roadrunner

Albanian authorities have detained the founder and chief executive of the Turkish cryptocurrency exchange Thodex, who allegedly fled Turkey with customer funds as the trading platform collapsed. Faruk Fatih Ozer was wanted for fraud with a red notice issued by Interpol. Albania Captures Alleged Crypto Fraudster, Prepares to Hand Him Over to Turkish Judiciary Police in Albania arrested 27-year-old Turkish businessman Faruk Fatih Ozer who founded and operated the now-defunct crypto exchange Thodex. Albanian law enforcement has been trying to locate him since he reportedly fled to the country with $2 billion of investors’ assets. Close to 400,000 people are believed to have suffered losses. According to an announcement by Turkey’s Ministry of Internal Affairs, quoted by the Anadolu Agency and other Turkish media, the Minister of the Interior of Albania Bledar Çuçi informed his counterpart in Ankara, Süleyman Soylu, that Ozer was captured in the city of Vlora. His identity was confirmed by biometric data. Ozer disappeared in 2021 following the shutdown of his coin trading platform which gained popularity during the crypto boom in Turkey where many were trying to protect their savings from the inflation of the Turkish lira which was rapidly depreciating. In April of last year, Turkey issued an international arrest warrant for him. Turkish prosecutors seek prison sentences totaling thousands of years for Thodex’s founders and other members of its executive team suspected of halting trading as part of an exit scam. They are accused of committing fraud and money laundering, with authorities claiming that the damages from their activities exceeded an estimated 350 million Turkish liras (close to $20 million at current exchange rates). The Turkish interior ministry said that Albania has already initiated the necessary procedures for Ozer’s extradition to Turkey. He is now being held in Elbasan, the Daily Sabah wrote, quoting a statement by the Albanian city’s prosecutor Kreshnik Ajazi for the Balkan Investigative Reporting Network (BIRN). Ozer is expected to appear in court soon. So far, more than 60 other people associated with Thodex have been detained as part of the investigation in Turkey. The Albanian police said that during its operation for Ozer’s arrest, a resident of Tirana and another person from Durrës were apprehended to determine their relations with the suspect. Laptop computers, mobile phones, bank cards, and other items were seized as evidence. Do you expect more arrests in the Thodex case in Turkey and Albania? Tell us in the comments section below. View the full article

Bitcoin miner Cleanspark says it experienced accelerated growth amid the crypto winter this year and the operation’s hashrate has surpassed 3 exahash per second (EH/s), tripling in less than twelve months’ time. The news follows a number of expansions bitcoin mining operations have embarked upon during 2022’s tumultuous crypto market. Cleanspark’s Hashrate Surpasses 3 EH/S, Bitcoin Miner’s Executive Chairman Says Firm Was Prepared ‘for a Rough Market’ On Tuesday, the bitcoin mining operation Cleanspark (Nasdaq: CLSK) announced that the company’s hashrate has officially surpassed 3 EH/s. Cleanspark notes that the firm’s hashpower has jumped three times higher in less than a year and currently the company has 31,000 ASIC (application-specific integrated circuit) mining rigs. According to the company, Cleanspark has recorded a “daily production high of 13.25 bitcoins.” Cleanspark’s update on Tuesday follows the firm revealing it acquired thousands of next-generation ASIC miners at a discounted price. At the time the company said the crypto winter provided “unprecedented opportunities” and during the first week of August, it announced the acquisition of a plug-in-ready mining facility with up to 86 megawatts (MW) of capacity. A large number of other bitcoin mining operations have been expanding and growing operations in 2022 as well. Applied Digital recently revealed it obtained land in North Dakota for a mining facility after it secured a $15 million loan to continue expansion. Validus Power, a blockchain power solutions firm, announced that the company is building out more data centers in Canada. On Monday, the bitcoin mining operation Terawulf Inc. (Nasdaq: WULF) amended its existing joint venture agreement for the Nautilus Cryptomine bitcoin mining center. This month, Cipher Mining completed the firm’s 40 MW Texas mining facility that’s powered by wind and two weeks ago, BIT Mining revealed a $9.3 million registered direct offering. After surpassing 3 EH/s, Cleanspark’s executive chairman Matt Schultz explained that the company had prepared for the crypto winter’s downturn. “We prepared for a rough market, which allowed us to take advantage of unique opportunities and propel the Company further,” Schultz detailed on Tuesday in a statement. “Because of that we’re growing our market share as a publicly traded bitcoin miner,” the executive added. Meanwhile, a large quantity of shares stemming from publicly-listed bitcoin miners are down a great deal in value this year. Year-to-date, CLSK has shed 68.33% against the U.S. dollar and at one time it traded for more than $22 per share. On Tuesday, stock market data shows CLSK is changing hands for $4.29 a share. What do you think about Cleanspark surpassing 3 EH/s amid the crypto winter? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. LONDON | August 30, 2022 – Hubble Protocol, home of the USDH stablecoin, has launched Kamino Finance: the first concentrated liquidity market maker (CLMM) optimizer of its kind on the Solana blockchain. Kamino Finance, launching initially on next-generation decentralized exchange (DEX) Orca, will allow users to earn higher yields in a fully automated way simply by depositing their crypto into vaults linked to Orca’s liquidity “whirlpools.” Kamino Finance builds on the advantages of CLMM’s, which reduce slippage and facilitate larger trades by narrowing the price range at which users provide liquidity. By automatically adjusting positions so they are set in an optimum range to capture the most fees and provide the deepest liquidity, Kamino removes common pain points for CLMM liquidity providers (LPs). In addition, Kamino automatically compounds CLMM fees and rewards back into users’ LP positions, boosting yields as position sizes grow. Marius Ciubotariu, the co-founder of Hubble Protocol, says: “Managing profitable LP positions has been notoriously difficult due to the complexities posed by CLMMs and the increased risk of impermanent loss when prices swing the wrong way, as well as front-running by bots – common on Ethereum. “Thanks to the lightning-speed throughput of the Solana blockchain, Kamino is able to provide LPs with higher yields and maximum capital efficiency. This fully realizes the potential of CLMMs. With Kamino, we hope to be paving the way for DeFi’s next explosive period of growth on the Solana DeFi ecosystem.” Instead of the usual CLMM NFT, Kamino will provide LPs with a fungible LP token as a receipt of deposit. This LP token can be used as collateral to borrow USDH, Hubble’s censorship-resistant stablecoin, which can then be used to transact or earn further yield in Solana DeFi. Hubble will build the first Kamino vaults on top of Orca’s concentrated liquidity whirlpools. At launch, vaults will be dedicated to stable-asset and pegged-asset pairs, with additional vaults added in the future. Milan Patel, Head of Business Development at Orca, says: “By building upon Whirlpools, Hubble has created a simple way for liquidity providers to access the benefits of concentrated liquidity without continuous rebalancing. Hubble’s Kamino project demonstrates how concentrated liquidity on Orca can be easily harnessed by all users and protocols.” About Hubble Protocol Hubble Protocol enables the Solana DeFi community to borrow USDH, a censorship-resistant and crypto-backed stablecoin. By depositing a range of bluechip crypto tokens such as SOL, BTC, ETH, liquid staking tokens like mSOL, stSOL, and daoSOL, and a growing number of assets, users can mint USDH at up to an 80% LTV. USDH can be used on multiple protocols across the Solana DeFi ecosystem to transact and earn yield. The Hubble team is completing a roadmap that includes improvements to the current USDH borrowing platform as well as the launch of new products and services, like Kamino, that bring real and long-term value to DeFi. About Kamino Finance Kamino Finance is an automated market-making solution built on DEXs powered by concentrated liquidity. The protocol optimizes CLMM liquidity by leveraging the superior speed and cost of Solana to rebalance positions and auto-compound fees plus rewards on behalf of users. As an automated product guided by quantitative analysis and modeling, Kamino seeks to provide users with a market-making tool that requires little to no expertise for participation. LPs can “set it and forget it” to maximize their earned fees and minimize IL when providing liquidity via Kamino. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Meta, the corporate entity behind the social media platforms Instagram and Facebook, has revealed that non-fungible token (NFT) support now offers cross-posting compatibility between the two major social media platforms. The digital collectible-sharing ability follows Meta rolling out NFT and Web3 wallet support to 100 countries during the first week of August. Meta’s NFT Rollout Continues as Social Media Giant Introduces the ‘Ability to Post Digital Collectibles’ Meta Platforms, Inc. (Nasdaq: META), announced on August 29, 2022, that the firm is “introducing the ability to post digital collectibles” across Instagram and Facebook. Meta disclosed the information on Twitter and shared a blog post published in May that gets updated on a regular basis. When Meta tweeted about the NFT cross-posting compatibility and support for Facebook and Instagram, the company got a few replies from individuals who liked the idea and also from people who mocked the NFT concept. One person wrote that Meta’s latest NFT cross-posting compatibility was “bullish.” Meanwhile, a number of other people mocked the NFT announcement and one such individual told Meta: “No, I’ll just post the jpeg instead, thanks.” Another individual replied jokingly that sharing a jpeg was “more safe for sure.” A few people shared screenshots of the ability to cross-post NFTs across Instagram and Facebook. Meta’s post on Monday states: As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both. The August 29 announcement follows Meta initiating NFT support to 100 countries and adding the ability to connect with third-party wallets such as Metamask and Rainbow. Meta also noted on August 4 that the digital collectibles features would support blockchains like Flow, Ethereum, and Polygon. At the time, Meta said that “there are no fees associated with posting or sharing a digital collectible” on Instagram and Facebook. The company’s social media competitor Twitter launched non-fungible token support via Twitter Blue Labs. Users leveraging Twitter Blue Labs’ features can upload longer videos on Twitter, upload videos in 1080p quality, and leverage an NFT profile picture. While Meta has integrated Flow and Polygon, Twitter only supports static NFTs that were created on the Ethereum blockchain (ERC721, ERC1155). What do you think about Meta adding cross-posting NFT compatibility between Facebook and Instagram? Let us know what you think about this subject in the comments section below. View the full article

