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News

Partner Of Tornado Cash Dev Denied Contact With Him

Tornado Cash
Partner Of Tornado Cash Dev Denied Contact With Him

Alexey Pertsev’s wife, Ksenia Malik, has criticized Dutch police for treating her husband as a “serious criminal” after his detention last week.

The Fiscal Investigation and Information Service (FIOD) of the Netherlands detained Pertsev on August 12 for allegedly using an Ethereum-based privacy technology to launder money and hide unlawful financial movements.

Malik verified to Cointelegraph that Pertsev is in the custody of Dutch police and that he has been unable to communicate with him since his incarceration.

“He’s being held as if he were a dangerous criminal,” Malik added, expressing her worry that Pertsev was detained without prior notice for an action she considers innocuous.

Malik said that she can only “assume how he is doing and how terrible things are for him at the moment” due to the fact that the Dutch authorities have prohibited her [and anybody else] from having any contact with him, not even “a brief phone call.”

Even if Malik feels powerless in this aspect, she has support. Decentralized finance (DeFi) aggregator 1inch has planned a demonstration in Amsterdam on August 20 to demonstrate support for Pertsev and defend the rights of developers to produce open-source software.

1inch has been especially vociferous about this issue, stating that the arrest of Pertsev threatens to “set a hazardous precedent” that might “destroy the whole open-source software sector” if creators are held accountable for software they build that is exploited by others.

In light of 1inch’s efforts and the crypto community as a whole, Malik said that she is “extremely thankful to everyone who assists and supports my husband” since it demonstrates that “people genuinely care.”

Malik thinks that the gathering will not only call attention to Pertsev’s injustice but also favorably affect public opinion about the nature of open-source software.

However, the arrest of Pertsev is not universally disapproved of. In a recent interview, venture entrepreneur Kevin O’Leary warned that Tornado Cash and other crypto privacy solutions are part of a “crypto cowboy” mentality that undermines the fundamental principles of regulation. While describing the arrest of Pertsev as a necessity.

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News

Ripple Debuts On-Demand Liquidity (ODL) in Brazil

Ripple odl brazil
Ripple Debuts On-Demand Liquidity (ODL) in Brazil

On Thursday, Ripple Labs Inc. said that its On-Demand Liquidity (ODL) services have begun in Brazil. Despite being severely hampered by the SEC litigation, the blockchain company is having an influence on the world. However, the issue of how this change may affect XRP’s price still remains.

According to the press release, Ripple (XRP) has partnered with Travelex Bank, the first bank in Latin America to deploy ODL. Travelex was also the first bank to be registered with and given permission to do foreign exchange business by the Central Bank of Brazil, it was said.

It said that it would be using Ripple’s ODL solution, the XRP coin. Users will be able to move money across borders thanks to this.

Since Ripple’s announcement, the price of XRP has increased by more than 1.60 percent. As of the time of publication, XRP is trading at an average price of $0.378. It is still trading 90% below its all-time high in the interim (ATH). Over the last 60 days, the price of XRP did, however, exhibit some rebound. Its increase is more than 20%.

The press statement emphasized Brazil’s proactive approach to managing digital assets via sophisticated laws. This has aided in developing a framework that supports both consumers and innovators.

The swift actions helped the Latin American market accept cryptocurrencies. According to the statistics, Brazil receives about $780 billion in payments each year. This opens up a significant window of opportunity for Ripple and its users to make use of the potential of cryptocurrency.

Additionally, it said that Ripple wanted to provide its partners with a better user experience. By using ODL, Travelex will provide quick settlement and access to liquidity around-the-clock. But Ripple’s partner will facilitate transfers between Mexico and Brazil. Additionally, it intends to enable additional use cases and corridors.

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News

Matt Damon, Tom Brady, and LeBron James crypto ads disappear

Matt Damon crypto
Matt Damon, Tom Brady, and LeBron James crypto ads disappear

As the cryptocurrency business has been in a bad patch over the last several weeks, its advertising has also seen considerable decreases, with advertisements starring prominent celebrities vanishing from television screens.

Indeed, the crypto advertisements featuring actor Matt Damon, Tampa Bay Buccaneers quarterback Tom Brady, and professional basketball player LeBron James have gone from American television, according to a report by Amina Niasse of Bloomberg on August 17.

The report emphasized that Matt Damon’s renowned Crypto.com advertisement aired for the last time months ago, during the Super Bowl in February, after an estimated $65 million was spent on the four-month campaign, which was significantly more than others in investment services during the same time frame.

In mid-June, investors who poured money into Bitcoin (BTC) in response to Crypto.com’s “Fortune favors the brave!” promotion suffered enormous losses, as $1,000 worth of BTC acquired after the advertisement aired was worth just $375.

The failure garnered Damon mockery from South Park and Stephen Colbert’s The Late Show for pushing cryptocurrencies when the price of the leading digital asset fell more than 60 percent of its value.

According to data conducted by the TV-ad measuring firm ISpot.tv Inc., the unexpected removal of these advertising has corresponded with the market-wide decline from which the majority of cryptocurrencies are currently attempting to recover.

Notably, advertising expenditures by the top cryptocurrency platforms, including Crypto.com, Coinbase, and FTX, fell to $36,000 in July, the lowest monthly total since January 2021. Compared to the Super Bowl frenzy in February, when expenditure exceeded $84.5 million, this marks a staggering 99.96% reduction.

Late in June, it was reported that total expenditure by prominent cryptocurrency businesses had decreased by more than 90 percent, hurting both digital and television advertisements, as leading crypto firms reduced their marketing spending in response to the crypto market crash.

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Guides & Tutorials

Trader Joe Crypto (JOE): What To Know About

trader joe crypto
Trader Joe Crypto (JOE): What To Know About

Trader Joe (JOE) is a DEX that focuses on the community and is very competitive (decentralized exchange). The platform includes a number of sophisticated capabilities, such as leveraged trading and peer-to-peer financing. On the Avalanche blockchain, Trader Joe was the first and remains the biggest DEX in existence.

Utilizing its first-mover status, the protocol has improved adoption. The protocol now has +110,000 users and its user count continues to climb. Recently, the network has added more trade pairs, presently enabling over 65 in total. Here are some of the reasons why so many Avalanche token traders have made this DEX their new home.

Advantages of Trader Joe

It’s simple to see the platform’s many commercial advantages. DEXs are a superior solution for a variety of reasons. First, it makes no sense for decentralized cryptocurrencies to utilize centralized exchanges since it creates market bottlenecks.

A DEX is a superior option for eliminating the influence and power that these organizations have gained over the last decade. DEXs like Trader Joe provide noncustodial services to users, which means that your cryptocurrency stays in your hands until you trade. This technique is more secure since it eliminates downtime caused by maintenance, updates, and hackers.

How it Works

The network is distinct in several respects. First, it utilizes the lightning-fast Avalanche blockchain. Avalanche’s rising popularity is a result of its inexpensive costs and superior programmability. Three distinct blockchains are used by the network to speed onboarding, validation, and Dapp support. It employs these characteristics to deliver secure swapping and trading services.

Zap
Zap is one of the DEX’s most prominent characteristics. The protocol lets users to seamlessly exchange tokens for a liquidity provider token (LP token).

Swap
The Swap function allows users to exchange tokens. The system has a number of useful tools and functions. Swap offers cheaper rates than CEXs and is non-custodial, which enhances security.

P2P Lending
BankerJoe’s feature is a peer-to-peer lending platform. For supplying liquidity to the platform’s loan pool, users may earn APYs. The money may subsequently be accessed by borrowers, who pay interest upon return.

Leverage
Professional traders may use leveraged trading to increase their returns on investment. Trader Joe’s flexibility for numerous leverage levels makes it a suitable DEX for institutional traders seeking a safe and low-cost platform.

Staking and Farming Pools
Trader Joe supports farming and staking pools. These characteristics are really similar in that you must offer liquidity to a smart contract in order to ensure profits. Nevertheless, staking has a lock-up duration and current ROI, but farming fluctuates daily and has no lock-up.

Conclusion

Trader Joe’s platform provides the optimal blend of features to attract users. The system has a familiar appearance that mimics a CEX, which further helps the onboarding process. This DEX is designed to be a popular choice for Avalanche network traders since it is safe, responsive, and accessible to all users. Consequently, you can anticipate hearing much more from Trader Joe in the coming months.

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Ethereum

Ethereum Foundation says Merge won’t cut gas prices

Ethereum foundation merge
Ethereum Foundation says Merge won't cut gas prices

The Ethereum Foundation issued a statement on Wednesday stating that the planned proof-of-stake temporary update for the network, which is being referred to as the “Merge,” would not result in a reduction in the cost of gas. Regarding this topic, the Ethereum Foundation published the following statement:

“Gas prices are determined by the amount of demand placed on the network in comparison to its total capacity. The Merge eliminates the need for proof-of-work and replaces it with proof-of-stake as the mechanism for reaching an agreement. However, it does not dramatically alter any parameters that directly affect the capacity or throughput of the network.”

Merging the present execution layer of the Ethereum mainnet with its new proof-of-stake consensus layer, the Beacon Chain, will remove the need for energy-intensive mining. It will likely arrive in the third or fourth quarter of 2022.

Although a large number of investors and traders have purchased Ether in preparation for the Merge upgrade, it seems that some of those purchases were made under the false impression that the network’s capacity would increase once the update is fully operational.

To begin, there are no initial Ether staking requirements, which means that anybody may sync their own self-verified copy of Ethereum or host a node without incurring any costs. It is not possible to withdraw staked Ether until the next Shanghai update goes online.

Despite this, however, tradable ETH incentives in the form of fee tips will be made accessible right now. Once launched, the pace of Validator withdrawals will be regulated to avert a possible liquidity crisis.

After the Merge, there will not be a discernible increase in the speed of transactions. However, in order to attract capital after the Merge, it is anticipated that the APR returns on the network would rise by a factor of 50% over their current levels. Client developers are now working toward a provisional deadline of September 19 to finish the Merge, which is intended to ensure that there is no downtime experienced during the transfer.

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News

Nexo Sues Ex-Director Over Alleged $20M BTC Theft

Nexo BTC
Nexo Sues Ex-Director Over Alleged $20M BTC Theft

Tuesday, Law360 reported that cryptocurrency lender Nexo has launched a lawsuit against its former CEO Georgi Shulev for refusing to uphold half of an agreement he made with the company before to his leave in 2019.

According to the article, the crypto lender filed a petition with the High Court of Justice in London, requesting the release of a frozen BitMEX account due to a disagreement with the previous director over the account’s assets.

Nexo said that Shulev violated the settlement agreement established in July by Andrew Henshaw, a federal court in London, by failing to surrender the BitMEX account formed using the defendant’s email address before leaving the company.

According to the article, the contested account contains up to nine cryptocurrencies, including 880 Bitcoins (BTC) with a current market value of $20,500,000. The crypto lender said that the account was used to trade futures contracts and that about 1451 BTC were paid to it in May 2019.

The issues began when Shulev quit the firm and blocked the email address associated with the account, claiming ownership of the funds and noting that the account had been set up as an individual account, not a corporate one.

Nexo, on the other hand, claimed that the account belonged to the company, arguing that it was a business trading account and that “Shulev has unlawfully acquired and continues to keep the nine assets of Nexo, their legal owner.”

The account was eventually disabled by BitMEX’s parent company, HDR Global, after the ex-repeated director’s efforts to alter the associated email address.

