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Bits.media, a leading news outlet in Russia’s crypto space, has been blocked by Russia’s telecom and mass media watchdog, Roskomnadzor. The site is now inaccessible through most Russian internet providers, the online edition announced, stating it intends to contest the measure. Roskomnadzor Denies Russians Access to Bits.media Crypto news website Bits.media became unavailable to most of its readers in Russia this week and its team found that the Russian media censor Roskomnadzor is to blame. The government agency has added an unspecified number of its pages to a register of internet sources disseminating banned information. The block results from a ruling by the Volzhsky District Court of the city of Saratov in a lawsuit initiated by the local prosecutor’s office on March 31. The judge granted the prosecutor’s request on April 24 after considering the case in the absence of the media outlet’s owners, Bits.media explained in a post. According to the published decision, five URLs were targeted as they contained “information aimed at promoting crimes in the field of legalization (laundering) of proceeds from crime.” It remains unclear whether only Bits.media addresses were affected and the formal reason for the measure is unknown. The platform’s founder, Ivan Tikhonov, was quoted as saying: We are an interested party in the case, but no one notified us of the proceedings. We were not given any opportunity to remove the materials about which the Saratov prosecutor’s office had questions. We strongly disagree with the verdict. Bits.media plans to appeal the court’s decision as it has already won a similar case in the past. In January 2015, Russian internet regulators blocked the website referring to a ruling by the Nevyansk City Court of the Sverdov region. The local prosecutor motivated his plea with the need to “protect an indefinite circle of persons.” Seven websites were restricted, but the ruling was overturned later that year. Then, in March 2020, Roskomnadzor blacklisted five websites offering information and services related to cryptocurrencies. The forum section of Bits.media was also targeted. Just as with the website now, it was still available in Russia via VPNs and browser plugins. Other operators of Russian crypto platforms have also successfully challenged such decisions. In March 2018, the Saint Petersburg City Court struck down a ban on 40 websites publishing crypto content. The following month, Russia’s Supreme Court overturned a ruling restricting access to the Bitcoininfo.ru portal. In May 2019, Roskomnadzor had to remove Bestchange.ru from its register after prosecutors gave up efforts to block the website. Do you expect Roskomnadzor and the Russian judiciary to take similar steps regarding other crypto news outlets? Tell us in the comments section below. View the full article

After selling billions of xrp tokens since 2014, the former Ripple Labs executive Jed McCaleb only has 81.53 million xrp left to sell. In mid-February 2021, it was expected that McCaleb’s stash would run dry that year in May. However, the selling took much longer, but today’s data shows there’s only $26 million worth left. Data Shows Jed McCaleb’s Ripple Stash Nears the Bottom of the Barrel With $26 Million in Coins Left to Sell It has been known for quite some time that the co-founder of Ripple Labs, Jed McCaleb, has held billions of xrp (XRP) since he left the company in 2014 and started the blockchain project Stellar. In February 2021, reports had shown that McCaleb was selling large quantities of XRP. For instance, on February 14, xrpscan.com data indicated that McCaleb’s wallet dubbed ‘Tacostand’ sold 38 million XRP worth $22 million. It was assumed at that time that McCaleb’s XRP stash would dry up by May 2021, if the selling persisted at that rate. The sales did not continue at that rate, however, and McCaleb’s wallet still holds 81.53 million XRP worth a touch over $26 million. McCaleb is still dumping XRP and one observer noted on June 29, 2022, that 22,007,874 XRP was sold in three days. When McCaleb left Ripple, he held roughly 9 billion XRP and he’s been selling the tokens ever since then. At one time, Ripple and McCaleb came to an agreement that noted the former Ripple executive would lock some of his funds in order to protect the XRP price from volatility. In the month of February 2021 alone, McCaleb offloaded $1.22 billion worth of XRP. Although, when the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple, McCaleb paused the ‘Tacostand’ selling for a period. Between 2018 through 2019, the Ripple co-founder was allowed to sell 1 billion XRP per year, and by 2020 it was bumped up to over 2 billion XRP. Statistics from a web portal that aggregates and monitors McCaleb’s XRP sales show that he sold roughly 2.74 billion XRP in 2021. This year, data shows McCaleb sold a total of 627 million XRP. With 627 million XRP sold this year alone, McCaleb’s XRP stash could easily dry up by the end of this year unless he pauses selling again for a number of months. What do you think about Jed McCaleb’s recent xrp token sales? Let us know what you think about this subject in the comments section below. View the full article

According to the decentralized finance (defi) protocol Crema Finance, the application was hacked on July 2, 2022. A Twitter account called “Solanafm” says the defi protocol lost around $8.7 million from the attack. Crema Finance Vulnerability Causes Defi App to Lose Millions — 6 Flashloans Executed Another defi protocol has lost funds to a hacker as the Solana liquidity application disclosed it was attacked on Saturday, July 2, 2022. “Attention,” Crema Finance wrote on Saturday. “Our protocol seems to have just experienced a hacking. We temporarily suspended the program and are investigating it. Updates will be shared here ASAP.” Crema Finance is a concentrated liquidity market maker (CLMM) algorithm built on top of Solana and the Twitter account @solanafm explained the defi app suffered an exploit. “On 2nd July, a vulnerability in the ticks account caused an exploit on Crema Finance for a total amount of $8,782,446,” Solanafm tweeted. “We worked closely with the Crema team alongside [Ottersec] to break down the movement of the stolen funds following the exploit,” Solanafm added. Ottersec is a blockchain auditing firm that has audited various blockchain smart contracts and infrastructure. Solanafm says that the hacker siphoned the funds via “6 flash loans on” the Solend Protocol. The attacker also leveraged the Wormhole Exchange to gather the stolen funds. “Currently, all of the stolen funds are held in the hacker’s ETH wallet and [the] initial SOL wallet,” Solanafm’s Twitter thread concluded. Ottersec also published a thread on the Crema Finance exploit and the flash loans. “In order to utilize flashloans, the attacker had to deploy their own onchain program,” Ottersec said. “Unfortunately, this program was quickly closed after the exploit.” “The flashloan calls three key instructions on the Crema contract: ‘DepositFixTokenType,’ ‘Claim,’ and ‘WithdrawAllTokenTypes.’ The attacker is [then] able to deposit and then withdraw the same amount of tokens, while receiving additional tokens from the claim instruction,” Ottersec added. What do you think about Crema Finance getting hacked for $8.7 million in crypto funds? Let us know what you think about this subject in the comments section below. View the full article

