Despite today’s market-wide advance, the outlook for risk assets is pointing to softer prices for the next few weeks, one observer noted. Original
Bitcoin Climbs 3% to $26.6K; SOL, NEAR, ADA Lead Crypto Market Gains
Day: August 23, 2023
SEC charges former corrections officer for role in bizarre crypto scam
John A. DeSalvo, a former lieutenant at the New Jersey Department of Corrections, has been charged by the U.S. Securities and Exchange Commission (SEC) for orchestrating a crypto scam that specifically targeted police officers and first responders. According to the Aug. 23 announcement, DeSalvo allegedly raised $623,388 from 222 investors through sales of his own Blazar token from November 2021 to May 2022. DeSalvo proclaimed Blazar would “replace traditional state pension systems” for police, firefighters, and paramedics alike, thereby providing lucrative returns. DeSalvo allegedly told investors: “Blazar Token is the…
FET, GRT, AGIX Hold Gains After Nvidia’s (NVDA) Earnings Beat Solidifies Artificial Intelligence Outlook
CryptoX – Cryptocurrency Analysis and News Portal Today’s result follows Nvidia’s blowout first quarter results from last May which revealed an extremely bullish outlook for revenue tied to AI. This sentiment, coupled with increasingly AI mainstream reach with the likes of OpenAI’s ChatGPT, spilled over onto AI-related cryptocurrencies, sending them soaring, even though they’ve fallen back over the summer along with the rest of the market. Source The post FET, GRT, AGIX Hold Gains After Nvidia’s (NVDA) Earnings Beat Solidifies Artificial Intelligence Outlook appeared first on CryptoX. CryptoX Portal
Whale Moves 2,910 Bitcoin (BTC) To Exchange Amid FBI Warnings, A Bearish Signal?
Substantial Bitcoin (BTC) transfers have been reported again, often setting the stage for market speculation. Over the past 24 hours, there have been two significant BTC transactions. This transaction has sparked debate within the crypto community, especially since it comes shortly after the US Federal Bureau of Investigations (FBI) warned crypto firms that funds associated with North Korean hacker organizations, Lazarus Group and APT38, are on the move. A Potential Bitcoin Sell-Off On The Horizon? Earlier today, Whale Alert’s notifications drew attention to a roughly 4,800 BTC (approximately $124.95 million) transfer…
Cypher announces recovery plan, says it will ‘socialize’ losses in initial stage
Crypto trading platform Cypher has published a plan to recover from its $1 million exploit, stating it will “socialize” losses across the platform in an initial stage of the recovery. In the first stage of the plan, the Solana-based trading platform will produce a “pro rata redemption package” of current assets it possesses, which will become withdrawable by users through a web interface. However, the platform does not currently have enough funds to pay back all depositors, so losses will be distributed across all accounts in this initial stage rather…
AI-Related Tokens Rise After Nvidia’s (NVDA) Big Beat Solidifies Bullish AI Outlook
This would mark Nvidia’s first quarterly report since blowing the roof off of Wall Street’s estimates in May and revealing an extremely bullish outlook for revenue tied to AI. This sentiment, coupled with increasingly AI mainstream reach with the likes of OpenAI’s ChatGPT, spilled over onto AI-related cryptocurrencies, sending them soaring previously. Source
Shopify Customers Can Now Pay In USDC Via Solana Pay
Solana Pay, the payment protocol built on the Solana blockchain, is now plugged into e-commerce giant Shopify, allowing users to pay in USD Coin (USDC), the companies announced Wednesday. Source
Sam Bankman-Fried’s FTX Bankruptcy Burning Through $1.5M in Legal Costs Every Day
“They’ve now moved to a pace of almost $50 million a month in fees, with literally hundreds of lawyers, financial advisors and bankers working on them practically full time,” said Kris Hansen, a lawyer from Paul Hastings representing the creditors’ committee. “Every dollar spent in the case is essentially a dollar that creditors don’t receive.” Source
Why is the crypto market down this week?
The cryptocurrency market has experienced a notable downturn recently, with the total market capitalization falling by 10% between August 14 and August 23, reaching its lowest point in over two months at $1.04 trillion. This movement has triggered significant liquidations on futures contracts, the largest since the FTX collapse in November 2022. Total cryptocurrency market capitalization, USD. Source: TradingView Several economic factors have contributed to this decline. As interest rates have surpassed the 5% mark and inflation remains above the targeted 2%, finance costs for both families and businesses have…
This Solana Pay Integration Could Onboard Millions Into Crypto
A recent report from Techcrunch noted the integration between Solana and Shopify. One of the largest marketplaces in the world, the cooperation will enable millions of businesses and customers to use digital assets for their purchases. Solana Enters The Mainstream With Shopify Cooperation? Speaking with the media outlet, Josh Fried from the Solana Foundation highlighted that the Pay supported by stablecoin USDC is the first to integrate with the marketplace. This digital asset was chosen due to its low volatility and familiarity with the US dollar. However, in the future,…