The trading volume of XRP pairs on centralized exchanges grew by a staggering 1351% on Thursday compared to the previous day, Josh de Vos, research lead of crypto analytics firm CCData, noted. The spike came as XRP’s skyrocketed by nearly 100% at one point Thursday. XRP was recently trading at 73 cents, still up 51% from a week ago. Source
Lending protocol Geist Finance is shutting down permanently due to losses from the Multichain exploit, according to a July 14 social media post from the app’s development team. Geist contracts were been paused on July 6, then resumed in “withdraw and repay only” mode on July 9. The latest post confirms the team does not plan to reopen lending and borrowing on Geist. 1/2 After confirmation from Multichain that the funds will not be recovered, we are announcing that Geist will not reopen. Because Chainlink oracles are tracking the value…
Bitcoin and several altcoins are taking a breather after the sharp rally of the past two days, but the general trend remains bullish. Ripple Labs’ victory in the case against the United States Securities and Exchange Commission gives a significant boost to the crypto industry. In addition to benefitting Ripple and XRP (XRP), analysts believe that the ruling will weaken the regulator’s case against Binance and Coinbase. In another positive event for the crypto space, the U.S. Dollar Index (DXY) completed a bearish head-and-shoulders pattern on July 12 and followed…
Binance is celebrating its sixth anniversary, with over 1,000 people reportedly laid off in recent weeks, The Wall Street Journal reported. According to former employees, cuts were global and customer service workers were heavily affected, particularly in India. Including this week’s layoffs, over 1,000 employees have lost their jobs at the exchange. Before the slash, Binance’s global headcount was estimated at 8,000. Binance could lose more than a third of its staff due to the ongoing reorganization. Binance announced a 20% reduction in staff on May 31, claiming it was not…
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On July 13, authorities arrested Alex Mashinsky, the former chief executive officer of Celsius Network. He faces criminal and civil charges stemming from his time at the cryptocurrency lending platform, which he helped co-found in 2017. Though the potential criminal proceedings of Mashinsky and indictment of Celsius are ongoing, the events of this week have been a culmination for many crypto users affected by the collapse of the platform. There were likely issues facing Celsius prior to the crypto market crash of 2022, buthe collapse of Terra put a spotlight…
Binance has laid off over 1,000 workers globally in recent weeks, the Wall Street Journal reported. Source
BlackRock CEO Larry Fink has delivered fresh remarks supporting cryptocurrencies’ role in democratizing investing worldwide, pointing to growing interest among the company’s clients in digital assets. “More and more of our global investors are asking us about crypto,” Fink said during an interview with CNBC’s ‘Squawk on the Street’ on July 14. BlackRock is the world’s largest asset manager, with over $8 trillion in assets spanning all types of investment products. In Fink’s view, cryptocurrencies have a “differentiating value versus other asset classes” in helping diversify portfolios. “[…] It’s so international it’s…
Solana’s (SOL) price briefly surged to a new year-to-date peak on June 14 after Ripple’s partial win against the United States Securities Exchange and Commission in the case contesting XRP’s (XRP) position as a security. The token recorded gains of 48.09%, reaching a peak of $32.40 as news of the court ruling spread, before retracing below the $30.00 level. The positive gains following the verdict not only eliminated the losses from June 2023 when the SEC considered SOL a security in its lawsuit against Binance and Coinbase, but it also reclaimed…