The rapid implosion of FTX has led general investors and crypto believers alike to question the validity of crypto and, indeed, predict its end. But, an understanding of history points not to crypto’s demise but rather a move toward new technology and growth. 

Financial markets move, as Willie Nelson once said, in phases and stages, circles and cycles. Companies develop ideas, grow quickly, ignite unwarranted investor euphoria and then implode — only to seed the ground for the next company, the next idea and the next growth phase.

Crypto is no different.

In 2010, an unknown person famously used Bitcoin (BTC) to buy pizza. After its initial launch, market capitalization grew to more than $12 billion when Mt. Gox’s 2014 hack and bankruptcy precipitated crypto’s first bear market. The market rebounded even more strongly, rising to a total valuation of around $3 trillion. It fell again this year in the wake of the collapse of Terraform Labs’ $50 billion ecosystem.

Today, FTX’s collapse and Sam Bankman-Fried’s (SBF) failure of leadership and basic sound financial practices have raised new doubts. Naturally, the crypto market has fallen in kind, plummeting to less than $1 trillion in market cap.

Each of these boom-bust cycles has led to more eyes from government leaders and calls for more regulation. But, the recent leak of the proposed Federal regulation should raise more questions than confidence. Financial regulators and politicians have apparently invited CEOs of established companies, including SBF and FTX, to provide advice on what those regulations should be.

That alone should terrify investors.

Look, it makes sense to regulate parts of crypto to protect investors — especially in speculative areas — but the regulation must be designed to drive innovation and competition. Neither the government nor the industry should allow CEOs looking to protect their own businesses to determine rules.

We have seen this bad movie before: In the late 1990s and early 2000s, Microsoft leveraged its wealth and political power to destroy competitors and skirt regulators.

So, where does crypto go from here? First, it is critical that investors remember that scams, security hacks and failed corporate leadership are not restricted to crypto; they are human creations. See entries for Enron, Gould and Fisk and the 2013 Yahoo privacy breach.

Second, regulations alone will not eliminate fraud (it’s already illegal); they will merely make fraud more complicated. Regulations become even more dangerous when they arise from individuals who do not understand the industry or technology.

Finally, market downturns are painful, but they do nothing to undermine the very reason cryptocurrency exists in the first place: the traditional financial system is broken. It is expensive, filled with greedy, unethical middlemen, slow and undemocratic.

Custodial companies such as FTX — and Celsius and Voyager before it — failed because they essentially repurposed the outdated big bank model under the guise of crypto. Unsurprisingly, the same problems faced during the origin of the traditional banking system — including shady business practices, bank runs, uninsured accounts and pump-and-dump scams — are now popping up.

Therefore, the answer is not the end of crypto but a new investment into technology that returns to crypto’s reason for being: decentralized finance (DeFi).

DeFi would solve many of the problems that plague the industry. Instead of trusting corporate leaders to be ethical, transparent and accountable for their practices (see the glowing profiles of SBF), DeFi eliminates them altogether. In their place, DeFi inserts the blockchain — open, transparent and immutable.

Total monthly visits to DeFi platforms by region, July 2019-January 2021. Source: Chainalysis

Instead of handing control over your money to third parties — if it’s even there — DeFi enables direct, immediate peer-to-peer transactions.

Instead of paying others to hold their money, users themselves control the process — loaning money and receiving payments directly.

While it’s true that Terraform Labs’ Terra (LUNA2) seemed like a decentralized product, the reality was that it was a pyramid scheme masquerading as a decentralized blockchain. Just like SBF, Terraform Labs CEO Do Kwon was able to secure funding from large and well-known venture capitalists who did zero due diligence on the company or its products. If they had, they would have realized the Luna system contained the same pitfalls that have led to multiple traditional finance crashes in the past.

Terraform’s collapse wasn’t a failure of DeFi. It was a failure of so-called experts who should have known better. Coinbase, Galaxy, 3AC, and several others had invested millions of dollars in Luna and promoted it to the crypto audience. By stamping the logos of these large companies, Do Kwon was able to acquire more investments in his pyramid scheme.

The crypto community, and especially venture capital firms that act as gatekeepers, must demand more from its companies.

Some claim that truly decentralized finance could lead to global market disintegration, contagion and collapse. But the strongest pushback to DeFi is much simpler: it’s a nightmare to use, which can breed scammers. The software is clunky. Interfaces are complicated. Even tech enthusiasts are confused. It’s not ready for the masses.

But that’s exactly the opportunity.

With the proper investment and development, DeFi wallets will help limit common errors and guide users away from scams. Decentralized apps, under constant stress tests from professional security experts, will be infinitely more secure and safer than their centralized analogs.

The government is likely to propose regulations and measures that will attempt to pick winners and losers, destroying parts of what makes crypto great.

But none of this will stop the crypto community from continuing to look for financial options outside the traditional financial sector. Crypto is growing and maturing, not dying. We just need a simple, safe and robust DeFi platform on which to stand.

Giorgi Khazaradze is the CEO and co-founder of Aurox, a leading DeFi software development company. He attended Texas Tech for a degree in computer science.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

