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‘A Tidal Wave Of Fear’—Trump Tariffs Fuel Price Crash Fears
02/03 update below. This post was originally published on February 2 Bitcoin and crypto prices have stalled after soaring higher following Donald Trump’s U.S. presidential victory—with fears suddenly emerging the $4 trillion crypto bubble could be about to pop. Unlock over $3,000 in NFT, web3 and crypto perks — Apply now! The bitcoin price has…
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Binance Fired Investigator Who Uncovered Market Manipulation at Client DWF Labs: WSJ #2
Top Stories Bitcoin fell below $61,000 on Thursday as the crypto market continued its downward movement that has persisted throughout the week. BTC dipped to $60,815 at around 11:00 UTC, trading about 2.25% lower than 24 hours before. The CoinDesk 20 Index (CD20), which measures the performance of the broader digital asset market, meanwhile has sunk by about 2%. Ether is trading just below $3,000, down 0.9%, while SOL has declined by nearly 3%. The crypto market could also soon be faced with a wave of supply events delaying a return to upward movement, with nearly $11 billion worth of BTC set to be distributed to creditors of Gemini's Earn program and the long-defunct Mt. Gox, according to cryptocurrency analysts K33. VanEck subsidiary MarketVector has started an index based on the performance of the top six meme coins. The MarketVector's Meme Coin Index, which trades under the symbol MEMECOIN, is up 195% on a yearly basis. For comparison, the CD20 is up 97% during the same period. MEMECOIN tracks Dogecoin, Shiba Inu, Pepe, dogwifhat, Floki Inu and BONK, which account for nearly $47 billion of the total meme coin market cap of $51 billion, according to CoinGecko. While they unashamedly represent the lighter side of the cryptocurrency market, some commentators believe that meme coins could continue to show impressive returns due to low fees on Solana allowing traders to make small bets for potentially large profits. ADVERTISEMENT ADVERTISEMENT The 'Boden' meme coin surged on Wednesday following a throwaway comment from former President Donald Trump. Jeo Boden (BODEN), the joke crypto token referring to a misspelling of President Biden's name, jumped after Trump said he didn't like it as an investment. The Republican challenger for the White House was hosting an impromptu Q&A session at the Trump Cards NFT Gala in Florida when he was asked about BODEN. The token jumped as high as $0.42 before retreating below $0.40 over the ensuing hours. At the time of writing, it is priced at around $0.36, up nearly 16% in the last 24 hours. Trump also said he intends to start accepting donations for his presidential campaign in cryptocurrency. Chart of the Day (IntoTheBlock) The table shows bitcoin and ether's correlation with major equity indices, the dollar index and the VIX index. The correlation has declined to nearly zero, meaning the two cryptocurrencies have decoupled from the broader market. Their uncorrelated nature could potentially attract macro traders looking to lower their portfolio volatility while improving risk-adjusted returns.
Binance Fired Investigator Who Uncovered Market Manipulation at Client DWF Labs: WSJ
A Binance team found that "VIP" clients – those trading more than $100 million per month – were engaging in pump-and-dump schemes and wash trading, the Wall Street Journal said. The former staff member and his colleagues on Binance's market-surveillance team had been hired to winkle out signs of market manipulation. The team had submitted a report identifying manipulation of various tokens by Binance client DWF Labs. Binance fired a member of staff who uncovered evidence of market manipulation at crypto investment firm DWF Labs, one of cryptocurrency exchange's clients, the Wall Street Journal reported on Thursday, citing interviews with Binance employees past and present, documents, emails and other industry participants. The former staffer and his colleagues on Binance's market-surveillance team had been hired to winkle out signs of market manipulation and other nefarious activities as part of the exchange's efforts to clean up its act in the face of scrutiny from financial regulators. The team found that "VIP" clients – those trading more than $100 million per month – were engaging in pump-and-dump schemes and wash trading that were prohibited by Binance's terms and conditions, according to the WSJ article. DWF Labs, which was making more than $4 billion in monthly trades, emerged as a prolific investor in crypto projects in early 2023 when it was at the center of a stream of funding rounds in an otherwise sedate market. Differing from the traditional venture capital model, the firm, whose founders made their money as crypto high-frequency traders, generally bought millions of dollars worth of a project's token at a discount and benefited when the price rose. The Binance investigators submitted a report alleging DWF had manipulated the price of several tokens on the back of $300 million of wash trades in 2023, but Binance deemed there was insufficient evidence of market abuse, the WSJ said. A week after the report's submission, the head of the team was fired, according to the newspaper. Binance told the WSJ it rejected claims it had permitted market manipulation, and the person was dismissed after an inquiry found the allegations against the client weren't "fully substantiated." After the article was published, DWF Labs said in a posting on X that the allegations about it were "unfounded and distort the facts." Binance also responded, without relating to the member of staff's dismissal. "We do not tolerate market abuse," it said in an X post. "Over the last three years, we have offboarded nearly 355,000 users with a transaction volume of more than $2.5 trillion for violating our terms of use." The company did not respond to CoinDesk's request for comment.