Day: May 27, 2022

Two key takeaways from Nansen’s UST stablecoin depeg report

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As the dust settles on the cataclysmic collapse of the Terra ecosystem, an on-chain deep-dive carried out by blockchain analytics firm Nansen highlights two major takeaways. The cryptocurrency ecosystem was awash with varying speculatory theories around the cause of Terra’s algorithmic stablecoin UST’s decoupling from its $1 peg. The who and why seemed a mystery but the outcome was catastrophic, with UST dropping well below $1 while the value of Terra’s stablecoin token plummeting in value as a result. Nansen undertook an investigation leveraging on-chain data from the Terra ecosystem…

Crypto Derivative Traders Can Access TradingView With Broker Eightcap – Sponsored Bitcoin News

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sponsored Australian FX and CFD provider Eightcap has recently announced that it has partnered with TradingView, allowing crypto derivative traders to trade directly from TradingView’s charts into their Eightcap trading accounts. Crypto derivative traders will access Eightcap’s full suite of crypto derivatives, including altcoins, crypto-indices and crypto-crosses. Eightcap’s integration with TradingView is the next step for the award-winning broker as it continues to build a home for crypto traders. TradingView is a charting platform and social network that attracts over 30 million monthly users globally and has been rated the…

Hacker tastes own medicine as community gets back stolen NFTs

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The tales of traders getting scammed out of their nonfungible tokens (NFTs)  were quite common at the peak of the NFT boom. However, in an interesting turn of events, the Solana community came together to “scam” a scammer in order to get back some stolen NFTs. It all started with the Discord channel hack of cross-chain gaming development studio Uncharted NFT, where scammers managed to drain out 109 user wallets. The scammers got away with 150+ SOL tokens and 25 World of Solana (WOS) NFTs, including three rare and highly…

Jpmorgan Chase Adopts Blockchain for Collateral Settlement

Financial tycoon, JPMorgan Chase (JPM), announced to use of blockchain technology in the collateral settlement, planning to expand to other asset types such as equities and fixed income, according to Bloomberg. JPMorgan Chase used cryptocurrency tokens for collateral in traditional financial asset transactions for the first time on May 20. Two of the bank’s entities are using tokens of BlackRock money market fund shares as collateral on their private blockchains, allowing trading outside of market hours. Ben Challice, JPMorgan’s global head of trading services commented that: “What we’ve achieved…

Terra to burn 1B UST from the community pool as holders vote for it

In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool.  Earlier in May, Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the stablecoin supply. In response to this, users proposed the burning of the 1 billion TerraUSD (UST) that was stored in Terra’s community pool and the remaining cross-chain UST that’s deployed on the Ethereum blockchain as incentives. According to the proposal, the burn will help “reduce the…

Draft bill to ban China’s digital yuan from US app stores

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Lawmakers in the United States are moving to protect the country from the potential undesirable impacts of the global adoption of China’s national digital currency. Three ​​Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on May 25, aiming to limit the use of China’s central bank digital currency (CBDC) in the United States. The bill is referred to as “Defending Americans from Authoritarian Digital Currencies Act” and proposes to prohibit the use of China’s digital currency payment system, e-CNY, for U.S. app stores and other purposes. The term…

Binance to Advise Kazakhstan on Crypto Regulations – Regulation Bitcoin News

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Cryptocurrency exchange Binance will assist the government of Kazakhstan in efforts to regulate the country’s crypto space. The global coin trading platform will also help with the integration of the domestic banking system with the expanding digital assets market. Kazakhstan to Cooperate With Binance on the Development of Its Crypto Sector Binance, the world’s leading crypto exchange by trading volume, has signed a memorandum of understanding with Kazakhstan’s Ministry of Digital Development, Innovation and Aerospace Industry. The major crypto platform and the department will collaborate in the crypto space. The…

Cryptocurrency Mining Chip Producer Nvidia Reports Significant Profits After Decline

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The American Chip developing company Nvidia attests to its dip in shares due to the CMP (Cryptocurrency Mining Process) sales decline. The company stated that its 52% decrease for its Q1 of “OAM and other” investments was because of the decrease in CMP sales. Nvidia stated this, as explained in a filing on Wednesday. In 2021, Nvidia recorded $24 million in returns from its CMP sources; this also recorded a discouraging decrease of 77% year-over-year. Last year January, the corporation introduced the CMP product to discourage cryptocurrency miners from storing…