Day: August 2, 2023

Bitcoin BTC Price Seesaws Back Over $29.1K, as Investors Move Past Binance Angst; BCH, UNI, LTC Sink

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“We’re seeing a multitude of influential factors at play, which includes corporate investments, regulatory advancements, macroeconomic shifts, and potential for increased accessibility through financial products like ETFs,” Feng wrote. “MicroStrategy’s continued investment in Bitcoin certainly underscores their commitment, helping solidify corporate interest in digital assets. This, in tandem with anticipation around the upcoming Bitcoin halving event, is influencing market behavior, as traders often view such milestones as potential catalysts.” Original

China is Binance’s largest market

Binance, the largest cryptocurrency exchange, reportedly has a big presence in China with around 900,000 active users. This is despite China banning all crypto trading activities. Binance has a presence in China South Korea, Turkey, Vietnam, and the British Virgin Islands also rank as large markets for Binance. In May 2023, Binance recorded over $90 billion worth of spot and futures trading, accounting for 20% of the global volume.  The report examines possible reasons for how and why the exchange continues to operate in China.  It suggests that Binance’s regular…

KuCoin Shuts Down Bitcoin And Litecoin Mining Pools Amid Market Turmoil

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KuCoin, one of the world’s largest cryptocurrency exchanges, has temporarily halted its KuCoin Pool service, effective August 15, 2023, until further notice. The move is part of KuCoin’s business strategy and aims to ensure the security and integrity of users’ assets. KuCoin Urges Users To Backup Mining Records During the suspension, users will retain complete access and control over their assets, and all other KuCoin offerings will remain operational as usual.  However, users who are involved in cryptocurrency mining are advised to transition their Bitcoin (BTC) and Litecoin (LTC) miners to…

KPMG touts ESG benefits from Bitcoin, counters misperceptions in new report

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KPMG has released a report on Bitcoin and ESG (environment, social and governance) issues. The professional services firm, one of the world’s Big Four, found that Bitcoin “appears to provide a number of benefits across an ESG framework.” Looking at each component of ESG separately, the report noted that emissions is a more significant indicator of environmental damage than energy usage. It contextualized Bitcoin (BTC) emissions in relation to those of other sources that ranged from tobacco to tourism and found it was the second smallest contributor behind “Video (US).”…

Robinhood turns profitable in Q2, but crypto revenue declines

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Robinhood released its second-quarter results, achieving profitability for the first time since becoming a public company, despite a drop in revenue in the second quarter of 2023.  According to its quarterly report released on Aug. 2, Robinhood’s revenue from cryptocurrency transactions shrank by 18% to $31 million. Other transaction-based revenues dropped as well, including options, which decreased 5% to $127 million, and equities, which declined 7% to $25 million. Over the past year, its revenue has decreased by 4% from $202 million in June last year to $193 million. In…

Curve emergency DAO terminates rewards for hack-related pools

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The Curve Finance lending protocol has terminated governance token rewards for select liquidity pools affected by the July 30 Curve exploit and July 6 Multichain exploit, according to an Aug. 2 social media post from a member of the protocol’s governing body.  The ending of rewards was carried out by the Curve emergency decentralized autonomous organization (Curve E-DAO), a committee made up of select members of the Curve DAO governing body. It affected pools for alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto and multibtc3CRV, according to the announcement. The decision can…

Towards a Web3 Without Wallets

In these early days of Web3, getting started with decentralized apps (dApps) typically requires having a wallet, which can be either self-custodial or hosted by a third-party custodian. While some hybrid options have been developed, users have generally faced a choice of two subpar wallet options with meaningful tradeoffs for convenience, security, access, and control. Source WalletsWeb3 CryptoX Portal

BNB Nears $250 Level as Market Slumps Heavily

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Binance’s utility coin BNB has posted significant gains, surprising investors as the broader crypto market slumps. Bitcoin and Ethereum, including most altcoins, have gone on recess while BNB surges amid rapid expansion plans on the Binance ecosystem. BNB’s spike on Tuesday, August 1, hinged on Binance’s announcement about the asset’s debut in the Japanese market through its newly launched subsidiary, Binance Japan. BNB jumped dramatically from $236.8555 to $246.0655, a nearly 4% increase, immediately after the news circulated the market.  BNB Price Bullish Amid Japanese Debut It is noteworthy that…

Protocol to identify ‘systemically important’ blockchain banks could help prevent a market crash: Study

Kanis Saengchote, a researcher at Chulalongkorn University in Thailand, recently developed a framework for identifying and measuring systemic risk in decentralized finance (DeFi) institutions.  The new protocol is called the Global Systematically Important Protocol (G-SIP), and it’s based on a similar endeavor instituted in the traditional banking industry. After the global banking crisis of 2008, the traditional finance sector collaborated to come up with a protocol for identifying critical banking structures in order to implement strategies for the prevention of future collapses. Related: UBS Group agrees to $3.25B ‘emergency rescue’…