Category: CryptoX News

‘Crypto is a damn casino for dum-dums,’ Ethereum developer says

Péter Szilágyi, a core developer at the Ethereum Foundation, recently expressed some disillusionment towards the crypto industry on his X account. Amid an ongoing Ethereum (ETH) sell-off on Monday, Szilágyi questioned the crypto sector’s focus, suggesting that participants are more interested in becoming the next Vitalik Buterin and engaging in “value extraction” rather than creating useful products and generating genuine value. I often wonder if I’m in the wrong industry. Take SpaceX for example. They send a rocket to Mars? Humanity advances. They fail to send one and blow it…

Meme coins oversold as the crypto fear and greed index slips

Meme coins are imploding in a high-volume environment as the closely watched crypto fear and greed index slips to the fear zone. The total market cap of all cryptocurrencies slipped by 25% in the past 24 hours to $29.8 billion. At their peak earlier this year, these tokens had a market valuation of over $63 billion, meaning that investors have lost $33.8 billion. Dogecoin, Shiba Inu, Pepe and other meme coins are slumping Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) crashed by over 23% on…

Analysis Suggests BTC Is Poised for Short-Term Rebound after Overselling

CoinspeakerAnalysis Suggests BTC Is Poised for Short-Term Rebound after Overselling Recent market indicators suggest that Bitcoin (BTC) may be on the verge of a short-term rebound following a period of significant overselling. An analysis of various market metrics points to a potential shift in momentum, though caution remains warranted. Weakening Downward Momentum According to XBTManager, a contributor and on-chain analyst at CryptoQuant, several key metrics and indicators suggest that Bitcoin could be nearing a bottom after a roughly 30% drop from its peak of $70,000. The Coinbase premium index, which…

Defi protocols record double-digit losses, total TVL tanks 19%

The decentralized finance ecosystem has recorded a high amount of losses as the crypto market falls below the $2 trillion mark. According to data provided by Defi Llama, the total defi total value locked (TVL) plunged by 19% over the past 24 hours — falling from $88.8 billion to $71.8. This is the first time since Feb. 24 that the defi TVL has fallen to the $71 billion mark. Defi TVL – Aug. 5 | Source: Defi Llama The leading defi protocol, Lido Finance, saw a 19.2% decrease in its…

Australia’s police joins global campaign to disrupt crypto scams

The Australian Federal Police has teamed up with Chainalysis to identify over 2,000 compromised crypto wallets belonging to Australians. Australia‘s national policing agency, the Australian Federal Police, has partnered with blockchain forensic firm Chainalysis to combat crypto scammers as the number of identified compromised crypto wallets belonging to Australians surpassed 2,000. In an Aug. 5 press release, the AFP said it had joined the so-called “Operation Spincaster,” the initiative targeted criminals employing a tactic known as “approval phishing,” a method of fraud that has enriched threat actors by stealing crypto…

Blast-incubated stablecoin USDB briefly loses peg amid market turmoil

Decentralized stablecoin USDB, backed by DAI, has temporarily lost its peg to the U.S. dollar, dropping 6% in value. USDB, a decentralized stablecoin, has come under heavy pressure as its price in a moment dropped by as much as 6% amid market panic triggered by chaos in Japan. Developed by Blast, USDB offers a 5% yield sourced from MakerDAO’s on-chain T-Bill protocol. Typically, users can redeem USDB for (DAI) when bridging from Blast to Ethereum. However, market instability caused USDB’s price to plummet to $0.94, though it later bounced back…

Pan-African Tech Firm Cassava Technologies Launches AI Unit

Africa-focused technology and data services firm Cassava Technologies has created a separate business unit to oversee its artificial intelligence (AI) operations. The AI unit will offer data center, cloud, cybersecurity, fiber connectivity, and renewable energy services. Helping Clients Adopt Generative AI Pan-African technology firm Cassava Technologies is creating a separate business unit to focus on […] Source CryptoX Portal

6 Indicators of Economic Trouble: Is a US Recession on the Horizon?

At the end of the week, U.S. equities experienced a sharp decline, which reverberated through the cryptocurrency market, reducing its value from $2.4 trillion to $2.09 trillion since July 29. Recently, discussions have intensified around the likelihood of an impending U.S. recession, with a soft landing seemingly off the table. Below are six distinct indicators […] Source CryptoX Portal

House of the Dragon: Questions Season 3 Needs to Answer

Warning: This post contains spoilers for the Season 2 finale of House of the Dragon. Season 2 of House of the Dragon ended not with the long-awaited Battle of the Gullet but with a montage that left viewers with more questions than answers. Who took Otto Hightower prisoner? Did Rhaena mount Sheepstealer? Seriously, where is Daeron?! And what about that conference between Rhaenyra and Alicent? Will both sides stick to their promise? How will it impact the Dance of Dragons going forward? Plus, after an entire season of watching Daemon…

South African Crypto Asset Marketplace Initiates $1.64 Million Capital Raise

The South African decentralized cross-asset marketplace Mesh.trade has facilitated a $1.64 million (ZAR30 million) capital raise for a reverse mortgage provider. The capital raise allows the provider to offer homeowners the potential for lucrative returns while they remain in their homes. Regulated Alternative Capital Raising Platform The decentralized cross-asset marketplace, Mesh.trade, recently launched a $1.64 […] Source CryptoX Portal