Arman Shirinyan

Large cryptocurrency investors are making comeback on market, according to Coinbase Premium Index

Coinbase Premium can be used to determine the sentiment among institutional and retail traders from the U.S. as it reflects the discount or premium on the Coinbase Pro trading platform mostly used by large crypto investors.

During the crypto crash, the metric showed one of the strongest dips in its history, suggesting that market makers on Coinbase were struggling to find enough liquidity on the market, which caused a large discount.

Since Coinbase Pro is mostly used by large investors, their average order size is significantly greater than the average order you see in a centralized exchange. To avoid unlikely volatility on the market, market makers inject more liquidity on the market prior to completing an order.

The metric's recovery is a direct sign of returning buying power on the market and whales' accumulation. With the rise of the buy volume on the market, traders and investors are pushing the premium higher.

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We are already seeing the effect of returning buying volume on the market as Bitcoin has finally broken through the consolidation channel that has been forming since June 19. Unfortunately, BTC retraced after reaching the $22,000 price range.

One of the main sources of selling pressure on the first cryptocurrency could be gone from the market as the largest cryptocurrency miners announced that they have successfully realized most of the funds they used for stabilizing their operations.

Another source of pressure is the U.S. Dollar's rally that suppresses almost every financial asset on both cryptocurrency and traditional markets.

At press time, Bitcoin is moving in the $21,000-$22,000 trading range and changing hands at $21,788.

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Institutional Investors Are Getting Back in Bitcoin and Cryptocurrency Market - U.Today

Friday 08 July 2022 3:40 pm

By Andrea Ramoino, Chief Strategy Officer at Contis

The UK government has announced that it intends to regulate stablecoins, turning the page onto a new chapter for cryptocurrencies.

For the uninitiated, these coins are a form of crypto asset which aim to maintain a stable value which is linked to another asset like sterling or gold.

You may be pondering the significance of this: What does it mean for businesses and the everyday spender? Why would I use stablecoins in my own life? And will this mean the UK holds its position as a leader in the digital payments sector, leading to growth and job creation at a time when the country desperately needs it?

Answering these questions requires a look at the crypto story so far, including how this asset class veered from its true purpose as a safe, traceable, and spendable currency.

Whats in a name?

Cryptocurrencys intended purpose is apparent in both name and configuration. These currencies were born out of frustration with the payments system we currently use a system built in the 1970s. Cases in point: individuals and businesses still often wait days for settlement.

A crypto coin is a digital token which can be sent electronically between users located anywhere in the world. Unlike traditional finance and payment systems, cryptocurrency networks are not run by a single company or central authority. Instead, they are operated by a global, decentralised network of computers, which means transactions are virtually impossible to fake or hack, and there is no single point of failure.

Crypto was born off the back of a complacent sector which has for years controlled the speed of transfers, as well as their cost. Peer-to-peer crypto payment systems cut out the middleman offering much cheaper and real-time payments. Liken it to being as simple and quick as handing a five-pound note to a friend. Larger savings will come via businesses cross-border payments, reducing fees, chargebacks, and settlement times.

These virtues have been clouded by the fact that crypto has gained global popularity as an investment vehicle over the last ten years, with thousands of headlines about volatile prices and massive potential gains from major coins like Bitcoin. A knock-on effect of this has been a lag in crypto payment acceptance, as the perception of crypto has moved from payment system to speculative investment.

Cryptos use as a high-risk investment has led to a vicious cycle forming as day traders conduct leveraged crypto trades. Many popular coins now regularly see weekly drops and gains of 20 percent or more.

Naturally, it would be incredibly unappealing to use crypto as a payment when there is uncertainty as to whether that morning coffee could cost 3 or 10. But this problem will be largely solved through the introduction of stablecoins.

Stablecoins and Central Bank Digital Currencies (CBDCs) remove the volatility that has made every day crypto spending impractical. They are a key piece of the spendable crypto puzzle.

Britcoin hit the headlines last year, after a 2021 BIS survey found 86 percent of governments globally are exploring CBDCs, while the decision to regulate stablecoins is set help increase the chances of wider scale adoption.