In response to the issue, HDR Global petitioned the London High Court to establish the account’s owner and demanded that Shulev and Nexo contact the company once the lender had secured the account.

The court decided that Shulev must “waive all rights to the company’s corporate trading account and transfer the crypto-assets” after giving up the account and receiving a $1 million settlement.

Shulev noted, however, that Nexo broke the agreement to send the first of five monthly payments to him, thus he cannot advise HDR Global that the situation has been resolved.

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News

Dutch officials claim the code for Tornado Cash may be malicious

tornado cash dutch
Dutch officials claim the code for Tornado Cash may be malicious

More news on Tornado Cash. It “may be punished,” according to Dutch authorities, if a developer builds code “with the express goal of conducting illegal crimes,” according to the nonprofit DeFi Education Fund.

The Fiscal Information and Investigation Service (FIOD), which last week detained a 29-year-old developer in Amsterdam in connection with Tornado Cash, has provided this most recent information.

Developer for Tornado Cash Alexey Pertsev was the individual detained, according to The Block.

“Regarding the concerns, developing a tool is not prohibited, but if a tool has been developed solely for the purpose of committing crimes, such as to hide criminal money flows, then posting online or making a developed tool available may be punishable, “In response to inquiries from the DeFi Education Fund, FIOD wrote a letter.

Ethereum transactions are hidden by the Tornado Cash app. Traders who wish to protect their anonymity have utilized it, but it has also come under investigation from government authorities.

Dozens of the project’s cryptocurrency wallets were added to the OFAC’s sanction list on August 8 by the United States.

Tornado Cash was often used for lawful causes, “Max Bernstein, who oversees communications for the DeFi Education Fund, informed Decrypt through email. It must be understood that writing and releasing code must be protected in free societies and that violating someone’s privacy is not illegal while we wait for the publication of the developer’s particular charges.

The governance forum and the Discord server linked to Tornado Cash have been disabled since the arrest last week. Decrypt was also informed by a project official that the project’s code had been taken down from GitHub, but that “Tornado Cash contracts are unaffected” by this.

Tuesday saw Kraken CEO Jesse Powell join a growing number of business titans in denouncing the penalties. The U.S. prohibition on the app, he told Bloomberg, is “unconstitutional.”

Categories
News

Dragonchain Founder Suffering Criminal Charges By SEC

SEC Ethereum
The SEC Could Get Stricter With Ethereum Now After Merge

The U.S. Securities and Exchange Commission (SEC) has accused Dragonchain Inc, Dragonchain Foundation, The Dragon Company, and its creator, John Joseph Roets, with generating $16.5 million via unregistered securities sales.

The defendants allegedly launched an unregistered offering of Dragon tokens (DRGN) in two parts, including a reduced “pre-sale” and an initial coin offering (ICO).

The SEC claims that the defendants raised about $14 million from approximately 5,000 investors worldwide, including the United States, through an ICO in 2017.

Then, from 2019 through 2022, they earned an extra $2.5 million, for a total of $16.5 million, from the sale of DRGN tokens “to fund business expenses to further develop and sell Dragonchain technology.”

The agency said that it intends to pursue “permanent injunctions, disgorgement with prejudgment interest, civil fines, and conduct-based injunctions against each offender.”

The most recent accusations do not come as a surprise to Roets, since he anticipated them. The Commission had told him earlier this year that he and his firms will be charged for selling unregistered securities.

In a May statement to the SEC, Roets said that the agency was “picking and selecting projects to pursue, often singling out those with the most potential to upset entrenched interests while allowing others a clean pass.”

The announcement on the charges had a detrimental effect on the value of the DRGN. At the time of writing, the token was trading for $0.022, a decrease of more than 13% on the day.

In the meanwhile, the SEC has continued to pursue enforcement action against crypto businesses, particularly those who obtained cash via ICOs, in recent times.

In June, the regulator initiated an investigation into the major cryptocurrency exchange, Binance, to examine whether the exchange violated any regulations involving the sale of securities when its native token, BNB, was issued through an initial coin offering (ICO) in 2017.

Coinbase, an American cryptocurrency exchange, was recently probed by the SEC for potential securities listings.

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News

Ripple and SBI Announce New Partnership

Ripple SBI
Ripple and SBI Announce New Partnership

Ripple, a business that specializes in payment protocols, recently made an announcement that they will be cooperating with SBI Remit on a new project to make it simpler to send money between Japan and Thailand. This endeavor will be carried out in conjunction with the new initiative.

SBI Remit, the largest payment provider in Japan, is participating in the initiative and will make it possible for Thai nationals currently residing in Japan to quickly transfer money back to Thailand by utilizing RippleNet technology.

This will be available to Thai nationals who are currently traveling outside of Japan. The Thai side of this joint venture will be represented by the Siam Commercial Bank.

This makes it easier for the approximately 47,000 Thai nationals who are now living in Japan to transfer money back to their families in Thailand.

Customers of SBI Remit may promptly transfer money in Japanese Yen (JPY) to a recipient’s savings account at Siam Commercial Bank in Thailand by using ATMs to make the transaction.

In a very short amount of time, the money will be sent to the recipient in Thai Baht (THB). Prior to the provision of this service, recipients needed to collect their cash from an agent.

According to Nobuo Ando, Representative Director at SBI Remit, it is the company’s responsibility to continually look for advanced technology solutions in order to provide ever-improving remittance services for its consumers.

They anticipate that by using Ripple’s services, they would be able to unlock new income opportunities for their company and provide an improved service to their consumers. This is due to the consistent growth of remittance flows.

In related news, the results of a poll performed by Ripple indicated that people of the Asia-Pacific (APAC) region was three times more likely to acquire a virtual asset than residents of any other place in the world.

The most enthusiastic area was Europe, followed by North America and then the Middle East and Africa (MEA), both of which were much less enthusiastic than Europe. Europe was the most conservative region.

Categories
Opinion

Are We In Crypto Winter?

Crypto Winter
Are We In Crypto Winter?

The phrase “crypto winter” is now on the lips of every crypto trader. Since the height of a tremendous surge in 2021, the value of cryptocurrencies has plummeted by $2 trillion this year.

Bitcoin, the largest digital currency in the world, is down 70% from its November record high of about $69,000.

Consequently, some analysts have warned of a protracted bear market dubbed as “crypto winter.” The latest occurrence of this kind happened between 2017 and 2018.

In contrast to past crypto market downturns, the most recent cycle has been characterized by a series of events that have spread across the sector due to their linked nature and business tactics.

The rise of centralized lending schemes and so-called “decentralized finance,” or DeFi, an umbrella term for financial products produced on the blockchain, allowed crypto investors to amass enormous sums of leverage.

It is unclear when market volatility will fully subside. Nonetheless, experts anticipate more suffering as crypto companies struggle to pay down their debts and execute customer withdrawals.

Crypto exchanges and miners might be the next dominoes to fall, according to James Butterfill, director of research at CoinShares.

Butterfill said, “We believe that this suffering will spread throughout the congested exchange business.” Given the crowded nature of the market and the fact that exchanges depend to some degree on economies of scale, the present situation is likely to produce further fatalities.

Even established firms such as Coinbase have seen the effects of decreasing markets. To save on expenses, Coinbase lay off 18% of its staff last month. In recent times, the U.S. crypto exchange has seen a precipitous decline in trade activity as digital currency values have declined.

In the meanwhile, Butterfill said that crypto miners who depend on specialized computer equipment to resolve transactions on the blockchain might also be in difficulties.

Last week, he said in a research note, “We have also observed cases of possible stress when miners have purportedly not paid their power bills, perhaps pointing to cash flow concerns.”

This is probably why some miners are selling their shares.

It is costly for miners to do their duties, not only in terms of the equipment itself but also in terms of the power required to keep their machines operational around the clock.

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News

Bitcoin miner secures 708 MW in Q1 2022

Bitcoin Miner
Bitcoin miner secures 708 MW in Q1 2022

Bitcoin miner Genesis Digital Assets said on Wednesday that it had purchased 708 MW of capacity as the company’s U.S. growth continues. Currently, Genesis mines bitcoin in four Texas sites, three South Carolina locations, and one North Carolina location. Genesis acquired 708 MW from Texas, South Carolina, and North Carolina during the first half of 2022.

According to the corporation, the expansion will generate 130 full-time positions and around 495 construction positions for the surrounding communities. During Wednesday’s announcement, Genesis’ global head of human resources, Lydia Nyarko, said,

“Every day, we have the opportunity to develop significant and enduring partnerships with the local communities in which we operate by providing employment opportunities.” As GDA expands its placement of candidates, it is vital that we continue to be purposeful and influential. The CEO of Genesis Digital Assets added:

“Observing the expansion of our company has been tremendously satisfying. Bitcoin mining provides access to an intriguing career path with a great deal of growth potential as the sector expands in the coming years.”

Genesis announced the building of additional mining centers prior to obtaining more power in the first half of 2022, and the company bought thousands of bitcoin miners from Canaan in the previous year.

Genesis COO Andrey Kim said that the mining company is pleased with the rate of U.S. growth as it relates to its 2022 development plans. Kim observed, as have several other bitcoin mining firms this year, that the crypto market remains volatile.

The Genesis COO stated in a statement on Wednesday, “We are quite delighted with the speed of our U.S. growth. While the market remains unpredictable, we are more dedicated than ever to fulfilling our objective of providing the infrastructure that supports the Bitcoin network,” Kim said.

In addition to Genesis, the number of other bitcoin mining businesses have expanded and acquired mining rigs during the current economic crisis.

Cleanspark, a bitcoin miner, stated earlier this week that it had bought a plug-in-ready facility with 86 MW of capacity, and it acquired thousands of cheap miners last month.

Cipher Mining has constructed a 40 MW plant in Alborz, Texas, and Kryptovault AS has declared that it would relocate its facilities north of the Arctic Circle to take advantage of lower power costs.

Categories
Blockchain

Crypto vs Stock: Which One Is Better?

crypto vs stock
Crypto vs Stock: Which One Is Better?

When comparing crypto investments to stock investments, there are a few crucial distinctions to keep in mind. A major difference between the stock market and cryptocurrencies is that the former is a relatively young business.

Therefore, there is more room for development in the crypto sector, but also greater danger. Conversely, the stock market is significantly more secure but less promising of enormous returns.

Compared to cryptocurrencies, the potential upside of investing in equities is far lower. The value of a share of stock in a corporation could double or even triple over time, but it’s far less probable to grow by ten or twenty times. However, the upside potential of cryptocurrencies is far higher. Bitcoin, for instance, had a value gain of nearly 1000% in 2017. While this expansion is by no means certain, it is a possibility for any cryptocurrency.

Investing in cryptocurrency may also be a more efficient use of your investment dollars. For one thing, you don’t have to buy a complete stock to have a piece of the action; instead, you may buy a fraction of a coin. Investing $500 would get you 0.033 of a Bitcoin if Bitcoin were to cost $15,000. To buy a single share of stock that costs $15,000, however, would be too expensive. This means that your investment dollars can go further when investing in cryptocurrency.

Investing in bitcoin is not without its own unique dangers. Your coins might lose value, as opposed to gain, and this is the most evident danger. And since cryptocurrency is still relatively new, there is less information accessible regarding it as an investment. As a result, it may be harder to foresee its future performance.

In sum, both cryptocurrency and stock investments have their advantages and disadvantages. Depending on your investment horizon and comfort level, you must choose between the two. Cryptocurrency trading may be a good option if you are prepared to take on more risk in exchange for a higher payoff. Stocks may be the preferable option if you’d rather have a more secure investment.