Flow rose for a second consecutive session on Tuesday, as the token climbed by 12% earlier in the day. The rebound comes after prices fell to a one-month low over the weekend. Cosmos was also in the green, as it, too, hit a five-day high. Overall, the global crypto market cap is up 0.68% as of writing. Flow (FLOW) Flow (FLOW) was one of the notable movers during Tuesday’s session, as the token rose by as much as 12% today. On Sunday, FLOW fell to its lowest level in over one month, as cryptocurrency markets fell victim to an influx of bearish pressure. Since then prices have rebounded, moving away from yesterday’s low of $1.77, hitting a peak of $2.08 earlier in the day. Today’s surge saw FLOW/USD almost collide with a key resistance point at $2.10, which caused some uncertainty in price movement. Following its earlier peak, FLOW is now trading at $1.94, as previous bulls moved to liquidate their positions, sending prices lower. As seen on the chart, this may also be due to the 14-day relative strength index (RSI) hitting a resistance point of its own at the 40.00 mark. Cosmos (ATOM) Another big mover so far today has been cosmos (ATOM), which also rose for a second straight day. Following a low of $10.16 on Tuesday, ATOM/USD raced to an intraday high of $11.86 earlier today. Today’s move sees ATOM drop to its lowest point in five days, from when the token was trading above $13.00. Looking at the chart, although the token climbed beyond its key resistance level of $11.50, earlier gains diminished, as traders moved to secure profits. As of writing, cosmos is now trading at $11.25, falling below the aforementioned price ceiling. Should traders look to extend the run of the past two days, the RSI will need to move past an upcoming obstacle which stands at 52.00. Register your email here to get weekly price analysis updates sent to your inbox: Will volatility in crypto markets continue throughout the week? Let us know your thoughts in the comments. View the full article