According to Blockfi’s co-founder Zac Prince, the company has signed definitive agreements with the crypto firm FTX and the deal is currently up to shareholder approval. The deal represents a total of $680 million, but Prince also noted that $240 million of that total could be used to acquire Blockfi at a variable price up to that amount. FTX Could Buy Blockfi for $240 Million, CEO Zac Prince Says Company Lost $80 Million From 3AC Exposure Zac Prince, the co-founder of Blockfi, explained that his company has come to an agreement with Sam Bankman-Fried’s crypto firm FTX. The deal is meant to “protect client funds” and is still subject to shareholder approval. Prince disclosed that part of the arrangement was a “$400 [million] revolving credit facility which is subordinate to all client funds.” Furthermore, the Blockfi CEO added that FTX has “an option to acquire Blockfi at a variable price of up to $240M based on performance triggers.” Prince detailed that Blockfi has not drawn on the credit facility yet and the company raised interest rates for its Blockfi Interest Accounts (BIAs). “Blockfi rates are increasing for BTC, ETH, USDC, GUSD, PAX, BUSD, and USDT across all rate tiers,” the company’s rate hike announcement notes. The Blockfi executive continued by explaining what put the company in its current predicament, and he mentioned the crypto lender Celsius and the crypto hedge fund Three Arrows Capital (3AC). While Blockfi had zero exposure to Celsius, Prince said that Celsius freezing withdrawals caused a significant “uptick in client withdrawals” on the Blockfi platform. As far as 3AC, Blockfi did have exposure to the crypto hedge fund that recently filed for Chapter 15 bankruptcy. “[As] 3AC news spread further fear in the market … we were one of the first to fully accelerate our overcollateralized loan to 3AC, as well as liquidate and hedge all collateral,” Prince remarked. “[Blockfi] did experience ~$80M in losses, which is a fraction of losses reported by others.” The Blockfi CEO added: This represents the full extent of the impact to Blockfi from 3AC. We have no further exposure and the limited losses we did experience will be absorbed by Blockfi with no impact to client funds. ‘Clients Not Customers’ — Blockfi Was Presented ‘With Various Unattractive Options Where Client Funds Would Take a Haircut’ Prince said that the company’s 3AC losses will be a part of the hedge fund’s “ongoing bankruptcy case(s)” and the Blockfi executive noted that more information on those proceedings will come out as they come to fruition. “As a reminder, our risk framework combines counterparty credit analysis, collateral haircuts, and portfolio limits based on stress testing, and we have zero client funds in [decentralized finance] protocols,” Prince added. Toward the end of Prince’s Twitter thread about the definitive agreements with FTX, the CEO said that Blockfi’s main goal has always been focused on protecting client funds. Prince further noted that it was important for Blockfi to bolster the company’s balance sheet. “We were presented with various unattractive options where client funds would take a haircut or be behind a lender in the capital stack,” Prince revealed, explaining how Blockfi received various offers from other firms. “These alternatives were completely unacceptable to me, [Flori Marquez] and our board and conflict with our core value of ‘Clients not Customers’ as well as the interests of Blockfi and our shareholders,” Prince concluded. What do you think about the Blockfi CEO’s Twitter thread regarding FTX giving a credit line to the company and the possibility of acquiring Blockfi for $240 million? Let us know what you think about this subject in the comments section below. View the full article

Authorities in Romania are going after investors who failed to report revenues from crypto trading and pay tax. The offensive is part of efforts to respond to financial trends, the country’s tax body said in a statement, unveiling it was able to identify almost €50 million of undeclared crypto gains. Tax Authority in Romania Verifies Gains From Cryptocurrency Trading Romania’s National Agency for Fiscal Administration (ANAF) announced this week that officials from its department responsible for prevention of tax evasion and fraud have initiated inspections to establish the revenues received from digital coin trading on various platforms like Binance, Kucoin, Maiar, Bitmart, and FTX. The checks have been presented as a move within the tax authority’s new strategy to “adapt to the evolution of technology and financial market trends.” They targeted 63 Romanian citizens who, as ANAF established, made €131 million euros in crypto revenues between 2016 and 2021. According to a report by the Romanian business news portal Economica.net, the tax inspectors have found that digital assets worth a total of €48.67 million were missing from their tax returns. Тhe agency has so far ordered the recovery of some €2.10 million in unfulfilled tax obligations. At the same time, the ANAF has confirmed that gains from cryptocurrency trading in the amount of approximately €15 million had been properly declared and the due income tax and social contributions paid in full. The Romanian tax authority intends to also check revenues from various other crypto-related operations, such as mining or trading of non-fungible tokens (NFTs). It said the goal is to increase budget receipts and voluntary compliance among all categories of taxpayers. The ANAF’s anti-fraud department has recommended all Romanians who carry out such activities or plan to get involved to make sure they report their revenues and cover their fiscal obligations to the state. At present, the European crypto space is largely regulated by national laws and authorities but the legal environment for investors and businesses is going to change significantly with the upcoming EU-wide rules for the industry that will apply to various cryptocurrency transactions. This week, representatives of the European Parliament, Commission and Council reached an agreement to adopt a set of anti-money laundering rules and a legislative package known as the Markets in Crypto Assets (MiCA) law, which will be implemented across the 27 member-states. Do you expect Romania to conduct regular checks of cryptocurrency investors in the future? Tells us in the comments section below. View the full article

Warba Bank, a Kuwait-based Islamic bank, recently became the latest corporation from the Middle East and North Africa (MENA) to enter the metaverse. The bank now occupies two sites in the metaverse, one Decentraland and another one on Sandbox. Pioneering Digital Transformation In what has been described as a first for an Islamic bank, the Kuwait-based Warba Bank recently said it now occupies two sites in the metaverse, one on Decentraland and another on Sandbox. The bank’s presence in the metaverse is expected to bolster its communication with the young generation. In his remarks following the confirmation that Warba Bank has entered the metaverse, Anwar Bader Al-Ghaith, the financial institution’s VP for Support Services and Treasury said: Warba Bank’s interest in entering this virtual reality comes within the framework of digital trends to transform into a [Web3]. The world of virtual reality is used in several advanced fields, including services, education, health and others. And Warba Bank aims to be close to its clients in virtual reality to introduce its products and services, as well as communicating with them in an innovative way that reflects Warba Bank’s image as a pioneer in digital transformation. Al-Ghaith explained that Warba Bank is eager to support its younger clients hence its entry into the metaverse. According to a statement released by the bank, Warba is now working to achieve its ambitious goals as well as to enhance the benefits of digital services. The bank will also focus on absorbing emerging technologies and artificial intelligence, the statement said. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

According to the Chinese journalist Colin Wu, otherwise known as “Wu Blockchain,” the cryptocurrency company Huobi may lay off 30% of the firm’s staff due to “a sharp drop in revenue.” Furthermore, the reporter claims that Huobi’s co-founder Leon Li is reportedly looking to sell a large stake in the digital assets company. Colin Wu Reports Layoffs Are Coming to Huobi and the Alleged Sale of 50% Stake On June 28, 2022, Colin Wu, the local cryptocurrency and blockchain journalist from China, explained that Huobi “will start layoffs, which may exceed 30%.” Layoffs have been plaguing the crypto industry as companies like Blockfi, Coinbase, Gemini, Bitso, Buenbit, Rain Financial, Bybit, and 2TM have let employees go. The crypto winter and volatile markets have been the main reason why executives have decided to cut workforce numbers. Wu detailed that “the main reason” why Huobi is laying off staff is because of “the sharp drop in revenue after the removal of all Chinese users.” However, there has been no official announcement about such actions stemming from official Huobi sources. A company spokesperson did explain to Coindesk reporter Oliver Knight on June 28, that Huobi is in the process of reviewing the firm’s policies. “Due to the current market environment, Huobi Global is in the process of reviewing both its hiring policies and its current manpower, with the goal of re-aligning them to its operational needs. Further to such review, layoffs are a possibility,” the Huobi representative said. On July 1, 2022, Colin Wu shared another “exclusive” by revealing that Huobi’s co-founder Leon Li is reportedly attempting to sell some of the company. Wu’s claim is unverified and no official announcement about such actions has come from Huobi. “Huobi founder [Leon] Lin is looking to sell his stake in Huobi. Li Lin currently holds more than 50% of the shares,” Wu detailed on Twitter. “The second-largest shareholder of Huobi is Sequoia China. Huobi’s revenue plummeted after it wiped out all Chinese users and is laying off staff.” Huobi has seen significant growth during the past 12 months and the exchange is the fifth largest centralized trading platform by trade volume, according to Coingecko statistics. Huobi offers 577 different digital currencies and has 1027 trading pairs. During the past 24 hours, the exchange has seen $856 million in global trade volume. Huobi Global is the third-largest centralized exchange in terms of assets under management (AUM) with $7.86 billion at the time of writing. Data from Bituniverse, Peckshield, Etherscan, and Chain.info indicates that Huobi holds 160,950 BTC, 2.13 million ether, and $746.3 million worth of USDT. At the end of May 2022, Huobi announced that it acquired the Latin American exchange Bitex. Two weeks later, Huobi launched a blockchain and Web3-centric investment arm called Ivy Blocks. What do you think about Huobi reportedly laying off 30% of the company’s workforce? What do you think about the story concerning Huobi’s CEO Li Lin? Let us know what you think about this subject in the comments section below. View the full article

