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Day: August 22, 2022
Are NFTs Rendering Art Meaningless?
As the ecosystem consolidates, the cliché in tech circles is that the emerging crypto economy is in a “Builder’s Market.” Tech founders, as well as artists creating NFTs, are taking a step back to reassess their projects, while examining how their creations fit into network architecture. For all its shortcomings iterated in the previous market cycle, NFTs have the potential to offer incredible value to artists – from fractionalized ownership (such as Particle’s decision to tokenize a Banksy painting) to integration into live experiences. There will also likely be a…
Ex-OpenSea Executive Files to Dismiss DOJ Case Alleging NFT Insider Trading
The motion argues the NFT sales in question cannot be classified as instances of inside trading because NFTs are neither securities, nor commodities. Source
FCA highlights limited role as unregistered businesses continue to operate
The number of unregistered cryptocurrency-related businesses continues to outweigh those signed up with the United Kingdom’s Financial Conduct Authority. Crypto.com became the latest business from the cryptocurrency ecosystem to register with the FCA, joining a list of a confirmed 37 companies with the green light to offer services in the country. Just seven businesses have gone through the registration process in 2022 to achieve Money Laundering Regulations approval, which includes eToro UK, DRW Global Markets LTD, Zodia Markets (UK) Limited, Uphold Europe Limited, Rubicon Digital UK Limited and Wintermute Trading LTD.…
Telegram Founder Teases Marketplace for Address Auctions
Durov referenced an earlier auction of wallet domain names on The Open Network, the protocol he developed alongside Telegram. Having left the project behind due to regulatory concerns from the U.S. Securities and Exchange Commission, he proposed that the messaging app could have success in re-introducing elements of Web3 by auctioning off “@ usernames, group and channel links.” Source
EUR Drops Below USD for the Second Time in 20 Years, Greenback’s Strength Leads to Largest Weekly Rise Since March 2020 – Finance Bitcoin News
The U.S. dollar has been very strong compared to a myriad of fiat currencies worldwide and this week, the euro dropped below the USD for the second time in 20 years after meeting parity with the dollar in mid-July. The dollar’s recent brawniness has resulted in the largest weekly rise since March 2020, according to Commodity Futures Trading Commission (CFTC) data. US Dollar Rises, Euro Falters — Stocks, Precious Metals, and Cryptos Drop Lower On Monday, the Dow Jones Industrial Average dropped 400 points as inflation fears continue to grip…
Malaysia comes down hard on bitcoin mining operators over billions of ringgit in power theft
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io It was a sting operation that began three years ago during which time Malaysian Anti-Corruption Commission officers working undercover as Tenaga Nasional Berhad meter readers were paid RM2.4mil in bribes. Some were even offered Bitcoin, a first for the graft busters, to turn a blind eye to mining syndicates’ power theft. WATCH MORE: SUBSCRIBE: LIKE: ▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Youtube version
Crypto.com moves forward with multimillion-dollar renovation of Staples Center following staff cuts
Despite announcing it would cut its staff by roughly 5% in June and the recent market downturn, cryptocurrency exchange Crypto.com has continued to move forward with an agreement to rebrand the Los Angeles-based venue formerly known as the Staples Center. In a Monday tweet, Crypto.com released an artist’s rendering of some of the changes it planned to implement at the iconic arena in a reported “multimillion-dollar campaign” before many major sports teams begin playing later in 2022. Some of the renovations included new jumbo screens and concession stands, as well…
FTX Posted $1 Billion in Revenue Last Year Amid Crypto Rally: Report
The bulk of FTX’s revenue comes from derivatives trading, while about 16% came from crypto spot trading in 2021, according to CNBC. The report also noted that less than 5% of FTX’s total revenue came from its U.S. business in 2021, and that FTX spent approximately 15% of its 2021 revenues on sales and marketing. Source
Polkadot (DOT) Hits The Brakes At $7.34 After Brief Recovery
Polkadot (DOT) price shows that the coin has finally latched on to its support zone. Polkadot price analysis looks extremely bearish DOT/USD resistance at $7.79 DOT/USD support at $7.05 The bulls did a clap back and were able to rebound as DOT dodged further downtrend that falls below $7.22 and instead went for a range upwards or shooting towards $7.42. ADA showed some recovery but provided the necessary support for the coin’s price. With the prevailing intense selling…