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Bitcoin

MicroStrategy CEO: Bitcoin will surpass gold as a store of value

microstrategy bitcoin
MicroStrategy CEO: Bitcoin will surpass gold as a store of value

Bitcoin has always had a number of notable figures supporting it, and why not? Michael Saylor, the inventor of MicroStrategy, believes that the growing popularity of Bitcoin as a form of investment might, in the long term, signal the demise of gold as an asset class.

This assertion was made by Saylor in December of last year. Saylor was the departing CEO of MicroStrategy and is a bull on cryptocurrencies, Bitcoin specifically.

Move ahead in time by eight months: Saylor stated that the precious metal will most surely suffer through “demonization” as a consequence of the growth of cryptocurrencies, primarily Bitcoin, particularly during an interview with Stansberry Research on Saturday.

As the popularity of the cryptocurrency has increased, some of its backers have come to the conclusion that it may someday overtake gold as a store of value and replace the yellow metal.

A number of renowned crypto investors have said, in spite of the present market turmoil, that they continue to believe the forecast that Bitcoin would eventually supplant gold will come true.

Saylor made this observation at a recent Yahoo Finance Live session when he said, “The only thing endangered by bitcoin is gold.”

The value of one bitcoin (BTC) on the market is usually likened to the value of one ounce of gold. In contrast to the entire value of gold, which was estimated to be $12.3 trillion as of March 2 of this year, Bitcoin’s market valuation is now sitting at a relatively modest $460 billion as of the time of this writing.

In the meanwhile, Saylor has been the target of criticism after MicroStrategy’s considerable financial losses. In comparison to the forecasted total of $126 million, the actual quarterly revenue that the firm reported for the first half of this year was $122 million.

In addition, MicroStrategy suffered a loss of $919 million, of which $917 million was associated with the company’s investments in digital currency.

Categories
Regulation

What happens if India bans crypto?

India crypto ban
What happens if India bans crypto?

In 2018, the Reserve Bank of India banned banks from interacting with cryptocurrency exchanges, causing many consumers to sell their crypto on exchanges. The investors were given three to six months to liquidate their holdings. Many who want to retain their cryptocurrency relocated it to overseas exchanges where crypto-friendly legislation prevailed.

Recently, crypto has been in the news for all the wrong reasons, not only due to the precipitous price decline but also due to customers losing their investments as a result of major crypto hedge funds like 3 Arrows Capital folding and exchanges like Vauld suspending withdrawals due to unfavorable market conditions.

Surprisingly, India is one of the top three nations where cryptocurrency usage has risen in recent months. According to research by crypto exchange Gemini, almost 54 percent of respondents from India were first-time crypto investors in the preceding year.

In retrospect, all this chatter about India crypto ban and investors losing money has prompted a large number of individuals to consider if their assets are at risk.

“In the unusual case of a crypto prohibition in India, investor funds are secure and will be refunded to them within a timeframe that will be determined at the time such an improbable occurrence happens. Investors own the cryptocurrencies held on WazirX, and they have the option to withdraw them at any time. As a company, we have never before halted cryptocurrency withdrawals on WazirX, and we have always been clear about any scheduled, temporary maintenance. However, caution dictates that investors verify the crypto ownership and withdrawal terms and conditions on their investment sites.”

-Vice President of Wazirx, Rajagopal Menon

Even though the majority of crypto exchanges in India, such as CoinSwitch Kuber and WazirX, act as custodial wallets where they only facilitate the transfer of your funds from Indian rupees to cryptocurrencies and vice versa, these exchanges do not own your funds and you have the right to withdraw them at any time.

It is expected that investors will be able to withdraw their monies or transfer them to other physical wallets in the case of a ban. However, at the end of the day, the government has the last word.

Categories
NFT

Binance launches NFT ticketing for Lazio

nft binance
Binance launches NFT ticketing for Lazio

The world’s largest cryptocurrency trading platform, Binance, has announced that it would begin selling NFT tickets for the 2022–2023 season of S.S. Lazio matches in Italy. The non-fungible tokens (NFTs) buyers purchase will enable them to attend their preferred team’s home matches at Rome’s famed Stadio Olimpico, the city’s main sports venue.

In addition to having admission to the stadium, ticket holders will also get other discounts, such as 10% off any purchase made at the Lazio shop and 20% off tickets to the club’s Europa League games, which is an annual tournament run by the Union of European Football Associations (UEFA).

Supporters who buy digital tickets will also be eligible to win fan tokens, have access to a variety of unique events, and get discounts. Supporters of Lazio must sign up for a Binance account and visit the Binance Fan Token Platform in order to purchase tickets.

The NFT tickets, according to the digital asset exchange, will aid in resolving several well-known problems with the conventional ticket distribution mechanism. For instance, the non-fungible tokens enable the avoidance of multiple ticketing, which occurs when a single stadium seat is sold twice, as well as the prevention of ticket fraud and issues with loss or damage.

Lazio’s primary t-shirt sponsor is Binance. The sponsorship contract for €30 million ($30.5 million) was revealed last October. The two parties came to an agreement for a two-year initial term with the possibility of an additional year’s extension.

The NFT-ticketing idea comes after Binance and Portuguese soccer sensation Cristiano Ronaldo engaged in an exclusive, multi-year NFT relationship in June. To give fans the chance to possess a memorable piece of sporting history, the well-known player intends to issue a number of NFT collections.

Categories
People

Raoul Pal Influences the Crypto Market with Persuasion

raoul pal crypto
Raoul Pal Influences the Crypto Market with Persuasion

In a recent interview with the asset management company Arca, the former Goldman Sachs executive Raoul Pal asserts that the macroeconomic climate that has kept the cryptocurrency market gloomy for the majority of the year is beginning to shift.

“The macro is rolling over for me. That is to say, we are entering a recession. Things such as the ISM (institute for supply management) survey and others should immediately begin to disintegrate. The futuristic components are already disintegrating. We observe it worldwide. Thus, growth is disappearing.

In addition, the narrative has not caught up, and most commodities are down 30% to 50%… Everyone is bullish and expects oil to reach $200. I anticipate a washout, and the price falls to $60. Thus concludes the inflation narrative.”

According to Raoul Pal, alterations to the macroeconomic environment would have an impact on businesses and subsequently the labor market.

“After Covid, people accumulated enormous stocks. These stocks are now unsold as a result of the economy’s slowdown and inflation’s eroding of disposable income. Therefore, we have seen it at Walmart and Amazon. They will begin discounting inventory in an effort to move it. People are terminating employees. Therefore, the macrocycle will enter its nasty phase.”

Pal underlines that the impending terrible economic news is good news for the financial markets.

“Why does it make Raoul belligerent? As a consequence, as inflation declines and bond rates decrease, liquidity circumstances improve. Liquidity conditions are the primary macroeconomic factor influencing financial markets.

In addition, the macro expert believes that, as liquidity circumstances improve, cryptocurrencies are poised to enter a new market cycle.

“From my perspective, let’s assign a 70% likelihood. Consequently, there is a high level of confidence that the bottom has been reached, and we are therefore beginning the uptrend.”

Categories
News

Anonymous Vows To Launch An Investigation Into BAYC

Anonymous BAYC
Anonymous Vows To Launch An Investigation Into BAYC

A video allegedly posted by the Anonymous Group has been discovered on Twitter. In the film, the hacking collective promises to look into allegations that the Bored Apes NFT collection has connections to Nazi symbology. The charges have been categorically refuted by the BAYC founders.

Anonymous said that BAYC collections have been the target of various terrible claims, including pedophilia, racism, occultism, and even simians, all of which it plans to examine. The hacktivist organization said in the addition that it would occasionally reveal its results.

The hacktivist group said that the film is an attempt to communicate with the Bored Ape Community in a nice manner.

Ryder Ripps was the first person to make allegations that Yuga Labs and Bored Apes Yacht Club Collection included symbols of the Nazi party.

Ripps has continued with his assertions, and Yuga Labs has filed a lawsuit against him for making false charges, despite the fact that the creators of the collection have issued many statements denying any connection to Nazism or any of the other claimed ideas.

In the meanwhile, some members of the community are calling into doubt whether or not this is the genuine Anonymous organization, while others believe that Ripps and his crew are responsible for the film.

An Anonymous-verified Facebook page wrote a message on August 9, encouraging @nxg4n to “keep up the excellent job” before the video was published on Twitter. Ryder Ripps and Pauly Cohen were both named in the post that has since been removed.

A review of the tweets sent by nxg4n revealed that the account only discusses conspiracy theories that are related to Yuga Labs. Nobody is aware of the identity of the person behind the account.

Anonymous is a loosely organized group of computer hackers from different parts of the globe who have no publicly acknowledged central leadership. Because of this, it is never easy to determine whether or not the statements made by organizations that identify themselves as The Anonymous are legitimate.

Categories
Altcoins

Dogecoin And Shiba Inu Are Seeing Massive Gains

crypto memecoins
Crypto Memecoins Surge Amidst Current Market Decline

At the time of publishing, two meme-based cryptocurrencies, Shiba Inu and Dogecoin, are doing very well, posting increases of 7.29 and 22.99 percent, respectively, during the preceding twenty-four-hour period.

The market value of the meme economy, which has seen fresh money flood into it over the course of the last twenty-four hours, has increased by 13.19%. The total value of the top ten cryptocurrencies is now estimated at $19.54 billion, according to statistics provided by CoinMarketCap.

The huge increase of 151% in trading volumes for this category of assets indicates that increased interest in meme cryptocurrencies is taking place.

According to the data presented by WhaleStats, one of the 1,000 greatest ETH whales throughout the course of the previous day, Shiba Inu, was among the top 10 whales in terms of the trading volume. On August 2, the designers of Shiba Inu revealed the collectible card game’s new name—Shiba Eternity—raising fans’ expectations that the game would deliver on its promise.

According to information obtained from the Shibburn website, more than 292 million tokens were burned in the preceding twenty-four hours, which further fuelled the spike of the Shiba Inu cryptocurrency. It is believed that the destruction of tokens would result in a rise in values; however, this cannot be proven.

Michi Lumin, a developer for the Dogecoin Foundation, was the one who presented the initial version of libdogecoin, the library of Dogecoin building blocks that was developed by the Dogecoin Foundation, last week.

It is not necessary for developers to have an in-depth understanding of blockchain technology in order to make use of this library, which allows lightweight direct integration of Dogecoin into a number of platforms.

Categories
Bitcoin

Bitcoin surpasses $25k for the First Time in Nine Weeks

bitcoin 25k
Bitcoin surpasses $25k for the First Time in Nine Weeks

Late on Saturday night, the price of bitcoin broke beyond the $25k barrier for the first time since June 13. At the time of this writing on Sunday morning, it has lost pace and fell back to $24,510 on CoinMarketCap.

This is an indication that Bitcoin’s $25k threshold is likely to continue to serve as a significant resistance level for the biggest cryptocurrency for the foreseeable future.

The price of Bitcoin has increased by just 5.85 percent over the previous week, while the price of Ethereum, which is ranked second, has increased by 16 percent over the same period of time due to anticipation of the network’s impending merging to a proof-of-stake model.

The important economic indicator stayed constant last month as the Federal Reserve’s interest rate rises looked to be counteracting growing prices. As a result, Bitcoin’s spike may be at least partially attributable to cooling in inflation.

