August 17, 2022

Thomas Peterffy: Bitcoin Will Be Worth Nothing

Thomas Peterffy – a brokerage pioneer and billionaire investor – explained in a recent interview that he thinks bitcoin will eventually become worthless given inflation is slated to last for several more years. Thomas Peterffy Says BTC Will Fall to Zero The 77-year-old founder and chairman of the online trading platform Interactive Brokers took note of the fact that inflation in America has reached 9.1 percent, a new all-time high for the most powerful country in the world. Markets are hurting all over the place, and stocks and crypto assets fell as the news made headlines. Peterffy said: I believe inflationary pressures will continue for years, not months. This is not a short-term issue. At the time of writing, Peterffy has a net worth exceeding $18 billion. He says inflation is here for several reasons, a big one being that […]
August 17, 2022

Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session

Bitcoin continued to trade below $24,000 today, as the token fell for a fourth consecutive session. Following last week’s bullish run, upwards momentum in crypto has eased, leading to a return of bearish sentiment. Ethereum was also lower, as it dropped below its resistance of $1,885. Bitcoin Bitcoin (BTC) fell for a fourth consecutive session on Wednesday, as bearish sentiment returned to cryptocurrency markets. The world’s largest crypto token slipped to an intraday low of $23,733.50 on hump day, less than a day after residing at a peak of $24,407.06. This recent bearish pressure has come as BTC bulls vacated last week’s positions, as prices entered overbought territory. Since the 14-day relative strength index (RSI) hit a high of 62.29 last week, which was its strongest point since April, prices have gone on to record back-to-back declines. Looking at the […]
August 17, 2022

Bitcoin Price Trades Sideways at the $24K Level, Miners Face Substantial Losses

Bitcoin price continues to trade sideways this week, with little change in trading volume over the past 24 hours. After peaking at $25k on Sunday, BTCUSD struggles to hold support and continues to decline, currently trading in the high $23k range. The 24-hour trading volume remains relatively unchanged in the $29.5 billion range. Key Points: Bitcoin continues to trade sideways with a narrowing range. Miners lost over $1 billion in Q2 2022 due to crypto winter. Some mining companies ended up selling machines to cover existing debt last quarter. Celsius receives multiple cash injection offers, raising creditors’ hope of getting their money back from the platform. BTCUSD likely to continue trading sideways this week, making its following move next week. Bitcoin Miners in the News Bitcoin news today is bearish; this week, BTC failed to register additional growth and break […]
August 17, 2022

What is CeDeFi, and why does it matter?

CeDeFi is a new financial system that combines centralized and decentralized systems. It provides privacy, reduced fees and ease of use.
August 17, 2022

Fugitive BitConnect Founder Kumbhani Indicted in US Is Now Wanted in India Too

An unidentified lawyer filed a complaint naming Kumbhani and six others saying he was defrauded of his original investment of 54 bitcoins and the returns of 166 bitcoins that he was made to reinvest into platforms between 2016 and 2021, according to Indian Express.
August 17, 2022

UK hits double-digit inflation for the first time in 40 years

At 10.1% inflation, the United Kingdom joins 2 billion people around the world suffering as price rises erode people’s purchasing power.
August 17, 2022

CoinFund launches $300M early-stage Web3 venture fund

The New York- and Miami-based VC firm said several of its seed-stage crypto investments are preparing Series A funding rounds.
August 17, 2022

Crypto Investment Firm CoinFund Launches $300M Web3 Fund

Sectors of interest for the early-stage fund include layer 1 blockchains, gaming and NFTs.
August 17, 2022

Troubled miner returns 26,000 rigs to eliminate debt

The mining operator entered into a deal with NYDIG to sell rigs to alleviate $64.7 million in outstanding debt.
August 17, 2022

UK Group to Test Stablecoin Payments, Provide Data to Bank of England

The Digital FMI Consortium will test cross-border payments and provide recommendations to the Bank of England using its own sterling-backed stablecoin.
August 17, 2022

Israel Arrests 3 in Crypto Scheme to Launder Millions Stolen From France

Police in Israel have detained three suspects who allegedly laundered millions of euros stolen from the French treasury through cryptocurrency transactions. The money came from government grants for businesses affected by the Covid-19 pandemic. Israeli Law Enforcement Busts Money-Laundering Ring Using Coins to Clean Money for French Fraudsters Three people have been arrested in Israel this week on suspicion of providing money-laundering services to criminals who defrauded the French state. The operation follows a covert investigation carried out by Lahav 433, Israel’s special crime-fighting unit, the English-language online newspaper Times of Israel and major local media reported. According to the publications, the authorities believe the detained persons have used various cryptocurrencies to launder millions of euros, which were then returned to the French clients, for which the Israelis were remunerated. Several other suspects have also been questioned as part of […]
August 17, 2022

Tornado Cash Fallout: Can Ethereum Be Censored?

