crypto blog
BNB price risks 40% drop as SEC launches probe against Binance
Binance Coin (BNB) price dropped by nearly 7.3% on June 7 to below $275, its lowest level in three weeks. What’s more, BNB price could drop by another 25%–40% in 2022 as its parent firm, Binance, faces allegations of breaking securities rules and laundering billions of dollars in illicit funds for criminals. Bad news twice in a row BNB was issued as a part of an initial coin offering (ICO) in 2017 that amassed $15 million for Binance. The token mainly behaves as a utility asset within the Binance ecosystem, primarily enabling traders to earn discounts on their trading activities. Simultaneously, BNB also functions as a speculative financial asset, which has made it the fifth-largest cryptocurrency by market capitalization. BNB market capitalization was $45.42 billion as of June ...
The business of a Bitcoin standard: Profit, people and passion for good food
The Canadian restaurant franchise Tahini’s serves Middle East-inspired food with a Bitcoin-inspired twist. Since August 2020, when the price of Bitcoin (BTC) was under $20,000, the group has operated on a Bitcoin standard, with any profits it makes swept into BTC. The Tahini’s Twitter account has since argued that Bitcoin is the “most Islamic” thing Muslims can do with their wealth, and the group educates its customers on sound money. It has even become a niche bear market meme, with Michael Saylor famously saying he might apply to work night shifts at Tahini’s during January’s price correction: May apply for night shift at @TheRealTahinis to stack more sats. #NewProfilePic pic.twitter.com/ZrirLojvrq — Michael Saylor⚡️ (@saylor) January 23, 2022 Coin...
Coinbase balance drops by 30K BTC as Bitcoin price nurses 6% losses
Bitcoin (BTC) held steady at the June 7 Wall Street open after a night of losses cost bulls heavily. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Coinbase sees conspicuous outflows Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged near $30,000, still down 6% versus its prior highs. After underperforming versus United States equities on June 6, the pair nonetheless managed to avoid falling further in step with stocks. At the time of writing, the S&P 500 was down 0.6% from the open, with the Nasdaq Composite Index 0.5% lower. Analyzing order book data, on-chain analytics resource Material Indicators noted that a wall of bids from a whale “spoofing” the market in recent days had finally dissipated. Earlier, that entity had posted a support li...
Ethereum 2.0 vs. the top Ethereum killers|The Market Report
“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts give you the details about Ethereum 2.0, its main competitors, and how they differ from each other. To kick things off, we break down the latest news in the markets this week. Here’s what to expect in this week’s markets news breakdown: Bitcoin ‘Bart Simpson’ returns as BTC price dives 7% in hours: Bitcoin (BTC) price action failed to crack $32,000 and headed back to square one, sparking $60 million of long liquidations in the process. How much longer will we stay in the current price range? What is it going to take for Bitcoin to break out from here? Bad day for Binance with SEC investigation and Reuters exposé: The United States Securities and Exchange Commission...
Thales Announces the Launch of Its New Referral Program
Madrid, Spain, 7th June, 2022, Chainwire Thales announces the launch of its new referral program Thales, an innovative DeFi protocol dedicated to parimutuel markets, has announced the launch of its affiliate referral campaign. The affiliate program will create on-chain incentives to gather new users, allowing them to earn by generating a referral link and sharing it with friends, traders, and potential buyers. The program is an excellent opportunity to benefit from others’ trading volume while helping Thales expand its ecosystem with novel parimutuel markets, increased volume, and brand exposure. Referral Program Details By sharing their referral link, users will receive an equivalent of 50% of the trading fee (1% of total volume) from each trade the new user they onboarded executes. Funds...
Gala’s Web3 Game GRIT Now Easily Accessible to Epic Games Store’s 194M+ Players
Jackson, USA, 7th June, 2022, Chainwire Gala Games, a pioneer in web3 entertainment, announced today that it is continuing to lead the way for blockchain games by publishing its titles on the Epic Games Store. With Epic Games Store’s more than 194 million users, Gala will bring web3 games to the masses, exposing millions of gamers to this new genre of entertainment and solidifying Gala’s place as the leader in the burgeoning Web3 games industry. This announcement follows on the heels of a number of firsts and notable announcements for the Web3 company. Gala recently announced the first web3 first-person-shooter (FPS) by a AAA studio, launched the Gala Music platform, and announced the company’s upcoming launch of Spider Tanks, the world’s first NFT Esport. “Epic is a pioneer and visionary ...
