Month: May 2023

SOL sees minor retreat, falls 5.54% over week

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Despite recent news around Solana’s launch of a new ChatGPT plugin, the SOL token sees a 5.54% decrease in price in the last 7 days. Looking at the past month, this marks a 14.64% price decrease for the layer-1 blockchain, known for its fast and cheap transactions. A rough week At the time of writing, Solana (SOL) was priced at $19.45, accompanied by a 24-hour trading volume of $152.5 million. Over the past 24 hours, SOL…

A week filled with exploits and uncertainty for DeFi: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. After a bullish April, May was another month of exploits, rug pulls and hacks, bringing back uncertainty to DeFi. The most prominent headline marker in the past week was the Multichain protocol. The cross-chain DeFi protocol’s delayed node upgrade created a spiral impact and tanked its token price by 30%. The Multichain protocol saga impacted multiple DeFi protocols, forcing Binance to suspend…

Neuralink gets FDA approval for ‘in-human’ trials of its brain-computer interface

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Elon Musk’s brain-computer interface (BCI) startup, Neuralink, reportedly received approval from the United States Food and Drug Administration (FDA) to conduct some form of “in-human” trials for its surgically implanted brain device.  Congratulations Neuralink team! https://t.co/AWZGf33UDr — Elon Musk (@elonmusk) May 26, 2023 It’s unclear at this time what kind of trials the Neuralink tweet is referring to — the only other information mentioned was that the company isn’t accepting applicants yet. Neuralink was denied the FDA’s approval for human trials in early 2022 over several concerns related to safety,…

Why have Bitcoin and crypto lost 60% of their market cap since their all-time highs?

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Macro Markets, hosted by crypto analyst Marcel Pechman, airs every Friday on the Cointelegraph Markets & Research YouTube channel and explains complex concepts in layperson’s terms, focusing on the cause and effect of traditional financial events on day-to-day crypto activity. The latest Macro Markets show begins by exploring why the crypto market capitalization is some 60% below its all-time high, while the S&P 500 is less than 15% away from its peak. For Pechman, the sector is suffering from a huge problem, as it doesn’t fit a commodity nor does…

Atlanta Fed explains Web3 finance, including XRP ‘international payment medium’

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The Federal Reserve Bank of Atlanta has piqued the interest of the crypto community with a recent publication in its Policy Hub series on the implications of Web3 for financial services. The 17-page paper by Christine Parlour, a professor at the University of California, Berkeley Haas School of Business, is intended as a basic text, and is noteworthy for its completeness. The paper begins with an discussion of blockchains, explaining that “data are sorted and stored in specific locations called ‘wallets’ or ‘addresses.’” After providing the necessary background, Parlour looks…

Reasonable Crypto Debate – Michael Casey

The trio visited Dresden, NY, home of Greenidge Generation’s bitcoin mining operation, which has become a lightning rod in the wider debate over Bitcoin’s environmental impact and, in particular, the political battles over New York State’s move last year to impose a ban on new mining projects. They found that both sides have made wildly exaggerated claims about the harm or benefits of Greenidge’s operation. New York Assemblywoman Anna Kelles, a Democrat, has repeatedly made the false claim that the facility is heating nearby Seneca Lake and killing aquatic life.…

Reasonable Crypto Debate — Michael Casey

The trio visited Dresden, NY, home of Greenidge Generation’s bitcoin mining operation, which has become a lightning rod in the wider debate over Bitcoin’s environmental impact and, in particular, the political battles over New York State’s move last year to impose a ban on new mining projects. They found that both sides have made wildly exaggerated claims about the harm or benefits of Greenidge’s operation. New York Assemblywoman Anna Kelles, a Democrat, has repeatedly made the false claim that the facility is heating nearby Seneca Lake and killing aquatic life.…

Price analysis 5/26: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

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The recovery in the U.S. stock market seems to have acted as a catalyst for the relief rally in Bitcoin and select altcoins. Bitcoin (BTC) remains pinned below $27,000 and the recent weakness of the past few days has increased calls from analysts for a fall to the low $20,000 levels. While anything is possible, the bulls are unlikely to give up the $25,000 support without putting up a fight. Glassnode’s lead on-chain analyst Checkmate said in his comments on May 24 that the Sell-side Risk Ratio metric suggests that…

Twitter’s $42K API access plan could harm crypto research

Researchers using Twitter’s formerly free Decahose data service will soon be required to pay a fee of $42,000 per month to continue using the service and retain their data. Decahose, a streaming service that gives scientists unfettered access to around 10% of all tweets in real-time, has been a mainstay for academic research on myriad topics, including emergency response, law enforcement-related activities, political misinformation, and extremism. Earlier this year, due to Elon Musk’s purchase of the company, Twitter announced it would begin charging for access to its numerous APIs with…

Multichain Bridge Shunned by Binance, Other Crypto Players as Rumors Swirl

Like most bridges, Multichain uses a mint-and-lock mechanism to move assets between the 92 blockchains it interacts with. For example, if a holder of USDC stablecoin bridges the asset from Ethereum to Fantom via Multichain, the token gets locked up in a smart contract on Ethereum and then issued anew on Fantom – in this case, as a “wrapped” token called anyUSDC. Source