In light of OFAC’s Tornado Cash sanctions, Ethereum’s community debates what to do if validators censor sanctioned addresses.
August 17, 2022

Less Than a Month to Go Before the Finance and Fintech Industry Meets at iFX EXPO Asia

The iFX EXPO Asia 2022 in Bangkok is set to be the largest financial B2B exhibition Impeccably organized by Ultimate Fintech, iFX EXPO gathers more traction with every edition. Held annually since 2012 in financial hubs across Europe, Asia, and the Middle East, it is the largest financial B2B exhibition and a hot spot for thought-provoking debate. The upcoming edition, iFX EXPO Asia, will take place between 13 and 15 September 2022 at Centara Grand & Bangkok Convention Centre at CentralWorld and is set to be the largest so far. The organizers are planning 2+ days of unparallel networking with industry leaders and decision makers that are coming to Bangkok from all over the world. The event is not only the ultimate destination for financial industry leaders to network and showcase their products, services and brands, but it also exceeds […]
August 17, 2022

The Fully Gold Backed Token – ComTech Gold (CGO) Is Now Available for Trading on LBank Exchange

INTERNET CITY, DUBAI, Aug. 15, 2022 – LBank Exchange, a global digital asset trading platform, has listed ComTech Gold (CGO) on August 15, 2022. For all users of LBank Exchange, the CGO/USDT trading pair is now officially available for trading. Making gold easy to own and easy to trade, ComTech Gold (CGO) utilizes the power of blockchain technology to provide cryptocurrency, each one of which represents one pure gram of gold that is fully backed, redeemable, and regulated. Its native token CGO has been listed on LBank Exchange at 19:00 (UTC+8) on August 15, 2022, to further expand its global reach and help it achieve its vision. Introducing ComTech Gold Currently, there is no investment-grade gold product that is both easy to own and easy to trade. Physical gold is hard to store and transport. Gold futures are easy to […]
August 17, 2022

Lido Finance Partners With KyberSwap Elastic to Enhance Liquidity on Polygon With Over $120,000 in Liquidity Mining Rewards

Singapore — August 17th – Lido Finance, a giant in the Ethereum staking world, will be enhancing liquidity on Polygon with KyberSwap Elastic. Lido Finance is the largest platform for liquid staking services on Ethereum. Powering DeFi and CeFi applications alike with their technology, Lido Finance empowers stakers to put their staked assets to use on their supported networks: Ethereum, Solana, Polygon and Polkadot. This first phase of this joint initiative is set to bring liquidity providers over $120,000 in liquidity mining rewards, with more incentives to come in the near future. What is KyberSwap Elastic? KyberSwap’s newest protocol, dubbed Elastic, is a tick-based AMM that gives Liquidity Providers (LPs) the advantages of concentrated liquidity and the flexibility to achieve capital efficiency and manage risks. With concentrated liquidity, LPs have the flexibility to supply liquidity to an Elastic pool either […]
August 17, 2022

LBank Weekly Listing Report, 15th August 2022

INTERNET CITY, DUBAI, Aug. 15, 2022 –As a world class digital asset exchange, LBank continues to focus on providing its users quality projects to participate in. Here is a weekly report made by LBank Exchange presenting this week’s exciting new listings and a summary of the ones listed last week, offering users more information to help better understand these unique opportunities. New Listings on LBank Exchange Scheduled this week starting on 15th August. For a more complete list please follow our twitter @LBank_Exchange Project: VSTListing date: 15th AugustKey words: NFT, Metaverse, Listed on pancake, BSCOfficial Website: http://www.voicestreet.org/About: Voice Street is a lab that dedicated to bring music to Web3.0 and intends to build an on-chain infrastructure for music. Voice Street has a variety of products, such as music NFT platform, metaverse concerts, musician live-house virtual space customizations and music-related games. […]
August 17, 2022

