Day: September 19, 2023

PayPal’s PYUSD Report Provides Valuable Insight Into The Stablecoin’s Performance So Far

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A new report has shown that the adoption of PayPal’s PYUSD stablecoin has seen less than favorable adoption rates since its inception. The crypto community remains skeptical about employing the new stablecoin for daily crypto payments and has opted for top competitor stablecoins like USDT and USDC.  PYUSD Experiences Sluggish Adoption Rate Global payments giant PayPal released its transparency report for its stablecoin, PYUSD, and the analysis of the report reveals that the PYUSD stablecoin may not be seeing as much adoption as PayPal and PYUSD stablecoin issuer, Paxos hoped…

Chamber of Digital Commerce launches Digital Power Network miners’ coalition

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Cryptocurrency miners have a new voice in Washington with the launch of the Digital Power Network (DPN), a new coalition affiliated with the Chamber of Digital Commerce. The network is off to a promising start, with many of the United States’ biggest miners on board. The DPN is the first affiliate of the Chamber, and shares many of the same team members. Its origins stretch back to the Chamber’s Mining Initiative, which “pioneering the introduction of the first pro-proof-of-work resolution in the U.S. House of Representatives.” Rep. Pete Sessions’ resolution…

Bitcoin HODLers Not Selling, Will Number Break Record Highs?

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The latest Glassnode data on September 18 shows that the percentage of Bitcoin supply held by long-term holders is close to an all-time high of approximately 76%. The expansion comes when the broader crypto market is recovering after crashing in recent weeks. BTC long-term holders: Glassnode The fact that the amount of coins owned by long-term holders is increasing could indicate a positive shift in sentiment. Long-term holders differ from speculators, who predict and gamble on price fluctuations for financial gain. Long-term holders are individuals or organizations that have kept…

Interest rate hikes may pause very soon — Here’s why

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On this week’s episode of The Market Report, analyst Marcel Pechman discusses Bitcoin’s (BTC) strength ahead of the United States Federal Reserve’s Federal Open Market Committee (FOMC) meeting, with investors betting on an interest rate freeze. Pechman expresses skepticism about the claim that recent inflation data indicated the Federal Reserve’s 2% target was within reach, citing the time lag for interest rate changes to impact inflation and previous instability caused by rate increases. Moving on, Pechman addresses the decreasing supply of Bitcoin on exchanges, seen as a bullish signal. However, he…

Does Coinbase Have a Diversification Problem?

Depending on how you look at it, this could be ominous for Coinbase’s future growth or simply a matter of common sense. ETH and BTC are the two largest networks, but that hasn’t prevented, say, Solana from finding a user base. Not every token will be a winner, but presumably unless something catastrophic happens recent launches like Sui and Aptos will find uses and users too. Source

Tron founder Justin Sun’s holdings are up 50% in one month

The cryptocurrencies and tokens held in the publicly-known wallets of Tron (TRX) founder Justin Sun have seen their value increase by over 50% over the last month. Data gathered from blockchain analytics platform Arkham Intelligence shows that as of Aug. 19 Sun’s wallets contained $733 million, and as of Sept. 19 the balance increased by just over 50% to $1.1 billion. Sun’s current top holding is Wrapped Stacked Ethereum (WSTETH) for a total of under 169,000 tokens worth approximately $315 million. This token represents Ethereum (ETH) stacked to get stacking…

Crypto Exchange CoinEx Promises Generous Bug Bounty Reward to Hacker Following $70,000,000 Exploit

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Days after suffering a security breach, crypto exchange CoinEx is attempting to reach out to the hackers responsible for the incident. In an open letter to the hackers, CoinEx says it is ready to reward the perpetrators of the theft with a “generous bug bounty” if the stolen assets are returned. “We hope you recognize the impact of this event on each one of those users. We would appreciate it if you understand the concerns and frustrations of these affected users. We sincerely invite you to work with us to resolve…

Sam Bankman-Fried’s father dragged his mother into an FTX US salary dispute

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Joseph Bankman, the father of former FTX CEO Sam Bankman-Fried (SBF), complained to his son about the salary he was receiving during his employment at FTX US, turning the issue into a family matter. In a Sept. 18 filing in United States Bankruptcy Court for the District of Delaware, FTX debtors filed a complaint against Bankman and Barbara Fried, alleging SBF’s parents misappropriated millions of dollars through their involvement in the exchange’s business. According to court documents, Bankman’s contract with FTX US should have provided a $200,000 annual salary following…

Nomura launches Bitcoin adoption fund for institutional investors

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Nomura, Japan’s largest investment bank, announced that its subsidiary Laser Digital Asset Management has introduced a Bitcoin Adoption Fund aimed at providing institutional investors with direct exposure to Bitcoin. Targeting institutional investors, this move is part of a larger plan by Nomura, which is positioning the fund as “the first in a range of digital adoption investment solutions that the firm plans to introduce.” The Bitcoin Adoption Fund offers “long-only exposure to Bitcoin (BTC)” and is a segment of Laser Digital Funds Segregated Portfolio Company. Remarkably, it has been registered…