Day: December 12, 2022

Bybit joins trend, releases Merkle Tree-verified proof of reserves

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The cryptocurrency exchange Bybit joins the parade of exchanges in the industry pushing for transparency post the FTX catastrophe. On Dec. 12, it announced that it has launched a Merkle Tree-based proof-of-reserve system. The new transparency initiative allows its users to directly verify Bybit’s holdings, along with their personal assets deposited into the exchange. The feature is available to all users with funds in both trading accounts and funding accounts, which also includes crypto holdings in Bybit Earn products. Additionally, the new feature enables verification of Bybit’s wallet ownership, that assets…

Crypto Payments App MoonPay Gains UK Regulator Registration

It joins the likes of crypto exchange Bitpanda, financial technology company Revolut and financial infrastructure provider Tullett Prebon in gaining a status that has seen many crypto companies fall by the wayside. Speaking to lawmakers on Wednesday, FCA officials said that only 5% of applications received under a recent temporary registration regime for the crypto sector were up to scratch. Source

Bitcoin Lightning Network to be used in fiat transfers between EU and Africa

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The ongoing crypto winter is not stopping the industry from pushing for global adoption and accessibility. A new partnership between CoinCorner and Bitnob opens a way for users across continents to perform cross-border transactions involving multiple fiat currencies. Typically transfer of funds between Europe and Africa requires a third-party facilitator like Western Union, which rely on centralized entities. These transactions often have processing times of multiple parties prior to approval and are known for their expensive cuts. World Bank estimates that remittances to Sub-Saharan Africa went upwards of $40 billion…

Ripple Relishes Promising Future of Carbon Credit, Gaming NFTs amid Market Downturn

Ripple is excited about the prospects of carbon credits and gaming NFTs. Despite a market downturn that has overstayed its welcome in the crypto industry, carbon credit and gaming NFTs may finally be presenting some glimmer of hope. Those are the sentiments shared by Ripple Chief Technology Officer David Schwartz, per The Block’s report. Although Schwartz admits that he’s the most enthusiastic about payments, still, gaming NFTs and carbon credits are gradually gaining his attention, he says. Ripple CTO Shares Carbon Credit and Gaming NFTs Dreams During a recent interview,…

New Report Shows SBF Wanted to Take Down Crypto Market Before Filing for Bankruptcy Protection

SBF attempted to depeg the largest stablecoin by daily traded volume, Tether USDT, before filing for bankruptcy protection. The latest details of FTX and Alameda’s pre-bankruptcy protection shows that Sam Bankman-Fried (SBF) allegedly attempted to depeg stablecoins. According to a WSJ report, SBF was confronted by other crypto executives from a Signal group chat called “Exchange coordination”. Reportedly, Changpeng Zhao, Binance CEO, confronted SBF on November 10, accusing him of attempting to depeg the stablecoins market. “Stop trying to depeg stablecoins,” CZ noted in the Signal group chat. According to…

Bitcoin Drops Below $17k Pre CPI, Scenarios To Prepare For

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A week could not be more important for Bitcoin and the broader crypto market! On Tuesday, at 08:30 ET, there will be the release of the Consumer Price Index (CPI). Just one day later, on Wednesday, December 14 at 14:00 ET, the Federal Open Market Committee (FOMC) will hold its last meeting of the year. For the fourth time this year, there will be an updated forecast for inflation and interest rates (dot plot). Generally, there is a simple base case scenario: if the numbers are better than expected, there…

Mask Coin Predictions 2023: Coinspeaker Advent Calendar

MASK will experience hiccups on its rebound path, however, a focused and consistent building of its proposed qualities can help it return back to its winning days. Dear readers, it is a lovely day, and Christmas is fast approaching. As best as possible, many are already balancing their books to see how far their investment brought them this year, and to plan for what the coming year has to offer. In today’s episode of the Coinspeaker Advent Calendar, we will be taking a closer look at $MASK, the native digital…

Ark Invest Adds Coinbase Stock as Crypto Exchange’s Price Slides

The purchase takes the ARK Innovation ETF’s (ARKK) holding to 5.7 million COIN shares. That puts the purchase on the small side – increasing the ETF’s exposure by 1.4%. It suggests the investment firm still sees bullish signs for the crypto sector, though may be opting for a cautious approach while the dust settles on a rocky period. Source AddsARKCoinbaseCryptoExchangesInvestPriceSlidesStock CryptoX Portal

Nobel Laureate Ben Bernanke Blasts Cryptocurrencies, Says Tokens ‘Have Not Been Shown to Have Any Economic Value at All’ – News Bitcoin News

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Ben Bernanke, former chairman of the Federal Reserve and also the winner of the 2022 Nobel Prize in economics, has recently blasted the concept of cryptocurrencies. In an interview with Dagens Nyheter, one of the biggest Swedish journals, Bernanke remarked that cryptocurrencies have not proven they have any economic value at all. Ben Bernanke Blasts Crypto The demise of certain cryptocurrency companies like FTX, which was one of the largest cryptocurrency exchanges, and also crypto lenders such as Celsius and Blockfi, has made analysts reassess the real contribution that cryptocurrencies…

‘Biggest week of the year’ — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts one of the most important macro weeks of the year in a precarious position below $17,000. After its latest weekly close, BTC/USD showed little upward momentum prior to the Dec. 12 Wall Street open. With volatility yet to appear, the largest cryptocurrency continues to trade in a narrow range, and analysts are increasingly impatient for new catalysts. These, they agree, should come in the next few days — United States economic data is due, and its content and impact on economic policy will likely have a significant…