Browsing:Market

Russia has climbed the ranks to become the second-largest country in the world for Bitcoin and cryptocurrency mining
1 year ago 1 min read

Russia Emerges as Major Bitcoin Mining Destination, Ranks Second to the US

Russia has climbed the ranks to become the second-largest country in the world for Bitcoin and cryptocurrency mining, with the United States holding onto the top spot, according to a report by BitRiver. The report stated that in the first quarter of 2023, Russia achieved a new milestone by using 1 gigawatt (GW) of power involved in mining operations. However, the United States maintains a larger mining capacity of 3-4 GW, followed by other countries in the top 10 list. Despite the United States being the leader in Bitcoin mining, the lack of clear cryptocurrency regulations in the country could

Treasury Secretary Janet Yellen raised concerns about the potential threat to the US dollar's global supremacy.
1 year ago 1 min read

The Dollar’s Reign at Risk as China, Russia, and Iran Conspire to Abandon It, warns Yellen

In a recent interview with CCN, Treasury Secretary Janet Yellen raised concerns about the potential threat to the US dollar’s global supremacy. Yellen states that China, Russia, and Iran are making moves to move away from the dollar and find an alternative, after seeing how the US has used its reserve currency to impose financial sanctions. While acknowledging that the weaponization of the US dollar can be an effective tool in deterring bad behavior on the global stage, Yellen highlights the risk of it undermining the hegemony of the dollar over time. However, she also emphasizes that the US Treasury

Cardano Testnet Adopts Wrapped Bitcoin Token
1 year ago 1 min read

Cardano Testnet Integrates Wrapped Bitcoin Token

The Cardano ecosystem has taken a significant step towards expanding its decentralized finance (DeFi) offerings with the launch of cBTC, a wrapped bitcoin token, on the Cardano testnet. The developers behind the project are aiming to attract bitcoin users to the Cardano DeFi ecosystem, allowing them to mint cBTC tokens from the anetaBTC protocol and use them to fund, trade, or provide liquidity to Cardano testnet protocols. Wrapped tokens like cBTC make it easy for users to transfer value across different blockchains that lack interoperability. In other words, they allow users to access different DeFi protocols without requiring the native

KuCoin's Twitter Hacked
1 year ago 1 min read

KuCoin’s Twitter Account Hacked: Exchange Vows to Reimburse Victims

On April 24, KuCoin, a cryptocurrency exchange, reported that its Twitter account had been compromised for approximately 45 minutes. During the breach, a malicious post was published, offering a giveaway with a link to a phishing site. The exchange discovered that 22 users lost funds after interacting with the phishing site, resulting in a total loss of 22,628 Tether (USDT). KuCoin promised to reimburse all verified asset losses caused by the social media breach and the fake activity. KuCoin assured its users that all funds on the exchange were safe and that the hack was limited to the social media

Ripple Takes on Financial Inequality, Pledging to Serve 3.7 Billion People Globally
1 year ago 1 min read

Ripple Plans to Provide Financial Services to 3.7 Billion People Around the World

Blockchain-based fintech company Ripple has set its sights on helping over 3.7 billion unbanked and underbanked individuals around the globe. In a tweet released on Earth Day, Ripple announced its plans to tackle one of the most pressing challenges of the century – the global climate crisis – with the help of blockchain innovation in carbon markets. Ripple has been working on this initiative since 2018 and has partnered with various fintech companies, foundations, universities, social entrepreneurs, and NGOs to make progress. The partners are currently active in over 80 countries and have already provided $150 million in donations. According

The deputy chairman of the Tax Committee of Ukraine
1 year ago 1 min read

Ukraine Embraces EU’s MiCA Regulations to Boost Financial Market Stability

The world’s first major comprehensive crypto regulatory framework, the Markets in Crypto Assets (MiCA) regulations, was recently approved by the European Union Parliament, and Ukraine has wasted no time in announcing plans to adopt the framework. MiCA represents a significant step in integrating crypto assets with the world’s financial system, and Ukraine is poised to become one of the first countries to implement the regulations into national legislation. In a statement on April 20, Yaroslav Zheleznyak, the deputy chairman of the Tax Committee of Ukraine, expressed the intentions of the Eastern European nation to adopt MiCA regulations. As a candidate

Study Finds Over 30% of Crypto Investment Videos on TikTok Are Misleading
1 year ago 1 min read

