Day: August 8, 2023

Marathon Digital Q2 results miss revenue and earnings forecasts

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Crypto mining firm Marathon Digital missed earnings and revenue expectations with its second-quarter 2023 results. Marathon’s Q2 2023 results on Aug. 8 reported revenues of $81.8 million compared to Zacks Investment Research’s estimate of $83.2 million. The crypto miner reported a earnings per share net loss of 13 cents compared to Zacks’ estimate of a 3 cents per share loss Despite missing revenue projections, the mining firm increased its revenue by 228% compared to the second quarter of 2022. The stronger quarter took Marathon’s 2023 revenue to $132.8 million over…

Decentralized Exchange Uniswap (UNI) Now Operating on Coinbase-Backed Layer-2 Base

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Leading decentralized exchange (DEX) Uniswap has been deployed on Base, the new Ethereum layer-2 built by US crypto giant Coinbase. Base is powered by the blockchain-scaling solution Optimism (OP), and its testnet first launched in February of this year. Announcing the launch of Base support on X, Uniswap Labs says that users can now execute swaps or add liquidity directly on the Base chain from the Uniswap web app. “Rumor has it that Base needs a DEX. We’re excited to announce that Base is now live on the Uniswap web…

Can PayPal’s PYUSD Be Frozen In Your Wallet Like Tether’s USDT?

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PayPal and Paxos dominated the news cycle on Monday with the announcement of the launch of the PayPal (PYUSD) stablecoin, but concerns have been raised about the possibility of user assets being frozen in their wallets, as is the case with USDT. Crypto Community Adverse to Paxos Wallet Freeze Feature The PYUSD stablecoin issued by Paxos has a condition that is not too welcomed by the crypto community, which has dulled the initial excitement for the launch of the PayPal stablecoin. According to reports, Paxos, a blockchain infrastructure firm that…

Core Scientific’s bankruptcy plan includes equity stake for Bitmain and Anchorage

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Cryptocurrency custody firm Anchorage Digital and major mining manufacturer Bitmain could take equity stakes in Core Scientific as part of the firm’s restructuring plan. According to an Aug. 8 filing in the United States Bankruptcy Court for the Southern District of Texas, Bitmain plans to sell Core Scientific 27,000 S19j XP Miners in exchange for roughly $23 million in cash and $54 million in company equity through new common interests. In addition, Anchorage Digital was the only company that had lent funds to Core Scientific that chose an equitization option…

Bitcoin’s Rally Toward $30K, PayPal’s Stablecoin Fakes, and More

Bitcoin’s price saw a 3% uptick, climbing to just shy of $30,000 in response to a plunge in global long-dated government bond yields. This fall in yields was triggered by China’s far weaker than anticipated trade numbers for July. The U.S. 10-year Treasury yield tumbled below the 4% mark. These macroeconomic shifts have seemingly buoyed the crypto market, with other notable cryptocurrencies like Solana (SOL), Toncoin (TON), and Chainlink (LINK) registering gains of over 4% at the time of writing. Source 30KBitcoinsFakesPayPalsRallyStablecoin CryptoX Portal

Carlyle Group’s David Rubenstein Makes the Case for Bitcoin

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“What’s happened is people made fun of bitcoin and other crypto currencies but now the establishment, Larry Fink at BlackRock, is now saying they’re going to have an ETF if approved by the government in bitcoin so you’re saying wait a second, the mighty BlackRock is willing to have an ETF in bitcoin, maybe bitcoin is going to be around for a while,” he said. Original

Fed Starts New Program to Oversee Crypto Activity in U.S. Banks

The move announced Tuesday doesn’t change any rules for crypto banking, just defines how the central bank intends to handle its oversight, putting dealings with the crypto sector under the new “novel activities supervision program” in which the Fed’s specialized experts in digital assets will work alongside the regulator’s regular supervisors. Source

Sandbox Set For $133 Million Token Unlock, A Bearish Trigger For SAND Price?

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Decentralized gaming platform, The Sandbox is set to execute a SAND token release valued at $133.86 million. According to data from TokenUnlocks, Sandbox will release 332.55 million SAND tokens into circulation on August 14, representing 16.16% of the token’s maximum supply.  New SAND Tokens In 2023 To Rise Over 700 Million With the upcoming SAND release, the total number of new SAND tokens in 2023 is expected to rise to 705.3 million. This latest unlock will add to the 372.75 million SAND released earlier during the last token unlock in…

Venture-Backed Saddle Finance Proposes Wind-Down, Dissolution

The snap poll comes after Curve’s monumental hack ripped through Ethereum-based decentralized finance (DeFi) and, according to Srivatsa’s blog post, reminded Saddle’s team of the ever-present threat of exploitable bugs. He said the protocol’s developers need to step back from the project by September 30, 2023. Source

Marathon Digital Misses Q2 Earnings and Revenue Estimates

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