Crypto
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Tether aims to decrease commercial paper backing of USDT to zero
The major stablecoin company Tether is looking to eventually get rid of commercial paper backing for its U.S. dollar-based stablecoin Tether (USDT). Tether issued an official statement on Wednesday to deny reports alleging that Tether’s commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount. The stablecoin firm called such allegations “completely false,” reiterating that more than 47% of total USDT reserves are now the “United States Treasuries.” In its latest assurance opinion issued in May, Tether reported that commercial paper makes up less than 25% of USDT’s backing, amounting to around $21 billion as of March 31. USDT’s backing asset breakdown. Source: Tether’s assurance opinion released in May 2022 According to the latest ...
deadmau5 and Zytara Partner to Launch Groundbreaking Digital Banking Experience
Canadian electronic music icon deadmau5 has formed a groundbreaking partnership with Zytara, an innovative fintech company, to change virtual banking as we know it. The partnership will offer the first-ever branded digital banking experience, according to a press release shared with EDM.com. Zytara’s technology is said to enable fans to “interact with deadmau5’s brand” through the company’s banking app, where they can discover merchandise, concerts, pop-ups and more. Fans will also be able to receive a deadmau5-branded virtual or physical debit card, which can be used at 45 million merchants worldwide. Zytara’s debit cards with deadmau5 branding. Zytara Scroll to Continue Recommended Articles This shape-shifting partnership is the latest i...
Binance CEO plans to leverage crypto winter
Binance CEO, Changpeng Zhao, commonly known as “CZ,” said in a recent interview that a potential crypto winter is good for business. When asked how Binance will fare during the current crypto winter following reports of recruitment freezes at Gemini and Coinbase, he answered confidently. “It’s not the first time we’ve gone through a crypto winter. If we are in a crypto winter, it would be my third and Binance’s second. So it’s not the first time we’ve been through this.” Some climbing ahead. Not the first time, won’t be the last. We will get there. — CZ Binance (@cz_binance) June 13, 2022 Changpeng Zhao has undertaken what is, for many exchanges, a hairy endeavor — recruiting new staff during a bear market to take advantage of the next possible bull market. “Right now is much b...
ICI Bucharest to use Elrond blockchain to develop decentralized domains and an institutional NFT marketplace
On Tuesday, Romania’s National Institute for Research and Development In Informatics, also known as ICI Bucharest (ICI), announced that it would be building an institutional nonfungible tokens, or NFTs, marketplace and a decentralized Domain Name System. Both services will be built on the Elrond (EGLD) blockchain, which is known for its ability to speed up transactions via sharding. ICI was founded in 1970 and is currently the most institution for government-sponsored research in the field of information technology in Romania. It currently supervises the Romanian National Register for Domain Names. As told by Elrond, the initiatives would be the first of their kind within the European Union. One use for the NFT marketplace would potentially be to digitize, access, transfer and ...
Ethereum price falls below $1.1K and data suggests the bottom is still a ways away
Ether (ETH) price nosedived below $1,100 in the early hours of June 14 to prices not seen since January 2021. The downside move marks a 78% correction since the $4,870 all-time high on Nov. 10, 2021. More importantly, Ether has underperformed Bitcoin (BTC) by 33% between May 10 and June 14, 2022, and the last time a similar event happened was mid-2021. ETH/BTC price at Binance, 2021. Source: TradingView Even though Bitcoin oscillated in a narrow range two weeks before the 0.082 ETH/BTC peak, this period marked the “DeFi summer” peak when Ethereum’s total value locked (TVL) catapulted to $93 billion from $42 billion two months earlier. What’s behind Ether’s 2021 underperformance? Before jumping to conclusions, a broader set of data is needed to understand what led to the 3...
SEC reportedly launches investigation into insider trading on exchanges
The Securities and Exchange Commission (SEC) has reportedly launched a probe to discover how crypto exchanges are working to prevent insider trading. FOX Business reported on June 15 that a person with direct knowledge of the SEC’s activities said that the commission had sent a letter to a major crypto exchange requesting information about how the platform protects users from insider trading. The source believes the same letter has been sent to multiple exchanges. It is not clear which exchange or exchanges have received the request, but the news outlet said Coinbase, Binance, FTX, and Crypto.com all declined to comment. The SEC also declined to confirm the probe. The nature of the inquiry is also unclear. The SEC could be seeking out leads to litigate against an exchange’s potential legal...