In two days’ time, bitcoin’s price dropped to fresh August lows as it dipped below the $20K per unit region for the first time since mid-July. During that time, two addresses created on December 19, 2013 sent 10,000 bitcoin worth $203 million to unknown wallets after sitting idle for close to nine years. Onchain data shows the 10,000 coins moved this week originally came from the Mt Gox breach that occurred on June 19, 2011. Whale That Once Held 134,000 Bitcoin From the 2011 Mt Gox Hack Spends the Last 10,000 This Week A 2013 whale moved approximately 10,001.514 BTC on Sunday, August 28, and on Monday, August 29, 2022. The funds stemmed from two addresses (1,& 2) created eight years and eight months ago on December 19, 2013. The 10,001 bitcoin transaction was caught by the blockchain parser btcparser.com, a tool that often catches so-called ‘sleeping bitcoins’ moving after sitting idle in addresses for years. Some of the sleeping bitcoins caught by blockchain parsers are BTC block subsidies mined in 2011, 2010, and 2009. The 2013 bitcoins were sent in two batches of 5,000 BTC per transaction, and then split into multiple smaller transactions. For instance, one address was split into multiple fractions of 47.98 BTC, and one single transfer for 200.99 BTC. The “14RKF” address that sent the 5,000 BTC came from a wallet 18JPr that once held 24,404.50 BTC. The 24K BTC from wallet 18JPr was originally received on November 24, 2012. Some of the wallets that received fractions of 47.98 BTC on Monday still hold the funds, but the 200.99 BTC was dispersed into other addresses. The address 15n6b that dispersed 5,001.514 BTC the day prior on August 28, 2022, also stemmed from the 18JPr wallet that once held 24,404.50 BTC. Onchain Data Shows 10,000 Bitcoin Moved This Week Came From the 2011 Mt Gox Breach The 2013 bitcoins spent on Sunday and Monday were originally derived from wallet 1McUC that once held 134,897.01 BTC after getting the coins on June 19, 2011. Then the entity started moving the BTC stash on July 20, 2011. Prior to June 19, 2011, the 134,897.01 BTC stemmed from various batches sent from 14 different senders. Onchain analysis further shows the bitcoins, whether it be the 10,000 BTC spent this week or the original 134K BTC, likely belonged to a single entity. The transfers between June 2011 up until now, do not show signs of being an exchange, and the whale’s mega stash of 134K BTC gradually depleted in fractions over the last 11 years. The 10,001 BTC spent this week seems to be the last of the stash stemming from the original 1McUC address. The 10,001 BTC is special because the entity spent tens of thousands of bitcoins in batches between July 2011 up until the end of 2013, but not a single cent of the 10,001 BTC batch was spent for close to nine years. On Tuesday, the blockchain researcher and the admin of the Telegram channel “GFISchannel,” Taisia, said that the 10,000 bitcoins came from the infamous 2011 Mt Gox hack. “The blockchain visualization clearly shows that in each of the transaction chains associated with both withdrawals, the same wallet (1McUC) actually appears, which received a large amount (134K BTC) from Gox, just at the time of the described events,” Taisia told Bitcoin.com News. “And, as we remember, the founders of the BTC-E exchange, which was created later, and later WEX was also suspected of the subsequent hacker attack.” Taisia further added: Given the events now taking place with the leaders of these two exchanges, if they were involved in the summer cyber attack, it is possible that these old piggy banks are being opened under the influence of law enforcement agencies. Taisia also mentioned that it was an odd coincidence that these 2011 Mt Gox coins were distributed this week, while rumors of the 140,000 Mt Gox bitcoin were spreading like wildfire this past weekend. Bitcoin.com News reported on the speculation and rumors surrounding old Mt Gox bitcoins three days ago and the number of people and actual Mt Gox creditors calling it “fake news.” What do you think about the whale that spent 10,001 bitcoin this week and the association with the 2011 Mt Gox hack? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin was back above $20,000 on Tuesday, as bulls seemingly moved in to buy following the recent dip in price. The token dropped to a multi-week low over the weekend, however prices have now risen in back-to-back sessions. Ethereum was also in the green, as prices briefly recaptured $1,600. Bitcoin Bitcoin (BTC) was trading higher for a second consecutive session, as the token rallied back above $20,000 following recent declines. BTC/USD dropped to a low of $19,600.79 on Sunday, however after two days of gains, prices reached a peak of $20,542.64 earlier today. This move sees bitcoin attempt to move back towards a key support/resistance point at $20,800, five days after falling below the mark. Looking at the chart, Tuesday’s rally has come as the relative strength index (RSI) rebounded from its own floor to start the week. The RSI climbed from a support point at 29.00, and is now tracking at a reading of 38.20, which is marginally above its 38.00 ceiling. Should this week’s uptrend continue, the index will likely reach a higher resistance point of 41.50, which will be enough to send prices above $20,800. Ethereum Like bitcoin, ethereum (ETH) also had a turbulent weekend, which saw prices fall to a one-month low. During the weekend, ETH/USD hit a low of $1,427.73, which is its weakest point since July 26, taking prices close to a key floor at $1,420. However, gains yesterday — and so far in today’s session — have sent the token to an intraday high of $1,600.46. This sees the world’s second largest cryptocurrency climb by almost 10% from its low of $1,448.13 on Monday. As of writing, ETH continues to trade above a key support point at $1,550, and this comes as its RSI edges closer to a potential hurdle. A ceiling of 50.00 awaits the index, which is currently tracking at 47.00, which could potentially see bears back into the market, putting a stop to the recent rebounds. Register your email here to get weekly price analysis updates sent to your inbox: Can ethereum move back towards $2,000 in September? Leave your thoughts in the comments below. View the full article

With an estimated 53 million cryptocurrency owners, the African continent now accounts for 16.5% of the global total, a study has found. The study findings suggest that Nigeria, which has more than 22 million crypto owners, currently accounts for more than a third of the continent’s total number of holders. Nigeria Accounts for Over a Third of Africa’s Crypto Owners According to Triple A’s latest crypto ownership data, the African continent now has an estimated 53 million cryptocurrency owners. This constitutes about 16.5% of the estimated global total of 320 million. Out of all the crypto holders in Africa, Nigeria accounts for over a third of the total, or just over 22 million. Globally, Nigeria has the fourth-highest number of crypto owners, while the United States is the top-ranked country, with 46 million cryptocurrency holders. According to the data, India and Pakistan are the next top-ranked countries with 27.4 million and 26.4 million crypto owners respectively. Nigerian Bitcoin and Crypto Internet Searches the Highest Globally While Nigeria is ranked fourth in terms of crypto ownership, the country is nonetheless seen as the world leader when it comes to the “number of people searching for ‘bitcoin’ and ‘crypto’ keywords on Google.” These findings are seemingly backed by the findings of another study, which suggested that Nigeria is the country most obsessed with cryptocurrencies. Meanwhile, Triple A’s data shows that South Africa is the African country with the next highest population of cryptocurrency holders at 7.7 million. This figure constitutes nearly 12.5% of South Africa’s population. Kenya has the third largest population of crypto owners in Africa, with 6.1 million or 11.6% of the country’s population. Completing Africa’s top five countries with the highest number of crypto owners are Eygpt and Tanzania which have 2.37 million and 2.32 million holders respectively. Seychelles, which has an estimated 1,257 crypto owners, is the lowest-ranked African country. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

In 2021, the global cryptocurrency market was valued at US$ 1,782 Billion. Sectors like DeFi and NFTs allowed individuals to earn high yields on their investments and create unique collectables as web3 introduces decentralized and permissionless ownership of assets to individuals. Acquire.Fi is creating the first-of-its-kind Mergers and Acquisitions (M&As) marketplace for web3, crypto, blockchain, and NFT companies or IPs. The platform is equipped with crowdfunding and fractionalized ownership through NFTization. The project is steadfast in enabling all investors to participate in wealth-building M&A opportunities using cryptocurrency. A Platform to Access Exclusive M&A Deal Flows Web3 M&A deals originate only in the back channels among trusted parties, the crypto founders, promoters, advisors, or influencers. M&A alpha is highly sensitive, intricate, and confidential. For most investors, there isn’t a platform to view or shop the full spectrum of Web3 innovation. However, most investors do not have the time or financial, technical, and legal expertise to deal with M&A and web3 valuations and due diligence. Acquire.Fi is a backstage pass to unpublished deals and confidential M&A alpha. $ACQ staking grants investors tiered access to the Acquire.Fi platform and unique investment opportunities. The team also provides matching services to investors with businesses or IPs they are interested in acquiring. An Innovative Wealth Building Tool Many investors do not have the same investment opportunities as institutional or accredited investors, excluding them from wealth-building opportunities through acquisitions. Acquire.Fi establishes inclusivity in wealth-building opportunities through investment pools, crowdfunding, and fractionalized ownership. The platform allows investors to list and sell their NFTs on a secondary marketplace, making the acquired investments liquid assets. DeFi investors can participate in acquiring traditional investments using cryptocurrency, but they do not have to leave the blockchain sphere to invest in real-world investments. Conclusion With a listing database comprising over 40 companies with a revenue potential of $82 million and deal flows for complete acquisitions ranging between $120000 to $12M, Acquire.Fi will be the world’s first marketplace for investing in crypto assets and IPs up for acquisition. The company reached the MVP funding milestone in under two months; this guarantees the launch of the $ACQ token, liquidity farming, staking, investment tiers, governance, and access to novel investment opportunities. Acquire.Fi is a wealth-building ecosystem ushering in the new era of web3 M&A where all investors are offered access and the opportunity to acquire a piece of the future. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Moody’s, the asset quality rating agency, has warned the high rate of inflation that some countries are facing in Latam will affect the economic recovery in the region. Brazil, Chile, and Mexico are said to be the countries more affected by this phenomenon, and their recovery will depend on other factors to attenuate the effects of inflation. Moody’s States Latam Spending Recovery Might Be Hampered by Inflation Inflation is becoming a problem in several countries of Latam and the world, putting a dent in the recovery predictions of many countries after the Covid-19 pandemic. A recent note issued by asset quality rating agency Moody’s stresses that inflation will be a decisive factor in the future of the economic recovery of the area. The note mentions Brazil, Chile, and Mexico as three of the countries whose private spending growth will be significantly attenuated by the high inflation rates they are experiencing. However, other factors will also be relevant when it comes to this spending recovery. The note stated that the level of wages in Mexico, the consumer trust in Brazil, and the speed at which jobs are created in Chile will also influence this growth in the near future. Individual Factors Mexico is one of the countries that has registered high inflation rates this year. According to numbers from Banxico, the central bank of the country, May’s inflation rate was a touch below its highest number in 21 years. Moody’s explains the large amount of people outside of the formal job system will aggravate this issue because the company expects few raises for workers in these conditions. Brazil, on the other hand, has an advantage when compared to Mexico, because the work market has high levels of formality, and companies are more inclined to issue wage increases to keep them in line with the high inflation rates. Chile is now facing difficulties due to the political challenges of redacting a new constitution, a task that has been proposed by the current president of the country, Gabriel Boric. This political uncertainty might negatively affect the recovery of the country. Further, Boric stated that if the proposed constitution is rejected by the Chileans, another constitutional process would have to be organized. In April, the Bank of Spain issued a report raising concern about the development of political instabilities as a result of the loss of purchasing power by the most vulnerable households, and the influence this might have on the growth predictions for Latam. What do you think about the influence that high inflation rates will have on the private spending growth in Latam? Tell us in the comments section below. View the full article