Web3 gives creators in emerging markets a shot, says Faro Company CEO

Mehmet Eryılmaz said that Web3 opens up opportunities for creators to properly showcase their culture through films and music.
August 17, 2022

LBank Exchange Will List AbleBlockChain Token (ABC) on August 17, 2022

INTERNET CITY, DUBAI, Aug. 15, 2022 – LBank Exchange, a global digital asset trading platform, will list AbleBlockChain Token (ABC) on August 17, 2022. For all users of LBank Exchange, the ABC/USDT trading pair will be officially available for trading at 13:00 (UTC+8) on August 17, 2022. As a private blockchain based on Ethereum, AbleBlockChain aims to become the most powerful blockchain mainnet that enhances convenience, speed, and security while being compatible with crypto. Its native token AbleBlockChain Token (ABC) will be listed on LBank Exchange at 13:00 (UTC+8) on August 17, 2022, to further expand its global reach and help it achieve its vision. Introducing AbleBlockChain AbleBlockChain is a private blockchain based on Ethereum, and it is a blockchain for enterprises with authorized participants which can participate in and create blocks. Private blockchain offers a permissioned environment of a […]
August 17, 2022

NFL Franchise Houston Texans to Accept Cryptocurrencies for Single Game Suites

The professional American football team the Houston Texans revealed that it has entered an exclusive partnership with the company Bitwallet. The deal will give Houston Texans fans the ability to purchase single game suites with cryptocurrencies. Bitwallet Becomes the ‘Official Digital Currency Wallet of the Houston Texans,’ NFL Team Accepts Crypto Assets for Single Game Suites On Tuesday, the crypto wallet firm Bitwallet announced that the company has inked a deal with the National Football League’s (NFL) Houston Texans. The NFL team will allow fans to buy single game suites and pay with four different digital assets. Bitwallet’s website, which notes that it is the “official wallet of the Houston Texans,” shows the company’s software supports bitcoin (BTC), litecoin (LTC), bitcoin cash (BCH), and ethereum (ETH). “We are proud to partner with Bitwallet to offer an exciting option for our […]
August 17, 2022

EthereumPoW team plans to freeze selected contracts, community pushes back

The PoW hard fork of Ethereum is being propagated by a set of miners, but many experts believe that the chances of it succeeding is very low.
August 17, 2022

Colombia to prevent tax evasion with national digital currency: Report

A national digital currency would help curb tax evasion in Colombia, which is estimated at up to 8% of GDP, the head of Colombia’s tax and customs agency said.
August 17, 2022

Another depeg — Acala trace report reveals 3B aUSD erroneously minted

As the dust settles on another decentralized finance exploit, Acala continues to trace tokens that were erroneously minted after a misconfiguration in a newly launched liquidity pool.
August 17, 2022

UK Crypto Industry Welcomes New Stablecoin Rules, Awaits Guidance

A proposed bill could give U.K. regulators new powers over payments-focused crypto assets like stablecoins, but details on how the rules might be interpreted by financial watchdogs are pending.
August 17, 2022

HyperNation Global Virtual Conference: A Critical Juncture in the Future of Web 3.0, Metaverse and Beyond

HyperNation, the first virtual nation with its unique stand on human rights, justice, and personal sovereignty has been making waves since its inception in the metaverse. That ripple is bound to expand with the next global online conference starting at 1000 EST on August 22, 2022, where further updates, news, and event giveaways will take center stage. The much-awaited conference will attract millions of viewers from across the globe, a feat achieved in the previous conference. The audience can expect new, novel and innovative functions to be announced at the conference, as well as gain knowledge on how to access this one-of-a-kind nation where they can network, learn, create, play, and so on. HyperNation is after all an inclusive utopia that welcomes people from all walks of life, regardless of their race, status, religion, or creed. This global online conference […]
August 17, 2022

Nasdaq-Listed Eqonex Closing Crypto Exchange Due to High Competition, Fallen Volumes

The Nasdaq-listed firm Eqonex is closing its cryptocurrency exchange business. The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting down its exchange. Eqonex Closing Crypto Exchange Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday. The announcement states: The company will proactively exit the crowded crypto exchange space by closing the exchange. The Eqonex exchange will close for trading on Aug. 22 at 8 a.m. (UCT) and for withdrawals on Sept. 14 at 8 a.m. (UCT). All withdrawal fees will be waived, the announcement notes. Eqonex explained that intense market competition, low margins, and the significant technological load required to ensure optimal performance “has made running a profitable exchange increasingly challenging, especially in the current environment where crypto exchange volumes […]
August 17, 2022

EOS price jumps 20% for biggest gain in 15 months — What’s fueling the uptrend?

