roadrunner

With live-tested transaction speeds of 64,000 TPS, infinitely scalable blockchain Everscale is undeniably one of the fastest out there, and if H1 2022 is anything to go by, its development progress is no less rapid. Despite seriously bearish trends in the crypto market triggered in large part by the collapse of Terra’s LUNA token and UST stablecoin, and later compounded by a significant crisis for crypto lender Celsius, Everscale continued to bolster its already considerable advantages at a rate of knots, ticking off plenty of roadmap goals as it went. Listings on major crypto exchanges such as Huobi, KuCoin, and BitMartare a testament to the blockchain’s achievements over the period. Everscale’s transaction costs were already comparatively very low before the recent developments, but Q1, which was still a green one for most tokens and positive for the industry in general, saw the platform’s gas fees reduce to just 0.014 EVER (currently around $0.0014). There was good news for anyone interested in building on the blockchain too, as all necessary documentation for everyone from validators and developers to NFT creators and regular users became available online in the platform’s docs database. Everscale branched out in the first quarter as well, launching its lending protocol, whose users can earn from borrowing and lending wrapped EVER tokens (WEVER) and USDT. On top of that, the team got the Cardano-based decentralized exchange DEXADA off the ground, offering the community the as-of-yet rare ability to transfer liquidity from Cardano to other blockchains. As if that wasn’t enough, the release of NFT SDK tools in Q1 enabled Everscale developers to take advantage of even more methods to cover all possible NFT use cases, thus boosting the capabilities of the platform’s highly advanced TIP-4 NFT standard, which was successfully implemented in Q2. The standard can already be found on NFT marketplace GrandBazar. TIP-4 NFT SDK on Everscale: Another new arrival in the first quarter was that of the TIP-3 euro-pegged stablecoin EUPi on FlatQube, the DEX, which is an important part of Everscale’s ecosystem. We might have expected things to slow down considerably with the onset of the crypto winter in Q2; however, it was then that Everscale proved it had only been getting warmed up in the previous quarter to really start blazing trails. The second quarter saw Everscale begin its migration to the new Soft Majority Fault Tolerance (SMFT) consensus. The move will take several months and involves an intricate process, as the team has to ensure alignment of all its core components before taking such a major step. The SMFT protocol and security: At this stage, the SMFT code is ready and just needs to be deployed along with the Reliable External Messaging Protocol (REMP), which will increase security and improve message processing in the network. Everscale’s REMP – what is it? Product releases were stepped up a gear in Q2, and on top of the TIP-4 NFT standard mentioned above, Everscale launched Evercraft, the first demo of its future GameFi SDK. The metaverse holds great prospects for the onward course of the crypto industry, and Everscale’s capability to handle thousands of players simultaneously ideally positions it to venture into such projects, as well as MMORPGs. As such, the team is looking to bring in more game developers in the foreseeable future and make some waves in this area. Another new solution that saw the light of day in the second quarter was the Git Open Source Hodler, or GOSH, developed by EverX. As the name suggests, this is a decentralized git leveraging Everscale tech, and as the first git blockchain it is quite a pioneering development. It is thus unsurprising that GOSH has gained recognition from big players, already partnering with Docker. Although GOSH is separate from Everscale, the latter will benefit from the Docker partnership, as this is sure to raise awareness of Everscale’s tech in the wider IT industry and attract major new partners to the network. A further product designed to make developers’ lives easier also came out in Q2: Ursus – a formal verifications framework that evolved out of the network’s industrial tools for smart contract verification. Ursus also includes a translator from the Ursus programming language to Solidity. Any developers dealing with smart contracts will be well aware of how expensive and time-consuming verification is, so they are certain to appreciate the hundreds of hours of project time that this one-of-a-kind product stands to save them by making the process so much more straightforward. Everscale also completed its DAO Constructor milestone in the second quarter, now boasting two DAOs: the EVER DAO and the Octus Bridge DAO. And finally, the Milomeda Rollup – an L2 for Ada to Octus Bridge – was integrated. This was a big step, bringing Everscale ever closer to becoming a decentalized hub for a wide variety of projects, and it’s far from the last step in this regard, as Broxus is working continuously on adding more chains to its products. As we can see, Everscale burned a ton of rubber in the second quarter, racing through its roadmap and accomplishing many of the major goals set. Nevertheless, with a list of targets as ambitious as this, it’s perhaps only natural that infrastructure projects were prioritized and some points got shifted to Q3. On the agenda for the current quarter are private workchains, which are now undergoing testing, EVM workchains, the Tezos bridge, and the NFT bridge. So what else will Everscale be up to in H2? Well, whether or not the green candles keep lighting up for crypto, Everscale will certainly continue burning the midnight oil to roll out more of its planned developments and gain more recognition in the industry. As for promo, a lot of work is taking place behind the scenes, including conferences, hackathons, grants, and new incentives for developers keen to join the network. Everscale incorporates almost all modern blockchain concepts, and there are few other projects whose tech is comparable, so it’s only a matter of time before the eyes of the industry and individuals start to properly focus on this speeding bullet coursing straight for mass adoption. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The government of Spain has announced it will issue a series of grants and aid for metaverse-related developments. The individuals and companies interested in receiving these grants will have to be based in the European Union or Spain and present a plan, and meet a series of requirements, to be considered. The first batch of grants will be dedicated to the gaming and entertainment sector. Spain Acknowledges Relevance of the Metaverse Countries from all over the world are now considering the metaverse and its related technologies as important developmental pillars for the future. Spain has announced it will dedicate more than $4 million in grants for metaverse-related projects. The grants program, which will be managed by the Ministry of Economic Affairs and Digital Transformation of the country, will be directed to companies and individuals working on the metaverse projects in the European Union or in Spain directly. Those interested in applying for these grants will have to present a plan to the ministry, explaining the reach and goals of each project. For companies or teams, women will have to represent 25% of the organization in order to apply for these grants. The ministry expects this program will entice companies from all over Europe to include the metaverse as a part of their plans for the future. Countries Interested in the Metaverse While the concept of the metaverse is still very broad, companies are already working towards establishing some kind of dominance in the field. This first batch of grants will be directed to gaming and video entertainment companies, as the metaverse is related closely to these industries, currently. At the same time, the ministry has opened a process to include experimental projects using virtual, augmented, and extended reality-related companies. The estimation of the Spanish ministry is that the metaverse will have a value of over a billion dollars by 2026. Other countries are also taking the metaverse very seriously. One of these is Dubai, which is reportedly in talks with third parties to make some of its government offices and services metaverse-ready. Also, the virtual assets regulator of the country was one of the first to establish an office in the metaverse. In the same way, other countries are putting funds directly into metaverse investments. In May, South Korea revealed an investment of $177 million to kickstart national companies working in metaverse-related projects. What do you think about the grants program that Spain has directed for metaverse companies? Tell us in the comments section below. View the full article