There are growing doubts about the regional economic bloc known as the East African Community’s ability to successfully launch a single currency by 2024, a report has said. One of the reasons for this is member states’ delays in meeting targets as set out in the roadmap. Attainment of Single Regional Currency a Top Priority for the EAC Central banks from an African economic union, the East African Community (EAC) are reportedly unsure if plans to introduce a single currency for the region by the year 2024 will be realized. The central banks cite some member states’ failure to meet targets as set out in the roadmap as one of the reasons why the single currency is unlikely to take off as planned. As per a report in the East African, members of the six-nation East African Community hope that the envisaged common currency will help reduce the costs associated with converting currencies. There are also hopes the single currency, whose attainment is one of the EAC’s priorities for the period between 2022 and 2026, will eliminate the exchange rate volatility that comes with cross-border trading. Meanwhile, in a communique reportedly released on August 22, the EAC confirmed that delays and other challenges meant the regional bloc cannot have a single currency by 2024 as planned. “The Committee noted that there have been delays in realising targets set out in the EAMU [East African Monetary Union] roadmap and that there are several challenges that could further impede the timely implementation of EAMU protocol. Therefore, the Committee pledged to work with the EAC Secretariat and other stakeholders in the EAC integration process to fast-track pending activities of the EAMU roadmap,” the EAC communique explained. Harmonization of Monetary and Forex Policies Still, despite its acknowledgement that the process to establish a single regional currency has been beset by challenges, the EAC nonetheless claimed that partner states’ central banks had achieved some progress. According to the East African report, some of the central banks’ achievements include the creation of the East African Monetary Union (EAMU) as well as the harmonization of forex and monetary policies. Other achievements are said to be the harmonization of regulatory regimes, the improvement of cybersecurity frameworks, and the application of measures which strengthen payment systems. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Nigeria’s peer-to-peer bitcoin traded volumes of over $1.1 billion between January 2021 and June 2022 mean the West African nation is now Paxful’s largest market. Kenya, which saw traded volumes of over $325 million during the same period, now ranks as the crypto exchange’s second-largest African market, and fifth overall. Financial Exclusion Driving P2P Bitcoin Traded Volumes According to the latest data from the peer-to-peer crypto exchange platform Paxful, Nigeria’s bitcoin traded volumes in the first half of 2022 nearly topped $400 million. When combined with the $760 million in trade volumes which were seen in 2021, it means the West African nation is now the crypto exchange’s biggest market globally. Nigeria’s growing volume of bitcoin traded via the peer-to-peer (P2P) exchange comes at a time when regulators are clamping down on financial institutions that are violating the Central Bank of Nigeria (CBN)’s February 5, 2021 directive. The directive bars banks and other regulated financial institutions from facilitating transactions that involve crypto entities. Explaining the reasons behind the surge in Africa’s P2P volumes, Paxful told Bitcoin.com News that a general lack of access to financial services across the continent was driving people toward bitcoin. Paxful said: For a market like Africa, where many people are underbanked and financial institutions are not as easily accessible, P2P finance provides an opportunity for financial inclusion. There’s been an explosion in Bitcoin adoption in Nigeria due to a multitude of factors: a 33% unemployment rate, an unbanked population of 38 million adults, a young and entrepreneurial community (over 75% of its population is under 35), and financial instability — such as volatility around the Naira. According to the P2P exchange, all these factors make “a massive case” for bitcoin, a technology which it said was “built for the masses.” Kenya and Ghana Volume Growth While Nigeria is Paxful’s biggest market globally, Kenya, which saw P2P volumes of over $200 million in 2021 and over $125 million in the first half of 2022, is now the crypto exchange’s second-largest market in Africa and the fifth in the world. Paxful added that it “anticipates a trade volume growth of 25% in Kenya for 2022.” Commenting on the significant growth seen in Kenya and Ghana, Paxful said: “There are more and more African users remitting money over the years — the total remittance user base (users trading in multiple currencies) on Paxful grew by nearly 140% in Kenya and over 115% in Ghana in 2021. In 2021, Ghana experienced a yearly growth of 95% in trade volume.” Regarding the Central African Republic (CAR) — the first African country to adopt bitcoin as legal tender — Paxful commended the move and said it was hopeful the country would use “bitcoin to set monetary policy to drive its economy forward.” The crypto exchange, however, said it had “nothing notable” to share concerning the CAR’s volumes. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Authorities in the energy-rich Russian region of Irkutsk have imposed hefty fines on crypto miners this year for illegal use of electricity to produce digital currencies. Power utilities have also filed hundreds of lawsuits, a report reveals, quoting prosecutors. Irkutsk Crypto Miners Pay 100 Million Rubles in Fines in 2022 Cryptocurrency mining has become a profitable business for many companies in Russia’s energy-rich regions, and an alternative income source for ordinary Russians. Despite the generally low rates of electricity for commercial purposes, many have been tempted to mint digital coins on cheaper household power or even stolen energy. Authorities in Irkutsk, a Siberian oblast with abundant energy resources where rates start as low as $0.01 per kWh in rural districts, have been going after illegal mining operations. The latter have caused a spike in consumption in both residential and industrial areas, allegedly leading to frequent breakdowns and outages across the region. This year alone, local power distribution companies have filed 400 lawsuits against miners who unlawfully took advantage of subsidized electricity meant for the population or illegally connected their hardware to the grid. Meanwhile, courts have imposed fines for almost 100 million rubles (close to $1.7 million at the time of writing). According to a report from January, the Irkutskenergosbyt utility alone sought to recover 63 million rubles (almost $800,000) from illegal miners. During recent raids, more than 9,000 units of mining equipment have been dismantled and removed from the Baikalsk thermal power plant and the village of Ust-Ordynsky, the regional Prosecutor’s Office announced this week, quoted by the Federal Press portal. Shutting down the underground mining farms will prevent accidents at the heat supply facility, a press release noted. Mining is among those crypto-related activities that still await comprehensive regulation in Russia, with many officials in Moscow sharing a view that it should be recognized as an industrial activity and taxed accordingly, while citing Russia’s competitive advantages such as cheap energy and cool climate. In March, the Russian Ministry of Energy called for its urgent legalization and suggested the introduction of regional energy quotas for miners. At-home mining, on the other hand, is a phenomenon that Russian authorities want to limit. While a finance ministry official indicated this spring that the government sees no point in trying to completely ban it, an industry association of power suppliers proposed measures to curb mining in basements and garages and the country’s anti-monopoly agency suggested introducing higher electricity rates for amateur crypto miners. Do you expect Russian authorities to take harsher measures against illegal crypto miners? Tell us in the comments section below. View the full article

