Crypto Jungle

2024-07-01 18:03:08 Bitcoin Price Drops Below $62,500 as Correction Deepens

The price of Bitcoin dipped below $62,500 earlier today as the entire crypto market witnessed one of the worst weekly drops of the year. The leading cryptocurrency is trading at its monthly low of near $62,490 amid a six day streak of outflows from US Bitcoin ETFs and uncertainty over monetary policies. Bitcoin price is down 6% in the last seven days.

The second leading crypto Ethereum also shed over 6% in the last seven days. At one point ETH traded at nearly $4,000 this month before it dropped to $3,360 at the time of writing, as per Coingecko data. High interest rates have an inverse effect on crypto, as the appeal of speculative, risk-driven assets such as crypto diminishes at such times.

The Federal Reserve earlier this month left its benchmark interest rate unchanged and hinted at only cutting rate once this year, down from the three reductions it had earlier forecast. Fed indicating that there are some signs of inflation cooling down, but it still hasn’t reached the Fed’s annual target of 2%. Open / Comment

2024-06-27 21:30:54 North Carolina Senate Seeks Governor’s Approval Over CBDC Ban Bill

The US state of North Carolina, on Wednesday, won majority of votes from the Senate on the bill that seeks to ban central bank digital currencies (CBDCs). The legislation has moved to the Governor’s desk for approval. If signed into law, the state can no longer involve in the Federal Reserve branch’s testing of any future CBDC. Further, it would also prohibit North Carolina agencies and courts from accepting any payments using CBDC, the bill noted.

According to Carolina Journal, the Bill 690 received a 109-4 vote from the Senate on Wednesday. This is an increase form 39-5 vote, recorded on Tuesday. Sen. Brad Overcash, noted that the legislation aims to dissuade the federal government from moving forward with CBDC plan. The plan would “threaten” one of the main global currencies – dollar, he added.

The bill sends a strong message to the government that North Carolina is uninterested in a CBDC, Overcash said. “This would bar our state agencies or courts from accepting a central bank digital currency, and it would also bar them from participating in a pilot project if one were to be initiated by any of the Federal Reserve Banks.” Open / Comment

2024-06-26 11:17:07 Mt. Gox to Distribute Repayments in Bitcoin and Bitcoin Cash in July

Mt. Gox, the Japanese Bitcoin exchange that suffered a notorious collapse in 2014, is to begin distributing repayments to its creditors in the form of Bitcoin and Bitcoin Cash starting in July. The collapse of Mt. Gox triggered years of legal proceedings and efforts to recover the lost assets. In 2018, approximately 200,000 Bitcoins were recovered, initiating a lengthy rehabilitation process under the oversight of a court-appointed trustee. Creditors have since been awaiting compensation, with multiple delays frustrating the process.

The latest filing shows starting in July 2024, the rehabilitation trustee will commence the repayment process, distributing BTC and BCH to creditors. This distribution aims to compensate the users who lost their funds during the collapse. The exact details of the repayment plan, including the proportion of assets to be distributed and the timeline for completion, are closely watched by the crypto community.

In May, Mt Gox moved billions in Bitcoin which in turn had an impact on the market. It is estimated the exchange owes its creditors 142,000 BTC (worth over $9 billion), which needs to be paid out before 31 October 2024. It was suggested that creditors might start receiving their Bitcoin in May as noted by K33 Research analysts Anders Helseth and Vetle Lunde in an April 23 market note. The outstanding debt to Mt. Gox’s 127,000 creditors amounts to over $9.4 billion in Bitcoin, $72 million in Bitcoin Cash, and $445.8 million (69 billion Japanese yen). Open / Comment

2024-06-23 19:23:06 US Lawmakers Visit Detained Binance Executive in Nigeria, Point to Health Concerns

US lawmakers French Hill and Chrissy Houlahan have made a visit to Kuje Prison in Nigeria, where detained Binance executive Tigran Gambaryan is being held. In an X post on June 20, Hill described Gambaryan’s wrongful detention in what he called a “horrible prison,” bringing attention to the health concerns Gambaryan is facing while in custody.

Despite suffering from malaria, double pneumonia, and significant weight loss, Gambaryan is being denied adequate medical care. “We found him suffering from the conditions [at the Kuje prison]… Even worse, he’s being denied access to adequate medical attention.”

Hill also highlighted the irony of Gambaryan’s situation, as he is facing charges such as money laundering and tax evasion, which he has actively fought against. Hill called for Gambaryan’s immediate humanitarian release, emphasizing that he should be allowed to return home to the United States. Open / Comment

2024-06-21 22:43:48 Fantom Foundation Pledges $120M to Accelerate Project Migrations to Sonic

The Fantom Foundation, the driving force behind the Fantom decentralized network, has committed to support the launch of Sonic, a new and faster network. In an announcement on June 20, the Fantom Foundation revealed its plan to allocate up to 200 million of its native Fantom tokens, amounting to approximately $120 million, from its treasury to facilitate the transition of projects to the Sonic network.

The pledged funds will be utilized to identify and secure partnerships with top-tier developers and companies capable of contributing to the growth and development of the Sonic network. This includes developers working on applications directly on the Fantom platform, developers focused on decentralized applications (DApps), as well as partners providing essential tools and services.

