Day: August 8, 2023

Bitcoin Fate Hangs In The Balance, 50% Chance Of Falling Below $25,000 In September

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Bitcoin (BTC) has been no stranger to dramatic price swings in the volatile cryptocurrency world. As September approaches, market analysts closely monitor BTC’s possibility of plunging below the $25,000 mark.  However, history has shown that September’s struggles often pave the way for a resurgence in October, with massive rallies that rekindle investor optimism.  Potential For BTC To Drop Below $25,000 Before A Promising October When examining Bitcoin’s historical performance during September, it becomes evident that the month has posed challenges for the world’s most renowned cryptocurrency.  Previous September has witnessed…

Boon for Ethereum but not decentralization, says community

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Paypal’s new Ethereum-based stablecoin, PYUSD has been seen as bittersweet news for the crypto community. While it could finally see Ethereum find its place in mainstream adoption, it could also spell trouble for decentralization and personal control of assets, warns the community. The new stablecoin, Paypal USD, was launched on Aug. 7 and is issued by Paxos Trust Co. — the firm behind Binance USD (BUSD). It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers.…

What Will Make Bitcoin Reach $30K?

Bullish traders are eyeing the upcoming U.S. July Consumer Price Index report for signs of continued inflation trends, with expectations set at a 0.2% monthly increase and a 3.3% year-over-year growth, amid a context of the Federal Reserve’s historical monetary tightening and subsequent market anticipation of rate cuts, which have historically been intertwined with Bitcoin’s recent price fluctuations. Source

Borroe stands out amid ApeCoin and Compound collapse

ApeCoin (APE) and Compound (COMP) remain bearish as Borroe (ROE) aims to reshape web3 using new use cases and scalability solutions.  This article explores why analysts are bullish on Borroe and its potential to possibly transform web3. Borroe attracting investors Borroe is an AI-powered funding marketplace that enables content creators and web3 participants to raise upfront funds from future recurring revenues. Web3 businesses can use Borroe to generate instant cash flow by minting non-fungible tokens (NFTs) representing future and outstanding invoices. These NFTs can be sold at a reduced price on the Borroe…

YGG Surged 580% Before Crashing, Why Are Whales Rapidly Selling?

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The Yield Guild Games (YGG) token recently surged, rising by 580% in less than a week before crashing, as visible in the daily chart. YGG is currently changing hands at $0.37 with a market capitalization of over $101 million when writing on August 7.  Prices have since retraced from the $0.99 recorded earlier today as the token fell by over 60%. The recent spike and general volatility have seen trading volumes soar as trading activity is concentrated on Binance and KuCoin. YGG Whales Dumping Amidst the notable growth, there are…

the astonishing decline of iconic NFTs

Several iconic NFTs, once heralded as groundbreaking investments, have taken significant hits in their values. Let’s delve into the detailed stories of these NFTs, exploring what they are, why they declined in value, and what these cases signify for the NFT market. In the swirling world of NFTs, the digital representations of unique assets, values can ascend to astronomical heights and plummet to surprising lows. This exploration dives into this complex and fascinating arena, examining the highs and lows, the triumphs and pitfalls, and the lessons learned from the ever-evolving…

Blockchain.com scores payment license from Singapore central bank

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Crypto exchange Blockchain.com has been granted a payments license from Singapore’s central bank — the Monetary Authority of Singapore (MAS). Blockchain.com announced on Aug. 7 it received its major payment institution (MPI) from MAS on Aug. 1 allowing it to provide what the regulator calls digital payment token services to institutional and accredited investors. The exchange’s full license comes after it received in-principal approval from the bank in September last year. Related: Singapore High Court rules crypto personal property, compares it to fiat money With its license approved, Blockchain.com is the…

Cypher Protocol freezes smart contract after an estimated $1M exploit

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Solana-based decentralized futures exchange Cypher Protocol halted its smart contract after an estimated $1 million exploit. On Aug. 7, Cypher alerted its 13,500 followers on X (formerly known as Twitter) that it had experienced a security incident and had thus frozen its smart contract. The team added it is investigating the cause of the exploit and has reached out to the hacker to negotiate a potential return of stolen funds. Cypher has has experienced an exploit/security incident. The smart contract has been frozen. The team is currently working with individuals…

Litecoin Hashrate Taps New All-Time High, Will LTC Price Follow Suit?

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The Litecoin hashrate has been going up steadily over the last year. This was mainly driven by the anticipation leading up to the Litecoin halving that was slated to take place in August. Now that the halving event has come and gone, the hashrate has risen to a new all-time high, but the question is, whether the price of LTC will follow suit. Litecoin Hashrate Taps New ATH Of 1.03 PH/s The steady rise in the Litecoin hashrate is a testament to the growing interest in the network. The hashrate…