move that was condemned by Ripple.

With both parties in disagreement over the SEC’s attorney-client privilege claim for the document, Judge Sarah Netburn invited the parties to a conference to discuss all issues related to the document.

Unfortunately, no decision was made, as the conference was adjourned to a later date. Interestingly, the Ripple community is enthusiastic that the court may likely compel the SEC to surrender the documents to Ripple.

Australian Crypto King And Co-founder of Finder Says He Will Buy Millions in Bitcoin When It Hits This Price

Mark Brennan
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Australian Crypto King And Co-founder of Finder Says He Will Buy Millions in Bitcoin When It Hits This Price

 

Australian Crypto King, who got the king title because of Bitcoin, will buy more BTC at a certain point.



An Australian businessman known as the “crypto king” has made the astounding claim to the Daily Telegraph that he would sell his beachfront home, valued at $7 million, to purchase Bitcoin if the price of the cryptocurrency drops below $12,000. 

The co-founder of Finder made a peculiar pledge to put his huge residence, located in the beachfront community of Tamarama in Sydney, up for sale at some point in the near future. The price of bitcoin is currently hovering around $20,000, which is its lowest position since 2020.

The 39-year-old man, who famously began his career as a call center worker for Pizza Hut before co-founding comparison site Finder in 2006 and amassing a vast fortune of more than $210 million, stated that he would list his massive beachfront house and buy bitcoin once it slips below $12,000.

“I will buy a lot of bitcoin if it goes down to $12,000; I’d sell a property to do it.”

In addition to his Tamarama apartment, Mr. Schebesta recently purchased a $17 million home in Coogee, only a few blocks away, owing to the income he made from his Bitcoin investments. He committed to getting rid of the Tamarama flat, but Schebesta said that his Coogee clifftop property would not be on the market.

Cryptocurrency prices have decreased due to fear, which Schebesta believes is reaching its peak. Central banks raising interest rates, Russia’s war on Ukraine, Japan’s economic troubles, and a number of high-profile crypto failures all contributed to that worry.

According to experts, a big sell-off is expected if Bitcoin falls below $20,000, which would further lower prices because it will Trigger Threatening Margin Calls Worth Millions Of Dollars.

When bitcoin falls below this price barrier, all of its value over the previous five years, ever since the 2017 peak, will be gone. But according to Schebesta, bitcoin can only rise if it falls first.

Admitting Previous BTC, ETH Predictions Wrong, BitMex Founder Now Indicates A Wild Downside Ride For Crypto By June End

Mark Brennan
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Admitting Previous BTC, ETH Predictions Wrong, BitMex Founder Now Indicates A Wild Downside Ride For Crypto By June End

 

Arthur Hayes says his initial prediction for BTC and ETH final figures was wrong and that the coins have more pain to endure.



In the latest Medium post, BitMex founder, Arthur Hayes, is back with more talk about the crypto market. This time around, he seems to be more pessimistic as opposed to a short while back when he predicted the bottom figures for Bitcoin and Ethereum.

According to him, the next 6 to 12 months will be terrible for the crypto market. For one, a crypto winter has long been expected to hit the market, and now that it seems to have already started, prices will go down by unprecedented margins.

Sh.tcoins To Lose Another 50%

Arthur seems even more pessimistic about specific tokens that he sees as having no real value or utility. These are what most people call “sh.tcoins.” Granted, some altcoins offer good value and utility, but there are others, the “sh.tcoins,” that only shilled for the “number go up” mindset. These, according to Arthur, are headed to the gutters.

In his view, while many of these useless coins have already lost over 90%, they are destined to lose a further 50% within the next 6-12 months as crypto winter gets harsher.

He attributes a huge part of this cause to the Fed’s move to hike interest rates. The Feds have announced a rate increase of 75 basis points (or 0.75%) that will have gone into effect by June 30. The following 5-6 days after that will see cryptos, especially these sh.tcoins, drop by significant margins.

“June 30 to July 5 is going to be a wild ride to the downside. By June 30, the Fed will have enacted a 75bps rate hike and begun shrinking its balance sheet. July 4 falls on a Monday and is a federal and banking holiday. This is the perfect setup for yet another mega crypto dump.”

Wrong About BTC And ETH Bottoms

Arthur admits that his earlier analysis of BTC and ETH was wrong. He predicted that Bitcoin would bottom out at around $25k while ETH would at about $1,500.

“My $25,000 to $27,000 Bitcoin and $1,700 to $1,800 Ether bottom levels lay in tatters.”

A quick look at the current prices puts his predictions on the wrong side of the market. Currently, BTC is valued at around $20.6k, while ETH is going for $1,094. Analysts believe these prices could fall further if the $20k support is breached.

U.S. House of Reps Officially Invites Cardano Founder Charles Hoskinson to Speak About Crypto and Blockchain 

Albert Brown
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U.S. House of Reps Officially Invites Cardano Founder Charles Hoskinson to Speak About Crypto and Blockchain 

The event will be hosted next week, and it is expected that Hoskinson will continue advocating for favorable regulations for the crypto sector.  