The price of Bitcoin and the rest of the cryptocurrency market, in addition to other assets such as equities and bonds, have taken significant hits during the whole summer as a result of growing inflation and the possibility of an approaching global recession.

The Federal Reserve in response hiked interest rates, which resulted in the creation of a risk-off atmosphere. As a result of this climate, investors sold cryptocurrencies and risky tech companies in order to cling to dollars.

It was previously believed that bitcoin served as a buffer against inflation; however, its reputation as an anti-inflationary “digital gold” has been put to the test this year, as it has instead closely linked with IT stocks.

Despite recent indications of a resurgence, Bitcoin’s value is currently 64% lower than it was when it reached an all-time high of $69,044.77 in November 2021.

Categories
Bitcoin

Binance Is The Exchange With The Most Bitcoin Holdings

Binance Bitcoin
Binance Is The Exchange With The Most Bitcoin Holdings

From January 2022 to May 2022, the amount of Bitcoin sitting on exchanges declined for both Coinbase and Binance, until Binance’s exchange balance dramatically flipped and started to rise. Even while both the total and Coinbase exchange balances are decreasing, it is still increasing.

image 1058
Source: Glassnode

The graph illustrates the cumulative Bitcoin exchange balance, the BTC price, and the Binance and Coinbase exchange balances.

Since February, the cumulative exchange balance is shown as a steeply descending green line. Beginning of the year, there were around 2.6 million Bitcoins on exchanges. This is a net loss of 200,000 Bitcoins.

This shows that Bitcoin supply has been eliminated off exchanges, signaling a long-term bullish trend for holding.

The overall balance of Coinbase has followed a consistent path. At the beginning of the year, the exchange held around 690,000 Bitcoins, but in eight months, that number fell below 560,000.

image 1059 1024x576 1
Source: Glassnode

The graph above displays the fluctuation of currencies on Coinbase. The red lines indicate Bitcoins leaving the exchange, while the green lines indicate Bitcoins entering the exchange. Since the start of the year, Coinbase has removed a substantial amount of Bitcoin. In addition, the amount withdrawn increased between March and July.

These transactions may have been impacted by the fact that US institutions favor Coinbase. In a down market, institutions are more inclined to purchase and hold, which may explain why they withdrew Bitcoins from Coinbase.

Despite beginning the year in the same bear market as January, Binance ended the month with more Bitcoins than in January. The exchange started the year with 586 thousand Bitcoins, fell below 560,000 until May, and ended with 623 thousand Bitcoins.

Recent news articles indicate that Binance and Coinbase approach the winter market differently. While Binance continues to prioritize its customers despite the severe winter conditions, Coinbase is grappling with layoffs, litigation, and bankruptcy rumors.

Categories
NFT

OpenSea Modifies Stolen NFT Policy After User Complaints

OpenSea Exec
Ex OpenSea Exec Wants Court To Dismiss Charges Against Him

Amid growth in NFT frauds, Web3 platforms are more compelled to detect and manage stolen funds. OpenSea, as the biggest NFT marketplace, has bore the brunt of this Web3 obligation, but its strategy of banning identified assets has garnered significant reaction, particularly for penalizing customers who were unaware they were purchasing stolen NFTs.

In response, OpenSea said on Wednesday through Twitter that it would modify how it handles suspected stolen NFT assets.

Previously, OpenSea prevented stolen assets from being purchased, sold, or transferred on its platform while it investigated each case, resulting in an indefinite hold on access to these NFTs and their corresponding value.

OpenSea said in a tweet that it intended to address the elephant in the room by requiring a police report within seven days of reporting an NFT as stolen. The marketplace says that it previously did this for escalated disputes, but it will now be needed for all reported stolen NFTs.

This action is meant to prevent bogus reports. In the absence of a timely police report, the hold on the goods will be released.

In addition, OpenSea claims it will ease the procedure for revoking a claim after a user recovers their or her stolen NFT, or if they choose to withdraw a complaint for any other reason.

Thursday, OpenSea emphasized that the necessity for a police report would only apply to newly-filed claims for stolen NFTs and not to current instances. If we implemented this retrospectively, we’d be asking them to take further steps months or weeks after they’ve (hopefully) put this matter behind them, the marketplace tweeted.

OpenSea said that it cannot enable the selling of stolen NFTs since it is situated in the United States. However, as a consequence of the marketplace’s extensive blacklisting policy for reported assets, users who purchased NFTs unaware that they had been previously stolen are often unable to trade or transfer the asset.

OpenSea further mentioned that it is collaborating with other Web3 platforms to reduce the effects of such NFT frauds and educate consumers more effectively.

It referenced the recent upgrade to the popular Ethereum wallet MetaMask, which makes users more aware of the fact that they are giving away wide access privileges with certain transactions – broad access that is often sought to conduct such attacks.

Categories
Business

FTX and Paradigm Partner to Launch New Crypto Service

FTX Paradigm
FTX and Paradigm Partner to Launch New Crypto Service

For futures contracts on eight cryptocurrencies, the global exchanges FTX and Paradigm will provide assured atomic execution and clearing of both legs of the trades.

Spread trading will now be available, according to a recent announcement made by Paradigm in conjunction with the cryptocurrency exchange FTX.

Users will be able to use “one-click trading with no leg risk for the spread between spot, perpetual, and fixed maturity futures on Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Avalanche (AVAX), ApeCoin (APE), Dogecoin (DOGE), Chainlink (LINK), and Litecoin.” This information was provided by Paradigm as part of the FTX partnership (LTC).

FTX will ensure both the atomic execution of the transactions as well as their clearance before the deals are completed.

Anand Gomes, CEO of Paradigm, said that the arrangement attracted new cryptocurrency investors who were interested in cash and carried trades, which included leveraging cryptocurrency spot purchases and futures instruments traded on FTX.

According to the company, utilizing nuclear implementation for both legs of the spreads trading was systemically less risky than using regular exchange execution. As a result, market makers were able to quote prices that were significantly more precise and in significantly larger sizes after adopting atomic execution. According to Paradigm, the expenses will be reduced by fifty percent in comparison to the scenario in which two separate outright transactions are carried out.

In 2019, a block trading solution was developed via a partnership between Deribit, a cryptocurrency derivatives exchange, and Paradigm.

Categories
News

Celsius Users Fight For The Return of Their Funds

Celsius crypto
This is Celsius's Plan To Reconstruct the Company

After Celsius’s bankruptcy filing a month ago, the crypto industry was in pandemonium as prices plummeted. Recently, Celsius users have joined together to fight for the recovery of their monies. 

Incidentally, the user community is becoming more active in legal battles. They have been using many social media platforms to unify users and gather resources.

According to a Bloomberg story, a Telegram group of about one thousand Celsius members has been fundraising for their shared cause. Not just Reddit, but also Telegram and Twitter have become conversation hubs for the community of Celsius users.

By requesting individual users to send letters to the court in the Celsius case, the communities are fueling legal fight efforts. The article said that they are also collecting donations for legal counsel.

Since being publicized on Reddit, the ‘Celsius Custody Accts’ Telegram group has gained more than 950 members. Several hundred users have paid $1,500 or more to join the committee of the organization.”

The crowdfunding effort has so far garnered nearly $3,000 from tiny contributions. Before the Celsius issue emerged and the community seemed to be in good shape, social media users were highly engaged. 

According to the research, there are more than 47,000 active members of the Celsius Reddit community. The same organization is now the focal point of a concerted effort to recover user payments.

In addition to the Celsius community, the community of Voyager account holders is also highly active in their struggle. According to the article, a Telegram user group spent $5,000 on Voyager.
 
Members of the organization exchange information and debate potential legal actions to escalate their struggle for the recovery of funds. In the first week of July, Voyager declared bankruptcy. The crypto lender has exposure to Three Arrows Capital, a hedge firm. The company has over $1 billion in assets and over 1,000,000 debtors.

Categories
Ethereum

Ethereum (ETH) Price Analysis 08/13

ETH holdings merge
What Will Happen To Your ETH Holdings During the Merge

Ethereum price is presently rising. As a consequence, it rose from $1,900 to $2,000.00 resistance a few minutes before to the publication of this sentence. The surge began on Wednesday, when the biggest altcoin increased by 8%.

Ethereum completed the trading session at $1,885, up from its starting price of $1,700. Since then, the asset’s price has continued to rise modestly, leading to the present achievement.

The most recent liquidation surpassed that of the previous day, as a greater number of short positions were REKT. The entire amount of liquidated money is $150 million, with bears capturing the majority of rekt capital.

As at the time of writing, all indications are obvious. For instance, the difference between the 12-day EMA and the 26-day EMA is growing. This is conclusive evidence that trade volume favors the bulls.

Additionally, we found a steady increase in the Moving Average Convergence Divergence histogram. The pivot point standard is an additional bullish indicator. Last month, Ethereum’s price soared over its pivot point.

In contrast, this is the first time the currency has taken extra stages. Currently, the asset under examination is trading above its initial pivot resistance; nevertheless, it has not yet acquired stability above it, since minor corrections threaten to cause a decline.

The peak reached by the second-largest cryptocurrency by market cap is a strong evidence of this. It topped out at $2,021. Nevertheless, based on the previously mentioned signs, we may be certain that the bulls are gaining ground in this conflict.

On other news, Celsius also had some good fortune, as its share price increased by more than 6% in the previous day. Consequently, it temporarily surpassed $4. The token is added to the list of assets experiencing significant price spikes. As of the time of writing, it is the leading gainer during the last twenty-four hours.

Categories
Blockchain

Alleged Developer of Tornado Cash Arrested in Netherlands

tornado cash dutch
Dutch officials claim the code for Tornado Cash may be malicious

Netherlands crime agency FIOD stated today that it has detained a “suspected developer” of Tornado Cash, the Ethereum-centric mixing service sanctioned last week by the U.S. Treasury.

“On August 10, the FIOD apprehended a male of 29 years old in Amsterdam. He is accused of hiding unlawful financial flows and promoting money laundering via the mixing of cryptocurrencies using the decentralized Ethereum mixing tool Tornado Cash, according to an agency statement.

“Today, the suspect is taken before the examining court,” FIOD said, adding that “additional arrests cannot be excluded out.”

The Financial Advanced Cyber Team (FACT), which is part of the agency, initiated a criminal investigation against Tornado Cash in June 2022, according to FIOD.

“FACT thinks that via Tornado Cash, large-scale illegal money flows, including (online) cryptocurrency thefts, have been concealed” (so-called crypto hacks and scams). This includes monies obtained through hacking by an organization alleged to have ties to North Korea, according to the statement.

Tornado Cash, which was released in 2019, is a privacy tool that aims to obscure the origin of Ethereum transactions by combining a large number of transactions and mixing them to prevent them from being traced on the public blockchain.

However, the anonymity provided by Tornado Cash has long attracted the attention of authorities, many of whom are worried that the application is being used for money laundering and other illegal activities.

When the U.S. Treasury Department put Tornado Cash and a number of addresses affiliated with the service on its list of Specially Designated Nationals on Monday, it essentially prohibited Americans from using the tool and doing business with the listed locations.

The Treasury defended the action by noting multiple instances in which Tornado Cash was used for money laundering by groups such as the Lazarus Group, a hacker group supported by the North Korean government.

Since then, the Tornado Cash website has been unreachable, and the project’s final tweet, in which it posted a list of organizations and projects that have complied with the restriction, was published on Tuesday.