EOS attempts to become a fully decentralized network following a key hard fork in September.
August 17, 2022

Dogecoin Jumps as Dogechain Gains Traction Among Retail Crypto Traders

The Polygon-based Dogechain locks nearly $5 million in liquidity and is gaining prominence among retail crypto traders.
August 17, 2022

For greater good: NY judge allows Celsius to mine, sell Bitcoin

Chief bankruptcy judge Martin Glenn, Southern District of New York, approved Celsius’ request for running BTC mining and selling operations as a means to reinstate financial stability.
August 17, 2022

Bitcoin price sees firm rejection at $24.5K as traders doubt strength

$24,500 keeps control on hourly timeframes as gains for both Bitcoin and Ethereum are quickly extinguished.
August 17, 2022

US Regulator ‘Improperly’ Pushing Banks to Avoid Serving Crypto Companies, Lawmaker Says

U.S. Sen. Pat Toomey said whistleblowers had informed him that the FDIC was pressuring banks to stop providing services to crypto companies.
August 17, 2022

Bitcoin Price Breaking $25k Resistance Will Push These 3 New Cryptos to The Moon

Bitcoin’s breakout – if it can manage to break through the $25,000 resistance – could send several new altcoins to the moon given their low market cap. Let’s examine them in detail to find out their potential. 3 New Cryptos set to go to the Moon 1. Battle Infinity Battle Infinity is a hot new NFT game that provides players with entertainment and rewards. Players can enter six platforms to build teams and stake their IBAT tokens in this play to earn game to exchange them for other currencies. Investors have seen such tremendous potential from this platform that the presale was sold out within 24 days of launch. IBAT is going to be one of the best ICOs, and investors who missed the presale can get in on the action from 17 August 2022 at 16:00 UTC when it […]
August 17, 2022

Binance Obtains In-principle Approval to Operate With Cryptocurrencies in Kazakhstan

Crypto exchange Binance has been granted preliminary approval to offer trading and custody services for digital assets in Kazakhstan. The exchange is yet to complete the full application process but the development has already been hailed as a landmark achievement for the company in the Central Asian nation which only recently took steps to regulate coin trading. Binance Receives Regulatory Approval From Kazakhstan Authorities Kazakhstan’s Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center (AIFC), has issued a temporary license approval to the world’s leading cryptocurrency exchange, Binance, the company unveiled in a blog post published on Monday. The in-principle approval requires Binance to complete the application process to get the full license, which will allow it to run a digital asset trading facility and provide digital asset custody services on the AIFC’s platform, […]
August 17, 2022

BNB Chain aims to raise 30K new Web3 developers across Latin America in 2022

BNB Chain prepares to launch a Web3 development course for Latin American students as the region continues to be a hub for adoption and crypto-related activity.
August 17, 2022

Solana (SOL) Price Analysis: More Upsides Possible Above $45

Solana price started a decent increase from the $38 support against the US Dollar. The price is now trading above $40 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near $41.80 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase). The pair must clear $45 and $46 to continue higher in the near term. Solano price is trading above $40 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $45 resistance. Solana (SOL) Price Analysis SOL price remained in a bullish zone above the $35 and $36 support levels. The bulls were active near the $35 zone. A base was formed and the price started a decent increase above the $38 level. There was a steady increase above the $40 […]
August 17, 2022

Former JPMorgan, Barclays execs on why crypto jobs attractive even in bear market

Former traditional finance veterans are debuting a crypto career at the crypto ETF issuer 21Shares despite the bear market.
August 17, 2022

Experts explain what ‘Big Short’ Michael Burry’s stock exit means for crypto

“Predicting a stock crash is a lot like predicting an earthquake. You know one will happen every so often but you can never tell exactly when or how severe it will be,” said Mati Greenspan.
August 17, 2022

Aave calls on members to commit to Ethereum PoS chain

The outcome will give a good indication of where AAVE tokenholders stand ahead of the upcoming ETH hard fork.
August 17, 2022

