Day: May 11, 2023

Circle Adjusting Its USDC Reserves for Avoiding US Default Risks

Amid the current banking crisis in the United States, stablecoin issuers like Tether and Circle have been moving their reserves to the safest instrument i.e. US Treasury. In a recent development, USDC stablecoin issuer Circle has reported that it has recently adjusted its reserve treasury in order to avoid the risks of US debt defaults. On Wednesday, May 10, Circle CEO Jeremy Allaire appraised the same stating that the firm has adjusted the mix of reserves backing the stablecoin USDC by switching to shirt-dated US Treasurys. Allaire stated that Circle…

Bitcoin Network Starts to Clear Congestion, Onchain Fees Drop by 90% – Bitcoin News

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On May 7, 2023, the Bitcoin network was plagued with an overwhelming 500,000 unconfirmed transactions, causing a major bottleneck in the system. However, the good news is that the congestion has been clearing, resulting in a significant reduction in onchain fees, which have now dropped below $5. As of now, there are only slightly over 300,000 unconfirmed transactions awaiting confirmation, and 185 blocks need to be mined to clear the backlog. Bitcoin Backlog Begins to Gradually Subside Bitcoin has been the talk of the town lately, as it grapples with…

What to look out for and how it is treated – Cointelegraph Magazine

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An often overlooked aspect of the cryptocurrency market’s reputation for volatility is the effect sudden market changes can have on the mental health of traders and investors. Addiction to day trading, or pathological trading, is already well-known among stocks and commodities traders and has been extensively documented by medical professionals. There are even rehab programs devoted to treating day-trading addiction. With its possibility of “life-changing” money for those lucky or savvy enough to catch it, the crypto market has generated its fair share of trading addicts. To get a better…

Pepe memecoin frenzy gets unwanted attention from scammers

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As the hype surrounding the Pepe memecoin intensifies, bad actors have started to take notice, resulting in scam attempts now plaguing the crypto space.  According to blockchain security firm PeckShield, there have been at least 10 memecoin scams created in the last three days alone. The firm detected and reported scam tokens that recently had their liquidity removed, rug-pulling investors. #PeckShieldAlert We have detected a series of #rugpulls involving the creation of ~10 Scam #MEME Tokens within the last 3 days. #PEPEDOGE, #PEPEC, #WOW, #MEME, #FOUR, #NEWPEPE, #BENZ, #BMW, #POP,…

Venom Foundation Inks Partnership with Kenyan Government to Create Blockchain Hub

Venom’s blockchain hub is also expected to attract a wide range of stakeholders, including developers, entrepreneurs, investors, and regulators. Venom Foundation, which recently hit the news with its testnet launch and hackathon, has signed a Memorandum of Understanding (MOU) with the Kenyan government. This partnership is billed to help in setting up a blockchain hub in Kenya, focusing on the development of Web 3.0 applications. As it was announced, the hub aims to promote the adoption and development of blockchain technology in Kenya and the wider African region. Venom Unlocks…

Ordinals good or bad for Bitcoin? Supporters and opposers raise voice

Bitcoin Ordinals, a technology that enables adding text, images and code on a satoshi — the smallest unit of Bitcoin (BTC) — continues to inspire debate among the Bitcoin community. Soon after the introduction of Bitcoin Ordinals in January 2023, the technology’s opponents began to raise concerns over its perceived flaws, citing issues like rising transaction costs and slower speeds. Conversely, Ordinals supporters said that the tech provides more opportunities, improves decentralization and ensures freedom of speech. As the number of Bitcoin Ordinals inscriptions doubled from 2.5 million to over…

Ordinals good or bad for Bitcoin? Supporters and opposers raise voices

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Bitcoin Ordinals, a technology that enables adding text, images and code on a satoshi — the smallest unit of Bitcoin (BTC) — continues to inspire debate among the Bitcoin community. Soon after the introduction of Bitcoin Ordinals in January 2023, the technology’s opponents began to raise concerns over its perceived flaws, citing issues like rising transaction costs and slower speeds. Conversely, Ordinals supporters said that the tech provides more opportunities, improves decentralization and ensures freedom of speech. As the number of Bitcoin Ordinals inscriptions doubled from 2.5 million to over…

Fueled by artistic passion, NFTs have found a permanent home in the art world

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The ‘mainstreamification’ of NFTs initially gained traction in the art world, addressing the industry’s inherent problems and presenting a use case that was relatively easy for the average consumer to grasp. Since then, new trends have emerged, shaping the face of NFT art today and impacting its future trajectory. Notably, the recent popularity of Bitcoin NFTs and open edition collections demonstrates that artists, collectors and the art community still value NFTs, despite the criticism these assets have faced since their rise to prominence. An industry marred by tradition and middlemen…