Month: August 2023

ZK-proof Web3 infrastructure developer gets backing from Binance Labs

Zero-knowledge proof technology continues to garner interest and investment as Binance Labs becomes the latest firm to invest in ZK-proof-powered infrastructure developed by Delphinus Lab. Binance’s venture capital arm announced a strategic investment into Delphinus Lab’s zero-knowledge WebAssembly (zk-WASM) virtual machine. The zk-WASM is being labeled as the first known open-source virtual machine to support ZK computation and application software development kits. Cryptox can exclusively reveal that Binance Labs is investing $2.2 million into Delphinus Lab, with the funds set to facilitate the ongoing development of its application rollup platform, zkWASM…

Coinbase (COIN) Acquires Stake in Circle

Cryptocurrency exchange Coinbase (COIN) bought a minority stake in stablecoin issuer Circle Internet Financial. The two companies also dissolved their Centre Consortium partnership, which issued USD Coin (USDC), the world’s second-largest stablecoin. As part of the move, Circle will bring issuance and governance of USDC fully in-house. Also, six more blockchains will gain native support for USDC, which is pegged at $1, bringing the total number of supported blockchains to 15. Coinbase and Circle, in a blog post and interviews with CoinDesk, did not disclose the size of the stake…

Binance refutes euro issues, confirms additional KYC

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance spokesperson told crypto.news confirmed that SEPA-based euro payments will continue to be processed until Sept. 25 but with a catch. In an Aug. 22 statement, a Binance spokesperson told crypto.news that the SEPA deposit and withdrawal service will continue until 25 September. Still, additional checks are likely for users who intend to use SEPA transfers to interact with their accounts in the exchange: “As we approach that date, some users may occasionally be asked for…

Maple Finance Raises $5M From BlockTower, Tioga; Restarts on Solana (SOL)

“This funding round marks a pivotal moment in our evolution as we embark on a strategic expansion into the APAC (Asia-Pacific) region as part of a comprehensive growth plan for Maple,” CEO Sidney Powell said in a statement. “The network is poised to further scale its technology and forge partnerships that enable compliant and seamless lending and borrowing adoption across the APAC region, specifically in Singapore, Japan, Hong Kong and Korea,” Powell added. Source

Altcoin Season In Limbo As Bitcoin Dominance Holds Key Support

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Market observers are closely eyeing the tussle between Bitcoin and its altcoin counterparts. Bitcoin’s dominance, a critical indicator of its market influence relative to the entire crypto market, has reached a pivotal crossroads. This juncture holds the potential to determine whether this year’s trend of Bitcoin outperforming altcoins will persist or if the heralded “altcoin season” is on the horizon. Bitcoin Dominance (BTC.D) stands as a percentage value that calculates Bitcoin’s market capitalization against the entire global crypto market capitalization. This metric has garnered substantial attention due to its role…

Bitcoin is in ‘new bull cycle’ — Metric that bottomed before 70% gains

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The Bitcoin (BTC) metric that nailed the pit of the 2022 bear market says its uptrend is still intact. In an X post on Aug. 22, creator of on-chain analytics platform LookIntoBitcoin shared some good news in the form of Bitcoin’s Realized Cap HODL Waves (RHODL). Analyst: “New money” flowing into Bitcoin in 2023 While last week’s 10% BTC price dip has upended some of the on-chain landscape, RHODL is one of the metrics taking a longer-term view of what remains a timely bull market. The metric takes existing HODL…

SEC-Ripple lawsuit cost XRP 3 years of adoption: Lawyer

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The United States Securities and Exchange Commission (SEC) lawsuit against Ripple filed in December 2020 has deprived the XRP token of nearly three years of adoption in the United States, said pro-XRP lawyer John E Deaton in a recent post on X (formerly Twitter). Deaton’s comments came amid Coinbase’s announcement that they have acquired a minority stake in USD Coin (USDC) issuer Circle and will be working to “unlock additional utilities and grow the USDC ecosystem.” The lawyer reflected on how Ripple and XRP were on a trajectory of great…

Bitcoin is undervalued as price consolidated around $26k

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) has been consolidating between $25,800 and $26,100 since Aug. 18. However, market intelligence data suggests that the flagship cryptocurrency is undervalued. According to Santiment, Bitcoin’s market value over realized value (MVRV) ratio on a 30-day moving average has dropped by 8.49%. This suggests that the asset’s price is currently undervalued at this point. Buy the dip? On the other hand, the social volume for the term “buy the dip” has dropped significantly after it…

XRP About-Face Sparks Another Descent – What Lies Ahead?

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XRP, the cryptocurrency known for its ties to Ripple, has recently faced a bout of volatility in the market. The coin’s value, currently hovering around $0.517 according to CoinGecko, experienced a 1.0% decline in the past 24 hours alone. Over the span of a week, XRP witnessed a significant 17.4% slump, reflecting the ongoing volatility that has come to characterize the cryptocurrency market. Despite its potential, XRP’s journey to break through the 200 Exponential Moving Average (EMA), a significant technical indicator, has hit a roadblock, casting doubts on its short-term…