Bitcoin Price Analysis: BTC Tests Important Support

Bitcoin price started a fresh decline below the $24,500 zone against the US Dollar. The price is now trading below $24,250 and the 55 simple moving average (4-hours). There is a major rising channel forming with support near $23,700 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could continue to decline if there is a move below the $23,700 support. Bitcoin price is struggling below $25,000 against the US Dollar. BTC might extend losses if it stays below the $24,100 and $24,500 resistance levels. Bitcoin Price Analysis Bitcoin price started a fresh decline from the $25,200 resistance zone. There was a steady decline below the $24,800 and $24,500 support levels. The decline gained pace below the $24,200 level and the 55 simple moving average (4-hours). The price declined below the 50% Fib retracement level […]
August 17, 2022

Tornado Cash ban could spell disaster for other privacy protocols — Manta co-founder

The ban of Tornado Cash in the U.S. could have ripple effects across Web3 protocols, particularly ones that offer privacy on the blockchain.
August 17, 2022

Colombia Plans to Launch Digital Currency to Reduce Tax Evasion

The government of Colombia revealed it has plans to launch a digital currency. One of the purposes of this new currency would be to curb tax evasion and enhance the traceability of transactions made by citizens. The proposed measure would also be accompanied by restrictions on cash payments and transactions of over 10 million Colombian pesos ($2,400). Colombia to Launch Its Own Digital Currency Many countries are now looking to digitize part of their economies in order to better understand and control the flow of money in their economies. The government of Colombia is planning to launch its own digital currency in the near future, according to statements offered by Luis Carlos Reyes, head of the DIAN, the Colombian tax authority. Reyes told local news outlet Semana this would be one of the proposals of the newly inaugurated president Gustavo […]
August 17, 2022

Beginners Guide: How To Play Splinterlands

Play to earn has gained prominence in gaming thanks to the rise of NFTs. These games allow gamers to play and earn from the activity by trading in-game […]
August 17, 2022

Crypto scams fall 65% after gullible noobs exit the market: Chainalysis

Less gullible retail investors and falling asset prices have made scamming a less enticing endeavor, but the tsunami of new DeFi applications has hackers licking their lips.
August 17, 2022

Elon Musk Says He’s Buying Football Club Manchester United – Will He?

Elon Musk is once again causing a stir on Twitter by revealing his intention to purchase popular football club Manchester United. The eccentric chief executive of Tesla and SpaceX made the surprise news late Tuesday night via Twitter. He said: “I’m buying Manchester United ur welcome.” The 51-year-old billionaire is presently engaged in a heated legal dispute with Twitter for abruptly abandoning the $44 billion purchase. Elon Musk has countersued Twitter, intensifying his legal fight against the social media behemoth over his attempt to withdraw from the multibillion-dollar deal. Elon Musk Unfazed By Twitter Legal War The wealthiest person in the world announced last month that he was ditching the acquisition and blaming Twitter for breaching the agreement by exaggerating the amount of phony accounts on its site. Elon Musk has a habit of sending out irreverent tweets, and it was unclear whether […]
August 17, 2022

Crypto.com secures UK registration for ‘cryptoasset activities’

As defined by the FCA, “cryptoasset activity” includes anything that involves exchanging one crypto for another or exchanging crypto for fiat and vice versa.
August 17, 2022

‘Big Short’ Investor Michael Burry Dumps All Stocks but One After Predicting Market Crash

Hedge fund manager Michael Burry’s Scion Asset Management dumped all but one of its stock holdings in the second quarter, according to the firm’s filing with the U.S. Securities and Exchange Commission (SEC). Burry, famed for forecasting the 2008 financial crisis, has predicted a stock market crash, warning that winter is coming. Michael Burry Sells All Stocks but One Michael Burry’s investment firm Scion Asset Management dumped all of its stock holdings except one in the second quarter, the company’s disclosure filing with the U.S. Securities and Exchange Commission (SEC) Monday shows. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring […]
August 17, 2022

Chinese Social Media Giant Tencent Forced To Shut Down NFT Marketplace

Chinese regulatory scrutiny of cryptocurrencies has since made its way into the NFT space, as expected. However, what started out as just a regular deterrent to citizens from investing in NFTs has spread to the platforms that offer such services. One of the platforms that came under fire was Huanhe, an NFT marketplace that was launched by Chinese social media giant Tencent. Now, barely a year after it was launched for operations, the NFT platform is shutting its doors. Tencent Shuts Down NFT Marketplace Back in 2021, the popularity of NFTs had been growing rapidly. At this time, there were single NFTs selling for millions of dollars, and individuals and corporations alike rushed to cash in on this new craze. Tencent had naturally followed the trend, but it would turn out to be a wrong move for the social media […]
August 17, 2022

