EOS rose approximately 20% to reach $1.66 on Aug. 17 and was on track to log its best daily performance since May 2021. Initially, the EOS rally came in the wake of its positive correlation with top-ranking cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which gained over 2% and 3.75%, respectively. But, the upside move was also
High-profile security incidents continue to be a theme in 2022 as the Acala Network joined a long list of stricken platforms to fall prey to exploits. Acala’s aUSD token, which acts as the native stablecoin for the Polkadot and Kusama blockchains, saw its value plummet 99% after a misconfiguration of the iBTC/aUSD liquidity pool was
The United States-based Bitcoin mining company, Stronghold Digital Mining (SDIG), announced on Tuesday new moves to elevate outstanding debt and restructure its financial operations. In an agreement with lender New York Digital Investment Group (NYDIG), the company plans to release 26,000 of its mining rigs, 18,700 of which are currently running. The sell-off will create
Ethereum (ETH) is all set to transition to a proof-of-stake (PoS) network by Sept. 15-16 that would see an end to its current proof-of-work (PoW) chain. This event would eliminate PoW mining from the Ethereum ecosystem. The terminal total difficulty has been set to 58750000000000000000000. This means the ethereum PoW network now has a (roughly) fixed number
Amid Colombia’s economic growth beat expectations in the second quarter, an official at the country’s tax and customs agency has hinted at some national digital currency plans. Luis Carlos Reyes, the head of the Colombian Tax and Customs National Authority, claimed that the government of newly inaugurated Colombian President Gustavo Petro will seek to create
The Nasdaq-listed firm Eqonex is closing its cryptocurrency exchange business. The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting down its exchange. Eqonex Closing Crypto Exchange Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday.
Bitcoin (BTC) returned to range resistance on Aug. 17 amid ongoing concerns that a retracement is imminen. No success for Bitcoin bulls Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $24,448 on Bitstamp, up 3.25% from the previous day’s low before diving $600 in under an hour. Momentum gained speed on the day,
Not even 24 hours after revealing a three-month cash flow forecast that threatens total exhaustion of funds, a New York judge allowed crypto lender Celsius Network to mine and sell Bitcoin (BTC) during its bankruptcy. Since July 2022, Celsius Networks stands at the crosshair of United States officials after reports of bankruptcy surfaced, which risks
Fewer people have fallen victim to cryptocurrency scams in 2022 so far due to falling asset prices and the exit of inexperienced crypto users from the market, a new crypto crime report reveals. According to an Aug. 16 report from Chainalysis, total crypto scam revenue year-to-date is currently sitting at $1.6 billion, equating to a 65%
Crypto exchange Binance has been granted preliminary approval to offer trading and custody services for digital assets in Kazakhstan. The exchange is yet to complete the full application process but the development has already been hailed as a landmark achievement for the company in the Central Asian nation which only recently took steps to regulate
Aave token holders have been asked to take part in an Aave Request for Comment (ARC) that would require them to “commit” to Ethereum’s proof-of-stake (PoS) consensus. The ARC, proposed on Aug. 16, comes in light of Ethereum’s upcoming transition to proof-of-stake. It calls for members to select the Ethereum Mainnet running under PoS consensus as
Despite the ongoing cryptocurrency market decline and associated forced layoffs in major crypto firms, a career in crypto doesn’t turn less attractive to many traditional finance executives. European crypto exchange-traded fund (ETF) provider 21Shares announced three major hires on Wednesday to expand its presence in countries like France, Germany and the United Arab Emirates. Marina Baudéan,
There are mounting concerns that recent United States government sanctions against Tornado Cash will become a “slippery slope” for Web3 privacy that could eventually make the entire space “meaningless.” Speaking to Cointelegraph, Shumo Chu, co-founder of privacy protocol Manta Network expressed worry that the strict sanctions against Tornado Cash could have a knock-on effect on
The government of Colombia revealed it has plans to launch a digital currency. One of the purposes of this new currency would be to curb tax evasion and enhance the traceability of transactions made by citizens. The proposed measure would also be accompanied by restrictions on cash payments and transactions of over 10 million Colombian
Digital asset exchange Crypto.com has just been given the green-light for “certain cryptoasset activities” in the United Kingdom, after receiving registration confirmation from the Financial Conduct Authority (FCA) on Tuesday. According to an Aug. 16 entry in the FCA’s Financial Services Register, ‘FORIS DAX UK LIMITED’ has been registered to conduct “certain cryptoasset activities”, whilst
Hedge fund manager Michael Burry’s Scion Asset Management dumped all but one of its stock holdings in the second quarter, according to the firm’s filing with the U.S. Securities and Exchange Commission (SEC). Burry, famed for forecasting the 2008 financial crisis, has predicted a stock market crash, warning that winter is coming. Michael Burry Sells
According to a recent report published on Tuesday, the Israeli-American founder and CEO of Celsius Network, Alex Mashinsky, was in charge of the company’s trading strategy. The report, citing multiple people familiar with the matter, said Mashinsky sold millions of dollars’ worth of bitcoin in anticipation to buy bitcoin cheap. Except after the CEO allegedly
John Haar, a former asset manager at financial institution Goldman Sachs believes the lack of support from “legacy finance” for Bitcoin stems from a poor understanding of the cryptocurrency. Haar’s views were expressed in an essay on Aug. 14, which was originally sent to private clients of Bitcoin brokerage platform Swan Bitcoin. Haar previously spent 13
The United States Securities and Exchange Commission, or SEC, has filed a complaint related to a 2017 initial coin offering from a blockchain project originally developed by the Walt Disney Company. In a Tuesday notice, the SEC said it had charged Dragonchain, the Dragonchain Foundation, the Dragon Company, and their founder John Joseph Roets for
The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed suit to receive the order, which directs SFOX to reveal the identities of customers who are U.S. taxpayers