Iranian authorities have seized nearly 10,000 illegal cryptocurrency mining devices since March. According to reports, many of the seized crypto mining rigs were operating in public locations that receive free or heavily-subsidized electricity, such as schools and mosques. Iran Confiscates Nearly 10K Crypto Mining Devices Kambiz Nazerian, head of Tehran Electricity Distribution Company, said Monday that Iranian authorities have discovered and seized 9,404 illegal cryptocurrency mining devices in Tehran since the beginning of the Persian calendar year which started on March 21, local media reported. He explained that the mining equipment was discovered by inspectors in different districts of the Iranian capital. Iranian authorities have regularly announced the discovery of illegal cryptocurrency mining machines in different parts of the country over recent years. Many of these unauthorized cryptocurrency mining operations were based in public locations, such as schools and mosques, that receive free or heavily-subsidized electricity. Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine and Trade and president of the country’s Trade Promotion Organization (TPO), revealed that “the first official import order was successfully placed with cryptocurrency worth 10 million dollars.” He added: “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.” Last week, Alireza Managhebi, the chairman of Iran’s Importers Group and Representatives of Foreign Companies (Imports Association), stressed that a stable regulatory framework for cryptocurrencies should be established for cryptocurrencies in order for them to be successfully used as a means of payment for imports. Meanwhile, the governor of the central bank of Iran (CBI), Ali Salehabadi, recently said that the purchase, sale, and investment of cryptocurrencies are prohibited. Iran’s Ministry of Intelligence also issued a statement in May declaring that it has blocked 9,219 bank accounts belonging to 545 individuals due to suspicious foreign currency and cryptocurrency transactions. What do you think about Iranian authorities seizing 9,404 illegal mining devices? Let us know in the comments section below. View the full article

DBS, the largest bank in Southeast Asia, says that it has benefited from the recent crypto market sell-off. The trading volume of its crypto exchange nearly doubled in July, compared to April. The quantity of bitcoin bought on its exchange grew nearly four times during that time period. DBS Crypto Customers Bought the Dip DBS, the largest bank in Southeast Asia by assets, announced Monday that DBS Digital Exchange (Ddex) has benefited as crypto investors sought safety amid market volatility. DBS, headquartered and listed in Singapore, has a presence in 18 markets. “With the digital asset industry experiencing unprecedented volatility … DBS’ digital asset ecosystem has been a beneficiary of this flight to safety,” the bank detailed, elaborating: Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market. As investors bought the dip, the total number of trades executed on Ddex in June was more than double that of April, DBS stated, adding that “Buys accounted for over 90% of trades on Ddex in June 2022.” The largest bank in Southeast Asia continued: The quantity of BTC bought on Ddex in June 2022 was nearly four times that of April 2022. Similarly, the quantity of ETH bought on Ddex in June 2022 was 65% higher than that of April 2022. In addition, DBS revealed that customers are storing more digital assets using its institutional-grade custody solution. The number of bitcoin (BTC) under custody as of June 30 grew by about 30% since April 30 while the number of ether (ETH) under custody grew by about 3% during the same time period. Meanwhile, DBS noted that its crypto exchange’s customer base continued to grow throughout the market volatility. The Ddex exchange “registered a 10% growth in its customer base” as of June 30 as compared to April 30. Moreover, inquiries from corporate and institutional investors also remained strong, the bank said. DBS Digital Exchange CEO Lionel Lim commented, “What we are seeing in the digital asset industry is a great reset as the investment narrative shifts decisively away from the chase for yield,” adding: Investors today are instead seeking out safe harbours to trade and store their digital assets amid the ongoing market volatility. DBS also noted that it is “on track to roll out self-directed trading for accredited investors in the coming months.” The bank launched a cryptocurrency exchange in December 2020. It then launched a trust service for cryptocurrencies in May last year, followed by the launch of its first security token offering. What do you think about DBS growing trading volumes and customer base amid crypto winter? Let us know in the comments section below. View the full article

Following the federal judge’s decision to give the accused Bitfinex money launderer Heather Morgan permission to “engage in legitimate employment,” Morgan has broken her silence on social media. Morgan’s Twitter account dubbed “Heather ‘Razzlekhan’ Morgan” is verified on Twitter and her latest tweet insists that she does not endorse any crypto or NFT project bearing her name. Heather Morgan Insists: ‘I Am Not Involved in Any Crypto Project’ On Tuesday, one of the accused Bitfinex bitcoin launderers, Heather Morgan, the wife of Ilya Lichtenstein, tweeted a message to her 24,900 Twitter followers on social media. Morgan and Lichtenstein were arrested last February after U.S. law enforcement announced that it had confiscated 94,636 bitcoin from the duo. At the time of Morgan’s and her husband’s arrest, the bitcoin was worth roughly $4.5 billion and today, the cache of 94,636 BTC is worth $2.03 billion. Using her Twitter account, Morgan’s tweet is short and sweet and aims to give the public a message. “I am not involved in any crypto project,” Morgan tweeted. “Any crypto or NFT project bearing my name or likeness is a scam that I do not endorse.” That was the only statement Morgan made on Twitter and the last time she tweeted was days before her arrest in February. Morgan was known as ‘Razzlekhan,’ a New York-based street rapper, and a few days before her arrest she shared one of her singles via Spotify called “Bleeding Buckets.” While Morgan Is Free and Granted Permission to Work, Her Husband Remains in Prison Morgan’s tweet on Tuesday follows her recent court date when the judge decided she would be allowed to work amid her pre-trial release. Reports also indicated that court prosecutors detailed in a court filing that a “resolution” could take place in order to skip a lengthy trial. Federal prosecutors further accused Morgan and Lichtenstein of attempting to set up “a contingency plan for a life in Ukraine and/or Russia prior to the COVID-19 pandemic.” While Morgan is free on a $3 million bond pending pre-trial negotiations, Lichtenstein remains in jail and was not granted bail. The couple’s story has seen a lot of media attention since they were arrested, and when their apartment was raided, law enforcement officials claim they found a significant amount of evidence. The duo’s apartment allegedly had burner phones, SIM cards, “two hollowed-out books” with more than $40K in cash, a “substantial amount of foreign currency” and “over 70 one-ounce gold coins.” Morgan herself had a very vocal online persona when she leveraged her street rapper name “Razzlekhan.” She was also well known for writing columns for Forbes magazine about technology and financial fraud. The streaming media firm Netflix revealed it was going to release a docuseries about the couple. Netflix has been streaming mystery documentaries involving the Quadrigacx saga and this week it is releasing a docuseries covering the life of John McAfee on the run. What do you think about Heather Morgan’s recent tweet? Let us know what you think about this subject in the comments section below. View the full article