Soneva’s Luxury Resorts Now Accept Crypto Payments

Luxury resort chain Soneva has reportedly begun accepting cryptocurrency payments at its resorts in the Maldives and Thailand. “Accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world.” Soneva Accepts Cryptocurrency Payments Luxury resort chain Soneva has reportedly begun accepting payments in bitcoin and ethereum at its resorts. Soneva has three resorts in the Maldives (Soneva Fushi, Soneva Jani, and Soneva in Aqua). The company also has a resort in Thailand (Soneva Kiri). Bitcoin and ether can also be used to pay for Soneva Villa Ownership. In order to accept cryptocurrencies, Soneva has partnered with two companies: crypto payment solutions provider Triple A and payment platform provider Pomelo Pay. Triple A is licensed by the Singapore Monetary Authority (MAS). Soneva explained that bitcoin and ether payments are […]
August 17, 2022

Houston Texans becomes first NFL team to sell game suite with crypto

After penning a deal with Texas-based crypto wallet providers BitWallet, the Houston Texans join a long list of crypto partnerships and payment deals in the NFL.
August 17, 2022

Former Goldman Sachs banker explains why Wall Street gets Bitcoin wrong

According to John Haar, who used to count himself within the ranks of the traditional finance field, a fundamental understanding of “sound money” is preventing Wall Street from embracing Bitcoin.
August 17, 2022

After Zipmex, Crypto Lender Hodlnaut Files For Creditor Protection

Hodlnaut, a cryptocurrency lender and borrower based out of Singapore has recently filed an application for judicial management. This shall help the platform restructure its business. A little over a week ago, the crypto platform had suspended its withdrawals, deposits and swaps. It also has frozen user assets on its platform itself. The crypto lender precisely allows users to deposit cryptocurrencies such as Bitcoin and Ethereum and then earn interest. Hodlnaut is among one of many crypto lenders that have faced the aftermath of the crypto downturn. Hodlnaut had recently informed its users that they have applied to the Singapore High Court for a judicial management. Judicial management is a law in Singapore that lets financially beleaguered companies get a breather in order to restore itself. The company has mentioned, We are aiming to avoid a forced liquidation of our […]
August 17, 2022

Kenya’s Crypto Crowd Hopes President-Elect Will Be Better Than Predecessor

Kenya President-Elect William Ruto is “assumed” to be a better hope for the crypto community in Kenya than the losing candidate Raila Odinga, according to local crypto experts.
August 17, 2022

Google invested a whopping $1.5B into blockchain companies since September

Other notable corporate investors include BlackRock, Morgan Stanley, Samsung, and Goldman Sachs, according to a report from Blockdata.
August 17, 2022

First Mover Asia: Crypto Can’t Shake the Correlation Narrative; BTC, ETH Sink but Meme Coins Rise

August 17, 2022

Embattled Crypto Lender Hodlnaut Seeks Judicial Management in Order to Rehabilitate the Company

Eight days ago, the crypto lender Hodlnaut announced that the platform was suspending withdrawals after citing volatile market conditions. This week the company says it is seeking judicial management that aims to “provide the best chance of recovery.” Hodlnaut Updates Customers — Crypto Lender Asks Singapore High Court for Judicial Management The crypto lender Hodlnaut is looking for help from the courts so the platform can “avoid a forced liquidation” of the company’s assets. Last week on August 8, 2022, the crypto startup paused withdrawals and noted that the firm was “actively working on the recovery plan.” Hodlnaut believes that leveraging court-appointed management is the best move forward and on August 13, 2022, Hodlnaut registered for judicial management with the Singapore High Court. Under Singapore law, companies under financial distress can recuperate losses with help from a judicial manager. The […]
August 17, 2022

Biggest Movers: DOGE Races to 3-Month High, XMR Hits Strongest Price Since June

Dogecoin moved to a three-month high on Tuesday, as prices of the token were up by over 15%. Today’s move comes despite crypto markets mainly falling, with the global market cap 0.21% lower as of writing. Monero was also up, hitting a multi-month high in the process. Dogecoin (DOGE) Less than 24 hours after shiba inu neared a fresh three-month high, its fellow meme coin dogecoin (DOGE), also hit a twelve-week peak. The token surged to an intraday peak of $0.08848 in today’s session, which comes after yesterday’s low of $0.07571. This is the highest level DOGE/USD has hit since May 18, and comes following a breakout of a key resistance point. Looking at the chart, this ceiling is the $0.0753 point, which was last broken on July 20, after a false breakout. As a result of this, the relative […]
August 17, 2022

