Month: June 2022

Bybit to Reduce Workforce as Crypto Slump Drives Cost-Cutting Measures

CryptoX – Cryptocurrency Analysis and News Portal “We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency,” a Bybit spokesperson told CoinDesk. “Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile.” Original Source The post Bybit to Reduce Workforce as Crypto Slump Drives Cost-Cutting Measures appeared first on CryptoX. CryptoX Portal

Ethereum analyst warns of ‘clean fakeout’ despite 30% ETH price rebound

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Ethereum’s native token, Ether (ETH), underwent a sharp relief rally after falling to $880, its lowest level in eighteen months, on June 18. ETH price regains 30% in two days Ether’s price reached above $1,150 this June 19, marking 30%-plus gains in just two days. However, at the beginning of the new weekly session this June 20, the ETH/USD pair hinted at giving up its weekend gains, with its price plunging by almost 9% from the $1,150 high.  PostyXBT, an independent market analyst, told his 79,800 followers to be careful…

What Ethereum use case can make ETH a $500B market cap asset: Community answers

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While Ether’s (ETH) price dip over the weekend may have left investors worried about the digital asset, community members on Reddit conducted a discussion on Ethereum use cases that could potentially push the asset’s price upward.  In the Ethereum subreddit, a Reddit user asked fellow members of the community about ETH use cases that they think are capable of pushing the asset’s market capitalization to $500 billion. Criticizing smart contract use cases for real estate, the Redditor noted that they have not seen a convincing case that could solidify ETH’s…

Russian Finance Ministry Rules Out Sale of Oil for Bitcoin – Economics Bitcoin News

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The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto Payments Not for Russian State Settlements, Ministry of Finance Says Cryptocurrency payments, in terms of international transactions, are seen by the authorities in Moscow as an alternative option for small private business contracts, but this will not affect Russian oil deliveries. The clarification was made by…

Bitcoin mints more than 13,000 ‘wholecoiners’ in the past seven days

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Bye-bye bear market blues; welcome to the network, Bitcoin (BTC) believers. Over the past week, the number of Bitcoin wallet addresses containing one BTC or more increased by 13,091. The total number of “wholecoiners” surged to 865,254. The number of whole coiners has rocketed during the downward price action, highlighted by the hockey stick growth on the Glassnode graph: Since the 10th June the orange line has jumped. Source: Glassnode Christian Ander, the founder of the Swedish Bitcoin exchange BT.CX told Cointelegraph that “This is good for the ecosystem that…

Bitflex Commences BETA Testing With Zero-Trading Fees – Press release Bitcoin News

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press release PRESS RELEASE. Seychelles, June 20, 2022 – Bitflex Inc. (the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced that the Company will commence BETA testing of its cryptocurrency exchange and plans to officially launch the exchange by October this year. The Bitflex exchange offers an aesthetically pleasing interface built-in with news, notifications, and charting tools to create a superior environment for users to make the most educated trades. The BETA platform will offer up to 8 trading pairs for linear perpetual swaps.…

Decoupling of Lido’s Staked ETH Differs From Stablecoin Collapse, CoinShares Says

This is not the same as the UST crash because the underlying asset, ETH, is not directly affected by the market price of stETH, CoinShares said. The benefit of stETH is that it allows users to earn yield from staking ether, using a technique known as liquid staking. The ETH that’s been staked continues to secure the network as planned, while users have access to a liquid asset that can be invested. Lido’s product can be classified as “premature” because the inability to un-stake makes the stETH feature incomplete, according…

Bancor pauses impermanent loss protection citing ‘hostile’ market conditions

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Bancor, a decentralized finance (DeFi) protocol often credited as the pioneer of the DeFi space, paused its impermanent loss protection (ILP) function on Sunday, citing “hostile” market conditions. In a blog post on Monday, the DeFi protocol noted that the ILP pause is a temporary measure to protect the protocol and the users. The blog post read: “The temporary measure to pause IL protection should give the protocol some room to breathe and recover. While we wait for markets to stabilize, we are working to get IL protection reactivated as soon as…