Day: August 7, 2023

Cathie Wood predicts SEC simultaneously allows multiple spot crypto ETFs: Report

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ARK Investment Management founder and CEO Cathie Wood has reportedly suggested that the United States Securities and Exchange Commission (SEC) will approve multiple spot Bitcoin exchange-traded funds, or ETFs, at the same time. In an Aug. 7 interview with Bloomberg, Wood predicted the SEC would approve “more than one [ETF] at once” if it moves forward with any application currently under consideration. ARK Investment Management sent in one of the most recent spot Bitcoin (BTC) ETF applications in June after amending the submission to include a surveillance-sharing agreement. Today on…

PayPal’s Regulated Stablecoin Is a ‘Watershed Moment’ in Crypto Space, Says Paxos

In terms of those rules, a big one is the removal of bankruptcy risk, Hessert said. “Customers’ assets are protected, including if Paxos were to go bankrupt – a situation we now see with a bunch of companies in crypto. If you can end up sitting in line as a general creditor of a private company that issued you a stablecoin, that’s not as good as a physical dollar,” he said. Source CryptoMomentPaxosPayPalsRegulatedSpaceStablecoinWatershed CryptoX Portal

‘All funds are at risk’ — Steadefi exploited in ongoing attack

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Decentralized finance (DeFi) app Steadefi was exploited for at least $334,000 on Aug. 7 in an ongoing attack. The app’s development team has said in a social media post that the attack currently “puts all funds at risk.” The app’s total value locked (TVL) has plummeted as a result of the attack, according to data from DeFiLama. The Steadefi team posted a message to Twitter stating: “NOTICE: Steadefi has been exploited and all funds are currently at risk.” They also confirmed that an on-chain message has been sent to address 0x9cf71F2ff126B9743319B60d2D873F0E508810dc on…

Ethereum Whale $4.5 Million Burn Shocks ETH Community, What’s Going On?

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The crypto space is never lacking of events – from hacks to memecoins frenzy, to traders realizing huge profits from trades. This time, it is the action of a particular Ethereum whale that has caught attention, one that has the ETH community in shock as to the reasons for such action.  The mysterious whale in question with the Ethereum address ‘nd4.eth’ sent $4.5 million worth of Ether (2,500 ETH) to a ‘burn’ address, in a move that removes these tokens from circulation forever. This interesting event, which occurred on July…

The Ground Game for Bitcoin Adoption

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Just a few years ago, El Salvador was one of the most dangerous countries in the world. Today, Bukele’s uncompromising security policies have dramatically reduced crime, and citizens now feel safe to start businesses, go to dinner with their friends and travel to areas that were previously avoided. As a part of the rebrand, the government has implemented business-friendly taxation policies to incentivize foreign investment in financial innovation. Even so, outside of people who evangelize Bitcoin, I have encountered mixed responses to the prospect of using it as a currency.…

PayPal’s (PYPL) Stablecoin Debut, Worldcoin’s Kenyan Hurdles, and More

In today’s crypto news roundup, we delve into a series of significant events that have shaped the digital currency landscape. From PayPal’s groundbreaking entry into the stablecoin market to regulatory challenges faced by Worldcoin in Kenya, the crypto world continues to be a blend of innovation and controversy. Meanwhile, Huobi grapples with rumors and a dip in stablecoin reserves, and Curve Finance showcases resilience by recovering a majority of its hacked funds. Join us as we unpack these pivotal moments, offering insights for both crypto enthusiasts and traditional finance observers.…

XDC Brushes Off Market Downtrends, Records Over 16% Surge

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The crypto market has been downward over the past 24 hours, with top coins like Bitcoin dancing in tune with the bearish trend. But while top coins lost the past week’s gains, XDC Network holds over 16% of its gains. XDC now trades at $0.068, a price 16.75% higher than its value seven days ago. However, despite the token’s resilience, the bulls are about to capitulate, with nearly 4% lost in the last 24 hours. XDC Network Price Performance In The Last Week XDC’s market situation today is similar to…

What Crypto’s Future Has to Do With LIBOR’s Death

But then scandal hit with the revelation in 2012 that banks were artificially controlling the rate, including by reporting borrowing rates at levels that would benefit their swap traders, and make banks look more insulated from risk than they were. Safeguards were few, and the system, which relied on banks to simply report what rates they would charge, basically left the mice guarding the cheese. Source

Hong Kong securities regulator warns of ‘criminal’ activity by unlicensed exchanges

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The Securities and Futures Commission (SFC) of Hong Kong issued a notice about unlicensed virtual asset trading platforms “engaging in improper practices,” warning of potential criminal charges. In an Aug. 7 notice, the SFC said certain trading firms had falsely claimed to have submitted applications for licenses in Hong Kong. The securities regulator said should the companies actually apply to operate legally in the special administrative region, it would consider any false statements as well as possible criminal charges. Aug. 7 notice from Hong Kong’s Securities and Futures Commission. Source: Securities…

Aptos’ APT Token Slides Ahead of $30M Unlock

Data from TokenUnlocks shows that more than 4.5 million APT tokens, worth about $30 million, will be unlocked on Friday. 3.21 million tokens, or $21 million, will be distributed to the community, while the remaining tokens will be distributed to the Aptos Foundation. Source