Day: August 28, 2023

Bitcoin Price Relatively Muted, What Are Chances of Recovery?

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Bitcoin price is stuck in a tiny range above the $25,900 support.  BTC could start a decent increase if there is a close above $26,200 and then $26,500. Bitcoin is struggling to clear the $26,500 resistance zone. The price is trading below $26,200 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $26,070 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could attempt a fresh increase if it clears $26,150 and $26,200. Bitcoin Price Eyes…

Sam Bankman-Fried’s Defense Renews Push for ‘Temporary Release’ Ahead of October Trial

“We do not believe that anything short of temporary release will properly address these problems and safeguard Mr. Bankman-Fried’s right to participate in his own defense,” a Friday letter authored by defense attorney Christian Everdell said. “At the very least, however, we respectfully request that the Court reconsider its previous decision and order the Marshals to produce Mr. Bankman-Fried to the proffer rooms at 500 Pearl Street five days a week, where defense counsel can provide him with an internet-enabled computer that will permit him to review, edit, and share…

Friend.tech pronounced ‘dead’ after activity and fees tank

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Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared “dead” by critics,  following a recent drop in key metrics such as activity, inflows and volume. Friend.tech had a buzzy beta version launch on Coinbase’s layer-2 Base on Aug. 11. A week later, its fees surpassed $1 million in 24 hours on Aug. 19 outshining Uniswap and the Bitcoin network. However, its fees have since cratered. Daily fees peaked at $1.7 million on Aug. 21, but dropped over 87% to around $215,000 on Aug. 26…

OnlyFans’ parent company bought $20M of Ethereum as revenue surged

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The parent company of subscription platform OnlyFans has become the latest firm to reveal its cryptocurrency holdings, showing it invested nearly $20 million into Ether (ETH) in 2022. According to an Aug. 24 financial filing to the UK corporate registry, Fenix International reported that it had purchased some $19.9 million worth of ETH between 2021 and 2022. However, due to an overall decline in crypto asset prices over the course of last year, the total value of its Ether decreased by $8.5 million by the end of November 2022.  As…

While Friend.tech booms, decentralized social has a retention problem — Execs

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Despite the recent hype around riend.tech, some decentralized social networks are still having a tough time getting users to sign up and stay on their social media platforms. Two executives in the decentralized social (DeSo) media space told Cointelegraph that as much as 99% of users moving into DeSo for the first time will end up quitting, either due to clunky onboarding or simply not knowing anyone. Ed Moss, the head of growth for layer-1 blockchain firm DeSo, said the process of cryptocurrencies from an exchange, transferring it to a…