A British jeweler has sued its insurance company for refusing to cover a bitcoin ransom payment of $7.5 million. The jeweler paid the hackers to prevent sensitive customer data from being published. Insurance Company Faces Lawsuit for Refusing to Cover Bitcoin Ransom Payment A luxury British Jeweler, Graff, has sued its insurer, The Travelers Companies, for refusing to cover a ransom bitcoin payment, Bloomberg reported last week. The jeweler paid a bitcoin ransom of $7.5 million to the Russian hacking gang Conti after the group threatened to leak data of the company’s big clients, including Middle East royalty. Graff negotiated the ransom payment amount with the hackers and managed to reduce it from $15 million. Conti attacked Graff in September last year and leaked data about the royal families from Saudi Arabia, the United Arab Emirates (UAE), and Qatar. The hackers apologized to the families but said that they may need to leak more of Graff’s data. “Our goal is to publish as much of Graff’s information as possible regarding the financial declarations made by the US-UK-EU neo-liberal plutocracy, which engages in obnoxiously expensive purchases when their nations are crumbling under economic duress,” the hacking group reportedly said. While authorities have discouraged individuals and businesses from making ransom payments, there are circumstances where paying them is beneficial, particularly when the damage inflicted by a cyber attack is greater than the cost of the ransom. Some insurers offer cyber insurance policies that cover crypto ransom payments. However, experts have warned that insurers are inadvertently funding organized crime by paying out claims from companies who paid ransoms. Ciaran Martin, the founding CEO of the British National Cyber Security Centre (NCSC), explained last year that “People are paying bitcoin to criminals and claiming back cash.” He stressed: “I see this as so avoidable. At the moment, companies have incentives to pay ransoms to make sure this all goes away. You have to look seriously about changing the law on insurance and banning these payments, or at the very least, having a major consultation with the industry.” Regarding Graff’s ransom payment, a company spokesperson said: “The criminals threatened targeted publication of our customers’ private purchases. We were determined to take all possible steps to protect their interests and so negotiated a payment which successfully neutralized that threat.” The jewelry company added: We are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery proceedings at the High Court. Do you think insurance companies should cover bitcoin ransom payments? Let us know in the comments section below. View the full article

A new survey shows that the majority of nearly 1,000 investors who responded expect bitcoin’s price to drop to $10K. In addition, 28% of respondents expressed strong confidence that cryptocurrencies are the future of finance while 20% said they are worthless. Investors Believe Bitcoin Could Fall to $10K The latest Bloomberg MLIV Pulse survey, conducted from July 5-8, asked 950 investors who responded where they see bitcoin’s price heading. Respondents were asked, “Which level will bitcoin trade at first? $10K or $30K.” According to the results published Monday, 60% of them said BTC will drop to the $10K level first. Furthermore, 28% of respondents expressed strong confidence that cryptocurrencies are the future of finance while 20% said they are worthless, Bloomberg conveyed, adding that most respondents were at least slightly skeptical about cryptocurrencies. When asked about non-fungible tokens (NFTs), only 9% of respondents said they were an investment opportunity. The majority see them as art projects or status symbols. At the time of writing, bitcoin is trading at $20,553, down 3.3% over the past 24 hours and 40% over a one-year period. There has been much discussion about where the bottom is for bitcoin. Shark Tank star Kevin O’Leary said last week that he doesn’t believe we’ve seen the bottom yet. He warned that there will be a major panic event in crypto. A Fidelity Investments analyst recently said that at the current level, bitcoin is cheap. Deutsche Bank predicted in June that BTC will rise to $28K by the end of the year, but cautioned that the crypto free fall could continue. Do you think the price of bitcoin will fall to $10K? Let us know in the comments section below. View the full article

Makerdao, the decentralized autonomous organization (DAO) that issues the stablecoin DAI, approved a governance proposal that provides “collateral integration from a U.S.-based bank.” The Makerdao governance proposal passed by a majority vote of more than 87%, and it gives the U.S. financial institution Huntingdon Valley Bank the means to leverage a stablecoin vault. Huntingdon Valley Bank to Use Makerdao’s Stablecoin Vault System With Off-Chain Loans — RWA-009’s Initial Debt Ceiling Is $100 Million According to a Makerdao governance poll breakdown, the community has approved a collateral integration proposal with the Pennsylvania-based financial institution Huntingdon Valley Bank. Makerdao discussed the proposal on July 4, 2022, and noted that the RWA-009 concept would be the first of its kind in the world of decentralized finance (defi). The term “RWA” used in the Makerdao proposal stands for “real-world assets.” “The first collateral integration from a U.S.-based bank in the defi ecosystem is getting closer,” the project’s official Twitter account explained. “The Maker Governance votes to add RWA-009, a 100 million DAI debt ceiling participation facility proposed by the Huntingdon Valley Bank, as a new collateral type in the Maker Protocol,” the team added. In a Twitter thread published at the end of March 2022, Makerdao detailed how the scheme would work as it would allow Huntingdon Valley Bank (HVB) to borrow DAI by using HVB’s participated loans as collateral. “The application also requested an initial debt ceiling of $100 million dollars of Huntingdon Valley Bank Participated Loans diversified across all proposed loan categories, to be deployed over a period of 12 to 24 months from inception,” Makerdao said at the time. Makerdao also disclosed that while HVB would be the first to enter the project’s “Master Purchase Agreement,” the project has the full “intention to incorporate more banks in the future.” The project’s stablecoin DAI is the fourth-largest stablecoin project in terms of market valuation with $6.48 billion. During the last seven days, Makerdao’s native crypto asset MKR has increased 2.5% against the U.S. dollar but year-to-date, MKR is down more than 65%. At the time of writing, at $921 per unit, the DAO’s native crypto MKR is still up 448% higher than the all-time low of $168 per unit recorded on March 16, 2020. In terms of defi dominance, Makerdao commands a touch more than 10% of the entire defi ecosystem’s $75.54 billion in locked value. Makerdao’s total value locked (TVL) today is $7.56 billion, down 4.38% over the last month. The recently passed governance proposal with HVB follows Makerdao’s plans to introduce layer two (L2) scaling support from Starknet at the end of April. Makerdao’s team said that the zero-knowledge (ZK) rollup solution Starknet could make DAI transfers much cheaper than onchain fees. Members of the Makerdao community have been interested in leveraging real-world assets into the project for quite some time. Hexonaut, a protocol engineer at Makerdao, explained in mid-March 2022, that the DAO needs “to take the next step and begin integrating with the real world at scale.” The agreement with Huntingdon Valley Bank uses off-chain loans which represent real-world assets (RWA) pledged by the Pennsylvania bank based in Montgomery County. What do you think about the Pennsylvania bank using Makerdao to access DAI? Do you envision crypto integrating with more real-world assets in the future? Let us know your thoughts about this subject in the comments section below. View the full article