Stablecoins are also being backed by major banks across the world a potential gold rush which tells us why the UK has made the decision to move them inside the regulatory perimeter.

Meanwhile, industry leaders are now offering technology that means crypto companies can issue cards which allow customers to spend these assets like normal money and could unlock the benefits to people and businesses alike.

Looking ahead, a report from PWC revealed that more than 80 per cent of central banks are considering launching a central bank digital currency or have already done so, indicating the strong future for digital money and a clear signal that crypto cannot be ignored.

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Stablecoins are a clear indicator that cryptocurrency can't be ignored - City A.M.

Six people have been indicted in four separate cryptocurrency fraud cases involving more than $130 million in losses, including the single largest NFT scheme charged to date, federal prosecutors said this week.

That scheme, prosecutors said, involved a group called the Baller Ape Club that claimed to sell NFTs, or nonfungible tokens, in the form of cartoon images of apes.

A group with a similar theme, the Bored Ape Yacht Club, is one of the worlds most popular NFT distributors, with endorsements from Snoop Dogg, Tom Brady and other celebrities. Its NFTs have sold for hundreds of thousands of dollars, though prices have dropped sharply in recent weeks.

Le Anh Tuan, 26, of Vietnam was charged in California with one count each of conspiracy to commit wire fraud and conspiracy to commit international money laundering in connection with the Baller Ape Club scheme.

Shortly after Baller Ape Clubs public sales began, Tuan and unnamed co-conspirators rug-pulled investors, deleting the groups website and taking $2.6 million in investments, according to the U.S. attorneys office for the Central District of California.

Tuan and the others laundered the money, prosecutors said, by moving it through cryptocurrencies and cryptocurrency services.

If convicted, Tuan faces up to 40 years in prison.

In a separate case, the founder and former chief executive of Titanium Blockchain Infrastructure Services was charged with one count of securities fraud in connection with the companys initial coin offering.

New cryptocurrency projects use ICOs to raise funds, similar to an initial public offering of a companys stock.

Federal prosecutors in California said CEO Michael Alan Stollery, 54, of Reseda falsified paperwork sent to prospective investors testifying to the projects purpose and falsely claimed that his business had relationships with the U.S. Federal Reserve Board and companies such as Apple, Disney and Pfizer.

The ICO raised about $21 million from investors.

Stollery faces up to 20 years in prison if convicted.

In a third case, a Las Vegas man was charged in California with four counts of wire fraud and one count each of obstruction of justice, conspiracy to commit wire fraud and conspiracy to commit commodities fraud.

David Saffron, 49, used his cryptocurrency investment platform Circle Society to raise about $12 million from investors to a fraudulent crypto fund that purported to trade on the futures and commodity markets, prosecutors said.

Saffron allegedly told investors he used a trading bot to generate returns up to 600%. He held investor meetings at homes in the Hollywood Hills and traveled with armed security guards to create the false appearance of wealth and success, prosecutors said.

In reality, Mr. Saffron was operating an illegal Ponzi scheme to defraud victim investors and used the funds for his own personal benefit, said Ryan L. Korner, special agent in charge of the IRS Los Angeles criminal investigation field office.

Saffron faces up to 115 years in prison if convicted.

The fourth case announced by prosecutors this week was charged in the Southern District of Florida.

Emerson Pires and Flavio Goncalves, both of Brazil, and Joshua David Nicholas of Stuart, Fla., were charged with one count each of conspiracy to commit securities fraud and conspiracy to commit wire fraud in connection with a crypto-Ponzi scheme that prosecutors said defrauded about $100 million from investors. Pires and Goncalves, both 33, were also charged with conspiracy to commit international money laundering.

Pires and Goncalves, founders of crypto investment platform EmpiresX, worked with head trader Nicholas, 28, to promote the platform using false guarantees of returns for investors, prosecutors said.

Blockchain analytics shows that Pires and Goncalves then laundered investors funds through a foreign-based cryptocurrency exchange and operated a Ponzi scheme by paying earlier investors with money obtained from later EmpiresX investors, the U.S. attorneys office said.

