Bitcoin price rises after CPI data
Bitcoin (COIN:BTCUSD) price rose to $31,000 after the
release of US inflation data for June, which came in below
expectations. The leading cryptocurrency has seen an increase
of almost 18% over the last month. While slowing inflation may
not stop the Federal Reserve from raising interest rates this
month, some analysts believe that rate cuts are already being
priced in for early 2024. Regulatory uncertainty is seen as a major
factor driving price of Bitcoin at the moment. However, at the
time of writing, Bitcoin is trading at $30,450, down -0.55% over
the last 24 hours.
Aptos token price drops slightly after unlocking
Despite a large token unlock, the price of the native Aptos
token (COIN:APTUSD) dropped slightly (-1.42%) around
$6.94. Around 4.54 million tokens were unlocked, worth nearly
$32 million, with some being distributed to the Aptos community and
foundations. While this unlock represented a small percentage
of the total supply, the dollar value was
significant. However, the quasi-stability of APT can be
attributed to Aptos’ proposed plan to improve its blockchain.
ARK Invest sells part of its shares on Coinbase
ARK Invest (AMEX:ARKK), led by Cathie Wood, has sold some of its
shares in Coinbase (NASDAQ:COIN). The sale was for 135,152
COIN, worth $12 million. While Coinbase share prices are
rising, ARK Invest has decided to liquidate part of its
stake. Coinbase shares dropped over 80% in 2022, but have
recently recovered.
Coinbase Wallet launches messaging feature with Ethereum identities
Coinbase Wallet has launched a new feature that allows users to
send instant messages using their Ethereum identities. Using
the Extensible Message Transport Protocol (XMTP), messages are
end-to-end encrypted to ensure privacy. Users can block
unwanted addresses and the functionality is gradually being rolled
out. Coinbase Wallet aims to reduce fraud in the crypto
community and provide seamless communication between users,
eliminating dependence on separate platforms. Furthermore, the
company points out that the use of XMTP promotes decentralization
and provides the ability to access message histories even if the
company ceases to exist.
Gate.io creates two platforms for launching tokens and airdrops
Gate.io, a cryptocurrency service provider, has launched two new
platforms in the Gate Web3 ecosystem. The first is Gate Web3
Startup, a token launchpad that helps innovative projects reach
early adopters through free airdrops. The second is Airdrop
Blitz, a platform that provides information about airdrop projects
in an organized way. These platforms aim to provide
opportunities for projects to connect with a wider audience and
provide users with a secure way to explore legitimate token
launches and airdrops. These initiatives are part of the Gate
Web3 ecosystem, which encompasses a range of applications and tools
for participating in the world of Web3 and decentralized
finance.
Starknet implements Quantum Leap update to increase throughput
The Starknet team implemented the Quantum Leap – Starknet V12.0
update on the Ethereum mainnet, resulting in an increase in
throughput. During testing, the update averaged 37
transactions per second (TPS), with peaks of up to 90 TPS. In
addition to the increase in speed, the update also improved
latency, reducing the time to enter transactions to less than 10
seconds. StarkWare plans to release versions 13.0 and 14.0 in
the future to reduce transaction costs and allow developers to
prioritize transactions with additional payment.
HIVE Blockchain is rebranded and focuses on revenue opportunities
HIVE Digital Technologies Ltd., formerly known as HIVE
Blockchain (NASDAQ:HIVE), communicated along with its rebranding
that it is focusing on revenue opportunities with its Nvidia
(NASDAQ:NVDA) graphics processing unit (GPU) cards for cloud
computing technology. The company plans to utilize 38,000 GPUs for
computational tasks, enter the GPU server cluster rental market and
launch its new service, HIVE Cloud. The company remains
committed to innovation and ethics, while its bitcoin mining
operations remain ongoing.
EBA advises stablecoin issuers to prepare for future regulations
The European Banking Authority (EBA) has advised stablecoin
issuers to prepare for upcoming Markets in Crypto-Assets (MiCA)
regulations, which will take effect next year. The financial
regulator has urged issuers to voluntarily adhere to consumer
protection and risk management principles before mandatory rules
are implemented. The EBA highlighted the importance of
disclosure to buyers, sound governance, proportionate risk
management, reserve and redemption arrangements, as well as
constant communication with authorities. In addition, the EBA
plans to issue draft rules on stress redemptions and capital
requirements. The MiCA regulation aims to license stablecoin
issuers to ensure financial stability and consumer protection.
