Day: September 5, 2023

Base suffers first major outage since launch

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Coinbase’s Ethereum layer-2 network Base has suffer its first major outage since its public launch on Aug. 9. For approximately 45 minutes on Sept. 5, no new blocks were produced on the Base chain. Its developers first identified the “stalled” block production at 9:36 pm UTC, according to the Base status site. Block production on the Base network stalled at 9:36pm Sept. 5. Source: BaseScan “We identified a delay in block production due to part of our internal infrastructure requiring a refresh. We’ve implemented a fix and are seeing widespread…

Jim Cramer endorses Binance and BNB despite recent troubles

“Mad Money” host Jim Cramer says he’s bullish on Binance and its BNB token, even as the crypto exchange faces regulatory hurdles and liquidity concerns. Jim Cramer, the American television host renowned for his financial acumen, has taken a bullish stance on Binance and its native cryptocurrency, BNB. Known for his CNBC program “Mad Money,” Cramer’s endorsement comes when the crypto exchange is grappling with regulatory challenges and market turbulence. Jim Cramer’s controversial market influence Jim Cramer is no stranger to controversy, but his sway in financial circles is unquestionable.…

VISA’s Stablecoin Payments On Solana Propel SOL To 5% Gain, Bulls Eye Price Breakout

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Payment giant VISA has significantly moved in the digital currency space by expanding its stablecoin settlement services to the Solana (SOL) blockchain.  According to recent announcements, the company aims to enhance the capabilities of traditional payment systems through this pilot program, which is currently in the testing phase.  This initiative is expected to improve cross-border settlement speeds and offer a modern option for clients to send and receive funds through Visa’s treasury.  In collaboration with merchant acquirers Worldpay and Nuvei, this expansion reinforces Visa’s commitment to staying at the forefront…

US-based Genesis Global Trading will eliminate its crypto spot trading service

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Genesis Global Trading (GGT) will close down its cryptocurrency spot trading service on Sept. 18, according to press reports. GGT is affiliated with the Digital Currency Group (DCG), but it was not affected when the parent company’s crypto lender, Genesis Global Capital, declared bankruptcy in January.  The GGT trading shutdown is voluntary, Bloomberg reported, quoting a company spokesman as saying: “This decision was made voluntarily and for business reasons. We are working closely with regulatory authorities to coordinate an orderly discontinuation of services.” GGT began trading in 2013, according to…

Report suggests 6 billionaire crypto traders earned their fortunes from Bitcoin

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A report released by London-based investment migration consultancy firm Henley & Partners suggests there were more than 40,000 crypto millionaires in the world holding Bitcoin.  According to the “Crypto Wealth Report” published on Sept. 5, Henley & Partners said there were roughly 88,200 millionaires worldwide with crypto holdings, with 40,500 holding Bitcoin (BTC). The report suggested that of 182 individuals who held more than $100 million worth of crypto, 78 were Bitcoiners. In addition, six out of 22 crypto traders who held more than $1 billion “amassed their fortunes from…

Ether price risks losing the $1.6K support as multiple ETH price metrics decline

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Ether’s price surged by 31.3% from March 10 to March 18, coinciding with the Federal Reserve’s injection of $300 billion to address the insolvency of Silicon Valley Bank. Since then, Ether’s (ETH) price has consistently maintained a daily closing price above $1,600.  However, investors are now casting doubt on Ether’s ability to sustain this support level, given the prevailing bearish sentiment in the cryptocurrency space and declining metrics on the Ethereum network. Over the past six months, the cryptocurrency sector has been plagued by negative developments. Notably, the Digital Currency Group (DCG), the…

Synapse Liquidity Provider Abruptly Dumps 9 Million SYN Tokens, Price Plunges By 20%

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Cross-chain bridge Synapse has seen the value of its native token SYN plummet after a liquidity provider (LP) dumped all their tokens. According to data from CoinGecko, the token’s price declined by nearly 25% a few hours after the sell-off. On Tuesday, 5th of August, Synapse Labs announced – via a post on X (formerly Twitter) – that one of the liquidity providers sold their SYN tokens and removed liquidity from the Synapse protocol.  Lookonchain reported a whale dumping 9 million SYN tokens an hour after this disclosure. According to…

SEC Has ‘No Grounds’ to Reject Bitcoin ETF Conversion, Grayscale Says

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“After the Commission has had the opportunity to fully analyze the court’s opinion in light of the record, including the reasons for rejection set forth … we believe the Commission should conclude that there are no grounds for treating the Trust differently from ETPs that invest in bitcoin futures contracts,” Grayscale’s legal team wrote in a letter to the regulator on Tuesday. Original

New Coinbase (COIN) Crypto Lending Service Is Geared Toward Large Investors

“With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a product that qualifies for a Regulation D exemption,” a Coinbase spokesperson said in a statement. “Coinbase is working to update the financial system that was built over 100 years ago, leveraging crypto to provide people with more economic freedom and opportunity. To advance this purpose, Coinbase is building the most trusted crypto products and services, and supporting other builders to bring 1 billion people into crypto.” Source