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Gemini IPO priced $28 with oversubscribed demand has raised $425 million, and it’s representing one of the most successful cryptocurrency exchange IPO launches in recent market history right now. The IPO priced $28 per share, which was significantly above what they initially expected, while oversubscribed demand reached over 20 times the available shares. The NASDAQ listing will commence Friday under ticker symbol “GEMI.” Gemini IPO Priced $28 With Oversubscribed Demand & Nasdaq Listing Surge Gemini logo with cryptocurrency coins – Source: Reuters The Gemini IPO attracted massive investor interest, and the oversubscribed demand actually forced the company to cap proceeds at $425 million. Founded by Cameron and Tyler Winklevoss back in 2014, the cryptocurrency exchange IPO initially targeted a $17-$19 price range before it was raised to $24-$26, ultimately settling at the IPO priced $28 level. Record-Breaking Subscription Levels The Gemini IPO received more than 2...

Caroline Ellison was sentenced to two years in prison for her role in the $11 billion collapse of the FTX cryptocurrency exchange that was co-founded by boyfriend Sam Bankman-Fried. The sentence came despite what Judge Lewis Kaplan called her ”remarkable” cooperation with prosecutors in testifying against Bankman-Fried, who was earlier jailed for 25 years after being convicted on seven counts of fraud and conspiracy for his role in the exchange’s collapse. “I’ve seen a lot of cooperators in 30 years here, I’ve never seen one quite like Miss Ellison,” the Judge said. Still, her sentence was necessary because of the scale of the fraud, he added. “For it to be a case this serious, to be a literal get-out-of-jail-free card — I cannot see a way to it,” he said Ellison had faced a maximum sentence of 110 years in prison, but her defense attorneys called for leniency based on her cooperation, saying it was a ”cornerstone...

Poloniex says it will start resuming deposits on Nov. 30 with TRX, the cryptocurrency of Justin Sun’s Tron blockchain. Cryptocurrency exchange Poloniex is preparing to resume withdrawals and deposits after suffering a $100-million hack on Nov. 10. Poloniex took to X (formerly Twitter) on Nov. 29 to announce that it will be gradually resuming deposit and withdrawal services on Nov. 30 at 2:00 am UTC. The crypto exchange stressed that it will implement a phased resumption of the services to “prioritize the safety” of user funds. Poloniex will specifically start restoring Tron (TRX) deposits and withdrawals first, followed by Bitcoin (BTC), Ether (ETH), Tether (USDT) and other cryptocurrencies “within the next two weeks,” the announcement said. In addition to restoring withdrawals , Poloniex said it is actively working on introducing new listings, which will be available in the near future. The exchange also requested that all users utilize the newly updated deposit addresses once the...

Africa must erase poverty and help people into the middle class to drive faster blockchain technology adoption. There has been a resounding call for Nigeria, and Africa in general, to incorporate blockchain technology into its mainstream living. However, during a fireside chat involving stakeholders in the Nigerian blockchain community, it was noted that poverty has to be conquered first before blockchain technology can be properly incorporated into African society. At the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023, held in Abuja, the nation’s capital, GT Igwe Chrisent, the CEO of Sumotrust & Truzact, an online savings and investment platform stated that hunger and poverty first need to be eradicated from Africa before a better level of blockchain technology incorporation can be achieved. Sumotrust  & Truzact CEO at the SIBAN Digital Assets Summit 2023. According to a World Bank report titled “A Better Future for All N...

However, FTX creditors express discontent and urge the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. FTX, the troubled cryptocurrency exchange, and its CEO John J. Ray III have filed a motion seeking to reach a settlement of $176 million with Genesis entities.  As per a legal document, FTX Trading and related debtors have formally requested a court mandate to resolve their disagreement with Genesis entities , aiming to settle claims amounting to nearly $176 million. The claims put forth by Genesis entities involve around $176 million in customer claims against FTX Trading and its affiliates. However, FTX creditors expressed discontent and have urged the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. They point to Alameda's transfer of significant FTX customer funds to Genesis in 2022 as a concern. FTX asks court to settle Genesis dispute for a $175 million Genesis claim, the release of a $175 million customer...