Some Chinese bank clients, whose accounts were frozen in April, were injured while staging a protest at the Zhengzhou branch offices of the country’s central bank. Reports from local media outlets suggest that as much as $6 billion in client funds is missing and the individual believed to be behind the disappearance is now outside China. Internal Systems Upgrade Chinese residents protesting the freezing of their accounts by three banks in Zhengzhou, are reported to have stormed the branch offices of the central bank on Sunday, July 10. Reports say some of the protestors were injured when Chinese law enforcement agents used heavy-handed tactics to disperse the angry mob. As per various media reports, when the banks initially froze the accounts in April, clients were informed this was done in order to facilitate the process of “upgrading” the institutions’ internal systems. However, more than two months later, the accounts that reportedly held nearly $6 billion (40 billion yuan) are still frozen and the banks have not updated clients about the status of the so-called systems upgrades. 400,000 Clients Affected In mid-June, one Chinese media outlet said the funds belonging to over 400,000 clients had disappeared. The media outlet added that a so-called “ministerial-level official” had been involved in the case, while one Twitter user named Anderson Copper identified Lu Yi as the “white glove business snake” that stole the funds. According to the Twitter user, Yi has since left the country and is now in the U.S. The banks’ continued silence as well as authorities’ reported use of China’s Covid-19 health codes to block 1,000 clients’ attempts to withdraw back in June, have lent credence to claims the funds were stolen. The state-run Global Times has previously said the three banks — Yuzhou Xinminsheng Village Bank, Shangcai Huimin Country Bank, and the Zhecheng Huanghuai Community Bank — face a probe that relates to their “illegal fundraising” activities. Meanwhile, in one of the videos shared on Twitter, some angry protestors are seen throwing what appear to be water bottles. Others are seen shoving and making their way towards the entrance of what has been identified as the central bank’s Zhengzhou branch offices. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

An Ethereum enthusiast contacted KeychainX a few months ago with a unique story. He was a part of the Ethereum pre-sale in 2014 and amassed a fantastic 1000ETH today worth about 4 million USD for a mere 300USD – an astonishing 13000x increase in value. The story began when Alex sent the KeychainX team a question about whether if the team dealt with damaged wallets. Alex suspected the wallet to be corrupt or the encryption to be wrong, as he had the password saved in Splash ID together with other passwords and used to copy-paste it into the pre-sale webpage to join in the Ethereum token sale. He was worried that using multiple systems like iPad, mac and phone and various language setups (Alex was half French), there might be some hiccup or language character decryption errors. Since the password was pretty long (99 characters) and contained several special or non-ASCII characters, it was a devious task. However, inserting a random character at an arbitrary position is doable for shorter passwords. For an almost 100-character-long password, it was impossible. But Alex was pretty sure of the password, so KeychainX “just” had to look up what was wrong. Of course, the password was also sexual, so writing the various password deviations using sexually explicit language was hilarious. Although the words did not use S/M code words like one of KeychainX’s Hong Kong clients, they contained the words p*ssy and c*ck. Little did the team know how close to the problem and far away it was. Being stubborn, the KeychainX team started by adding random characters at the positions the team suspected were those with possible problems. For example, sometimes, if a character were non-English, the code would translate it to a double character, which ultimately would cause the search space to increase dramatically. So doing that produced no result. So the team went back to look at the Splash ID source code and tried to reverse engineer it to reproduce the problem. There were many versions of Splash ID, and their page did not offer it to be open source. No luck. Then a few weeks later, a Russian client contacted KeychainX with a completely different wallet using Cyrillic characters. Most of KeychainX’s custom-written tools were written for English or Latin passwords, so the team had to look into an old tool’s source code and look how to translate those to fit into the system. It gave an idea for Alex’s wallet. What if the tools used, and the unique characters that encrypted his wallet, were translated through the encryption software just like Cyrillic characters. Going back to the Presale wallet, the team attacked those special characters positions using the same approach as if they were Cyrillic. Boom! the team found the password; however, there was an issue. Most wallet software that would generally import the wallet and display the private key did not work, and the password was not getting accepted since the special characters were outside the boundaries of their respective code or character set. Instead, the team had to manually decrypt the wallet to export the private key using the foreign character set. After moving out the funds, KeychainX tried to call Alex multiple times, but it kept going to his answering machine. So the team mailed Alex, and yet still no answer. It took almost three days before he got back to KeychainX, which was a little nerve-wracking sitting on someone’s 4 million USD without knowing where the person was. Ethereum price also swung a lot, so the value moved hundreds of thousands daily in both directions. So the team transferred Alex his share of the funds, said good luck and stay safe, and then never heard from him any more. KeychainX hopes he has fun with his newly recovered, long-lost fortune! Disclaimer! This article was written by Robert Rhodin, CEO of KeychainX Crypto Recovery Service. To read more about our company, please visit https://keychainx.io or email the team at keychainx@protonmail.com if you need to talk about password recovery. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Seven months ago, the top rebase crypto tokens by market capitalization were collectively worth $8.03 billion and since then, the entire rebase token economy has lost more than 92%, dropping to $577 million. Olympus has dropped 99% since the asset’s all-time high (ATH), klima dao shed 99.9%, and wonderland is down 99.8% from its ATH. Elastic Rebase Tokens Fall Short of Expectations, Sliding 92% Since November 2021 Last year when the bull run started, rebase tokens were becoming extremely popular and their fiat values jumped a great deal toward the end of 2021. These days, much like algorithmic stablecoins, rebase tokens have seemingly scared investors away, as they operate in a similar manner. Basically, a rebase or elastic token is a type of crypto asset that adjusts the coin’s supply by the way the price responds to market changes and the reserves the project holds. Olympus (OHM) was one of the first rebase tokens, and the project sparked a great deal of rebase token forks that tried different rebasing mechanisms. At the end of last year, rebase tokens were at the top, in terms of fiat value, as the entire rebase token economy was valued at $8.03 billion on November 21, 2021. Today, statistics show the top rebase tokens by market cap are collectively valued at $577 million. Most of the top rebase tokens reached all-time highs in November 2021, and olympus (OHM) was the leading rebase token in terms of market capitalization. On that day in November, the free-floating currency backed by the Olympus DAO treasury was exchanging hands for $856 per unit. Although, OHM’s ATH was recorded before November, as it reached $1,415.26 per unit on April 25, 2021. Today, however, OHM is swapping for much lower prices as OHM’s fiat value has been $13.60 to $14.41 per unit during the last 24 hours. Last November, wonderland (TIME) was the second-largest rebase token in terms of market valuation and today, it holds the eighth position. That day seven months ago, TIME was trading for $8,962 per unit after reaching an ATH two weeks prior. TIME, an Avalanche-based fork of OHM, hit $10,063 per unit on November 7, 2021. On July 11, 2022, wonderland (TIME) is now worth $22.11 per unit after losing 99.8% against the U.S. dollar since the rebase token’s ATH. Similarly, klima dao (KLIMA) was trading for $1,644 per unit seven months ago and today, KLIMA is trading for a much lower value at $3.20 per unit. Like wonderland (TIME), KLIMA also dropped positions among the top rebase tokens from third back in November 2021, to the seventh position during the second week of July 2022. Seven months ago, three of the top four rebase tokens were trading for four-digit prices and today the coins are exchanging for 3 to 1-digit values. OHM is still the largest rebase token in terms of market valuation, but after some market position shifts, the second and third spots currently belong to temple dao (TEMPLE) and snowbank (SB). Data shows that as far as rebase token market performances, most of the losses took place from highs in November 2021 to mid-April 2022. By April 16, 2022, the top rebase tokens by market capitalization combined dropped to $1.14 billion, as a great majority of the top rebase coins in the crypto economy had dropped by 90% or more in USD value. Metrics show that from mid-April 2022 up until now, another 49.38% in fiat value was shaved off of the $1.14 billion collectively held by the top rebase tokens 86 days ago. What do you think about the market performance of rebase tokens like olympus, wonderland, and klima dao over the last seven months? Let us know your thoughts about this subject in the comments section below. View the full article

