Day: November 4, 2022

Huobi Exchange Users Furious After GALA Holdings are Converted to ‘Meme Token’

The reason for the initial price drop stemmed from a confusing maneuver carried out by pNetwork – a firm that locks up GALA on Ethereum and re-mints it as “pGALA” on Binance Smart Chain. When pNetwork found a vulnerability in its bridging code, it executed a “white hat” attack on its own token – minting out billions of new pGALA tokens, and using them to drain the decentralized exchanges that allow users to swap between pGALA and other BSC-based tokens. The move effectively allowed pNetwork to assume control of user…

NFT Creators Are Suffering and So Are Marketplaces

While Magic Eden’s trading volume fell to a low of 56,556 SOL or $1,854,471 on October 14th, the day it said it would go royalty optional, according to data from Dune, it has bucked the downward trend of the other marketplaces abandoning royalties. As of writing, it is at 170,726 SOL or $5,688,590, a surge which can be credited to a new drop from Y00Ts, showing the power of popular collections to drive trading volume. Source

Inflation is killing us; cryptocurrency alone cannot beat it

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Much like a pandemic, inflation has spread throughout the world, clouding the future with dark uncertainty.  Disagreement over how to best manage soaring prices in the United Kingdom nearly caused its economy to collapse and subsequently led to the resignation of Prime Minister Liz Truss after just 44 days in office. Currently, at least 10 emerging economies are hyperinflationary, with more expected to follow. And the Federal Open Market Committee (FOMC), the part of the U.S. Federal Reserve responsible for keeping prices stable, just announced higher interest rate hikes in…

Traders expect 200% upside from MATIC, but does Polygon network data support that?

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In the past year, Polygon (MATIC) has focused on growing their list of high-profile partners which includes luminaries like Disney, Starbucks and Robinhood. The recent announcements of partnerships with both Instagram and JPMorgan have speculators pushing the token price up nearly 200%.  In addition to partnerships, blockchain adoption through network usage is important to analyze. Blockchain adoption can be analyzed by looking into daily active users of the blockchain, protocols using the technology, number of transactions and total locked value. Total value locked on Polygon rises above $1B Total value…

SEC Charges Trade Coin Club Founding Members With Operating a $295-Million Ponzi Scheme

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B Venture Studio for blockchain startups launching in Saudi Arabia | CG Backstage

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Founding President of the BSV blockchain’s association Jimmy Nguyen confirms on #CGBackstage that they have partnered with Saudi firm Expert Vision Consulting to launch B Venture Studio, an incubator-accelerator program for blockchain startups with a focus on the #BSVblockchain. ► Hit #Subscribe & #HitTheBell so you don’t miss out on any new videos! ———————————————————————————– ► Our Links: Facebook ► Twitter ► Instagram ► LinkedIn ► Telegram ► Web ► ——————————————————————————— CoinGeek is the authority on blockchain technology, with a focus on the…

Tattoo industry expands into the NFT space amid digital culture shift

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Tattoos have been a universal phenomenon throughout the world for thousands of years, transcending cultural transformations and technological shifts. As the art continues to evolve, it has now taken steps into the nonfungible token (NFT) space in a bid to maintain relevant in an increasingly digital world. Known as Bang Bang in the tattoo industry, Keith McCurdy is one of the artists who hopes to merge the ethos of tattoo culture with disruptive technologies. He’s using a new type of rewriteable tattoo ink that appears and fades away under different…

‘Atomic Settlement’ — New York Fed Completes First Phase of Digital Dollar Experiment Called ‘Project Cedar’ – Bitcoin News

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The Federal Reserve Bank of New York has published findings stemming from an experiment dubbed “Project Cedar,” a protocol that uses a wholesale digital dollar in order to improve financial transactions. Michelle Neal, head of the bank’s Markets Group remarked on Friday that the research “indicated that settlement could occur in fewer than 10 seconds on average and that horizontal scaling was possible.” Fed’s New York Branch Releases Digital Dollar Findings Associated With Project Cedar On Nov. 4, 2022, the Federal Reserve’s New York branch published a report called “Project…

Bitcoin Breaks $21k As Market Shows Signs Of Accumulation

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Bitcoin has today broken past $21k in a sharp surge as on-chain data suggests signs of accumulation from the investors. Bitcoin UTXO Value Bands Show Multiple Groups Have Been Buying Recently As pointed out by an analyst in a CryptoQuant post, the value bands who took profit around ten days ago are now accumulating again. The relevant indicator here is the “UTXO value bands,” which tells us what percentage of the total Bitcoin supply is held by which groups. The value bands or groups here are divided based on the…