Notably, the funds will be derived from smart financial strategies implemented by Fantom network creator Andre Cronje, without any increase in the total token supply. Initially, the allocated funds will be directed towards strategic grants for existing applications within the Fantom ecosystem, with priority given to those that have demonstrated a strong interest in leveraging the Sonic technology. Open / Comment

2024-06-17 21:09:04 South Korea Announces $14.5 Million Blockchain Support Program

The South Korea Ministry of Science and Information and Communication Technology (ICT) and the Korea Internet & Security Agency (KISA) will launch a blockchain support project. According to a recent report by Naver, the program will promote six projects in the public sector for public services and eight in the private sector to support commercialization, with a total budget of 20 billion won, approximately $14.5 million.

The projects include central bank digital currency (CBDC) based digital vouchers, digital badges, online referendums, and battery remaining life certification services. For instance, a CBDC-based digital voucher management platform by the Bank of Korea will be supported by the program. This platform will enable various voucher programs to be used on mobile devices, enhancing the efficiency and accessibility of digital payments.

The Korea Employment Information Service will also develop an integrated employment support service based on digital badges, which will streamline job matching and skill verification processes. Another notable public project targeted the simplification and digitalization of the electronic notarization process by the Ministry of Justice. This initiative aims to reduce paperwork and increase the efficiency of legal procedures. Open / Comment

2024-06-16 00:17:27 Telegram Game ‘Hamster Kombat’ Soars to 150 Million Players Amid TON Token High

The Telegram-based crypto game sensation, Hamster Kombat, has announced that its player base has exceeded 150 million users, surpassing the population of Russia. The surge represents a 50% increase from just last week when the game celebrated reaching 100 million users.

To put it into perspective, nearly one in five Telegram users have signed up for the game, which offers real crypto rewards as players strive to build a hamster’s virtual crypto exchange. The rewards in Hamster Kombat come in the form of a token airdrop scheduled for July.

Players who accumulate points within the game will be eligible for this airdrop. The game operates as a mini-app within Telegram, eliminating the need for additional downloads.The announcements channel for Hamster Kombat on Telegram has become the most popular channel on the app, boasting over 35 million subscribers. Open / Comment

2024-06-14 23:37:54 Crypto Talent Crunch Hinders Fortune 500 Adoption Plans: Coinbase

As major US corporations embrace blockchain, calls for clear regulations are growing louder, a Coinbase survey conducted on Fortune 500 (F500) executives revealed. But in the “State of Crypto” report published Wednesday, Coinbase said F500 execs are more worried about securing reliable crypto talent than navigating regulations. Additionally, a lack of understanding and clear steps to implement blockchain technology hinder broader adoption.

The survey showed the US is losing ground in the crypto talent race. This is despite 56% of Fortune 500 companies working on blockchain projects, including consumer-friendly payment applications. The report revealed a concerning 14% drop in US-based crypto developers over the past five years, with only 26% remaining domestically as of May.

Even so, Coinbase highlighted a growing demand for crypto-savvy talent. Even small businesses are seeking candidates with crypto knowledge for finance, legal, and tech positions. The exchange emphasized that clear regulations are crucial for retaining US developers and maintaining the country’s leadership in tech innovation Open / Comment

2024-06-10 22:33:24 Cross Light Capital Partners with Affin Bank to Launch Malaysia’s First Digital Asset Fund

Cross Light Capital, a local fund management company, has joined forces with Affin Bank to launch Malaysia’s first digital asset fund. According to a report from The Edge Malaysia, the Performa Digital Asset Fund is geared towards granting exposure to digital assets via exchange-traded funds (ETFs) and exchange-traded products (ETPs), with a target demographic of premier banking clientele.

Exclusively accessible through Affin Bank’s invitation-only Affin Invikta suite, the fund ventures into investments in Bitcoin, Ether, and blockchain-related entities via publicly traded investment instruments. Notable allocations within the fund include stakes in companies like Coinbase Global Inc and Ubisoft Entertainment SA.

Cross Light Capital has disclosed that the Performa Digital Asset Fund employs an equitable distribution strategy, with one-third of investments designated for bitcoin ETPs, another third for ether ETPs, and the residual portion for equities tied to blockchain endeavors. Open / Comment

2024-06-08 18:18:05 Breaking: Robinhood to Acquire Bitstamp Crypto Exchange in $200 Million All-Cash Deal

Robinhood Markets has announced an agreement to acquire Bitstamp Ltd., one of the oldest and most respected cryptocurrency exchanges, in a $200 million all-cash deal. This acquisition aims to accelerate Robinhood’s global expansion and mark its entry into the institutional crypto business.

Although still subject to regulatory approvals and expected to close in the first half of 2025, the deal will expand Robinhood’s offerings with Bitstamp’s established crypto platform and extensive global licenses. Robinhood Markets, the well-known investing and trading platform, has agreed to acquire Bitstamp Ltd., a globally recognized cryptocurrency exchange, for approximately $200 million in cash.

Bitstamp was founded in 2011 and has a robust presence in Luxembourg, the UK, Slovenia, and the US, with recent approval for services in Singapore. This strategic acquisition aims to accelerate Robinhood Crypto’s global expansion, leveraging Bitstamp’s over 50 active licenses and registrations. The deal will extend Robinhood’s reach across the EU, UK, US, and Asia, attracting a diverse customer base. Per JB Graftieaux, CEO of Bitstamp: Open / Comment