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Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

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Mt. Gox, the defunct Bitcoin exchange, has announced plans to initiate cash repayments to creditors within 2023, with the process potentially extending into 2024. Rehabilitation Trustee Nobuaki Kobayashi has secured 7 billion yen from trust assets to facilitate repayments, with the remaining trust assets totaling 8.8 billion yen after repayments. This move is a significant step towards repaying all creditors after the exchange's collapse in 2014, which resulted in the loss of over 800,000 Bitcoin.

Portfolio Pulse from Murtuza Merchant

November 22, 2023 | 7:17 pm

The cryptocurrency market saw positive price movements in Bitcoin and Ether following Binance CEO Changpeng Zhao's resignation and a $500 million inflow into Binance's liquid-staked Ether. Bitcoin and Ether prices rose by 4.46% and 7.11%, respectively. The CFTC has filed a lawsuit against Binance and Zhao for offering unregistered crypto derivatives in the U.S. Zhao's guilty plea and Binance’s settlement are seen as potentially paving the way for a U.S. Bitcoin ETF approval.

Portfolio Pulse from Murtuza Merchant

November 22, 2023 | 7:14 pm

Genesis Global is suing Gemini Trust to recover over $689 million withdrawn by customers before Genesis filed for bankruptcy in January. The lawsuit aims to claw back funds for fairer creditor distribution. Genesis, facing SEC scrutiny and internal disputes, is proceeding with bankruptcy liquidation. The SEC sued Genesis, Digital Currency Group, and Gemini for defrauding investors. Gemini had also sued DCG and Genesis over failed crypto lending partnerships and unreturned collateral.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 5:59 pm

Changpeng Zhao, founder of Binance, stepped down as CEO following a $4.3 billion settlement with the U.S. government. Despite this, Zhao's net worth is $23 billion, having increased by $10.5 billion in 2023. His wealth is tied to his stakes in Binance and Binance.US, as well as investments in Bitcoin and Binance Coin. The settlement and resignation could impact Binance's future and Zhao's wealth, which peaked at $96.9 billion in January 2022 but fell significantly during the year.

Portfolio Pulse from Chris Katje

November 22, 2023 | 4:07 pm

Pantera Capital CEO Dan Moorehead suggests that a spot Bitcoin ETF could fundamentally change access to Bitcoin and positively impact its adoption, unlike previous events such as the launch of CME Futures and Coinbase Inc.'s public listing, which did not significantly expand access. Moorehead likens Bitcoin to gold, indicating that a Bitcoin ETF could have a similar impact on the cryptocurrency market as gold ETFs had on the gold market.

Portfolio Pulse from Murtuza Merchant

November 22, 2023 | 3:47 pm

Robert Kiyosaki, author of 'Rich Dad, Poor Dad,' criticized leaders for the current inflation, attributing it to Marxist policies. He warned of the dangers of both capitalism, which can lead to deflation, and Marxism, which he believes causes inflation. Kiyosaki has been vocal against President Joe Biden, calling for his impeachment and labeling him a 'puppet of the WOKE liberal left.' He advised against investing in the U.S. dollar and suggested gold, silver, and Bitcoin as safer alternatives. In premarket trading, the Invesco DB US Dollar Index Bearish Fund (UDN) rose, while the SPDR Gold Shares (GLD) and the iShares Silver Trust (SLV) also saw gains.

Portfolio Pulse from Shanthi Rexaline

November 22, 2023 | 2:37 pm

Bitcoin (BTC) fell below $37,000 while Ethereum (ETH) traded above $2,000. FTX Token (FTT) was the top gainer, and BNB (BNB) was the biggest loser following U.S. jobless claims data showing a decline to 209,000. The global crypto market cap dropped by 1.7% to $1.39 trillion.

Portfolio Pulse from Lisa Levin

November 22, 2023 | 2:33 pm

Binance (CRYPTO: BNB) settled with the U.S. Justice Department, incurring a $4.3 billion fine but experiencing less than $1 billion in customer fund outflows. The exchange retains a strong market position with $67 billion in customer assets. Analysts from Bernstein believe Binance's reputation among non-U.S. retail customers remains intact, and the company has the financial resources to cover the fine. The settlement may influence the SEC's comfort in approving a regulated Bitcoin (CRYPTO: BTC) ETF, with asset managers already partnering with Coinbase Inc. (NASDAQ:COIN) for custody services. Matrixport suggests the plea deal increases the likelihood of a spot Bitcoin ETF approval.

Portfolio Pulse from Murtuza Merchant

November 22, 2023 | 1:46 pm

US stock futures indicate a rebound, with Nvidia's positive movement contributing to the optimism despite retail earnings disappointments. Economic data on jobs, consumer sentiment, and durable goods orders are expected to influence the market. The S&P 500 and Nasdaq ended a five-session winning streak on Tuesday. Analyst Adam Turnquist of LPL Financial highlights the broadening market rally and investor focus on the S&P 500 resistance level at 4,600. Premarket trading saw gains for SPY and QQQ ETFs. Nvidia recovered in premarket trading, while Deere & Co. and other companies faced declines post-earnings. Oil futures and USO dropped, while the TLT ETF rose in premarket trading amid a decline in the 10-year Treasury note yield.

Portfolio Pulse from Shanthi Rexaline

November 22, 2023 | 12:24 pm

The SEC is considering applications for spot Bitcoin ETFs from major firms like BlackRock, Fidelity, and Franklin Templeton. Investors in Grayscale Bitcoin Trust (GBTC) and Bitwise 10 Crypto Index Units (BITW) have seen significant returns, with GBTC and BITW increasing by 245.81% and 215.51% respectively over the past year. Both stocks have shown a strong positive correlation in their price movements with a coefficient of determination of 0.914.

Portfolio Pulse from Mehab Qureshi

November 22, 2023 | 11:06 am

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