Day: August 28, 2023

HK’s Official Blockchain Platform eTradeConnect to Terminate Operations

The Hong Kong Monetary Authority (HKMA)-backed eTradeConnect, a trade finance platform built on blockchain technology and supported by a group of twelve prominent banks, is set to cease operations by month’s end. Launched officially on October 31, the platform’s primary functions were to digitalize trade documents, streamline trade finance operations, and utilize blockchain capabilities to bolster efficiency and foster trust within the trade community. Its origins date back to October 2017, when the HKMA unveiled plans for this trade finance venture, buoyed by the positive outcomes of a preliminary proof-of-concept…

Friend.tech activity plunges, crypto community calls it ‘dead’

The decentralized social media platform, Friend.tech, has witnessed sharp transaction volume and fee income declines over the past week.  According to data provided by the analytics platform Dune, Friend.tech’s transaction volume dropped to $883,000 on Aug. 27. It is a 95% decline from Aug. 21, when it reached an all-time high (ATH) of $16.88 million.  Moreover, over the past 24 hours, the platform’s trading volume registered a 99.99% decline as the transaction volume currently sits at $2,760 with only 35 traders.  According to Dune’s data, the fees generated on Friend.tech…

Indian PM Modi calls for global cryptocurrency framework at G20 Summit

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Indian Prime Minister Narendra Modi called for a global collaboration on formulating crypto regulations during the Group of 20 (G20) summit. G20 President India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies. G20 is the premier forum for international economic cooperation that plays a critical role in strengthening global architecture and governance on all major international economic issues. India currently holds the Presidency of the G20. During an interview with a local daily, the Indian PM talked about the role of emerging technologies…

$15M PEPE Stolen By Rogue Developers of the Meme Coin’s Team

“Since its inception, $PEPE has unfortunately been plagued by inner strife with a portion of the team being bad actors led by big egos and greed,” a developer who claimed to now be in control of the project said in a tweet. “There has often been conflict, and the majority of the team involved in $PEPE creation started to distance themselves after the first week of project inception.” Source

Shibarium Is Live And Scaling, What’s Ahead For Shiba Inu Price?

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In a new blog post today, Shytoshi Kusama, the lead developer of Shiba Inu, announced that Shibarium is now live and scaling optimally. Kusama stated, “Shibarium is LIVE and operating well! Now that we’ve proven that all funds are safu (as we said), and that Shibarium is ready for prime time, we will reopen our channels.” As per the latest statistics, the network has already amassed over 65,000 wallets and has processed 350,000 transactions. The diversity of tokens deployed on Shibarium is evident, with Kusama noting a mix of “fun,…

Bitcoin Cash Price Could Restart Increase To $250 If It Breaks This Resistance

Bitcoin Cash price recovered from the $160 zone against the US Dollar. BCH might aim a fresh rally toward the $240 and $250 levels. Bitcoin cash price is consolidating above the $180 level against the US Dollar. The price is trading below $200 and the 100 simple moving average (4 hours). There is a key rising channel forming with resistance near $200 on the 4-hour chart of the BCH/USD pair (data feed from Kraken). The pair is likely to accelerate higher if it clears $195 and $200. Bitcoin Cash Price…

Bitcoin revenue per terahash nears record lows as hashrate soars

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Bitcoin mining revenue or “hash price” — a measure of dollars earned per TH/s per day — has slumped to levels not seen since the collapse of FTX in November 2022, while hash rate has reached new highs.  Over the past week, Bitcoin network hash rate topped 414 exahashes per second (EH/s) on Aug. 18 marking a new peak for the metric. The peak has seen network hash rate surging 54% from what it was at the beginning of 2023 and 80% over the past 12 months, according to Blockchain.com.…

‘Breakthrough growth’ will be driven by Web3: HK financial secretary

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Hong Kong’s Financial Secretary, Paul Chan Mo-po has reiterated his support for blockchain technology, calling it the next wave of “breakthrough growth” in the digital technology industry in a recent blog post. In an Aug. 27 statement, Chan wrote that emerging sectors within Web3 such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment are set to lead the next generation of digital entertainment. “The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability and low cost, can be applied in many fields such as finance, commerce,…

Ethereum Price Looks Ready For Another Leg Lower Below $1,620

Ethereum price is struggling to clear the $1,670 resistance against the US Dollar. ETH could start another decline if it breaks the $1,640 support. Ethereum is struggling to rise above the $1,660 and $1,670 levels. The price is trading below $1,660 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline if it stays below $1,670 for a few more sessions. Ethereum Price Turns At Risk…