Leveraged trading of cryptocurrencies — i.e., trading crypto with borrowed funds — comes with significant risks. This is mainly due to the capricious nature of the market. In May, the cryptocurrency market, which had grown significantly over the past couple of years, recoiled violently following a cascade of negative market events, losing over 50% of its market cap. The pullback,…
Month: August 2022
Crypto developers should work with the SEC to find common ground
Regulators are tasked with balancing between protecting consumers and creating environments where entrepreneurs and the private sector can thrive. When markets face distortions, perhaps due to an externality or information asymmetry, regulation can play an important role. But regulation can also stifle entrepreneurship and business formation, leaving society and its people worse off. The United States Securities and Exchange Commission…
Flare Network and Lena Instruments launch new crowdfunding mechanism
Interoperability-focused blockchain Flare Network has partnered with software infrastructure firm Lena Instruments to implement a crowdfunding mechanism that lowers the risks associated with startup investing. Lena Instruments announced what it called a “CloudFunding” launchpad that lets Flare investors allocate a percentage of the rewards that they earned into investments to new crypto startups without moving their initial investments. Apart from…
Whale Spends 10,000 BTC Worth $203M, Bitcoins Stem From the Infamous 2011 Mt Gox Hack – Bitcoin News
In two days’ time, bitcoin’s price dropped to fresh August lows as it dipped below the $20K per unit region for the first time since mid-July. During that time, two addresses created on December 19, 2013 sent 10,000 bitcoin worth $203 million to unknown wallets after sitting idle for close to nine years. Onchain data shows the 10,000 coins moved…
‘We need to learn what regulation works and what holds us back’ — hedge fund exec
With more institutions joining the Web3 space, regulation has been identified as one of the trickier challenges that can either smother creativity or become a potential catalyst to broader adoption. In an interview with Cointelegraph, Jaime Baeza, the CEO of crypto hedge fund ANB Investments, shared the challenges in managing funds in the crypto space, opportunities that come amid regulatory…
DEX accidentally hits ‘kill-switch’ on mainnet, locking 660,000 USDC inside
A decentralized cryptocurrency (DEX) options exchange cut its own life short after unwittingly executing a command that closed its mainnet program and made it irrecoverable. OptiFi informed users that its platform had come to an unceremonious end after its development team tried to update its code on Aug. 29. According to the portfolio margining derivative DEX, the program incident also…
Russian PM takes cue from Iran’s crypto payment permit for imports
Russia could soon be taking a cue from Iran by using cryptocurrencies for imports, according to comments from the Russian prime Minister. The adoption of digital assets is necessary as a “safe alternative” for cross-border payments, Russian Prime Minister Mikhail Mishustin declared at a strategic session on the development of the domestic financial system on Tuesday. The prime minister added…
Reddit Co-Founder Ohanian’s Firm Launches $177M Crypto Fund
Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six is planning to raise $177.60 million for a new crypto-focused fund called Kryptós. “Now is potentially a unique opportunity to invest in strong founders at a discount,” read the fund’s marketing materials seen by The Information. Kryptós scoop up popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) at a discount,…
Iran Greenlights Bitcoin, Crypto Payments For Imports – Bitcoin Magazine
Iran has passed legislation establishing a legal framework for bitcoin and other cryptocurrencies.Under the new law, cryptocurrency can be used as payment for imports to the country by government and local businesses. The law also addresses fuel supply and electrical consumption for bitcoin mining. Iran passed an act which enables the use of Bitcoin and cryptocurrency payments for imports through…
Organizations bring Africa, Costa Rica and Ukraine to the Metaverse to raise awareness
The Metaverse is quickly becoming one of the most important places for companies and individuals looking to expand their reach. New findings from research firm MarketsandMarkets predict that the Metaverse market size will grow from $61.8 billion in 2022 to $426.9 billion by 2027. In addition, a recent report from Juniper Research links nonfungible token (NFT) growth to metaverse use…