Coin Center Says OFAC’s Tornado Cash Ban ‘Exceeds Statutory Authority,’ Plans to ‘Engage’ With US Watchdog

On August 15, the non-profit that focuses on policy issues facing crypto assets, Coin Center, published a blog post that says the organization is looking at the legality of the recent Tornado Cash sanctions enforced by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC). The post, published by Coin Center’s Jerry Brito and Peter Van Valkenburgh, explains that by treating autonomous code as a ‘person’ “OFAC exceeds its statutory authority.” Coin Center Insists ‘OFAC Has Overstepped Its Legal Authority’ Coin Center’s executive director Jerry Brito and director of research Peter Van Valkenburgh had a lot to say in a blog post published Monday that talks about whether or not autonomous code, or a smart contract, can be considered a sanctioned ‘person.’ Coin Center’s Brito and Valkenburgh believe the U.S. government sent some kind of intended signal when OFAC […]
August 16, 2022

Bitcoin Miner Riot Takes $349M Goodwill Impairment Charge on Acquisitions

he company also posted an impairment charge of $99.8 million on its bitcoin holdings.
August 16, 2022

Crypto.com Exchange Registers With UK Financial Regulator

The crypto exchange has faced past heat over advertisements from the FCA.
August 16, 2022

Market Wrap: Bitcoin’s Price Retraces Again, Breaks Below Trendline

Bitcoin declines for third consecutive day, on below average volume. Bitcoin (BTC) declined 1% on Tuesday, marking the second consecutive day of declines for the largest cryptocurrency by market capitalization. Ether’s (ETH) price fell 1.1%, reversing gains made overnight. The second-largest cryptocurrency by market capitalization fell below $1,900 after hovering over that increasingly important threshold for much of the past week.
August 16, 2022

Report: Celsius CEO Accused of Controlling Crypto Company’s Trading Scheme and Placing Bad Bets

According to a recent report published on Tuesday, the Israeli-American founder and CEO of Celsius Network, Alex Mashinsky, was in charge of the company’s trading strategy. The report, citing multiple people familiar with the matter, said Mashinsky sold millions of dollars’ worth of bitcoin in anticipation to buy bitcoin cheap. Except after the CEO allegedly placed this bet, bitcoin markets followed the opposite trend, and the leading crypto asset accumulated some gains. People Familiar With the Celsius Situation Say Mashinsky Was Trading on ‘Bad Information’ On Tuesday, the Financial Times (FT) reported on the embattled and bankrupt crypto lender Celsius and the company’s CEO. FT’s report citing people familiar with the situation explained that months before the company filed for bankruptcy protection, Mashinsky “took control of Celsius trading strategy.” Allegedly, the founder and CEO of Celsius made a number of […]
August 16, 2022

Bankrupt Crypto Lender Celsius Gets Cash-Injection Offers, Approval to Sell Mined Bitcoin

August 16, 2022

IRS takes out John Doe summons on crypto prime dealer SFOX to find tax cheat customers

The U.S. tax service has used the same tactic to gain information from Circle, Coinbase and Kraken in recent years, as analysis finds that half of taxes on crypto go unpaid.
August 16, 2022

2017 ICOs aren’t over yet: SEC files suit against Dragonchain and its founder

The commission said it would be seeking “permanent injunctions, disgorgement with prejudgment interest, civil penalties against and conduct-based injunctions.”
August 16, 2022

Chainalysis: Almost $2 Billion Have Gone To Crypto Hacks This Year

According to a report published on Tuesday by blockchain analysis company Chainalysis, a remarkable $1.9 billion worth of bitcoin was stolen in hacks of various services in the first seven months of this year, representing a 60% rise from the same time in the previous year. DeFi Saw Huge Cases Of Hacks, Chainalysis Reports Even though several cryptocurrencies saw a sharp decline in value in the first half of this year, there has been a surge. The increase coincides with an increase in hacks into the protocols for decentralized finance (DeFi), according to Chainalysis’ blog post from Tuesday. The majority of DeFi applications are Ethereum-based, enabling crypto financing outside of conventional banks. Using software that enables users to deal directly with one another over the blockchain, the digital record that serves as the foundation for cryptocurrencies, the phrase is used […]
August 16, 2022

