Month: August 2023

Bitcoin dips below vital $29k mark as volatility hikes

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) has dropped from the $29,000 mark for the first time since June 22. The downward movement comes as the broader crypto market witnesses a $21 billion fall. The flagship cryptocurrency is down by 1.5% in the past 24 hours, trading at around $28,930 when writing. Its total market capitalization is $562.6 billion.  Total crypto market cap | Source: CoinMarketCap Along with Bitcoin’s fall, the global crypto market cap has also declined by 1.7%, according…

Meta to launch AI chatbots with personalities to retain users: Report

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Meta, the parent company of Facebook and Instagram, plans to release artificial intelligence (AI) chatbots with human-like personalities as it focuses on user retention efforts, according to a report from the Financial Times.  On Aug. 1 the FT reported that people close to the matter said prototypes of the chatbots have been underway with the final products being able to hold discussions with users at a human level. The range of chatbots will be able to display different personalities and are expected to be released as early as next month,…

FTX’s Draft Reorganization Plan Offers Hope for Recovery with Offshore Exchange Proposal

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FTX, the beleaguered cryptocurrency exchange, has filed a draft plan of reorganization. According to the proposal submitted on Monday, FTX aims to create a “rebooted” offshore exchange accessible only to non-U.S. users. The plan seeks to categorize claimants into distinct groups, with FTX.com offshore exchange users referred to as “dotcom customers,” while FTX US users are labeled “U.S. customers,” media reports said.  Under this proposal, each holder of a dotcom customer entitlement will be entitled to a pro-rata share of the proceeds from a pool of assets linked to the FTX.com…

Curve Concerns Threaten Major Market Crash

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The Ethereum DeFi space is currently experiencing a rough few hours. All major DeFi coins are posting deep red numbers in the last 24 hours: Compound (-18%), Aave (-10%), Curve (-10%), Frax (-6%), and Synthetix (-6%). The reason? Curve Finance, a flagship decentralized exchange specializing in stablecoin swaps, recently suffered a significant exploit. The resulting aftershocks are being felt across the DeFi ecosystem, inciting fears of a broader Ethereum DeFi massacre. The exploit, causing a damage of around $100 million, sets off potential domino effects threatening the stability of the…

BALD meme coin surges 40,000% in 48 hours and then plunges

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Recently launched meme coin, BALD, grew to a $50 million market capitalization from zero in one day. The coin experienced 40,000% growth in 48 hours before encountering a free fall. At the time of writing, BALD is down by over 95%. Moons and dumps  Launched recently on Base, Coinbase’s layer-2 chain over Ethereum (ETH), BALD has appeared out of the blue and reached heights many coins only dream of attaining. However, like all meme coins with…

FTX Officially Floats Plan to Restart International Crypto Exchange

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FTX filed a series of court documents yesterday (Monday) with the claims of the debtors and also proposed a plan for one class of claimants to relaunch the offshore cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around…

US defense bill may be ‘problematic’ for USDC and stablecoins: Analysts

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Circle’s USD Coin (USDC) and other stablecoins could potentially face a compliance nightmare if a new national defense bill that passed in the United States Senate makes it all the way. In a July 31 investment note seen by Cointelegraph, Berenberg analyst Mark Palmer explained that a recent amendment to the 2024 National Defense Authorization Act (NDAA), could potentially introduce new KYC and anti-money laundering measures that stablecoin issuers will be unable to comply with. “The amendment would require the U.S. Treasury Secretary to ‘establish examination standards for crypto assets’…

How digital coins affect the planet

The growing popularity of cryptocurrencies has led to more people looking into how much energy they use and how they affect the environment. Let’s delve into the environmental impact of well-known coins, looking at the technology behind them and the consequences they have on our planet. Ethereum’s evolution toward sustainability Ethereum has cemented its status as a significant player in the blockchain landscape, facilitating the rise of smart contracts and decentralized applications (dApps). However, its influential position comes with an environmental cost. Ethereum recognized this issue and transitioned from the…