Day: December 18, 2023

Sylo rallies to 19-month high despite market-wide turbulence 

Sylo (SYLO), the native token of the blockchain-based data exchange, is bucking the broader market trend having recently rallied to a 19-month high above $0.0043. SYLO price, social volume and RSI – Dec. 18 | Source: Santiment Before the recent uptrend Sylo had largely underperformed this year plummeting to a low of $0.001108 in October. While the rest of the market witnessed year-to-date (YTD), gains at the time represented a 42% decline in Sylo’s price YTD. However, the token made a late and unexpected comeback against bear market sentiment at the…

Improbable sells gaming venture for $97M, shares metaverse predictions 2024

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The metaverse technology company Improbable announced in an end-of-the-year statement on Dec. 18 that it has sold its Web3 gaming venture, The Multiplayer Group, to Keywords Studios for £76.5 million ($97.1 million). Herman Narula, the co-founder and CEO of Improbable, called Keywords “a like-minded business partner” and said he was delighted to see MPG embark on a new chapter. Keywords works with large names in the gaming industry, such as Activision Blizzard, Bethesda, Zenimax, Epic, and 2K. “Nurturing and fostering ventures across Sports, Web3 and fashion is at the heart of…

FTX Files Reorganization Plan to End Bankruptcy

In the new proposal, creditor and customer claims are classed according to the priority the estate plans to give them, and the value of claims will be calculated based on asset prices as of the date the company filed for bankruptcy. In a separate statement, the estate said the plan was designed to “maximize and efficiently distribute value to all creditors.” Source

Trader gambles $226K on Solana memecoin, hits $1.69M in 5 days

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The Solana memecoin frenzy continues as a trader turns $226,000 into well over $1.6 million by gambling on a token with a beanie-wearing dog as its mascot.  Between Dec. 13 and 15, a crypto trader bought over 19 million Dogwifhat (WIF) tokens, a dog-themed memecoin, as it debuted on the markets within the Solana network. According to blockchain analytics firm Lookonchain, the trader bought the tokens at an average price of $0.01137. Currently, the tokens’ total value hovers at around $1.69 million, making the trader about $1.47 million in profits…

FTX proposes plan to end bankruptcy

FTX Trading Ltd. Introduced a new proposal to return billions of dollars to customers and creditors. FTX has filed an amended plan of reorganization that will value assets at the rate at the time of the bankruptcy filing—November 11, 2022. At that time, Bitcoin (BTC) was trading at around $17,000; the current price is above $41,100. Source: CoinMarketCap In addition, at the beginning of November 2022, the FTT token was valued at approximately $26. It is now trading at $3.70. FTX is currently discussing how best to end the bankruptcy…

Synthetix (SNX) Drops 18% As Crypto Market Cools Down

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The market is currently experiencing an enormous pullback after nearly a month of continuous gains. According to Coingecko, the broader crypto market is down nearly 3% as major cryptocurrencies like Bitcoin, Ethereum, and XRP drop from year-to-date highs. As the sector cools down, altcoins are pulled downward.  Synthetix is one of the sufferers of the massive bearish pressure engulfing the market. Coingecko data shows that the token is bleeding, with the biggest drop occurring in the weekly timeframe at over 16%.  Big Things Coming For Synthetix Although SNX isn’t faring…

Coinbase ends GiveCrypto initiative, prompting crypto charity scrutiny

Coinbase is winding down the GiveCrypto initiative, citing its failure to create a lasting impact. In a blog post on Dec. 15, Coinbase said its non-profit initiative founded by the exchange’s head Brian Armstrong was “unable to create lasting change purely through unconditional cash transfers.” According to the exchange’s statement, the initiative participants “returned to the same baseline” after the cessation of payments, prompting a reevaluation of the initiative’s approach. “Unfortunately, we were unable to create a lasting impact with recipients, who returned to the same baseline after payment ceased.”…

Internet Computer Loses Grip On $10, But Still Inks 82% Rally

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Internet Computer (ICP) is seeing bullish activity despite the current bearish atmosphere. As of press time, ICP, its native token, has lost its hold on the crucial $10 handle, and currently trading at $9.93, following a weekly rise of more than 80%. ICP surged by 30% over the weekend and peaked at $11.50 earlier. It has now broken into the top 20 cryptocurrencies by market capitalization.In the same time frame, the token’s trade volume increased by 73% to $730 million. ICP up over 80% in the last week. Source: Coingeko…