Congress Must Decide How Cryptos Should Be Regulated, Former CFTC Commissioner Says

Dawn Stump joined CoinDesk TV’s “First Mover” to discuss crypto regulation and why Congress may need to step in.
August 16, 2022

Why Coinbase Will Pause Ethereum Transactions During “The Merge”

In around a month, Ethereum will transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus. This event was dubbed “The Merge”, tentatively set for September 15 to 16, and will complete a 6-year journey into the new consensus algorithm and blockchain. Users, exchange platforms, miners, and developers are gearing up for the event. Major crypto exchange platform Coinbase recently announced their measures ahead of the Ethereum “Merge” via an official post. The exchange will “briefly” pause transactions with Ethereum and with tokens using the ERC-20 standards, these includes deposits and withdrawals. The platform claims that this decision is a “precautionary measure” for the users. The crypto exchange platform made the following recommendation to users as “The Merge” becomes a certainty across the Ethereum ecosystem, but confusion arise in the community: We recommend you don’t send your ETH to anyone […]
August 16, 2022

3 Reasons the Ethereum Price is Moving to $3k and New Cryptocurrency Battle infinity is Moving to $1

Ethereum has lost just over 80% of its value since reaching an all-time high in November 2021, but some market factors point towards it reaching $3,000 again. Let’s explore the reasons that it could become a reality and not just another hype phase that the crypto market has experienced so many times. Why Will Ethereum Recover – 3 Reasons for Ethereum to Hit $3000 Ethereum Merge Numerous crypto projects have set their sights on becoming more environmentally friendly and Ethereum, one of the best performing altcoins of all time, is one of them. The Ethereum Merge is an upgrade to the Ethereum network and has been anticipated for a long time. It seems that the date has been set for 15 September 2022. The consequence of the upgrade should be a reduction of electricity consumption by 99% when using blockchain. […]
August 16, 2022

Crypto Exchange Crypto.com Signs Undertaking With Canada’s OSC

The crypto bear market has had different effects on exchanges across the space. While some have seen themselves go underwater during this time, others continue to thrive due to their established user base. One of those has been Crypto.com, a crypto exchange that saw remarkable growth back in 2021. Now, the exchange is taking its operations one step further as it begins its planned expansion across North America. Crypto.com Secures Pre-Registration In Canada Throughout the bull market, Crypto.com had been one of the crypto platforms that had made its intentions to dominate globally known. It has done so even through the bear trend and is now moving to take its operations properly throughout North America. On Monday, the cryptocurrency exchange announced that it had secured a Pre-Registration Undertaking with the Ontario Securities Commission (OSC) in Canada. This pre-registration is the […]
August 16, 2022

Why The U.S. Fed Will Require Banks To Report Crypto-Related Activity

The U.S. Federal Reserve (Fed) issued a letter on banking institutions participating in crypto-related activity and potentially adopting digital assets. The financial institution claimed that the nascent asset class “poses a risk” to the current financial system and to consumers investing capital in the sector. In that sense, the Fed wants all U.S. banks and financial institutions under their supervision to notify them of activities or if they are looking to engage in crypto-related activities. The financial institution claims, as many other legislators, regulators, and high-ranking government officials in the U.S. government, that digital assets have a number of potential vulnerabilities. The Fed claims that the underlying technology powering crypto is “nascent and evolving” and could pose a “novel risk” in matters related to cybersecurity. In addition, the financial institution argued that cryptocurrencies are a tool that allegedly facilitates money […]
August 16, 2022

How The Ethereum Merge Is Boosting ETH Market Dominance

The Ethereum merge from Proof-of-Work (PoW) to Proof-of-Stake (PoS) is now roughly 30 days away after what feels like years of anticipation. While price action is the mainstay pillar of speculation, anticipation over ‘The Merge’ continues to grow – and so too does ETH’s market dominance. New data shows that Ethereum continues to gain ground as the merge approaches; let’s review what the numbers reflect as we count the weeks down. ETH’s Market Share Growth Speculation around the exact timing of the merge has been a long-time staple of conversations in crypto, but has been narrowed in recently after the adjustment to Ethereum’s terminal total difficulty, according to a tweet from one of crypto’s most notable names, Ethereum co-founder Vitalik Buterin: The terminal total difficulty has been set to 58750000000000000000000. This means the ethereum PoW network now has a (roughly) […]