Day: June 7, 2022

Chainalysis exec touts blockchain analysis to Senate homeland security committee

The collection and processing of information was a major theme at the United States Senate Committee on Homeland Security and Governmental Affairs (HSGAC) hearing titled, “Rising Threats: Ransomware Attacks and Ransom Payments Enabled by Cryptocurrency” on Tuesday. The committee hosted a panel of private-sector experts who discussed the problem of ransomware attacks and the challenges of collecting and using the information necessary to fight them.  Committee chair Gary Peters of Michigan, who introduced the Strengthening American Cybersecurity Act in February, said the government lacks sufficient data even to understand the…

Bitcoin price recovers $31.5K, but traders say ‘scam’ price action will bring more downside

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Bitcoin’s (BTC) short-term price action has been dominated by whipsaws that trigger around the $31,000 to $32,000 level and the June 6 reversal at this point triggered a quick sell-off that pushed the price down to $29,200. Surprisingly, on June 7, the price rapidly reversed course as Bitcoin rallied back to $31,500, but given the current rejection at this level, traders are likely to proceed cautiously, rather than expect a quick surge to $35,000. BTC/USDT 1-day chart. Source: TradingView Here’s what several analysts are saying about the short-term outlook for…

$127 Million In Bitcoin And Ethereum Positions Liquidated Amid Market Drop

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Data shows that over the past 24 hours, more than $127 million in Bitcoin and Ethereum futures have been liquidated. The price of both cryptos has decreased by 6% and 7%, respectively, wiping out the recent gain. According to Coinglass statistics, Bitcoin futures alone lost $57.78 million, implying that most trading activity and open interest were restricted by market capitalization to the most prominent cryptocurrency. However, Ethereum futures suffered a $64 million loss.    Related Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It…

TrueFi launches on Optimism, expanding access to on-chain credit

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Unsecured lending protocol TrueFi has become the latest project to launch on Optimism, Ethereum’s popular layer-2 scaling solution, in a move that’s expected to boost demand from non-institutional lenders.  By launching on Optimism, TrueFi’s lender community will have access to a faster and cheaper user experience, as well as gain exposure to a wider pool of retail lenders. “TrueFi users can now lend, borrow and launch portfolios on Optimism to enjoy dramatically reduced transaction costs and network speeds,” Rafael Cosman, co-founder of TrustToken, told Cointelegraph in a written statement. He…

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Grayscale Bolsters Legal Team With Former Obama Aide Ahead of Spot Bitcoin ETF Decision

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“It’s paramount that Grayscale has the strongest legal minds working on our application to convert GBTC to an ETF, and we are thrilled that Verrilli will join our outstanding legal team,” a Grayscale spokesperson said, underlining Verrilli’s long experience before the high court, including major wins defending the Affordable Care Act and legal recognition of same-sex marriage. Original

Crypto Exchange Kraken Says Decentraland, The Sandbox and Metaverse Sector Far Outperforming Market Year-on-Year

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A leading crypto exchange says metaverse tokens are significantly outperforming the rest of the digital assets markets in year-over-year (YoY) returns. In Kraken Intelligence’s new May 2022 market recap and outlook, the exchange giant finds coins such as Decentraland (MANA), The Sandbox (SAND), Axie Infinity (AXS), ApeCoin (APE), and STEPN (GMT) are outperforming the rest of the crypto markets. “When looking at 1Y performance, the Metaverse sector has significantly outperformed the market YoY with a return of +395%. This includes assets such as Decentraland (MANA), Sandbox (SAND), Axie Infinity (AXS), Apecoin (APE), and STEPN (GMT).” Source: Kraken Intelligence Despite outperforming the rest…

PayPal enables transfer of digital currencies to external wallets

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After rolling out the ability to buy and sell crypto on its platform in October 2020, PayPal is finally allowing users the ability to natively transfer, send and receive digital assets between PayPal and other wallets and exchanges. As of Tuesday, the feature is available to select U.S. users, with the feature expanding to all eligible U.S. users in the coming weeks. The first batch of supported coins consists of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).  In addition, customers who transfer their crypto onto PayPal can…