Month: August 2023

BlockFi asks court for permission to convert trade-only assets into stablecoins

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Defunct crypto lending firm BlockFi applied to the court a request to transfer the trade-only assets from its users’ accounts into stablecoins, so they could be withdrawn by the individuals. The request marks another step toward the return of users’ funds, a process that the company began in August.  On Aug 29, BlockFi filed an application to the United States Bankruptcy Court for the District of New Jersey, to authorize the conversion of so-called “trade-only” assets into stablecoins. The assets in question — Algorand, Bitcoin Cash and Dogecoin — cannot…

Nigeria’s Patricia crypto exchange seeks to explain its token amid confusion

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The announcement of Patricia Token (PTK) by Nigerian crypto exchange Patricia was greeted by users with scepticism and some suspicion, as they took to social media to question the motives behind the move. Now, in a response to that reaction, the crypto exchange company has released a white paper seeking to explain the intended function of the Patricia Token. According to the released white paper, the Patricia token is not a stable coin but a debt token, issued to customers to manage users’ debt. Patricia said that it will operate similarly…

Lido Inks Gains Alongisde TVL Rise

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Lido DAO (LDO), the driving force behind the revolutionary liquid staking protocol for Ethereum (ETH), has displayed an impressive 7.41% ascent in its Total Value Locked (TVL) over the course of the last seven days.  This robust surge in TVL has positioned Lido Finance as a prominent contender in the decentralized finance (DeFi) landscape, illustrating its resilience amidst a fluctuating market. According to the latest data from DeFiLlama, Lido Finance’s TVL witnessed a notable augmentation, securing its place as the most substantial growth among the top five DeFi protocols. This…

Bitcoin’s break above $28,000 was driven by derivatives

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) recently broke above the $28,000 mark after 12 days. CryptoQuant attributes this upsurge to the derivatives market rather than the traditional spot exchanges.  The CryptoQuant report highlighted some key factors that likely propelled this price rally. The report further calls for caution amid the growing FOMO (fear of missing out) creeping into the market. The recent $BTC rally was driven by Derivatives Exchanges, not Spot Exchanges “There is a tendency for prices to change…

South Korean parliament rejects motion to expel lawmaker over crypto scandal

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South Korea’s parliamentary ethics subcommittee has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party. A parliamentary ethics subcommittee of South Korea has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party (DP), the local news agency Yonhap reported on Aug. 30. The subcommittee rejected the proposal on Aug. 29 after the ruling People Power Party (PPP) and the DP divided evenly over the motion in a 3-3 vote. A majority of votes was…

Genesis Creditor Group Opposes ‘Wholly Insufficient’ DCG Deal

“DCG’s contribution to the estate in satisfaction of creditor claims is wholly insufficient to satisfy even the uncontested loan amounts due, let alone, the valuable estate claims assertable by creditors against DCG and its directors and officers, including Barry Silbert,” a group of Genesis lenders said in a filing to the Bankruptcy Court in the Southern District of New York. Source

Renowned Economist Explains Why Grayscale’s Win Is Not Good For Bitcoin Price

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One of the major highlights of Grayscale’s victory over the US Securities and Exchange Commission (SEC) was its positive effect on Bitcoin’s price. However, renowned economist Peter Schiff has explained why Grayscale’s win may not be good for Bitcoin in the long run.  A GBTC ETF ‘Bearish’ For Bitcoin Schiff tweeted that the GBTC fund becoming a spot ETF (Exchange-traded Fund) is “actually bearish” for the flagship cryptocurrency as he said this move could potentially increase Bitcoin’s “tradable supply.” If approved, investors in the GBTC fund will now be able…

Google Cloud to digitize El Salvador’s governance, healthcare and education

Google Cloud announced a new partnership with the government of El Salvador on Aug. 29 to establish an office and provide Google Distributed Cloud (GDC) services in the country.  The partnership aims to digitize the country, update government services and improve the healthcare and education systems. The GDC will also help bring infrastructure closer to where data is generated for El Salvador. Nayib Bukele, the country’s president, said he believes El Salvador is quickly becoming a “hub for innovation.” “El Salvador is moving forward. We believe technology and foreign investment are…