Day: May 2, 2024

Former Biden advisor predicts US crypto regulation imminent

The double-edged nature of cryptocurrencies has become increasingly apparent, particularly in their role in facilitating child sexual abuse material (CSAM). Speaking to crypto.news, former Whitehouse insider Moe Vela said he expects the government to intervene soon. U.S. Senators Elizabeth Warren and Bill Cassidy have attacked the cryptocurrency sector, raising concerns about the matter. Federal agencies have been urged to enhance their capacity to detect and prosecute cryptocurrency transactions linked to CSAM. Their call comes at a critical time when privacy-focused cryptocurrencies and mixing services have been identified as tools for laundering funds derived from CSAM, as detailed in recent studies by Chainalysis…

Fresh Money From Retail Traders Flows Into Copy Trading As Crypto Derivative Expands: Margex Report

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Coinbase won approval to offer cryptocurrency derivative trading to U.S. retail customers, fueling much hope and momentum to the $2.1 trillion cryptocurrency derivative market.  Coinbase’s approval arrived following a significant decline in derivative trading volume due to economic uncertainties, regulatory struggles, and a reduction in risk from high wealth accounts and retail traders.  Derivative trading, such as futures, options, and others, has dominated the cryptocurrency market since 2014 as investors snap at the opportunity to place bets with little investment for a higher percentage return. A large percentage of the…

Crypto App MoonPay Partners With PayPal, Enables Digital Asset Buying Through PayPal

We are the first company to do this with PayPal, and it was a long process to get them comfortable,” Soto-Wright said in an interview. “We process billions of dollars on debit and credit cards in terms of cryptocurrency, and we think this is going to be a big step up for us in terms of helping us reach more customers, people that may have had their card declined from one of their banks. Nobody’s fault; it’s just the banks; banks sometimes reject crypto companies.” Source

Web3 Publishing Platform Mirror Sells to Paragraph, Pivots to Social App ‘Kiosk’

Paragraph founder Colin Armstrong says that his product differed from Mirror, at least initially, in that it tried to appeal more to a Web2 audience. Armstrong, who has written for tech publications in addition to working as an engineer at Google and Coinbase, says he also focused his product more on referral programs and other features to help authors widen their distribution. Mirror, meanwhile, managed to develop a stronger brand and design language, said Armstrong. Source

Record Withdrawal From US Bitcoin ETFs Marks Largest Single-Day Outflow

On May 1, 2024, U.S. spot bitcoin ETFs experienced their most significant single-day outflows since their inception on Jan. 11, 2024. ETF Institute Co-Founder: ‘Inflows Don’t Go up in a Straight Line’ Data sourced from coinglass.com reveals that these funds saw a withdrawal of $563.7 million on Wednesday, with Fidelity’s FBTC experiencing the highest outflow, […] Source CryptoX Portal

Humanode, a blockchain built with Polkadot SDK, becomes the most decentralized by Nakamoto Coefficient – Blockchain News, Opinion, TV and Jobs

London, United Kingdom, May 1st, 2024, Chainwire Humanode, a Layer-1 blockchain built with Polkadot SDK, has become the most decentralized blockchain network to date based on the Nakamoto Coefficient. With 706 active validator nodes, the Nakamoto Coefficient for the Humanode is 236, shooting past the prior number one, Mina, which has a Nakamoto Coefficient of 155. Polkadot now holds the 3rd place.  The Nakamoto Coefficient is a measure that represents how many node operators will be required to control the share of a layer-1 blockchain which is enough to shut…

Whales Dive In, But Dogecoin Price Sinks 20%: What’s Going On?

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Dogecoin (DOGE), the Shiba Inu-faced darling of the 2021 memecoin frenzy, has found itself shivering in the current crypto winter. Once a symbol of retail investor exuberance, DOGE has plummeted over 70% from its sky-high peak, leaving its future shrouded in uncertainty. DOGE Feels The Crypto Frost While Bitcoin, the heavyweight champion of the crypto world, grabs headlines with its recent wobble, the impact on memecoins like DOGE has been brutal. Unlike Bitcoin’s divided analyst opinions, the sentiment surrounding DOGE is decidedly bearish. At the time of writing, the memecoin…