XTZ was a notable mover in the crypto top 100 on Monday, as prices rose towards a three-week high to start the week. Prices collided with a key resistance level during the move, and this came as UNI continued to trade above a ceiling of its own. Tezos (XTZ) XTZ was a notable mover to start the week, as prices rose towards a three-week high during Monday’s session. Following a low of $1.54 during yesterday’s session, XTZ/USD rose to an intraday peak of $1.68 earlier today. This surge in price saw the token collide with a key resistance level at $1.67, with earlier gains easing since that point. Overall, price still remains close to this peak, with bulls attempting to break the ceiling and move towards the $1.80 level. If successful, the break would see XTZ trading at its highest point since June 12, when prices were making their way down from $2. In order to reenter this region, price strength would need to significantly surge, pushing momentum above a resistance level of 56 on the 14-day RSI indicator. Uniswap (UNI) UNI was also marginally higher on Monday, as prices continued to trade above a key resistance level, following a recent breakout. The token hit a peak of $6.38 to start the week, which is higher than its $6 ceiling, which was broken during Saturday’s session. Bulls seem to be consolidating the weekend’s gains, which saw UNI/USD rise to its highest point since May 10. As a result of this surge, relative strength is now overbought, with the RSI tracking at 63, after hitting a resistance level of 69 during the weekend. So far, bullish sentiment remains, however should bearish pressure increase, we could see prices falling below $6, wiping out recent gains in the process. Despite being overbought, could prices keep rising further? Let us know your thoughts in the comments. View the full article

Bitcoin started the week in the red, as Monday saw prices fall for a second consecutive session. Following a recent run towards $22,000, the world’s largest crypto dropped below $21,000 earlier today, with ETH slipping below $1,200. Bitcoin Bitcoin dropped below $21,000 on Monday, as prices continued to slip, following a recent encounter with a key resistance point. Since hitting its resistance level of $22,070 on Friday, BTC has fallen for three straight sessions, with today’s decline hitting a low of $20,395.39. This move saw the token fall from an interim support point at $20,500, which usually is one of the last remaining defenses preventing price from falling below $20,000. Should bearish momentum continue, not only could we see the $20,000 mark broken, but bears will likely target a floor of $18,845. Price strength seems to be heading in that direction, with the 14-day RSI fast declining toward its own floor at 37.90. One thing to note, however, is that the 10-day moving average has now crossed with its 25-day counterpart, so should we see an extension of this cross, then bullish sentiment may return. Ethereum Bullish sentiment was nowhere to be seen for ETH, which saw its own gains die down, soon after hitting a high of $1,187.87 on Sunday. The world’s second-largest cryptocurrency fell to a floor of $1,139.91 on Monday, as price moved to a lower low for the fourth straight day. As of writing, prices have somewhat risen, with ETH/USD now trading at $1,147.49, with relative strength tracking at floor. Looking at the chart, the 14-day RSI indicator is tracking near its long-term support point at 41.10, following a recent failed breakout of a ceiling at 49.40. Momentum seems to have shifted, with bears now controlling sentiment, despite a similar crossover of moving averages to that of bitcoin’s. Ahead of this week’s FOMC meeting, it will be interesting to see if prices consolidate, or rally, ahead of an expected 75 basis point interest rate hike. Do you expect a Fed hike to impact crypto prices? Leave your thoughts in the comments below. View the full article

Venezuela, one of the first countries in Latam to be considered “crypto-friendly” by some standards, has ranked third in adoption rates, according to a report issued by the United Nations. The report, issued last month, states that the cryptocurrency ecosystem has grown by 2,300% between September 2019 and June 2021, and that the Covid-19 pandemic was one of the main catalysts for this growth. Venezuela Among Countries With Most Crypto Adoption A report issued by the United Nations Conference on Trade and Development has found that Venezuela ranks third among the countries with the most cryptocurrency adoption, only behind Russia and Ukraine. The report, which also deals with the causes of this growth and crypto regulation, found that 10.3% of citizens in Venezuela held cryptocurrencies. Russians were second on the list, with 11.9% of the population holding crypto, while Ukraine ranked first, with 12.7% of its citizens holding some kind of crypto. This can be explained by the economic situations these countries are facing and the swings their currencies are experiencing due to conflict. The report also shows that developing countries have been more receptive to the cryptocurrency proposition. Of the first 20 countries with the most adoption, 15 are qualified as developing countries under United Nations standards. Reasons for Growth The study also tries to explain the reasons that have made crypto grow so much in these developing countries. The document notes that the Covid-19 pandemic played an important part in the adoption of crypto. It states: The use of cryptocurrencies was an attractive channel, in terms of price and speed, through which to send remittances. During the pandemic, the already high costs of traditional remittance services rose even higher during lockdown periods due to related disruptions. The second reason that propelled this growth has to do with the view that citizens of these countries have about crypto as a useful tool to hedge their savings. This is why countries like Argentina and Venezuela, which have faced tough inflationary periods, are ranked high in cryptocurrency adoption reports. This expansion has also fueled a regulatory response from governments in the area. Venezuela already has a fairly clear cryptocurrency legal framework, that establishes bitcoin and crypto mining as legal activities. Russia and Ukraine are in the process of also establishing clear rules for the use of crypto. What do you think about Venezuela ranking third among the countries with the most crypto adoption? Tell us in the comments section below. View the full article

Bitso, a Mexican-based, Latam operating cryptocurrency exchange, announced it is launching a remittance service in Colombia. The company will now allow its customers in Colombia to send and receive remittances using dollar-pegged stablecoins on the platform. The exchange launched a similar service in Mexico last year in partnership with Circle. Bitso Expand Remittances Program to Colombia Exchanges are embracing crypto as a useful tool to transfer value across borders. Bitso, a Mexican-based exchange with operations in several countries in Latam, has announced the launch of a remittance service in Colombia this week. With these new services, Colombian users will be able to send and receive remittances using digital dollars on the platform of the exchange. The service will be focused on remittances sent from and to the U.S., and according to the exchange, it’s one of the destinations where remittances sent experienced significant growth during the last year. While the company did not specify in which way this service will be offered, it is similar to Bitso’s Shift initiative, which uses Circle’s usd coin (USDC) as a vehicle to transfer value in Mexico. The Shift initiative has achieved considerable success in Mexico, reaching a volume of one billion processed in remittances this year only. This represents an increase of 400% over what the company processed last year. Stablecoin Powered One of the pillars of Bitso’s remittance proposal has to do with stablecoins, which allow these transfers to go through without worrying about volatility and losing value in the process. About this, Emilio Pardo, manager of Bitso in Colombia, stated: These transactions are not affected by volatility at all. The price of the stablecoins that we use depends on the international currency market, with parity with the dollar, a great benefit to beat inflation. Bitso’s move aims to capture a relevant part of the Colombian remittance market, offering the benefits that crypto-based remittances present when compared to other companies. About this, Pardo stated: We are very excited to launch this service in the country. Our main objective is to make crypto useful, and this brings great benefits so that Colombians can use their digital money safely. Bitso is one of the exchanges that recently announced a series of layoffs due to the downturn that the market has experienced. However, the company expanded successfully to Colombia this year, where it is also offering yield-based products with its Bitso+ program. What do you think about Bitso’s new remittance program in Colombia? Tell us in the comments section below. View the full article

