Day: September 15, 2023

Coinbase CEO stands up for DeFi, Polygon says $1B ZK-rollup paying off: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The past week in DeFi saw Coinbase CEO stand up for the nascent ecosystem amid growing calls for enforcement action, while Polygon CEO has said that its $1 billion zero-knowledge proof rollup bet is paying off. MakerDAO’s founder believes decentralized stablecoins could dominate crypto, while Solidus Labs says decentralized exchanges have become a magnet for wash trading. The top 100 DeFi tokens…

Nvidia AI partner Databricks raises $500M to achieve $43B valuation

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Cloud data company Databricks recently announced the completion of a Series I fundraising round where it raked in $500 million from primary investor accounts led by T. Rowe and new investors Capital One Ventures, Ghisallo Capital Management, Ontario Teachers’ Pension Plan and Nvidia. The latest investment round was achieved at a valuation of $43 billion dollars and a share price of $73.50, according to Databricks. In 2021, the company raised $1.6 billion in Series H funding at a valuation of $38 billion. Databricks’ financial partnership with Nvidia indicates an increased…

These Countries Are Picking Shiba Inu Over Dogecoin And Cardano

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Shiba Inu has been constantly garnering favor among crypto investors since its first price surge back in 2021. Even with the price drop over the last year, the meme coin still features as an investor favorite, surpassing the likes of Cardano and Dogecoin in countries with a large crypto investor presence. Shiba Inu Search Surpass Dogecoin And Cardano Google Trends has shown that interest in Shiba Inu has surged ahead of that of Dogecoin in Canada and the United States, as well as Cardano. The data which shows the movements…

What a US government shutdown would do to Bitcoin

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On the latest episode of Macro Markets, analyst Marcel Pechman examines the current state of the American economy. He references a headline from Barron’s that highlights the disparity between people’s perception of the economy and the objective data. Pechman delves into the concept of excess savings, agreeing with Barron’s that a significant portion of the United States population lacks sufficient savings for retirement, potentially necessitating longer working years. He notes that household wealth in the U.S. has reached new heights, primarily due to surges in equities and real estate assets. …

3 key Ethereum price metrics suggest that ETH is gearing up for volatility

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Ether (ETH) price has been dealing with some strong headwinds and on Sept. 11, the price of the altcoin endured a critical test when it plunged to the $1,530 support level. In the days that followed, Ether managed to stage an impressive recovery, by surging by 6%. This resurgence may signal a pivotal moment, following a month that had seen ETH endure losses of 16%.  Even with the somewhat swift recovery, Ether’s price performance raises questions among investors about whether it has the potential to climb back to $1,850, and…

Sam Bankman-Fried Blames Everyone but Himself for FTX’s Collapse

Most notably, Bankman-Fried still seems unwilling to take any responsibility for what happened — or even register that $8 billion *somehow* went missing, people lost life savings or that he could spend the next decades of his life rotting in prison. And, somehow, his biggest regret still seems wrapped up in his fallen public persona, as if the weekly court hearings and ongoing bankruptcy process are a detour from his life as a magnanimous, beloved statesman he was destined to live. Source

What Crypto Can Learn From AI About Getting Its Way in Washington

Media gatekeepers are weaker than ever, leaving the public, which is already distrustful of large corporations and institutions, vulnerable to rumor and disinformation. In the late 1990s and early 2000s, many Americans relied heavily on traditional media sources. Today, more Americans get their news from their favored social media app, which likely prioritizes content that engages (sensationalizes) rather than educates. And when constituents are whipped up by trending topics and viral posts, lawmakers have less political freedom to craft middle-of-the-road policies. Just as crypto market participants have suffered from the…

Ethereum launches new testnet ‘Holešky,’ allocates 1.6B ETH for devs

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Ethereum developers launched a new testnet on Sept. 15. Called “ Holešky,” the network is expected to be used for staking, infrastructure and protocol-development, according to its developer documents. Sepolia will remain the dominant network for application development. Hello Holesky, Ethereum’s Newest Testnet Read details below#cryptonews #ETH pic.twitter.com/Z6DUMkOExz — Amy Kols Network (@Amyykols) September 14, 2023 An initial supply of 1.6 billion Holesky testnet Ether (HETH) will be allocated to validators on Holešky’s launch day to bootstrap the network into operation, according to Ethereum developer Tim Beiko. This represents ten…

BitGo, Swan unveil plans for Bitcoin-only trust company

The United States may soon have a Bitcoin-only trust company, according to plans disclosed by BitGo and Swan Bitcoin on Sep. 15. The joint venture is pending regulatory approval, the companies said in a statement. The forthcoming entity will handle similar activities of a trust company, including Bitcoin custody, administration and management on behalf of its beneficiaries. According to Cory Klippsten, CEO of Swan, the solution intends to offer Bitcoin custody without the risks of having other altcoins under the same roof. “For years, we’ve heard from major clients, partners,…