Month: September 2023

Sky-high interest rates are exactly what the crypto market needs

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The United States Federal Reserve Open Market Committee’s September decision on interest rates was entirely expected, with the FOMC holding rates at the current level of 5.25% to 5.5%. As also expected, the committee indicated there may be another rate hike coming this year, with Chairman Jerome Powell insisting — as usual — in his Sept. 20 press conference that the job of getting inflation back to the Fed’s 2% target is in “no way done.” What was more of a surprise, however, is the fact that the Fed raised…

NFTs Aren’t Dead Just Yet (But the MSM Might Be)

To be sure, there is plenty of meat here and the headline isn’t completely wrong, at least judged by the loose standards of headline writers. It’s sort of true that most NFTs are, indeed, worthless. The study found that, out of a sample of 73,257 NFT collections, 69,795 have a market cap of zero ETH. That’s 95% of the total, which is almost “all” of them. The study says that 23 million people now hold NFTs with no value, which is certainly tough for those investors. Source

Bloomberg Analyst Lauds Bitcoin Energy Shift Amid Rising Hashrate

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The Bitcoin mining industry has risen steadily in the past few years thanks to the widespread adoption and increasing interest in the Bitcoin blockchain. This growth has led to a vast increase in Bitcoin’s hash rate, causing concerns regarding the carbon footprint left behind by mining activities. A recent Bloomberg study has shown, however, that the carbon footprint left behind by the Bitcoin blockchain has stalled in recent years.  Bitcoin Unlikely To Burn The Oceans It’s no news that Bitcoin mining is now a big industry on its own, with…

Uniswap launches educational platform with DoDAO

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On September 21, decentralized exchange (DEX) Uniswap launched an educational platform in conjunction with the blockchain education-focused Do Decentralized Autonomous Organization (DAO). According to the announcement, Uniswap University aims to create a structured learning pathway for onboarding users to its V3 exchange via courses, simulation, and quick guides. Via the platform, users can gain knowledge on topics ranging from “What is a DEX?” to advanced topics such as “Strategy Backtesting Tools.” Meanwhile, simulations such as adding/removing liquidity and exploring advanced position management tools allow users to gain quick practical experience.…

Crypto Trading Titans Are Yelling at Each Other on Elon Musk’s X

It’s all just words, of course, but the public quarrel is a reminder of DWF’s sudden emergence earlier this year. The company quickly and loudly popped up as a backer of startups. But there was soon debate around whether it was really engaging in venture capital investing, as some thought, or something less long-term: acting like an over-the-counter trading desk, approaching projects with the offer of buying up its tokens, then trying to sell them for a profit. Source

Ex-Sen. Toomey Who Once Shepherded Crypto Legislation Sees No Path in Current Congress

Though the digital assets industry is desperate for regulatory clarity in the U.S., and is fighting legal skirmishes with the Securities and Exchange Commission (SEC) while it waits for answers, the long-awaited congressional solution isn’t coming any time soon, Toomey predicted at a Georgetown Law seminar Thursday on national security and digital assets. And the fact that the House Financial Services Committee has cleared multiple crypto bills for floor votes probably won’t make a difference, he said, even if they’re approved by the overall House. Source BitcoinCongressCryptocryptoexchangecurrentExchangesExSenLegislationpathSeesShepherdedToomey CryptoX Portal

Pancakeswap integrates Transak for fiat onboarding on multiple chains

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Decentralized exchange Pancakeswap now offers Transak as a provider in its “buy crypto” tab, giving Pancakeswap users an additional option when shopping for crypto, according to an announcement on September 21. Mercuryo and Moonpay were previously providers for this feature, making Transak the third provider to be added. Caption: Pancakeswap buy crypto tab. Source: Pancakeswap Pancakeswap is a multichain decentralized crypto exchange (DEX). It’s available on 8 different blockchain networks, including BNB Chain, Ethereum, Base, Polygon zkEVM, and others. It has over $1.3 billion worth of crypto locked in its…

Why Touching This Bitcoin Level Could Hold The Key For A Rally

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The price of Bitcoin was rejected as it approached critical resistance north of $27,000, and selling pressure continues over today’s trading session. If buyers can’t defend current levels, BTC’s price will likely re-test critical support, but this action could trigger a bounce for the cryptocurrency, according to fresh data. As of this writing, Bitcoin trades at $26,650, with a 2% loss in the last 24 hours. Over the previous seven days, the cryptocurrency has recorded sideways price action and underperformed XRP and Toncoin’s TON, which recorded a 5% and 25%…

Tether acquires stake in Bitcoin miner Northern Data, hinting at AI collaboration

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The firm behind stablecoin Tether (USDT) has invested an undisclosed amount into German-based crypto miner Northern Data Group in a move backing artificial intelligence (AI) initiatives. In a Sept. 21 blog post, Tether said the strategic investment into Northern Data through Tether group company Damoon was intended to demonstrate “its determination to support emerging technology”, hinting at collaborations involving AI, peer-to-peer communications, and data storage solutions. The company denied a report from Forbes regarding a $420-million investment, but did not specify the exact amount when reached for comment. Cointelegraph also…

a16z suggests Machiavelli to fix decentralized governance

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Principles written almost 500 years ago by Niccolò Machiavelli — author of the controversial political work “The Prince” — are the path to solving decentralized governance issues on autonomous organizations, according to a blog post by venture capital firm Andreessen Horowitz (a16z).  The piece is signed by a16z’s general counsel and head of decentralization Miles Jennings, who believes that “applying Machiavellian principles to decentralized governance in web3 can address current shortcomings.” According to Jennings, Machiavelli’s philosophy has a pragmatic understanding of struggles of social power, which are similar to those…