Circle, GitHub, which pulled Tornado Cash’s source code from its platform, Alchemy, Infura, and the decentralized exchange dYdX, which started banning addresses related to the service, are among them.

Categories
Bitcoin

Interlay Releases Bitcoin Cross-Chain Bridge

Interlay bitcoin
Interlay Releases Bitcoin Cross-Chain Bridge

Blockchain startup Interlay, headquartered in London, has released a Bitcoin-based cross-chain bridge using the Polkadot platform.
This bridge, which has been given the name interBTC (iBTC), enables the circulation of Bitcoin use between several blockchains. Users on different networks are able to effortlessly trade coins/tokens and NFTs with one another.

According to Interlay, the cryptocurrency InterBTC functions as a BTC-backed stablecoin and is protected through a decentralized network of overcollateralized vaults. InterBTC is said to be similar to MakerDAO’s DAI token.

iBTC vaults make use of assets that are “overcollateralized” in order to safeguard BTC reserves. The Bitcoin blockchain makes it possible to trade an equal amount of iBTC and BTC from these reserves. The collateral is set up to automatically reimburse the person who sent the Bitcoins as a safety measure.

When we talk about a stablecoin being over-collateralized, we mean that it will be backed by a number of crypto assets that have a combined value that is more than the entire value of the stablecoin that will be issued. The most prevalent illustration of this kind of stablecoin is DAI.

Alexei Zamyatin, co-founder and CEO of Interlay, provided some insight into the thinking that went into the effort by stating:

“Bitcoin is the driving force behind the adoption of cryptocurrencies on a worldwide scale, while Polkadot, Ethereum, and other cryptocurrencies are where technical innovation is taking place. InterBitcoin brings together the advantages of both worlds while maintaining the decentralized and trustless character of Bitcoin.

The revelation made by Interlay brings attention to the plan that Ethereum co-founder Vitalik Buterin and Polkadot creator Gavin Wood have to build a completely decentralized Bitcoin bridge using Polkadot. It has been decided that the first DeFi hubs to deploy iBTC will be Acala and Moonbeam.

This initiative will be funded by a liquidity package of $1 million that will be given by Interlay treasury and partner projects. Other major DeFi networks including Ethereum, Cosmos, Solana, and Avalanche are included in the iBTC integration plan as well.

Categories
Business

Huobi founder Leon Li wants to sell 60% of company stake

Leon Li Huobi
Huobi founder Leon Li wants to sell 60% of company stake

Leon Li, founder and CEO of the crypto exchange behemoth Huobi, is in discussions with investors to sell his controlling interest for $2 billion to $3 billion.

According to a Bloomberg News story, among the interested parties are Tron founder Justin Sun and FTX founder Sam Bankman-Fried (SBF).

Li owns close to sixty percent of Huobi Global’s shares. If Li is able to sell them for $3 billion, it would be the greatest market takeover since the market capitalization dropped below $1 trillion.

So yet, FTX representatives have refused to comment, and Sun has said that he has had no conversations with Li over the sale.

In 2013, Li created Huobi worldwide, which has since become one of the major cryptocurrency exchanges. It lost momentum, however, when it ceased operations in China in November 2021. The judgment was made after China declared cryptocurrency transactions unlawful. China was Huobi’s major market, therefore the decision affected it more than any other exchange.

The exchange has grown internationally to nations like Turkey and Brazil and is now contemplating further development via the acquisition of a FinCen license. However, it seems that titans like Binance and FTX are Huobi’s competitors in these areas.

Li’s plan to sell his shares was disclosed in July 2022, but it was never verified. At the time, Huobi was also projected to reduce its workforce by 30%, or around 300 employees. The exchange said that the unfavorable market circumstances presented a financial challenge and that the business will implement cost-cutting measures, including layoffs.

Since the start of the weak market, FTX has been positive on Mergers & Acquisitions. Brett Harrison, president of FTX in the United States, said at the end of May that FTX aimed to expand globally by purchasing firms with the appropriate regional licenses.

On the other hand, SBF was certain that a large number of cryptocurrency exchanges and mining firms would collapse in the present winter market. SBF said that he viewed this as a chance to buy struggling businesses.

Following his statements, FTX contacted Bithumb, BlockFi, and Voyager Digital about acquiring their respective businesses.

Categories
People

Adolfo Verde the rising star in the digital entrepreneurial world at the age of 25

Adolfo Verde entrepreneur
Adolfo verde digital entrepreneur

Adolfo Verde has been a rising star in the digital entrepreneurial world, having achieved a prestigious pedestal at the age of 25 and built an empire across multiple online platforms.

Adolfo, a Spanish citizen, was born in London and currently resides in Lisbon. He has over ten years of experience in digital evolution, investments, trading, and SEO. At just 15 years old, Adolfo had already started his digital empire. It is a testament to his drive and passion.

It is often said that success is the result of little efforts that are repeated daily. Adolfo has been walking the walk for ten years. He is an authority on digital tech and a respected resource person. This includes all types of mobile app implementation, including website-to-app conversions to original concept realizations; refactoring current code to blank slate app development.

Adolfo, a young, brilliant, and ambitious man, has built a lot of companies and platforms. He is also the founder of Coinposters news portal. The platform brings you the most up-to-date blockchain/crypto news from trusted sources. Investors must research each page of a document. Coinposters.com makes it easier by providing trusted resources from some of the most popular websites in blockchain technology.

Adolfo, who has more than 6 years of experience in Blockchain and Crypto, founded Blockchain Consulting. Glosfi is a web3 crypto agency. It offers services like crypto marketing, digital SEO and blockchain consulting.

Adolfo Verde created Lovau, a digital agency to help individuals and brands scale up their business. He’s worked with many big brands, including sellix, Sephora, and others.

Adolfo has started Glosfy, a start-up platform that helps people find the best places in the world to travel and search for events.

His knowledge of the digital world enabled him to build websites for people who wanted to learn more about digital finances, search engine optimization, and other tips for avoiding common business mistakes.

The rave reviews from clients are a sign of Adolfo Verde’s efficacy as well as efficiency. Adolfo gave us the information we needed and worked closely with us to meet our deadlines. The team offered many great suggestions regarding the development process structure and creating excellent proposals. They also worked with us to improve and refine our processes. Christopher de Lapuente stated that they were impressed by the quality and timeliness of the deliverables. Sephora Director of Marketing

Adolfo Verde excels in E-Commerce and Business Development. He is also adept at Team Leadership and Blockchain tech. With the success stories of his companies, Adolfo Verde should be considered a top name in the world of digital businesses.

Adolfo Verde enjoys a large social media following check his socials here:

Linkedin: https://www.linkedin.com/in/adolfoverde/
Instagram: https://www.instagram.com/adolfoverde_/
Twitter: https://twitter.com/adolfoverde_/
Youtube: https://www.youtube.com/adolfoverde
TikTok: https://www.tiktok.com/@adolfoverde_
Facebook: https://www.facebook.com/adolfoverdeofficial

Categories
Blockchain

Ethereum Merge Could Happen A Little Sooner Than Expected

Ethereum merge
The Ethereum Merge Has Been Successful!

The developers seem to have a definitive answer to the question of when Ethereum Merge will occur. Although it was previously said that the date may be the 19th of September, it was unknown and subject to change. And there was the possibility of a further delay.

Earlier on Wednesday, Ethereum completed the Goerli testnet Merge update. The improvement brings the transition to the proof of stake mechanism one step closer. The new technique might, among other benefits, improve network efficiency and scalability.

The developers seem to have hinted at a more precise schedule for the Merge on Thursday. The Ethereum Foundation has indicated that the network upgrade might occur a few days sooner than expected if everything goes according to plan. Using the terminal total difficulty (TTD) of 5875000000000000000000, a date between September 15 and 16 may be determined.

By switching Ethereum from proof of work to proof of stake, the event became highly anticipated in the cryptocurrency world. Before the developers’ conference call earlier in the day, a revised main net upgrade date was widely anticipated.

“The Ethereum main net merge is provisionally set for TTD 5875000000000000000, which indicates that Ethereum may be merged on September 15 or 16. The earlier anticipated date was September 19.”

In the meanwhile, the Ethereum (ETH) price seems poised to surpass $2,000 as the community anticipates the next update. On Thursday, ETH peaked at $1,920, sparking prospects for a further increase.

According to CoinMarketCap, the cryptocurrency is now trading at $1,904.43, up roughly 4% in the previous 24 hours. In the last week, the ETH price increased 19.67% as crypto investors went positive in anticipation of the main net upgrade.

During the conference call, the developers announced that the first Bellatrix update will be finished around September 6. The second update is slated for the 15th of September, following which the Merge will occur.

Categories
Blockchain

The Number of dApps On Polygon Reaches 37,000

dApps Polygon
The Number of dApps On Polygon Reaches 37,000

It was revealed yesterday that the number of decentralized apps (dApps) running on the Polygon network has surpassed 37,000, representing a phenomenal rise of 400% from the beginning of the year to the present. This measure indicates the number of decentralized applications (dApps) that have been deployed, as well as the number that are in the process of being launched, on both testnet and mainnet.

To be more specific, the number of active teams, which is a key scale for blockchain developers, reached 11,800 at the end of July. This represents a significant growth of 47.5% when compared to the number of active teams in March. The remaining 26% of the project is deployed on both Polygon and Ethereum, while the remaining 74% of the product integrates solely on Polygon.

Polygon’s Proof-of-Stake (PoS) blockchain is compatible with EVM and is home to a huge variety of well-known cryptocurrency projects and businesses. These include NFT Marketplace OpenSea, Metaverse Decentraland, The Sandbox, the platform for DeFi Aave loan, and Animoca Brands venture capital fund.

According to the blog post, the deployment of decentralized applications (dApps) on Polygon has resulted in more than “142 million unique user addresses and $5 billion in assets safeguarded.” So far, around 1.6 billion transactions have been conducted on the network.

Ryan Wyatt, the CEO of the company, expressed his happiness straight away:

At the beginning of this year, the Polygon team pointed to their partnership with Alchemy as the primary reason behind the increasing number of decentralized applications (dApps) being developed on the network. Specifically, they mentioned how the infrastructure of the Web3 platform makes it “much simpler” for Polygon developers to build dApps.

According to the report, “Polygon’s cooperation with Alchemy in June 2021 proven to be an adoption stimulant,” which caused the number of decentralized applications (dApps) operating on the network to increase from 3,000 in October to 7,000 in January and then to over 19,000 in April.

At the time of this writing, the current price of Polygon’s MATIC on the market is $0.9327.

Categories
Bitcoin

BlackRock Debuts Bitcoin Private Trust

Blackrock bitcoin private trust
Blackrock Partners With Coinbase To Offer Crypto Services

After establishing cooperation with Coinbase, Blackrock has developed a spot Bitcoin private trust. This revelation from the world’s biggest fund manager might be promising for the crypto sector. BlackRock is dedicated to giving customers their choice of investing choices, it said Thursday.

The trust is available to U.S. institutional customers and tracks bitcoin performance minus expenditures and liabilities. Blackrock’s agreement with Coinbase will provide Aladdin customers access to the digital assets trading lifecycle. The asset manager witnessed considerable interest in cryptocurrency from certain institutional customers despite a market slump.

Despite the dramatic slump in the digital asset market, institutional customers are nonetheless interested in how to efficiently and cost-effectively access these assets utilizing our technology and products.

