The Kenyan government has set up a 17-member committee to investigate the operations of American-based cryptocurrency firm Worldcoin, due to its collection of biometric data not satisfying Kenya’s data privacy laws of the country. The process requires a user to give his iris scans in exchange for a digital ID known as global ID and get free Worldcoin tokens as part of plans to create a new identity and financial network, and the Kenyan government saw this as a security risk. Joint Ad-hoc Committee Investigation In Kenya Kenya’s National Assembly…
Day: August 23, 2023
Thailand’s next prime minister Srettha Thavisin has crypto history
On Aug. 22, Thailand’s parliament elected real estate tycoon Srettha Thavisin as the country’s next prime minister. Thavisin is best known as the former president and CEO of Sansiri, one of Thailand’s largest real estate developers, which also has some background in cryptocurrency. Thavisin was the only candidate nominated by the Pheu Thai Party, receiving 482 votes out of a possible 747 in Thailand’s parliament. His victory could potentially have implications for the cryptocurrency industry in Thailand, as Sansiri was an active investor in the country’s digital asset industry. Thavisin quit…
Solana In Turbulence: Analyzing The Death Cross
Solana (SOL) has found itself under the shadow of a foreboding technical pattern known as the “Death Cross.” This ominous occurrence, defined by the 50-day moving average crossing below the 200-day moving average, has historically heralded significant price downturns. Investors are now eyeing the charts as SOL grapples with this pattern once again, raising questions about its future trajectory. For the uninitiated in the intricacies of technical analysis, the Death Cross is akin to a storm warning on the horizon. It emerges when a short-term moving average dives beneath a…
NEAR Jumps 5% After Nexo Integration, Bucking Market Trend
Also announced was a partnership with startup Tokenproof. Source
FTX Founder Sam Bankman-Fried Intends to Blame Fenwick & West Lawyers in His Defense
“Evidence of the defendant’s reliance on counsel is relevant to the question of intent and is not limited to situations where the defense can establish that the defendant formally sought out the advice of counsel, received legal advice, and followed the advice given,” the letter said. Source
Bitcoin ‘supercomputer’ and BTC DeFi coming soon – Cointelegraph Magazine
Earlier this year, Ordinals — a unique inscription on the smallest unit of a Bitcoin, called a Satoshi — emerged as a controversial new development. Dismissed by some as spam and embraced by others as a way to bring BRC-20 tokens and NFTs to Bitcoin, the technology stimulated a flurry of developments. Now there is excitement around “recursive inscriptions,” which is a very confusing yet potentially much more powerful development. Recursive Inscriptions essentially promise to allow more complex functionality to be built on Bitcoin’s blockchain, akin to smart contracts on…
Curve Crisis Shows Pitfalls of Decentralized Risk Management
Top DeFi lenders allowed a crypto CEO to take a risky bet, raising key questions about how they manage risk. Source
Quantstamp’s New Service Aims to Stop Flash Loan Attacks Before They Occur
“DeFi has the potential to change the global financial infrastructure for the better, but its success requires preempting threats like flash loan attacks. We developed this tool to provide DeFi protocols an extra layer of security on top of audits,” said Martin Derka, head of new initiatives at Quantstamp, in a note to CoinDesk. “As DeFi evolves, security measures need to evolve with it. Services like Economic Exploit Analysis give us an edge against hackers.” Source
Bitcoin Difficulty Hits New All-Time High As BTC Price Nosedives
Bitcoin price has been trading sideways in the past weeks, significantly declining from the $29,000 support. This bearish pattern spread panic among traders but has not deterred miners. Instead, Bitcoin mining participants appear to have increased. This is evident in the increased mining difficulty, which soared to a new record high. According to available data, Bitcoin mining difficulty surged 6.17% in the last week, alongside a spike in network activity on August 22. Bitcoin Mining Difficulty Spikes Up Amid Nosediving Prices While BTC price tanked by over 10% in a 7-day…
Here’s what the latest Bitcoin price correction reveals
In the latest episode of Cointelegraph’s The Market Report, analyst Marcel Pechman delves into Bitcoin’s recent drop to $26,000. Derivatives market analysis shows Bitcoin (BTC) options and futures metrics lack signs of professional traders going bearish, and while that doesn’t guarantee a quick return to $29,000 support, it reduces the chances of an extended correction. Pechman presents a Kaiko data chart on BTC liquidity and volatility, which significantly decreased since the FTX collapse in November 2022. And with no liquidity issues or heightened volatility indicated, did the 11.4% mid-August price…