Day: July 7, 2022

SSV DAO to Distribute $10M in Grants for Staking Projects Ahead of Ethereum Merge

The SSV (Secret Shared Validator) DAO accrued $10 million in assets through strategic partnerships with Coinbase, DCG (Digital Currency Group is the parent company of CoinDesk), and OKEx. SSV DAO will funnel more than $3 million into open and pre-defined grants for developers building applications, staking pools and other tools needed by the network. In addition, the organization has earmarked $3 million for bug bounties and four million dollars for incentivized programs for early adopters and testers. The grants will be distributed in USDC, ETH and SSV tokens. Source

What It Means for Crypto

“Overall, 1.0 is an important psychological level,” Dessislava Aubert, senior research analyst at Paris-based Kaiko, told CoinDesk in an email. “If it breaks, it will most likely spur some FX volatility in the short run, spilling into other asset classes, including crypto, and trigger selling of euro-backed assets.” Source

Bitcoin price clings to $20K as Bollinger Bands close in for volatility

Bitcoin (BTC) said “no” to volatility for a third day on July 7 as Wall Street trading began with little change in mood. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Next move “likely sets direction going forward” Data from Cryptox Markets Pro and TradingView followed BTC/USD as it fluctuated just north of $20,000, retaining a pattern characteristic of the week so far. The pair stayed well within a defined range overnight, leading analysts to assume that a break up or down was next as a short-term prospect. “Bitcoin strong consolidation…

Companies bring music licensing to the blockchain

While critics use the bear market as an opportunity to pounce on crypto and belittle its value, some projects take this chance to develop and launch industry-disrupting platforms on the blockchain.  In July, firms launched or revealed their intentions to construct blockchain-based music licensing platforms that aim to change the way songs are licensed by reducing costs, removing intermediaries, and bringing all of blockchain’s inherent benefits to the music scene. Commenting on the topic, Mehmet Eryılmaz, the CEO of Web3 entertainment firm Faro Company, said that blockchain provides new frameworks…

Bitcoin Will Rebound In 2nd Half Of 2022, Says Bloomberg Analyst

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Mike McGlone, a senior commodity analyst at Bloomberg, predicts a rise in the price of Bitcoin in the second half of 2022. This suggests that the price of BTC may be preparing for a positive comeback this year. Compared to more well-known asset types, bitcoin prices are significantly harder to forecast and more sensitive to market forces because of the uncertainty and recent price decline.  Related Reading | U.S. Federal Panel Claims Cryptocurrencies Can Boost The Economy, Will It Result In Bullish Trend? In 2021, the price of bitcoin doubled, but…

Aztec Launches DeFi Privacy Bridge Aztec Connect

In March 2021, Aztec launched the zk.money protocol, which provided a privacy shield for direct Ethereum transactions. Connect moves the shield out further, allowing users to privately connect to Ethereum’s DeFi ecosystem, including popular apps like Uniswap, Lido and Aave. Private DeFi actions could include staking, lending, swaps and decentralized autonomous organization (DAO) treasury management. The Aztec network includes zero-knowledge rollup technology, which essentially bundles transactions before sending them to the Ethereum mainnet, saving money on transaction or gas fees. Source

The Middle East Could Adopt Bitcoin Soon – Serbian Monarch

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Summary: Filip Karadjordjevic surmised that Bitcoin might experience adoption by a Middle Eastern country sooner than you think. The Hereditary Prince of Serbia and Yugoslavia shared his theory on a recent podcast. Karadjordjevic believes that BTC is perfect for some Arab states since they operate with Sharia law. Digital assets are increasingly popular in the Middle East, per a Chainlysis report. Jurisdictions like Dubai have set up their own crypto licensing structures. Platforms like Binance and FTX receive approval to operate in the United Arab Emirates. The Hereditary Prince of…

Crema Finance Attacker Returns Almost $8M, Keeps $1.7M Bounty

The exploit involved the attacker creating a fake tick account on Crema. A tick account is “a dedicated account that stores price tick data in CLMM,” the developers said, referring to Crema’s market-making protocol. After that, the attacker exploited a command by writing the data on the fake account and circumventing security measures. Source