On Saturday, Ethereum transaction fees tapped a low not seen since November 2020 as the average network fee dropped to 0.0016 ether or $1.67 per transfer. Average fees on Saturday have been as low as 32 gwei or $0.69 per transfer as Ethereum gas fees have been steadily dropping since May 11, 2022. Ethereum Fees Drop to the Lowest Range Since November 2020 Ethereum’s average gas fees tapped a low on July 2, 2022, not seen in 19 months or November 12, 2020. Essentially, the gas or network fee is a quantity of ethereum (ETH) that is required to push a transaction on the blockchain network. Like the Bitcoin (BTC) network, ETH gas fees compensate the network’s mining participants in order to reward them for verifying transfers. In the early days, ETH transfers were negligible and from August 2015 to July 2016, the average gas fee was less than a U.S. penny per ETH transfer. Between July 2016 to May 2017, Ethereum network fees were between $0.01 to $0.10 a transfer. Nowadays Ethereum fees are a bit more pricey and on May 12, 2021, average fees reached $69 per transaction. Between August 2021 to February 2022, fees did not drop lower than $20 per transfer. At times throughout that period, fees hit $30, $40, and $50 increments for every transaction made depending on the day. On May 1, 2022, the average network fee jumped to $196 per transfer, thanks to a popular non-fungible token (NFT) sale that day. The aforementioned fees only apply to sending ether as well, and an Opensea contract, decentralized exchange (dex) swap, or an ERC20 transfer can cost even more. Median-Sized Fees Tap $0.69 per transaction, L2 Fees Slip Lower On July 2, 2022, average fees tapped a low of 0.0016 ether or $1.67 per transfer. The last time fees on the Ethereum network were this low was in mid-November 2020. On November 12, 2020, the average ETH fee was 0.0034 ether per transfer or $1.55. Moreover, on Saturday, the web portal etherscan.io’s gas tracker shows the highest Ethereum network fee slipped as low as 32 gwei or $0.69 per high priority transfer. Etherscan.io’s data indicates an Opensea sale will cost $5.05 for the transaction, a Uniswap trade is $6.10, and to forward an ERC20 like tether (USDT) it’s $1.79 per transaction at the time of writing. Metrics from bitinfocharts.com indicate that a median-sized transaction fee is 0.00065 ether or $0.695 per transaction. Given the fact that average and median-sized network fees on Ethereum are much lower than they have been in 596 days, layer-two (L2) transaction fees are less expensive as well. L2fees.info data shows that a Loopring transaction is less than a U.S. penny, Zksync transfers cost ​​$0.01, and Metis Network is also ​​$0.01 to send a transaction. Optimism costs $0.03 on Saturday, Boba Network is around $0.06, and Arbitrum fees are $0.10 per transaction. Polygon Hermez costs $0.25 per transfer and Aztec Network costs $0.35 for transactions this weekend. What do you think about the low Ethereum network transfer fees on July 2, 2022? Let us know what you think about this subject in the comments section below. View the full article

Meta Platforms, formerly Facebook, has announced the end of its crypto project Novi. Users are advised to withdraw funds as soon as possible. The announcement followed the introduction of a digital wallet for the metaverse, announced by Meta CEO Mark Zuckerberg. Crypto Project Novi Ending Facebook owner Meta Platforms Inc. (Nasdaq: META) announced Friday that its crypto project pilot Novi “is ending soon.” According to its website: Novi will no longer be available for use after September 1. In Friday’s announcement, Meta explained that starting July 21, users will no longer be able to add money to their Novi accounts. In addition, starting Sept. 1, both the Novi app and Novi on Whatsapp will no longer be available and users will not be able to log into their Novi accounts. The company has advised users to withdraw their Novi balances before Sept. 1. Any remaining funds after that date will be transferred to the bank accounts or debit cards listed on their Novi accounts. From Novi to Metaverse Digital Wallet Novi is a digital wallet that lets users transfer money instantly with no fees using cryptocurrency, its website explains. Meta launched Novi in beta last October with Coinbase as its custody partner. Novi account balances are kept in USDP (pax dollar), a stablecoin issued by Paxos Trust Company, a regulated entity. Meta ultimately planned to use cryptocurrency Diem, formerly Libra, for the service. However, the company faced multiple regulatory hurdles and eventually scrapped the plan. In January, Silvergate Capital said it had “acquired intellectual property and other technology assets related to running a blockchain-based payment network from the Diem Group (‘Diem’).” Meta has been ramping up its metaverse business. CEO Mark Zuckerberg said last week that his company aims to attract billions of people to use the metaverse, generating massive revenue for Meta. Zuckerberg also announced on June 22 that Facebook Pay is rebranding to Meta Pay. Moreover, he unveiled a digital wallet for the metaverse. “Beyond the current features, we’re working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay,” the Facebook co-founder detailed. What do you think about Meta ending the Novi crypto project? Let us know in the comments section below. View the full article

The Nasdaq-listed cryptocurrency exchange Coinbase has insisted that it does not sell “proprietary customer data” after reports surfaced that its Tracer product is providing “historical geo tracking data” to the U.S. Immigrations and Customs Enforcement (ICE). Coinbase Responds to Reports of It Selling Customer Data to U.S. Government Cryptocurrency exchange Coinbase came under fire last week when reports surfaced accusing the Nasdaq-listed company of selling customer data to the U.S. government. Coinbase Tracer, the analytics arm of the cryptocurrency exchange, has signed a contract with U.S. Immigrations and Customs Enforcement (ICE) that would allow the government agency access to a variety of data, including “historical geo tracking data,” according to a contract obtained by watchdog group Tech Inquiry. However, Coinbase clarified on Twitter Thursday: “We want to make this incredibly clear: Coinbase does not sell proprietary customer data.” “Our Coinbase Tracer tools are designed to support compliance and help investigate financial crimes like money laundering and terrorist financing. Coinbase Tracer sources its information from public sources, and does not make use of Coinbase user data. Ever,” the exchange further tweeted. However, many people on Twitter do not believe that Coinbase is not selling any customer data to the U.S. government, noting that the company specifically uses the word “proprietary” to describe the data it is not selling. Coinbase sold a single analytics software license to ICE for $29,000 in August last year, followed by a software purchase potentially worth $1.36 million the next month. The full documents of the contract surfaced this week via a Freedom of Information Act request by Tech Inquiry. The story was initially reported on Wednesday by The Intercept. The disclaimer on the Coinbase website reiterates what the company tweeted Friday, stating: “Coinbase Tracer sources its information from public sources and does not make use of Coinbase user data.” Do you think Coinbase is selling customer data to the U.S. government? Let us know in the comments section below. View the full article

