Analysis Crypto by Thebittimes.Com

Claiming that the crypto game is now ‘more fair,’ Kraken founder Jesse Powell adds that there are new threats to the industry’s reputation that continue to emerge. As Binance reached a $4.3 billion settlement agreement with the U.S. Department of Justice and the exchange’s founder Changpeng Zhao agreed to step down as the firm’s CEO, the crypto game feels a “bit more fair today ,” said Kraken Founder Jesse Powell. The game feels a bit more fair today . The last 12 months have answered 2 nagging questions from shareholders: 1. How are they going so fast? 2. How are they getting away with it? "Trust me, any day now…" is only believable for so many years. It's hard to keep faith while… — Jesse Powell (@jespow) November 23, 2023 Powell, who also stepped down as CEO of Kraken in September 2021, says the industry now has to “self-police,” adding that the market “cannot count on timely protection....

Bitcoin price recaptured the $22,000 level, but pending regulatory action against stablecoins and today's CPI report are front of mind for many investors. After twenty days of holding the $22,500 support, Bitcoin (BTC) price finally broke down on Feb. 9. Bullish traders had placed their hope on a sustained rally, but this has been replaced by a tight trading range with resistance at $22,000.  The downtrend is even more concerning since the S&P 500 is trading near its highest level in six months, yet the wider crypto market continues to correct. Regulatory pressure, mainly in the United States, can explain Bitcoin's recent lackluster performance. For starters, on Jan. 9, Kraken exchange reached an agreement with the United States Securities and Exchange Commission (SEC) to stop offering staking services to U.S. clients. The crypto also firm agreed to pay $30 million in disgorgement, prejudgment interest and civil penalties. On Feb. 10, cryptocurrency lending firm Nexo Capit...

According to a recent report, Kraken, a prominent U.S.-based crypto exchange, announced that it will stop operating in Japan starting next month. With 1,100 employees getting fired, Kraken is one of the worst-hit crypto platforms. According to the crypto ex change , the current state of the market in Japan and the overall crypto market conditions prompted them to take this step. The ex change wrote, “The decision is part of Kraken’s efforts to prioritize resources and investments in those areas that align with our strategy and will best position Kraken for long-term success.” Kraken currently operates as a Financial Services Agency [JFSA] registered exchange. However, on January 31, 2023, it will be de-registered by the Japanese regulator. The exchange as well as the government are currently urging users to withdraw their crypto holdings and fiat investments from the platform. According to a statement from a Japanese government publication, Kraken was urging ...

The total crypto market recovers some lost ground as the contagion risks associated with FTX’s collapse begin to look resolvable. The total cryptocurrency market capitalization gained 2% in the past seven days, reaching $850 billion. Even with the positive movement and the ascending channel that was initiated on Nov. 20, the overall sentiment remains bearish and year-to-date losses amount to 63.5%. Total crypto market cap in USD, 4-hour. Source: TradingView Bitcoin (BTC) price also gained a mere 2% on the week, but investors have little to celebrate as the current $16,800 level represents a 64% drop year-to-date. Bankrupt exchange FTX remained at the centerpiece of the newsflow after the exchange hacker continued to move portions of the stolen $477 million in stolen assets as an attempt to launder the money. On Nov. 29, analysts alleged that a portion of the stolen funds were transferred to OKX. The FTX saga has made politicians shout louder in their calls for regulation. On Nov. 28, ...

According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets. Disclaimer: The article has been updated to reflect Binance CEO CZ's response to the concerns raised by  Kraken CEO Jesse Powell. The collapse of the crypto exchange FTX revealed the importance of proof of reserves in avoiding situations involving the misappropriation of users’ funds. While exchanges have proactively started sharing wallet addresses to prove the existence of users’ funds, several entrepreneurs, including Kraken CEO and co-founder Jesse Powell, called the practice “pointless” as exchanges fail to include liabilities. According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’...

The crypto industry witnessed the downfall of the FTX empire throughout last week. Following this, an array of platforms severed ties with the crypto exchange and its founder Sam Bankman Fried. Prominent payments processor, Visa was the latest one to do so. The payments giant went on to terminate its agreements with the troubled crypto exchange. Visa and FTX entered a partnership back in October. Through this, the firm aimed to roll out debit cards in over 40 countries that allowed crypto payments. A Visa spokesperson commented about the same and said, “The situation with FTX is unfortunate and we are monitoring developments closely. We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.” As mentioned earlier, Visa wasn’t the only platform that was limiting its association with FTX. Here’s how Kraken has been dealing with the collapse of FTX Earlier today, prominent crypto ...