Business
Wazupnaija – Naija Entertainment blogs & Forums – Business
Law Decoded: US as an anatomical theater of crypto regulation, Sept. 13–20
Fall is traditionally the open season for United States financial regulators. The thicket of news coming out of Capitol Hill, federal courts and various regulatory agencies can feel overwhelming around this time, especially for those of us residing outside of these venerable institutions’ purview. It is also clear that the outcomes of these legal battles will have tremendous effects on crypto markets, adoption and, generally, the relationship between state power and the industry worldwide. But that is not the only reason for anyone interested in how the old world adapts to digital finance to follow U.S. developments closely. Gensler of the Hill Security and Exchange Commission Chair Gary Gensler appeared in front of the Senate Committee on Banking, Housing, and Urban Affairs last week. Dur...
Bitcoin bounce levels extend to $36K with bulls unmoved by 8% BTC price dip
Bitcoin (BTC) kept blowing through support levels during trading on Sept. 20 ahead of what promised to be a “very interesting” U.S. stock market open. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView No sweat for BTC traders after $42,500 visit Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD. It dipped briefly to near $42,500 before returning to hover near $44,000 in volatile conditions. Monday’s low was beneath that seen earlier in the month during the leverage cascade, with Bitcoin testing both its weekly higher low and 21-week exponential moving average (EMA) as support. As Cointelegraph reported, a plethora of factors combined to produce sell pressure for BTC markets. These were led by concerns over Evergrande defaulting on hundreds...
Ethereum forming a double top? ETH price loses 12.5% amid Evergrande contagion fears
Ethereum’s native asset Ether (ETH) prices slumped on Sept. 20 amid a broad selloff in the cryptocurrency market, led by worries about a potential housing bubble crisis brewing in China. The ETH/USD exchange rate dropped as much as 12.52% to $2,911 on the Coinbase exchange, hitting its lowest levels since the beginning of August 2021. Elsewhere in the crypto market, Bitcoin (BTC), Binance Coin (BNB), Cardano (ADA), Solana (SOL), and other top tokens plunged in tandem. The performance of top ten crypto assets in the past 24 hours. Source: Messari The drop imitated the mood in the broader market as U.S. equities plunged following a day of red in both the Asia-Pacific and European indexes. On the other hand, the U.S. dollar and government bonds surged on haven-buying. At the core of Mon...
FTX crypto exchange expands to Bahamas with new registration
FTX, one of the world’s largest cryptocurrency exchanges, continues expanding operations by inking major regulatory approval in The Bahamas. The Securities Commission of The Bahamas has registered FTX Digital Markets, the Bahamian subsidiary of the global FTX crypto exchange, as an official digital asset business, the firm announced Sept. 20. The regulatory approval is granted under the Digital Asset Registered Bill of The Bahamas, the country’s new digital asset-related legislation that came into force in late 2020. Also known as the DARE Act, the legislation establishes a comprehensive regulatory framework for digital asset operations in The Bahamas, regulating and supervising virtual asset service providers. The regulatory approval will help FTX establish a “substantial presence” in The...
Hackers steal $12.7M worth of BTC from DeFi platform pNetwork
The platform has offered a $1,500,000 bounty to the hackers if funds are returned In the latest attack on the decentralised finance (DeFi) industry, pNetwork, a platform that enables cross-chain DeFi composability, has reported a breach on the Binance Smart Chain, leading to losses of Bitcoin worth roughly $12.7 million. The incident, which occurs amid the increasing threat of cybercrime in the DeFi industry, is being attributed to the attention that came with the sector’s massive growth. In a Twitter thread published earlier today, pNetwork informed users that an attacker had exploited a bug in its codebase to steal 277 pBTC from the Binance Smart Chain. The platform added that most of the stolen funds were the network’s collateral and assured users that all other bridges and funds in the...
Dogecoin price analysis: DOGE loses 9%, drops to 10th largest coin
The cryptocurrency market had a rough start to the week, with the prices of most coins currently trading in the red zone The cryptocurrency market has started the week in a negative fashion. The prices of most cryptocurrencies are down by 2% or more, with the total market cap dropping below the $2 trillion mark for the first time in weeks. Bitcoin has dropped below the $45,000 level again after being unable to mount a challenge to take it past the $50,000 resistance point. BTC is currently down by 6.5% in the past 24 hours. Ether is also one of the biggest losers, down by nearly 9% in 24 hours. ETH is trading above $3,100 and could drop below the $3,000 support level if the current market conditions aren’t reversed. Dogecoin has underperformed in recent months, and its poor run has c...