If approved, the legislation would place crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets. Brazilian lawmakers are moving forward with a legislation that would raise taxes on cryptocurrencies held overseas. According to local reports, a congressional committee has approved amendments to a bill that recognizes cryptocurrencies as "financial assets" for tax purposes in foreign investments. In addition, the bill taxes gains on crypto asset fluctuations against Brazil's fiat currency, as well as income from fluctuations in the exchange rate of foreign fiat currencies. According to congressman Merlong Solano, the revision seeks to promote equal tax treatment since crypto investments abroad currently receive lower tax breaks. The legislation places crypto assets held by Brazilians overseas under the same tax rules as traditional assets. The changes could make local exchanges less costly options for some investors, in part...

The Binance NFT marketplace announced that users will soon be able to trade and purchase Bitcoin NFTs on its platform using already-existing wallets. Bitcoin ordinals  — also known as Bitcoin NFTs — have made their way into the limelight of the Web3 space, as more marketplaces continue to adopt and offer digital assets.  On May 9, the cryptocurrency exchange Binance announced that it will support Bitcoin ordinals on its NFT marketplace in late May. The development will expand Binance’s multichain NFT ecosystem to include the Bitcoin network. Previously the Binance NFT market integrated with other decentralized networks, including BNB Chain, Ethereum and Polygon. Mayur Kamat, the head of product at Binance, commented on broadening the offerings in the marketplace and Bitcoin’s (BTC) crypto legacy: “Bitcoin is the OG of crypto.” The update allows Binance users to purchase and trade Bitcoin ordinals from existing Binance accounts. According to the announcement, the update will also in...

Bitcoin and select altcoins have fallen below their respective support levels, a worrying sign that the bulls could be losing their grip. Bitcoin (BTC) and most major cryptocurrencies have pulled back from their recent local highs, signaling profit booking by traders. Is the current pullback a buying opportunity or has the trend turned lower? This is likely to be the question in every trader’s mind. Bollinger Bands creator John Bollinger said in a recent tweet that Bitcoin had turned down from the upper Bollinger Band and reached the middle bank, near its breakout level. He said it was a “logical place” and advised traders to “pay attention.” Daily cryptocurrency market performance. Source: Coin360 The correction could worry short-term crypto traders but for the long-term investors, who believe that a bottom is in, this could prove to be an opportunity to build their portfolio with cryptocurrencies of their choice. It is generally a good strategy to avoid buying on the way down and w...

Bitcoin’s tight consolidation near $25,000 suggests that bulls are holding on to their positions in anticipation of a breakout to a new 2023 high. Bitcoin (BTC) rose more than 11% last week and is trading near the pivotal resistance at $25,000. Monitoring resource Material Indicators highlighted in its latest update that large volume traders were “thinning” overhead resistance, which could spark a rally. As the prices rise, retail traders may get sucked in and the whales could use this opportunity to sell their positions that were accumulated at lower levels. Every uptrend witnesses several pullbacks and Bitcoin is no exception. However, the price action of the past several months shows a large basing pattern, which may be about to break out to the upside. If that happens, Bitcoin will signal a potential trend change. Daily cryptocurrency market performance. Source: Coin360 There are very few occasions when all the indicators turn bullish. If traders keep waiting for that to happen, ...

Persistent worries about Binance’s solvency, increased regulation of the crypto sector and questionable use cases are chipping away at BUSD’s market capitalization. Stablecoins in the cryptocurrency market help provide USD pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets and in bear markets, investors seek shelter in low volatility stablecoins thus increasing their market caps. On Jan. 26, the total market capitalization for stablecoins like Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) is over $131 billion. Stablecoin supply dominance. Source: Glassnode Stablecoins are so crucial to the future of crypto, that Moody’s, a well-respected analytics agency, is planning to develop a scoring system. The scoring system may help reduce the speculation and fear that some investors have with stablecoins. Such fear amid a lack of stablecoin transparency has led o...

This year saw the crypto space go through many ups and downs - but what were the most remarkable ones? The beginning of 2022 saw both the crypto market cap and the non-fungible token (NFT) market reaching incredibly healthy status. Crypto reached a strong $2.5 trillion in value, and NFTs peaked after 2021’s exponential growth. As in previous crypto bull markets, new projects gained significant attention, which drove aggressive speculative investment; the Terra ecosystem being a prime example. Moreover, both retail and venture capitalists were heavily investing in what was fast becoming an overcrowded space. All this activity was taking place against a backdrop of a wider macroeconomic environment that felt unendingly strong, and with easy access to borrowing at low rates, the resulting frenzy into the high yield offerings seemed sensible as a source of wealth generation. The four pros in crypto in 2022 1) The Ethereum Merge In September, we witnessed the primary technological event of...