Day: September 29, 2023

Cosmos Has A Grand Plan For 2024: Will It Crush Ethereum?

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Cosmos, a blockchain where developers can create custom chains that interconnect and communicate, has revealed its roadmap for 2024. According to an X post on September 25, the roadmap centers on increasing modularity, improving the developer experience, addressing “technical debt,” and driving user adoption. With this, Cosmos developers plan to take on the more established platform, Ethereum. At the heart of Cosmos are features such as Tendermint, a consensus system that anchors blockchains such as the BNB Chain; Cosmos SDK, a software developer kit that allows coders to build fluid and custom…

Whales accumulating PEPE, meme token rallies 20%

PEPE is steady at spot rates, likely because of whale activity. Trackers show that the meme token is up 8% on the last day, stretching gains by 20% in the past week. This suggests that trader sentiment is improving. Lookonchain data on Sep. 29 reveals that PEPE whales have been accumulating.  Three major transactions, totaling $1.5 million, were made on Sep. 28 to purchase PEPE. On Sep. 29, two new wallets spent over $800,000 to acquire 1.08 trillion PEPE.  Meanwhile, another investor traded $645K worth of Ethereum (ETH) for PEPE.…

Kraken offers stock trading as exchanges adapt to changing regulations

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Cryptocurrency exchanges are adopting alternative strategies to conduct business in the face of tighter crypto regulatory environments worldwide. Signs are everywhere. Kraken is reportedly moving to offer securities trading in the United States and the United Kingdom to expand its reach and compete with popular apps like Robinhood, which offer both crypto and stock trading. On the other hand, Gemini is expanding its presence in India with a $24 million investment in its development center. Another challenge for crypto exchanges has been licensing and communication with regulators. Binance reopened its branch…

Crypto Lender BlockFi Says It’s Taken Major Step Toward Emerging From Bankruptcy

The beleaguered crypto lender was among a rash of digital asset companies that froze their customers’ accounts and eventually collapsed after FTX blew up last fall. The restructuring plan, which more than 90% of creditors approved, will enable BlockFi to recover the assets it lost to crypto exchange FTX and failed hedge fund Three Arrows Capital, allowing the lender to put more money in creditors’ pockets, the company said. Source

The Most Pressing Issue on Ethereum is Validator Size Growth

However, the rate at which Ethereum’s validator set size is growing will soon make Holesky’s value obsolete. As of September 15, 2023, there are 806,759 active validators on Ethereum. Since the activation of staked ETH withdrawals in the Shanghai/Capella upgrade on April 12, the number of active validators has increased 43%. Without developer intervention, the number of Ethereum validators is set to exceed 1 million by the end of this year, assuming the maximum number of validators are activated on Ethereum, and no validators exit the network. Ethereum mainnet will…

Court Rules Sam Bankman-Fried Will Remain In Jail Through Trial, Here’s Why

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During a court hearing held on Thursday, September 28, 2023, the Court ruled that the former CEO of now-bankrupt crypto exchange FTX Sam Bankman-Fried aka SBF will remain in jail throughout his trial. Sam Bankman-Fried To Remain In Jail Throughout His Trial At the brief court hearing on Thursday at the Manhattan federal court, Bankman-Fried’s lawyers requested that the court should temporarily release their client so he could be able to prepare his defense against the charges raised against him. However, the judge overseeing the case Judge Lewis A. Kaplan…

Industry leaders and policymakers weigh in on a potential US gov’t shutdown

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The United States House of Representatives has rejected a bill passed by the Senate aimed at funding the government, and Speaker Kevin McCarthy’s proposals have so far failed to gain traction with hard-right lawmakers in the House — all actions suggesting that the U.S. government is heading toward at least a partial shutdown starting on Oct. 1. A U.S. government shutdown, which occurs when Congress fails to pass legislation for funding for the next fiscal year, would effectively stop all federal agencies and departments from doing anything considered “nonessential.” Even…

Bitcoin’s inflation-hedge theory tested as rising interest rates bring turbulence to markets

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The U.S. economy has been facing turbulent times lately, with the U.S. personal consumption expenditure (PCE) inflation index rising by a significant 3.5% over the past 12 months. Even when excluding the volatile food and energy sectors, it’s evident that the efforts made by the U.S. Federal Reserve to curb inflation have fallen short of their 2% target rate. U.S. Treasuries have lost a staggering $1.5 trillion in value, primarily due to these rate hikes. This has led investors to question whether Bitcoin (BTC) and risk-on assets, including the stock…

Pond0x DEX claims $100M in trading volume as critics allege it’s a scam

The Pond0X decentralized exchange (DEX) has reached more than $100 million in total trading volume, according to a September 28 social media post from its official channel. Investors previously lost over $2 million in the launch of the exchange’s native token, PNDX, when the coin turned out to have a transfer function that allowed anyone to transfer it without the owner’s permission. But supporters claim these losses were not the fault of the developer. $108,000,000 Trade Volume ✅ And counting. What comes next…? pic.twitter.com/lpetFqJAkq — Pond Coin (@Pond0x) September 28,…

MATIC Price Downtrend Halted As Google Cloud Joins Polygon Network

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Google Cloud, the renowned cloud computing service provided by Google, has made a significant move by becoming a validator on the Polygon (MATIC) network.  This collaboration aims to bolster the security of the Polygon Proof-of-Stake (PoS) network, with Google Cloud employing its infrastructure, which powers popular platforms like YouTube and Gmail, to contribute to the network’s integrity. Google Cloud Strengthens Polygon Network Security Polygon Labs, the team behind the Polygon protocol, recently announced that Google Cloud has joined their validator set. This move brings Google Cloud into the fold of…