";bn.audio="https://s3.cointelegraph.com/audio/97644.4948fe7a-e21c-455f-92ce-cd65c714a53e.mp3";bn.facebookShares=am;bn.twitterShares=f;bn.redditShares=s;bn.views=5386;bn.shares=Y;bn.tags=[{id:"72",slug:"cryptocurrencies",title:"Cryptocurrencies",url:"/tags/cryptocurrencies"},{id:"509",slug:"decentralization",title:"Decentralization",url:"/tags/decentralization"},{id:"2183",slug:"cryptocurrency-exchange",title:"Cryptocurrency Exchange",url:"/tags/cryptocurrency-exchange"},{id:"4420",slug:"decentralisation",title:"Decentralisation",url:"/tags/decentralisation"},{id:"5471",slug:"decentralize",title:"Decentralize",url:"/tags/decentralize"},{id:"8428",slug:"decentralized-exchange",title:"Decentralized Exchange",url:"/tags/decentralized-exchange"},{id:"9415",slug:"defi",title:aV,url:aW},{id:"9516",slug:"sam-bankman-fried",title:"Sam Bankman-Fried",url:"/tags/sam-bankman-fried"},{id:"9584",slug:"exchanges",title:"Exchanges",url:"/tags/exchanges"},{id:"9718",slug:"ftx",title:"FTX",url:"/tags/ftx"}];bn.topics=[];bn.relatedPosts=[{id:"108446",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/explained/can-memecoins-be-used-as-real-currency",absoluteUrl:"https://cointelegraph.com/explained/can-memecoins-be-used-as-real-currency",title:"Can memecoins be used as real currency?",cover:"https://s3.cointelegraph.com/storage/uploads/view/96595b678818b3590e754579d16fb47a.jpg",datePublished:c,dateHuman:c,publishedDateTimeObject:m,categorySlug:b,categoryUrl:Z,categoryName:b,authorUrl:"/authors/jagjit-singh",authorName:" Jagjit Singh ",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e},{id:"106741",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/9-tech-youtube-channels-to-follow",absoluteUrl:"https://cointelegraph.com/news/9-tech-youtube-channels-to-follow",title:"9 Tech YouTube channels to follow ",cover:"https://s3.cointelegraph.com/uploads/2023-04/08ce83ee-4b0a-4bb5-9f40-527876b640aa.jpg",datePublished:c,dateHuman:c,publishedDateTimeObject:m,categorySlug:b,categoryUrl:Z,categoryName:b,authorUrl:"/authors/guneet-kaur",authorName:" Guneet Kaur ",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e},{id:"106875",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/connecting-defi-how-multichain-token-systems-can-improve-liquidity",absoluteUrl:"https://cointelegraph.com/news/connecting-defi-how-multichain-token-systems-can-improve-liquidity",title:"Connecting DeFi: How multichain token systems can improve liquidity ",cover:"https://s3.cointelegraph.com/uploads/2023-04/f186525e-626d-4d61-81bf-33120092e4fe.JPG",datePublished:c,dateHuman:c,publishedDateTimeObject:m,categorySlug:b,categoryUrl:Z,categoryName:b,authorUrl:"/authors/anthony-clarke",authorName:" Anthony Clarke ",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e},{id:"96435",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/bankman-fried-misguides-regulators-by-directing-them-away-from-centralized-finance",absoluteUrl:"https://cointelegraph.com/news/bankman-fried-misguides-regulators-by-directing-them-away-from-centralized-finance",title:"Bankman-Fried misguides regulators by directing them away from centralized finance",cover:"https://s3.cointelegraph.com/uploads/2022-11/e95c3ab7-c046-4bd2-a525-eea6e6e19386.jpg",datePublished:c,dateHuman:c,publishedDateTimeObject:m,categorySlug:b,categoryUrl:Z,categoryName:b,authorUrl:"/authors/sameep-singhania",authorName:" Sameep Singhania ",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e},{id:"98545",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/michael-saylor-on-the-ftx-fiasco-unethical-and-illegal-from-the-very-beginning",absoluteUrl:"https://cointelegraph.com/news/michael-saylor-on-the-ftx-fiasco-unethical-and-illegal-from-the-very-beginning",title:"Michael Saylor on the FTX fiasco: 'Unethical and illegal from the very beginning' ",cover:"https://s3.cointelegraph.com/uploads/2022-12/1a222cf6-1574-4f97-b7c0-8746e32f706d.jpg",datePublished:c,dateHuman:c,publishedDateTimeObject:m,categorySlug:b,categoryUrl:Z,categoryName:b,authorUrl:"/authors/savannah-fortis",authorName:" Savannah Fortis ",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e},{id:"100340",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/3-9-billion-lost-in-the-cryptocurrency-market-in-2022-report",absoluteUrl:"https://cointelegraph.com/news/3-9-billion-lost-in-the-cryptocurrency-market-in-2022-report",title:"$3.9 billion lost in the cryptocurrency market in 2022: Report",cover:"https://s3.cointelegraph.com/uploads/2023-01/1a25e183-9320-4a0e-bcf8-eae8daac380f.jpg",datePublished:c,dateHuman:c,publishedDateTimeObject:m,categorySlug:b,categoryUrl:Z,categoryName:b,authorUrl:"/authors/judith-bannermanquist",authorName:" Judith BannermanQuist ",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e}];bn.trackingPixelUrl="https://zoa.cointelegraph.com/pixel?postId=97644®ionId=1";bn.showShares=e;bn.showStats=e;bn.isNoIndex=a;bn.translationId="768780";bv.id=bq;bv.url="https://cointelegraph.com";bv.name="English";bv.domain=br;bv.timezone="Europe/London";bv.short=ao;bv.code=ao;bv.emailSubscribes=[u,v];bv.robotsTxt="User-Agent: * Disallow: /embed/post-sidebar/ Disallow: /embed/post-recomend/ Disallow: /adbutler Disallow: /marketcap Disallow: /exchange Disallow: /ico-calendar Disallow: /search?query=* Disallow: /search Disallow: /profile Allow: /magazine/wp-content Allow: /magazine/wp-admin/admin-ajax.php Allow: /magazine/wp-includes/js Disallow: /magazine/wp-login.php Disallow: /magazine/wp-register.php Disallow: /magazine/xmlrpc.php Disallow: /magazine/template.html Disallow: /magazine/wp-admin Disallow: /magazine/wp-includes Disallow: /magazine/archive Disallow: /magazine/?s= Sitemap: https://cointelegraph.com/sitemap.xml ";bv.isHidden=a;bv.position=r;return {layout:"default",data:[{currentMeta:bk,currentArticle:bn,currentAlternates:[{cacheKey:"en.LanguageType.1",id:bq,short:ao,domain:br,code:ao,__typename:bs,articleId:al},{cacheKey:"en.LanguageType.6",id:bt,short:ap,domain:bu,code:ap,__typename:bs,articleId:al}],metas:[bk],articles:[bn]}],fetch:{},error:m,state:{currentLanguage:bv,languages:[{id:bt,url:"https://fr.cointelegraph.com",name:"Français",domain:bu,timezone:"Europe/Paris",short:ap,code:ap,emailSubscribes:[u,v],robotsTxt:"User-Agent: * Disallow: /marketcap Disallow: /embed/post-sidebar/ Disallow: /embed/post-recomend/ Disallow: /category/quiz Disallow: /lightning-network-101 Disallow: /search?query=* Disallow: /search",isHidden:a,position:-1},{id:"17",url:"https://ar.cointelegraph.com",name:"عربي (Arabic)",domain:"ar.cointelegraph.com",timezone:"Asia/Dubai",short:bw,code:bw,emailSubscribes:[u,v],robotsTxt:"User-Agent: * Disallow: /franchise Disallow: /marketcap Disallow: /ico-101 Disallow: /embed/post-sidebar/ Disallow: /embed/post-recomend/ Disallow: /lightning-network-101 Disallow: /category/quiz Disallow: /search?query=* Disallow: /search Sitemap: https://ar.cointelegraph.com/sitemap.xml",isHidden:a,position:f},{id:"4",url:"https://cn.cointelegraph.com",name:"简体 (Chinese)",domain:"cn.cointelegraph.com",timezone:"Asia/Hong_Kong",short:"cn",code:"zh",emailSubscribes:[u,v],robotsTxt:"User-agent: * Allow: / Disallow: /search?query=* Disallow: /search Sitemap: https://cn.cointelegraph.com/sitemap.xml",isHidden:a,position:g},{id:"5",url:"https://de.cointelegraph.com",name:"Deutsch",domain:"de.cointelegraph.com",timezone:"Europe/Berlin",short:bx,code:bx,emailSubscribes:[u,v],robotsTxt:"User-Agent: * Disallow: /submit-a-post Disallow: /marketcap Disallow: /embed/post-sidebar/ Disallow: /embed/post-recomend/ Disallow: /category/quiz Disallow: /lightning-network-101 Disallow: /search?query=* Disallow: /search Sitemap: https://de.cointelegraph.com/sitemap.xml",isHidden:a,position:o},bv,{id:"2",url:"https://es.cointelegraph.com",name:"Español",domain:"es.cointelegraph.com",timezone:"Europe/Madrid",short:by,code:by,emailSubscribes:[u,v],robotsTxt:"User-Agent: * Disallow: /marketcap Disallow: /embed/post-sidebar/ Disallow: /embed/post-recomend/ Disallow: /category/quiz Disallow: /lightning-network-101 Disallow: /search?query=* Disallow: /search Sitemap: https://es.cointelegraph.com/sitemap.xml",isHidden:a,position:B},{id:"7",url:"https://it.cointelegraph.com",name:"Italiano",domain:"it.cointelegraph.com",timezone:"Europe/Lisbon",short:bz,code:bz,emailSubscribes:[u,v],robotsTxt:"User-Agent: * Disallow: /submit-a-post Disallow: /exchange Disallow: /marketcap Disallow: /events Disallow: /ico-101 Disallow: /ico-calendar Disallow: /embed/post-sidebar/ Disallow: /embed/post-recomend/ Disallow: /ripple-101 Disallow: /lightning-network-101 Disallow: /category/quiz Disallow: /search?query=* Disallow: /search Sitemap: https://it.cointelegraph.com/sitemap.xml",isHidden:a,position:s},{id:"22",url:"https://jp.cointelegraph.com",name:"日本語 (Japanese)",domain:"jp.cointelegraph.com",timezone:"Asia/Tokyo",short:"jp",code:"ja",emailSubscribes:[u,v],robotsTxt:"User-Agent: * Disallow: /franchise Disallow: /marketcap Disallow: /ico-101 Disallow: /embed/post-sidebar/ Disallow: /embed/post-recomend/ Disallow: /ripple-101 Disallow: /bitcoin-for-beginners Disallow: /ethereum-for-beginners Disallow: /bitcoin-cash-for-beginners Disallow: /lightning-network-101 Disallow: /category/quiz Disallow: /search?query=* Disallow: /search Sitemap: https://jp.cointelegraph.com/sitemap.xml",isHidden:a,position:ac},{id:"26",url:"https://kr.cointelegraph.com",name:"한국어 (Korean)",domain:"kr.cointelegraph.com",timezone:"Asia/Seoul",short:"kr",code:"ko",emailSubscribes:[u,v],robotsTxt:"User-agent: * Allow: / Disallow: /search?query=* Disallow: /search Sitemap: https://kr.cointelegraph.com/sitemap.xml",isHidden:a,position:q},{id:"23",url:"https://br.cointelegraph.com",name:"Português brasileiro",domain:"br.cointelegraph.com",timezone:"America/Manaus",short:"br",code:"pt-BR",emailSubscribes:[u,v],robotsTxt:"User-Agent: * Disallow: /marketcap Disallow: /embed/post-sidebar/ Disallow: /embed/post-recomend/ Disallow: /ripple-101 Disallow: /category/quiz Disallow: /lightning-network-101 Disallow: /search?query=* Sitemap: https://br.cointelegraph.com/sitemap.xml",isHidden:a,position:ad},{id:"27",url:"https://tr.cointelegraph.com",name:"Türkçe",domain:"tr.cointelegraph.com",timezone:"Europe/Istanbul",short:bA,code:bA,emailSubscribes:[u,v],robotsTxt:"User-agent: * Allow: / Disallow: /search?query=* Disallow: /search Sitemap: https://tr.cointelegraph.com/sitemap.xml",isHidden:a,position:J}],editorsPosts:[{id:"112782",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/pre-mined-ethereum-worth-116m-resurrects-after-8-years",absoluteUrl:"https://cointelegraph.com/news/pre-mined-ethereum-worth-116m-resurrects-after-8-years",title:"Dormant pre-mined Ethereum worth $116M resurrects after 8 years",cover:"https://s3.cointelegraph.com/uploads/2023-07/aff22793-9699-45cc-8105-5e75918137b3.jpg",datePublished:"2023-07-19",dateHuman:"2 hours ago",publishedDateTimeObject:{year:x,month:q,day:aX,hour:ad,minute:aY,second:bB,millisecond:f},categorySlug:ae,categoryUrl:af,categoryName:ag,authorUrl:"/authors/arijit-sarkar",authorName:" Arijit Sarkar ",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e},{id:"112766",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/bitcoin-price-falls-to-29-5k-but-on-chain-data-reflects-investors-growing-interest",absoluteUrl:"https://cointelegraph.com/news/bitcoin-price-falls-to-29-5k-but-on-chain-data-reflects-investors-growing-interest",title:"Bitcoin price falls to $29.5K, but on-chain data reflects investors’ growing interest",cover:"https://s3.cointelegraph.com/uploads/2023-07/8c55deb9-a162-4432-a8d1-8fdcdaa4bc84.jpg",datePublished:_,dateHuman:"12 hours ago",publishedDateTimeObject:{year:x,month:q,day:K,hour:ah,minute:bC,second:27,millisecond:f},categorySlug:bD,categoryUrl:aq,categoryName:ar,authorUrl:"/authors/ray-salmond",authorName:" Ray