BIS report highlights structural flaws of cryptocurrencies as money
A recent Bank for International Settlements (BIS) report pointed
to inherent structural flaws in cryptocurrency as the reason it
will never become money. The report highlighted stability,
efficiency, accountability and integrity issues in
cryptography. While acknowledging the rise of cryptocurrencies
and some elements of genuine innovation, the report stated that
cryptocurrency has failed to harness innovation for the benefit of
society and is inadequate to play a meaningful role as money.
Chinese tourists buy cryptocurrencies in Hong Kong
According to a report by the Financial Times, more Chinese
tourists are buying cryptocurrencies during their visits to Hong
Kong, due to strict cryptocurrency regulations in mainland
China. Hong Kong has become a draw for Chinese tourists due to
its crypto stores and more relaxed regulations. The city is
looking to establish itself as a hub for virtual assets, and the
number of Chinese visitors interested in cryptocurrencies has been
on the rise. Hong Kong recently adopted a new regulatory
regime for cryptocurrencies, highlighting its progressive approach
towards cryptocurrencies in contrast to China’s stance.
Bank of China tests offline payment system for digital yuan
The Bank of China is testing a new offline payment system using
SIM cards, specifically designed for the digital yuan, the Chinese
central bank’s digital currency. In partnership with operators
China Telecom and China Unicom, the bank plans to allow payments by
phone using special SIM cards. This integration will allow
transactions even when the phone is turned off. Trials are
only available on specific Android phones in some regions of
China.
South Korean companies will be required to report cryptocurrency
transactions
Starting next year, South Korean companies involved in
cryptocurrencies will be required to disclose information about
their transactions to the country’s financial regulator. The
Financial Services Commission (FSC) announced new accounting rules
that will take effect in January 2024, requiring full disclosure of
data such as the number and characteristics of cryptographic
tokens, business models and accounting policies related to the sale
of cryptocurrencies. Authorities aim to increase accounting
transparency in digital asset transactions and protect
investors. These measures are in line with new legislation
recently passed to oversee cryptocurrency companies and impose
penalties for breaking the law.
Central Bank of Russia proposal for digital ruble advances in
parliament
As interest around the “digital ruble” grows, the Central Bank
of Russia’s proposal for a Central Bank Digital Currency (CBDC) is
making headway in the Russian parliament. On July 11, the
State Duma passed the bill on its third reading, sending it to the
upper houses. If passed, the legislation will move on to
presidential approval. The bill establishes that the Bank of
Russia will be responsible for the issuance and security of the
CBDC infrastructure. In addition, it defines key concepts and
seeks to regulate the sector. Russia also plans to start a
digital ruble pilot in August, for its implementation.
Cryptocurrency scams slow, but ransomware attacks are on the rise
According to a recent report by blockchain intelligence firm
Chainalysis, cryptocurrency scams decreased by 77%, from $3.3
billion to $1.1 billion in the first six months of 2023. However,
ransom attacks are on the rise, with perpetrators earning 62.4%
more revenue compared to the same period in 2022. The decrease in
scams can be attributed to increased victim caution and risk
awareness campaigns. On the other hand, ransom attacks are
targeting bigger and wealthier organizations looking to get as much
money as possible. Ransomware revenue increased to $449.1
million in the first six months of 2023. It is important to note
that these figures are only minimum estimates and do not include
crimes involving the use of cryptocurrencies as a form of
payment.
Former engineer arrested for cryptocurrency theft on decentralized
exchange
A former security engineer for an international tech company has
been arrested and accused of stealing around $9 million worth of
cryptocurrency from a Solana-based decentralized exchange
(COIN:SOLUSD). The attack involved exploiting a bug in the
exchange’s smart contracts to generate inflated fees. The
accused, Shakeeb Ahmed, was arrested and charged with wire fraud
and money laundering. He returned most of the stolen funds,
except for $1.5 million. The case is believed to be the first
involving an attack on a smart contract operated by a DEX.