In a statement, Blackrock called Bitcoin the oldest, biggest, and most liquid cryptoasset. Bitcoin (BTC) is our customers’ principal interest in cryptoassets, it said. “Excluding stablecoins, bitcoin has close to 50% of the industry’s market value.”

After the Coinbase transaction earlier this month, analysts anticipated favorable crypto regulatory news. Long term, Blackrock’s formal entrance to the bitcoin market would be positive, they argued.

Blackrock said initiatives like evaluating the effect of market-based renewable energy purchases are promising. Research is planned to investigate whether renewable-powered Bitcoin mining and hosting businesses are sustainable.

Energy Web and RMI are non-profit organizations seeking to accelerate the energy transition and offer a certification program. These programs provide more transparency to sustainable energy use in bitcoin mining and will track progress, Blackrock said.

The business stated it was working in four areas of digital assets: permission blockchains, stablecoins, crypto assets, and tokenization. The Blackrock Bitcoin private trust will encourage major organizations to invest in cryptocurrencies. The introduction of the trust might also assist legislators to grasp blockchain’s application cases.

Meanwhile, crypto researchers predict Blackrock Bitcoin involvement might boost BTC price to $773,000. The alliance may enhance Bitcoin’s market value by a trillion dollars, claimed InvestAnswers. Also, BTC’s price and social sentiment jumped after the Blackrock Bitcoin private trust debut.

Categories
News

Mark Cuban sued for promoting crypto products

mark cuban crypto
Mark Cuban and Jackson Palmer Butt Heads

Mark Cuban, a wealthy entrepreneur who has been extremely engaged in the crypto world over the last year, is facing a class-action lawsuit for his promotion of the defunct cryptocurrency brokerage business Voyager Digital.

The Moskowitz Law Firm filed a civil claim against Cuban in the United States District Court for the Southern District of Florida for advertising unlicensed crypto items from Voyager. The complaint sought that the matter is heard by a jury.

The complaint said that Cuban repeatedly misrepresented the company, including questionable claims that it was cheaper than rivals and offered “commission-free” trading services. The complaint says that Cuban and Voyager Digital CEO Stephen Ehrlich used their years of expertise to convince naïve consumers to spend their life savings in a Ponzi scheme.

A portion of the complaint reads:

“Cuban and Ehrlich went to great efforts to leverage their knowledge as investors to defraud millions of Americans into investing — in many instances, their life savings — in the Deceptive Voyager Platform and acquiring unregistered Voyager Earn Program Accounts (‘EPAs’).”

Despite knowing this, Cuban allegedly continued to promote Voyager’s goods and encourage individual investors to participate in the company. Mark Cuban described the Voyager platform as “about as risk-free as you’re going to get in crypto.” The complaint stated:

“Voyager Platform depended on Cuban’s and the Dallas Mavericks’ verbal backing and Cuban’s financial involvement until its downfall and eventual bankruptcy.”

Voyager was one of the several crypto lenders to Three Arrows Capital (3AC) that failed after the latter’s collapse. The cryptocurrency lending company ceased trading and withdrawals on July 1 and then filed for chapter 11 bankruptcy on July 5. Currently, approximately $5 billion in bitcoin assets belonging to over 3.5 million American consumers are locked on the site.

The court hearing over Voyager’s bankruptcy proceedings in New York has authorized the release of $270 million in client cash held at Metropolitan Commercial Bank (MCB).

The next day, the lending company stated that customers holding U.S. dollars in their accounts may withdraw up to $100,000 in a 24-hour period beginning on August 11, with the monies arriving between 5–10 working days.

Categories
News

Ripple To Buy Celsius Network’s Assets

ripple celsius
Ripple To Buy Celsius Network's Assets

The business behind the cryptocurrency XRP, Ripple Labs, is a possible acquirer of Celsius network’s assets. According to a report by Reuters, the blockchain payments startup is interested in Celsius’ assets, although its precise intentions are unclear.

However, neither company has issued a formal statement on their interest in purchasing Ripple Celsius assets as of yet. The Celsius network filed for bankruptcy last month. This followed the June suspension of withdrawals and transfers from user accounts.

A spokeswoman for Ripple was reported in the newspaper as stating the business is interested in possibly buying the crypto lender’s assets. According to the article, Ripple is investigating whether Celsius’ assets align with its objectives. Nevertheless, the Ripple spokesperson declined to comment on whether Ripple is really interested in purchasing Celsius.

“We are interested in learning more about Celsius and its assets to see whether any are applicable to our company. Ripple has maintained its exponential growth and is aggressively seeking M&A options to strategically develop the business.

While announcing its reorganization plans, Celsius said that its assets were worth around $4.3 billion. It revealed liabilities of $5.5 billion and assets of $4.3 billion, including $600 million in CEL tokens worth $170 million.

Ripple’s potential acquisition of Celsius’s assets might provide regular investors with financial relief. Celsius has previously said that it was exploring selling assets to address its financial needs.

To satisfy financial commitments, the firm will also examine asset sales and third-party investment alternatives, according to the statement. It was stated at the time that the overarching purpose is to maximize profits for stakeholders.

In the meanwhile, the U.S. Department of Financial Protection and Innovation has lately begun to monitor the cryptocurrency lender. The agency said in an order that Celsius CEO Alex Mashinsky “committed substantial misrepresentations and omissions in the offering of crypto interest accounts.” The underestimation of the hazards of depositing digital assets with Celsius was especially egregious, according to the report.

“Celsius provided accounts that let clients to collect income on digital assets placed with Celsius without first classifying such accounts as securities in accordance with California law.”

Categories
News

CryptoCom CEO says crypto will make a strong comeback

Crypto.com down
Crypto.com sent woman $10M instead of $100

According to Kris Marszalek, CEO of the prominent cryptocurrency exchange CryptoCom, the crypto sector will make a significant comeback once it rebounds from the present bear market. This past Wednesday, he spoke with CNBC to discuss his optimism for the market’s eventual rebound.

The value of crypto assets has fallen by more than 60% from its high in November 2021, causing severe turbulence in the crypto sector.

Marszalek predicted that, despite the current downturn, the sector will recover in the long run due to the technology’s inherent value and potential to improve society. However, he also noted that nobody can predict when or how the market would rebound.

The CryptoCom CEO continued by saying that the crypto industry is not immune to macroeconomic factors, thus things like inflation, Fed policies, supply chains, and global war will all impact the time frame for recovery.

We are certain that the bitcoin market will recover strongly after the crypto markets have reached their bottom. We’re still in a fantastic situation,” he said.

During the course of the conversation, Marszalek also spoke at length about CryptoCom’s recent growth plans. He said that the exchange is a strong purchaser, and that entering new markets is a crucial aspect of the company’s long-term plan.

The CEO said that the business is working closely with authorities to ensure that CryptoCom is appropriately governed in all key jurisdictions throughout the crypto industry.

The Dubai Virtual Assets Regulatory Authority (VARA) granted the cryptocurrency exchange conditional approval of its Virtual Asset MVP License two months ago, allowing it to provide a complete range of crypto services in the Emirate.

The Italian government’s Organismo Agenti e Mediatori (OAM) granted the firm registration and regulatory permission in July. The same month that Cyprus, Greece, and Singapore gave its stamp of approval, the firm also got the green light in the United States.

Recently, CryptoCom made several strategic purchases that allowed it to enter the South Korean market. When asked about “extremely significant” and “active” cryptocurrency markets, Marszalek mentioned South Korea.

Categories
Blockchain

Iran Pays For Import Orders Using Crypto

Iran crypto
Iran Pays For Import Orders Using Crypto

Despite being subject to a number of decades’ worth of economic constraints, Iran has reportedly placed its first foreign import order in crypto worth a total of $10 million, according to a senior government trade official.

The Islamic Republic of Iran has successfully placed its first import order using cryptocurrency, according to Alireza Peyman-Pak, the deputy minister of industry, mines, and commerce in Iran, who made the announcement on Tuesday.

Although Iran did not disclose the crypto used or the imported products, Peyman-Pak said that the $10 million transaction was the first of many foreign deals to be handled using cryptocurrency and that the practice will be expanded over the next month. He said that:

By the end of September, the usage of cryptocurrencies and smart contracts will have reached a widespread level in international commerce with the nations that are the focus of this study.

Up until February of this year, Iran was the country that was subject to the most restrictive sanctions. Trading Economics cites China, the United Arab Emirates (UAE), India, and Turkey as the top four countries from which Iran purchases the bulk of its commodities for import.

On the other hand, as a direct consequence of Russia’s invasion of Ukraine earlier this year, the country currently holds the record for the most sanctions of any nation in the world.

The mostly Muslim nation is prepared to start accepting cryptocurrencies as early as 2017. It changed laws that had previously been issued to make it possible to utilize cryptocurrency for financing imports beginning in October of 2020.

The Trade Ministry of Iran issued thirty operational licenses to Iranian miners in June 2021, allowing them to mine cryptocurrencies, the proceeds of which are required to be sold to Iran’s central bank. Iran is now making payments toward its import bills using currencies that it has created.

In February, Iran was also exploring implementing a central bank digital currency (CBDC) based on the Hyperledger Fabric protocol as a means to modernize its existing method of handling its monetary affairs.

Categories
Bitcoin

Bitcoin (BTC) Market Update As Inflation Rate Remains Unchanged

Bitcoin price
Bitcoin (BTC) Declines Further

The price of Bitcoin increased after the U.S. Bureau of Labor Statistics (BLS) released Consumer Price Index (CPI) inflation statistics for July that showed no change.

Bitcoin surged from a local low of $22,600 on August 10 in anticipation of the news, as investors awaited the inflation report. BTC’s immediate response to the announcement of the information was a surge to $24,000.

The day before, crypto markets and stocks had a modest decline as investors displayed caution ahead of the BLS report — despite the fact that CPI forecasts of 8.7 percent were lower than the previous month’s estimate of 9.0 percent.

Following the most recent FOMC meeting on July 27, Fed officials announced a second straight 75 basis point increase, offering a range of 2.25 percent to 2.5 percent.

The next meeting of the Federal Open Market Committee (FOMC) will be held on September 20 and 21, with anticipation rising that the Fed will be compelled to implement another major rate rise to counteract the red-hot labor market and the increase in Average Hourly Wages.

There are two official measurements of inflation in the United States:

CPI inflation – measures the monthly change in prices paid by consumers in the United States. The CPI is calculated by the Bureau of Labor Statistics (BLS) as a weighted average of prices for a basket of goods and services that is reflective of total U.S. consumer expenditure.
The Personal Consumption Expenditures Price Index (PCEPI) tracks changes in the prices of household products and services. Inflation is indicated by an increase in this indicator, whereas deflation is shown by a drop.
The CPI is used by federal and state governments and enterprises. The PCEPI, in contrast, informs the FOMC of its inflation strategy.

Analysts anticipate that core inflation will grow from 5.9 percent to 6.1 percent in September, putting pressure on the Fed to implement a major rate hike. The CPI data indicates, however, that recent rate rises are acting to slow the economy.

In spite of this, Citigroup analysts anticipate a 75-basis-point rate rise in the near future due to good job data and faster-than-expected wage growth. Nonetheless, a 100 basis point hike is still possible if core inflation is stronger than anticipated.

Categories
Altcoins Blockchain News Regulation

China Takes Down Crypto-Promoting Social Media Accounts

China crypto
China Takes Down Crypto-Promoting Social Media Accounts

For promoting crypto this year, China has suspended more than 12,000 accounts on some social media sites, including Weibo and Baidu. The platforms also removed some 51,000 discussions about buying bitcoin, the Cyberspace Administration of China (CAC) reported on Tuesday.

