Day: March 11, 2023

Bitcoin price spikes to ‘$26K’ in USDC terms — How high can the BTC short squeeze go?

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Bitcoin (BTC) refused to let $20,000 support die for good on March 11 as the weekend opened to a battle for lost ground. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin shakes off USDC depeg Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $20,200 at the time of writing. A brief dip below the $20,000 mark overnight was short lived, and the mood appeared more stable on the day as the initial wave of panic over United States bank stability subsided. The collapse of SVB Financial, which followed Silvergate…

What is ethical hacking, and how does it work?

Ethical hacking, also known as “white hat” hacking, is the process of identifying and exploiting vulnerabilities in a computer system or network in order to assess its security and provide recommendations for improving it. Ethical hacking is done with the permission and knowledge of the organization or individual that owns the system being tested. Ethical hacking aims to find flaws in a system before malevolent hackers may take advantage of them. The same tools and methods used by malevolent hackers are also used by ethical hackers, but their objective is…

Circle’s USDC instability causes domino effect on DAI, USDD stablecoins

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The stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the US dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $.3.3 billion of Circle’s $40 million transfer request. Given USDC’s collateral influence, major stablecoin ecosystems followed suit in depegging from the dollar. Dai (DAI), a stablecoin issued by MakerDAO, lost 7.4% of its value as a result of USDC’s depegging. As of June 2022, $6.78 billion worth of DAI supply was collateralized by $8.52 billion worth of cryptocurrencies, confirms data from Statista.…

DAI Depegs as Stablecoin Rout Plagues Crypto

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Rootstock integrated 7 DeFi protocols in February

Rootstock, a censorship-resistant and permissionless Bitcoin sidechain, added seven DeFi protocols, integrated new tools, and removed the BTC/rBTC two-way peg as they move closer to complete decentralization, a press release on Mar. 10 shows. Rootstock added, among others, Qredo Wallet, a non-custodial wallet; Paydece, a trustless platform for swapping tokens for fiat; MyEtherWallet, an open-source Ethereum-compatible wallet; and BitOK, a portfolio tracker for cryptocurrencies and NFTs. These solutions were integrated in February 2023 and allowed Rootstock to further enhance its DeFi ecosystem on Bitcoin.  The Bitcoin sidechain also integrated Chaindrop…

Nigerian Banks Resume Dispensing Recently Demonetized Naira Banknotes – Bitcoin News

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According to local reports, Nigerian financial institutions have begun abiding by a Supreme Court ruling that invalidated the Central Bank of Nigeria (CBN)’s demonetization of the 1,000, 500 and 100-naira banknotes. According to the court, Nigerian residents will continue to use the demonetized banknotes until the end of the year. Court Criticizes Outgoing Nigerian President Nigerian financial institutions have reportedly started dispensing the recently demonetized 1,000, 500 and 100-naira banknotes just days after the nation’s highest court ruled against the CBN’s so-called naira redesign policy. According to a Bloomberg report,…