The transfer came a day after the US DOJ unsealed an indictment against Prince Holding Group, which allegedly used LuBian to launder illicit funds. A wallet linked to the Chinese Bitcoin mining operation LuBian transferred almost $1.3 billion in Bitcoin a day after the United States Department of Justice (DOJ) moved to seize $15 billion in Bitcoin allegedly stolen from the mining pool in 2020. On Wednesday, blockchain analytics firm Lookonchain flagged the movement, noting that a wallet linked to LuBian transferred 9,757 Bitcoin (BTC), worth about $1.1 billion at the time, to new wallets after a three-year period of dormancy. According to Arkham Intelligence, the wallet later transferred another 2,129 BTC, worth about $238 million, on Wednesday, hours after the first transfer. This totaled 11,886 Bitcoin, worth about $1.3 billion at current market prices. Read more
Bitwise’s chief investment officer praised DeFi platforms for their resilience during the weekend fallout, calling the market’s recovery a sign of strength. The crypto market faced its biggest leveraged wipeout in history last weekend, but the turbulence won’t leave a lasting mark, according to Bitwise chief investment officer Matt Hougan. In a Tuesday blog post, Hougan described the sharp drop as “a blip” and not a big deal. He added that crypto “got a passing grade” in its handling of the sell-off. “Many DeFi platforms performed flawlessly: Uniswap, Hyperliquid, Aave and others reported no losses,” he wrote, while noting that Binance and some other exchanges faced issues. “Taken together, crypto did as well or better than traditional markets would have done in the same situation,” he said. Read more
Patterns, tools and indicators are key to making smarter crypto trading decisions. They help you spot trends and anticipate market moves with better insight. Crypto charts display open-high-low-close (OHLC) data. OHLC data helps traders track price movements, analyze volatility and identify trading opportunities. The X-axis represents timeframes, while the Y-axis shows price levels, either on a linear or logarithmic scale. Volume bars below the chart help confirm market participation. Read more
Ripple has partnered with South Africa’s Absa Bank to provide digital asset custody services, expanding its institutional custody network across Africa. Institutional blockchain service provider and XRP developer Ripple announced a partnership with South African bank Absa on Wednesday to provide digital asset custody to the institution’s customers. According to the announcement, Absa is “Ripple’s first major custody partner in Africa.” The bank will offer its customers digital asset custody services relying on Ripple’s infrastructure for tokenized assets and cryptocurrencies. The bank is a major player on the African financial stage, managing 2.07 trillion South African rands ($119.5 billion) of assets as of the end of 2024. Absa also saw $6.34 billion of revenue last year. Read more
BNB’s price upside momentum is waning further after Binance faced $21.75 billion weekly outflows and margin system exploit accusations. Key takeaways: BNB’s double top pattern suggests a possible 30% correction toward $835 in October. Binance witnessed the largest weekly outflows compared with other centralized exchanges. Read more
Top Ethereum NFT collections like BAYC, Pudgy Penguins and CryptoPunks remain in the red despite a partial market recovery after Friday’s crypto market crash. The non-fungible token (NFT) market showed early signs of recovery after a steep sell-off wiped out about $1.2 billion in market capitalization during the crypto market crash on Friday. According to CoinGecko data, the sector’s overall valuation fell from $6.2 billion on Friday to $5 billion on Saturday. This erased almost 20%, or about $1.2 billion, in market capitalization for digital collectibles across all blockchain networks. The sector experienced a rapid recovery as crypto markets rebounded. On Sunday, NFTs reached $5.5 billion, marking a 10% gain following the crash. At the time of writing, the overall market cap was almost $5.4 billion. Read more