‘Too early’ to say Bitcoin price has reclaimed key bear market support — Analysis
Bitcoin (BTC) crept higher after the June 14 Wall Street open as analysts hoped that long-term support had been preserved. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Hopes for “relief” from FOMC meeting Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded above $22,500 at the time of writing, having hit local highs of $23,300 on the day. The pair had seen a strong bounce after nearing $20,800, with traditional markets likewise recovering after panic set in over United States inflation. Eyeing where Bitcoin could go next, on-chain analytics resource Material Indicators noted that the market had reclaimed the 200-day simple moving average (200 SMA), an important feature of Bitcoin bear markets that acted as support throughout pre...
Ethereum crashed by 94% in 2018 — Will history repeat with ETH price bottoming at $375?
Ethereum’s native token Ether (ETH) is showing signs of bottoming out as ETH price bounced off a key support zone. Notably, ETH price is now holding above the key support level of the 200-week simple moving average (SMA) near $1,196. The 200-week SMA support seems purely psychological, partly due to its ability to serve as bottom levels in the previous Bitcoin bear markets. Independent market analyst “Bluntz” argues that the curvy level would also serve as a strong price floor for Ether where accumulation is likely. He notes: “BTC has bottomed 4x at the 200wma dating back to 2014. [Probably] safe to assume it’s a pretty strong level. Sure we can wick below it, but there [are] also six days left in the week.” ETH/USD weekly pric...
EU commissioner reiterates need for ‘regulating all crypto-assets’
Mairead McGuinness, the Commissioner for Financial Services, Financial Stability and Capital Markets Union at the European Commission, is moving forward with a discussion on regulating cryptocurrencies amid three major events in the space. In written remarks for a speech in Brussels on Tuesday, McGuinness said the Celsius Network’s recent suspension of withdrawals, as well as the crash of Terra (originally LUNA, now LUNA Classic, or LUNC), show the need for crypto-asset regulation in the European Union. She added that ongoing concerns about crypto potentially being used to circumvent sanctions on Russia were also a factor. “Regulating all crypto-assets — whether they’re unbacked crypto-assets or so-called “stablecoins — and crypto-asset service providers is necessary...
Chain.com tokens lose 96% of value in 24 hours due to flash crash before recovery
On Tuesday, tokens of cloud blockchain infrastructure provider Chain.com (XCN) suddenly lost over 90% of their value before recovering most of their losses later in the day. In a post-mortem analysis published by Chain.com, the firm said that a market maker and API error at 1:00 pm SGT (5:00 am UCT) began to cause XCN to drop in large percentiles. As the event took place, corresponding bids became stuck via API orders, causing further downward selling pressure due to low liquidity and margin calls. But by approximately 3:00 pm SGT (7:00 am UCT), developers at Chain.com conferred with exchanges and market participants that the issue was not due to a breach or exploit, and prices began to recover. According to Deepak.eth, CEO of Crypto.com, a single large margin call appears to have ex...
Are Phishing Attacks Targeting Crypto on the Rise?
Image sourced from Shutterstock. Experts at Russian cybersecurity company Kaspersky have taken a close look at the phishing pages aimed at potential crypto investors as well as the malicious files that are distributed under the names of the 20 most popular cryptocurrency wallets. Since the beginning of 2022, Kaspersky products detected and prevented almost 200,000 attempts to steal users’ digital currencies and credentials to their wallets via phishing, according to the company. The number of such attempts almost reached 50,000 in April, which is half of the indicators for the first quarter of 2022. Crypto wallets are the primary target for scamming and malicious activity. With the boom in digital currencies observed over the past five years, Kaspersky has seen various new cybercriminal ta...
Top interest-earning tokens to help you passively make money
CRO’s trading volume saw an increase of 37% in the span of the last 24 hours. NEXO saw an increase in its value by 3% in the last 24 hours. Both of these tokens have the potential for growth and will allow you to make money passively. Cronos (CRO) is the native cryptocurrency token used across the Cronos chain. Through its usage, users can earn an annual interest of up to 10%, which is paid out daily. Nexo (NEXO) is a blockchain-based lending platform that lets users get cryptocurrency-backed loans. This means that those who lock in tokens within the platform can receive interest payments on the funds which have been deposited. On June 7, Cronos launched the Cronos Accelerator program, which powers growth for early-stage projects that are building on the blockchain. Nexo also announce...
