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The BALD memecoin collapsed in price as collectors alleged an exit scam, but the developer said they had not sold any coins. A new memecoin on Coinbase’s Base network fell 85% after its developer allegedly pulled liquidity of 1,034 Ether (ETH), worth approximately $1.9 million, from the market, according to social media reports. The developer for BALD denied making any market sales of the coin, stating that they “only added/removed 2 sided liquidity and bought.” Watching the $BALD chart pic.twitter.com/2lc0HEVlNu — Whale (@WhaleChart) July 31, 2023 Blockchain data shows that the deployer removed liquidity of 374 ETH (approximately $696,598). Coinbase’s Base network was launch ed for builders on July 13. However, its development team has urged ordinary users not to use the network, as it lacks a functioning user interface (UI) for its bridge. The team plans to officially release the network to users in August, at which point a bridge UI will be made available. Despite these wa...

Mike Green , portfolio manager at Simplify Asset Management, has published a novel critique of Bitcoin ’s 21 million hard-capped supply. In his view, Bitcoin ’s absolute scarcity destroys , rather than creates, value. Some resources such as gold and silver are rare and hard to extract. Thus, they have natural scarcity with persistent demand for adornment and electronics. In contrast, markets for other resources like diamonds use cartels and artificial scarcity to charge premium prices. Mike Green places bitcoin into the latter category of artificial scarcity. Indeed, Satoshi Nakamoto decided to artificially reduce the coinbase reward in half on an arbitrary, four-year schedule. This disinflationary schedule hard-caps bitcoin’s total circulating supply at 20,999,817.31308491. Fundamental laws of economics dictate that increasing scarcity will drive up prices if demand remains steady. Hoarding bitcoin increases scarcity such that consistent buying forces new buyers to pay higher ...

Crypto investors are selling altcoins to take advantage of the ranging crypto market. Many traders are selling altcoins at their resistance levels and buying them back at the next support. The ongoing selloffs of some altcoins is a profit-taking exercise by digital assets investors. Crypto investors are selling altcoins to take advantage of the ranging crypto market, according to John Kyle from the Crypto Banter YouTube channel. With Bitcoin and cryptocurrencies moving sideways, many investors are selling altcoins at their resistance levels and buying them back at the next support. Kyle used the Bitcoin Moving Average Convergence Divergence (MACD) indicator to explain the developing trend reversal in the cryptocurrency market. According to Kyle, there is a developing MACD histogram signal. He noted that the histogram is turning green on the Bitcoin monthly chart, and at the same time, a bullish moving average crossover is establishing itself. The Crypto...

Bankrupt crypto exchange FTX and crypto lender Genesis reach an agreement in principle to resolve multi-billion dollar claims. The “settlement” aims to resolve various claims, however, specific details of the agreement are not disclosed yet. Both parties are eager for court approval to enable financial recovery. Bankrupt crypto exchange FTX and crypto lender Genesis have announced an agreement in principle to resolve the multi-billion dollar claims that have plagued both firms during their bankruptcy cases. The legal counsels representing both companies jointly penned a letter to Judge Sean Lane on July 27, announcing the unexpected resolution. [The “Settlement”] would resolve, among other things, the claims asserted by the FTX Debtors against the Debtors in these Chapter 11 Cases, and the claims asserted by the Genesis Debtors against the FTX Debtors in the FTX Chapter 11 Cases. The “Settlement,” subject to documentation, aims to resolve various claims asser...

2021 was a fruitful year for the DeFi market. The ecosystem witnessed significant capital inflows amid heightened user interest. From January’s $15.3 billion, the total value locked on all protocols climbed to a high of $175 billion by November. Source: DeFiLlama 2021 was also one of the best years for the broader crypto market. With Bitcoin creating double peaks, a host of other large and mid-cap assets created all-time highs. Amid the hype and hoopla, around $2.6 billion was invested in around 800 companies. In this article, we will be analyzing how these organizations have been faring. Also Read: India: BlackRock, Jio to Launch Digital Asset Venture Are DeFi projects under-delivering? Crypto venture funding firm Lattice recently published a report highlighting that one-third of the funded companies have initiated a follow-on round of venture funding , while 20% of the projects have shut down or stopped development. Chalking out the hit rate, Lattice’s report ...