Salmond ",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e},{id:"112641",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:e,url:bE,absoluteUrl:bE,title:"AI Eye: AI’s trained on AI content go MAD, is Threads a loss leader for AI data?",cover:"https://cointelegraph.com/magazine/wp-content/uploads/2023/05/magazine-AI-Eye-column-scaled.jpg",datePublished:aZ,dateHuman:a_,publishedDateTimeObject:{year:x,month:q,day:as,hour:bC,minute:a$,second:f,millisecond:f},categorySlug:"magazine",categoryUrl:"/category/magazine",categoryName:at,authorUrl:"/authors/undefined",authorName:c,previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e},{id:"112761",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/european-commission-web4-strategy-flop",absoluteUrl:"https://cointelegraph.com/news/european-commission-web4-strategy-flop",title:"The European Commission’s Web4 strategy might be a flop",cover:"https://s3.cointelegraph.com/uploads/2023-07/e943a4b3-a231-4b80-b5de-238e731e0ee8.jpg",datePublished:_,dateHuman:"14 hours ago",publishedDateTimeObject:{year:x,month:q,day:K,hour:bF,minute:y,second:y,millisecond:f},categorySlug:bo,categoryUrl:an,categoryName:bp,authorUrl:"/authors/jonathan-galea-matteo-vena",authorName:"Jonathan Galea, Matteo Vena",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e},{id:"112757",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:e,isMagazinePost:a,url:"/explained/what-is-a-token-maker-and-how-does-it-work",absoluteUrl:"https://cointelegraph.com/explained/what-is-a-token-maker-and-how-does-it-work",title:"What is a token maker, and how does it work?",cover:"https://s3.cointelegraph.com/storage/uploads/view/a313c0e784c77523b73e1d70d8dd418b.jpg",datePublished:_,dateHuman:"15 hours ago",publishedDateTimeObject:{year:x,month:q,day:K,hour:aX,minute:45,second:f,millisecond:f},categorySlug:"explained",categoryUrl:"/category/explained",categoryName:ba,authorUrl:"/authors/marcel-deer",authorName:"Marcel Deer",previewText:b,badgeSlug:b,badgeName:b,views:f,showShares:e,showStats:e}],hotPosts:[{id:"110589",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/what-happened-in-crypto-today",absoluteUrl:"https://cointelegraph.com/news/what-happened-in-crypto-today",title:"Here’s what happened in crypto today",cover:"https://s3.cointelegraph.com/uploads/2023-06/78d78761-3bd2-4569-96a7-62a97f0a1b0a.jpg",datePublished:_,dateHuman:"13 hours ago",publishedDateTimeObject:{year:x,month:q,day:K,hour:Y,minute:B,second:bb,millisecond:f},categorySlug:ae,categoryUrl:af,categoryName:ag,authorUrl:"/authors/serge-egon-ostman",authorName:"Serge Egon Ostman",previewText:b,badgeSlug:b,badgeName:b,views:89241,showShares:e,showStats:e},{id:"112707",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/marathon-shareholders-file-lawsuit-against-company-s-top-management",absoluteUrl:"https://cointelegraph.com/news/marathon-shareholders-file-lawsuit-against-company-s-top-management",title:"Marathon shareholders file lawsuit against company’s top management",cover:"https://s3.cointelegraph.com/uploads/2023-07/134167c3-b759-4638-9f33-da6f8c31ddcd.jpg",datePublished:_,dateHuman:bG,publishedDateTimeObject:{year:x,month:q,day:K,hour:J,minute:a$,second:y,millisecond:f},categorySlug:ae,categoryUrl:af,categoryName:ag,authorUrl:"/authors/david-attlee",authorName:" David Attlee ",previewText:b,badgeSlug:b,badgeName:b,views:14319,showShares:e,showStats:e},{id:"112666",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/sec-vs-ripple-referred-to-judge-who-ordered-hinman-documents-release",absoluteUrl:"https://cointelegraph.com/news/sec-vs-ripple-referred-to-judge-who-ordered-hinman-documents-release",title:"SEC v. Ripple referred to judge who ordered release of ‘Hinman Documents’",cover:"https://s3.cointelegraph.com/storage/uploads/view/c09063be65af4ddd6534d3abad88f45c.jpg",datePublished:aZ,dateHuman:a_,publishedDateTimeObject:{year:x,month:q,day:as,hour:aX,minute:B,second:f,millisecond:f},categorySlug:ae,categoryUrl:af,categoryName:ag,authorUrl:"/authors/tristan-greene",authorName:" Tristan Greene ",previewText:b,badgeSlug:b,badgeName:b,views:12529,showShares:e,showStats:e},{id:"112710",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/bitcoin-price-stuck-30k-3-reasons-why",absoluteUrl:"https://cointelegraph.com/news/bitcoin-price-stuck-30k-3-reasons-why",title:"Bitcoin price is ‘stuck’ at $30K — Here are 3 reasons why",cover:"https://s3.cointelegraph.com/uploads/2023-07/549db128-536a-4482-95fa-dfcca8bb3f93.jpg",datePublished:_,dateHuman:bG,publishedDateTimeObject:{year:x,month:q,day:K,hour:J,minute:58,second:as,millisecond:f},categorySlug:bD,categoryUrl:aq,categoryName:ar,authorUrl:"/authors/william-suberg",authorName:" William Suberg ",previewText:b,badgeSlug:b,badgeName:b,views:12270,showShares:e,showStats:e},{id:"112662",isSponsored:a,isPressRelease:a,isMarketRelease:a,isExplained:a,isMagazinePost:a,url:"/news/binance-cuts-employee-benefits-citing-decline-profit",absoluteUrl:"https://cointelegraph.com/news/binance-cuts-employee-benefits-citing-decline-profit",title:"Binance cuts back on employee benefits, citing ‘decline in profit’: Report",cover:"https://s3.cointelegraph.com/uploads/2023-07/05856899-7b76-42a5-8d40-5b59b206d52d.jpg",datePublished:aZ,dateHuman:a_,publishedDateTimeObject:{year:x,month:q,day:as,hour:K,minute:y,second:38,millisecond:f},categorySlug:ae,categoryUrl:af,categoryName:ag,authorUrl:"/authors/turner-wright",authorName:"Turner Wright",previewText:b,badgeSlug:b,badgeName:b,views:11238,showShares:e,showStats:e}],preferredLanguage:m,isYoutubeApiReady:a,i18n:{by:"by",backToTop:"Back to top",blockNewsTitle:"Latest news",postsLoadMore:"Load more articles",postsLoading:"Loading",magazinePostAuthor:at,error403Text:"Sorry, but your account is blocked.",error404Text:"