While the crypto community is still talking about the U.S. government banning the ethereum mixing platform Tornado Cash, the stablecoin issuer Tether Holdings Limited revealed on Wednesday that the company would not “freeze Tornado Cash addresses.” Tether’s recently published blog post about the subject says the company is waiting for instructions from law enforcement. Tether Has No Plans to Freeze Tornado Cash-Associated Private Wallets and Is Waiting to Hear From Law Enforcement Officials On August 8, the U.S. Treasury Department’s financial watchdog, the Office of Foreign Asset Control (OFAC), banned the ethereum mixing application Tornado Cash and ever since then, OFAC’s sanctions enforcement has been met with controversy. Of course, OFAC’s actions caused a ripple effect and a number of companies like Circle Financial’s and Coinbase’s Centre consortium, Github, and Discord took action. For instance, developers were suspended from Github, the Tornado Cash Discord server was deleted, and reports noted that Centre blacklisted dozens of ethereum addresses and froze 75,000 USDC. Tether Holds Firm on Decision Not To Freeze Tornado Cash Addresses, Awaits Law Enforcement Instruction https://t.co/zpsI9lKLlf — Tether (@Tether_to) August 24, 2022 According to a blog post published by Tether Holdings Limited published 16 days after OFAC’s ban, the company explains that as of right now, it’s not freezing USDT assets held within the Tornado Cash mixer. Tether says the company works with law enforcement officials regularly and is in daily contact with “key law enforcement officers.” If a law enforcement official provides a legitimate request to freeze a private wallet, Tether “complies with the freeze,” but we do not freeze wallets of exchanges/services,” the company added. Tether’s blog post continues: So far, OFAC has not indicated that a stablecoin issuer is expected to freeze secondary market addresses that are published on OFAC’s SDN List or that are operated by persons and entities that have been sanctioned by OFAC. Further, no U.S. law enforcement agency or regulator has made such a request despite our near-daily contact with U.S. law enforcement whose requests always provide precise details. Unilaterally Freezing Addresses Prematurely Could Be a Bad Move, Tether Says Furthermore, Tether says that choosing to unilaterally freeze secondary market addresses very well “could be a highly disruptive and reckless move.” The company also detailed that there have been instances where law enforcement has told the company not to freeze suspected private wallets so the suspects of an investigation are not alerted and liquidate the funds. Tether’s blog post also calls out a number of stablecoin issuers like Paxos, a New York-based regulated company. Tether said that Paxos did not freeze Tornado Cash wallets and the USDT’s issuer further noted that Makerdao, the issuer of the decentralized finance (defi) stablecoin DAI did not proceed with any type of freeze. However, Tether seems to disagree with the move made by USDC’s issuers. “We believe that, if made without instructions from US authorities, the move by USDC to blacklist Tornado Cash smart contracts was premature and might have jeopardized the work of other regulators and law enforcement agencies around the world,” the blog post on Wednesday added. What do you think about Tether’s blog post that says it will not freeze USDT tied to Tornado Cash and that it is waiting for instructions from law enforcement? What do you think about the company’s commentary about USDC’s issuer blacklisting stablecoin wallets? Let us know what you think about this subject in the comments section below. View the full article

John McAfee’s ex-girlfriend has made a claim that the former anti-virus tycoon is alive and well, living in Texas. That’s according to her statement made in the new Netflix documentary called “Running with the Devil: The Wild World of John McAfee.” Director Charlie Russell said Samantha Herrera probably doesn’t know if her statement is valid and McAfee’s widow Janice said she wishes it were true, but if McAfee were alive he would not hide in Texas. McAfee’s Ex-Girlfriend Claims John Paid People Off to Pretend That He Is Dead On Wednesday evening, August 24, Netflix will be airing a new documentary about John McAfee called “Running with the Devil: The Wild World of John McAfee,” and one of McAfee’s ex-girlfriends makes a pretty bold claim, according to people who have already watched the documentary. On Monday, the New York Post explained that McAfee’s Belizean ex-girlfriend Samantha Herrera said McAfee called her after his reported suicide. “I don’t know if I should say, but two weeks ago, after his death, I got a call from Texas: ‘It’s me, John. I paid off people to pretend that I am dead, but I am not dead,’” Herrera is quoted saying in the new Netflix documentary. She also added that McAfee said: “There are only three persons in this world that know I’m still alive.” However, the New York Post’s Alex Mitchell attempted to contact Herrera and got no response. Additionally, the film’s director Charlie Russell spoke about Herrera’s claim during an interview with Esquire. Esquire’s interview is titled “What if He’s Still out There?” and the reporter Laura Martin asks the Bafta-winning filmmaker Charlie Russell about Herrera’s claim. “I don’t know what I think and I don’t think she does,” Russell said. “She says it, then she looks at the camera, and I can’t work out whether she thinks it’s real or not. She’s someone who was very angry at John. He promised them a life together and I think they were genuinely in love, despite the huge age difference.” The award-winning filmmaker added: I think he offered her a real different future, then he literally ditched her at the border and I think that’s very painful for her and it’s taken her years to get over that. McAfee’s Widow Says Speculation Is Likely Not True, and if It Was ‘He Would Not Be Hiding Out in Texas’ Despite the speculation, McAfee’s widow Janice McAfee does not believe her husband is alive and if he was he would not hide out in Texas. “Oh how I wish this were true,” Janice tweeted while sharing the New York Post story. “If John were alive I’m pretty sure he would not be hiding out in Texas.” Janice further stressed that she highly doubts John would have chosen to hide out in the U.S. at all. Janice McAfee stated on Tuesday: Texas is awesome, for sure, but John was being held in a Spanish prison because of trumped charges against him from the IRS so I doubt he would choose to hide out in America. That would be silly. Herrera’s claim follows the reports that noted McAfee was still in a Spanish morgue well over a year after his alleged suicide. Janice McAfee and her legal team have been fighting to get an independent, third-party autopsy for McAfee. Issues from the Spanish High Court blocking a third-party autopsy have led to McAfee’s body being left in the morgue for so long. What do you think about the claims from McAfee’s ex-girlfriend that say McAfee is alive and well, hiding in Texas? Let us know what you think about this subject in the comments section below. View the full article