Coinbase signs a $1.36M contract with the US Homeland Security
Coinbase has grabbed the attention of regulators in recent weeks, but it has also received its largest contract to date from the government Coinbase, one of the leading crypto exchanges in the world, has signed a contract worth $1.36 million with the United States Department of Homeland Security (DHS). The contract is the biggest the crypto exchange has received from the federal government so far. The crypto exchange is set to supply a Coinbase Analytics licence to the Immigration and Customs Enforcement department of the DHS. The contract became effective on 16 September, and Coinbase is set to receive an initial $445,000 from the government. However, the contract could last up to three years, and Coinbase could earn up to roughly $1.36 million. This latest development is the second contr...
In India’s Price-Sensitive Market, Will Customers Finally Pay For Streaming?
Only two countries — China (45% ad-supported), the seventh-biggest market, and Venezuela (58%), IFPI’s lowest-ranked sector — rely more on ad-supported audio streams than India (38%). And China, for the first time, generated more revenue last year from subscription-supported streams than ad-supported streams, IFPI figures show. Lodha, who previously was an executive at hospitality chain OYO Rooms, says it’s time to change India’s revenue paradigm. To help Gaana regain its edge in India’s crowded streaming market against its well-financed competitors, he’s focusing on boosting subscription income, which he says is more important than hitting Gaana’s target of 500 million MAUs — a figure at which he says the streaming platform would finally turn profitable. Subscription income fell from 33% ...
Eco-Conscious, Safety-Centric, Tech-Savvy: 35 New & Renovated Venues to Watch in 2021
Madison Square Garden’s ambitious Las Vegas Sphere continues to be one of the most anticipated music venues in the world, with a price tag of $1.8 billion. Set to open in 2023 following pandemic-related construction delays, the structure will be anchored by what is touted as the largest and highest-resolution LED screen on earth, which will cover an area larger than three football fields. The screen is intended to create an immersive, virtual reality-style experience for ticket holders. In June, MSG completed the construction of the Sphere’s steel frame, while the exosphere is still under construction. Nashville Yards (Nashville)Concert capacity: 4,000 Developed by Southwest Value Partners, the 18-acre Nashville Yards complex will include a 1.3-acre park, two office towers for Amazon Nashv...
Coinbase signs new $1.36M contract with US Customs enforcement agency
Leading U.S. cryptocurrency exchange Coinbase has secured a contract to develop tech for the Department of Homeland Security worth as much as $1.36 million. Under the agreement, Coinbase has been contracted to deliver “application development software as a service” for the U.S. Immigration and Customs Enforcement division (ICE). The contract took effect on Sept. 16 and will see Coinbase receive $455,000 from the department. However, the contract could be extended to last for up to three years in total, which would see Coinbase receive up to roughly $1.36 million. The deal is the second partnership inked between Coinbase and ICE, with the exchange having secured a $30,000 contract to provide “computer forensics services” to the agency in August. The news has received backlash from the crypt...
Latest DeFi hack targeting BSC sees $12.7M in Bitcoin stolen from pNetwork
Cross-chain DeFi platform pNetwork has become the latest protocol to be targeted by hackers on Binance Smart Chain, reporting a loss of roughly $12.7 million worth of Bitcoin. According to a Twitter thread published by pNetwork on Sept. 20, the incursion resulted in 277 pBTC being siphoned from the exchange. The hackers made off with the majority of the network’s collateral, pNetwork added. 1/N We’re sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral). The other bridges were not affected. All other funds in the pNetwork are safe. — pNetwork (@pNetworkDeFi) September 19, 2021 The team noted the attack was executed by exploiting a bug in its codebase, adding that a fix is alrea...
Optimism announces upgrades enabling ‘one-click’ roll-up deployment
According to a blog post published by Optimism on Sept. 18, the team anticipates Ethereum-native protocols will be able to launch on its network in a single click by the end of October. “Any tooling that can run on Ethereum will run identically on Optimistic Ethereum,” the post highlighted, adding: Optimism, the Ethereum Foundation-backed team building developing a layer-two roll-up network, has announced upgrades to its protocol that will enable developers to deploy on its network in just “one-click.” “Anyone who has written code targeting Geth can now deploy without change — even for advanced features like traces and gas.” The post asserts that Optimism overhauled its code in a bid to extend beyond Ethereum Virtual Machine (EVM) compatibility to achieve “EVM equivalence” through shrinkin...