Charles Hoskinson, the CEO of Input Output Global (IOG), the company in charge of Cardano’s research and development, has disclosed that he will be speaking about cryptocurrencies and blockchain in the U.S. House of Representatives Committee on Agriculture by next week.

The IOG exec revealed the development on Twitter today, saying that the conference will be held on June 23, 2022, by 10:30 AM (PST).

He added that the event would be streamed live on YouTube for anyone, including cryptocurrency enthusiasts.

“I just received a formal invitation to speak before the U.S. House of Representatives Committee on Agriculture about blockchain and cryptocurrencies. It will be live June 23rd at 10:30 AM EST if anyone wants to watch it over YouTube,” Hoskinson said.

The Committee Oversees CFTC

The U.S. House of Reps Committee on Agriculture is in-charge of federal agriculture policy and some federal agencies, including the Commodity Futures Trading Commission (CFTC).

Recently, the agency has been interested in giving the CFTC more control to oversee cryptocurrency assets beyond Bitcoin (BTC) and Ethereum (ETH).

Following the Securities and Exchange Commission’s inability to provide more transparent crypto regulations, prominent crypto players have noted that the nascent industry would thrive better if placed under the jurisdiction of the CFTC.

With Hoskinson among the advocates for fair cryptocurrency regulations, the cryptocurrency community is hopeful that he will motivate the House of Reps Committee on Agriculture to continue its quest to give the CFTC more control over the crypto market.

Hoskinson Pioneering on Crypto Growth

Hoskinson is considered one of the most prominent players in the cryptocurrency and blockchain space. His contributions are among the catalysts championing the wheel of progress in the cryptocurrency sector.

The Cardano boss was instrumental in the creation of Ethereum in 2015, which has become the second-largest cryptocurrency by market capitalization over the years.

In 2017, Hoskinson proceeded to create a new blockchain project dubbed Cardano, which is tipped as the ultimate “Ethereum Killer” by its community members. Although Cardano had a slow start in delivering on the promise it made to its community at the initial stage, the team behind the project is gradually putting smiles on the faces of many by rolling out significant upgrades.

Cardano is currently a widely adopted blockchain due to its speed, low-cost transactions, and scalability.

Hoskinson had been advocating for favorable regulations for the cryptocurrency sector for years, an effort that had prompted him to visit Washington in a bid to lobby regulators to develop favorable regulations for the industry.

Analyst Says Bitcoin Can Fall Deeper As Below $20K Can Trigger Threatening Margin Calls Worth Millions Of Dollars

Mark Brennan
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Analyst Says Bitcoin Can Fall Deeper As Below $20K Can Trigger Threatening Margin Calls Worth Millions Of Dollars

 

Bitcoin Investors Shorting Positions Are a Threatening Margin Calls For Borrowing Firms.



A fall below the $20k support could trigger heavy liquidations for firms that have borrowed against Bitcoin with positions at that point.

Investors and firms are currently locked in a “battle of the leverages” as Bitcoin struggles to maintain its support level at $20k. That’s according to a top executive at Ballet Global Inc., Bobby Lee, the company’s founder and CEO, that provides crypto storage services.

Apparently, investors are shorting positions at around the $20k range while the firms struggle to keep the coin from hitting the same liquidation point. This unstable condition could result in the shorts winning and sending the price down below $20k.

According to Bobby, a drop below the $20k mark could be catastrophic to firms that have borrowed against the crypto.

BTC To Drop To $10k

Still, Bobby thinks that the current market conditions will force Bitcoin to retest the $20k support, and if this happens, it could drop further down to $19k and then $18k. Many firms that have borrowed against Bitcoin have their liquidation positions at around $20k.

“I think we will test $20,000 and go to $19,000-$18,000; There are a lot of funds, large borrowers of Bitcoin who have liquidation positions in the $20,000 range.” 

As such, a retest of that support level could either mean liquidation or deployment of more collateral to establish a lower liquidation position.

“There’s a lot of Bitcoin pledged as collateral that might have to be sold in its price drops into the $15,000 to $20,000 range”

He further said “I wouldn’t be surprised if Bitcoin fell to $10,000, But this is short-term pain. I am still very bullish longer term.”

Celsius Network, which is turning into a terra-like disaster, is the biggest concern of the crypto community as the protocol Struggles To Stay Afloat With millions of DAI Debts. The Bitcoin Price Drop below $20K will bring some heavy Liquidation from Celsius.

However, to some like Peter Brandt, a retest of the $20k level could result in a temporal relief for investors as BTC would experience a short bull run, but this would only work if a breach below the support level is rejected.

What Happens Next?

For some time now, Bitcoin’s price has come very near, hitting the previous ATH of around $20k.

However, this level has been held fast every time, and the price has backed up a bit; it’s unknown how long this level could hold as crypto winter gets harsher.

A break of the $20k mark for Bitcoin would drag the entire crypto market to new low levels. At this moment, BTC is valued at around $20,680, just a few hundred dollars shy of the support point.

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