Sorry, the page you are looking for has not been found.

Try checking the URL for errors and hit refresh button in your browser.

",error500Text:"

Internal Server Error

",errorGoBackButtonCap:"Go back",errorGoBackButtonUrl:bH,errorArticleTitlePrefix:"Article titled",errorArticleTitlePostfix:"was previously available by this link.",errorArticleDesc:"

Cointelegraph has made the decision to remove this article due to its lack of compliance with our standards of journalistic quality and integrity.

We apologize for this error, and our editorial team will do its best to maintain the standards to which we hold ourselves.

",headerLogoTitle:bI,headerLogoSlogan:"The future of money",submitPressReleaseCap:"Submit press release",careersCap:bJ,careersUrl:bK,advertiseCap:bL,advertiseUrl:bM,searchButtonCap:"Search",appBannerAndroidText:"Install the Cointelegraph app from the Play Store",appBannerAndroidBtn:"Download",appBannerAndroidUrl:"https://play.google.com/store/apps/details?id=cointelegraph.com",appBannerIosName:bN,appBannerIosDeveloper:bI,appBannerIosText:"GET — On the App Store",appBannerIosAction:"View",appBannerIosUrl:bO,profileLogIn:"Sign In",profileCap:"Profile",profileEditProfile:"Edit Profile",profileLogOut:"Sign Out",aboutUsText:"Cointelegraph covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.",footerIcpText:c,companyDetails:c,termsOfServicesText:"Terms of services and Privacy policy",menuBadgeNew:"new",footerNewsletter:"COINTELEGRAPH NEWSLETTER",footerFollowUs:"FOLLOW US",footerMobileApp:"MOBILE APPS",menuBadgeSoon:"soon",menuBadgePartner:"Partner",subscribeButtonCap:$,subscribeEmailLabel:"Email",subscribeSuccess:bP,subscribeError:bQ,privacyPolicyCap:"Accept",privacyPolicyText:"Cointelegraph.com uses Cookies to ensure the best experience for you.",priceIndexesPageTitle:"Cryptocurrency Price Indexes",journalistJoinUs:"Are you a journalist or an editor?",journalistJoinUs2:"Join us",journalistJoinUsEmail:"career@cointelegraph.com",androidAppAlt:"Cointelegraph Android App",androidAppTitle:"Android",androidAppUrlDesktop:bc,androidAppUrlMobile:bc,androidAppChinaUrl:"https://play.google.com/store/apps/details?id=cointelegraph.com&hl=zh_CN",iosAppAlt:"Cointelegraph iOS App",iosAppTitle:"App Store",iosAppUrlDesktop:bR,iosAppUrlMobile:bO,iosAppChinaUrl:"https://apps.apple.com/cn/app/cointelegraph-crypto-news/id1640089162",qrCodeChina:"https://s3.cointelegraph.com/storage/uploads/view/04aea5eb4b16e5e760765b5cfe686add.svg",editorsChoice:"Editor's choice",hotStories:"Hot stories",pressReleases:bS,marketReleases:"Market Release",flashNews:c,loadMore:"Load more",hideItems:"Hide",stretchSubscribeTo:"Subscribe to our channel",stretchWatchNow:$,stretchSponsored:"stretch_banners.sponsored.badge","nexo.btn.label":"Buy Crypto & Get 0.5% Back","nexo.btn.text":n,"crypto.btn.label":"Get Crypto At True Cost","crypto.btn.text":"Cryptoassets are complex instruments and investments carry a high risk of losing value. You should educate yourself in how crypto-markets work before making any investments. Always invest responsibly and be prepared for the risks associated with investing in or using cryptoassets. This promotion cannot be considered investment advice.","etoro.btn.label":bT,"etoro.btn.text":"Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.","etoro2.btn.label":"Invest Now and Get $10","etoro2.btn.text":"eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.","etoro3.btn.label":bT,"etoro3.btn.text":"Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.","hitbtc.btn.label":"Robust liquidity on HitBTC","hitbtc.btn.text":n,"changelly.btn.label":"fast exchange on Changelly","changelly.btn.text":"This is to note that you should realize all crypto trading risks. Please make sure that you understand how crypto exchange service works.","tokenbox.btn.label":"Manage your assets","tokenbox.btn.text":au,"binance.btn.label":"Crypto Marketplace","binance.btn.text":"Сryptoassets are considered very high risk, speculative purchases and investing in them may carry a high risk of losing money. You should educate yourself on how crypto markets work before making any investments. Always invest responsibly and be prepared for the risks associated with investing in or using crypto assets.","ledger.btn.label":"40% off hardware wallet","ledger.btn.text":au,"okex.btn.label":"One-stop crypto exchange","okex.btn.text":au,"syncbond.btn.label":"DEFI CRYPTOBOND ","syncbond.btn.text":au,"bybit.btn.label":"Claim up to 3,500 BIT","bybit.btn.text":n,"bybit2.btn.label":"Join Bybit","bybit2.btn.text":n,"coinapp.btn.label":"EXPLORE WITH COIN!","coinapp.btn.text":n,"nbc.btn.label":"Crypto in your super","nbc.btn.text":n,"exodus.btn.label":"Join the Exodus","exodus.btn.text":n,"coinsmart.btn.label":"Got CAD? → CoinSmart","coinsmart.btn.text":n,"aml.btn.label":"Is your crypto legit? (AML)","aml.btn.text":n,"coinsquare.btn.label":"CANADIAN EXCHANGE","coinsquare.btn.text":n,"stoic.btn.label":"NO TIME TO TRADE? AUTOMATE!","stoic.btn.text":n,"coinloan.btn.label":"GET CRYPTO LOAN","coinloan.btn.text":n,"crypto-com.btn.label":"Earn up to 14.5% p.a.","crypto-com.btn.text":n,"coinbase.btn.label":"Join Coinbase today","coinbase.btn.text":n,"nebeus.btn.label":"Discover Crypto-Renting","nebeus.btn.text":n,"kucoin.btn.label":"Claim $500 Bonus","kucoin.btn.text":n,"crescent.btn.label":"Exchange now on Hybrid DEX","crescent.btn.text":n,"uphold.btn.label":"Trade Now on Uphold","uphold.btn.text":n,"xgo.btn.label":"EARN APY ON TRADES WITH XGO","xgo.btn.text":n,"bitget.btn.label":"20 USDT zu gewinnen","bitget.btn.text":"Bitte beachten Sie, dass Sie die angegebenen Handelsstrategien auf eigene Gefahr nutzen. Wir möchten Sie bitten, dass Sie sich im Voraus gründlich über Kryptowährungen und deren Handel informieren.","promo-buttons-group.disclaimer":"Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice!",editorChoiceTitle:"Editor’s Choice",advertiseLinkLabel:"Advertise with us",advertiseLinkUrl:bM,newsSubscriberEmail:bU,newsSubscriberSubscribe:$,newsSubscriberLabel:"Today's news, in your inbox",newsSubscriberTitle:"Cointelegraph Digest",newsSubscriberSubtitle:"Your daily news digest, in the mail",newsSubscriberSend:$,newsSubscriberPlaceholder:"Email address",newsSubscriberError:bQ,newsSubscriberSuccess:bP,newsSubscriberThankYou:"Thank you!",newsSubscriberSuccessDescription:"You should confirm the subscription in your inbox",newsSubscriberDaily:"Daily",newsSubscriberWeekly:"Weekly",youtubeBannerChannelUrl:ai,youtubeBannerHeadline:"Cointelegraph YouTube",youtubeBannerButtonLabel:$,tagTitleAltPostfix:bd,tagMoreCap:"Show more",tagLessCap:"Show less",tagRecent:"Recent",tagTop:"Top News",youSearchedFor:"Search results for:",searchTitle:"Search the site",searchNothingFound:"Nothing found. We didn't find any result for",searching:"Searching...",pressRelease:"Press release",articleNftMintTitle:"Own this piece of history",articleNftMintButton:"Collect this article as an NFT",socialClipboardLabel:"Link copied",socialWechatHeaderText:bV,socialWechatFooterText:bV,socialWechatFooterError:"WeChat error",articleMoreAboutTopic:"article.more_about_topic",articleRelatedNewsTitle:"Related News",articleDisclaimerPaid:"This publication is sponsored.",articleDisclaimerPaidMarketRelease:"Disclaimer. ",articleDisclaimerDesc:"Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.",articleDisclaimerDescMarketRelease:"This publication is sponsored. Cointelegraph does not endorse or assume responsibility for the content, accuracy, quality, advertising, products, or other materials on this web page. Readers are advised to conduct their own research before engaging with any company mentioned. Please note that the featured information is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this web page constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments. Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice. Cointelegraph shall not be held liable, directly or indirectly, for any damages or losses arising from the use or reliance on any content, goods, or services featured on this web page.",articleListenTo:"Listen to article",articleTotalShares:"Total shares",articleTotalViews:"Total views",blockshowPromoText:c,mimicBlock:c,postTitleSeoTail:"post.title.seo-tail",postLiveDataViewMore:"View More",postAddReactionButton:"Add reaction",postChangeReactionButton:"Change reaction",softwareApplicationName:bN,softwareApplicationIosUrl:bR,softwareApplicationAndroidUrl:bc,indexSubscriptionsBannerTitle:"The Latest from Cointelegraph",indexSubscriptionsBannerButtonLabel:"Subscribe to what you like",newsletterPageTitle:"Cointelegraph Newsletters",newsletterPageDescription:"Select the Cointelegraph newsletters to which you would like to subscribe to receive the latest news and analysis directly from our team.",newsletterPagePopupDetailsEnter:"Enter your email to subscribe",newsletterPagePopupDetailsMore:"Select more or enter your email to subscribe.",newsletterPageMarketsOutlookTitle:"Markets Outlook",newsletterPageMarketsOutlookSubheading:av,newsletterPageMarketsOutlookDescription:"Weekly newsletter that covers the main factors influencing Bitcoin’s price and the week ahead.",newsletterPageAltcoinRoundupTitle:"Crypto Market Musings",newsletterPageAltcoinRoundupSubheading:bW,newsletterPageAltcoinRoundupDescription:"Ahead-of-the-curve analysis that tracks emerging trends in the crypto market.",newsletterPageDeFiNewsletterTitle:"DeFi Newsletter",newsletterPageDeFiNewsletterSubheading:bW,newsletterPageDeFiNewsletterDescription:"A weekly summary of the most impactful DeFi stories, insights and education developments.",newsletterPageMagazineNewsletterTitle:"Magazine Newsletter",newsletterPageMagazineNewsletterSubheading:"Delivered on Tuesdays every two weeks",newsletterPageMagazineNewsletterDescription:"In-depth and incisive features on cryptocurrency, blockchain and NFTs every other week. ",newsletterPageLawDecodedTitle:"Law Decoded",newsletterPageLawDecodedSubheading:av,newsletterPageLawDecodedDescription:"A weekly summary of the latest news in crypto legislation and regulations.",newsletterPageNiftyNewsletterTitle:"Nifty Newsletter",newsletterPageNiftyNewsletterSubheading:bX,newsletterPageNiftyNewsletterDescription:"A weekly summary of the latest NFT headlines.",newsletterPageOneMinuteLetterTitle:"1 Minute Letter",newsletterPageOneMinuteLetterSubheading:"Delivered every Monday to Friday",newsletterPageOneMinuteLetterDescription:"A daily selection of the best crypto news.",newsletterPageConsultingNewsletterTitle:"CT Research Monthly Report",newsletterPageConsultingNewsletterSubheading:"Delivered on Wednesdays",newsletterPageConsultingNewsletterDescription:"In-depth Market Insights report from our Research team.",newsletterPageCryptoBizNewsletterTitle:"Crypto Biz Newsletter",newsletterPageCryptoBizNewsletterSubheading:bY,newsletterPageCryptoBizNewsletterDescription:"A weekly pulse of the business behind blockchain and crypto.",newsletterPageWeekInReviewTitle:"A week in review",newsletterPageWeekInReviewSubheading:"Delivered every Sunday",newsletterPageWeekInReviewDescription:"A weekly digest of what happened in the crypto space.",inArticleSubscriptionFormInputPlaceholder:bU,inArticleSubscriptionFormTos:"By subscribing, you agree to our Terms of Services and Privacy Policy",inArticleSubscriptionFormBtnLabel:$,inArticleSubscriptionFormEmailErrorMsg:"Please enter a valid email address",inArticleSubscriptionFormSuccessMsg:"A confirmation email was sent to your inbox.",inArticleSubscriptionFormMarketsOutlookDelivery:av,inArticleSubscriptionFormLawDecodedDelivery:av,inArticleSubscriptionFormDefiNewsletterDelivery:"DELIVERED EVERY FRIDAY",inArticleSubscriptionFormConsultingNewsletterDelivery:"delivered biweekly",inArticleSubscriptionFormCryptoBizDelivery:bY,inArticleSubscriptionFormNiftyNewsletterDelivery:bX,inArticleSubscriptionFormMagazineDelivery:"in.article.subscription.form.magazine.delivery",inArticleSubscriptionFormOneMinuteLetterDelivery:"in.article.subscription.form.one_minute_letter.delivery",inArticleSubscriptionFormWeekInReviewDelivery:"in.article.subscription.form.week_in_review.delivery",inArticleSubscriptionFormMarketsOutlookTitle:"Subscribe to the Markets Outlook newsletter",inArticleSubscriptionFormLawDecodedTitle:"Subscribe to the Law Decoded newsletter",inArticleSubscriptionFormDefiNewsletterTitle:"Subscribe to the Finance Redefined newsletter",inArticleSubscriptionFormConsultingNewsletterTitle:"Subscribe to the Cointelegraph Research Newsletter",inArticleSubscriptionFormCryptoBizTitle:"Subscribe to our Crypto Biz newsletter",inArticleSubscriptionFormNiftyNewsletterTitle:"Subscribe to the Nifty Newsletter",inArticleSubscriptionFormLawDecodedListId:"63518511686747533",inArticleSubscriptionFormMarketsOutlookListId:"63518681844418509",inArticleSubscriptionFormDefiNewsletterListId:"63518580167149221",inArticleSubscriptionFormConsultingNewsletterListId:"64408317476210640",inArticleSubscriptionFormCryptoBizListId:"63518622575756409",inArticleSubscriptionFormNiftyNewsletterListId:"63518610776131095",inArticleSubscriptionFormMagazineListId:"in.article.subscription.form.magazine.list-id",inArticleSubscriptionFormOneMinuteLetterListId:"in.article.subscription.form.one_minute_letter.list-id",inArticleSubscriptionFormWeekInReviewListId:"in.article.subscription.form.week_in_review.list-id",glossaryHeading:"Crypto Glossary",glossaryDesc:"If you’re new to the world of crypto, it’s easy to get lost in the sea of essential blockchain and cryptocurrency terms. Cointelegraph’s crypto glossary explains the major cryptocurrency terms you should know when learning about digital currencies. In this glossary, you will discover links to relevant articles and pages for crypto-related terms.",glossaryKeyboard:"You may also use your keyboard to move to the desired letter",podcastHeroHeading:"Cointelegraph Podcasts",podcastHeroDesc:"Crypto podcasts covering the latest cryptocurrency news, blockchain technology and decentralized communities, brought to you by the Cointelegraph team.",podcastDisclaimer:"These podcasts (and any related content) are for entertainment purposes only and do not constitute financial advice, nor should they be taken as such. Everyone must do their own research and make their own decisions. The podcasts' participants may or may not own any of the assets mentioned.",podcastHostWith:"With",podcastHostAnd:"and",podcastListenOnHeading:"Listen on",podcastAboutTheHostsHeading:"About the hosts",podcastCarouselHeading:"Other podcasts",podcastRelatedArticlesHeading:" Related Articles",calculatorHeading:"Bitcoin & Cryptocurrency Calculator and Converter Tool",calculatorDesc:"Struggling to find out how much a fraction of a Bitcoin (BTC) is worth in U.S. dollars (USD)? Cointelegraph’s crypto calculator and converter tool provides an easy way to calculate the fiat currency (USD, AUD and EUR) value of certain crypto assets.",calculatorPopularConversions:"Popular Crypto to Fiat Conversions",calculatorTrendingHeading:"Trending",calculatorLastUpdated:"Last updated",calculatorSearchCrypto:"Search crypto...",calculatorSearchFiat:"Search fiat...",calculatorSearchNoOptions:"Sorry, no matching options.",calculatorSidebarTitle:"Price Calculator",calculatorPleaseEnterPlaceholder:"Please