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Hong Kong-based asset management firm acquires controlling stake in Asian crypto exchange Huobi – Bitcoin News

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About Capital Management recently acquired Li Lin’s controlling stake in Huobi, one of the largest cryptocurrency exchanges in Asia, for an undisclosed amount. Huobi’s acquisition by the Hong Kong-based asset management firm came shortly after the cryptocurrency exchange exited the Chinese market.

Lin’s arrest in 2020 was a major event for Huobi founder

The Hong Kong-based asset management firm About Capital Management recently became the largest shareholder in crypto exchange Huobi after it acquired founder Li Lin’s stake in the company. The acquisition of the Asian cryptocurrency exchange by a “secret” asset management firm has put an end to rumors that Sam Bankman-Fried’s FTX, Binance and Justin Sun were interested in buying Huobi, or indeed Huobi.

According to a Wublockchain report, after his arrest in 2020 by local law enforcement, Lin hinted that he wanted to exit the Chinese market.

“Without Huobi, everyone still has Binance and Okx. If you are disappointed, I am sorry,” Lin reportedly said in a post on Wechat.

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Huobi encountered more problems after exiting the Chinese market

After initially banning Chinese residents from the platform in 2021, Huobi – which has licenses to operate in the US, Hong Kong, South Korea and Japan – proceeded to exit its largest market in 2022. However, the problems faced by the crypto exchange, the report concluded. He suggested that after her exit from the Chinese market, Lin may have been forced to consider leaving the cryptocurrency exchange business entirely.

While there has been no official confirmation of how much About Capital Management paid for Lin’s shares, some market rumors suggest the takeover is worth about $3 billion.

What do you think of this story? Tell us what you think in the comments section below.

Terence Zimoara

Terence Zimoara is a Zimbabwean award-winning journalist, author and writer. He has written extensively about the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.














photo credits: Shutterstock, Pixabay, Wikicommons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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XRP price trend comes as whales move triple digits

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XRP price is currently going against the general market trend and is posting a slight gain of around 2% over the past 24 hours. What is the NB Big moves before whales during the past few hours.

The cryptocurrency market is on shaky ground given the macroeconomic headwinds and the not fully digested shock from FTX breakdown.

However, XRP investors don’t seem to care at the moment. On the other hand, the data suggests that whales may have played their part in this evolution.

XRP whale deck

According to a report by Whale Alert, a popular cryptocurrency tracker, 160.6 million XRP has been moved over the past 24 hours. One deal in particular is causing quite a stir.

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According to WhaleAlert, Ripple has transferred 50 million XRP from one of its wallets to an unknown wallet. The deal is currently under heated discussion, with some speculating that Ripple may sell some of the XRP they hold.

An analysis using Bithomp shows that the cryptocurrency has been moved to another company wallet (RL18-VN), which is usually used to transfer or sell tokens outside the company.

In addition to whales Transfer 35.6 million symbols From Bitstamp to an unknown wallet, plus 40 million XRP worth about $15.3 million to European exchange Bitstamp.

The Bitso exchange is one of the oldest on-demand liquidity (ODL) partners of Ripple, covering one of the most important payment corridors in Latin America: the United States and Mexico.

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Bitstamp whale is linked to the US Bitrex exchange, where the transfer took place.

Remarkably, these whale transactions follow a series of much larger transactions that totaled 4.1 billion XRP on Wednesday. According to WhaleAlert and Bithomp, these tokens were transferred from Bittrex to Uphold, divided into 10 transactions with a maximum size of 500 million units.

The reason behind the transfer is not clear, though it does not appear that the transaction was made by an individual.

XRP/USD is showing its strength

At the time of publication, the price of XRP is settling at $0.3859. The 24-hour trading volume is currently hovering around $712 million.

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With a market cap of $19.4 billion, XRP remains the seventh largest cryptocurrency.

On the 4 hours chart, the token price has managed to continue its bullish trend after the FTX crash. Yesterday, the price made a new higher low, confirming the bullish trend.