Representatives of key European Union (EU) institutions and member states reached an agreement on the Markets in Crypto Assets regulatory proposal. The progress in the negotiations over the comprehensive legal framework for the Union’s crypto space comes after earlier this week European officials agreed to adopt a set of anti-money laundering rules for cryptocurrency transactions. EU Parliament, Council, Commission Agree to Tame ‘Wild West’ Crypto Market Negotiators representing the major institutional bodies of the European Union agreed to implement the landmark Markets in Crypto Assets (MiCA) legislation across the 27-strong bloc. It will introduce licensing for crypto companies and safeguards for their customers. The agreement follows a consensus on anti-money laundering regulations for cryptocurrencies. Behind the deal are the European Parliament, Commission, and Council, the three participants in the EU’s complex legislative process. To become law, MiCA will now need the approval of the Parliament and the governments of individual states. The breakthrough in the trilogue was announced on social media by Stefan Berger, the rapporteur for the package. “Europe is the first continent with crypto asset regulation,” Berger exclaimed in a tweet while pointing out that a controversial proposal to ban technologies such as the energy-intensive proof-of-work (PoW) mining is not part of the latest draft. Quoted by Reuters, the German center-right lawmaker who led the negotiations, also stated: Today we put order in the Wild West of crypto assets and set clear rules for a harmonized market. The recent fall in the value of digital currencies shows us how highly risky and speculative they are and that it is fundamental to act. Crypto markets slumped this year, following last month’s collapse of the terrausd (UST) stablecoin and serious problems at major crypto firms like Celsius Network, 3AC, and Voyager Digital. Bitcoin (BTC), the cryptocurrency with the largest market cap, has lost 70% of its value since its November record-high. It’s trading at a little over $19,000 per coin at the time of writing. MiCA to Improve Customer Protection in Europe’s Crypto Space The important regulation confirms the European Union’s role as a standard-setter for digital issues, the EU said. MiCA will give crypto issuers and providers of related services a “passport” to serve clients across the Union while obliging them to meet “strong requirements to protect consumers’ wallets and become liable in case they lose investors,” a statement emphasized. Furthermore, stablecoin holders will be offered the security of a free of charge claim at any moment, a move that according to some in industry, such as the Blockchain for Europe lobby group, may lead to a situation in which “stablecoins will basically have no ways to be profitable.” The agreement excludes non-fungible tokens (NFTs), “except if they fall under existing crypto-asset categories.” Authorities in Brussels will now have 18 months to decide if separate regulations are needed for them. National regulators will be responsible for issuing licenses to crypto businesses. At the same time, they will have to regularly inform the European Securities and Markets Authority (ESMA) about the authorization of large operators. The latter has been tasked to develop standards for crypto companies to disclose information regarding their environmental and climate footprint, a compromise arrangement allowing the scrapping of the idea to ban the provision of services for PoW coins. What effects do you expect MiCA to have on the crypto industry in the European Union? Share your thoughts on the subject in the comments section below. View the full article

The troubled crypto hedge fund Three Arrows Capital Ltd., otherwise known as 3AC, has filed for bankruptcy according to recent court filings. The court papers show 3AC is aiming for an ancillary Chapter 15 proceeding so liquidators and creditors cannot seize the firm’s U.S. assets. 3AC Files for Bankruptcy — ‘Tremors’ From the Crypto Market Fall ‘Continue to Reverberate,’ Says JPMorgan Analyst Following the reports that Three Arrows Capital Ltd. (3AC) was reprimanded by the Monetary Authority of Singapore (MAS) and faced liquidation from a court order stemming from the British Virgin Islands (BVI), 3AC has reportedly filed for bankruptcy. Court filings were seen by Bloomberg’s Jeremy Hill and the author published a report that summarized the situation. Hill says that 3AC has filed for a Chapter 15 bankruptcy, which allows proceedings to occur and protect insolvent firms in more than one country. Essentially, 3AC wants the bankruptcy recognized in the U.S., in order to protect the hedge fund’s assets located in America. “Representatives for Three Arrows filed the bankruptcy petition in New York on Friday, court papers show,” Hill explained on Friday. The law firm Latham & Watkins is representing Three Arrows in the U.S. bankruptcy [case],” the reporter added. 3AC’s bankruptcy case was filed in the Southern District of New York in Manhattan. 3AC’s main headquarters are located in Singapore but the co-founder Su Zhu said last April it planned to move to Dubai. As far as the BVI court order against 3AC, the advisory firm Teneo is handling the liquidation proceedings in that jurisdiction. According to JPMorgan analyst Nikolaos Panigirtzoglou, 3AC’s billion-dollar failure “suggests that the tremors from this year’s crypto market fall continue to reverberate.” Panigirtzoglou continued to say in his investor’s note that there’s many indicators highlighting deleveraged positions. The JPMorgan executive added that “Indicators like our Net Leverage metric suggest that deleveraging is already well advanced. The fact that crypto entities with the stronger balance sheets are currently stepping in to help contain contagion.” The 3AC bankruptcy follows Voyager Digital pausing withdrawals on Friday, alongside trading, deposits, and loyalty rewards. Voyager’s debit card was also impacted and Voyager customers are unable to use the cards issued by the company. What do you think about 3AC filing for bankruptcy? Let us know what you think about this subject in the comments section below. View the full article

Non-fungible token (NFT) sales have managed to stay consistent this week while the crypto economy saw more losses over the last seven days. The week prior, $152.9 million in NFT sales were recorded across 18 blockchains and during the past week, $154.3 million in sales were executed. While Ethereum saw the most NFT sales this week, the chain saw a 9.23% decline in ether-based NFT sales volume. NFT’s Avert This Week’s Crypto Downturn as NFT Sales Saw a Modest Increase At the time of writing, approximately $154,366,090 in NFT sales were recorded across 18 different blockchains and the metric is roughly 0.96% higher than the week prior. The NFT collection Bored Ape Yacht Club (BAYC) saw the most sales out of all the NFT collections with $13,292,929 in sales, up 1.01% during the last seven days. During the past 24 hours, the BAYC floor value has dropped to 85.99 ETH ($90K) or 1.2% lower than the day before. Over 158 transactions, BAYC saw 99 buyers this week purchase Bored Ape NFTs. The second collection with the most amount of sales this week was Sorare with $11,293,496. Sorare sales jumped 201% higher than the week prior across 142,903 transactions and 13,492 buyers. Sorare is followed by Otherdeed which has seen an increase of around 63.65% in weekly sales or $10,112,650 in sales volume. While Ethereum’s overall sales ($107,656,971) were 9.23% lower than last week, a number of other blockchains saw a surge in weekly sales. Fantom saw the largest increase this week as NFT sales jumped 10,616% on the chain this past week. Panini recorded a 228.58% increase, BNB saw a 148.97% spike, and Flow blockchain NFT sales swelled by 112.53%. 13 out of the 18 blockchains saw NFT sales increase during the last seven days while chains like Ethereum, Palm, Arbitrum, Cronos, and OEC all saw declines. The most expensive NFT sale this week was Otherdeed 6 which sold for 249.46 ether or $309K. Bored Ape 211 sold for 194.97 ether or $232K and Bored Ape 2,896 sold for 166 ether or $205K. The top five most expensive NFT sales this past week consisted of one Otherdeed sale and four Bored Apes. Opensea was the top NFT marketplace this week with $113 million in sales but sales are down 17.24%. Opensea is followed by X2Y2 with $15.33 million in NFT sales and Magic Eden recorded $15.04 million in sales. After being the second-largest NFT market by sales volume months ago, this week, Looksrare now commands the fourth largest NFT marketplace in terms of sales with $7.12 million, down 3.66% since the week prior. The largest floor price increases during the past 24 hours stem from NFT collections like Impostors Genesis Aliens, Lost Poets, Sneaker Heads Official, Lilheroes, and Creature World. On June 20, 2022, NFT 30-day sales were down 74.44% but monthly sales prior to July 2, are down 65.15% which means sales have seen a slight improvement. What do you think about the last seven days of NFT sales? Let us know what you think about this subject in the comments section below. View the full article

