Month: August 2023

Yuga Labs to wind back from OpenSea over its axing of royalty enforcements

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Bored Ape Yacht Club (BAYC) creators Yuga Labs is set to wind down support for OpenSea following the platform’s upcoming removal of its on-chain royalty enforcement tool Operator Filter. The Operator Filter was launched in November 2022, essentially enabling creators to restrict secondary nonfungible token sales only to marketplaces that enforce creator royalties, thus filtering out platforms like Blur. However, OpenSea revealed on Aug. 17 that it will soon “sunset” the tool at the end of August, citing a lack of “opt-in by the entire ecosystem,” platforms being able to…

A Resounding Victory For ETH’s Security Status?

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According to Bloomberg, in a key development for the cryptocurrency industry, the US Securities and Exchange Commission (SEC) is reportedly set to allow the launch of exchange-traded funds (ETFs) based on Ethereum (ETH) futures. This move marks a significant win for numerous firms that have long sought to introduce such products. While the SEC has previously hesitated to approve ETFs directly tied to cryptocurrencies, the decision to greenlight an Ethereum futures ETF could have profound implications for Ethereum’s classification as a non-security.  This development also holds potential ramifications for other…

OpenSea to deactivate its royalty enforcement system

OpenSea deactivates its royalty tool, aiming for transparency and creator empowerment amidst NFT market shifts. Devin Finzer, the founder of the OpenSea NFT marketplace, has announced that it will be deactivating its royalty enforcement tool.  Starting Aug. 31, OpenSea will no longer maintain the Operator Filter tool. This change will remove any limitations on marketplaces going forward.  To improve transparency, OpenSea is streamlining the process for individuals to determine whether a sale includes the creator’s fee. However, creators who have already implemented the Operator Filter or are utilizing specific digital…

Mantle blocks FTX from converting $43m in BIT tokens to MNT

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Mantle DAO community member proposed restricting FTX from converting $43 million in BitDAO tokens to MNT amid ongoing token migration. A community member within the Mantle decentralized autonomous organization (DAO) has initiated a discussion proposing to restrict the collapsed FTX exchange and Alameda Research from converting their BitDAO (BIT) tokens, worth $43 million, to Mantle (MNT) tokens. The background of this proposal dates back to Nov. 2, 2021, when BitDAO swapped 100 million BIT with Alameda…

Analysts are bullish on Aave, STEPN, and Pomerdoge in 2023

Three of the thousands of cryptocurrencies in 2023 have stood out for their approach and implementation of unique technology. Presently, investors are exploring Aave (AAVE), STEPN (GMT), and Pomerdoge (POMD), and retain a bullish outlook. Aave price performance Aave is a decentralized, open-source, and non-custodial money market protocol.  Each depositor can get interest by providing liquidity in different lending pools. Moreover, borrowers can get access to over-collateralized loans. Aave is trading at $65.84 on Aug. 14, 2023, within the $63.60 and $68.46 range in the past week.  In addition, AAVE…

Sub $20,000 Nightmare Looms, Analyst Foresees Extended Downturn

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In a shocking twist, Bitcoin (BTC), the undisputed king of cryptocurrencies, has plunged to levels not seen since the early days of 2023. The battle-hardened Bitcoin bulls have suffered another crushing defeat, leaving investors on edge, anxiously pondering whether the dreaded sub $20,000 abyss will haunt them again. With relentless uncertainty gripping the market, the burning question lingers: Has Bitcoin truly hit rock bottom, or is BTC in for an even darker descent? Bitcoin Path Aligned With 1930 Stock Market Crash According to Mike McGlone, Bloomberg’s Senior Macro Strategist, Bitcoin’s…

Binance Connect goes dark, Prime Trust is bust and PayPal unveils Crypto Hub

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It’s been another week of mixed developments in the crypto industry, with established players winding down operations while newcomers introduce new crypto features and services.  Binance’s buy-and-sell crypto arm was shut down on Aug.16, with the crypto exchange remaining under widespread regulatory scrutiny, affecting key partnerships for its operations worldwide. Crypto custodian Prime Trust filed for bankruptcy protection following months of uncertainty regarding the state of its finances. Meanwhile, in better news, BitGo raised millions of dollars in a fundraising round backed by a new group of investors. Some fresh…

Crypto grants foster innovation amid venture capital exodus

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As the bear market keeps slashing venture capital investments in the crypto industry, alternative funding options, such as grants, have been gaining traction as a means of supporting the community while enabling the growth of established projects.  According to Blockchain Grants, at least 40 crypto projects are currently offering grants for developers working on Web3 solutions, while data from Cointelegraph Research indicates that the market downturn has left a void in crypto venture capital, resulting in a 30% drop in funds injected into Web3 projects over the past 12 months.…

XRP Ruling Needs Appeals Court Review, SEC Says

“The rulings that the SEC seeks to appeal were legal determinations about the existence of investment contracts based on undisputed facts. The undisputed facts (e.g., Order at 23 (Programmatic Sales are ‘blind bid/ask transactions’)) present a legal question – can an issuer’s offers and sales on crypto asset trading platforms create a reasonable expectation of profits based on the efforts of others? This legal question is at issue in a number of pending cases, and a Second Circuit ruling will have ‘precedential value,’” the filing said. Source

Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges

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Algorand’s (ALGO) performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset’s value plummeted to a historical bottom, and it’s currently down by nearly 10% in the past 24 hours. Algorand Records New Low Just yesterday, amid the significant downturn in the crypto market, Algorand’s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining its stability and striving to hold its ground above the $0.11 mark over the past week. This price move resulted in more than…