Apecoin rose for a fourth consecutive session on Wednesday, as prices of the token climbed by as much as 5%. Today’s surge sees the token move to its highest level since last Friday. Helium was another notable gainer on hump day, rising by as much as 14% earlier in the day. Apecoin (APE) Apecoin (APE) was one of Wednesday’s big movers, as prices of the token rose for a fourth consecutive session. Wednesday saw APE/USD rally to an intraday peak of $5.50, less than a day after trading at a low of $5.08. As a result of today’s surge, APE moved further away from its $5.00 floor, and climbed higher towards a key resistance level of $5.80. Although it appears that bulls may be able to recapture this ceiling, there seem to be some significant obstacles ahead, which could prevent prices from rising any further. Looking at the chart, the 14-day relative strength index (RSI) is currently tracking at 37.87, which is marginally below the resistance level of 40. Should APE bulls want to move beyond $5.80, and potentially break into $6.00 territory, then they will need to overcome the upcoming ceiling. Helium (HNT) Whilst APE was a notable mover on Wednesday, Helium (HNT) was one of the day’s biggest gainers. Following almost 12 days of lower lows, which landed the token at a bottom of $6.30 on Monday, HNT rallied to a six-day high earlier today. HNT/USD surged to a peak of $7.66 during Wednesday’s session, which is the highest point the token has traded at since last Thursday. Today’s rebound saw HNT marginally break out of its resistance level at the $7.55 mark, attempting a similar rally to what occurred on May 30. On that occasion, helium saw its price jump by almost $3.00, moving from $7.38 to a high of $10.32. History has yet to repeat itself, with the token trading below earlier highs as of writing, and traders likely securing profits opposed to holding on to previous positions. Register your email here to get weekly price analysis updates sent to your inbox: Could helium recapture the $10.00 mark in upcoming weeks? Let us know your thoughts in the comments. View the full article

After the Crypto Fear and Greed Index (CFGI) dropped to significant lows and pointed to “extreme fear” in crypto markets at the end of May, and throughout most of June, today the CFGI rating is still in the “fear” zone, but it has seen an improvement. On June 19, the CFGI rating tapped a low score of 6 which means “extreme fear,” and 61 days or two months later, the CFGI rating now shows a score of 33 or “fear.” CFGI Ranking Score Shows Crypto Winter Continues to Keep Investor Sentiment in the ‘Fear’ Zone While the crypto economy has jumped back above the $1 trillion range, prices have started to drop again after the last rally. Following the Terra blockchain implosion, the crypto economy lost significant value and extreme fear shook the community into June as well. The Crypto Fear and Greed Index (CFGI) hosted on alternative.me dropped severely at the time, and on May 31, 2022, Bitcoin.com News reported the CFGI ranking score was 16 out of 100 or “extreme fear.” Every day the CFGI ranking score analyzes “emotions and sentiments from different sources and crunch them into one simple number.” Alternative.me indicates that the value of 0 means “Extreme Fear” while a value of 100 represents “Extreme Greed.” The website adds: The crypto market [behavior] is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out). Also, people often sell their coins in irrational reaction [to] seeing red numbers — There are two simple assumptions: 1) Extreme fear can be a sign that investors are too worried. That could be a buying opportunity. 2) When Investors are getting too greedy, that means the market is due for a correction. In mid-June, the CFGI ranking score sunk even lower and slipped to a low score of 6 out of 100 on June 19, 2022. Historical crypto price data shows that BTC was trading for $20,553 per unit that day and the day prior on June 18, BTC tapped a 2022 low at $17,593 per unit. Today, the CFGI ranking score has improved and the sentiment value has moved out of the “extreme fear” position into the “fear” zone with a score of 33 out of 100. BTC managed to recoup some losses after the market routs in May and June, and on August 14, 2022, the price tapped $25,212 per unit. On that same day, the CFGI ranking score jumped to a 47 showing sentiment was turning. However, during the last 48 hours, BTC has dropped significantly in value, sliding from $23,593 per unit to today’s low of $21,268. The CFGI ranking has not been able to rise above the “fear” zone and seems to be heading back to the range of “extreme fear” scores. What do you think about the recent CFGI ranking score and the crypto economy diving in USD value again? Let us know what you think about this subject in the comments section below. View the full article

Dogecoin fell for a third consecutive session on Friday, with the token dropping by almost 15% in today’s session. As of writing, the global cryptocurrency market cap is roughly 8% lower, with the majority of the top 100 in the red. Filecoin was another notable mover, falling by nearly 20%. Dogecoin (DOGE) Dogecoin (DOGE) was trading lower on Friday, with the meme coin falling for a third straight session, as crypto markets moved deep into bearish territory. The drops in price saw DOGE hit a low of $0.06828, with bears attempting to take the token closer to a new floor of $0.0660. Friday’s decline saw DOGE/USD hit its lowest point since August 10, when prices were trading marginally above the support point mentioned above. Looking at the chart, this latest decline comes as the 10-day (red) moving average (MA) has shifted direction, and now looks to be trending downward. This indicates that a potential cross with the 25-day (blue) MA could be on its way, which usually means the beginning of a downturn. In addition to this, the 14-day relative strength index (RSI) is now hovering at the 46.55 level, which is its weakest point since August 3, and this comes two days after it was tracking at 71.58. Overall, it appears that, being overbought, traders have liquidated some previous positions, with bears taking the opportunity to reenter, as such shifting market sentiment. Filecoin (FIL) Whilst DOGE was down by nearly 15%, filecoin (FIL) was down by almost 20%, resulting in it being one of today’s biggest losers. FIL/USD slipped to a low of $6.59 earlier in today’s session, which comes roughly two weeks after trading close to $10.00. Today’s decline has pushed filecoin to its weakest point since late July, when the token was trading below $6.00. Due to Friday’s sell-off, FIL was within touching distance of a floor at $6.40, however bulls pushed price higher, rejecting the breakout attempt. As of writing, filecoin is trading at $6.69, which is approximately 18.21% lower than yesterday’s high. This decline has pushed the RSI to a reading of 40.56, which is the lowest level it has touched in nearly a month. There remains some optimism that bulls will buy this current dip, however, overall market pressure from bears could lead to the token falling to, and possibly below, $6 this weekend. Register your email here to get weekly price analysis updates sent to your inbox: Will Friday’s sell-off extend into the weekend? Let us know your thoughts in the comments. View the full article

