Crypto News Headlines (21-Nov-2022)

Following the collapse of FTX and Alameda Research, crypto trading platforms are rushing to Most addresses holding bitcoin, the largest cryptocurrency, are now losing money, the first time that’s happened since the start of the coronavirus-induced crash of March 2020.

Just over 51%, or 24.56 million addresses of the total 47.85 million, are below purchase price on their investments, according to data provided by blockchain analytics firm IntoTheBlock. About 45% are in the money, that is, boasting unrealized gains, while the rest are roughly at breakeven

IntoTheBlock defines out-of-the-money addresses as those that acquired coins at an average price higher than bitcoin’s going market rate of $16,067.

The bearish momentum looks overdone, according to IntoTheBlock’s Lucas Outumuro.

Previous bear markets ended with the majority of addresses being out-of-the-money.

Bitcoin (BTC) slipped below $16,000 to start the week, as volatility in cryptocurrency markets continued to rise.

Following a high of $16,590.42 on Sunday, BTC/USD dropped to an intraday low of $15,943.14 earlier today.

The move pushed the world’s largest cryptocurrency to its lowest point since November 14, when prices fell below a key support point of $16,200.

Looking at the chart, BTC continued to trade below this point of support in today’s session, with the 14-day relative strength index (RSI) also hovering near a floor of its own.

The index is currently tracking at the 32.79 level, which is marginally below a key support point of 33.00.

Should this decline continue, we will likely see bitcoin bears attempt to take the token towards a lower floor of $15,600.

Billionaire investor Bill Ackman has performed an about-face on his previously icy attitude towards crypto, saying that it is “here to stay.”

The founder and CEO of hedge fund management company Pershing Square revealed that he is now a “small direct investor” in several crypto projects, including Helium, ORIGYN, and Goldfinch Finance.

In a lengthy Twitter thread, Ackman stated that, “I think crypto is here to stay and with proper oversight and regulation, it has the potential to greatly benefit society and grow the global economy.”

According to Korean media, Terra’s co-founder Daniel Shin appeared before the prosecution on the 17th and claimed that he had a significant amount of stock as it was at the time of the incident and the selling at a high price is not true.

Before that, he is said to have sold over 70% of his LUNA tokens before its price skyrocketed and held a significant amount of LUNA during the crash of the Terra stablecoin and the LUNA token in May. No details were given about the gains or losses realized.

South Korean prosecutors on Monday said they had subpoenaed Shin based on allegations that he made a profit of 140 billion won (approximately $104 million) by selling off pre-issued LUNA without does not disclose accurate information.

Metaverse-backer Bob Iger has announced a surprise return to his former role as CEO of Disney, taking over from now-former CEO Bob Chapek.

While Iger is most well known for serving 15 years as the CEO of the global entertainment conglomerate, the Disney executive became known in the crypto community after becoming a director, adviser and investor in Genies, a digital avatar platform running on Dapper Labs’ Flow blockchain.

“Thrilled to be joining the Genies Board of Directors to help Akash Nigam and company empower humans to create the ‘mobile apps of Web3’: avatar ecosystems,” Iger said at the time.

Iger was still at Disney as an executive and board chairman when the company filed for a metaverse-related patent on Dec. 28.

sued by a group of investors in the London High Court who allege that the crypto firm blocked them from withdrawing over £107 million ($126 million) worth of crypto, according to a report by local business newspaper CityAM.

The three investors – brothers Jason and Owen Morton and their cousin Shane Morton – allege that Nexo froze their accounts after they sought to remove their assets from the platform.

The Mortons claim that they were then pressured into selling millions worth of Nexo’s native token back to the firm at a discount price, with the threat that they would be blocked from withdrawing their crypto.

Itau Unibanco, one of the largest private banks in Brazil and Latam, has decided to step into the crypto-related services business. The company announced on Nov. 17, 2022, that it plans to launch cryptocurrency custody services in 2023. Itau Digital Assets, the division of the company that deals with all things crypto, will be in charge of the tech behind this solution.

For Itau Unibanco, custody services are an important part of the security framework that third-party companies can offer users. On this, Itau Unibanco’s product manager Eric Alftafim told O Globo:

Custody is a fundamental element in this context, because, especially in a new market like crypto assets, it brings security to investors. We will safeguard customer assets in a reliable environment.

Ethereum has slipped over 7% on the day as the attacker who purportedly drained FTX wallets dumped a significant portion of their accumulated ETH and traded it for Bitcoin.

Over the weekend, per blockchain tracker PeckShieldAlert, the exploiter swapped thousands of ETH for renBTC, a form of wrapped Bitcoin, before swapping the resulting tokens for Bitcoin.

According to data from Etherscan, the on-chain Ethereum holdings of the ‘FTX Accounts Drainer’ dropped 26% from 250,735 to 185,735 over the same period.

The resulting price pressure has seen Ethereum drop by over 7% in the past 24 hours, according to data from CoinGecko.

In the last decade, cryptocurrency has become one of the hot topics in digital mania. Popularly known as the money of the internet, its decentralized nature makes it more attractive to investors. Although the crypto industry has been through ups and downs in its short history, the technology is still gaining traction globally.

As the cryptocurrency sector keeps on growing, it is vital now for every individual investor to completely understand how the industry operates. Proper education about digital assets, trading, risks, and advantages has become essential for aspiring investors.

Therefore, Binance, the largest and most eminent trading platform in the crypto industry, is grasping the opportunity to facilitate its community with free courses on rising technology. Announcing on its website on Nov 17, Binance published free courses for its millions of users to educate on cryptocurrency, blockchain, Web3, and the metaverse.

Billionaire investor and hedge fund manager Bill Ackman says he remains bullish about cryptocurrencies, despite the recent collapse of the FTX cryptocurrency exchange and the market turmoil that has followed it.

In a Nov. 20 Twitter thread, the CEO and founder of hedge fund management firm Pershing Square Capital Management said he believes that “crypto is here to stay” despite recent challenges, though there’s a need to increase oversight and remove “fraudulent actors” in the space.

Bill Ackman is a billionaire American investor who most recently called for the removal of regulatory barriers and easing of regulations in New York in order to make the city a crypto hub. He is also a direct investor in a number of cryptocurrency projects.