While bitcoin’s fiat value has dropped more than 70% below the all-time high recorded in November 2021, the price reduction has made it so miners are making fewer profits depending on the devices they operate. Despite miner profits sliding, Bitcoin’s hashrate has remained high coasting along at 180 exahash per second (EH/s) to 261 EH/s. In three days or more than 600 blocks away, Bitcoin’s next difficulty adjustment is also estimated to increase by 0.3%. Bitcoin Mining Revenue Keeps Getting Smaller — Fewer Machines Profit Miners continue to keep the hashrate going strong even though profits are much less than they were last month. During the past seven days, the network’s hashrate has been between 180 EH/s to 261 EH/s and a weekly average of around 212.6 EH/s. On June 18, 2022, BTC’s U.S. dollar value briefly hit a 2022 low of around $17,593 per unit and managed to climb back toward the $19K to $21K per unit range. On May 27, 2022, bitcoin miners leveraging Bitmain Antminer Pro devices with up to 110 terahash per second (TH/s) and paying $0.12 per kilowatt-hour (kWh) could get around $4.63 per day. Today, at $0.12 per kWh, the same Antminer Pro machines lose $0.23 per day in operational costs. Of course, most bitcoin miners seeking profits in today’s market are likely paying far less for electrical costs than $0.12 per kWh which would make revenues increase. Around that same time on May 30, 2022, the network was coasting along at 212.98 EH/s and 448 blocks were discovered in a three-day period. During the last three days leading up to July 1, 2022, 455 blocks have been found by miners. Number of Bitcoin Mining Pools Drop During the Past 30 Days A month ago, Foundry USA was the leading mining pool during the three-day span with 42.79 EH/s dedicated to the Bitcoin chain. 30 days later, Foundry commands 44.28 EH/s after capturing 94 out of the 455 blocks found. While Foundry is still the top mining pool, it is followed by Antpool’s 33.92 EH/s and F2pool’s 29.68 EH/s. Last month, unknown or stealth miners dedicated 3.33 EH/s to the BTC chain and currently, the unknown hashrate is around 3.30 EH/s. On May 30, 2022, there were 14 known mining pools and stealth miners but today there are only 11 known mining pools plus the unknown hash dedicating hashpower to the BTC blockchain. The Bitcoin network is expected to see a difficulty adjustment algorithm (DAA) increase in three days. It is currently estimated to be 0.3% higher than today’s 29.57 trillion difficulty metric. A higher DAA shift will make miners feel a touch more pressure, unless BTC prices rise higher. Currently, at $0.12 per kWh, most bitcoin ming rigs with lower hashrate ratings are not profitable with the electricity they pull from the wall. What do you think about the current state of bitcoin mining, the network hashrate and the next DAA shift? Let us know what you think about this subject in the comments section below. View the full article

Cosmos rose for a fourth consecutive session to start the weekend, as prices edged closer to a resistance point. While cosmos (ATOM) extended gains, tezos (XTZ) rebounded following a streak of recent losing sessions, with bulls seemingly buying this weeks’ dip. Cosmos (ATOM) Cosmos (ATOM) extended its recent bullish run on Saturday, as prices have now risen for four consecutive sessions. The token rose to an intraday peak of $8.33 to start the weekend, as prices have so far increased by over 12% in today’s session. This latest move saw ATOM/USD move closer to its resistance level of $8.90, which seems to be the last remaining hurdle in the way of the $10 level. As of writing this, prices have fallen from earlier highs, with ATOM now trading at $8.12, which is still 11.75% higher than Friday’s low at $7.29. Looking at this chart, today’s gains began to ease as the 14-day RSI indicator hit a ceiling at 51, and is currently tracking at 49. Following a four day win streak, bulls seem to be securing gains, however we could see this run continue, should relative strength pass its currency resistance level. Tezos (XTZ) On the other side of the spectrum, the tezos XTZ token had fallen for four consecutive sessions prior to today’s rally. Following a low of $1.34 on Friday, XTZ/USD rose to an intraday high of $1.45 to start the weekend. This surge in price, which currently sees XTZ trading nearly 8% higher, came as bulls bought the token at its recent support level near $1.33. Following a false breakout on June 19, tezos has managed to trade above this floor, and bulls ensured that was once again the case, despite this week’s increased volatility. Overall, the token is currently 7% lower from the same point last week, however the 10-day (red) moving average, shows that short-term momentum is still somewhat higher. Should there be a cross of the 10-day and 25-day MA’s, not only could there be a break of the $1.70 resistance, but also a true attempt from bulls to recapture the $2 mark. Will wee see any more gains in XTZ this weekend? Let us know your thoughts in the comments. View the full article

Bitcoin moved closer to its long-term support level of $18,800 to start the weekend, as prices of cryptocurrencies were once again lower. While bitcoin has now fallen for seven straight sessions, ethereum also saw similar declines, and as of writing is down 2.40% from yesterday’s high. Bitcoin The world’s largest cryptocurrency by market capitalization bitcoin (BTC) was once again in the red on Saturday, as prices edged closer to a key support level. Following a high of $19,590.12 on Friday, BTC/USD rallied to an intraday low of $19,027.08 to start the weekend. This move sees bitcoin hover slightly above its recent support point at $18,800, which was hit earlier in the week. Despite three recent moves below this level, breakouts have been mainly false, however bears could be set to attempt a more sustained drop in upcoming days. Should we see a move below this point, the $17,500 mark will likely be the price target for those shorting the token. In order to get there, relative strength would need to move below its own floor, with the 27.5 level on the RSI indicator acting as point of support. Ethereum Ethereum (ETH) bear’s were also pressuring prices to start the weekend, as the token continued to hover slightly above the $1,000 level. As of writing this, ETH/USD has now fallen to a low of $1,033.96 on Saturday, which is marginally below its $1,050 floor. Should bearish pressure persist this weekend, then the next target would inevitably be below $1,000. In particular, bears will be looking at the $885 support point as a preferred exit point, however, the 14-day RSI would need to break below its current floor of 29.5. Since the beginning of April, ETH has lost over two-thirds of its value, however, the declines might not have ended yet. Do you expect any more significant drops in bitcoin’s and ethereum’s price this month? Leave your thoughts in the comments below. View the full article

