Day: August 9, 2022

Bitcoin’s correlation to stocks has never been higher. When Morgan Stanley thinks its price will bottom

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Bitcoin has been trading in lockstep with stocks all year. In theory, this should mean that, as equities reached a potential bottom in recent week, the digital currency should have done so as well. Unfortunately, it’s not that simple, Morgan Stanley said. Equity strategist Sheena Shah noted that, unlike previous cycles, government stimulus and Federal Reserve monetary policy tightening have driven bitcoin prices up and down. This is similar to what has been seen in equities, and it has contributed to the cryptocurrency’s highest correlation to stocks on record over…

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FTX Pay Integrates With Reddit’s Arbitrum Nova-Powered Community Points System – Bitcoin News

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FTX has announced that FTX Pay’s infrastructure has integrated with the social media and news aggregation forum Reddit’s Community Points system. The integration has been rolled out in the U.S., EU, Australia, and other countries worldwide. FTX Pay will also join Infura, P2P, Google Cloud, and other companies and projects in order to create a new data availability committee (DAC) for Offchain Labs’ new chain, Arbitrum Nova. FTX Pay to Support Reddit’s Community Points System, Slew of Web2 and Web3 Firms Form Data Availability Committee On August 9, the crypto…

Game dev explains why blockchain should be ‘invisible’ in P2E gaming: KBW 2022

According to the company’s president Kyu Lee, who spoke at Korea Blockchain Week 2022 in Seoul, revealing the plan to launch a new blockchainCom2uS, the mobile game developer wants to create its own version of Web3, “where it is free to play and own.” Th XPLA, which roughly represents the words explore and play, will be a blockchain network focused on the needs of the company’s gaming community, along with Metaverse experiences. For Lee, blockchain was the obvious next step for the company’s presence in the gaming industry: “It was…

Mercado Libre to Expand Crypto Trading Across Latin America

“We will be expanding in the region the possibility to buy, sell and hold cryptocurrencies in your account,” Mercado Libre’s fintech vertical director Osvaldo Gimenez told the Spanish newspaper El País. “It works with bitcoin, with ethereum and with a stable currency that reflects the value of the dollar,” he added. Source

Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon?

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Data shows around 300k in ETHUSD long positions have been closed on the Bitfinex Ethereum futures market, something that could provide impedance to the latest rally. Ethereum Long Positions Have Dropped By More Than 300k During The Last Few Days On Bitfinex As pointed out by an analyst in a CryptoQuant post, the past data of the ETHUSD long positions on the crypto exchange Bitfinex would suggest the current pattern may prove to be bearish for the value of the coin. The relevant metric here is the total number of…

‘IBC is a serious alternative for secure cross-chain communication,’ says Sunny Aggarwal of Osmosis

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On August 2, the Nomad Token Bridge became yet another victim of cross-chain hacking after the protocol suffered a $190 million exploit. Joining a list of casualties alongside Axie Infinity’s Ronin Bridge and Solana’s Wormhole, many industry experts have cast doubt on the future of cross-chain technologies. However, not all cross-chain toolkits have thus far been exploited. Regarding this matter, Cointelegraph spoke with Osmosis’ co-founder Sunny Aggarwal. Osmosis is one of the most popular decentralized exchanges, or DEXs, on the Cosmos hub with $120 million in total value locked. Here’s…

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