Day: August 6, 2023

OPNX exchange bids for crypto lender Hodlnaut in Singapore

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Crypto lender Hodlnaut appears to have found a white knight investor to exit its bankruptcy proceedings. According to a Bloomberg report, OPNX exchange has made an offer to take over 75% of the company. The deal would see a capital injection of nearly $30 million worth of FLEX tokens into Hodlnaut to partially cover creditors’ payout and outstanding claims. According to CoinMarketCap, FLEX is trading at $7.16 as of this writing, bringing the capital injection to nearly $215 million. Hodlnaut’s restructuring is being overseen by a Singapore court. If approved…

China Targets Overseas Telecom Fraud Leveraging Blockchain, Crypto, Metaverse, and AI

In a recent meeting, China’s Central Political and Legal Affairs Commission has emphasized the need for a systematic, legal, and source-based approach to combat overseas telecom network fraud and related criminal activities. The announcement was made on August 6, 2023, as reported by the Economic Daily. The commission pointed out that fraud groups have been increasingly utilizing new technologies such as blockchain, metaverse, virtual currency, and AI intelligence to update their criminal tools, making them more concealed and deceptive. Overseas Telecom Fraud: A Growing Concern In recent years, overseas telecom…

TRX, MATIC falling, QUBE firm in bearish crypto market

In a market known for its unpredictability and volatility, some players have been overcoming the odds. Although the sentiment for TRON (TRX) and Polygon (MATIC) is bearish, QUBE, the native token of InQubeta, has been resilient in recent days. InQubeta rides on innovation QUBE has garnered attention from investors due to InQubeta’s blockchain-powered approach to democratizing investment in crypto startups using artificial intelligence (AI).  Despite the broader market downturn, QUBE has been firm in the ongoing presale. For this reason, some investors say InQubeta has continued reinforcing its value proposition in the rapidly…

Compound (COMP) Bears Take Full Control As Price Dips 20% In 7 Days

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Compound (COMP), a leading player in the decentralized finance (DeFi) sector, has encountered a significant setback, witnessing a 20% decline in its price over the past week. The downward trend continued with a 3.06% decrease in the last 24 hours and an additional 0.79% shrinkage in the most recent hour, placing the current price at $55.62 per COMP. Moreover, COMP is now 93.90% below its all-time high of $911.20, a substantial drop from its previous peak. Related Reading: Crypto Analyst Points To Bitcoin Price History Repeating Itself – Are The…

More Bite Than Bark Over The Weekend

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This weekend, Shiba Inu is experiencing an extended upward traction, with the dog-themed meme coin sharply rising since late Friday. Shiba Inu made a sharp rally after exiting a phase of consolidation on Friday afternoon. At the time of writing, the meme coin was trading at $0.0000097, up 9.2% in the last 24 hours, data from crypto market tracker Coingecko shows. The highlight of SHIB’s solid upward trajectory was in the seven-day timeframe, registering an impressive 15.1% rally. At last check, the coin’s 24-hour volume climbed 236% to $683 million.…

XRP price disappoints after court ruling, Deaton remains optimistic

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Despite a brief rally, the XRP (XRP) price did not reach anticipated levels after a recent favorable court ruling for the token. Among those with ambitious price targets for the cryptocurrency is pro-XRP lawyer John Deaton. Deaton addressed a post from a user named Moon Lambo on X (formerly Twitter), who criticized complaints from certain investors about slow price gains in digital currencies year-to-date. Moon Lambo said XRP has grown by 85% this year, implying a positive overall trend. Several weeks have passed since Judge Analisa Torres delivered the highly…

Bitcoin price can go ‘full bull’ next month if 200-week trendline stays

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Bitcoin (BTC) is preparing a “full bull” BTC price phase in classic style, market cyclist Cole Garner believes. In social media analysis on Aug. 6, the popular on-chain analyst said that major upside awaits both Bitcoin and the broader crypto market. Bitcoin “bull market’s backbone” strengthening BTC price action continues to stagnate, but those looking further into the future are convinced that this cycle is just like any other. For Garner, activity among the largest-volume cohort of Bitcoin investors — the whales — is one such cause for optimism. “Whale…

Crypto Exchange Binance Announces Addition of Shiba Inu (SHIB) As Collateral Asset for Flexible Loans

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The world’s largest crypto exchange platform by volume has announced support for memecoin Shiba Inu (SHIB) as a collateral asset for one of its loan programs. In a new company statement, Binance says that it’s adding SHIB, alongside a handful of other altcoins, as collateral to its flexible loan feature. Binance’s flexible loans allow users to take out loans collateralized by cryptocurrencies without needing to commit to a specific loan term for the duration of the loan. Other digital assets included in the loan program as supported collateral include blockchain-based…

Tether unveils mining software to boost efficiency and capacity

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The developers at Tether are in the process of preparing the release of innovative JavaScript libraries. These libraries are specifically created to facilitate the transmission of commands and signals to Bitcoin (BTC) mining hardware, encompassing popular devices like WhatsMiner, AvalonMiner and Antminer. As per a post shared on August 5 by Paolo Ardoino, the chief technology officer (CTO) of Bitfinex and Tether, certain segments of this mining software will be made available on open-source platforms in the future. The recently introduced Tether BTC mining software’s primary aim is to enhance…

X will foot legal bills of users unfairly treated by employers for posting or liking content: Elon Musk

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Elon Musk stated that his social media company X (formerly Twitter) will fund the legal bills of any user that was treated unfairly by their employer for engaging with content on the platform. In an April 5 X thread announcing the move, Musk said that lawsuits of any scale will be supported: “If you were unfairly treated by your employer due to posting or liking something on this platform, we will fund your legal bill. No limit. Please let us know.” If you were unfairly treated by your employer due…