Cake DeFi’s customers take home record US$317 million in rewards
Cake DeFi, the fastest growing decentralized exchange (DeFi) platform based in Singapore, is celebrating its third anniversary in style after it announced that it has paid out more than US$317 million in rewards to its customers by the end of the first fiscal quarter of 2022. Cake DeFi has seen robust business growth since it was launched. It has grown by about 90% since 2019. While making the announcement, the CEO and Co-Founder of Cake DeFi, Dr Julian Hosp, said: “Our third anniversary is an important milestone for us. Despite the recent downturn in crypto prices, we have continued to experience tremendous growth in the past three years. We are now one of the fastest-growing Decentralized Finance (DeFi) platforms in Asia. This is only made possible by relentlessly creating value for our ...
Fed forgets long-term dollar devaluation when pricing eggs in BTC
The St. Louis Federal Reserve stirred up a mix of amusement and curiosity from the crypto community on Tuesday, May 7, after publishing a post showing how the cost of eggs in Bitcoin (BTC) has fluctuated over the last 14-months compared to the U.S. dollar. On June 6, the Fed research arm posted a blog post titled “Buying eggs with bitcoins – a look at currency-related price volatility.” The FRED Blog compares egg prices in U.S. dollars vs. bitcoins. Check out the post to see which prices are more stable https://t.co/Qfy9w8zgBk pic.twitter.com/qpFH4ny33S — St. Louis Fed (@stlouisfed) June 6, 2022 The post initially features a graph showing the historical price of eggs in U.S. dollars for every month since January 2021, noting that the prices fluctuated between $1.47 and $2.52 ov...
New Japanese law may allow seizure of stolen crypto
Japan’s Justice Ministry is reportedly considering a revision of an asset seizure law relating to organized crime to include a stipulation that crypto can be commandeered in such instances. If the reports are found to be true, a potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) would enable law enforcement officers and courts to take control of crypto assets used in criminal activity such as money laundering. According to reports from local media outlets such as the Yomiuri Shimbun on June 4, the Justice Ministry will first need to engage in talks with the Legislative Council on the issue before proceeding forward. While it will also need to iron out important details such as how officers can go about obtaining a criminal’s privat...
Bitcoin ‘Bart Simpson’ returns as BTC price dives 7% in hours
Bitcoin (BTC) firmly recommitted to its trading range on June 7 after a fresh move higher was met with a swift sell-off. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “Some of the best chop we’ve seen” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rejecting decisively at resistance it last encountered on June 1. The pair had delivered daily gains in excess of 6%, but the approach to $32,000 changed the mood, and Bitcoin gave back almost $2,500 in a matter of hours. A classic “Bart Simpson” structure thus formed on hourly timeframes as frustrated traders came to terms with the existing paradigm remaining unchallenged. “Standard price action again on Bitcoin in which all the lows are swept,” Cointelegraph contributor Michaël van de Poppe wrote in a Twitter ...
Maiar decentralized crypto exchange goes offline after bug discovery
Minutes before 12 a.m. UTC on June 6, the CEO and co-founder of the Elrond Network, Beniamin Mincu, tweeted that he and his team were “investigating a set of suspicious activities” on the Maiar decentralized crypto exchange (DEX). Soon after the exchange was taken offline with Mincu reporting the issue was identified and an “emergency fix” was being implemented. In a Twitter thread posted almost 24 hours later around 11 p.m. UTC on June 6, Mincu said a potentially critical bug was identified which opened “an exploit area that we simply had to address and mitigate immediately.” The suspicious activities have been possibly identified and explained in a Twitter thread by pseudonymous on-chain analyst “Foudres” who revealed the potential attacker deployed a smart contract that someho...
Exotic Markets Interview: Generating yield by selling optionality
It has been a turbulent time in the cryptocurrency markets recently. With the macro climate worsening to the point that we have more bearish sentiment than at any time since the Great Financial Crisis, coupled with the now-infamous UST debacle that saw a stablecoin worth $18 billion vanish into thin air, investors are fighting an intensely risk-off environment. It is precisely this environment that highlights how vital diversification and portfolio allocation is. This is part of the thesis behind Exotic Markets, who we interviewed last week following the launch of a Dual Currency Note (DCN) on the Solana network. In short, this product allows investors to generate yield by selling upside. Investors receive upside in their preferred currency, while avoiding the need for wrapped ...