According to CAC, it has carried out CPC Central Committee directives to remove illegal content, accounts, and websites that encourage cryptocurrency investment since the year’s beginning.

In accordance with the law, the regulator also deactivated 105 website platforms that promoted the selling of crypto assets and provided online instruction on international crypto mining and speculating. The authorities also shut down 990 Weibo accounts, Tieba accounts, and public WeChat accounts that included Bitcoin.

The Cyberspace Administration of China announced that it would “strengthen the crackdown on unlawful financial operations related to virtual currency in the next step” and “guard the property safety of the people in accordance with the law” in a statement to CAC.

According to CAC, it has requested the local network information department to conduct interviews with more than 500 companies that promote cryptocurrency investing on their websites.

China Strikes Against Crypto
Despite being one of the first nations to adopt the asset class, China has kept up its antagonism for crypto in recent years.

Despite being illegal in the nation since 2019, cryptocurrency trading has continued through overseas exchanges. However, China’s crackdown on cryptocurrencies was largely carried out in 2018.

China outright banned crypto trading and mining activities in September, declaring them illegal and too risky for investors in the nation. This came after the country promised to focus more on the crypto ban and warned investors that they would not be protected if they continued to invest in such assets.

Categories
Ethereum

Circle Says It Will Fully and Solely Support Ethereum PoS

D3c96660-0c8d-4c55-8e94-bb05d7055380_what-is-usdc-usd-coin-
Sec Investigating Usdc Issuer Circle

After the two chains have merged, the issuer of USD Coin (USDC), Circle, has announced that it would provide full support for the Ethereum (ETH) proof-of-stake (PoS) chain.

The issuer of the stablecoin, Circle, expressed excitement about “the future scaling potential (the Ethereum Merge) unlocks as well as the lower energy consumption profile of the network,” as stated in a blog post that was published on August 9th.

Although we do not comment on the likelihood of forks occurring after the Mainnet merging of Ethereum, USDC as an Ethereum asset can only exist as a single legitimate “version,” and as was said before, our only intention is to fully support the upgraded Ethereum PoS chain.

In addition, the issuer made it clear that it would not have any issues with the Merge, and that USDC will operate well on a PoS network.

The testing environment that Circle uses is linked to the Goerli Ethereum testnet, and we will be keeping a close eye on the process as it merges with Prater over the next several days.

This implies that the two stablecoins with the most market share in the cryptocurrency industry, USDT and USDC, will not support any hypothetical hard forks of Ethereum.

Not only is Circle’s USDC the most widely traded fiat-backed stablecoin on Ethereum, but it is also the most widely traded ERC-20 asset in the ecosystem as a whole.

In the meanwhile, cryptocurrency exchanges such as Huobi, OKX, Poloniex, and BitMEX, amongst others, have disclosed that they would back ETH hard forks if there was sufficient demand in the market.

Categories
Blockchain News

Polygon and Neowiz launch a web3 gaming platform

Polygon Neowiz
Polygon and Neowiz launch a web3 gaming platform

Polygon, an Ethereum layer-2 scaling solution, announced cooperation with South Korean game giant Neowiz on Tuesday to establish a new blockchain-based gaming platform called Intella X.

Intella X, like many other blockchain-based game platforms, is intended to generate revenue for its players, developers, and other contributors who support its development. When customers stake or provide liquidity on the decentralized exchange (DEX) offered by the firm, they get these earnings.

On Intella X, players will be able to earn in-game incentives that may be exchanged for the platform’s governance token, the IX token.

In the release, Polygon and Neowiz also said that developers would be able to take advantage of Intella X’s “Develop and Earn” program, which enables game makers to gain prizes depending on their contribution to the system.

“Projects that create and release on Intella X will be reimbursed with IX Tokens and a portion of the platform’s income, which includes in-app purchases, applicable fees, and more. This method is called “Develop and Earn.” [. . .] This enables developers to concentrate on what they do best without having to worry about other aspects in order to receive their portion of the monthly allocated benefits, according to the study.

Intella X is anticipated to arrive with a blockchain wallet named IX Wallet, according to Polygon. The wallet will be intended to incorporate access to various services like as bridges, non-fungible token (NFT) launchpads, NFT markets, decentralized exchanges (DEXs), etc.

Although no launch date for Intella X has been revealed, Polygon has said that the game platform will spread to additional blockchain networks in addition to Polygon’s mainnet.

In response to the fast expansion of leading platforms in the gaming finance (GameFi) sector, such as Axie Infinity, an increasing number of businesses have joined the bandwagon.

The developer behind the famous memecoin Shiba Inu disclosed last week that it is developing a test for its Shiba Eternity blockchain game, after anticipating its development in late 2021.

According to a previous report, the Singapore-based blockchain business Zilliqa collaborated with the blockchain gaming platform Alien World to increase the popularity of blockchain games.

Categories
Altcoins Ethereum

Ethereum Whales Continue To Accumulate SHIB

Ethereum whales
Ethereum Whales Continue To Accumulate SHIB

The global cryptocurrency market has declined by more than 3.30 percent in the previous twenty-four hours. However, the most popular meme tokens also suffered. The largest Ethereum (ETH) whales are taking advantage of the chance to “buy the dip.”

According to Whalestats, the ETH whale ‘BlueWhale0113’ purchased about 321 billion, 288 billion Shiba Inu (SHIB) in a single transaction. This sale cost the whale around $3.72 million.

As we go further, we find that the whale wallet is still holding $2.49 million worth of SHIB coins. It constitutes around 7.45% of its overall holdings. Meanwhile, Polygon (MATIC) is the largest token in the whale’s possession. It constitutes around 11.49 percent of the overall holdings.

The price of Shina Inu has decreased by more than 4 percent during the last 24 hours. Currently, SHIB is selling at an average price of $0.000012 per share. With a market valuation of almost $6.6 billion, it is still the second biggest meme token.

According to WhaleStats, the top 500 ETH whales have more than $652 million worth of Shiba Inu tokens. However, the largest token owned by the top 100 Ethereum whales is SHIB. They are holding Shiba Inu valued over $510 million.

Coin98 Insight revealed that the total 24 hour trading volume of meme tokens surpassed $1.2 billion. Shiba Inu recorded around $872 million in training volume. The 24-hour trading volume of SHIB increased by more than 40 percent, says Coinmarketcap.

However, the largest meme token, Dogecoin (DOGE), had the highest 24-hour trading volume, at $394 million. Over the last 24 hours, DOGE’s price has decreased by more than 4.30 percent. At the time of writing, the average price of Dogecoin is $0.0686.

In the meanwhile, the total market capitalization of meme tokens has decreased by around 5% during the previous 24 hours. It is now worth $16,18 billion. The 24-hour trade volume has increased by a staggering 60 percent.

Categories
Altcoins News

Robinhood Adds Support For AVAX and XLM

Robinhood AVAX
Robinhood Adds Support For AVAX and XLM

On Monday, Robinhood, a cryptocurrency exchange, announced the listing of Avalanche (AVAX) and Stellar (XLM). The exchange recently added popular cryptocurrencies such as Shiba Inu (SHIB) and Chainlink (LINK) (LINK).

Since the announcement, the price of Avalanche has increased by around 12 percent. At press time, AVAX is selling at an average price of $30.0. Its 24-hour trading volume has increased by more than 35 percent to $1.007 billion. It has a market capitalization of nearly $8.6 billion.

AVAX has emerged as one of the most inflated tokens within the last week. Its price has increased by almost 30 percent.

Stellar’s price has increased by more than 7 percent since the announcement. Nevertheless, XLM’s 24-hour trading volume has increased by more than 40 percent to $199.6 million. Stellar is now selling at an average price of $0.132. XLM has a market capitalization of almost $3.34 billion.

However, this news has allowed the XLM coin to become one of the tokens with the greatest 24-hour increase. Moreover, its price has increased by around 15% during the last week.

The cryptocurrency exchange is renowned for its conventional listing approach. Back in July, Robinhood implemented LINK support. Prior to that, popular meme tokens Shiba Inu, Solana, and Polygon were mentioned. Currently, Robinhood allows exchange for 15 crypto coins.

Previously, Robinhood enabled customers to trade options in cash accounts. However, it was specified that only certain consumers are qualified. It was recognized as one of the most desired features on the blog. This will enhance the trading experience for users.

It was introduced that customers may trade with these accounts using deposited cash or settled monies. Meanwhile, it offered options trading in cash accounts as a regular industry service.

In the last six months, Robinhood has also implemented Brokerage Cash Sweep, Stock lending, and several more products.

Categories
NFT People

Vitalik Buterin Concept of Privacy-Oriented NFTs

vitalik buterin pos
Vitalik Buterin Think PoS Bitcoin System is Better

Vitalik Buterin, the creator of the Ethereum network, has divulged information on the use of stealth addresses in the trade of non-fungible tokens (NFTs). This means that a user may transmit an ERC-721 token (NFT) to a receiver without anybody else knowing the token’s recipient.

Buterin said that this new concept would “substantially increase the privacy of the NFT ecosystem.”

Vitalik Buterin elaborated on the idea on the Ethereum Research website, offering logical calculations on the theory and illustrating its utility, stating:

“[Y]ou just want to mask the connection between the sender and recipient’s extremely visible public identities (so that you may send an ERC721 to “vitalik.eth” and I can see it, but no one else can know that vitalik.eth got an ERC721; they will only see that someone received an ERC721).”

In the meanwhile, Buterin is not the first to propose a stealth address for NFTs. A member on the Ethereum Research website with the pseudonym Nerolation presented the concept four days ago. He described the procedures of token transfer, minting, and destruction.

Nerolation also provided a short explanation of how the stealth address for NFTs would be generated, adding that the notion is comparable to Buterin’s proposal for soulbound tokens.

While Nerolation believed that the Merkle tree corresponds to the theory, Buterin noted in his response that a developer is not required to utilize a Merkle tree or a cryptographic proof that allows a user to demonstrate ownership of a Zero-Knowledge Succinct Non-Interactive Argument of Knowledge asset (zk-SNARK). The reason for this was because NFTs are non-interchangeable.

Following Vitalik Buterin’s tweet, a number of people started to oppose the concept, pointing out that if the theory is applied, blockchain-based transactions would no longer be transparent and open source. Others feared that the new approach would result in an increase in NFT theft reports.

Even though NFTs are currently traded on popular crypto exchanges such as Binance, Coinbase, and Kraken, the adoption of the new proposal by many top NFT companies such as Yuga labs could lead to the same fate as private cryptocurrencies Monero and ZCash, which have been delisted from many exchanges.

Categories
Ethereum

Justin Sun Says He Support ETH Survival After Merge

Justin Sun
Justin Sun Says He Support ETH Survival After Merge

Controversies about what will happen to the traditional Ethereum network after the merger are becoming more prominent as the anticipated date for Ethereum’s transition to a Proof-of-Stake (PoS) network–otherwise known as The Merge–draws near. Justin Sun, the inventor of Tron, has chimed in on the discussion and is in favor of keeping the Ethereum network’s PoW architecture.

Justin Sun claimed that Ethereum’s PoW has a special utility in a Monday update. If Ethereum ever switched from PoW to PoS, this value would be permanently destroyed. Added him:

In fact, as the exclusive blockchain for POW smart contracts, we could have undervalued Ethereum. In certain ways, he believes that the Ether community may undervalue POW’s contribution to Ethereum’s role as the main consensus mechanism.

