Conut teams up with Foblgate to provide trendy crypto news to exchange users

A crypto wallet reportedly tied to the multinational banking giant DBS Bank holds over 170,000 Ether, valued at nearly $650 million. Reporting on the matter subsequently prompted DBS to make a denial of any links to the wallet.Photo by Kanchanara on UnsplashClaim asserted, claim deniedOn May 30, blockchain analysis firm Nansen caused some excitement when it took to X, flagging a particular wallet address, identifying it as belonging to an Ethereum whale, taking matters a step further in asserting that the wallet belonged to Singaporean bank, DBS Bank. The submission of securities reports to the Securities and Exchange Commission (SEC) recently by many large corporates led to disclosures from some within traditional finance in the United States of Bitcoin holdings via the spot Bitcoin exchange-traded fund (ETF) products which had been approved earlier this year. A substantial holding of ETH by Singapore’s biggest bank would have been a significant boost for proponents of Ethereum. However, DBS Bank promptly refuted these claims. A spokesperson for the bank subsequently issued a statement to Cointelegraph and Decrypt, stating: "In relation to the post, DBS does not have this position on our books."  Claim not retractedFor its part, Nansen has not retracted its claim. In response to Decrypt, Nansen analyst Edward Wilson stated:"We have it under good authority, via several independent sources, that DBS owns the private key of this wallet and these assets are most likely a part of their custody solution." Wilson told Cointelegraph that it had obtained this information from “a good source,” going on to state: “This is similar to how we see institutions, both crypto-native like exchanges such as Binance or Coinbase custody funds on behalf of their users and non-crypto-native custody funds. The institution is the custodian and is responsible for managing the security of the funds.” The Nansen analyst expressed even more confidence in the claim in response to CryptoSlate. Wilson stated:“Nansen is 100% sure this belongs to DBS – DBS owns the private key of this wallet and these assets are most likely a part of their custody solution.” DBS’s foray into crypto servicesIn 2020, DBS Bank unveiled a crypto trading and custody service, including a platform for conducting security token offerings. At that time, DBS Exchange clarified that while the exchange itself would not hold any assets, it would provide custody services to investors. Since launching its crypto division, DBS Bank has seen significant success. In 2023, DBS reported an 80% growth in Bitcoin trading volume, attributing this surge to the crypto market turmoil of 2022. In February of this year, the Singaporean bank moved to integrate its digital asset exchange business into a new global financial markets unit. In April 2023, DBS opened a branch of the bank on the metaverse. It demonstrated its Web3 credentials further in August 2023 by introducing a metaverse game to tackle the issue of global food waste.

NVT Ratio Signals Overvalued BTCThe network value to transaction (NVT) ratio of Bitcoin, which has been staying at a high level since the beginning of the year, has signaled its overvaluation, according to Yonhap Infomax.However, some argue that this will not necessarily lead to a crypto winter, considering that the nature of Bitcoin as an asset has changed and there is no sign of overheating in other indicators.©Pexels/PixabayPrice and NVT ratio correlationYonhap Infomax found out that the correlation between the NVT ratio and the price of Bitcoin over the past six years is -0.35. A value of 1 represents a completely positive correlation, while a value of -1 represents a completely negative correlation.Extending this period to 2010 makes the correlation close to 0, but during the early years, NVT ratios showed high volatility, shooting up to four digits. Such a high volatility doesn’t suggest much correlation. Until 2021, there was a high correlation of up to -0.44.The NVT ratio is calculated by dividing the market cap by the transacted volume. Conceptually, it is similar to the price-to-earnings ratio for the stock market.In 2017, when the crypto market was bullish, the average Bitcoin NVT ratio was 7.3. This number became 8.7 in 2021 when the market experienced a similar pattern. In retrospect, single-digit NVT ratios usually hint at bullish markets.This year so far, Bitcoin has been relatively overvalued, given that the average NVT ratio is 23.6.BTC price recoveryWhen the crypto market sentiment lost its confidence due to the FTX bankruptcy last year, the price of Bitcoin went down to $15,000. It later recovered to the near $30,000 level. The Bitcoin price once had reached an all-time high in 2021, surpassing $65,000.The years that manifested similar patterns as this year were 2018 and 2019. In those years, the Bitcoin NVT ratio plateaued around 20.Uncertain outlookThe NVT ratio itself could point to a possible crypto winter, but researchers say it’s hard to say.Jang Kyung-pil, a research analyst at crypto data platform Xangle, said that people now consider Bitcoin as a store of value rather than a means of transactions, pointing out that BTC’s market value to realized value (MVRV) ratio has hit the bottom at 0.84 and now reached 1.4. According to Jang, MVRV values under 1 indicate undervaluation and those above 3 indicate overvaluation.Jung Seok-moon, head of the research center at crypto exchange Korbit, said that the current NVT ratio signals BTC overvaluation. He added that the Fed is likely to turn dovish in its monetary policy, which would prompt a strong BTC uptrend.