Binance, one of the largest crypto exchanges worldwide, has secured a license from the Bank of Spain that will let the exchange operate in compliance with the local laws. This certification means that the exchange is currently complying with its AML/KYC processes required by the government of the country. More than 17 companies have received this certification by now. Binance Gets Operating License From the Bank of Spain Binance, the cryptocurrency exchange, has received the certification of the Bank of Spain to operate as a Virtual Asset Service Provider (VASP) in the country. This means that the authorities have found that Binance, through its Spanish subsidiary Moon Tech Spain, S.L., complies with all of the AML/KYC processes established by the Bank of Spain. This is a major milestone for the exchange in the country, that had applied to receive this certification since January. The company is now allowed to offer its cryptocurrency trading and custody services in the country with the approval of the Spanish authorities. About this achievement, Changpeng “CZ” Zhao, founder and CEO of Binance, stated: Effective regulation is essential for the widespread adoption of cryptocurrencies. Moon Tech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places user protection above all else. With Binance, more than 17 exchanges and custody providers have now been certified. The first exchange approved by the institution was Bit2me back in February. Future Plans According to statements from Quim Giralt, director of Binance Spain, the company has plans to expand its operations and reach in Spain after this development. In a statement, Giralt declared: Following this registration, we will significantly expand our team and operations in Spain to make our services more accessible to everyone. Over the coming years we will be hiring local talent to serve the Spanish-speaking market and helping to grow the local crypto ecosystem. However, Binance has faced some problems with regulators in Spain. The exchange had been reprimanded by the securities regulator in the country, the CMNV, about its offer of cryptocurrency-related derivative products, including futures contracts. As a result, the company stopped offering these products to Spain-based customers in May. The Bank of Spain has been very critical of cryptocurrencies and their value proposition. Pablo Hernandez de Cos, the governor of the bank of Spain, has repeatedly warned about cryptocurrency markets and the risk of including them in traditional finance. What do you think about Binance obtaining VASP certification in Spain? Tell us in the comments section below. View the full article

Following the hack on July 2, 2022, the team behind the decentralized finance (defi) protocol Crema Finance detailed that after some negotiation, the hacker returned roughly $8 million in crypto assets. According to the team, the hacker agreed to take a white hat bounty worth 45,455 solana. Hacker Returns $8 Million in Crypto to Crema Finance On July 2, 2022, the defi project Crema Finance was exploited for roughly $8.7 million in crypto assets. According to the blockchain auditing firm Ottersec, flash loan attacks were used to siphon $8,782,446 worth of digital currencies. Crema Finance temporarily suspended the program and started investigating the exploit. On July 5, Crema Finance said that the investigation was making “significant progress.” “By tracing the original gas sources of the hacker’s address, we targeted a suspicious identity that might relate to the hacking incident. New updates will be shared following a further verification,” Crema Finance said on Tuesday. Furthermore, the defi project’s team detailed that it received the on-chain reply from the suspected hacker. Crema Finance noted: We’re verifying its authenticity and starting the negotiation process. A Majority of the $2 Billion in Crypto Stolen in 2022 Stemmed from Defi Exploits It seems after a negotiation process and a bounty reward of 45,455 solana (SOL), the hacker returned two large sums of ETH and SOL. “After a long negotiation,” Crema Finance explained, “the hacker agreed to take 45,455 SOL as the white hat bounty. Now we have confirmed the receipt of 6,064 ETH + 23,967.9 SOL in four transactions… A follow-up compensation plan will be released in 48h.” Decentralized finance (defi) protocols have fallen victim to numerous hacks in 2022. In the first quarter alone, $1.3 billion in crypto funds was stolen from people, exchanges, or defi protocols. 97% of the $1.3 billion stemmed from defi exploits and during the second quarter, $670 million was stolen from defi exploits. A majority of the stolen crypto from Q2 2022’s defi exploits came from four different projects, according to a report written by Immunefi. The four projects include Beanstalk, Harmony Horizon Bridge, Mirror Protocol, and Fei Protocol. Just before announcing the successful communications with the hacker, Crema Finance detailed that it submitted its new codebase for audit to the blockchain security firm Slowmist. “Crema’s protocol will go live again after the new audit is completed,” the Crema Finance team said. Once in a while, some defi projects get lucky and are able to negotiate with the attackers, and the hacker decides to return a fraction or all of the stolen funds. While there have been many attempts to talk to a hacker or offer them a reward, a majority of defi projects fail to make contact with the attacker and wind up eating the loss. What do you think about the hacker returning $8 million in ethereum and solana after being offered a bounty reward? Let us know what you think about this subject in the comments section below. View the full article

