Day: September 14, 2022

Shiba Inu Burn Rate Accelerates By 3,000%, Will It Impact Price?

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The meme coin currently under the spotlight for its token-burning campaign hit a new burn rate high this Monday. Shiba Inu, the dog crypto, burned close to 200 million coins within the last 24 hours. According to SHIB Burn data, the burn rate of Shib tokens has spiked by about 3000% in the space of 1 day.  Furthermore, most of the tokens sent to Shiba Inu’s burn wallet are from individual whale accounts. This burn initiative has taken off big since the beginning of this month. More than 500 million…

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Bitcoin Retests $20K While CEL Holds Gains Amidst Market Bleeding

The world’s foremost cryptocurrency, Bitcoin, has had an eventful week as it briefly hit the $22,500 benchmark on Friday. The crypto has been having a hard time for the past month, trading below $20,000. Detractors even went so far as to predict a $12,000 drop for the token amid the broader market’s bearish turn. Yet it rallied last week, breaking the $22,000 resistance mark before dropping again. Today, Bitcoin has climbed back and is currently trading around the $20,000 mark. Meanwhile, as the crypto ecosystem undergoes bearish turns in the…

Hardware wallets to take similar approach to potential Ethereum hard fork

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Ethereum’s blockchain Merge is expected to take place around 05:05 UTC on Sept. 15. It is a milestone that marks a full transition towards Proof-of-Stake (PoS) for Ethereum, and eliminates the need for energy-intensive mining by a projected 99.9% when compared to Proof of Work (PoW). Some miners are also getting ready for a hard fork that would allow them to continue using PoW consensus. Forked coins have proven to be lucrative in the past. The holders of Ethereum (ETH), for example, came to possess an equivalent amount of Ethereum Classic…

Ethereum Mainstay Hudson Jameson on What Makes the Merge Monumental

Ethereum’s transition to proof-of-stake is like changing the engine of a moving car, where the car is the execution layer (EL) that processes the data and transactions and the engine is the consensus layer (CL) that determines how the transactions are built into blocks to make the chain. Because of this, Ethereum has execution clients (currently a choice of four) and consensus clients (currently a choice of five) that can be mixed and matched to enable security of the chain. Source

Coinbase to educate users on policies held by local politicians with new app integration

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On Sept 14, Coinbase Co-Founder and CEO Brian Armstrong announced the company’s plans to begin integrating crypto policy efforts into its app. According to him, this will help the company’s 103 million verified users know where their local political leaders and representatives stand when it comes to cryptocurrency.  1/ Starting today, Coinbase will begin integrating our crypto policy efforts right into our app. These will help our 103M verified users get educated on the crypto positions held by political leaders where they live. pic.twitter.com/3GqWZIioZQ — Brian Armstrong (@brian_armstrong) September 14,…

SEC Sues ‘Chicago Crypto Capital’, Employees for Illegally Selling BXY Tokens

BXY is a token aligned with the defunct crypto exchange Beaxy, according to the complaint. Hoping to raise capital and create a strong user base, Beaxy sold investors on a token that it said could generate ICO-era gains. it had an agreement with CCC to sell them as well. CCC pocketed 3 cents of every 5 cent sale, the complaint said. Source BXYCapitalChicagoCryptoEmployeesIllegallySECSellingSuesTokens CryptoX Portal

Bitgo Files Lawsuit Against Novogratz’s Galaxy Digital for $100M Over ‘Intentional Breach’ of a Merger Agreement – Bitcoin News

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According to statements made by the digital asset custody business and financial services provider Bitgo, the firm has filed a lawsuit against the crypto company Galaxy Digital and is seeking damages for more than $100 million. Bitgo says Galaxy’s “improper repudiation and intentional breach of its merger agreement” caused the lawsuit. Bitgo Seeks Damages From Galaxy Digital for Terminated Merger Agreement On August 16, 2022, Bitcoin.com News reported on billionaire investor Mike Novogratz’s Galaxy Digital terminating the company’s proposed acquisition deal for the crypto asset financial services provider Bitgo. Galaxy…

Compound Treasury to let institutions use digital assets as collateral when borrowing USD or USDC

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Compound Treasury, a cash management solution for institutions powered by the Compound Protocol, announced on Sept.14 that accredited institutions can now borrow USD or USDC with fixed rates starting from 6% APR, using Bitcoin, Ethereum, and supported ERC-20 assets as collateral.  Starting today, to meet the growing demand for liquidity, institutions can now borrow from Compound Treasury, using digital assets as collateral.https://t.co/xgDIep18Qa — Compound Labs (@compoundfinance) September 14, 2022 The Defi-backed company whose notable clients include crypto companies, fintech institutions, and banks, shared that the decision was made in response…