Day: April 12, 2022

Lack of proper financial services boosts crypto ownership in Nigeria, says report

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A new study has revealed staggering growth in crypto adoption across Nigeria, fueled by limited access to affordable fiat-based financial services in Africa.ย  Crypto exchange KuCoinโ€™s โ€œInto the Cryptoverse Reportโ€ highlights that many Nigerian citizens have started using cryptocurrencies as a viable alternative to store and transfer assets. According to the report, 35% of the Nigerian population aged 18 to 60 โ€” or 33.4 million people โ€” have owned or traded cryptocurrencies during the last six months. Out of those people, nearly 17.36 million (or 52% of Nigerian crypto investors)…

How Ichi Tokens Plunged 90% After Bad Debt Fiasco on Rari

“Liquidity was structured so the bulk of it sat just under market price, allowing the pool to absorb sells with minimal impact,” explained Aswath Balakrishnan, vice president of research at Delphi Digital, in a Telegram message. “There wasn’t enough liquidity to absorb all the ICHI liquidations, causing the price to cascade.” Source

White House in Damage Control Mode as Crypto Markets Brace for 8%-Plus Inflation

Psakiโ€™s comments perhaps indicate the White House expects the headline inflation to cool in the coming months, as the panic in the energy market has faded. Gas prices in the U.S. have pulled back to $4.11 per gallon from the record high of $4.33 per gallon hit on March 11, according to the American Automobile Association. The West Texas Intermediate crude traded at $96 per barrel at press time, down 23% from the high of $123 seen a month ago, per charting platform TradingView. Energy prices had surged after Russia…

Squid Game crypto scam: How to identify fake cryptocurrency?

โ–ถ Coinbase Website: Coinbase.com โ–ถ CEX Website: cex.io Crypto is not quick money. Some know it. Others are learning it the hard way. There have always been concerns around lack of regulations on crypto and inclination of youngsters towards it, without realising the consequences. A prime example of this is the recent Squid Game crypto scam where investors lost millions of dollars. The website and social media handles of the crypto were non-functional within hours. Investors lost more than Rs 25 crore. All of their money turned zero in less…

Bitfinex and Tether Launch Public Fund to Support Salvadoran Families Affected by Gang Violence โ€“ Bitcoin News

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Bitfinex, a cryptocurrency exchange, and Tether, issuer of USDT, the largest stablecoin by market cap, have partnered to launch a cryptocurrency fund to support Salvadoran families affected by gang violence. The two companies have donated 25 BTC to start the initiative, and expect many more will join. The President of El Salvador, Nayib Bukele, declared a state of emergency two weeks ago. Bitfinex and Tether Bootstrap Charity Campaign for Salvadoran Families Bitfinex and Tether are worried about the destiny of the Salvadoran people. The two companies have recently…

Indian crypto exchanges’ volume plunges down as 30% tax goes into effect

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Fresh data on Indian crypto exchanges’ trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India’s new 30% crypto tax rule came into effect on April 1, despite many stakeholders and exchange operators warning against its ill effects.ย  A research data report shared by Indian blockchain analytic firm Crebaco with Cointelegraph shows that trading volume on top Indian crypto exchanges has declined as high as 70% in the past 10 days. Crypto Trading Volume on Major Indian Exchanges Source: Creabaco…

The Diversity of NFTs: Beyond Digital Art

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NFTs are perhaps the most misunderstood blockchain-related product. Since they entered mainstream consciousness in 2021, they have been invariably associated with digital art. But NFTs have utility beyond the high-end art world. Digital collectibles are on the rise, with athletes especially interested in using NFTs to crystallize iconic moments in sports history. In the gaming world, many developers are working on incorporating NFTs in video games as playable items. Lastly, the greatest application of NFTs is yet to come in the metaverse. In this article, we will explore the world…

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Bitcoin claws back $40K as 24-hour crypto liquidations near $500M

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Bitcoin (BTC) attempted to reclaim $40,000 as support on April 12 after a troubling start to the week saw BTC/USD hit three-week lows. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “Extraordinarily elevated” CPI data due Data from Cointelegraph Markets Pro and TradingViewย showed the largest cryptocurrency bouncing to $40,200 on Bitstamp Tuesday after falling to just $39,300. Spurred on by a bleed-out in tech stocks in particular, Bitcoin looked decidedly unappetizing on short timeframes, and those previously betting on bullish continuation were left empty-handed. According to on-chain monitoring resource Coinglass, the…