The Central Bank of Nigeria (CBN)’s attempt to incentivize the country’s forex market through the so-called “Naira for Dollar” scheme has failed. This is evidenced by the local currency’s plunge of more than 25% since the launch of the incentive scheme in March 2021. Naira Depreciation The CBN’s scheme that encourages recipients of cross-border remittances to cash out via formal channels failed to incentivize the forex market and has therefore not achieved the bank’s goal of halting the naira’s depreciation, a report has said. According to one report in a local news site, Blueprint, since the launch of the Naira for Dollar scheme more than 13 months ago, the naira’s exchange rate versus the U.S. dollar fell by more than 25%. At the time of writing, the naira-to-dollar exchange on the parallel market is 612 naira for every dollar. The official exchange rate has remained at 415 naira for every dollar. As previously reported by Bitcoin.com News, the CBN launched the incentive scheme more than a month after it directed financial institutions to block crypto entities from the banking ecosystem. At the time, the CBN’s goal was to lure Nigerians in the diaspora who were reportedly sending remittances via alternative channels, which use the black market exchange rate. By directing cross-border remittances to official channels, the CBN would be able to increase the amount of foreign currency that flows into its coffers. Large foreign currency reserves in turn would be used to support the naira. In March, an economist with the central bank declared that the scheme had achieved its objective and was thus a success. Indirect Naira Devaluation Nevertheless, some unnamed pundits quoted in the report insist the scheme alone cannot undo the pricing anomalies caused by inconsistent policies. Some experts and organizations even view the incentive scheme as a form of devaluation of the naira. For instance, Cowry Asset Management is quoted in Blueprint remarking on how the scheme may have sent the wrong signals to the market. “However, we feel that the CBN’s Naira for Dollar Scheme appears to be another form of Naira depreciation which may have sent the wrong signal to the forex market,” the asset management firm said. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Starting on July 25, the Zimbabwean public will be able to buy and hold gold coins which weigh one troy ounce each. In addition to their use as an alternative store of value, the central bank says the coins can be traded and used as “security for loans and credit facilities.” Coins to Be Sold at ‘Prevailing International Price of Gold’ Just a few weeks after revealing its plans to roll out gold coins, the Reserve Bank of Zimbabwe (RBZ) released a statement on July 4 advising “the public of the salient features and characteristics of the gold coin.” According to the statement, the public will be able to purchase the gold coins “at a price based on the prevailing international price of gold and the cost of production.” The sale of the coins is expected to commence on July 25 and buyers will be able to purchase the coins using local currency or USD, the RBZ said. The gold coins, which have been named Mosi-Oa-Tunya (the local language equivalent for the Victoria Falls), weigh one troy ounce or approximately 31.10 grams. Each coin has a purity of 22 carats and is assigned a serial number for identification purposes, the statement said. The RBZ has previously said the gold coins will be used as an alternative store of value by Zimbabwean investors that are seeking to shield their savings against the country’s runaway inflation. Before the central bank’s latest decision, individuals and unlicensed entities were barred from buying or storing gold. According to the country’s laws, only authorized individuals or entities are permitted to possess or sell the precious metal to the country’s sole buyer of gold, Fidelity Printers and Refiners. Individuals violating the relevant law risk being sent to jail. Coin Holders to Be Issued Ownership Certificate However, in the statement that also informs residents of the places where they can purchase the gold coins, the RBZ assures investors buying the gold coins that they will be allowed to “take physical possession of the coin.” The statement added that gold coin holders will be issued a “Bearer Ownership Certificate.” Holders that opt to use the custody services of a third party will be issued a relevant certificate or receipt. For financial institutions or entities that wish to trade or use the coins, the RBZ said: The coin will have liquid asset status, that is, it will be capable of being easily converted to cash, and will be tradable locally and internationally. The coin may also be used for transactional purposes. In addition to having a prescribed asset status, the gold coins will be “used as security for loans and credit facilities.” There is also a buy-back arrangement should the holder decide to liquidate the coin, the RBZ said. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Russia’s mass media regulator, Roskomnadzor, has restored access to a major Russian crypto news portal. Bits.media was recently blocked as a result of proceedings in a regional court that its representatives were not even summoned to attend. Crypto News Site Bits.media Again Available to Russian Readers as Roskomnadzor Delists It Bits.media, the source for crypto-related news with the second-largest audience in the Russian-speaking space, has managed to win the cancellation of its blacklisting by Russia’s Federal Service for Supervision of Communications, Information Technology and Mass Media. Roskomnadzor, as the agency is also known, blocked access to the Bits.media website last week, after adding an unspecified number of pages to a register of internet sources disseminating information considered prohibited in the Russian Federation. The measure was imposed based on a ruling by the Volzhsky District Court of the city of Saratov in a lawsuit initiated by the local prosecutor’s office in late March. The judge granted the prosecutor’s request less than a month later, after considering the case in the absence of the media outlet’s owners. The problematic URLs, some of which belong to other websites, were not made public. Bits.media established that one of them is the address of its crypto exchanger aggregator. It had to take down that page, after which the media censor allowed Russian internet providers to restore access to the website. Its team believe that the four other links mentioned in the provincial court’s decision are the addresses of other aggregators or cryptocurrency exchangers. The crypto media’s management intends to bring the case to an end, however, as it insists that the address was blocked against the law. “We consider the court’s decision illegal and will seek its annulment,” said Ivan Tikhonov, founder of Bits.media. He pointed out that the editorial staff has decided to disable the aggregator page so the rest of the site remains online during the proceedings. In the upcoming efforts to overturn the Saratov court’s ruling, Bits.media will be supported by Digital Rights Center, a Russian law firm specializing in providing legal assistance to internet users and businesses. Two years ago, its lawyers achieved the unblocking of the Bestchange.ru aggregator. The company’s legal experts were able to prove that judicial authorities had committed violations since the circulation of cryptocurrencies was not, and is not yet, prohibited by Russia’s current legislation. The DRC has other successful cases in its portfolio, including the unblocking of the websites of the Bitcoininfo.ru portal and Binance, the world’s largest crypto exchange. Bits.media is not the only Russian-language source for crypto-related information that has been targeted lately. In early April, Roskomnadzor restricted access to Forklog.com, the leading provider of crypto news updates in the Russian-speaking space. Just like with Bits.media, this happened without any prior warning or explanation. The blacklisting of Forklog came just days after the online edition’s editors condemned Moscow’s “special military operation” in Ukraine, Bits.media notes in its report. Forklog remains blocked in Russia until now, as according to Roskomnadzor, it presents information, the distribution of which is banned in Russia. What are your thoughts on the blocking of Bits.media, Forklog, and other crypto websites in Russia? Tell us in the comments section below. View the full article

The Bank of England says “extreme volatility” in the crypto market “underscores the need for enhanced regulatory and law enforcement frameworks.” The British central bank has warned that crypto prices could fall further. Bank of England Calls for Enhanced Crypto Regulation The Financial Policy Committee of the British central bank, the Bank of England (BOE), said Tuesday that the “extreme volatility” in crypto prices in recent months underscores vulnerabilities in the crypto market, Bloomberg reported. Citing a $2 trillion reduction in the total market capitalization of crypto assets, the Bank of England stressed the need for tougher law enforcement and regulation for the crypto sector, the publication conveyed. The market cap of all cryptocurrencies currently stands at about $1 trillion. It was nearly $3 trillion at its peak in November last year. Last month, Agustin Carstens, the general manager of the Bank of International Settlements (BIS), said all the weaknesses in the crypto market “that were pointed out before have pretty much materialized.” They include liquidity mismatches and participants unwinding leveraged positions. Warning that the crypto market could decline further, the British central bank said: This underscores the need for enhanced regulatory and law enforcement frameworks to address developments in these markets. While noting that the volatility in the crypto market is not currently posing a risk to the stability of the U.K. financial system, the central bank cautioned that systemic risks would emerge if crypto activity and its interconnectedness with the traditional financial system continue to grow. Last month, the president of the European Central Bank (ECB), Christine Lagarde, similarly said: “Crypto assets and decentralized finance (defi) have the potential to pose real risks to financial stability.” Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has said on several occasions that the cryptocurrency market could pose a threat unless urgently regulated. He warned in May of hard times ahead for cryptocurrency investors as the Federal Reserve and other central banks tighten monetary policy. In December last year, he said that crypto prices could fall to zero. Andrew Bailey, the governor of the Bank of England, said in June that investors should be prepared to lose all their money when investing in crypto assets. He stressed that cryptocurrencies do not have intrinsic value and bitcoin is not a practical means of payment. What do you think about the comments by the Bank of England? Let us know in the comments section below. View the full article