Also Read: “Spend $1000 Or Lose Your Checkmark”-Elon Musk To X Advertisers advertisement Bitcoin Price Stands In Crucial Trading Zone Michaël van de Poppe, Founder of MN Trading mentioned that Bitcoin price went on to reject the crucial area around the $29,700 level in the pursuit of breaching the $30k price level. After the important FOMC Announcement, the market is bracing itself to witness the US real Gross Domestic Product (GDP). However, the Federal Reserve’s recent interest rate hike has pushed benchmark borrowing costs to their highest level in over 22 years. The trader expects that if these GDP and PCE numbers turn out to be fine and in line with expectations then the Bitcoin price will blast through $30K. However, in order to regain the anticipated price level BTC might need to take a hit and trade at some lower levels. US GDP Accelerates To 2.4% According to the US Bureau of Economic Analysis (BEA) first estimate, the...

Also Read: US Fed’s Jerome Powell: Rate Hike Possible In September FOMC Meet advertisement The US Presidential Candidate is heading towards becoming one of the most popular figures to support Bitcoin , among the likes of El Salvador president Nayib Bukele. Robert F. Kennedy Jr. Bought Bitcoin For His Children Kennedy Jr. said Bitcoin allows small investors to actually have an inflation-proof currency. And that gives them freedom as against the holding of fiat currency which is at the mercy of the system. He said he had invested in 2 Bitcoin each for the sake of each of his seven children. He spilled the beans on his Bitcoin investments: “Right after the Bitcoin conference, I decided to put my money where my mouth is and bought 2 Bitcoin for each of my 7 children.” Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated ...

The US Federal Reserve’s highly anticipated “crypto killer,” FedNow, went live on July 20, 2023. Six days later, it seemingly has not had much effect on the crypto industry despite sharing many value propositions. For example, it boasts fast transaction speeds, high throughput, irreversible settlement finality within seconds, and same-day access to funds for payees. It also offers no chargeback risk and low, flat fees regardless of the amount of money sent. Indeed, since July 20, CoinGecko’s total crypto market cap has declined just 1.8% to $1.2 trillion. Hardly a death knell. Have you heard? The #FedNow Service is now live and available to all U.S. financial institutions that want to sign up and offer #instantpayment services to their customers. Learn more: https://t.co/4PTKMOwsGh #paymentsindustry #FederalReserve #banking #financialservices pic.twitter.com/SCnqdzoqqq — Federal Reserve Financial Services (@FRBservices) July 24, 2023 The Fed unveils FedNow FedNow is permiss...

Binance will re-enter the Japanese market for the first time since 2018 following its November 2022 acquisition of Sakura Exchange BitCoin. Crypto exchange titan Binance will launch fully compliant digital asset services for users in Japan by August after the company was forced to exit the country back in 2018 due to regulatory issues. According to a Bloomberg report, the company’s re-entry into the Japanese market follows a takeover of locally regulated digital trading venue Sakura Exchange BitCoin. You might also like: Binance enters Japan after acquiring Sakura In 2018, Japan’s Financial Services Agency (FSA) issued a warning to Binance about operating without a license. A similar complaint was issued by the FSA in 2021. It reaffirmed that the company, headed by  Changpeng ‘CZ’ Zhao, was not authorized to do business in Japan.  While Binance claimed to be in “constructive dialogues” with local regulators, the exchange ceased all activity in Japan amid moun...

Join Our Telegram channel to stay up to date on breaking news coverage German authorities managed to score a big win recently as they took down the country’s largest Bitcoin-enabled narcotics trading site on the Dark Web.  Now, they hope to bring the people responsible for the site to justice once and for all. Chemical Revolution’s Expansive Operation Reports have confirmed that the alleged dealers involved with Chemical Revolution — a sizeable German drug trade service — will stand trial today. The hearing will take place at the congress hall in Giessen, central Germany, as the authorities need enough space to accommodate many suspects. Although law enforcement apprehended 11 suspects, only seven will be standing trial today.  Chemical Revolution was a sprawling criminal organization that ran across several countries. The service facilitated drug trades, using the Dark Web’s anonymity and other anonymization tools. The company eventually got on law enforcement’s radar in ear...

