Digital asset manager Nexo responded to the news of its rival Celsius pausing withdrawals by tabling a proposal for a buyout of certain of the firm’s liquid assets. Pointing to “what appears to be the insolvency” of Celsius, Nexo took to Twitter on Monday morning to post a letter of intent outlining its “potential interest” to acquire “certain remaining qualifying…
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to become an acceptable payment method.…
Bitcoin (BTC) hash rate, a network security measure based on computing power for mining, achieved a new all-time high (ATH) of 231.428 ExaHash per second (EH/s) amid an ongoing bear market that witnesses BTC price plunging below the critical $25,000 mark. Hash rate is directly proportional to the computing power of mining equipment for confirming transactions, which deters bad actors…
Human rights defenders from 20 countries have insisted that bitcoin “provides financial inclusion and empowerment because it is open and permissionless.” Together with stablecoins, the cryptocurrency offers “unparalleled access to the global economy” for people from countries whose currencies have either collapsed or are cut off from the rest of the world. Bitcoin as a Financial Inclusion and Empowerment Tool…
Bitcoin (BTC) begins a new week with a totally different feel to last as BTC/USD seals its lowest weekly close since December 2020. A night of losses into June 13 means that the largest cryptocurrency is now edging closer to beating its ten-month lows from May. The weakness has left few guessing — shock inflation data from the United States…
With the surging popularity of non-fungible tokens (NFTs) many have taken to “flipping” these assets as a trading strategy. Around 64% of people in a recent survey said their top reason for buying a NFT was “to make money”. Blockchain monitoring software company DEXterlab polled more than 1,300 people on Twitter about their NFT buying habits in late May to…
Ethereum network developers have decided to delay the difficulty bomb, a major step leading up to the highly anticipated Merge upgrade for the layer-1 blockchain. They set the delay to two months in order to “be sure that we sanity check all the numbers before selecting an exact delay and deployment time” according to core developer Tim Beiko in a…
Terra’s new LUNA 2.0 token has lost 54% in value in the last two weeks, after reaching $11.33 per unit on May 30. Meanwhile, the whistleblower Fatman has accused Terra’s co-founder Do Kwon of cashing out $2.7 billion a few months before the UST de-pegging incident. Kwon, however, has been keeping tabs on Fatman’s accusations and he claims the allegations…
American food manufacturing and processing giant Kraft Foods Group has filed NFT and Metaverse patents for several of its popular brands. The firm joins a host of mainstream companies such as Gatorade, Nike, Adidas, and Coca-Cola that have moved to secure their products and branding in the crypto/virtual sphere. According to a June 13 Tweet from United States Patent and…
Investors in stocks as well as crypto are making very clear over the past month that we are in a risk-off environment. Bitcoin, Ethereum, and the other leading cryptocurrencies all fell further over the weekend, erasing mild gains made during the week prior. The global crypto market cap is down to $1.03 trillion, a 7.5% drop in just 24 hours,…
