Crypto
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El Salvador to offer discount on fuel for payment with Bitcoin
Bukele called the fuel price rebate “positive news for the pockets of Salvadorans” El Salvador, the first country in the world to recognise Bitcoin as legal tender, has announced that local consumers who choose to pay with Bitcoin using the government-backed crypto wallet Chivo will receive a price reduction of $0.20 per gallon of petrol. The development can be viewed as an attempt to encourage Salvadorans to adopt Bitcoin as a mode of payment in order to improve participation and increase the impact of the country’s Bitcoin experiment. President Nayib Bukele took to Twitter to announce the subsidy, calling it “positive news for the pockets of Salvadorans.” He explained that Chivo has successfully negotiated with the most prominent petrol station companies in the country to enable the $0.2...
Ethereum price analysis: ETH to defend major support at $3,272
The cryptocurrency market is correcting at the moment after a huge rally over the past few days, with some coins losing more than 1% of their value The cryptocurrency market performed very well towards the end of last week and during the weekend. Bitcoin surpassed the $45,000 resistance point to settle above the $47,000 mark over the past few days. It is now down by 0.39% but is still trading above the $47,000 level. Ether’s performance over the past few days was also excellent, surpassing the $3,000 resistance point to settle above the $3,200 level. The other leading cryptocurrencies also performed strongly over the past few days, rising by more than 6% during that period. However, the market is now retracing after its recent rally. Most altcoins are down by more than 1% over the past 24 ...
At least 6,000 Coinbase accounts were compromised
Hackers are increasingly targeting cryptocurrency investors, with hundreds of millions of dollars lost to attackers so far this year Cryptocurrency exchange Coinbase has confirmed that roughly 6,000 customers were affected by an exploit of a vulnerability in the multi-factor authentication (MFA) process of the platform. The exploit took place between March and May this year. Bleeping Computer reported on Friday that Coinbase told its customers that a hacker carried out a campaign to breach Coinbase customer accounts and steal their funds. The crypto exchange said the hacker was able to conduct this attack after getting hold of the customers’ email address, password, and phone number linked to their Coinbase accounts. It is unclear how the attacker gained access to the information, but Coin...
DAOs can solve important dilemmas but more education is required
Decentralized autonomous organizations (DAO) have been a contentious issue in the blockchain and cryptocurrency world for a while now. From their early days as seen in the case of the Slock.it the German startup that brought about The DAO, to current iterations, DAOs have the potential to make or break the crypto and decentralized finance (DeFi) industry, and education will be a deciding factor. If recent developments are anything to go by, a misunderstanding of the true nature of the technology behind most DeFi projects could be a contributing factor to the lack of regulatory clarity. Recent dialogue between MakerDAO delegates and Senator Elizabeth Warren proves that regulators do not have a firm grasp of the DeFi space or of how DAOs work. In the dialogues, not only did the senator...
Compounding problems: $65m more COMP at risk as devs wait for time-locked bug fix
Major DeFi money market Compound’s woes are worsening, with nearly $150 million worth of COMP now at risk due to a buggy upgrade to the protocol that went live last week. On Sept. 30, Cointelegraph reported that a bug had resulted in between $70 million and $85 million worth of COMP tokens being mistakenly offered to users as rewards after an update intended to fix bugs and “split COMP rewards distribution” went awry. Despite the reward distribution error being identified quickly, Compound’s week-long delay on enacting new governance measures meant that the error will not be fixed until Oct. 7. On Oct. 3, Compound founder Robert Leshner tweeted that 202,472.5 COMP (worth approximately $65 million) had been placed at risk after the protocol’s drip function was called for the first time in r...
El Salvador introduces fuel subsidy of $0.20 per gallon to locals who pay in BTC
Salvadoran president Nayib Bukele has announced that local consumers can enjoy a $0.20 per gallon reduction in petrol prices when paying using the government-backed Bitcoin wallet, Chivo. Describing the news as “positive news for the pockets of Salvadorans,” the president announced the subsidy via Twitter on Sept. 30. According to a rough translation, Bukele stated: “The state company Chivo negotiated with the largest gas station companies in our country, so that starting tomorrow, their stations will sell each gallon of fuel $ 0.20 cheaper, with Chivo wallet.” Bukele emphasized that there is no limit to the discount and that any local person or company can access the rebate. He added that the discount will erase “several increases in the international price of fuels” and “redu...
