cryptocurrencies
Solving the ‘Sunrise Issue’ is the key to unlocking crypto mass adoption
We have all been there. You see something, hear something, or feel something, and want to share that feeling or observation with someone else. Do you pick up the phone? Send over a text? Record a voice note? Humans thrive in our shared experiences: a captivating concert, the winning goal of a sports match, waking up to watch the sunrise. There’s something fulfilling about having an experience and being able to share it with someone in real time. And due to technology, we can do that, even if another person, call them our counterpart, is halfway across the world. So why wouldn’t we expect the same level of seamless communication and collaboration across an industry built around that very idea — total interconnectivity and a global reach? Crypto was built to democratize access to...
Belgian financial regulator FSMA to regulate crypto exchange services
A new rule imposed by Belgium’s financial regulatory agency, the Financial Services and Markets Authority (FSMA), will now require crypto exchanges and custodial wallet services in the region to register within a sharp deadline. Starting tomorrow, May 1, legal individuals and entities that wish to provide crypto exchange services or custodial wallets in Belgium will have to register in advance, according to the information released by the FSMA. As from 1 May 2022, providers of exchange services between #virtual #currencies and legal currencies, or custody #wallet services will have to register with the #FSMA. Please consult the FAQs. https://t.co/P44mkovn5L pic.twitter.com/aAdtQ9Dqwx — FSMA (@FSMA_info) April 29, 2022 Crypto businesses in Belgium that have been already operating before thi...
Here are 3 ways hodlers can profit during bull and bear markets
For years, cryptocurrency advocates have touted the world-changing capability of digital currency and blockchain technology. Yet with the passing of each market cycle, new projects come and go, and the promised utility of these “real-world use case” projects fails to satisfy. While a majority of tokens promise to solve real-world problems, only a few achieve this, and the others are mere speculative investments. Here’s a look at the three things cryptocurrency investors can actually “do” with their coins. Lending Perhaps the simplest use case offered to cryptocurrency holders is also one of the oldest monetary applications in finance: lending. Ever since the decentralized finance (DeFi) sector took off in 2020, the opportunities available for crypto holders to lend out their tokens in exch...
Robinhood makes significant strides in crypto business in Q1 despite falling revenue
On April 28, discount-brokerage platform Robinhood published its financial results for the first quarter of 2022. Year-over-year, the firm’s net revenue declined by 43% to $299 million. Specifically, revenue from cryptocurrency trading fell by 39% to $54 million during the same period. This was partly due to a decrease in the interest in meme stocks as well as an ongoing cryptocurrency bear market that dominated much of the first three months of the year. However, despite a decrease in sales, the company’s net cumulative funded accounts rose by 27% year-over-year to 22.8 million. At the same time, total assets under custody increased 15% to $93.1 billion. Robinhood took several important steps in enhancing its crypto business. First, the firm rolled out crypto wallets to the ap...
Altcoins sell-off as Bitcoin price drops to its ‘macro level support’ at $38K
The cryptocurrency market and wider global financial markets fell under pressure on April 26 after the hype surrounding Elon Musk’s purchase of Twitter began to fade and concerns about the state of the global economy took the forefront again. Tech-related stocks were some of the hardest-hit assets on April 26 and this pullback was followed by sharp declines in crypto prices as risk assets become persona non grata in these turbulent markets. Data from Cointelegraph Markets Pro and TradingView shows that after holding support at $40,500 through the early trading hours on April 26, the price of Bitcoin (BTC) dumped 6.21% in afternoon trading to hit a low of $38,009. BTC/USDT 1-day chart. Source: TradingView April 26’s price action looks to be a continuation of the weakness se...
Crypto advocate mounts challenge to longtime Silicon Valley Congresswoman
In terms of policy, Greg Tanaka calls himself a legislator for the digital age and possibly the most pro-crypto person running in this election cycle. Now a Palo Alto City Council member, he has set his sights on the United States House of Representatives seat for California’s 16th: the Silicon Valley district. In an interview with Cointelegraph, the self-described nerd exuded enthusiasm and spoke with an unwavering smile about crypto and the financial system. Legal DAOs and crypto tax holidays “It’s the first form of truly better money,” Tanaka said of crypto. “More benefit goes to the people creating the value versus with traditional finance.” He envisioned a future where everyone would have their own token. That “will create a lot more economic equity,” he said. In addition to his polit...
