Bitcoin experienced a significant drop yesterday, losing almost a thousand dollars before continuing to experience volatility throughout the day. Although alternative coins also experienced drops, they were much more modest than bitcoin’s. However, many alternative coins plummeted by double digits. The past 24 hours have seen some recovery, with many coins, including ADA, SOL, and
Crypto
Mining is an essential component of many networks, particularly Bitcoin, as it involves verifying transactions and packing them into blocks to be sent to the blockchain. It is crucial to the concept of cryptocurrency, but it is also very technical. It requires complex hardware and software setups, sufficient electrical supply, and a dedicated storage space
Reginald Fowler, a 64-year-old entrepreneur from Arizona and former co-owner of the professional American football team Minnesota Vikings, has been sentenced to 75 months in prison. This comes after a joint investigation by the FBI’s Money Laundering Squad and Internal Revenue Service-Criminal Investigations. Fowler has also been ordered by the court to pay a forfeiture
According to a study conducted by the Toronto Metropolitan University (TMU), approximately 35% of Canadians who own digital assets have become victims of crypto fraud. The research analyzed data from a survey of 2,000 Canadian residents and found that fraudulent schemes related to cryptocurrencies are a significant issue in the country. The study also revealed
The cryptocurrency market has experienced a significant drop in the past 24 hours, and some altcoins have performed worse than others. Several of the worst-performing cryptocurrencies were named in the lawsuit that the US Securities and Exchange Commission filed against Coinbase. The SEC alleges that these altcoins are securities, including Cardano’s ADA, Solana’s SOL, NEAR,
Vitalik Buterin, the co-founder of Ethereum, has pledged $100 million for Covid relief. This donation is in addition to the $90 million that was donated last year through the Crypto Relief project. The Donation Buterin, along with Polygon’s Sandeep Nailwal, jointly decided that there were high-impact projects that needed follow-through grants. Therefore, they decided to
The altcoin market is currently experiencing a significant drop in value, with major cryptocurrencies such as Solana (SOL), Polygon (MATIC), and Cardano (ADA) being heavily impacted. The heatmap below illustrates the current state of the market, with investors appearing to lack confidence during this time. While the reasons for this are not entirely clear, recent
In a recent interaction, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has made it clear that digital assets are securities. He asserted that they should be registered with the agency before being offered to investors or meet the requirements to seek exemptions. He also added that exchanges that list cryptocurrencies
After more than a decade, the Department of Justice (DOJ) has finally charged the hackers who stole hundreds of thousands of Bitcoins from the now-defunct cryptocurrency exchange giant, Mt. Gox. The primary culprits behind the heist have been identified as Russian nationals, Alexey Bilyuchenko (43) and Aleksandr Verner (29). The DOJ stated in a press
Commonwealth Bank of Australia (CBA), the largest bank in Australia, has announced new measures to battle scams in the country. As part of these measures, the bank will temporarily decline “certain” payments to cryptocurrency exchanges. The CBA will decline or hold crypto payments for 24 hours or more and place a A$10,000 ($6,650) limit on
According to Mike McGlone, Senior Macro Strategist for Bloomberg Intelligence, Ethereum (ETH) is currently trapped under the $2000 price point. Despite a stock rally, ETH has failed to sustain itself above that price, leading McGlone to believe that $2000 is a “resistance ceiling”. The NASDAQ 100 stock index tapped a 52-week high in Q2, but
In December 2020, the United States Securities and Exchange Commission (SEC) charged Ripple with conducting an unregistered $1.3 billion security offering. The SEC alleged that Ripple’s cryptocurrency, XRP, is a security, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that are fundamental to the public market
Coinbase, a cryptocurrency exchange platform, saw a 13% fall on Tuesday following a lawsuit filed by the US Securities and Exchange Commission (SEC). The regulatory agency accused Coinbase of violating securities laws. However, the SEC is not the only regulator charging Coinbase. The Alabama Securities Commission (ASC) has also targeted Coinbase for its failure to
On Monday, the U.S. Securities and Exchange Commission (SEC) filed charges against Binance, one of the largest cryptocurrency exchanges in the world. The SEC’s charges allege that Binance and its U.S. affiliate, Binance US, offered and sold securities without registering with the agency and acted as an unregistered exchange, broker-dealer, and clearing agency. The allegations
