Day: August 22, 2023

SEC-Ripple lawsuit cost XRP 3 years of adoption: Lawyer

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The United States Securities and Exchange Commission (SEC) lawsuit against Ripple filed in December 2020 has deprived the XRP token of nearly three years of adoption in the United States, said pro-XRP lawyer John E Deaton in a recent post on X (formerly Twitter). Deaton’s comments came amid Coinbase’s announcement that they have acquired a minority stake in USD Coin (USDC) issuer Circle and will be working to “unlock additional utilities and grow the USDC ecosystem.” The lawyer reflected on how Ripple and XRP were on a trajectory of great…

Bitcoin is undervalued as price consolidated around $26k

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) has been consolidating between $25,800 and $26,100 since Aug. 18. However, market intelligence data suggests that the flagship cryptocurrency is undervalued. According to Santiment, Bitcoin’s market value over realized value (MVRV) ratio on a 30-day moving average has dropped by 8.49%. This suggests that the asset’s price is currently undervalued at this point. Buy the dip? On the other hand, the social volume for the term “buy the dip” has dropped significantly after it…

XRP About-Face Sparks Another Descent – What Lies Ahead?

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XRP, the cryptocurrency known for its ties to Ripple, has recently faced a bout of volatility in the market. The coin’s value, currently hovering around $0.517 according to CoinGecko, experienced a 1.0% decline in the past 24 hours alone. Over the span of a week, XRP witnessed a significant 17.4% slump, reflecting the ongoing volatility that has come to characterize the cryptocurrency market. Despite its potential, XRP’s journey to break through the 200 Exponential Moving Average (EMA), a significant technical indicator, has hit a roadblock, casting doubts on its short-term…

Komainu, Nomura-Backed Crypto Custody Firm, Wins Dubai Operating License From VARA

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One in three young people falling prey to ‘text pests‘ as ICO calls for victims to come forward

Research commissioned by the ICO reveals that 29% of 18-34-year-olds received unwanted contact after giving their personal information to a business. 66% of the public believes it is not morally right to use personal details given for business purposes for romantic or sexual propositions. Only 5% believe it to be morally right. “It is against the law.” – ICO takes steps to combat “text pests”, contacting major delivery companies to emphasise of legal obligations. The Information Commissioner’s Office (ICO) has today launched a call for victims of so-called ‘text pests’…

Terra money website frozen to prevent more phishing scams

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Layer-1 blockchain Terra has temporarily shut down its website in order to protect users from ongoing phishing scams on the platform. “The terra(dot) money domains have successfully been frozen to prevent further user phishing scams, but a full resolution is still underway,” Terra officially announced on X (formerly Twitter) on Aug. 22. Terra advised all users to avoid engaging with any sites under the aforementioned domain until the foundation posts an official “all-clear” notice from this account. “Our team has been working around the clock to rectify this issue, but…

CoinDCX to Cut 12% of Jobs as Crypto Bear Market, India Taxes Take Their Toll

” … startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS (tax deducted at source) on domestic exchanges,” the company said. “These factors had a significant impact on our volumes and thus revenues … we have made the difficult decision to resize certain teams and to steer the business towards a profitable and sustainable growth.” Source

South Korean city to seize crypto from thousands of tax evaders: Report

The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents. The administration of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of thousands of tax evaders, the local news agency Yonhap reported on Aug. 22. City authorities reportedly ordered trading platforms like Upbit and Bithumb to inquire into crypto assets of 8,520 users who owe at least 1 million won ($750) in local taxes. Following the inquiry, Cheongju authorities plan to confiscate…

Bybit to issue scholarships for top performers at AUS

Bybit, the world’s third most visited crypto exchange, has partnered with the American University of Sharjah (AUS) to award scholarships of around $272,000 (AED 1 million)  to high-achieving students. Bybit partners with AUS The scholarship initiative follows Bybit’s partnership with AUS, which was unveiled earlier this year in June. The initial memorandum signed between the entities was to support 20 students in their academic and research efforts towards fintech development.  The scholarship supported a total of 38 recipients, which involved 29 currently enrolled students, and 9 new first-time students.  Dr…