Report: Postmates founder Bastian Lehmann launches crypto startup
According to local news outlet FinanceFWD, German entrepreneur Bastian Lehmann is making a move into the crypto industry with the creation of a new startup called “TipTop Labs.” Although details surrounding the venture remain unknown, its website states the firm seeks to provide “consumer finance solutions for an emerging web.” On its careers page, it appears that TipTop Labs is hiring a blockchain engineer whose primary responsibilities include “Building protocol components that integrate across different blockchain systems,” and “leading the design and architecture of core protocols and tokens.” The firm has been registered in the State of Delaware since February. On his Linkedin page, Lehmann states that he is the current founde...
Bitcoin hits $40K, investors pump Dogecoin (DOGE) after Musk confirms Twitter purchase
The cryptocurrency market fell under pressure in the early trading hours on April 25, but a brief spurt of bullish price action sparked after media headlines announced that Elon Musk had reached a deal to purchase Twitter for $44 billion. Data from Cointelegraph Markets Pro and TradingView shows that after dropping as low as $38,210 in the opening trading hours on Monday, Bitcoin (BTC) price staged a 5.72% rally to hit an intraday high at $40,366 as news of Twitter’s sale spread across news outlets. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what analysts and on-chain data have to say about Bitcoin’s short-term outlook. Declining exchange reserves point to strong accumulation The recent bearish sentiment that has dominated the crypto market was addressed b...
STEPN impersonators stealing users’ seed phrases, warn security experts
Peckshield, a prominent blockchain security firm, exposed the existence of numerous phishing websites for the Web3 lifestyle app STEPN on Monday. Hackers insert a forged MetaMask browser plugin through which they can steal seed phrases from unsuspecting STEPN users, according to Peckshield. When these cybercriminals obtain the seed phrase, they gain complete control over the STEPN user’s dashboard where they may connect their stolen wallets to their own or “claim” a giveaway as per Peckshield. #PeckShieldAlert #phishing PeckShield has detected a bath of @Stepnofficial phishing sites. They insert a false Metamask browser extension leading to stealing your seed phrase or prompt you to connect your wallets or “Claim” giveaway. @Metamask @Coinbase @WalletConnect @phantom pic....
What is impermanent loss and how to avoid it?
The difference between the LP tokens’ value and the underlying tokens’ theoretical value if they hadn’t been paired leads to IL. Let’s look at a hypothetical situation to see how impermanent/temporary loss occurs. Suppose a liquidity provider with 10 ETH wants to offer liquidity to a 50/50 ETH/USDT pool. They’ll need to deposit 10 ETH and 10,000 USDT in this scenario (assuming 1ETH = 1,000 USDT). If the pool they commit to has a total asset value of 100,000 USDT (50 ETH and 50,000 USDT), their share will be equivalent to 20% using this simple equation = (20,000 USDT/ 100,000 USDT)*100 = 20% The percentage of a liquidity provider’s participation in a pool is also substantial because when a liquidity provider commits or deposits their assets to a pool via ...
Binance recovers $5.8M in funds connected to Ronin bridge exploit
Via a Twitter post on Friday, Changpeng Zhao, CEO of Binance, said that the cryptocurrency exchange recovered $5.8 million spread over 86 accounts in digital assets moved to the exchange by Lazarus Group. Last month, the North Korean cyber-criminal group allegedly stole 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), worth over $600 million at the time, belonging to Axie Infinity’s Ronin bridge. As of Friday, the wallet address associated with the Ronin has around $280 million in digital assets remaining. Blockchain forensics company Elliptic recently uncovered that the hackers have been sending the money to centralized exchanges and cryptocurrency trail-mixer decentralized application, or DApp, Tornado Cash. In addition, it appears the hackers also swapped the stolen USD...
NY Sen. Thomas proposes to criminalize rug pulls and other crypto frauds
New York State Senator Kevin Thomas introduced a new bill amendment request to establish certain offenses related to rug pulls and other frauds related to virtual token distribution, misuse of private keys and hidden interests in crypto projects. The bill drafted by Sen. Thomas, Senate Bill S8839, calls for defining, penalizing and criminalizing frauds specifically targeted at developers and projects that intend to dupe crypto investors. A snippet of Senate Bill S8839. Source: nysenate.gov Through the bill, Thomas seeks to provide prosecutors with a clear legal framework against crypto crimes that align with the spirit of the blockchain while combatting fraud. It calls for a law amendment that will imply rug pull charges on developers that sell “more than 10% of such tokens within fiv...
