Day: August 30, 2022

Crypto.com Mistakenly Sent $10.5 Million to Client Instead of a $100 Refund

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Crypto.com According to 7News, two Melbourne women, Manivel Thevamanogari and her sister Gangadory Thevamanogari got a AUD$10.5 million deposit from Singaporean cryptocurrency exchange Crypto.com after the latter made an error in giving a AUD$100 refund. An employee reportedly inserted an account number in the payment box instead of the return amount, resulting in an incorrect transfer to their bank account. According to court filings, the beneficiary utilized a portion of the monies to purchase a lavish property shortly after receiving them. The event happened in May 2021 but was not…

Blockchain – The Engine of the Next Financial Revolution | Mauro Casellini | TEDxVaduz

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io What will be the engine of the next financial revolution? Mauro Casellini speaks in his TEDx talk about the potential that he sees in blockchain technology. He explains how complicated today’s financial infrastructure is based on the use case of payments and talks about the opportunity which this newer technology will deliver. In his talk he simplifies the functionality of the blockchain technology which clearly highlight its benefits compared to the traditional, heavily centralized financial infrastructure. Thanks to the distributed ledger technology,…

New free-to-own GameFi model is ‘high risk,’ according to CZ

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Changpeng “CZ” Zhao, CEO of Binance, criticized the creation of a novel “free-to-own” business model in the GameFi space on Tuesday, writing: “If everything will be free in the world, why do we have to work so hard…” The Binance CEO then explained that nothing is absolutely free, pointing to how the exchange can offer zero trading fees for Bitcoin (BTC) and Ether (ETH) pairs because of the adequate revenue generated from other trading pairs. He added that new projects that allow players to sign up for free can be…

3 reasons why Ethereum PoW hard fork tokens won’t gain traction

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Ether (ETH) is the second largest crypto by market capitalization and the absolute leader in decentralized applications by deposits. Becoming a victim of its own success, the network experienced a fee hike in November 2021 when the average transaction costs surpassed $50.  That’s precisely why the Merge is a critical step to implementing a fully functional scaling solution. The confirmation of a transition to a proof-ofstake (PoS) consensus was the main driver for the rally toward $2,000 on Aug. 15. Investors were partially excited about the reduced issuing schedule and…

ETH y BTC podrían registrar inestabilidad a medida que aumenta el índice de apalancamiento de interés abierto

Andrew Krohn, analista de la firma de investigación cripto Delphi Digital, expresó una opinión similar en una nota a los clientes el lunes, diciendo que la relación sugiere que el interés abierto es grande en relación con el tamaño del mercado e “implica un mayor riesgo de contracción del mercado, cascadas de liquidación o eventos de desapalancamiento”. Source

OpenSea Turns Into NFT Ghost-Town After Volume Downs 99% In 3 Months

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A continuing debt issue at lending platform BendDAO raises the prospect of the NFT bubble imploding. As concerns about a potential market bubble mount, daily volumes on OpenSea, the world’s most significant nonfungible token (NFT) marketplace, have dropped significantly. OpenSea Volume Plummets to Yearly Lows Notably, the marketplace executed about $5 million in NFT transactions on August 28 — roughly 99% less than its record high of $405.75 million on May 1. The precipitous decreases in daily quantities coincided with equally sharp drops in OpenSea users and transactions, implying that…

What to Make of the Avalanche Whistleblower Report

The report, if true, is damning and shows that anti-competitive behavior is alive and well in crypto. There are, however, several reasons to remain skeptical about the allegations. Right now, the pursuit of truth has reached a he-said-she-said stage – where it seems like all parties are withholding some facts – that only tarnishes crypto’s reputation. Source

Bitcoin aSOPR Rebounds From “1” As Weakness Remains In Market

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Data shows the Bitcoin aSOPR has recently been rejected from the neutral level as weakness continues to clutch the market. Bitcoin aSOPR Rebounds From The “1” Mark As Investors Sell The Rally As per the latest weekly report from Glassnode, the “get my money back” effect strikes the crypto once again as weakness continues in the market. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether the overall Bitcoin market is currently selling at a profit or at a loss. When the value…

El Salvador’s Bitcoin Bond Delays Continue; Investor Interest Wanes: Report

President Navib Bukele announced plans to raise $1 billion via bonds backed by bitcoin (BTC) in November, shortly after El Salvador became the first country in the world to adopt bitcoin as legal tender. The offering was initially supposed to launch in early 2022, but it has faced delays, at least in part, thanks to plunging bitcoin prices. Source BitcoinBondContinueDelaysInterestInvestorReportSalvadorsWanes CryptoX Portal

Traders Unconvinced Of Crypto Bounces, Will Shorts See Pain?

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After briefly re-testing higher levels, Bitcoin and the crypto market retraced and gave back the gains obtained over yesterday’s trading session. The general sentiment in the market has been negative, with a large majority of participants expecting further losses. At the time of writing, the price of Bitcoin trades at $19,600 with 3% and 8% in losses over the past 24 hours and 7 days, respectively. The first crypto by market cap is one of the worst performers in the market, only surpassed by Dogecoin and Ethereum with a 4%…