The US Securities and Exchange Commission (SEC) has removed former commissioner William Hinman’s biography from its website. This comes just eight days before the SEC is required to provide unredacted copies of Hinman’s emails, which are seen as essential to the agency’s lawsuit against cryptocurrency giant Ripple. Hinman’s biography on the SEC’s site now only
John Forsyth, a Missouri emergency room doctor, crypto advocate, and co-founder of crypto project Onfo (ONFO), was recently found dead in northwest Arkansas after being reported missing for over a week. He was last heard from on May 21 through text messages with his fiancée. Authorities told the deceased’s brother Richard Forsyth that John’s corpse
Magic, a San Francisco-based wallet-as-a-service (WaaS) provider, has raised $52 million in a strategic funding round led by PayPal Ventures. The latest capital infusion brings the firm’s valuation to just under $500 million. Other participants of the fund round include Cherubic, Synchrony, KX, Northzone, and Volt Capital. Expanding Functionality and Integration The latest capital infusion
Blockchain security company Beosin has released a new report which shows that the total amount of crypto assets lost to exit scams and rug pulls is higher than the amount stolen from decentralized finance (DeFi) projects through exploits and attacks. The report also reveals that losses from DeFi exploits in May were 79% lower than
In recent weeks, Ripple’s price has shown an increase after bouncing back from a notable $0.43 support level. This level has been reinforced by the 200-day moving average, while the price has surpassed the 50-day moving average at around $0.47. Ripple Approaching $0.6 Resistance Level Currently, Ripple is approaching the $0.6 resistance level, and if
Bitcoin has been trading at just above $27,000 over the weekend, remaining stuck amid lower trading volumes. While altcoins have been quiet on a daily scale, some such as LDO, INJ, and QNT have produced massive weekly gains. Last Monday, Bitcoin initiated a massive leg-up that resulted in tapping a three-week high at $28,500. This
The Ethereum network has made a significant shift from Proof-of-Work to Proof-of-Stake consensus algorithm. This has led to the elimination of Ethereum miners, now replaced by validators who secure the network. Becoming a validator is a simplified process, requiring depositing 32 ETH into the staking contract and running the appropriate software. Validators Queue Up However,
Artificial intelligence (AI) is a topic that has been gaining increasing attention from tech enthusiasts and beyond. In numerous articles, we’ve already had conversations with ChatGPT, one of the most popular AI-based chatbots, on topics ranging from healthcare to finance. This time, we asked ChatGPT for its opinion on a more general topic: how AI
The cryptocurrency industry has been transformed by the advancement of artificial intelligence technology. The soaring popularity of AI-based chatbots like ChatGPT and Google Bard has led to the development of a new category of cryptocurrencies centered around the field. Several coins saw exponential growth due to the rising interest in AI. However, there is another
On Thursday, OpenAI CTO Mira Murati’s Twitter account was hacked and used to promote a fraudulent crypto token, supposedly backed by the company. The tweet remained online for an hour, gaining 80,000 views before being taken down. The hacker promoted an ‘OPENAI’ token, described as a “groundbreaking token driven by artificial intelligence-based language models.” The
Elon Musk, the CEO of Tesla, has been accused of insider trading by memecoin investors in a court filing on May 31, 2022. The group had previously filed a $258 billion class action lawsuit against Musk and his companies in June 2021, alleging that they caused significant losses for Dogecoin holders. The recent filing claims
Coinbase, a popular cryptocurrency exchange, announced that it will launch Bitcoin and Ethereum futures contracts for institutional investors on June 5. Coinbase will launch these products through its CFTC-regulated Coinbase Derivative Exchange, offering lower fees than other US-regulated derivatives exchanges. The company has collaborated with leading Futures Commission Merchants (FCMs), brokers, and front-end providers to
Gemini, the crypto exchange led by the Winklevoss twins, has started the process of acquiring a crypto license to serve customers in the United Arab Emirates (UAE). The move is part of Gemini’s global expansion plans, and the exchange has revealed that it is engaging with stakeholders throughout the region to learn more about local