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$BNB’s Recent 15% Weekly Price Surge Might Be Due For a Correction

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$BNB’s Recent 15% Weekly Price Surge Might Be Due For a Correction

Summary:

  • On 5 November, BNB clinched a new all-time high in its social contributors, social mentions, and social engagements.
  • The rally in social activity is connected to its price rally in the last month.
  • While the price might be up now, there are signs that a price reversal might be underway.

During the intraday trading session on 5 November, Binance Coin [BNB] reached a new milestone in its social activity, data from LunarCrush revealed. According to the cryptocurrency social analytics platform, BNB recorded new all-time highs in its daily social contributors, social mentions, and social engagements.

As of 5 November, the count of social mentions for BNB coin totaled 7.25 million. Its total social engagements reached 8.17 billion, while the count of its average social contributors daily was 14,105.

It’s happening.

Binance Coin $BNB social contributors, social mentions, and social engagements measured daily have made new ATHs 🚀

👉Insights: https://t.co/L59V6OQTHK pic.twitter.com/W1b5t9JNCV

— LunarCrush (@LunarCrush) November 5, 2022

The surge in the coin’s social activity was tied to the recent price rally in the general cryptocurrency market that caused BNB’s price to grow by 13% in the last month.

BNB in the last 30 days 

As of this writing, BNB exchanged hands at $353.21. Per data from CoinMarketCap, the #4 largest cryptocurrency by market capitalization traded at $313 30 days ago. Within that period, its daily trading volume grew by 12.

On-chain data revealed that the price rally in the last month put many BNB holders in profit. According to on-chain analytics platform Santiment, BNB’s market-value-to-realized-value (MVRV) ratio assessed on a 30-day moving average showed consistent growth in the ratio of BNB holders that held at a profit to those that held at a less. 

At 23.80% at press time, BNB’s 30-day MVRV ratio showed that if all of its holders sold their coins at its current price, they would realize double profits on their investments.

$BNB's Recent 15% Weekly Price Surge Might Be Due For a Correction 16
Source: Santiment

Taking advantage of the price rally in the last month, BNB whales took to filling their bags. According to data from Santiment, the count of all categories of BNB holders grew in the last 30 days. Seeing the most growth was the whale cohort that held between 100,000 to 1,000,000 BNB coins. Their count grew by 16% within the period under review.

$BNB's Recent 15% Weekly Price Surge Might Be Due For a Correction 17
Source: Santiment

Where price might be headed

Assessed on a daily chart, the position of BNB’s MACD showed that the coin commenced a new bull cycle on 19 October. Since then, its price has grown by 29%. 

Readings of key indicators revealed that BNB was overbought at the time of writing. For example, its Relative Strength Index (RSI) was in an uptrend at 78.67. Similarly, its Money Flow Index was spotted at 85.02.

It is pertinent to note that price reversals are common at these overbought highs as buyers find it difficult to sustain an asset’s price at these levels. Hence, caution is advised.

$BNB's Recent 15% Weekly Price Surge Might Be Due For a Correction 18
BNB/USDT Chart by Trading View

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Ethereum

Elon Musk Says Sam Bankman-Fried Probably Donated Over $1B To Support Democratic Elections

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Elon Musk Says Sam Bankman-Fried Probably Donated Over $1B To Support Democratic Elections
  • Elon Musk hints on his official Twitter account that SBF may have donated more than $1B to the Democratic elections.
  • SBF the ex-CEO of FTX confirmed that he has made undisclosed donations to the republican party, and donated the same amount to both parties.
  • Republican Senator Ted Cruz also called FTX “a Bernie Maddof style fraud that cost investors Billions”.

Sam Bankman-Fried, the ex-CEO of now-bankrupt exchange FTX and FTX.US, is said to have donated “dark money” to the democratic party. Elon Musk took to Twitter to say that he believes the undisclosed number of democratic party donations probably reached over $1B, whereas only $40M were disclosed.

That’s just the publicly disclosed number. His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?

— Elon Musk (@elonmusk) December 3, 2022

In a recent interview with crypto journalist Tiffany Fung, SBF stated that he donated to both parties equally.”I donated to both parties. I donated about the same amount to both parties,” Bankman-Fried tells Tiffany Fung on a phone interview.

“All my Republican donations were dark,” he said, referring to political donations that are not publicly disclosed. “The reason was not for regulatory reasons; it’s because reporters freak the fuck out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight.”

As SBF admits that some of the donations were not publicly disclosed, it seems likely that more non-publicly disclosed donations to the democratic party.

Undisclosed donations have been made possible by the supreme court’s decision in the Citizen United case, which allows donors to donate anonymously. Since this decision, more than $1bn have poured into federal elections since 2010.