Bank of America has revealed that the number of its customers who are active crypto users has declined more than 50% from its peak in November last year. In addition, the bank said its data “shows that outflows to crypto platforms have fallen sharply,” indicating that “consumers are pulling back on their net investment into crypto platforms.” Bank of America’s Active Crypto Users Bank of America published a report last week showing a steep decline in the number of active cryptocurrency users from its peak in November last year. The bank explained: Anonymized Bank of America internal customer data shows a sharp, greater than 50%, decline in the number of active crypto users from the peak of over 1 million users in November 2021 to below 500,000 in May. “We also found that ‘first time’ users, customers who made a transaction with a crypto platform having not made one previously, have also fallen very sharply,” the report adds. Bank of America further noted that there were only around 33,000 clients who transacted in crypto for the first time in May, which was an 87% decline compared to the 267,000 first-time users in October last year. In addition, the Bank of America report details: Our data also shows that outflows to crypto platforms have fallen sharply as well and are now broadly equal to inflows, indicating that consumers are pulling back on their net investment into crypto platforms. “In dollar terms outflows peaked around $2.9 billion in late 2021, before dropping back to around $1 billion in May 2022,” the bank said. In June, Bank of America released the results of a survey showing that 91% of more than 1,000 current and prospective U.S. crypto investors plan to buy more digital assets in the next six months. Moreover, nearly 40% of respondents revealed that they use cryptocurrency as a means of payment. The bank’s research team noted at the time: “Overall, our findings suggest that despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.” What do you think about Bank of America’s data on active crypto users? Let us know in the comments section below. View the full article

Elon Musk’s Boring Company will accept the meme cryptocurrency dogecoin as payment for rides on its Las Vegas transit system Loop. Musk confirmed that he is “supporting Doge whenever possible.” Tesla already accepts the meme crypto for some merchandise and Spacex will soon follow suit. Elon Musk’s Boring Company to Accept Dogecoin Payments The Boring Company, founded by Tesla CEO Elon Musk, will accept the meme cryptocurrency dogecoin for rides on Loop, its Las Vegas transit system, CNN reported Wednesday. Musk previously said that The Boring Company’s goal “is to solve traffic, which plagues every major city on Earth.” One of the company’s projects is Loop, also known as “Teslas in Tunnels.” Loop is “an express public transportation system that resembles an underground highway more than a subway system,” its website details, adding that the system is all-electric with zero-emissions. The Tesla CEO indicated that the news of The Boring Company’s plan to accept dogecoin payments for rides on its Vegas Loop is true by tweeting, “Supporting Doge whenever possible,” in response to a post about it. The Boring Company opened the Resorts World Las Vegas passenger station on June 30, the first of over 55 stops planned for the Las Vegas Strip. Clarke County, Nevada, approved the company’s expansion plan last year. The Resorts World Las Vegas stop is the first Loop station outside the Las Vegas Convention Center (LVCC), which already has three stops. Rides are currently free on Loop but the company plans to charge a fee in the future, according to CNN. The Boring Company’s Las Vegas Loop ticket page shows that tickets can be purchased with dogecoin alongside traditional payment options, and a single ride will cost $1.50 whereas a day pass will cost $2.50. However, the company has not announced when the fees will be charged and the final costs may be different. Musk has long been a proponent of dogecoin, believing that the meme crypto has potential as a currency. In contrast, he said bitcoin is more of a store of value. The Tesla boss also previously revealed that he personally owns dogecoin. His electric car company, Tesla, already accepts DOGE for some merchandise. Moreover, Musk announced in May that Spacex will follow suit and Starlink subscriptions may also accept the meme coin in the future. He also hinted that Twitter will integrate crypto payments if his takeover bid for the social media platform is successful. In June, a $258 billion lawsuit was filed against Musk, Tesla, and Spacex alleging that they “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.” Nonetheless, the Tesla CEO reiterated his intention to keep buying and supporting DOGE. What do you think about Elon Musk’s Boring Company accepting dogecoin for rides? Let us know in the comments section below. View the full article

Hardware wallets designed to securely store cryptocurrency have seen a several-fold increase this spring in Russia, on the backdrop of currency restrictions introduced amid foreign sanctions. Ledger and Tangem have been the most popular products on the market, a media report revealed. Russians Buy More Hardware Crypto Wallets, Market Players Say Russian crypto users have sought to purchase up to eight times more hardware wallets in March – April 2022 over previous periods, the daily Vedomosti reported, quoting representatives of the Tangem wallet developer, the retail chain M.video-Eldorado, and the Ozon marketplace. Ledger, which sells wallets resembling a USB stick, and Tangem, whose products are designed to take the space of a bank card, have been the most popular brands among Russian customers, the article details. M.video-Eldorado started selling crypto wallets in the fall of 2021. It currently offers a single-currency and a multi-currency Tangem and a Ledger. In 2022, the retailer observed a marked growth in the demand for these devices — their sales saw an eight-fold annual increase in the first quarter. According to Tangem, the significant increase in demand for its devices since the beginning of the year is also partially due to the fact that the company introduced more affordable products to the market. Demand at M.video-Eldorado peaked in March, when they were first offered, the chain confirmed. Ozon also acknowledged that the wider range of products has contributed to the spike in demand. In January, a seven-fold increase in the available items was registered and in June the stock was six times higher than January, Bits.media reported. Currency restrictions imposed by the Bank of Russia against the backdrop of Western financial sanctions have had an effect, the online marketplace noted. Quoted by Vedomosti, CEO of Infoline-analytics Mikhail Burmistrov explained that the surge in wallet sales can also be attributed to the outflow of IT specialists from the Russian Federation. They bought cryptocurrencies and hardware wallets to transfer their savings abroad, he elaborated. The publication further points out that the recent turmoil in the cryptocurrency market, the collapse of the Terra ecosystem, and the problems at crypto lenders such as Celsius, have led to an almost five-fold increase in the global demand for Ledger wallets. Do you know of other crypto-related products that enjoy a growing demand? Tell us in the comments section below. View the full article

Following the over-the-counter (OTC) firm’s Twitter thread on June 14, Cumberland explained on July 5 that “​​rangebound price action belies a volatile picture below the surface,” while crypto markets consolidated during the past week. Cumberland stressed there’s a growing number of crypto companies feeling financial burdens, and “uncertainty” tied to stressed entities is “hanging over the market like a cloud.” OTC Firm Cumberland Says Markets Will Return to a Healthy State Once Distressed Assets Are Transferred From the Insolvent to the Solvent In mid-June, the cryptocurrency OTC trading desk Cumberland, a subsidiary of DRW, explained how it witnessed significant volume on June 13. In fact, the company recorded a previous year-to-date high on May 13, and the volume on June 13 outpaced the mid-May high by 30%. In recent times, Cumberland wrote about the Securities and Exchange Commission (SEC) rejecting Grayscale’s spot exchange-traded fund (ETF) bid. Cumberland also spoke about the Federal Reserve, Fed chair Jerome Powell, inflation, a recession, and today’s macroeconomic backdrop. The following day, DRW partner and the global head of Cumberland, Chris Zuehlke, appeared on CNBC and detailed why he thinks the downturn is a sign of a maturing market. A few days later, Cumberland published a thread that discusses the recent financial hardships spreading across crypto companies. Cumberland noted that while markets are quiet, things could get volatile again due to burdened crypto companies “halting withdrawals, reducing headcount, and hiring restructuring firms.” Cumberland added: The assets of these companies will, at some point, need to be liquidated in order to partially offset their outstanding liabilities. Uncertainty around the size and timing of these asset sales is hanging over the market like a cloud. Cumberland: ‘Excessively Levered Finance Companies Have Been Punished in Bear Markets for Hundreds of Years’ In 2022, thousands of crypto employees have been let go from a slew of well known crypto-asset and blockchain companies. Firms that have reduced staff include Coinbase, Gemini, Etoro, Robinhood, Bitso, Crypto.com, 2TM, and Buenbit. The crypto lender Celsius halted withdrawals on June 12, and Voyager just recently paused withdrawals on the platform as well. The crypto firm Vauld has stopped withdrawals, and a few companies are contemplating working with restructuring firms. Moreover, the billion-dollar crypto hedge fund Three Arrows Capital (3AC) has filed for Chapter 15 bankruptcy after various sources detail that 3AC faced massive liquidations. “This is hardly a novel phenomenon,” Cumberland said. “Excessively levered finance companies have been punished in bear markets for hundreds of years. While this current cycle raises eyebrows because the assets are digital, the underlying economics are no different than the examples in textbooks.” Cumberland’s Twitter thread explains that behind the scenes and off-chain, the financial hardships are not very transparent. The OTC firm’s statement is similar to the commentary FTX CEO Sam Bankman-Fried made on June 19, when he said issues like 3AC’s meltdown “couldn’t have happened with an on-chain protocol that was transparent.” Cumberland remarked that “as long as large and opaque off-chain liquidation flows are looming in the backdrop, participants will be hesitant to commit capital. This reduces liquidity and increases volatility.” Cumberland concluded by stating: Meanwhile on-chain, liquidation levels are transparent and comfortably distant from spot. In this sense, [decentralized finance] is fulfilling its promise – forced asset transfers are algorithmic, predictable, orderly, and visible to all. What do you think about Cumberland’s recent Twitter thread that explains uncertainty hangs over the crypto industry like a cloud? Let us know what you think about this subject in the comments section below. View the full article