Justin Sun attempted to use moral considerations while acknowledging that he may benefit from the hard fork as a “whale” by getting bitcoin on the new network. He came to the conclusion that he did not see anything wrong with keeping the PoW chain for the Ethereum community.

It is not unexpected that Justin Sun is in favor of keeping Ethereum’s heritage network alive. Synthetic coins for the Ethereum PoW and PoS systems were posted this past weekend on the Sun-owned Poloniex market.

In the days and weeks before the merger, the tokens would enable investors to bet on the price of ETH, with Poloniex ostensibly profiting from trade volume and fees. At the time of writing, the price of the ETHW token, which supports the upkeep of the original Ethereum network, was 0.08 ETH ($120).

The Ethereum “Merge” is now one of the main factors pushing ETH prices and is anticipated to occur sometime in mid-September. For the Ethereum community, a successful merger would include the PoW network going gone or at least being intangible in order to devalue the new PoS network.

Categories
Altcoins Price Analysis

Cardano (ADA) Market Update 08/07

Cardano vasil hard fork
Hoskinson On Date Of Cardano Vasil Hard Fork Upgrade

The Cardano (ADA) market has been remarkable recently, with network activity hitting new heights and optimistic emotions remaining strong. A recent accumulation tendency seen among ADA addresses positions the asset for a major ascent, should it survive the next days.

A new Santiment chart reveals a frenzy of ongoing accumulation by ADA’s shark and whale addresses, which have 10,000 and 10,000,000 ADA tokens, respectively. In only eight days, these two address groups had accrued $138M worth of ADA.

The accumulation level remains very modest in comparison to previous occurrences. Nonetheless, having added 0.46 percent of ADA’s existing supply since July 27th, the accumulation looks to be gathering traction, and if continued throughout August, it might pave the way for a major ADA breakout.

This accumulating pattern is the first seen by the Cardano community since the major dump in mid-June, when ADA along with other markets lost a large chunk of their value between June 10 and June 18. During this time, the Crypto Winter’s impact was felt the strongest, and like other assets, ADA is gradually regaining its losses.

As ADA confronts a period of consolidation around the $0.50 zone in the wake of July’s relief rally, a fresh wave of bullish enthusiasm might be the impetus for the asset’s breakthrough from this level. The presence of whales might influence and expedite this process.

Considering that ADA has been confined to the $0.50 level for some time, this level implies that the asset is progressively improving, as psychological support looks to be anchored in the half-dollar region. ADA seems to have surpassed the $0.45 support level and is now expecting a push to surpass the $0.50 level.

ADA comfortably trades at $0.52 at press time, having increased around 1.55 percent of its value over the last 24 hours. ADA’s current market cap has seen better days, but at $17.5B, the valuation appears better than it did in mid-June when ADA was battling to crack the $0.40 threshold when it was valued at $13.8B.

Categories
Altcoins Bitcoin Blockchain News People

Billy Markus Mocks Bitcoin’s Performance

Billy Markus
Billy Markus Mocks Bitcoin's Performance

Billy Markus, the creator of Dogecoin, responded to an article that discussed several metrics for measuring development by bringing up Bitcoin’s controversial price movement and questioning whether or not it qualified as progress. This was in response to an article that discussed several metrics for measuring development. In a subsequent statement, he admitted that it is.

The first cryptocurrency, Bitcoin, has lost a substantial chunk of its value on the cryptocurrency market after it broke through the psychological obstacle of $50,000. This has caused panic among long-term and medium-term investors who were expected to earn big profits.

It is obvious that the creator of the most successful memecoin now available on the market was making a satirical inquiry regarding the development of Bitcoin given Billy Markus overall support for cryptocurrencies on Twitter. Later on, he elaborated by saying that progress is already being made if the number is greater than zero.

Because DOGE is currently consolidating near the 50-day moving average and has failed to break through any local resistance levels on the chart, investors are not likely to be pleased with the development of the first memecurrency. Unfortunately for them, DOGE has not been able to break through any of the local resistance levels.

Given how the price of Dogecoin has been behaving over the last several months, it is fortunate that a flag pattern is plainly obvious here. This pattern provides a clue at the imminent volatility increase that may be necessary for a rebound rally.

Since memecoins are the riskiest assets in the whole business, there is a possibility that they may see a reversal climb in the next months. This is because a better attitude within the industry is expected to lead to investors’ desire for riskier investments.

Categories
Blockchain News Regulation

Nepal prepares digital currency regulations

nepal digital currency
Nepal prepares digital currency regulations

The Nepal Rastra Bank (NRB) is prepared with amendments to the statute governing its powers and duties that would let the monetary authority issue a digital currency of the Nepalese rupee, the country’s fiat currency. The announcement follows the conclusion of research indicating a central bank digital currency (CBDC) initiative is possible.

According to Revati Nepal, head of the bank’s Currency Management Department, an amendment bill has been developed by a task group. Sunday’s Kathmandu Post cited him as saying, “After internal deliberations, we’ll transmit the bill to the government for introduction in parliament.” Beginning in 2002, the Nepal Rastra Bank Act will be amended.

The research was revealed in the Monetary Policy 2021-22 document by the NRB. A committee led by Revati Nepal recommended that, prior to constructing the CBDC, the regulator should enact the legislative measures necessary for its implementation.

Now, the experts have offered tangible actions for moving forward, including the establishment of a legal framework for digital currency. The NRB representative said that there are proposals for technical and economic aspects to address.

The central bank aims to establish a separate digital wallet for the CBDC to facilitate digital banking transactions. Nepal explained, “Measures will also be made to investigate interoperability with digital payment service providers.”

Diverse forms of digital currency, including decentralized cryptocurrencies such as bitcoin, have been in circulation for years. However, most governments are still in the early phases of establishing digital currencies issued by the state.

According to a report conducted by the Bank for International Settlements in 2021, 86% of central banks were investigating the possibilities of CBDCs, 60% were experimenting with the technology, and 14% were establishing trial programs.

Nepal has a long way to go, but the NRB’s investigation has generated a concept paper that is being reviewed by the bank. “We will determine the next steps after the completion of current conversations,” Revati Nepal said.

The head of the central bank’s economic research department, Prakash Kumar Shrestha, stated that it would be beneficial for Nepal to adopt digital money using technologies obtained from other countries. He also emphasized the necessity to pay close attention to cybersecurity and other crucial issues.

Categories
Blockchain News People

Top Five (5) Crypto Billionaires In The World

crypto billionaires
Top Five (5) Crypto Billionaires In The World

The cryptocurrency industry has been expanding rapidly in recent years, and institutional investors are progressively entering the game. Additionally, crypto billionaires are increasingly emerging as the game-changing whales of this industry.

1. Changpeng Zhao “CZ”

The creator and CEO of Binance, “CZ,” is the wealthiest person in cryptocurrency and the nineteenth richest person in the world. Forbes reports that he controls at least 70 percent of Binance, the leading bitcoin trading platform worldwide. The company reportedly handled over two-thirds of all trade volume handled by centralized changes and generated over $16 billion in revenue in the prior year.

Forbes estimated CZ’s fortune to be $1.9 billion last year. The 44-year-old has some Bitcoin and an undetermined amount of Binance’s native cryptocurrency, BNB. Binance aims to make a substantial investment in the parent company that would control Forbes after the previously disclosed public listing agreement.

2. Sam Bankman-Fried

Late in 2021, the 30-year-old will shift his cryptocurrency exchange FTX from Hong Kong to the more crypto-friendly Bahamas. FTX received $400 million in January at a value of $32 billion. Among the startup’s backers are crypto VC firm Paradigm (headed by Coinbase founder Fred Ehrsam, another crypto billionaire), venture capital firm Sequoia, buyout firm Thoma Bravo, and the Ontario Teachers’ Pension Plan Board.

According to reports, investors valued FTX’s U.S. operations at $8 billion. Bankman-Fried, a self-described adherent of effective altruism — the utilitarian-tinged concept of doing the best one can — has vowed to donate his whole wealth throughout his lifetime. He holds more than 50 percent of FTX and more than $7 billion in the platform’s native coin, FTT.

3. Brian Armstrong

The CEO and creator of Coinbase took the cryptocurrency exchange public in April 2021 via an appealing $100 billion direct offering. Its current market value is around half of that, but Armstrong is still the third richest person in the Bitcoin industry with a 19 percent stake.

Armstrong, famed for his basic T-shirts and bald head, raised eyebrows in 2020 when he instructed his employees to refrain from discussing politics at work. In January, the 39-year-old spent $133 million for a house in Bel-Air, one of the most expensive real estate transactions in the city. Armstrong has recently spoken out against the proposed EU Parliament crypto bill.

4. Gary Wang

The press-averse Wang, co-founder and chief technical officer of FTX and Bankman-Fried launched the cryptocurrency exchange in 2019. Wang controls 16 percent of FTX’s global corporation and over $600 million in FTT, the native token of FTX. Wang was a software developer at Google before transitioning into crypto and helping to build the online booking website Google Flights. He studied mathematics and computer science at MIT.

5. Chris Larsen

Larsen, the co-founder and executive chairman of blockchain company Ripple, whose XRP token is currently the eighth largest cryptocurrency, has been busy fighting a Securities and Exchange Commission lawsuit, which was initially filed in December 2020, alleging that Ripple’s initial coin offering was an unlawful offer and sale of unregistered securities.

Many observers see the case, which is still pending in federal courts, as a turning point for future token sales. Both Larsen and Ripple deny wrongdoing. Larsen, 61, has worked with environmental groups to launch the “Change the Code, Not the Climate” campaign to push the Bitcoin community to reduce the digital asset’s huge carbon footprint.

Categories
Bitcoin News

Core Scientific upped BTC output by 10% in July

Core Scientific
Core Scientific upped BTC output by 10% in July

Despite having to shut down many times due to demand on the Texas power system, the cryptocurrency mining business Core Scientific announced that its operations generated 1,221 Bitcoin (BTC) in July.

According to a statement released by Core Scientific on Friday, its monthly output of Bitcoin climbed from 1,106 in June to 1,221 in July, or nearly 10.4%.

However, the company also boosted the number of its self-mining servers and hashrate by 6%, to 109,000 and 10.9 exahashes per second (EH/s), respectively. The company claimed limiting operations “due to severe temperatures at numerous data centers.”

In order to assist the Electric Reliability Council of Texas, or ERCOT, which manages the state’s power grid, Core Scientific claims that the business repeatedly shut down all activities at its Texas data centers in July. The company claimed to have reduced its energy use by 8,157-megawatt hours (MWh).

In July, temperatures in several areas of Texas reached above 100 degrees Fahrenheit for many days in a row, despite ERCOT’s warning that the demand for energy would exceed the supply.

Riot Blockchain reported a 24 percent decline in its BTC output from June to July, from 421 to 318. Riot Blockchain also runs mining operations in Texas. CEO Jason Les claims that the company reduced operations by 11,717 MWh.

According to Core Scientific CEO Mike Levitt, the company intends to add 75 megawatts to its data center hosting capacity, with the goal of achieving a hash rate of 30 EH/s by the end of 2022. After selling more than 7,000 BTC for $167 million in June and 1,975 BTC for $44 million in July, the corporation said as of July 31 that it retained 1,205 BTC worth about $28 million at the time of publishing.

On August 11, the mining company intends to disclose its profits report for the second quarter of 2022.

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