As July begins and markets remain bearish, there’s still no shortage of dynamic developments in the crypto space. In this week’s Bitcoin.com News Week in Review, ‘sleeping bitcoins’ from 2010 make moves, Rich Dad Poor Dad author Robert Kiyosaki says he is waiting for bitcoin to test $1,100, Russia denies debt default allegations, and Mark Zuckerberg discusses the opportunities of the metaverse. String of 200 ‘Sleeping Bitcoins’ From 2010 Worth $4.27 Million Awakens A large number of so-called ‘sleeping bitcoins’ have awoken from slumber as four block rewards were spent at block height 742,183. The old coins spent last week were block rewards mined on September 15, 16, 26, and October 29, 2010. During that time frame, bitcoin miners received 50 BTC for every block found in contrast to the 6.25 BTC per block reward miners get today. Read More Rich Dad Poor Dad’s Robert Kiyosaki Says He’s Waiting for Bitcoin to Test $1,100 to Buy More The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he’s waiting for the price of bitcoin to test $1,100. He added that he will buy more if the cryptocurrency recovers from that price level. Read More Reports Claim Russia Defaulted on Foreign Debt for the First Time in a Century, Kremlin Disagrees and Says It Paid According to reports, the Russian Federation has defaulted on its foreign debt for the first time since 1918. Bondholders told the press that they had not received payments from the transcontinental country. However, Russia’s finance ministry denies the allegations and says the country made the payments via the Euroclear monetary system. Read More Mark Zuckerberg Expects Billions of People to Use the Metaverse Generating Massive Revenue for Meta Mark Zuckerberg, CEO of Meta, formerly Facebook, has shared how the metaverse will be a key part of his business and bring hundreds of billions of dollars in revenue. “Our playbook over time has been build services, try to serve as many people as possible,” said Zuckerberg. Read More What are your thoughts on this week’s developments in finance and crypto? Be sure to let us know in the comments section below. View the full article

Indira Kempis, senator of the Mexican Congress, has proposed a bill that would make bitcoin legal tender in the country. The bill bases its action on the hardships that Mexican citizens are facing went trying to access financial products and education. However, the Central Bank of Mexico has been against the introduction of bitcoin into the financial system of the country. Bill Proposes to Make Bitcoin Legal Tender in Mexico Mexico is another of the countries in Latam that is taking a look at what bitcoin might bring when introduced to its economy. This week, Senator Indira Kempis introduced a bill that would amend the current monetary law of Mexico to introduce bitcoin as legal tender in the country. The bill, which seeks to mimic the action of El Salvador, the first country in the world to adopt bitcoin as legal tender, mentions that this might help to change the financial literacy of many citizens. The document puts the basis of its proposal on the fact that Mexico is one of the countries in the continent with less financial inclusion and education. According to the proposal, 56% of the Mexican population still lacks access to a bank account, meaning that more than 67 million people still have no access to the most basic of financial instruments. In the same vein, 68% of citizens don’t have access to financial education, which ostensibly renders most Mexicans unable to take educated decisions regarding savings, mortgages, or how to deal with credit. Central Bank Digital Currency vs Bitcoin However, the bill proposed by Senator Kempis clashes with the course of action that the government and the Central Bank of Mexico have followed. In January, the institution announced that it was working on the creation of a digital peso, its own central bank digital currency (CBDC), and that it was expected to be in circulation by 2024 as a way of aiding Mexicans in their financial inclusion problems. Also, the finance minister of Mexico, Arturo Herrera, stated in June that the use of cryptocurrencies was prohibited inside the Mexican financial system, remarking that his prohibition was not likely to change in the short term. This measure was announced after Ricardo Salinas Pliego, one of the richest men in Mexico, reported he was working to make Banco Azteca the first bank to accept bitcoin in the country. What do you think about the amendment proposed in Mexico to make bitcoin legal tender? Tell us in the comments section below. View the full article

Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports more expensive.” Furthermore, U.S. president Joe Biden continues to blame high gas prices on Vladimir Putin. Vladimir Putin Says the West’s Sanctions Obviously ‘Did Not Succeed’ Against the U.S. dollar, the Russian ruble has been performing at the strongest level since May 2015 and it has been said by a number of people that Western sanctions have failed. At the annual St. Petersburg International Economic Forum, Russian president Vladimir Putin said attempts to destroy the Russian economy did not come to fruition. “The idea was clear: crush the Russian economy violently,” Putin declared. “They did not succeed. Obviously, that didn’t happen.” Traditionally, when a country is sanctioned broadly by a majority of countries, capital leaves the region and the currency’s overall value against other fiat currencies would decline. However, Russia is the second-largest exporter of oil and commands the top position as the world’s biggest gas exporter as well. America and the European Union (EU) are trying awfully hard to sanction Russia but the EU is forced to purchase gas and oil from the country in not-so-obvious ways. Fortune India claims that India is ostensibly buying oil from the Russian Federation and selling it back to the EU for a profit. The New York Post details that analysts believe the ruble’s strong performance is due to the Kremlin’s capital controls and the fact that oil and gas prices have skyrocketed worldwide. In addition to India, China and South Korea have been purchasing oil from Russia. A study published by Bloomberg Economics estimates that Putin could amass roughly $321 billion in profits from energy exports alone. Tatiana Orlova, a lead emerging markets economist at Oxford Economics told CBS, however, that Russia’s import markets are crumbling at the seams. “Apart from soaring export revenues, we have a collapse in Russian imports owing to Western sanctions,” Orlova noted during an interview with CBS Money Watch. Max Hess, a fellow at the Foreign Policy Research Institute, told CNBC that Russia is still earning record profits. Hess said: That exchange rate you see for the ruble is there because Russia is earning record current account surpluses in foreign exchange. Although Russia may be selling slightly less to the West right now, as the West moves to cutting off [reliance on Russia], they are still selling a ton at all-time high oil and gas prices. So this is bringing in a big current account surplus. Service Providers Refuse to Update ATMs in Russia, Biden Says Americans Will Have to Pay High Gas Prices ‘as Long as It Takes’ to Stop Putin’s Ukraine Invasion Meanwhile, the U.S. and various Western corporations are doing everything they can to stifle the Russian economy. Just recently, the country’s central bank introduced the new 100-ruble banknote but automated teller machines (ATMs) are having issues with the new bill. Western sanctions have pushed ATM companies like NCR and Diebold Nixdorf to exit Russia. Allegedly, ATM service providers are refusing to update the ATMs and the machines reject the new banknotes. According to an unnamed source from the payments industry, Russian ATMs are not a priority. “Given the geopolitical situation, it is difficult to imagine that development for the Russian market will be a priority,” the source familiar with the matter explained. On June 30, American president Joe Biden was asked at a NATO summit press conference how long American drivers will have to pay high gas prices at the pump. Biden said that it will take “as long as it takes” to stop Putin’s Ukraine invasion. “As long as it takes, so Russia cannot, in fact, defeat Ukraine and move beyond Ukraine,” Biden told the reporter. A Fortune report explains that American citizens “don’t seem to be on board” with Biden’s decisions. The report cites the latest Associated Press-NORC Center for Public Affairs Research poll which shows a lack of confidence in Biden’s leadership. In terms of handling the U.S. economy, 70% of Americans, including 43% of Democrats, do not approve of Biden’s management. 60% of Americans do not approve of Biden’s leadership, 80% of U.S. citizens think America’s “economic conditions [are] poor,” and 67% of the 80% identified as Democrats. Biden and his administration, however, wholeheartedly believe that Putin is to blame for the world’s rising gas prices. “We could have turned a blind eye to Putin’s barbaric war against Ukraine and the price of gas wouldn’t have spiked the way it has, but America rose to the moment,” Biden said on June 27. What do you think about the strength of the Russian ruble and Biden saying that Americans must put up with high gas prices because of Putin’s war? Let us know what you think about this subject in the comments section below. View the full article

