crypto blog
Thai SEC launches digital hotline for Zipmex users
In the aftermath of the Thai cryptocurrency exchange Zipmex stopping withdrawals last week, local financial regulators are stepping in to look into potential losses by investors. Thailand’s Securities and Exchange Commission (SEC) is taking action to collect all necessary information from investors on how they have been affected by issues on Zipmex. The regulator officially announced on July 25 that Zipmex customers can submit information via an online forum on the Thai SEC’s official website. The SEC has received a number of complaints from people affected by Zipmex after the crypto exchange temporarily suspended withdrawals of the Thai baht and digital assets on Wednesday, the regulator said. “In the past, the SEC issued a letter requesting the company [Zipmex] to provide an efficient sy...
NFT utility to remedy ticketing dilemmas? Experts weigh in
The 2022 Champions League final will have a checkered position in the competition’s history book. Real Madrid emerged victorious over Liverpool inside the Stade de France, but the pandemonium outside the stadium before kick-off highlights the need for innovative solutions to events ticketing. Counterfeit tickets played a massive role in the chaotic scenes that played out in the French capital in June 2022, as fans broke into the stadium precinct while authorities rebuffed many. French authorities estimated that 35,000 people had arrived at France’s national stadium with fake tickets or none at all, in addition to the 75,000 fans that had legitimate tickets for the grand final. Black market ticket sales and touting have been part and parcel of the sporting and events world for decades, but ...
Tether, Bitfinex, Hypercore collab to launch encrypted P2P apps
Staying true to the “bear market is for building” motto, crypto exchange Bitfinex along with Tether (USDT) and Hypercore announced the launch of a fully encrypted platform, Holepunch, for building peer-to-peer applications. As part of the initiative, the trio launched Keet, an encrypted application capable of facilitating real-time audio and video calls, text chat and file sharing. Partners aim to bestow control over data while breaking technology monopolies with Holepunch, according to the announcement. Tether and Bitfinex funded the development of the Holepunch platform. Paolo Ardoino, the chief technology officer of Tether and Bitfinex, will lead the new initiative as the chief strategy officer. Speaking on behalf of Tether and Bitfinex, Ardoino highlighted the need to address the growi...
When worlds collide: Joining Web3 and crypto from Web2
A friend of mine who is a seasoned Web2 tech executive joined a Web3 company in June. A switched-on operator, he asked to speak with all 16 staff before deciding to join the firm. This shows that Web3 joiners need to really hone in on the mission when jumping ship from the old tech world. Is the blockchain tech business model really plausible? You almost need to be a seasoned venture capitalist or world-class engineer when considering a new project’s potential to build a new L1 blockchain as promised — and, thus, deliver your token rewards. The risk-reward metrics mean there are opportunities for great success. But with great success comes great tax problems… Taking the leap from Web2 to Web3 is not for the fainthearted. “The first thing I see is that everyone in the space has an innovativ...
Bitcoin drops below $21.8K realized price as FOMC spooks markets
Bitcoin (BTC) stuck to its realized price just below $22,000 on July 25 as Wall Street opened with a flat performance. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin gives up more key levels Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it consolidated after falling from $23,000 overnight. The pair echoed equities in cool trading prior to the July 27 United States Federal Reserve decision on interest rates. Analysts were expecting several days of volatility, and despite buyer interest in Bitcoin being strong below spot price, everything could still change. No guarantee any support holds after Wednesday’s #FED announcement, but for now #FireCharts shows a ladder of #Bitcoin bids around these next technical support levels. https://t.co/Ng2R...
3AC: A $10B hedge fund gone bust with founders on the run
Three Arrow Capital (3AC), a Singapore-based crypto hedge fund that at one point managed over $10 billion worth of assets, became one of the many crypto firms that went bankrupt in this bear market. However, the fall of 3AC wasn’t purely a market-driven phenomenon. As more information surfaced, the collapse looked more like a self-inflicted crisis brought upon by an unchecked decision-making process. To put it concisely, the hedge fund made a series of large directional trades in Grayscale Bitcoin Trust (GBTC), Luna Classic (LUNC) and Staked Ether (stETH) and borrowed funds from over 20 large institutions. The May crypto crash led to a series of spiral investment collapse for the hedge fund. The firm went bust and the loan defaults have led to mass contagion in crypto. The first hint...