If convicted, Nicholas faces up to 25 years in prison; Pires and Goncalves each face up to 45 years.

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Six indicted in cryptocurrency and NFT fraud schemes - Los Angeles Times

Over the past 24 hours, The Sandbox's SAND/USD price has fallen 6.32% to $1.22. This is opposite to its positive trend over the past week where it has experienced a 11.0% gain, moving from $1.09 to its current price.

The chart below compares the price movement and volatility for The Sandbox over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has decreased 9.0% over the past week, while the overall circulating supply of the coin has decreased 0.13% to over 1.26 billion. This puts its current circulating supply at an estimated 42.14% of its max supply, which is 3.00 billion. The current market cap ranking for SAND is #38 at $1.54 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cryptocurrency The Sandbox Falls More Than 6% In 24 hours - Benzinga

LONDON & NEW YORK--(BUSINESS WIRE)--iProov, the world leader in face biometric authentication technology, announced today that Paxful, a global peer-to-peer fintech platform, will employ its award-winning liveness technology to verify user identity during the onboarding process and when making transactions.

We are thrilled to partner with iProov to offer our users a safe and secure experience while using the Paxful platform. Our mission as an organization is to provide greater access to Bitcoin by building a financial system that serves the global economy, said George Georgiades, Chief Compliance Officer of Paxful. To properly do so, we need to ensure we provide the highest level of security and peace of mind to users. iProovs technology allows us to safeguard against fraud and theft for our community while ensuring continued access and growth of the platform.

When a user onboards with Paxful, they verify their identity using an ID document, such as a driver's license. They then complete a brief face verification to confirm they are the right person and a real person. To carry out a transaction, a returning user then completes a brief face authentication instead of using a password or entering a one-time passcode (OTP).

iProovs Liveness Assurance technology enables organizations to verify that an online user is the right person (not an imposter) and a real person (not a photo or mask being used in a presentation attack). In doing so, it helps businesses and public sector agencies to protect themselves and their users by preventing stolen or faked identities being used for new account fraud and account takeover fraud. Liveness Assurance is device- and platform-agnostic, working across any computer, tablet or cellphone with a user-facing camera.

With the tremendous influx of new users into the crypto space comes an even greater invasion of fraudsters looking to empty or take over accounts or even hold them for ransom, said Andrew Bud, iProov CEO. Paxfuls mission is a critical one that helps connect the underbanked and unbanked around the globe to financial opportunities and stability. We are delighted to support them in offering inclusive and secure remote verification measures to protect their users.

About PaxfulPaxful is a global peer-to-peer fintech platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful's mission is to help everyone have equal access to finance no matter who or where they are. More than seven million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with nearly 400 different payment methods.

As part of Paxfuls mission to support emerging markets, Ray Youssef, alongside Yusuf Nessary, set up the Built With Bitcoin Foundation, a U.S.-based registered 501(c)(3) not-for-profit dedicated to creating equitable opportunity by providing clean water, access to quality education, sustainable farming, and humanitarian support all powered by Bitcoin and cryptocurrencies. To date, the Foundation has built and repaired 8 schools, 7 solar projects, and over a dozen water and farming systems across the globe.

About iProoviProov is the world leader in online facial biometric authentication, working with governments, banks and other enterprises to securely verify customer identity. Used for effortless onboarding and authentication, customers include the U.S. Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, GovTech Singapore, Rabobank, ING, and others. iProovs technologies include Liveness Assurance and Genuine Presence Assurance, which ensures that an online customer is the right person, a real person, and is authenticating right now. This protects against spoof attacks from photos, videos, masks and digital injection attacks and the emerging threat of deepfakes. iProov was recognized as a Gartner Cool Vendor 2020 in Identity Access Management & Fraud Detection. For more information, please see http://www.iproov.com or follow us on LinkedIn or Twitter.

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Paxful Selects iProov to Provide Effortless Security for Cryptocurrency Onboarding and Transactions - Business Wire