Day: August 14, 2023

What is PayPal USD, and how does it work?

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By unveiling its stablecoin, PayPal is attempting to claim a share of the growing cryptocurrency market.  The company says that PYUSD will be able to support quick fund transfers for various purposes, such as remittances. PayPal has also indicated that the new cryptocurrency will be compatible with Web3 environments and will eventually be available on Venmo. The move to support Web3 seems to be a strategic one for PayPal as Web3 is widely hailed as the next generation of the internet. With Web3 frameworks being built atop blockchain technology, cryptocurrencies…

BLZ price jumps amid high derivatives trading activity

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bluzelle (BLZ) has struggled since March. However, the recent spike in the asset’s trading activity has sparked a bull run for BLZ. Data provided by Coinglass suggests that the derivatives trading volume of Bluzelle rose by 300% over the past 24 hours, surpassing $2.5 billion. In addition, BLZ is trending on Binance, Bybit, and Bitget crypto exchanges, with most traders aiming at long trades. BLZ price, deposit activities, supply on exchanges, and volatility – Aug. 14…

Bitcoin teases new volatility as BTC price taps 4-day high near $29.6K

Bitcoin (BTC) hit multi-day highs after the Aug. 14 Wall Street open as modest volatility trickled through to the market. BTC/USD 1-hour chart. Source: TradingView Bitcoin traders provide “some action” after flat weekend Data from Cointelegraph Markets Pro and TradingView tracked a trip past $29,500, marking the highest BTC price levels since Aug. 10. Unusually flat trading conditions, followed by a brief dip to $29,000 support, comprised weekend price action, this now appearing to give way to more interesting behavior. Analyzing the current setup on exchange order books, popular trader…

How to identity fake cryptocurrency

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With the growing popularity of cryptocurrencies, the digital landscape has become a breeding ground for scams and fraudulent schemes. Fake cryptocurrencies and fraudulent projects aim to deceive unsuspecting investors and enthusiasts. This article will delve into the key indicators and strategies to help you identify fake cryptocurrencies and protect yourself from falling victim to such scams. Research the team behind the project A legitimate cryptocurrency project will have a transparent and credible team behind it. Look for information about the team members, their experience and their online presence. Genuine projects…

Silent Bitcoin Storm: Glassnode’s Beneath-the-Surface Revelations

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In the dynamic realm of Bitcoin, the ability to discern patterns and trends from raw data is invaluable. Glassnode’s latest report, “Exhaustion and Apathy,” serves as a beacon, illuminating the intricate nuances of the current state of the market. Let’s delve deeper into the numbers and their implications. Historic Lows In Bitcoin Volatility The overarching theme of Glassnode’s findings is the unprecedented stagnation in Bitcoin’s volatility. The data reveals that the digital asset has been trading within a remarkably narrow $29,000 to $30,000 range. Historically, Bitcoin has been synonymous with…

Rapper Lil Tay’s fake death gives rise to mystery crypto tokens

Amidst false reports of rapper Lil Tay’s death, the crypto realm sees the baffling rise of two “LilTay” tokens, sparking intrigue and speculation. The sudden appearance of two crypto tokens named “LilTay” has intrigued and confused the crypto community.  With one on the BNB Chain and another on the Ethereum (ETH) platform, the situation is rife with speculation and cautionary tales.  The stage was set with a false death report of 14-year-old rapper Lil Tay, whose real name is Tay Tien. A now-deleted Instagram post claimed her death. However, it…

How did the $3 Billion Surge Impact Price Action?

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XRP has recently witnessed a remarkable surge in trading volume, with an impressive increase of $3 billion reported by Messari. This surge reflects the cryptocurrency’s enduring appeal, adaptability to market trends, and potential to disrupt traditional finance. Speculations abound about the factors driving this surge, sparking discussions on its implications for both XRP’s future trajectory and the broader cryptocurrency market. Despite this surge in trading activity, the expected correlation between volume and price failed to materialize, leaving market analysts puzzled by the intriguing phenomenon. XRP transaction volume. Source: Messari The…

TeraWulf increases self-mined BTC in Q2, while Hut8 looks to USBTC merger

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Bitcoin (BTC) mining firm TeraWulf has seen a drastic increase in BTC rewards since increasing its mining capacity in the first half of 2023. According to the company’s latest quarterly filing with the United States Securities and Exchange Commission, TeraWulf mined a total of 1,441 BTC through the first half of the year. 508 BTC was mined in Q1, while the firm added another 375 self-mined BTC to its balance sheet in Q2. The increase in hash rate and mined BTC also led to an uptick in quarterly revenue for the…

Crypto Exchange Txbit Announces Closure Amidst Regulatory Challenges and Market Trends

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Crypto exchange Txbit has said in a statement that it’s going to permanently shut down operations due to uncertain regulatory landscapes and unfavorable market conditions. The exchange cited the escalating costs of compliance and continuous pressure on product margins as key contributors to its inability to sustain profitability, media reports said. “In light of rising compliance expenses and persistent pressure on our product margins, the viability of maintaining our current operations has become unsustainable,” the official announcement stated, reflecting on the evolution of the crypto exchange industry. “While our journey…

Coinbase VP says Canada can be a ‘global leader’ in crypto

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The cryptocurrency exchange Coinbase announced an expansion of its services offered to Canadian users on Aug. 14 through a partnership with the local financial services company Peoples Trust Company.  Coinbase integrated the option for 100% of its users to deposit and withdraw money from their accounts via the Interac e-Transfers service. According to the exchange, this feature was the most requested update from Canadian users, post-launch in the country earlier this month. Nana Murugesan, the vice president for international and business development at Coinbase, commented on Canada’s appeal in the…