TikTok Users Beware: Study Finds Over 30% of Crypto Investment Videos are Misleading

A recent study conducted by dappGambl has found that over 30% of TikTok videos on Bitcoin and cryptocurrency investments are misleading. The study analyzed over 1,161 TikTok videos that used the hashtag ‘#cryptok’ to post crypto-related content. The research found that 1 in every 3 videos on crypto TikToks was misleading, with just 1 in 10 videos containing any form of disclaimer to warn users about the risks of investments. Moreover, 47% of TikTok creators were found to be pushing services to make money. Even mainstream influencers, such as Kim Kardashian, Jake Paul, and Soulja Boy, were accused of promoting

Trust Wallet has announced the discovery and resolution of a major vulnerability
1 year ago 1 min read

Trust Wallet Addresses Security Breach: Plans to Reimburse Users Affected by $170,000

Trust Wallet has announced the discovery and resolution of a major vulnerability in its core wallet software library that could have resulted in an estimated loss of around $170,000. The vulnerability impacted wallet addresses on Ethereum and other blockchains generated through the Trust Wallet browser extension between November 14 and November 23, 2022. The issue was caused by a vulnerability in WebAssembly, a computer code format that enables developers to use multiple programming languages to build web applications, including those used in crypto wallets. Trust Wallet’s core software library employed WASM format to facilitate the user creation of their crypto

SEC's Securities Fraud Allegation Against Do Kwon Dismissed by Lawyers
1 year ago 1 min read

Terra Co-Founder’s Lawyers Dismiss SEC’s Securities Fraud Allegation

Do Kwon’s lawyers have reportedly argued in court against the allegations pressed by the US Securities and Exchange Commission (SEC), who had sued Kwon for allegedly defrauding US investors by illegally offering unregistered securities. However, Kwon’s lawyers have asked the judge to dismiss the SEC lawsuit on the grounds that the federal agency’s allegations were unfounded. According to them, US law prohibits regulators from using federal securities law to assert jurisdiction over digital assets in this case. The legal proceedings started when Do Kwon was arrested at Podgorica airport, Montenegro on March 23, while attempting to fly to Dubai using

Gemini, the US-based cryptocurrency exchange
1 year ago 1 min read

Gemini expands its offerings with new crypto derivatives platform for non-US customers

Gemini, the US-based cryptocurrency exchange, is set to launch a new crypto derivatives platform outside of the United States. This move comes amidst the current mass withdrawal of crypto organizations from the US. The new division, Gemini Foundation, will allow eligible users outside the US to trade on both spot and derivatives markets. The first product to be launched on the platform will be a BTC perpetual contract denominated in GUSD, Gemini’s US-dollar-pegged stablecoin. The exchange plans to launch an Ethereum perpetual contract (ETH/GUSD) shortly thereafter. The platform will be available to customers in Singapore, Hong Kong, India, Israel, Thailand,

Bitcoin drops to lowest position in April, while altcoins suffer even more
1 year ago 1 min read

BTC hits a new low for April at $27,000 as altcoins continue to struggle

The world’s most popular cryptocurrency, Bitcoin (BTC), has continued its downward spiral, hitting a 25-day low of $27,000. Other altcoins have fared even worse, with Dogecoin experiencing significant losses, while APT and OKB have experienced the biggest slump among mid-cap altcoins. BTC made a significant jump on April 10, soaring past $30,000 for the first time since June 2020. Later that week, it hit its highest price point at just over $31,000 on April 14. However, the following week was less volatile, with BTC hovering around $30,000. On April 19, things took a turn for the worse, and BTC plummeted

head of the leading crypto exchange Binance
1 year ago 1 min read

Binance CEO CZ Warns Against Investing in Certain Meme Coins

Changpeng Zhao, head of the leading crypto exchange Binance, has taken to Twitter to warn investors against getting into certain meme coins. CZ shared that some Twitter accounts are using the fact that he follows them to launch meme coins and sell them to unsuspecting investors. CZ warns investors not to fall for these cryptocurrencies, which claim to be “supported by CZ.” Meme coins have become increasingly popular over the past few years, with Dogecoin being the most famous example. However, many other meme cryptocurrencies, including Shiba Inu, BabyDoge, and Dogelon Mars, have emerged in recent years. Despite their popularity,

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