Elon Musk is very vocal on Twitter regarding the SBF case and the FTX bankruptcy scandal. On 13th of November Musk tweeted to hint that SBF is a major donor on the democratic party therefore he believes there will be no investigation by the SEC towards the exchange.

Republican Senator Ted Cruz also called FTX “a Bernie Maddof style fraud that cost investors Billions”.

On December 1st Senate held a hearing to discuss and urge lawmakers to act quicky in installing a regulatory framework for digital assets.The hearing was hosted by the Senate Agriculture Comittee and did not include the main person at the center of this scandal, CEO Sam-Bankman Fried. The person invited to testify was Rostin Banham, the Chairman of Commodity Futures Trading Commission (CFTC), agency that regulates the derivate markets. Benham called on immediate oversight of most crypto markets and “comprehensive market regulation.”

Benham’s testimony is controversial as he had a very close working relationship with Bankman-Fried over the last year. The Bill advocated in the hearing was the same one that Bankman-Fried encouraged himself earlier this year which has been questionable.

Denis Keheller, the president of advocacy group Better Markets argued over the influence SBG would have had on the CFTC. It is unclear how much access influence Sam-Bankman Fried may have bought at the agency.

“When something like this happens, typically you have an overreaction of elected officials of the need to crack down on the industry,” he says. “Instead, this hearing is to push a bill that was endorsed and pushed by FTX.”

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report
  • A report by Forbes reveals that Sam Bankman-Fried knew about Alameda Research’s financial dealings.
  • SBF previously denied being “deeply aware” of Alameda’s finances. 
  • The former FTX chief regularly shared documents related to Alameda with Forbes over the past 2 years. 
  • The report indicates that SBF was well aware of Alameda’s business activities. 

An exclusive report published by Forbes has shed light on information that is in contradiction with recent claims made by Sam Bankman-Fried, the man behind the bankrupt crypto exchange FTX. 

Sam Bankman-Fried was aware of Alameda’s finances

In an interview at the DealBook Summit, SBF claimed that he was surprised by how big Alameda’s position was, referring to the risky trades made by his quantitative trading firm. The disgraced CEO tried to avoid accountability for Alameda’s actions by claiming that he was not involved in its day-to-day operations. “Alameda’s finances I was not deeply aware of. I was only surface-level aware of Alameda’s finances” he claimed. 

However, the report by Forbes provides an insight into the discussions they had with SBF in order to calculate his net worth for their annual World’s Billionaires list. During these discussions, Bankman-Fried shared several details that indicated that he was in fact well aware of Alameda Research’s finances. 

In order to prove his net worth, SBF detailed some of Alameda’s major holdings and several transactions involving Solana and Serum tokens as well as the notorious FTT. Some of these details were shared as recently as August 2022. The level of information found in the documents shared by Sam Bankman-Fried suggested that he knew more about Alameda than he revealed during his controversial interview. The former FTX CEO included details about his quant trading firm’s funds along with its token holdings, which at the time included 53 million SOL, 176 million FTT, and more than 3 billion SRM. According to this, the value of his share of Alameda’s funds under management was $8.6 billion. 

FTX's Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report 11

While it is still unclear as to how involved Sam Bankman-Fried was in the day-to-day operations at Alameda Research, the detailed description of the trading firm’s finances shared by him suggests that he knew more than he let on. 

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Summary:

  • Galaxy Digital won a bid to buy one of Celsius’s assets as part of bankruptcy proceedings for the crypto lender.
  • Mike Novogratz’s company will buy GK8, a custodial business that Celsius acquired over a year ago in November 2021.
  • The custodian plans to launch crypto trading and lending for institutional investors.

Galaxy Digital submitted a successful bid for GK8, a crypto custodial service listed as an asset by Celsius during the lender’s bankruptcy proceedings. Both entity did not disclose the acquisition sum at press time. 

GK8 was acquired by Celsius in November 2021 when the bull run was near its peak. Months after, the lender was crippled by slumped crypto prices and Terra exposure. Celsius paused withdrawals shortly after LUNA and UST imploded in May, before declaring bankruptcy in July,

CEO Mike Novogratz said in a statement that adding GK8 to Galaxy Digital’s businesses offers a key ingredient for growth. Novogratz also addressed concerns regarding possible conflict of interest from the deal, ensuring that “clients will have the option to store their digital assets at or separate from Galaxy”.

Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.

Galaxy will also expand its workforce by some 40 employees as part of the deal. The firm hopes to onboard blockchain developers and cryptographers to name a few.

Galaxy Digital scoops Celsius asset after $76.8 million FTX exposure 

The digital asset firm reported losses in Q3 earnings after weathering contagion from Terra’s $40 billion crash. Galaxy’s earning report also revealed exposure to the bankrupt crypto exchange FTX. 

EWN reported that Novogratz’s firm tried to withdraw $47.5 million of the total sum from FTX before Sam Bankman-Fried’s exchange froze withdrawals.  The company

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