Beyond Bitcoin: The future of digital assets is bigger than the first crypto
While change is guaranteed, the scale and scope of that change are not. For the financial industry, blockchain — the technology that undergirds Bitcoin (BTC), Ether (ETH), nonfungible tokens (NFTs) and other digital assets — has brought us to the crossroads. What will the future of money look like? We have been operating on the frontline of crypto for the past 10 years, protecting large and small investors alike while allowing them to invest in this exciting new frontier of finance. The experience we’ve gained here helps us to see what’s coming down the road. In this historical period, a myriad of outcomes is possible but one thing is for certain: The efficacy and innovation of the technology will influence well beyond traditional financial sectors. The mature digital assets industry...
Money in 2030: A future where DeFi and CBDCs can work together
Decentralized finance (DeFi) is changing the way that people all over the world think about money faster than any previous financial revolution. Banks, which have monopolized the way we’ve accessed money since antiquity, are finally seeing their status being challenged. Now, it’s DeFi which is starting to provide an alternative that could turn the economic landscape on its head and democratize access to finance. This seismic shift in power away from governments and banks and towards real people is long overdue, particularly in developing nations where DeFi is already emerging as a tool for remittances and small loans. Financial inclusion is another significant advantage that DeFi can deliver, particularly when 1.7 billion adults remain unbanked. Related: The great unbanking: How DeFi is co...
Bitcoin price surge to $49K prompts several altcoins to hit new all-time highs
On Sunday bulls made their intentions clear by briefly pushing Bitcoin (BTC) price above the $49,000 level, a move that prompted many traders on crypto Twitter to call for the top-ranked digital asset to knock down the psychological resistance at $50,000. Data from Cointelegraph Markets Pro and TradingView shows that after trading in a range with an upper limit near $48,200 for several days, bulls managed to break higher and climb to an intraday high at $49,242, capping a 20% rally since trading at a low of $40,890 on Sept. 29. BTC/USDT 4-hour chart. Source: TradingView The weekend gains for Bitcoin come following a rollercoaster week that began with the markets struggling for momentum after a renewed regulatory crackdowns in China weighed on the market’s sentiment. By the end of the...
Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, XTZ, AXS
The sentiment in the crypto markets can change quickly as seen from the Crypto Fear and Greed Index, which has risen from levels of extreme fear on Sept. 30 to neutral today. The sentiment may improve further if Bitcoin (BTC) breaks out and sustains above the psychologically critical level at $50,000. One important event that may boost short-term sentiment is the U.S. Securities and Exchange Commission’s (SEC) decision on Bitcoin exchange-traded fund (ETF) applications. Although the SEC extended the deadline of four Bitcoin ETF applications by 45 days on Oct. 1, Bloomberg’s senior ETF analyst Eric Balchunas is hopeful that a futures-backed Bitcoin ETF may receive the green signal by the middle of October. Crypto market data daily view. Source: Coin360 Balchunas said the Bitcoin f...
Futures-based Bitcoin ETF has ‘75% chance of approval’ in October — analyst
A Bitcoin (BTC) exchange-traded fund (ETF) has a 75% chance of being approved this month — in some form. In comments this weekend, Eric Balchunas, senior ETF analyst for Bloomberg, said that United States Bitcoin futures ETFs were “likely on schedule” for the regulatory green light. Bitcoin futures ETFs “very much alive” October began with the Securities and Exchange Commission (SEC) announcing a frustrating yet not uncommon delay to their decision on whether or not to approve Bitcoin ETFs. The various applications, instead of being allowed or denied this month, will now begin to be processed in November. According to Balchunas, however, Futures-based ETFs are more likely than not to pass muster in the coming weeks. “Yes, the SEC has kicked can on bitcoin ETF approval BUT that ...
Federal High Court of Nigeria approves eNaira CBDC rollout
The Nigerian Federal High Court joins the growing list of regulators across the globe to approve the rollout of a central bank digital currency (CBDC) as a legal tender. Named eNaira, the digital currency will be issued by the central bank and supported by a homegrown eNaira wallet. Nigeria’s CBDC issuance approval was revealed in a federal court hearing held on Oct. 2 led by Justice Taiwo Abayomi Taiwo, according to a report by Voice of Nigeria. The official eNaira website says that the digital version of the Nigerian naira will be made available universally, stating “anybody can hold it.” As previously reported by Cointelegraph, the launch of the Nigerian CBDC was dedicated to mark the country’s 61st Independence Day. While eNaira will continue to circulate alongside its fiat count...