The total value locked (TVL) in decentralized finance (defi) has slid 8.53% over the last five days since August 14, 2022. At the time, the TVL was $67.87 billion but today, the value locked in defi is approximately $62.08 billion. Moreover, the top smart contract platform tokens by market valuation today are worth $372 billion, but overall the dozens of smart contract crypto assets have lost 7.8% in value during the last 24 hours. Smart Contract Token Economy Slides Lower, Total Value Locked in Defi Loses 8.53% Since August 14 On August 19, 2022, the top smart contract tokens like ethereum (ETH), binance coin (BNB), cardano (ADA), solana (SOL), polkadot (DOT), and avalanche (AVAX) are all down in value against the U.S. dollar. There are dozens of smart contract tokens and collectively they are all worth $347 billion, down 7.8% according to today’s market data. Ethereum leads the pack with the largest market capitalization as ETH now commands 19.2% of the crypto economy’s $1.14 trillion in value. Out of the entire lot of smart contract coins worth $347 billion, ETH’s $208 billion market cap represents 59.94% of the top smart contract tokens by valuation. At the same time, the smart contract crypto economy equates to roughly 32.12% of the crypto economy’s $1.08 trillion valuation. While the top smart contract tokens’ market performances have been lackluster, the value locked in defi has been the same. Today there’s $62.08 billion in value locked into the numerous defi protocols in existence and defillama.com stats detail the protocol Makerdao dominates by 13.45%. Data shows that the defi protocol Makerdao’s TVL on August 19, is around $8.35 billion. Following Makerdao’s TVL, today’s top defi protocols by TVL include Lido ($7.62B), Aave ($6.91B), Curve Finance ($5.98B), Uniswap ($5.88B), Convex Finance ($4.32B), and Justlend ($3.27B). In terms of the blockchain with the largest TVL metric, Ethereum is still the reigning champ with $36.31 billion or 59.04% of the TVL in defi. Ethereum is followed by Tron, Binance Smart Chain, Polygon, Avalanche, Solana, Cronos, Arbitrum, Optimism, and Fantom, respectively. In comparison to Ethereum, the second-largest blockchain by defi TVL metrics, Tron, commands $5.63 billion or 9.15% of the $62.08 billion locked in defi protocols today. While the tenth-largest blockchain by defi TVL data, Fantom, has around $588 million or 0.96% of the TVL in defi, Justlend is the largest defi protocol on the Tron network as it dominates by 58.14% of the network’s $5.63 billion locked in defi, or $3.27 billion in USD value. Binance Smart Chain’s largest defi protocol is Pancakeswap, Polygon’s is MM Finance, Avalanche’s largest is Aave, and Solana’s is Marinade Finance. With Ethereum being the top defi chain, the network’s top collateralized debt position (CDP) protocol is Makerdao, the biggest liquid staking application is Lido, and Uniswap rules the roost in terms of Ethereum decentralized exchange (dex) platforms. Aave is Ethereum’s largest lending application, the WBTC bridge has the most value locked, and Convex Finance is Ethereum’s top yield protocol in terms of TVL. What do you think about this week’s decentralized finance market action and the value locked in these protocols? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin was significantly lower on Friday, as the token fell by over $1,500 in a 24-hour period. The world’s largest cryptocurrency has been declining all week, however today’s drop engulfed previous losses. Ethereum was also in the red, as the token fell below $1,700 for the first time in almost ten days. Bitcoin Bitcoin (BTC) fell lower for a seventh consecutive session on Friday, as the token broke out of a key price floor earlier in the day.. On Friday, BTC/USD fell to an intraday low of $21,718.54, which saw the token drop below its recent support point at $22,600. This move saw the world’s largest cryptocurrency hit its lowest point since July 27, and near a new floor of $21,150 in the process. As can be seen from the chart, the drop coincided with the 14-day relative strength index (RSI) moving below its own floor at 46. Currently, the index is tracking at 37.87, which is not only in oversold territory, but the weakest point the RSI has touched in over a month. Despite already being oversold, it appears that bears are attempting to recapture a floor of 34.95, which will see BTC possibly drop below $21,000. Ethereum In addition to BTC, ethereum (ETH) also fell considerably lower in today’s session, as prices dropped below $1,700. ETH/USD dropped to a bottom of $1,695.15 earlier in today’s session, as a red wave swept through cryptocurrency markets. This is the lowest level ETH has traded at since August 10, when prices went on to hit a floor of $1,705. Today’s move has seen the token move marginally below this support level, whilst the RSI also dropped below a key floor. As of writing, relative strength on ethereum is tracking at 47, which like bitcoin, is the weakest point since mid-July. Should this downtrend continue, it is likely that ETH bears will look to take prices to a lower price floor of $1,600. Register your email here to get weekly price analysis updates sent to your inbox: What factors are behind this latest sell-off in ethereum? Leave your thoughts in the comments below. View the full article

Qatar’s recently released “National Blockchain Blueprint” has suggested that the technology, combined with a “solid regulatory framework,” can help the country build an innovative information technology (IT) sector. However, for this to happen, Qatar must implement recommendations laid out in the blueprint. Qatar Said to Be Well Placed to Become Blockchain Hub A blueprint jointly drafted by Qatar’s Communications Regulatory Authority (CRA) and two learning institutions, Hamad Bin Khalifa University and Qatar University, seeks to spotlight how blockchain “can contribute to building an innovative and growing IT sector” in the country. Citing Qatar’s small population and size, the document argues the country is well placed to become one of the leading countries in fostering blockchain innovations. However, before attaining its status as one of the biggest blockchain hubs globally, Qatar still needs to create an enabling environment for the technology to flourish. One of the ways of doing this, according to the 23-page document’s summary, is by developing a “solid regulatory framework.” In addition to helping bring in investors, such a regulatory framework is said to be needed by both consumers and innovators. “Regulation is not only important to protect users and ensure security, but also to provide the adequate legal framework that allows blockchain innovation and adoption. This can be achieved by identifying the different domains of blockchain-based services, their associated regulatory requirements and appropriate regulatory approach to serve each domain,” the National Blockchain Blueprint for Qatar stated. The blueprint also spells out the conditions plus incentives that need to be “provided by each sector for the technology adoption that will allow startups, pilot projects and new companies to emerge.” Bolstering Qatar’s Competitiveness With Blockchain In its conclusion, the document says if all recommendations therein are implemented, this can contribute to “human capital development through jobs creation and skills development.” Implementation of the blueprint’s recommendations can potentially stimulate growth and increase Qatar’s competitiveness. Meanwhile, the country’s Communications Regulatory Authority has said stakeholders and members of the public interested in reviewing the blockchain blueprint must submit their feedback via email before September 15. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Ukrainians will be able to purchase electronics and other products with digital coins thanks to a service provided by Whitepay. The payment processor, established by the Ukrainian-born digital asset exchange Whitebit, has recently implemented crypto payments in the country’s largest tech stores. Crypto Platform Whitepay Launches Coin Payments in Major Tech Stores in Ukraine Whitepay, one of the platforms operating as part of crypto exchange Whitebit’s ecosystem, has introduced cryptocurrency payments for the products offered by major Ukrainian tech stores, the crypto news outlet Forklog unveiled. Among the electronics retailers, whose customers will now take advantage of the new service, are Tehnoezh (Техно Їжак in Ukrainian) and Stylus, which manage leading online platforms in the sector, the report details. The integration allows buyers to use more than 130 different digital currencies for their purchases. The plan is to expand the list of supported digital coins in the future. Ukrainian crypto holders will be able to pay with digital assets through the appropriate forms at the online stores, or at physical locations through special point of sale (POS) terminals installed by Whitepay. The payment processor will maintain the system and provide customer support. Cryptocurrencies have gained significant popularity among Ukrainians in the past few years, with their country becoming a leader in Eastern Europe in terms of adoption. Kyiv has taken steps to regulate the industry, and since Russia invaded the country in late February, the government and volunteer groups have been relying on crypto donations to finance their defense and humanitarian efforts. The Estonia-headquartered Whitebit, a major European crypto exchange originating from Ukraine, has been a participant in such efforts. Earlier this year, the trading platform signed a memorandum of cooperation with the country’s Ministry of Foreign Affairs to provide assistance to its Anti-Crisis Center and support Ukrainian refugees through its representative offices abroad. Other crypto companies have also offered help. The world’s largest digital asset exchange by daily trading volume, Binance, issued a special crypto card for Ukrainians forced to leave their homes behind due to the ongoing military conflict with Russia. You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund. Do you think electronics retailers in other countries in the region will introduce crypto payments in the near future? Tell us in the comments section below. View the full article