Asian Market Surge for XRP Amid Broader Market ImplicationsXRP, the cryptocurrency and native token used by real time gross settlement system, Ripple, has seen renewed activity in recent weeks in terms of trading volume. That trading volume appears to be more pronounced in Asian markets such as South Korea.©Pexels/RODNAE ProductionsThe XRP token has traded up 22% over the course of the past seven days, with a current unit price of $0.54. Trading volume has surged on South Korean exchanges such as Bithumb UpBit and Korbit where volume spiked 18%, 37% and 50% respectively over the past 24 hours. This trading activity is irregular as ordinarily the trading volume of Bitcoin and ether would account for the vast bulk of trading on the three leading Korean exchanges.Speculative interestXRP has under-performed in recent years and at the heart of its difficulties has been a multi-year legal battle with the Securities and Exchange Commission (SEC) in the United States. In its complaint, the SEC has claimed that XRP is an unregistered security. Speculation in recent weeks suggests that this highly litigated battle may be drawing to a conclusion. Many commentators have suggested that either a deal will be struck or the court could soon decide to rule on the matter.During the 2017 bull market, the token reached the heady heights of a $3.40 unit price. That’s a target that the cryptocurrency has never been able to reach ever since. During the last bull market, it rose to around $1.76 for a short time in April 2021. There’s little doubt but the regulatory cloud hanging over it has suppressed the price. Much depends on the outcome of this lawsuit, not just for XRP but for crypto as a whole.Another notion driving speculative interest is the idea that the Commodity Futures Trading Commission (CFTC) may classify XRP as a commodity. That line of thought is more recent and follows the CFTC classifying a number of cryptocurrencies as commodities in its lawsuit against global crypto exchange Binance. In follow up comments earlier this week, CFTC Chair Roistin Behnam reiterated the claim.The very fact that the CFTC has made this claim is significant in terms of the case being pursued by the SEC, potentially weakening the SECs case. Lawyers for Ripple have made the court aware of the CFTCs claims.Crypto moving forwardCrypto traders in South Korea have been notorious in the past for pursuing speculative trends within the industry with the Kimchi Premium on Bitcoin back in the day as a stand out example. Whether speculative or not, the outcome for XRP, Ripple and the broader cryptocurrency space relative to the cryptocurrency’s regulatory status will be significant.A positive result will not just be a fillip for XRP, Ripple and Asian and other crypto traders who have speculated on such an outcome. It will also serve to provide a level of regulatory protection for all other crypto projects within the United States. A negative outcome to the lawsuit will not be ideal for XRP, Ripple and US-based crypto projects. However, Ripple CEO Brad Garlinghouse has said in the past that if innovation is driven overseas, Ripple will focus on developing its product overseas.In an interview this week Ripple President Monica Long suggested that over and above the lawsuit, crypto innovation is generally being pushed outside of the United States. Long cites Asia as taking the lead on “thoughtful crypto policy”. On that basis, it’s likely that one way or another crypto moves forward and maybe South Korean speculators will be proven right regardless of the outcome of the XRP..