enter",advertisePageCerosUrl:"https://view.ceros.com/cointelegraph/partner-with-us?heightOverride=5500&mobileHeightOverride=5400",advertiseDesktopAspectRatio:"0.27692308",advertiseMobileAspectRatio:"0.09473684"},banners:{index:[{id:bZ,type:aw,isImage:a,isHtml:a,isWidget:a,isSidePromoButton:a,isStretch:e,isAdbutler:a,isAdbutlerYoutube:a,isPromoButton:a,isPromoButtonStack:a,isSticky:a,place:E,url:ax,base64:b_,image:ai,title:ay,comment:L,priority:f,weight:g,code:az,options:[],trackingPixelUrl:c,youtubeVideoId:c,widgetType:c,stretchType:c,adbutlerZoneId:m,graphqlBanner:{cacheKey:"en.BannerType.558",id:bZ,bannerType:aw,bannerPlace:E,bannerUrl:ax,bannerImage:ai,bannerTitle:ay,bannerWeight:g,bannerComment:L,bannerPriority:f,bannerCode:az,bannerOptions:b$,__typename:F}},{id:ca,type:t,isImage:a,isHtml:a,isWidget:a,isSidePromoButton:a,isStretch:a,isAdbutler:e,isAdbutlerYoutube:a,isPromoButton:a,isPromoButtonStack:a,isSticky:a,place:E,url:c,base64:c,image:m,title:aA,comment:aA,priority:g,weight:g,code:cb,options:{},trackingPixelUrl:c,youtubeVideoId:c,widgetType:c,stretchType:c,adbutlerZoneId:"351405",graphqlBanner:{cacheKey:"en.BannerType.234",id:ca,bannerType:t,bannerPlace:E,bannerUrl:c,bannerImage:m,bannerTitle:aA,bannerWeight:g,bannerComment:aA,bannerPriority:g,bannerCode:cb,bannerOptions:aa,__typename:F}},{id:cc,type:t,isImage:a,isHtml:a,isWidget:a,isSidePromoButton:a,isStretch:a,isAdbutler:e,isAdbutlerYoutube:a,isPromoButton:a,isPromoButtonStack:a,isSticky:a,place:E,url:c,base64:c,image:m,title:aB,comment:aB,priority:o,weight:g,code:cd,options:{},trackingPixelUrl:c,youtubeVideoId:c,widgetType:c,stretchType:c,adbutlerZoneId:"351774",graphqlBanner:{cacheKey:"en.BannerType.228",id:cc,bannerType:t,bannerPlace:E,bannerUrl:c,bannerImage:m,bannerTitle:aB,bannerWeight:g,bannerComment:aB,bannerPriority:o,bannerCode:cd,bannerOptions:aa,__typename:F}},{id:ce,type:t,isImage:a,isHtml:a,isWidget:a,isSidePromoButton:a,isStretch:a,isAdbutler:e,isAdbutlerYoutube:a,isPromoButton:a,isPromoButtonStack:a,isSticky:a,place:E,url:c,base64:c,image:m,title:aC,comment:aC,priority:r,weight:g,code:cf,options:{},trackingPixelUrl:c,youtubeVideoId:c,widgetType:c,stretchType:c,adbutlerZoneId:"351406",graphqlBanner:{cacheKey:"en.BannerType.239",id:ce,bannerType:t,bannerPlace:E,bannerUrl:c,bannerImage:m,bannerTitle:aC,bannerWeight:g,bannerComment:aC,bannerPriority:r,bannerCode:cf,bannerOptions:aa,__typename:F}}],index_mobile_new:[{id:cg,type:aw,isImage:a,isHtml:a,isWidget:a,isSidePromoButton:a,isStretch:e,isAdbutler:a,isAdbutlerYoutube:a,isPromoButton:a,isPromoButtonStack:a,isSticky:a,place:G,url:ax,base64:b_,image:ai,title:ay,comment:L,priority:f,weight:g,code:az,options:[],trackingPixelUrl:c,youtubeVideoId:c,widgetType:c,stretchType:c,adbutlerZoneId:m,graphqlBanner:{cacheKey:"en.BannerType.914",id:cg,bannerType:aw,bannerPlace:G,bannerUrl:ax,bannerImage:ai,bannerTitle:ay,bannerWeight:g,bannerComment:L,bannerPriority:f,bannerCode:az,bannerOptions:b$,__typename:F}},{id:ch,type:t,isImage:a,isHtml:a,isWidget:a,isSidePromoButton:a,isStretch:a,isAdbutler:e,isAdbutlerYoutube:a,isPromoButton:a,isPromoButtonStack:a,isSticky:a,place:G,url:ci,base64:"YWRidXRsZXI6Ly81OTE0MTA=",image:c,title:aD,comment:aD,priority:g,weight:g,code:cj,options:{},trackingPixelUrl:c,youtubeVideoId:c,widgetType:c,stretchType:c,adbutlerZoneId:"591410",graphqlBanner:{cacheKey:"en.BannerType.1443",id:ch,bannerType:t,bannerPlace:G,bannerUrl:ci,bannerImage:c,bannerTitle:aD,bannerWeight:g,bannerComment:aD,bannerPriority:g,bannerCode:cj,bannerOptions:aa,__typename:F}},{id:ck,type:t,isImage:a,isHtml:a,isWidget:a,isSidePromoButton:a,isStretch:a,isAdbutler:e,isAdbutlerYoutube:a,isPromoButton:a,isPromoButtonStack:a,isSticky:a,place:G,url:cl,base64:"YWRidXRsZXI6Ly81OTE0MTE=",image:c,title:aE,comment:aE,priority:o,weight:g,code:cm,options:{},trackingPixelUrl:c,youtubeVideoId:c,widgetType:c,stretchType:c,adbutlerZoneId:"591411",graphqlBanner:{cacheKey:"en.BannerType.1444",id:ck,bannerType:t,bannerPlace:G,bannerUrl:cl,bannerImage:c,bannerTitle:aE,bannerWeight:g,bannerComment:aE,bannerPriority:o,bannerCode:cm,bannerOptions:aa,__typename:F}},{id:cn,type:t,isImage:a,isHtml:a,isWidget:a,isSidePromoButton:a,isStretch:a,isAdbutler:e,isAdbutlerYoutube:a,isPromoButton:a,isPromoButtonStack:a,isSticky:a,place:G,url:co,base64:"YWRidXRsZXI6Ly81OTE0MTI=",image:c,title:aF,comment:aF,priority:r,weight:g,code:cp,options:{},trackingPixelUrl:c,youtubeVideoId:c,widgetType:c,stretchType:c,adbutlerZoneId:"591412",graphqlBanner:{cacheKey:"en.BannerType.1445",id:cn,bannerType:t,bannerPlace:G,bannerUrl:co,bannerImage:c,bannerTitle:aF,bannerWeight:g,bannerComment:aF,bannerPriority:r,bannerCode:cp,bannerOptions:aa,__typename:F}}]},hostname:c,clientBannersLoaded:a,userCountry:"US",footer:{isShown:e,menu:[{position:g,id:z,title:bd,url:c,target:d,rel:c,isExternal:e,children:[{parentId:z,position:g,id:"181",title:"Bitcoin ",url:cq,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:z,position:s,id:"184",title:"Blockchain ",url:cr,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:z,position:ac,id:"182",title:"Ethereum ",url:cs,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:z,position:q,id:"183",title:ct,url:cu,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:z,position:y,id:"538",title:"Business ",url:cv,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:z,position:14,id:"540",title:cw,url:cx,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:z,position:Y,id:"1074",title:cy,url:cz,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:z,position:ah,id:"1075",title:aV,url:aW,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:z,position:bb,id:"1076",title:"Adoption ",url:cA,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b}]},{position:o,id:p,title:"Features",url:c,target:d,rel:c,isExternal:e,children:[{parentId:p,position:g,id:"1218",title:cB,url:cC,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:o,id:"1106",title:cD,url:cE,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:r,id:"570",title:cF,url:cG,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:B,id:"700",title:cH,url:cI,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:s,id:"521",title:at,url:cJ,target:d,rel:c,isExternal:e,badgeType:b,badgeI18nKey:b},{parentId:p,position:s,id:"190",title:"Analysis",url:"/category/analysis",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:s,id:"241",title:aU,url:an,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:s,id:"248",title:"Hodler’s Digest",url:"/category/hodlers-digest",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:ac,id:"541",title:cK,url:cL,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:q,id:"244",title:cM,url:cN,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:J,id:"246",title:ar,url:aq,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:ab,id:"427",title:cO,url:cP,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:am,id:"1111",title:cQ,url:cR,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:am,id:"668",title:"Use Case",url:"/category/use-case",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:p,position:bB,id:"1182",title:"Historical",url:"https://cointelegraph.com/historical?utm_source=CT&utm_medium=link&utm_campaign=navigation",target:d,rel:c,isExternal:e,badgeType:b,badgeI18nKey:b}]},{position:r,id:w,title:"Market Tools",url:c,target:d,rel:c,isExternal:e,children:[{parentId:w,position:g,id:"565",title:cS,url:cT,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:w,position:g,id:"855",title:cU,url:cV,target:C,rel:c,isExternal:e,badgeType:b,badgeI18nKey:b},{parentId:w,position:r,id:"1214",title:cW,url:cX,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:w,position:r,id:"207",title:"Bitcoin Price Index",url:"/bitcoin-price-index",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:w,position:r,id:"208",title:"Ethereum Price Index",url:"/ethereum-price-index",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:w,position:B,id:"209",title:"Bitcoin Cash Price Index",url:"/bitcoin-cash-price-index",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:w,position:s,id:"210",title:"Litecoin Price Index",url:"/ltc-price-index",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:w,position:ac,id:"211",title:"Ripple Price Index",url:"/xrp-price-index",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:w,position:q,id:"212",title:"Monero Price