Big Time Studios announces OPEN LOOT Platform & Gaming Fund
Grand Cayman, Cayman Islands, 27th July, 2022, Chainwire Following the success of launching the flagship title ‘Big Time’ into Early Access and generating NFT sales in excess of 100 million dollars, BIG TIME Studios Ltd. (BTS) announced the OPEN LOOT (OL) Platform. OL enables developers to launch web3 games and distribute their NFTs through the OPEN LOOT Marketplace. Its Vault technology enables an extremely easy-to-use experience for receiving and managing blockchain-based digital assets, allowing players to trade and sell to one another in a very natural way. With no gas fees and instant transaction settlement, OL creates the best possible experience for players like no other. “We believe that we can bring the success we realized with Big Time to our partner studios, and have them join t...
KuCoin CEO Johnny Lyu launches ‘Anti-FUD Fund’
The CEO of crypto exchange KuCoin says it is launching an “Anti-FUD Fund” to track down and potentially take legal action against “FUDers” and educate crypto users on identifying misinformation. Johnny Lyu, CEO of the exchange, announced the fund in a Tuesday Twitter thread, coming only days after publishing a blog post criticizing Twitter user Otteroooo for spreading misinformation about his firm. (1/5) FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence. To build a crypto space with less FUD, #KuCoin is going to launch an Anti-FUD Fund. Currently, the fund will mainly focus on… thread pic.twitter.com/dWA93nEmHz — Johnny_KuCoin (@lyu_johnny) July 26, 2022 Lyu said the Anti-FUD fund will cover three elements, the fir...
Bitcoin heads into FOMC day on 24-hour highs amid concern over $24.3K top
Bitcoin (BTC) attempted to claw back losses on July 27 as a macro day of reckoning arrived for risk assets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analysis: $24,300 resistance “not a good sign” Data from Cointelegraph Markets Pro and TradingView confirmed a 24-hour high for BTC/USD prior to the Wall Street open on July 27. The pair had sunk below $21,000 in the first portion of the week, heightening nervousness among traders already wary of potential headwinds from the United States Federal Reserve. Likely chop for equities going into FOMC which expected $BTC and crypto chop around also today pic.twitter.com/GDj0GwlDXy — Rager (@Rager) July 26, 2022 July 27 is set to reveal the Federal Open Markets Committee‘s (FOMC) next base rate hike, expectations flitting between 7...
‘Game yet to begin’ for security token offerings, INX exec says
Despite some of the first security token offerings (STO) launching at least four years ago, the STO industry is still yet to take off, according to an executive at the INX cryptocurrency trading platform. The STO industry is still nascent compared to the overall digital asset industry as companies and individuals are just getting into the field, INX’s chief business officer Douglas Borthwick said in an interview with Cointelegraph. According to Borthwick, there is still a huge educational gap between those who are aware of STOs and those who have never heard of the term. Also known as a tokenized initial public offering (IPO), an STO is a type of public offering involving sales of tokenized digital securities, or security tokens, on security token exchanges. Security tokens can be used to ...
NFT potential vast and creative possibility endless, says YellowHeart CEO
While some refuse to adopt nonfungible tokens (NFTs), others are finding ways to realize the potential of NFT technology to solve real-world problems. In an interview with Cointelegraph, Josh Katz, CEO of NFT marketplace YellowHeart, shared his thoughts on using NFTs in ticketing, what the NFT space will look like in the future and whether NFTs can eventually surpass crypto in popularity. According to Katz, ticketing is one of the most compelling use cases for NFTs. Citing the UEFA Champions League incident in Paris where fraudulent tickets caused chaos, the CEO said that NFT tickets are the solution: “By providing immutable proof of authenticity for every ticket issued, venues and artists have an effective defense against ticket counterfeiting.” When asked about his thoughts on what the N...
Sentiment and inflation: Factors putting pressure on Bitcoin price
Subsequently, there are fears that Bitcoin prices will take longer to recover. Bitcoin (BTC) has been hovering around the $20,000 range for several weeks now after the coin lost over 60% of its value from its peak in November. The recent plunge wiped out over $600 million from its market cap and caused rising concerns of a bubble burst. Negative investor sentiment Cryptocurrency investors have been on edge since Bitcoin’s fall to around $20,000. Many of them fear that more unprecedented selloffs by key players could precipitate a bigger downtrend. Further declines are likely to amplify losses and make it harder for the market to recover in the medium term. As such, many investors are holding off additional investments. Besides the fall of cryptocurrencies, the decimation of linchpin crypto...
