Month: August 2023

PayPal’s stablecoin goes live, Bitstamp seeks capital, and Coinbase’s L2

boss

In a move that can reshape the digital payments landscape, financial technology giant PayPal has unveiled its United States dollar-pegged stablecoin PayPal USD (PYUSD).  In line with expectations, the launch has ignited a complex debate within the crypto community. Ethereum’s daily active user base hovers between 300,000 to 400,000, which is a fraction of PayPal’s colossal user base count of over 430 million. As a result, some see the move as a significant step toward transforming Ethereum into the internet’s monetary backbone. Despite the excitement, skepticism looms over the crypto…

Black Swan Author Warns Of Bitcoin Volume Slump As BTC Fails To Breach $30,000

boss

Bitcoin seems on the verge of seeing downside volatility during today’s trading session if bears can break current support. However, price action has been slow as all major narratives, including those from macroeconomic forces, have lost strength. As of this writing, Bitcoin trades at $29,300 with sideways movement across the board. Low volatility has been suppressing BTC’s price action, a status quo that could persist until macroeconomic forces come back into the picture in September. BTC’s price is moving sideways on the daily chart. Source: BTCUSDT Tradingview Nassim Taleb Lashes…

Scientists used AI to find and track 95K ‘cryptocurrency free giveaway’ scams on Twitter

boss

Researchers from San Diego State University in California developed an artificial intelligence (AI) system to identify, track and expose free cryptocurrency giveaway scams on X (formerly Twitter).  Called GiveawayScamHunter, the automated system discovered 95,111 scam lists between June 2022 and June 2023 that were created from 87,617 accounts on the X social network. The researchers used the tool to autonomously extract website and wallet addresses associated with the scams. In doing so, they were able to collect 327 scam giveaway internet domains and 121 new scam-related cryptocurrency wallet addresses. Related:…

Price analysis 8/11: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

boss

After today’s Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend. Bitcoin (BTC) continues to frustrate investors with its tight range consolidation, giving no clue about the possible direction of the breakout. Typically, the longer the range, the stronger the eventual breakout from it. Therefore, traders should be on their toes to latch on to the breakout when it happens.  A minor positive in favor of the bulls is that they are holding on to a large part of the gains seen in…

70% Of Stolen Funds Recovered, Redemption On The Horizon

boss

Curve Finance (CRV), a leading decentralized finance (DeFi) protocol, announced significant progress in its recovery efforts following a recent hack that resulted in losing $73.5 million across several projects within its factory pools.  The attack on July 30 exploited a critical security flaw known as a “reentrancy vulnerability,” allowing malicious actors to drain funds from Curve’s smart contracts. Curve Finance Commits To Restitution Process For Hacked Funds In a significant effort, Curve Finance has successfully retrieved 70% of the funds affected by the hack. While this achievement marks an important…

Breaking: Sam Bankman-Fried arrested after bail review

The disgraced blockchain executive was immediately reprimanded after his bail was revoked the same day. Founder of bankrupted crypto exchange FTX is set to be arrested in New York on Aug. 11, after a federal judge revoked former his bail for releasing information to New York Times reporters in an alleged attempt to intimidate witnesses.  According to reports of individuals present at the hearing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan ordered Bankman-Fried’s bail…

US gov’t debt downgraded — Huge news for Bitcoin?

boss

On this week’s episode of Macro Markets, Cointelegraph analyst and writer Marcel Pechman explores the United States debt downgrade by Fitch Ratings. According to Pechman, this change signaled diminished confidence in the U.S. government’s ability to handle its fiscal responsibilities. The downgrade nudged investors into a cautious stance, leading many to move their money out of assets such as stocks, silver, oil and long-term bonds. Instead, they turned to cash and short-term instruments, which are perceived as safer options in uncertain times. Interestingly, the cost of insuring U.S. sovereign debt…

Judge revokes Sam Bankman-Fried’s bail, remands him to custody: Report

boss

A federal judge has reportedly revoked former FTX CEO Sam Bankman-Fried’s bail following the release of information to New York Times reporters in an alleged attempt to intimidate witnesses. According to reports of individuals present at an Aug. 11 hearing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan ordered Bankman-Fried’s bail revoked, suggesting he will be held in jail through the end of his two trials for fraud related to his activities at FTX. Prosecutors had been pushing for the revocation of…

FTX Founder Sam Bankman-Fried Jailed Ahead of Trial

Bankman-Fried is currently set to go on trial at the start of October on wire fraud, commodities fraud, securities fraud, money laundering and related conspiracy charges. He faces another trial, tentatively scheduled for next March, on additional charges brought by the DOJ after Bankman-Fried’s arrest and extradition. Source