Month: August 2023

Worldcoin to extend ID verification system to businesses and governments

On Aug. 2, Worldcoin announced plans to expand its global operations, allowing other organizations to use its iris-scanning and identity-verification technology.  Launched July 25, Worldcoin (WLD) operates by providing users a digital ID and free cryptocurrency in some nations in exchange for iris scans, making strides toward establishing a consolidated “identity and financial network.” Users globally have been subjecting themselves to facial scans by an elegant, spherical device termed “orb.” This action, despite concerns from privacy activists about the potential misuse of the biometric data, has drawn approximately 2.2 million participants, primarily during…

Litecoin Completes Halving, But Price Plunges 6%

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Litecoin has completed its much-anticipated halving event today, but it seems the investors have reacted by participating in a selloff. Litecoin Has Completed Its Third Halving, Block Rewards Now Down To 6.25 LTC The “halving” event is where LTC’s block rewards are permanently cut in half. This event is periodic, occurring approximately every four years or roughly every 840,000 blocks miners hash. Today’s halving was Litecoin’s third, meaning its block rewards have been cut three times since its genesis. In the first halving, the cryptocurrency saw its block rewards go…

Australian financial regulator sues eToro over ‘volatile’ trading products

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Australia’s financial regulator has sued trading platform eToro over one of the leveraged trading products it offered to retail investors, alleging inappropriate screening tests caused thousands of users to lose money. The Australian Securities and Investments Commission (ASIC) said on Aug. 3 it commenced Federal Court proceedings over eToro’s contract for difference (CFD) product for targeting too wide a market and breaching design and distribution rules. CFDs are a type of leveraged derivatives contract that allows buyers to speculate on price movements of an underlying asset such as foreign exchange…

Why Isn’t Bitcoin Outperforming Most Risk Assets? A Market Conundrum

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Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, has recently suggested that Bitcoin’s (BTC) underperformance compared to the stock market may be a warning sign for investors.  BTC’s Failure To Outshine In A Bull Market McGlone notes that Bitcoin has declined compared to the Nasdaq 100 stock index since its 2021 peak and April bounce. This waning performance may presage rising headwinds not only for Bitcoin but also for the broader crypto market. McGlone stated: If Bitcoin truly is the “fastest-horse-in-the-race,” as some consider it to be, then it should…

Abracadabra proposes 200% loan interest rate increase to mitigate CurveDAO risk

Curve has faced multiple setbacks, such as the Conic, JPEG’d, and Curve hacks, which have impacted its total value locked (TVL) and caused ripple effects on the price and liquidity of CRV tokens. As a result, Abracadabra Money is considering raising interest rates to mitigate its exposure to CurveDAO’s native token, CRV. Abracadabra Money proposes rate adjustment In an August 1 announcement, Abracadabra Money proposed adjusting interest rates on collateral-based rates across CRV cauldrons.  The proposal suggests charging interest on the cauldron’s collateral before moving into the protocol’s treasury, similar to what…

This Long-Term Bitcoin Price Average Is Setting ATHs

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Bitcoin price is nowhere near setting new all-time highs, but an important long-term price average is doing so, day after day, month after month. What is this moving average being referenced, and what does it setting new highs potentially mean? The 50-month moving average at the highest point ever| BTCUSD on TradingView.com Meet The Moving Train: The 50-Month Moving Average As Bitcoin and the rest of the crypto market grind painfully sideways, a key measure using a moving average of BTCUSD price action is rising steadily, now at its highest…

Is Sam Bankman-Fried Going to Jail?

Federal prosecutors said they were “seeking detention” for Sam Bankman-Fried, asking a judge to revoke his bond after he shared documents with the New York Times that they allege were meant to harass a fellow executive from the FTX empire and potentially influence her testimony. Source

Bitcoin BTC Price Seesaws Back Over $29.1K, as Investors Move Past Binance Angst; BCH, UNI, LTC Sink

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“We’re seeing a multitude of influential factors at play, which includes corporate investments, regulatory advancements, macroeconomic shifts, and potential for increased accessibility through financial products like ETFs,” Feng wrote. “MicroStrategy’s continued investment in Bitcoin certainly underscores their commitment, helping solidify corporate interest in digital assets. This, in tandem with anticipation around the upcoming Bitcoin halving event, is influencing market behavior, as traders often view such milestones as potential catalysts.” Original

China is Binance’s largest market

Binance, the largest cryptocurrency exchange, reportedly has a big presence in China with around 900,000 active users. This is despite China banning all crypto trading activities. Binance has a presence in China South Korea, Turkey, Vietnam, and the British Virgin Islands also rank as large markets for Binance. In May 2023, Binance recorded over $90 billion worth of spot and futures trading, accounting for 20% of the global volume.  The report examines possible reasons for how and why the exchange continues to operate in China.  It suggests that Binance’s regular…

KuCoin Shuts Down Bitcoin And Litecoin Mining Pools Amid Market Turmoil

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KuCoin, one of the world’s largest cryptocurrency exchanges, has temporarily halted its KuCoin Pool service, effective August 15, 2023, until further notice. The move is part of KuCoin’s business strategy and aims to ensure the security and integrity of users’ assets. KuCoin Urges Users To Backup Mining Records During the suspension, users will retain complete access and control over their assets, and all other KuCoin offerings will remain operational as usual.  However, users who are involved in cryptocurrency mining are advised to transition their Bitcoin (BTC) and Litecoin (LTC) miners to…