Reddit Co-Founder Alexis Ohanianโ€™s Seven Seven Six Targets $177M for a Crypto-Centric Fund Called Kryptรณs โ€“ Finance Bitcoin News

According to a recent report, the venture capital firm founded by Alexis Ohanian, Seven Seven Six, is planning to raise $177 million for a new crypto-centric fund. The new Seven Seven Six fund called Kryptรณs will concentrate on investing in cryptocurrencies like bitcoin and ethereum. Seven Seven Six Launches Cryptocurrency Fund Kryptรณs โ€” Plans to Go Live in October On August 29, 2022, The Information reporter Kate Clark published a report that noted Reddit co-founder Alexis Ohanianโ€™s Seven Seven Six is raising money for a new crypto-focused fund called Kryptรณs.…

Could BTC & ETH be heading to LOWER LOWS? Crypto News Today

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President of Paraguay vetoes crypto regulation law

Paraguay’s president, Mario Abdo Benรญtez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity on Monday. He reasoned that mining’s high electricity consumption could hinder the expansion of a sustainable national industry.ย  The decree stated that crypto mining uses intensive capital with low manpower usage, and therefore would not generate added value on par with other industrial activities. Around the world, cryptocurrency is one of the largest job creators. The LinkedIn’s Economic Graph shows that crypto and blockchain jobs listing rose 615% in 2021 compared to…

UBS raises US recession odds to 60%, but what does this mean for crypto prices?

On Aug. 30, global investment bank UBS increased its view on the risk of the United States entering a recession within one year to 60%, up from 40% in June. According to economist Pierre Lafourcade, the latest data showed a 94% chance of the economy contracting, but added that it “does not morph into a full-blown recession.” Partially explaining the difference is the “extremely low levels” of non-performing loans, or defaults exceeding 90 days from credit borrowers. According to Citigroup Chief Executive Jane Fraser, the institution “feels very good about”…

Bitcoin Mining Difficulty Poised to Spike by Most Since January Amid Colder Weather

Simultaneously, in the last month new technology has been deployed across facilities. โ€œA lot of machines have come online in the last month, increasing bitcoin’s seven-day average hashrate from 210 EH/s to 226 EH/s (a 7.6% increase). This increase comes from miners plugging in new models, like the Antminer S19 XP, which miners began receiving in batches starting in July,โ€ said Colin Harper, head of research and content at Luxor Technologies. Source

FTX and Busan Reaches Deal to Accelerate Blockchain Businesses

The South Korean city of Busan and FTXย cryptocurrency exchange has signed a business deal to support the establishment of Busan Digital Asset Exchange. According to the agreement statement, FTX will help the South Korean city build its own exchange called the Busan Digital Asset Exchange and provide it with technical and infrastructure support. Despite the adverse events surrounding the cryptocurrency ecosystem that has seen the closure of several crypto companies, FTX continues to stand at a high level and the transactions signed to continue to appreciate the public profile of…

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NFT Collective PROOF Raises $50M in Funding Round Led by a16z

During todayโ€™s event, the company released new details about PROOFโ€™s third NFT collection: Moonbirds Mythics, a 20,000 PFP (profile pic) collection slated to launch in early 2023.ย  Moonbirds DAO, a decentralized autonomous organization (DAO) will oversee licensing of the companyโ€™s Moonbirds NFT brand, granting trademark rights and distributing funding to upcoming NFT projects. Source

Crypto ‘cannot be partisan,’ says US lawmaker who scored negative on bipartisanship index: Report

United States House of Representatives member Tom Emmer has reportedly suggested that regulating and encouraging innovation in the crypto space should not be a political win for either Democrats or Republicans. According to an interview released Tuesday by Axios reporter Brady Dale, Emmer said many of his colleagues in Congress were treating cryptocurrencies as a risk that merited warnings, rather than an investment opportunity for the United States. The U.S. lawmaker added that encouraging figures like FTX CEO Sam Bankman-Fried to stay in the country will open more doors for…