Investigation into possible campaign finance act violation by
former FTX executive and congressional candidate
Ryan Salame, a former FTX executive, and his girlfriend Michelle
Bond, a former congressional candidate, are being investigated for
possible violations of the campaign finance law. Federal
prosecutors in Manhattan are looking into whether the couple
illegally exceeded federal contribution limits during Bond’s 2022
campaign for the Republican primary in New York’s 1st congressional
district. The investigation focuses on Salami’s donations to
Bond and the loans she took out for her campaign. It is
separate from the ongoing case against FTX founder Sam
Bankman-Fried, who has been accused of embezzlement.
Celsius sues Stakehound for failing to return assets after
bankruptcy
Bankrupt cryptocurrency lender Celsius has taken legal action
against Stakehound for failing to return $150 million in digital
assets entrusted to the staking platform in 2021. Celsius alleges
that Stakehound refused to return the funds after its bankruptcy
and filed with an arbitration agreement against it. Celsius
argues that the arbitration violates the US Bankruptcy Code and
seeks to compel Stakehound to return funds and pay damages for
breach of contract. Stakehound has not yet filed a defense
against the allegations.
Spielworks teams up with Mycelium Network for NFT refunds
Spielworks has partnered with the Mycelium Network to launch a
program that allows for full refunds on NFT purchases called
“Reverties”. Users who purchase these NFTs will be eligible to
receive a full refund in USDC (COIN:USDCUSD). Additionally,
NFTs will come in handy in the Dungeon Worlds game, providing
mining power and material delivery. The USDC coinage
transaction will be transferred to a DeFi pool on the Aave
protocol, and the interest earned will be used to buy back
Spielworks tokens and support the community.
OnChain Studios integrates chatbot for children’s NFTs
OnChain Studios, the company behind Cryptoys non-fungible tokens
(NFTs), plans to integrate an artificial intelligence (AI) chatbot
into its character-based digital collectibles. The AI
software, called ChatGuardian, will allow parents to customize a
chat filter to ensure safe and child-appropriate conversations with
NFT characters. Cryptoys hopes this integration will make
children’s experiences more engaging and fun by allowing them to
talk to their favorite digital toys. The company is committed
to providing a safe platform and reassuring parents about using
AI.
7-Eleven launches NFTs in partnership with Polygon
7-Eleven entered the world of non-fungible tokens (NFTs) in
partnership with the Polygon network (COIN:MATICUSD). Through
“Find Your Slurpee Vibe” NFTs, 7-Eleven combines the Slurpee
experience with blockchain technology. Using Polygon’s
scalability and low transaction costs, the company will distribute
these digital collectibles to its customers. However,
7-Eleven’s NFTs take a unique approach to ownership, being
exclusively licensed to the buyer.
Jackson Pollock Studio launches collection of NFTs in collaboration
with Iconic Moments
The Jackson Pollock Studio, museum of the 20th century painter,
is releasing a collection of non-fungible tokens (NFTs) in
collaboration with art collective Web3 Iconic Moments. Called
“Beyond the Edge,” the collection digitizes and revitalizes
Pollock’s artwork, featuring four perspectives of the studio where
he created his iconic paintings. The collection includes 100
NFTs accompanied by a corresponding physical print, plus a series
of Bitcoin-based Ordinals and a gamified experience. The
initiative seeks to bring new life to Pollock’s work and bring
buyers closer to the artist’s artistic process.
Sound raises $20 million to support sustainable artist income
Web3 music platform Sound has raised $20 million in funding with
the aim of helping artists earn a sustainable income throughout
their careers. The Series A funding round was led by
Andreessen Horowitz (a16z) and featured the likes of Snoop Dogg and
Ryan Tedder. Sound aims to disrupt the traditional revenue
models of web2 streaming services like Spotify and Apple Music by
allowing artists to create their music as non-fungible tokens
(NFTs) and sell them directly to fans. The platform has
already generated $5.5 million in music sales since its beta launch
in 2022 and is now open to the public to help more artists earn
sustainable income from their work. Sound will use the funding
to expand its teams and open its platform to the general
public.
LunarCrush raises $5 million in a Series A funding round
LunarCrush, a platform that leverages social media trends to aid
cryptocurrency investors, has raised $5 million in a Series A
funding round co-led by Draper Round Table and INCE
Capital. Other investors included Draper Associates,
WWVentures, TRGC, Bitcoin Frontier Fund, among others. The
company plans to launch a beta version of the Social Search tool
soon, which will allow users to search for any topic on social
media for relevant content. The aim is to provide users with
the ability to create their own algorithms and extract important
information.
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