While investors are busy chatting about Terra Luna Classic (LUNC) and Ethereum Classic (ETC), a new titan is quietly gathering momentum. Golteum (GLTM), the latest entrant in the DeFi ecosystem, is turning heads with its presale, already attracting a massive influx of investments. As the crypto-savvy are busy mining profits from LUNC and ETC, the smart money is flowing into Golteum’s presale. Why, you ask? It’s simple. Golteum isn’t just a normal trading platform; it’s a game-changer as it merges real-world assets like precious metals with crypto trading into a single, user-friendly interface. But let’s cut to the chase. The real buzz around Golteum is its bullish price forecast. Analysts are predicting that Golteum is the next huge momentum project to pursue. >>> BUY GLTM TOKENS NOW<<< Analysts Remain Neutral On Terra Luna Classic (LUNC) Price Prediction Terra Luna Classic (LUNC) lost investors’ trust after th...

Currently, Bitcoin is facing some downward selling pressure and facing difficulties to hold above the $30,000 level. citing on-chain data from Glassnode, popular crypto analyst Ali Martinez reported that around 1.72 million BTC were last transferred within the price range of $29,500 to $30,200. This range is considered a significant area of resistance. advertisement Keep an eye on this range, as it might turn into a support level. If that happens, we can expect exciting and positive price movements! # Bitcoin | On-chain data shows that 1.72 million $BTC last moved within the $29,500 – $30,200 price bucket, representing a significant area of resisitance. Wait until it becomes support and expect fireworks when it does! pic.twitter.com/vhlKVh3wsg Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read ...

A finding by analyst James V. Straten and shared on Reddit on July 21 determined that Bitcoin is a distinct asset class and does not exhibit significant correlations with equities and most traditional trading instruments. However, it is highly correlated with Ethereum and diverges with gold. Data shows that S&P 500 and gold diverge with Bitcoin with a correlation of -0.05 and -0.12, respectively. Meanwhile, the greenback and Nasdaq slightly moved in sync with the king of crypto since their correlation figures stood at 0.04 and 0.12, respectively. Notably, Bitcoin and Ethereum have the highest positive correlation at 0.70.  Bitcoin versus gold, usd, and equities correlation: Source: Reddit Overall, the study’s results suggest that Bitcoin is a distinct asset class since its correlations with major traditional financial asset s are generally weak or negligible. This independent nature suggests that Bitcoin’s performance may, under ordinary market conditions, no...

The Blockchain Association has condemned the proposed US DeFi legislation as an unworkable solution incompatible with the industry. Blockchain Association, a nonprofit organization that promotes a pro-innovation policy environment for the web3 economy, has condemned the recently introduced Crypto-Asset National Security Enhancement Act of 2023. The bipartisan bill proposed by senator Jack Reed (D-RI) and co-sponsored by Mike Rounds, Mitt Romney, and Mark Warner aims to implement strict anti-money laundering (AML) rules on decentralized finance (DeFi) protocols. The lawmakers hope the legislation will curb crypto-related crimes and make it impossible for bad actors to circumvent sanctions via the DeFi route.  If enacted, the legislation will make it mandatory for DeFi platforms to collect and compile user data, alert authorities to suspicious transactions, and prevent sanctioned entities from using their solutions. You might also like: New bill proposes strict rules for DeF...

Join Our Telegram channel to stay up to date on breaking news coverage The UK government rejected a House of Commons Treasury Committee proposal to regulate crypto trading in the way it does gambling rather than as a financial service. Such an approach would run completely counter to globally agreed recommendations of international organizations and standard-setting bodies, including the G20 Financial Stability Board, wrote Economic Secretary to the Treasury Andrew Griffith in a response to the proposal published today. “The Committee’s proposed approach would therefore risk creating misalignment with international standards and approaches from other major jurisdictions including the EU, and potentially create unclear and overlapping mandates between financial regulators and the Gambling Commission,” he said. “If the UK were to unilaterally adopt a system which is out of step with approaches taken globally, this could push cryptoasset activity offshore, ...