Index",url:"/xmr-price-index",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:w,position:y,id:"230",title:cY,url:"https://coin360.com/?utm_source=cointelegraph&utm_medium=referral&utm_campaign=menu&utm_term=footer",target:C,rel:cZ,isExternal:e,badgeType:be,badgeI18nKey:bf}]},{position:B,id:aj,title:c_,url:c,target:d,rel:c,isExternal:e,children:[{parentId:aj,position:g,id:"200",title:ba,url:c$,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:aj,position:o,id:"1244",title:da,url:db,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:aj,position:o,id:"1016",title:dc,url:dd,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:aj,position:aT,id:"1146",title:de,url:df,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b}]},{position:s,id:H,title:"Industry",url:c,target:d,rel:c,isExternal:e,children:[{parentId:H,position:g,id:"484",title:dg,url:dh,target:d,rel:c,isExternal:e,badgeType:b,badgeI18nKey:b},{parentId:H,position:o,id:"1191",title:di,url:dj,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:H,position:q,id:"203",title:bS,url:"/press-releases",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:H,position:ad,id:"204",title:"Events",url:"/events",target:d,rel:aG,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:H,position:J,id:"1266",title:"Cointelegraph Accelerator",url:"/tags/cointelegraph-accelerator",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:H,position:y,id:"455",title:"Changelly",url:"https://changelly.com/?utm_source=cointelegraph&utm_medium=referral&utm_campaign=changellyctenfooter",target:C,rel:aG,isExternal:e,badgeType:be,badgeI18nKey:bf},{parentId:H,position:a$,id:"1107",title:"Scalable",url:"https://scalablesolutions.io/?utm_source=cointelegraph&utm_medium=referral&utm_campaign=ct_footer_link",target:C,rel:c,isExternal:e,badgeType:be,badgeI18nKey:bf}]},{position:ad,id:M,title:"About us",url:dk,target:d,rel:c,isExternal:a,children:[{parentId:M,position:r,id:"219",title:"Franchise",url:"/franchise",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:M,position:B,id:"217",title:bL,url:"/advertise-with-bitcoins",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:M,position:s,id:"218",title:"About",url:dk,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:M,position:ac,id:"220",title:"Widgets",url:"/widgets",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:M,position:y,id:"467",title:bJ,url:bK,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:M,position:ah,id:"1180",title:"Newsletters",url:"/newsletter-subscriptions",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b}]}]},imageModal:{isImageModalOpened:a,data:{}},menu:{isMobileMenuOpened:a,isSearchOpened:a,scrollBeforeOpened:f,mobileMenu:[],desktopMenu:[{position:g,id:A,title:bd,url:c,target:d,rel:c,isExternal:e,children:[{parentId:A,position:o,id:"102",title:"Bitcoin",url:cq,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:A,position:B,id:"103",title:"Ethereum",url:cs,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:A,position:ad,id:"104",title:ct,url:cu,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:A,position:J,id:"96",title:"Blockchain",url:cr,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:A,position:y,id:"529",title:"Business",url:cv,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:A,position:aY,id:"97",title:cw,url:cx,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:A,position:Y,id:"1068",title:cy,url:cz,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:A,position:ah,id:"1069",title:aV,url:aW,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:A,position:bb,id:"1070",title:"Adoption",url:cA,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b}]},{position:o,id:N,title:"Markets",url:c,target:d,rel:c,isExternal:e,children:[{parentId:N,position:g,id:"563",title:cS,url:cT,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:N,position:o,id:"532",title:"Price Indexes",url:"/price-indexes",target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:N,position:r,id:"533",title:ar,url:aq,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:N,position:B,id:"534",title:cY,url:"https://coin360.com/?utm_source=cointelegraph&utm_medium=referral&utm_campaign=menu&utm_term=header",target:C,rel:aG,isExternal:e,badgeType:b,badgeI18nKey:b},{parentId:N,position:s,id:"535",title:cM,url:cN,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:N,position:ab,id:"1212",title:cW,url:cX,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b}]},{position:r,id:"536",title:at,url:cJ,target:C,rel:c,isExternal:e,children:[]},{position:s,id:D,title:"People",url:c,target:d,rel:c,isExternal:e,children:[{parentId:D,position:f,id:"1263",title:cB,url:cC,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:D,position:g,id:"1104",title:cD,url:cE,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:D,position:o,id:"567",title:cF,url:cG,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:D,position:r,id:"696",title:cH,url:cI,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:D,position:s,id:"233",title:aU,url:an,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:D,position:y,id:"453",title:cK,url:cL,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:D,position:ab,id:"425",title:cO,url:cP,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:D,position:aY,id:"1108",title:cQ,url:cR,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b}]},{position:J,id:ak,title:c_,url:c,target:d,rel:c,isExternal:e,children:[{parentId:ak,position:g,id:"164",title:ba,url:c$,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:ak,position:o,id:"1014",title:dc,url:dd,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:ak,position:o,id:"1243",title:da,url:db,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b},{parentId:ak,position:aT,id:"1144",title:de,url:df,target:d,rel:c,isExternal:a,badgeType:b,badgeI18nKey:b}]},{position:ab,id:"390",title:dg,url:dh,target:C,rel:cZ,isExternal:e,children:[]},{position:bF,id:"537",title:"Video",url:aH,target:C,rel:aG,isExternal:e,children:[]},{position:Y,id:"1188",title:di,url:dj,target:d,rel:c,isExternal:a,children:[]},{position:ah,id:"804",title:cU,url:cV,target:C,rel:c,isExternal:e,children:[]}]},podcast:{podcastImageUrl:c},post:{currentPlayerId:m},settings:{socials:{socialsNewsSubscribeForm:[{id:aI,name:aJ,url:bg,gtmClassName:c,iconName:aK,allowedBreakpoints:[h,i,j,k,l]},{id:aL,name:aM,url:bh,gtmClassName:c,iconName:aN,allowedBreakpoints:[h,i,j,k,l]},{id:L,name:dl,url:aH,gtmClassName:c,iconName:bi,allowedBreakpoints:[h,i,j,k,l]},{id:aO,name:aP,url:bj,gtmClassName:c,iconName:aQ,allowedBreakpoints:[h,i,j,k,l]}],socialsFooter:[{id:"rss",name:"Rss Feed",url:"https://cointelegraph.com/rss-feeds",gtmClassName:c,iconName:"icon-socials-rss",allowedBreakpoints:[h,i,j,k,l]},{id:aL,name:aM,url:bh,gtmClassName:c,iconName:aN,allowedBreakpoints:[h,i,j,k,l]},{id:aO,name:aP,url:bj,gtmClassName:c,iconName:aQ,allowedBreakpoints:[h,i,j,k,l]},{id:aI,name:aJ,url:bg,gtmClassName:c,iconName:aK,allowedBreakpoints:[h,i,j,k,l]},{id:L,name:dl,url:aH,gtmClassName:c,iconName:bi,allowedBreakpoints:[h,i,j,k,l]},{id:dm,name:dn,url:"https://www.instagram.com/cointelegraph/",gtmClassName:c,iconName:do0,allowedBreakpoints:[l,k,j,i,h]}],sharesNewsFloatPanel:[{id:aI,name:aJ,url:"https://www.facebook.com/sharer/sharer.php?u=%URL%",gtmClassName:b,iconName:aK,allowedBreakpoints:[{size:l,label:O,breakpoint:P},{size:k,label:Q,breakpoint:R},{size:j,label:S,breakpoint:T},{size:i,label:U,breakpoint:V},{size:h,label:W,breakpoint:X}]},{id:aL,name:aM,url:"https://twitter.com/intent/tweet?text=%TEXT%",gtmClassName:b,iconName:aN,allowedBreakpoints:[{size:h,label:W,breakpoint:X},{size:i,label:U,breakpoint:V},{size:j,label:S,breakpoint:T},{size:k,label:Q,breakpoint:R},{size:l,label:O,breakpoint:P}]},{id:aO,name:aP,url:"https://t.me/share/url?url=%URL%&text=%TEXT%",gtmClassName:b,iconName:aQ,allowedBreakpoints:[{size:h,label:W,breakpoint:X},{size:i,label:U,breakpoint:V},{size:j,label:S,breakpoint:T},{size:k,label:Q,breakpoint:R},{size:l,label:O,breakpoint:P}]},{id:"reddit",name:"