Day: October 2, 2023

What happens when cloud meets Web3?

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Cointelegraph’s Hashing It Out podcast talks to Howie Jiang, Web3 chief solution architect at Tencent Cloud Europe, and Fakhul Miah from Elastos about how crypto can take advantage of cloud technology. The two firms recently announced a partnership to “accelerate the Web3 space.“ Tencent Cloud, a popular global cloud vendor, is betting heavily on Web3 with operations in 27 regions and multiple projects related to Web3. Jiang highlights the firm’s experience with Web3 and explains that the cloud company wants to expand overseas after working with nonfungible tokens (NFTs) and other blockchain…

Expert Predicts Staggering 760% Surge For XRP Price: Roadmap

Crypto analyst Egrag has unveiled a new analysis predicting a significant surge in the price trajectory of XRP. Based on his examination of the 1-day chart patterns of XRP, he suggests three primary phases for its future price – labeled as White, Blue, and Green. The ‘White’ phase, which Egrag claims has already concluded, saw XRP settle at $0.93. The ‘Blue’ phase, currently ongoing, aims for a target of $1.5. The ‘Green’ phase, which will begin after the completion of the ‘Blue’ phase, sets an ambitious target of $4.5. The…

Solana (SOL) Makes Promising Recovery, Surges 15%

In addition to the 15% price surge, Solana’s total value locked (TVL) reached an impressive milestone on October 2, standing at $338.82 million. In a surprising turn of events, Solana (SOL), one of the most popular cryptocurrencies in the market, has experienced a remarkable resurgence, witnessing a 15% surge in its price over the last 48 hours. Currently, SOL is trading at $24.19, representing a substantial 65% increase from its lowest price in 2023. This impressive price rally has propelled SOL beyond a critical technical indicator known as the 200…

Bitcoin Price Above 28,000 and Ether Above $1700 Wiping $70M in Shorts

While the recent price surge brought joy to long-term investors and HODLers, short sellers are notably facing a different fate. On October 1, the crypto market witnessed spectacular price increases, with Bitcoin (BTC) exceeding $28,000 and Ethereum (ETH) surging past $1,700, prompting more than $70 million in short positions to be liquidated in a matter of minutes. The Surprising Bitcoin Price Pump According to data from TradingView, the crypto market’s upheaval began when Bitcoin surged by a significant 3% in a mere 15-minute window. This sudden price hike propelled Bitcoin…

UBS Pilots Tokenized VCC Fund in Singapore within Project Guardian

The first transactions within the pilot included fund subscriptions and redemption of the tokenized fund represented as a smart contract. Notably, UBS used its own UBS Tokenize platform to conduct the transactions.  Swiss multinational investment bank and financial services company UBS Asset Management (SWX: UBSG) has launched the first pilot of a tokenized Variable Capital Company (VCC) fund – a new legal entity form for all types of investment funds in Singapore. The fund is a part of the Project Guardian initiative run by the Monetary Authority of Singapore (MAS). The Project Guardian aims to drive…

IMF working paper proposes country-level assessment matrix for crypto risks

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A working paper published by the International Monetary Fund (IMF) proposed a count vulnerabilities and potential policy responses for the crypto sector.  On Sept. 29, the IMF published a working paper titled “Assessing Macrofinancial Risks from Crypto Assets.” Within the paper, authors Burcu Hacibedel and Hector Perez-Saiz proposed a crypto-risk assessment matrix (C-RAM) for countries to spot indicators and triggers of potential risks in the sector. The matrix also aims to summarize regulators’ potential responses to the risks it could identify.  The matrix includes a three-step approach. The first step…

BIS Chief Calls On Central Banks To Prepare

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Central banks worldwide must be proactive in adapting to the fast-evolving crypto landscape, urged Cecilia Skingsley, the head of the Innovation Hub at the Bank for International Settlements (BIS).  Speaking at the New York Fed Conference on Fintech: Artificial Intelligence and Digital Assets in Manhattan, Skingsley emphasized the need for central banks to embrace technological advancements, including cryptocurrencies and tokenization. Skingsley highlighted the distinctive approach of the BIS Innovation Hub, which focuses on researching and investigating the impact of new technologies on central bank operations. Unlike other institutions, the Innovation…

Vitalik Buterin Discusses Certain Changes to Ethereum Staking, What’s Coming Next?

Ethereum co-founder Vitalik Buterin also raised concern regarding the concentration of Ethereum’s liquid staking providers. In his recent blog post, Ethereum co-founder Vitalik Buterin shared his opinion on adding some protocols to the Ethereum blockchain code. He also touched upon the most important part which is the concentration of liquid staking service providers. Vitalik Buterin discussed several Ethereum protocols, including the account abstraction protocol ERC-4337, ZK-EVMs, private mempools, code precompiles, and liquid staking. He expressed stronger support for “enshrining” some of these protocols, such as ERC-4337, in Ethereum’s code, while…

Silk Road founder marks 10 years into his double life sentence in prison

The founder of the former online black market Silk Road, Ross Ulbricht, marked 10 years behind bars after he was given a double life sentence by United States authorities in 2013.  On Oct. 2 Ulbricht posted on X that he has already spent a full decade in prison and fears he will spend the remainder of his life “behind concrete walls and locked doors.” He said all he can do now is “pray for mercy.” One year for each finger on both hands. Today ends a full decade in prison.…