Following a slight improvement in the broader cryptocurrency market, Optimism (OP) has posted positive gains today, August 2. The token is now over 10% higher than seven days ago. Optimism’s gain has placed it among the top-gaining coins today, with a nearly 3% gain in the last 24 hours. Optimism Price Action as Bulls Struggle to Prevail According to CoinMarketCap data, Optimism peaked at $1.6712 on Wednesday morning, an over 5% increase from its past-day price. However, due to the intense struggle between the buyers and sellers, OP has receded…
Day: August 2, 2023
Art, history and Bruce Lee in the metaverse, food brands use NFTs: Nifty Newsletter
In this week’s newsletter, read about why the food and beverage nonfungible token (NFT) market is set to exceed $2 billion by 2032, check out the Bruce Lee avatar that has made its way into the metaverse, and how the British Museum uses the virtual universe to teach world history. In other news, find out how NFT-styled debit cards can be the future of Web3, and don’t forget this week’s Nifty News, featuring Yuga Labs acquiring a metaverse studio. Here’s how big food and beverage brands are using NFTs: Report…
Litecoin Undergoes Third ‘Halving,’ in Milestone for Cryptocurrency Known as ‘Digital Silver’
Both blockchains reward “miners” who process transactions and secure the network, with a reward – a combination of variable transaction fees and a predetermined “subsidy” that gets halved approximately every four years. (With Litecoin, they happen every 840,000 transaction blocks, and the average time to generate each block is about 2.5 minutes.) Source CryptoCurrencyDigitalHalvingLitecoinMilestoneSilverUndergoes CryptoX Portal
Price analysis 8/2: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT
Bitcoin is witnessing a strong battle between the bulls and the bears with the sellers currently holding a slight edge. Ratings agency Fitch downgraded the United States’ long-term credit rating from AAA to AA+ on Aug. 1 and this move dented the risk on sentiment. The U.S. equities markets witnessed profit-booking on Aug. 2 and the cryptocurrency market’s recovery stalled in its tracks. However, after the knee-jerk reaction, the markets may settle down. The cryptocurrency markets are likely to keep their focus on the news and events surrounding the Bitcoin…
Why I Don’t Feel Bad for HEX Founder Richard Heart’s Victims
Maybe the SEC can finally convince Hex and PulseChain devotees that they’ve been cheated. Source
US DoJ is concerned about a run on Binance should prosecutors bring fraud charges: Report
The United States Department of Justice is reportedly considering charging cryptocurrency exchange Binance with fraud, but hesitating based on costs to consumers. According to an Aug. 2 Semafor report citing people familiar with the matter, Justice Department officials are concerned about an indictment against Binance causing a run on the exchange similar to what happened with FTX in November 2022. They are reportedly considering fines or non-prosecution agreements for Binance rather than criminal charges in an effort to reduce the harm to consumers. Binance was already reportedly the target of…
Binance Could Face U.S. Fraud Charges, but Prosecutors Worry About Risk of Bank Run: Semafor
But federal prosecutors fear an indictment could trigger a run on deposits at Binance, causing the exchange to crumble like FTX did last fall. They are weighing alternatives such as “fines and deferred or non-prosecution agreements,” sources told the publication. Source
Buying Pressure Incoming? MicroStrategy Files Notice With SEC To Sell $750 Million In Stocks
In a recent development, MicroStrategy, a US-based software firm, has announced intentions to raise about $750 million through stock sales. According to the platform, which is currently one of the biggest corporate holders of Bitcoin, proceeds realized from the sale will be used to purchase more Bitcoin. More BTC For MicroStrategy? In a filing with the United States Securities and Exchange Commission on August 1, MicroStrategy disclosed that it has entered into a sales contract with three companies, namely Canaccord Genuity, Cowen and Company, and Berenberg Capital, with respect to…
Ukrainian government reports $81M tax loss from unregulated crypto exchanges since 2013
According to data provided by the Ukrainian government, cryptocurrency exchanges offering services in the country have failed to contribute more than $81 million to the national budget in the last decade. In an Aug. 2 notice, the Economic Security Bureau of Ukraine reported unrelated crypto exchanges were responsible for at least 3 billion hryvnia in lost taxes — roughly $81 million — from 2013 to 2023. The government body said it had analyzed trading activity of exchanges created by residents of Ukraine which had roughly $55 billion in Bitcoin (BTC),…
KuCoin suspends Bitcoin and Litecoin mining pools
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied KuCoin, an exchange with over 20 million clients, will pause its Bitcoin and Litecoin mining pools on Aug. 16 as part of a shift towards its core business focus. Recent layoffs, rumored to have affected almost 30% of its workforce, prompted the move. The KuCoin Bitcoin mining pool’s hash rate currently stands at 9.60 EH/s. KuCoin changing tactics In an Aug. 1 announcement, KuCoin said it will temporarily suspend its pool service from Aug. 15, 2023, at…