On Wednesday, it was reported that the crypto hedge fund Three Arrows Capital (3AC) was liquidated by a British Virgin Islands court and following the alleged liquidation, the Monetary Authority of Singapore (MAS) has reprimanded 3AC for misleading regulators. Furthermore, reports claim that liquidators in Singapore are attempting to seize the properties owned by 3AC co-founder Su Zhu and his wife. Monetary Authority of Singapore Accuses 3AC of Misleading Regulators and Exceeding AUM limits The troubled crypto hedge fund Three Arrows Capital Ltd., otherwise known as 3AC, seems to be facing issues from regulators in Singapore. Since 2012, 3AC was a well known crypto hedge fund that was started by two former Credit Suisse traders — Su Zhu and Kyle Davies. However, after being quite successful, 3AC allegedly invested heavily into Terra’s LUNA after Zhu insisted that crypto companies “don’t want to be blown out during a supercycle.” It is assumed that one issue 3AC dealt with was an investment of $200 million locked luna classic (LUNC) which is now worth less than $1K. "You don't want to be blown out during a supercycle"@zhusu on @UpOnlyTV with @cobie and @ledgerstatus pic.twitter.com/fYqCXukGNN — Gabriel Haines.eth (@gabrielhaines) June 30, 2022 “There is speculation that the massive losses of [LUNC] caused them to use more leverage to earn it back — Also known as ‘Revenge trading,’” one account explained on June 16. Two weeks ago, The Block’s Frank Chaparro cited sources that said the crypto hedge fund 3AC was liquidated for $400 million. Reports published the same week indicate that 3AC was liquidated by Bitmex, Deribit, Bitfinex, and possibly FTX as well. Sources noted two days ago, that a British Virgin Islands (BVI) court liquidated the hedge fund’s assets as well, but the sources did not disclose what type of assets were allegedly seized. Following the ostensible BVI liquidation notice, the Monetary Authority of Singapore (MAS) published a press release that says 3AC misled regulators. “The Monetary Authority of Singapore today reprimanded Three Arrows Capital Pte. Ltd. (3AC) for providing false information to MAS and exceeding the assets under management (AUM) threshold allowed for a registered fund management company (RFMC),” the press release reveals. The MAS violation notice mentions that the regulator has been investigating 3AC’s contraventions “since June 2021.” 3AC is also accused of breaching the MAS assets under management (AUM) threshold. “[3AC] exceeded its allowable AUM of S$250 million for a RFMC between July 2020 and September 2020 and between November 2020 and August 2021,” the Singapore regulators detailed. “In light of recent developments which call into question the solvency of the fund managed by [3AC], MAS is assessing if there were further breaches by [3AC] of MAS’ regulations,” the MAS officials added. Local Report Claims Liquidators Look to Seize Su Zhu’s Million-Dollar Bungalows Moreover, a local report from Singapore say “rumors” have claimed that liquidators have been eyeing 3AC’s homes and property located in the country. The publication Edgeprop’s reporter Cecilia Chow detailed that records show from 2019 to 2021, Su Zhu purchased three bungalows in Singapore that cost him around $83.55 million. The Singapore properties are allegedly in Zhu’s name and his wife’s name as well. In December, Zhu and his wife purchased a 31,863 sq ft home called the “Good Class Bungalow (GCB).” Chow’s report notes that the GCB property was put into a trust for one of Zhu’s daughters. Chow further details that Zhu’s wife owns a $28.5 million bungalow in Singapore located near the Botanic Gardens at Dalvey Road. The property was acquired in September 2020 and the reporter notes that it is “currently under construction.” The Edgeprop report claims that 3AC and associates collectively own “five high-end properties.” Chow further says that members of the 3AC team also own an entire fleet of “high-end cars and a yacht.” The well known Terra whistleblower named Fatman has been sharing information about the alleged liquidators in Singapore. Additionally, Fatman claims that a source told him that Su Zhu is desperately looking to sell one of the million-dollar homes in Singapore. “A verified source has confirmed that Su Zhu is urgently trying to sell his $35m house in Singapore, currently held in his [daughter’s] trust,” Fatman tweeted. “He is requesting the funds to be transferred to a bank account in Dubai and has no intention of paying creditors with the proceeds from the sale.” Furthermore, a post on social media shows how Zhu once claimed 100,000 ether was “dust” to him. “Today, he is selling 10 USDC, trying to pay off debt after his $20 [billion] fund imploded. Markets always humble those too arrogant,” the individual who published the social media post explained. “Today, he is sending all the [leftover] balance from his wallets to CEX so that he can get as much money as possible. He just transferred 10 USDC, 3.98 AAVE ($200), 138 SUSHI, 0.1 YFI, 2.5 COMP ($75) and other actual ‘dust’ to various [centralized] exchanges,” the individual added. Meanwhile, Zhu has not tweeted since June 14, 2022. However, Zhu did change his profile on Twitter as it used to say that the co-founder of 3AC was “Investing in BTC, ETH, AVAX, LUNA, SOL, NEAR, MINA, DOT, [and] KSM.” Today, Zhu’s Twitter profile does not feature the aforementioned crypto assets and simply says “bitcoin,” in addition to his associations with Deribit, Defiance Capital, and Starry Night Capital. What do you think about the recent MAS press release and the story that says liquidators are attempting to seize Su Zhu’s properties in Singapore? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Broxus, the core development team behind many of the platforms that make up the Everscale network ecosystem, will be hosting its first-ever hackathon in Belgrade, Serbia from July 14-17. The hackathon is the latest development in what has been a remarkable 2022 for the Everscale network. Everscale started off the year with its inaugural EVERPOINT Conference in Bali, Indonesia. The conference was a celebration marking the network’s second anniversary as well as its full-fledged expansion into the Asian market. Since EVERPOINT, Everscale’s growth has only increased. At the start of this month, the network’s native EVER token was listed on Huobi and KuCoin, two of the top 10 digital asset exchanges in the world. In addition, a number of the DeFi platforms powering the Everscale ecosystem have taken off in popularity. Chief among them are Octus Bridge, a multi-network cross-chain Bridge allowing users to transfer assets to and from the most popular networks in DeFi, and FlatQube, the network’s most popular DEX with a full selection of advanced features like routed swaps, staking, farming, and a token builder. These platforms have been able to grow significantly due to the technological underpinnings of the Everscale network, the most scalable blockchain in existence. Everscale’s scalability makes it possible for users of the Bridge platform to transfer liquidity from network to network near-instantaneously and at fractional costs. Now the team that has developed these platforms is throwing down the gauntlet to the world’s most talented developers. The Elysium hackathon offers participants the chance to join ranks with and make their mark on one of the most up-and-coming networks in all of DeFi. In accordance with the hackathon’s name, Elysium will be a showcase of Everscale’s future heroes: programmers and developers that have what it takes to achieve glory (and sizeable cash prizes to boot). The hackathon will take place from July 14-17 in Belgrade, Serbia and online. Those who are able to attend in person will only need to bring their laptops, all other necessities will be covered. Participants will compete in different tracks with help from some of Everscale and Broxus’ most experienced team members. The main venue is spacious, with designated chill-out areas and everything you need to work hard and play hard. Full details and registration can be found here: https://l1.broxus.com/hackathon. About Everscale Everscale is a new and unique blockchain design that proposes a scalable decentralized world computer paired with a distributed operating system. Everscale is based on a platform called Ever OS, capable of processing millions of transactions per second, with Turing-complete smart contracts and decentralized user interfaces. Everscale presents some new and unique properties, such as dynamic multithreading, soft majority consensus and distributed programming, which enable it to be scalable, fast and secure at the same time. It is governed by a decentralized community founded upon meritocratic principles via the Soft Majority Voting protocol. Everscale has powerful developer tools, such as compilers for Solidity and C++, SDK and API, client libraries ported to more than 20 languages and platforms, a range of decentralized browsers and wallets empowering many applications in DeFi, NFT, tokenization and governance domains. _____________________________________ Contact: lili.pr@everscale.network Telegram https://t.me/broxus_elysium 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

