Day: November 2, 2022

The Plan B for crypto payments

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Over the weekend, thousands of Bitcoiners and crypto enthusiasts descended on the small, sleepy Swiss town of Lugano. More specifically, they piled onto a McDonald’s restaurant.  Perched on Lake Lugano, Mcdonald’s Lugano received countless visits from Bitcoiners keen to trade Satoshis (the smallest denomination of a Bitcoin) for Big Macs, McFlurrys and coffee. But why were European crypto enthusiasts excited to pay in Bitcoin (BTC) at one of the world’s most recognizable brands? Well, firstly to demonstrate the Lightning Network, a Layer-2 technology built atop Bitcoin. But also to live…

Shanghai Upgrade Gonna Be Big For The Price

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With the “Merge” and the accompanying change to proof of stake, the Ethereum blockchain received arguably the most crucial and largest upgrade of all time on September 15. With “Shanghai”, however, the next upgrade is already just around the corner. After a month-long break, Ethereum developers met last Friday for their 148th All Core Developers (ACD) meeting. Chaired by Tim Beiko of the Ethereum Foundation, the developers discussed the plans for Shanghai. Together, they found consensus that Shanghai should include, at a minimum, the withdrawal of staked ETH (EIP 4895)…

Bitcoin Options Giant Deribit Loses $28 Million in Hot Wallet Hack – Bitcoin News

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The world’s largest bitcoin options exchange, Deribit, was hacked for close to $28 million, according to an update from the company’s official Twitter account on Nov. 2. Deribit says that the firm’s hot wallet was drained just before midnight the day prior. Crypto Derivatives Exchange Deribit Loses $28 Million — Company Says Customer Funds Are Safe and Business ‘Remains in a Financially Sound Position’ In terms of open interest and volume tied to bitcoin (BTC) and ethereum (ETH) options, Deribit has been the leading crypto options exchange for quite some…

Union Bank of the Philippines launches Bitcoin and Ethereum trading

The Union Bank of the Philippines (UnionBank), one of the largest universal banks in the Philippines, debuts cryptocurrency trading via a partnership with a Swiss crypto firm. UnionBank has launched a pilot program for Bitcoin (BTC) and Ether (ETH) custody and trading services for select retail customers, the firm said in a joint announcement on Nov. 2. The new investment and trading feature launches in collaboration with the Swiss crypto technology firm Metaco, with UnionBank going live on Metaco’s digital asset platform Harmonize. UnionBank initially partnered with Metaco for the…

Shiba Inu Spurts Over 12% In 24 Hours

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Shiba Inu (SHIB) price continues to move in the same trend as Dogecoin but the asset is having problems sustaining its gains. In fact, earlier today, the crypto managed to register a 10.3% price pump over a 24-hour period as it traded for $0.00001342. But, according to latest tracking from Coingecko, SHIB entered a short-term price correction phase as it is now down by 3.3% on its intraday charts. At press time, it is trading at $0.00001252. Despite this, Shiba Inu is still sitting on a 22.3% increase over the…

ETH Drops to 5-Day Low, as Fed Likely to Delay Policy Pivot – Market Updates Bitcoin News

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Ethereum dropped to its lowest level since last Friday during today’s session, as consolidation in crypto markets continued on Wednesday. This comes ahead of this afternoon’s U.S. Federal Reserve interest rate decision. Bitcoin was also in the red, and remains below $20,800. Bitcoin Bitcoin (BTC) continued to trade below $20,800 on Wednesday, as market uncertainty remains high ahead of this afternoon’s Fed meeting. Although markets have somewhat priced in a 75 basis point hike, some are also looking for forward guidance from the bank, which includes a timeline for pivoting…

‘DeFi will replace institutions entirely,’ says BitGo CEO Mike Belshe

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The global decentralized finance market size was valued at $11.78 billion in 2021. This number is expected to increase as DeFi advances, yet it is still in its infancy. Therefore, a number of banks and traditional financial institutions are still unaware of its potential.  While this may be, industry experts within the crypto sector predict that decentralized finance will overtake traditional financial institutions in the coming years. For instance, Mike Belshe, CEO and co-founder of BitGo — a digital asset custody provider — told Cointelegraph that he believes DeFi will replace…