For now, the most important resistance area remains the area between $0.41 and $0.42. However, at the current price, XRP is still below its 50, 100, and 200 simple moving averages (SMAs).

For the bulls, it will be important to defend the ascending trend line in the coming days.

XRP price is confirming its bullish trend on the 4-hour chart. source: TradingView



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Bitcoin-Backed Loans – Bitcoin Magazine

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Loaning your bitcoin invites an element of risk that you may not need to incur. You should not make any financial, investment, trading or otherwise decision solely based on the information presented in this article.

Bitcoin lending will be the future of decentralized finance (DeFi). Many DeFi projects are currently sitting on Ethereum due to its built-in support for smart contracts and network effects, but this is changing rapidly.

Smart contract platforms are being built on Bitcoin to create a new ecosystem that offers the highest protocol security and the sound money network only an established asset like bitcoin can offer.


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GBTC Elevator to Hell Sees Bitcoin Spot Price Close to 100% Premium

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bitcoin (BTCThe investment vehicle, Grayscale Bitcoin Trust (GBTC), is trading at nearly 50% below the price of BTC in the spot markets.

Data from the on-chain analytics platform Coinglass It confirms that on December 8, GBTC shares hit a new record high of -47.2% against BTC/USD.

GBTC problems are piling up after FTX

In the latest bout of nerves to hit the bitcoin industry since the fall of FTX, the price of GBTC is close to half the price against that of Bitcoin.

The largest institutional investment vehicle in bitcoin, with Assets worth about $10 billionGBTC has faced many challenges in recent years.

Its share price previously traded higher than BTC/USD, resulting in a so-called “GBTC premium.” Since 2021, however, that premium has turned negative, but the resulting “discount” has done little to attract additional institutional interest.

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As Cointelegraph reported, more than a few The main exceptions Like ARK Invest, GBTC is in a weak position as an operator of Grayscale, part of Digital Currency Group (DCG), is trying to turn it into an exchange-traded fund (ETF) – prosecution US regulators are getting in the way.

Amid the legal battle, FTX has raised liquidity issues elsewhere in the DCG empire, and this has led to suspicions about Grayscale and GBTC. greyscale back off To show evidence of its BTC reserves last month, despite assurances by custodian Coinbase that its assets are safe, added to the tensions.

Bitfinex’ed commented, “Grayscale is in some real trouble if they have to reveal the whereabouts of all the GBTC-enabled bitcoins” Wrote In part of a Twitter discussion on the subject this week.

This week, things got worse, like Grayscale He faced a lawsuit From investor Fir Tree regarding what it calls “shareholder unfriendly actions.”

GBTC premium vs asset holdings vs BTC/USD chart. Source: Coinglass

Meanwhile, public interest in crypto ETFs has declined this year, separate data She suggests.

Woo: “Partly bullish” issues for Bitcoin

However, the GBTC premium, having barely recovered from previous record lows, sank further against Bitcoin, which is known to correlate with net asset value (NAV).

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Related: Why did the bitcoin price drop today?

“GBTC USD discount on bitcoin NAV is on the express elevator to hell. => Sentiment = bearish,” Timothy Peterson, investment director at Cane Island Alternative Advisors, commented. Summarization.

Others lamented the slow pace of change in the United States as fanning the fire.

“Much of the pain could have been avoided this year if GBTC had been converted into a SEC ETF to keep everyone safe!” Investor and entrepreneur Alistair Milne reactionechoing popular sentiment from recent weeks.

Meanwhile, Willy Woo, creator of stats resource Woobull, argued that the impact of fading GBTC exposure was not necessarily a direct negative for BTC price strength.

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GBTC/DCG/Genesis fears a bearish cloud is hanging in the market. But part of the impact was “unexpectedly” bullish for Bitcoin. chirp on December 5th.

“37.5% of people who sold GBTC bought spot Bitcoin to take custody. Selling GBTC does not affect the price of Bitcoin, and buying spot affects the price of Bitcoin.”

An additional Twitter survey questioned platform users who hold GBTC by default about their motives for selling.

Willy Woo Twitter poll (screenshot). Source: Willy Woo / Twitter

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.