On July 6, the crypto mining rig manufacturer Bitmain announced the launch of the highly anticipated Antminer E9 after revealing the device on April 15, 2021. The machine boasts speeds of up to 2.4 gigahash per second (GH/s) and Bitmain is selling the device for $9,999 per unit. Bitmain Launches Antminer E9 for $4.17 per Megahash 447 days after revealing the Antminer E9, Bitmain has finally launched the product. The company announced the launch on July 6, 2022, and said “[The Antminer E9] is equipped with a hashrate of 2,400 [MH/s], 1920W power efficiency, and power efficiency of 0.8J/M. E9 is an advanced Ethereum miner which enhances ETH/ETC mining operations.” The new Antminer E9 leverages the consensus algorithm Ethhash and the 2,400 MH/s of hashpower is equal to 2.4 GH/s. At $9,999 per unit, the E9 is $4.17 per megahash and delivery will take place on July 15-31. Interested buyers can purchase the Antminer E9 with bitcoin (BTC), usd coin (USDC) and tether (USDT) tokens stemming from Ethereum and Tron. There’s a maximum of five units per account that can purchase the new Antminer, according to the website. The new Antminer E9 can get an estimated profit of around $37.98 per day with an electrical cost of around $0.12 per kilowatt-hour (kWh) and using today’s ether exchange rates. The machine outpaces the top two Ethhash compatible competitors which include Innosilicon’s A11 Pro ETH miner with 1,500 MH/s and the A10 Pro+ ETH miner with 750 MH/s. E9 Launches Ahead of Ethereum’s Proof-of-Stake Transition Bitmain’s latest Antminer E9 comes at a time when Ethereum proof-of-work (PoW) mining is nearing the end of the road with The Merge. While The Merge has been delayed on multiple occasions, ETH developer Tim Beiko said he “strongly suggests not investing more in mining equipment at this point.” While Beiko said that statement in April, Ethereum’s hashrate tapped an all-time high on June 4, 2022, at block height 14,902,285 when the hashrate reached 1.32 petahash per second (PH/s). When The Merge takes place, the Ethereum network will transition fully to a proof-of-stake (PoS) system rather than use PoW. Currently, ETH miners can still mine ether but there’s also a parallel blockchain called the Beacon Chain which runs a PoS system. After The Merge, miners will not be able to mine ethereum (ETH) going forward, but the miners can mine on the Ethereum Classic (ETC) network. Many expect the current hashrate that’s dedicated to ETH today, will transition over to the ETC network following The Merge. What do you think about Bitmain’s Antminer E9? Let us know what you think about this subject in the comments section below? View the full article

BTC was trading higher on hump day, as bullish momentum picked up as the week progressed. Prices once again tested a key resistance level above $20,000, with ETH also hovering around a ceiling of its own during Wednesday’s session. Bitcoin Bitcoin was trading in the green for most of Wednesday’s session, as bullish pressure continued to intensify. Following a low of $19,341.23 on Tuesday, BTC/USD was up by over $1,000 from this point earlier today. Prices rose to a peak of $20,635.47 during the session, surging past the resistance point of $20,500 in the process. Like on Tuesday, gains have somewhat eased following a collision with this resistance level, with bitcoin now trading at $20,219.85 as of writing. However, should bulls manage to finally overcome this point, then we could see BTC move closer to a higher ceiling at $22,000. This run may begin once we see a breakout of the current resistance level of 38.20 on the 14-day RSI indicator. Ethereum ETH was marginally higher on Wednesday also, as prices continued to trade above $1,100 following yesterday’s surge. As of writing, ETH/USD has risen to an intraday high of $1,162.40 on hump day, which is marginally above a ceiling of its own. This short-term resistance at the $1,150 level has been in place for the past seven days, however bulls look set on moving beyond this. Earlier gains on Wednesday have since diminished, with ETH now trading at $1,146.38 as of writing. One reason behind the current volatility is the fact relative strength continues to hover below a ceiling of 42. If price strength eventually moves past this obstacle, then it is likely that we will see an influx of bulls that will look to take prices closer to $1,300. Could we see a breakout of the RSI ceiling this week? Leave your thoughts in the comments below. View the full article

Central African Republic (CAR) president Faustin-Archange Touadera announced recently that cryptocurrencies are an alternative to cash. Bitcoiners, however, insist the top cryptocurrency is the only solution to the CAR’s money problems. Formal Economy Not an Option Central African Republic president Faustin-Archange Touadera has said cryptocurrencies are an alternative to fiat cash. Touadera also claimed that “the formal economy is no longer an option” for the CAR. According to a Zawya report, Touadera’s latest pro-crypto remarks were made just as his country launched the Sango coin, a crypto asset that officials claim will be used to access the CAR’s natural resources. “Sango Coin will be the currency of the new generation of the Central African Republic,” President Touadera is quoted explaining. Meanwhile, in one of his tweets before launching the so-called Sango Crypto Hub initiative, Touadera insisted that digital gold (bitcoin) will serve as an “engine for our civilization” in the future in the same way gold has done in the past. Sango Coin Questioned However, the CAR’s goal of issuing a crypto asset that is backed by BTC has not been well received by many bitcoiners. On Twitter, some bitcoiners are questioning the motives behind CAR’s decision to launch its crypto coin as, in their view, bitcoin is already the solution that the country needs. For instance, one user, named David da Silva Rosa, said the CAR President should not waste his time in office “promoting questionable projects.” Instead, he should focus on fixing the money. Another user, E-Money, said: “You screwed up now man. Why say you adopt bitcoin [and] then try to build your own sh*tcoin? It will fail like the rest.” Other users suggested that the CAR should abandon the idea of issuing its own asset. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article