Day: January 25, 2023

Celsius Proposes Bankruptcy Crypto Token Issuance as Part of Restructuring Plans

Embattled crypto lender Celsius plans to use a new bankruptcy digital currency token to pay off its creditors.  According to reports, Celsius Network LLC may issue a bankruptcy crypto token to repay creditors. This development forms part of a broader “recovery corporation” scheme by the bankrupt crypto lender to remerge as a new publicly traded company. After fielding several uncompelling acquisition bids, Celsius attorneys opine that liquidating would generate fewer funds than reorganizing. Celsius Intends to Roll Out Bankruptcy Crypto Token Sooner Celsius announced that its reorganization and bankruptcy digital…

Celo Votes To Increase Minimum Gas Threshold

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Celo, a mobile-focused smart contracting platform compatible with Ethereum’s virtual machine, is voting on a proposal to increase the network’s minimum gas threshold.  Voting for Celo Governance Proposal 0066 started today, Wednesday, January 18, and ends on Friday, January 27. As of the time of writing, the turnout stands at 2.6% of the total supply, with 6,840,826 CELO locked as votes.  Out of this, 6,840,116 CELO supports the proposal, 620 CELO is against the idea, and 90 CELO are voting to abstain. CELO is the native currency of the Celo proof-of-stake smart…

Bitcoin (BTC) on 2-Day Losing Streak as Broader Tech Sector Takes Plunge

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It is not uncommon to find mixed perceptions about the prices of Bitcoin amongst market investors and leaders. The digital currency ecosystem is not seeing the best of days today as the combined market cap value just plunged by 2.82% to $1.03 trillion. The bearish run has put a dent in the price of Bitcoin (BTC) which was on an ambitious growth streak to close January at a price that may stand as its best lift in 3 months. The premier cryptocurrency is down by 0.95% over the past 24…

Smart contracts to power day-to-day Web3 company operations

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Web3 firm MetisDAO Foundation launched Koris, a smart contract-based platform that allows decentralized organizations to operate and manage communities through an end-to-end operational infrastructure. In an announcement sent to Cointelegraph, the company said that Koris aims to turn decentralized autonomous organizations (DAOs) into DACs or “decentralized autonomous companies” by providing an operating system consisting of various governance and management tools. The team believes that while DAO platforms have collective decision-making and operational functions, they can be taken further by providing tools to help grow Web3 businesses. Chelsea Kubo, the co-founder and…

Bitcoin Price Upswing Is Reminiscent of 2019 Bull Revival

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The leading cryptocurrency by market value has jumped nearly 40% to $23,000 this month, according to CoinDesk data. The rally follows a yearlong swoon that knocked 68% off the price followed by prolonged consolidation at the depths of the bear market around $18,000 and comes as the U.S. Federal Reserve (Fed) nears the tail-end of its liquidity tightening cycle that roiled risk assets, including cryptocurrencies. Original

Bitcoin faces ‘considerable danger’ from Fed in 2023 — Lyn Alden

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Bitcoin (BTC) still risks “considerable danger” in 2023 as macroeconomic conditions dictate price action. That is according to economist Lyn Alden, who in private comments to Cointelegraph cautioned on Bitcoin staying bullish after its January gains. Alden: BTC price bottom is a “process” Optimism is increasing throughout crypto as BTC/USD broadly retains levels, which are 40% higher than at the start of the year. What the rest of 2023 may hold, however, is still a topic of debate, and Alden suggests that it is naive to assume that the good…

UK Treasury Looking for CBDC Head to Develop Digital Pound

The expert will work on delivering the strategic goals of the UK Treasury within its CBDC ambitions, lead the expanding CBDC team, analyze CBDC policy issues, as well as represent and advance the Treasury’s interests in international engagement on CBDC.  The UK Treasury has opened a vacancy for a Head of Central Bank Digital Currency (CBDC) to explore the use of the digital pound. The job description on LinkedIn reads: “The successful candidate will be responsible for leadership of HM Treasury’s work on a potential digital pound – a UK central bank digital currency…

Porsche Backpedals Its NFT Minting Plan as Floor Price Collapses

After a strong community backlash over very high minting prices and lack of communication, Porsche decided to backpedal its NFT plans. On Tuesday, January 24, luxury automobile maker Porsche announced that it would be ending its NFT minting program. Based on the classic Porsche 911, the German automobile maker introduced the 7,500-piece NFT collection back in November 2022, created by 3D artist Patrick Vogel. However, the NFT minting program from Porsche ends within just two days of launch earlier this week on Monday. As minting opened up this Monday, each…

Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

There is no marked shift in the number of new addresses depositing the required 32 ETH, the minimum amount required to be deposited into the Beacon Chain for holders who wish to operate a validator node, into the official Beacon Chain Deposit Address ahead of the Shanghai Upgrade on Ethereum. The Shanghai Upgrade is scheduled for March 2023 and this hard fork will allow stakers to unlock ETH locked in the Beacon Chain. Number of New ETH Depositors Falling Apart from the spike in new deposits in the second quarter…