SAND was up by over 15% on Friday, as crypto prices rebounded following sell-offs during Thursday’s trading session. SAND fell to a one-week low yesterday, with MATIC, another notable gainer, dropping to nearly a ten-day low on Thursday. Overall, crypto markets are up 1.30% as of writing. The Sandbox (SAND) SAND was one of the most notable movers during today’s trading session, as crypto prices rebounded on Friday. Following a low of $0.9644 on Thursday, SAND/USD rallied to an intraday peak of $1.17 to start the month of July. Prices of the token have mostly rallied during the last two weeks, after hitting a floor of $0.7393 on June 18. This was the lowest level that SAND had hit since October 2021, prompting bulls to reenter the market and buy the dip. Looking at the chart, and despite the recent price uncertainty, the 10-day moving average (MA) has marginally crossed with the 25-day MA. This upward trend could mean that bulls may attempt to lift prices even further, with the $1.50 point a possible target. Polygon (MATIC) MATIC has been trading in a channel of lower lows for the past seven days, however that run was snapped following today’s rally. The token dropped to a bottom of $0.4224 on Thursday, however rallied to a peak of $0.4957 on Friday. As of writing, MATIC/USD is now trading nearly 9% higher than yesterday’s low, however volatility continues to remain high. Bears appear to be trying to take prices to the support level located around $0.3975, however bulls have so far resisted this. Following a breakout of the 46.50 support point on the 14-day RSI, the indicator has struggled to find a new floor, and is currently tracking at 42.79. Unless it moves back towards that old support point, bears will likely look to push this to a lower level, 39.20, which would almost certainly see MATIC below $0.4000. Do you expect MATIC to fall below $0.4000 this weekend? Let us know your thoughts in the comments. View the full article

El Salvador has doubled down on its bitcoin commitment despite a heavy sell-off in the crypto market. The country has bought 80 more bitcoins, according to Salvadoran President Nayib Bukele. El Salvador Bought the Bitcoin Dip The president of El Salvador, Nayib Bukele, announced Thursday that his country has bought 80 more bitcoins. At the time of writing, BTC is trading at $20,323. It fell to a low of $18,784 shortly before Bukele announced the purchase. The Salvadoran president said El Salvador bought bitcoin at $19,000 each. As the price of bitcoin continued to fall, the Salvadoran government came under heavy criticism over its cryptocurrency investments. The country made BTC legal tender alongside the U.S. dollar in September last year. Since then, it has purchased 2,381 bitcoins. Earlier this month, Bukele gave some advice to bitcoin investors. “Stop looking at the graph and enjoy life. If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key,” the president of the Central American country tweeted. Furthermore, Finance Minister Alejandro Zelaya recently stated that El Salvador’s “fiscal risk” from bitcoin investment “is extremely minimal.” What do you think about El Salvador buying more bitcoin during a market sell-off? Let us know in the comments section below. View the full article

Following a move below $19,000 on Thursday, BTC was able to rise above $20,000 during today’s trading session. ETH also was able to remain above $1,000, following an attempt by bears to push price under this level during yesterday’s session. Bitcoin Bitcoin was trading marginally higher on Friday, as markets rebounded following a bearish session on Thursday. Despite a heightened level of volatility, the world’s largest crypto token climbed to an intraday peak of $20,632.67 earlier today. This comes less than 24-hours after prices fell to a bottom of $18,729.66, leading BTC/USD below its long-term floor of $18,800. During the past three weeks, there have been at least three attempted breakouts from this point, however bulls have mostly managed to stifle these attempts. Looking specifically at the RSI indicator on the chart, strength is tracking below support at 30, however if a true rebound were to occur, bulls would need to reenter this level. Prices have since declined after earlier gains, and as of writing, bitcoin is trading at $19,194.26, which is marginally higher than yesterday’s low. Ethereum Following a fall to an 11-day low on Thursday, ETH was also higher in today’s session as prices continued to stay above $1,000. Ethereum bears attempted to move below this point yesterday, however bulls were able to prevent this from happening, for now. As of writing, ETH/USD has so far risen to an intraday peak of $1,100.22 in today’s session, following a drop to $1,009.09 on Thursday. Yesterday’s drop came as relative strength in ETH fell below a recent support of 35.85, falling to as low as 32. This drop in the RSI has since slowed, with prices now appearing to consolidate close to a floor at $1,050. The last time we were trading around this support point, prices went on rally for four consecutive sessions. Will bulls be able to go on a similar run, following the latest decline in ETH? Leave your thoughts in the comments below. View the full article

A new report issued by Mastercard, the payment processing giant, has found that most consumers in Latam have knowledge of what cryptocurrency is. The report states that more than half of the consumers in Latam have at least made a transaction involving cryptocurrency. Also, a third of the surveyed declared having used a stablecoin to make a payment. Mastercard Report Finds Latam Is Fertile Ground for Payment Digitization A report issued recently by Mastercard has revealed that Latam is fertile ground when it comes to adopting new payment systems. The report, titled New Payments Index 2022, found that 51% of the consumers in the area had already made a transaction involving cryptocurrency. This is because of the economic situation and roadblocks that some consumers face when trying to move funds using traditional methods. In the same way, the report found that stablecoins were a vehicle with some penetration in the payments market in Latam. A third of the consumers in the area have reported making a purchase using stablecoins. Walter Pimenta, vice president of products and innovation for Mastercard Latam and the Caribbean, stated: More and more Latin Americans show interest in cryptocurrencies and want solutions that facilitate access to the crypto world. More Insights The study also found that consumers from Latam are optimistic about the use of cryptocurrency as an investment vehicle, with 54% of respondents having this opinion. In the same way, two-thirds of the surveyed desired to have more flexibility using crypto and traditional digital methods to make payments. Latam consumers are also in favor of integrating current financial institutions and cryptocurrency. According to the report, 82% would like to have cryptocurrency-related functions available from their current bank. There have been attempts at doing this, with Banco Galicia and Brubank in Argentina, but these ultimately failed to provide the services due to regulatory pressures. Latam consumers are not only enticed by crypto, but also by the digitization of money and payments as a tool in the region. Latam consumers were open to using emergent financial tech, including biometric payments, contactless payments, and QR codes. In fact, 86% of these consumers have already used an alternative payment method during the last year. This is very different compared to other countries, like the U.S., where 77% prefer to use traditional payment methods. What do you think about the latest crypto and payments report issued by Mastercard? Tell us in the comments section below. View the full article