Crypto lending platform BlockFi has emerged from bankruptcy and is ready to pay back some of its creditors, according to an October 24 blog post. Withdrawals “are currently available to nearly all Wallet customers,” the post stated, adding that Blockfi Interest Account (BIA) and Loan customers will be able to withdraw some assets in early 2024.

BlockFi is pleased to announce that its bankruptcy plan (the “Plan”) is effective and the company has emerged from bankruptcy as of October 24, 2023 (the “Effective Date”).

— BlockFi (@BlockFi) October 24, 2023

According to the post, BlockFi’s emergence from bankruptcy means that it can now attempt to recover assets from other firms…

Read more on Cointelegraph

Congressional crypto advocate Rep. Tom Emmer, R-Minn, has emerged as the GOP’s latest pick for Speaker of the House, but he still has an uphill battle ahead. 

Republicans landed on Emmer, who currently serves as the majority whip, after considering nine other party members Tuesday in an internal election. There could be a House floor vote as soon as this afternoon, but people familiar with the matter said that Emmer is losing support by the minute. 

Emmer will need 217 votes to get the gig, meaning a maximum of only four Republicans can go against him. In the internal vote, Emmer was down 26 Republicans.  

Former President Donald Trump seems to be leading the charge against Emmer…

Read more on Blockworks

After a bitcoin rally brought the asset’s price above $35,000 late Monday, trading volumes for the first and largest US bitcoin futures fund soared Tuesday.   

The ProShares Bitcoin Strategy ETF (BITO) — the first US fund to hold bitcoin futures contracts — saw volumes amounting to 21.1 million shares on Monday, up from its average volumes of about 8 million shares. 

That number rose Tuesday, as 32.5 million shares of BITO had traded as of 2:30 pm ET, according to Nasdaq data. BITO’s price was $17.20 at that time, making the volumes’ value worth roughly $557 million on the day so far. 

The ETF’s Tuesday volumes were poised to easily surpass the 33.5 million shares…

Read more on Blockworks

Solana’s SOL/USD price has increased 3.32% over the past 24 hours to $30.68. Over the past week, SOL has experienced an uptick of over 27.0%, moving from $24.15 to its current price. As it stands right now, the coin’s all-time high is $259.96.

The chart below compares the price movement and volatility for Solana over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 215.0% over the past week, while the overall…

Read more on Benzinga

The Treasury has opted to extend the comment period for its proposed new rules on crypto reporting requirements by two weeks. Interested parties now have until mid-November to share their thoughts with the tax regulator. 

The Treasury and Internal Revenue Service pushed back the comment deadline in response to the “strong public interest” the rule has received since first proposed in August, according to a Federal Register document scheduled to be published on Oct. 25. 

The proposed rule, published in late August 2023, suggests defining digital asset “brokers” as “trading platforms, digital asset payment processors, certain digital asset hosted wallet providers and persons…

Read more on Blockworks

Artificial intelligence (AI) large language models (LLMs) built on one of the most common learning paradigms have a tendency to tell people what they want to hear instead of generating outputs containing the truth. This, according to a study from Anthropic AI. 

In one of the first studies to delve this deeply into the psychology of LLMs, researchers at Anthropic have determined that both humans and AI prefer so-called sycophantic responses over truthful outputs at least some of the time.

Per the team’s research paper:

“Specifically, we demonstrate that these AI assistants frequently wrongly admit mistakes when questioned by the user, give predictably biased feedback, and mimic errors… Read more on Cointelegraph

FTX has proposals from three bidders to bring the exchange — or a version of it — back to life, according to a Bloomberg report Tuesday.

At a court hearing, an investment banker for the company — Perella Weinberg Partners’ Kevin Cofksy — said it plans to make a decision on the proposals before the end of the year.

A few options are on the table, Cofsky allegedly informed the court. The exchange could be sold, an outside partner brought in to help reboot the exchange, or FTX could relaunch on its own — sans, of course, its previous CEO.

Former CEO Sam Bankman-Fried is currently on trial, facing seven federal fraud counts. He’s set to start week four of his trial later this…

Read more on Blockworks

Bitcoin’s BTC/USD recent surge past the $35,000 mark was short-lived, with a sudden 3% drop after BlackRock’s BLK much-anticipated Bitcoin ETF disappeared from the DTCC website and the Bloomberg terminal.

The ticker for BlackRock’s ETF, IBTC, which was poised to be a significant player in the market, was unexpectedly removed from the site of the Depository Trust & Clearing Corporation.

The unexpected removal of BlackRock’s ETF comes just ahead of Benzinga’s Future of Digital Assets conference on Nov. 14. This event is expected to further discuss on the implications of such developments on the future of digital currencies.

Benzinga has reached out to BlackRock for a comment.

Bitcoin’s value…

Read more on Benzinga

Bitcoin (BTC) price currently battles to hold the $34,000 level after a stellar rally and short squeeze saw its price push above $35,000 on Oct. 23.

In an Oct. 24 market update, Capriole Investments founder Charles Edwards noted that after 7 months of consolidation, Bitcoin’s upward move melted the $32,000 resistance “like butter” and he expects that the upcoming monthly resistance is unlikely to be a hurdle.

Edwards said:

“It would make sense to see either a rapid continuation to mid-range ($43K) or short-term consolidation between support resistance at $32-$35K before continuation.”

As Cointelegraph mentioned in an earlier price update,

“Successive daily closes above the… Read more on Cointelegraph

Plenty of people have shared differing opinions on what the FTX debacle means for crypto, for the good or the bad. Still, few have suggested how crypto might help to prevent future, similar events down the road. 

Enter the DAO.

No, I don’t mean the Ethereum-based organization that was hacked in 2016, but the  organizational framework that consists of a shared cryptocurrency wallet, a vision and a group of people who believe in working together to see that vision through.

Prosecutors in the criminal trial of Sam Bankman-Fried are trying to show that FTX failed because of the greed of a few individuals who held the keys to all user funds. What if that didn’t have to be the case?…

Read more on Blockworks