Crypto
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Battle of the memecoins: should you buy DOGE or SHIB?
DOGE’s value increased by 4% in the last 24 hours, while SHIB’s value increased by 5%. Both of these tokens have seen an active level of support from their community. This has led to a lot of investors asking the question, which token is worth buying as of 2022. Dogecoin (DOGE) and Shiba Inu (SHIB) are cryptocurrencies that have had the biggest rivalry within the crypto space. While they are competing in terms of the return they offer, they are also competing with their community. This is due to the fact that both cryptocurrencies have seen huge growth within their community throughout the previous year. While Dogecoin was the leader for years, Shiba Inu is seemingly closing the gap. On May 14, 2022, Shiba Inu’s Twitter page announced that a year had passed after Ethereum’s founder, ...
Japan’s largest investment bank Nomura readies new crypto subsidiary
The largest investment bank in Japan, Nomura, is set to establish a new subsidiary company to help institutional clients invest in cryptocurrency and nonfungible tokens (NFTs). The Financial Times reported on Tuesday that people with knowledge of Nomura’s plans said the firm will bring together several crypto services under one single company with a staff of about 100 people by 2023. Nomura is one of Japan’s ten largest banks, with $569 billion in assets under management as of Q1 2022. Nikkei Asia, a Japanese news outlet, reported that the subsidiary company will be established abroad, but the board will start off seated by Nomura transplants while the company acquires talent in the Web3 and blockchain space. It will initially be led by Jez Mohideen, head of wholesale digital operatio...
Twitch co-founder raises $24M for Web3 gaming firm Metatheory
Web3 gaming and entertainment company Metatheory founded by Twitch co-founder Kevin Lin has raised $24 million in a Series A funding round on Monday. The round was led by crypto capital venture firm Andreessen Horowitz (a16z), with participation from Pantera Capital, the venture arm of the FTX cryptocurrency exchange, FTX Ventures, and other venture firms, according to the announcement. Metatheory was launched in November 2021 around one year after Lin left Twitch, where he wrote in a Medium article at the time that he was creating the gaming company and also a blockchain game called DuskBreakers. Lin was quoted in this week’s announcement as saying: “Building immersive digital experiences has always been a passion of mine, and after stepping away from Twitch to explore what’s next in...
RBI warns of crypto ‘dollarization’ of Indian economy
Officials from the Reserve Bank of India (RBI) have reportedly sounded the alarm bells again over crypto adoption, which they claim will ultimately lead to the “dollarization” of the local economy. According to a Monday report from the Indian branch of the Economic Times — which cited unnamed sources — the RBI’s concerns are focused on U.S. dollar-dominated cryptocurrencies taking away market share from the Indian rupee. The publication notes that RBI officials, along with its governor Shaktikanta Das, provided a briefing to the Parliamentary Standing Committee on Finance this week. In it, they took a very skeptical stance toward crypto’s potential influence on the financial system. An unnamed official is quoted as saying: “Almost all cryptocurrencies are dollar-denominated and issued by f...
China returns as 2nd top Bitcoin mining hub despite the crypto ban
The Chinese government has not managed to take down cryptocurrency operations as part of its crypto ban last year as China has re-emerged as one of the world’s largest Bitcoin (BTC) mining hubs, according to a new report. China became the second-largest Bitcoin hash rate provider as of January 2022, months after the local government banned all crypto operations in the country, according to the latest update from the Cambridge Bitcoin Electricity Consumption Index (CBECI) shared with Cointelegraph on May 17. Bitcoin miners in China accounted for 21.1% of the total global BTC mining hash rate distribution as of early 2022, following only the United States, which produced 37.8% of the total hash rate as of January, according to the data. China was once the world’s largest Bitcoin m...
El Salvador hosts 32 central banks and 12 other institutions to discuss Bitcoin
The majority of central banks and financial authorities that featured are from Africa The continent lags in terms of crypto adoption and use compared to Europe, America, and Asia It has been more than seven months since El Salvador made Bitcoin its legal tender – a decision the country’s president Nayib Bukele has insisted is for the good of the citizens. This is despite caution from monetary institutions like the IMF and strong opposition by a faction of El Salvadorians. During this period, the Central African Republic followed suit in adopting the Satoshi coin as an officially accepted currency form – the first in Africa. On Monday, El Salvador president Bukele met with representatives from central banks and financial institutions of 44 different countries, as he had previous...
MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security
Its been a rough couple of weeks for the cryptocurrency market. Bitcoin (BTC) price is nowhere near the price estimates of most analysts, multiple stablecoins lost their peg and the demise of one of the top decentralized finance (DeFi) platforms sparked an event that resulted in $900 billion vanishing from the total crypto market capitalization. In the midst of the widespread fallout, MakerDAO (MKR) managed to turn crisis into opportunity and the collapse of TerraUSD (UST) has brought renewed attention to DAI, the longest-running decentralized stablecoin. Data from Cointelegraph Markets Pro and TradingView shows that as the collapse of Terra (LUNA) price accelerated from May 9 to May 12, MKR climbed 66.2% from a low of $952 on May 12 to its current value of $1,587. MKR/USDT 1-da...
California regulator will revisit long-running ban on crypto donations on May 19
A California state regulator may be looking at overturning a ban on cryptocurrency donations to political campaigns which has been in effect since 2018. According to its May 2022 agenda, California’s Fair Political Practices Commission, or FPPC, has scheduled a “pre-notice discussion” on Thursday on the use of cryptocurrencies f campaign contributions in the state. The commission said it will be considering drafting amendments to its regulations requiring that “no contribution may be made or received in cryptocurrency.” In September 2018, the FPPC voted to ban both sending and receiving crypto contributions for political campaigns in the state of California, due to concerns the donations “might be utilized to circumvent contribution limits and prohibitions, or by foreign entities to ...
BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools
Winston Churchill’s statement to “never let a crisis go to waste” can be applied across many aspects of society, including the recent carnage seen in the crypto market. Last week’s volatility is likely to have newer investors and those who took on heavy losses questioning the future of the burgeoning asset class, but in every bear trend there is a silver lining. One platform that appears to be capitalizing on the void created by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $387.80 on May 14, BIFI spiked 168.13% to hit a daily high of $1,040 on May 16 amids a 684% increase in its 24-hour trading volume. BIFI/USDT 4-hour chart. Sourc...
US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions
The United States Department of Justice may move forward on a criminal prosecution case against a U.S. citizen who allegedly violated sanctions through cryptocurrency. According to a Friday opinion filing in U.S. District Court for the District of Columbia, the unnamed individual who is the subject of a criminal investigation by the Justice Department allegedly sent more than $10 million in Bitcoin (BTC) from a U.S.-based crypto exchange to an exchange in a country for which the U.S. currently imposes sanctions — suggesting Russia, Cuba, North Korea, Syria, or Iran. The filing alleged the individual “conspired to violate the International Emergency Economic Powers Act” and conspired to defraud the United States. The individual allegedly “proudly stated the Payments Platform could circumven...
Anonymous Turns to CultDAO for Support Against Unjust Government Actions
London, UK, 12th May, 2022, Chainwire Anonymous, the international activist group responsible for white-hat hackings, announced that it intensifies its fight against Russia and other unjust national governments. To this end, it will source funds from crypto projects with “similar conceptions,” such as CultDAO. The announcement comes in the wake of the cyber warfare between Anonymous and Russia, which started shortly after the Russian invasion of Ukraine, on March 15th. The hacktivist group has often provided support against governments and organizations, which, in its views, act unjustly towards innocent people. Shortly after the Anonymous announcement on Wednesday, CultDAO reiterated its support for the hacktivist group by “funding the revolution.” CultDAO is a community-driven decentrali...
Niftables launches cutting-edge NFT platform
Niftables has launched the world’s flagship all-in-one NFT technology that gives creators and brands the fastest path from the idea to their own white-label NFT platforms, CoinText learned from a press release. Tens of well-known, reputable brands and creators have developed their NFT platforms with Niftables. Eliminating entry barriers Niftables is eliminating barriers to NFT market entry, which remain high, by creating a cutting-edge full-suite NFT platform for users, brands, and creators. It is driving the mass adoption of NFTs. Niftables Co-founder Jordan Aitali said: A one-stop-shop doesn’t mean one-size-fits-all. That’s why Niftables is built to let creators and brands fully customize their white-label NFT platforms from the get-go. We ensure that each creator’s NFT platf...
