Day: November 18, 2023

dYdX founder claims targeted attack led to $9M insurance claim

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Decentralized exchange (DEX) dYdX was forced to use its insurance fund to cover $9 million in user liquidations on Nov. 17. According to dYdX founder Antonio Juliano, the losses resulted from a “targeted attack” against the exchange.  Based on reports from the dYdX team on X (formerly Twitter), the v3 insurance fund was used “to fill gaps on liquidations processes in the YFI market.” The Yearn.Finance (YFI) token dropped 43% on Nov. 17 after soaring over 170% in the previous weeks. The sudden price crash raised concerns within the crypto…

Bittensor TAO token up over 300% as blockchain, AI integrate

Bittensor’s TAO token price has increased by over 300% in the last 30 days, likely due to the coin’s unique approach involving the collaborative training of machine learning models. Blockchain technology, with its promise of transparency and efficiency, has found a natural ally in artificial intelligence (AI), giving rise to innovative projects such as Bittensor, a protocol focused on machine learning models.  Bittensor’s users are rewarded in TAO tokens based on the value they contribute to the collective machine learning model. TAO not only serves as a reward mechanism but…

Kaspa price jumps 15% following Binance listing

Kaspa (KAS) is up more than 15% in the last 24 hours and is top of the leaderboards as far as the most talked about cryptocurrency is concerned per data from CoinMarketCap. The coin outperformed several established players over the weekend amid a broader upswing that witnessed a 2% increase in the total crypto market capitalization. Analysts credit this green run to the announcement by Binance that it would launch Kaspa for perpetual trading, a move that often endows the respective cryptocurrency with a sense of legitimacy, which can stimulate…

Mastercard sees no justification for consumers to use CBDCs

Payments giant Mastercard says adoption is the most challenging part for state-issued digital currencies. The second-largest payment-processing provider, Mastercard, sees no prospects for central bank digital currencies (CBDCs) shortly, as consumers nowadays are “comfortable using today’s type of money.” In an interview with CNBC, Ashok Venkateswaran, APAC head for digital assets and blockchain at Mastercard, said there isn’t enough justification for having a CBDC, adding that cash is still the most frequently used means of payment. “The difficult part is adoption. So if you have CBDCs in your wallet, you…

Yearn.Finance token tumbles 43%, community speculates on exit scam

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Yearn.Finance’s governance token (YFI) plummeted over 43% in just five hours on Nov. 18 after rallying almost 170% early in the month, stirring fears about a possible exit scam.  During the dramatic drop in value, over $300 million was wiped out in market capitalization from November’s gains, according to data from CoinMarketCap. At the time of writing, the YFI token is trading at $9,069 from $14,185 a day before. However, the token is still up 83% over the past 30 days. The sell-off has triggered another weekend of fear, uncertainty…

Failed Bearish Signal Could Send Bitcoin To $85K Next Month

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Bitcoin recently gave a bearish signal, which ultimately failed to produce a meaningful pullback. Due to the technical failure, historical data suggests that in only a matter of a month BTCUSD could set a new all-time high and reach a target of $85K per coin. Here’s why. Why Failed Bearish Technicals Produce Bullish Breakouts In technical analysis, certain patterns are considered characteristically bearish or bullish. For example, the ascending triangle is a typically bullish-leaning pattern, but only breaks upward 63% of the time. The other 37%, the pattern breaks down…

Ethereum Whistleblower To Reveal Proof Of ETH Founders’ Fraud

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Amid the ongoing Ethereum scandal, former Ethereum advisor and attorney Steven Nerayoff has recently revealed how he plans on sharing proof of Ethereum founders’ fraud activities in the early days of the cryptocurrency asset. Ethereum Founders’ Fraudulent Acts To Be In Lawsuit Following an X (formerly Twitter) post by a user Heidi from Crytotips, the crypto enthusiast was seen trying to underscore the lack of authenticity from Nerayoff’s claims. According to her, his accusations were a no-brainer due to the disclosure lacking proof of his accusations. However, Nerayoff in response…

Sushiswap (SUSHI) surges amid new tokenomics model discussion

Decentralized exchange Sushiswap (SUSHI) has introduced a new tokenomics model for sustainable growth and efficiency that the community is now discussing. Launched in August 2020, SUSHI is a decentralized finance protocol on Ethereum (ETH) that allows cryptocurrencies to be traded through liquidity pools without a central authority. The SUSHI community is evaluating a new tokenomics model aimed at sustainable growth and eliminating current inefficiencies. This revised model offers improved liquidity incentives, revised staking mechanisms, and diversified revenue sources focusing on protocol sustainability and increasing token utility. The community is invited…

This Prediction Reveals How Long It Will Take XRP To Cross $10

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XRP is one of the few cryptos with impressive price action this year. The cryptocurrency has been in the public eye for the past few months, as traders wait eagerly for XRP to embark on a major bull run ultimately. However, the crypto has been down for the past few days amidst ongoing market consolidation. Price action shows that XRP is down by 9% in a 7-day timeframe and is currently trading at $0.59.  A recent price prediction made by the cryptocurrency exchange Changelly suggests that the value of XRP…

Beyond the screen: Web3 and NFTs are innovating Hollywood

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. As the dust settles on the recent SAG-AFTRA strike, Hollywood finds itself at a pivotal moment, a turning point that demands not just reflection but action. The labor dispute, which echoed from July to November 2023, shone a harsh light on the entrenched issues plaguing the industry. Central to these were the calls for fair compensation and the ethical quandaries brought forth by the use of artificial…