After recovering the HUSD stablecoin’s dollar peg, crypto exchange Huobi explained what caused the short-term liquidity problem and assured users that it has been resolved. On Aug. 18, HUSD started to fall from its dollar value, trading at $0.92 at the start of the day and falling as low as $0.82 a few hours later. This alarmed community members, speculating…
The Inflation Reduction Act, signed into law this month by President Joe Biden, empowers the IRS with nearly $80 billion in new funds. The world’s most powerful tax collection agency is using the money to go on a hiring spree to fuel much tougher enforcement efforts. It is widely assumed that the audits will be brutal and widespread. Taxes start…
Many aspects of the Bitcoin mining industry are poorly understood and often misrepresented. But one practice in this sector stands apart for the misunderstandings and underappreciation that surround it: intermittent mining. While most miners aim to achieve as much uptime as technically feasible — meaning their machines are online and hashing instead of offline or powered down — some miners…
Bitcoin was significantly lower on Friday, as the token fell by over $1,500 in a 24-hour period. The world’s largest cryptocurrency has been declining all week, however today’s drop engulfed previous losses. Ethereum was also in the red, as the token fell below $1,700 for the first time in almost ten days. Bitcoin Bitcoin (BTC) fell lower for a seventh…
Japanese financial giant SBI Holdings has partly terminated cryptocurrency mining in Russia due to geopolitical uncertainty and the crypto winter. SBI Holdings suspended mining operations in Russia’s crypto mining-rich region of Siberia, citing reasons like Russia-Ukraine conflict and the ongoing bear market, Bloomberg reported on Thursday. The Japanese online brokerage shut down the Siberian mining operations shortly after Russia started…
In the same year in which he has spent hundreds of millions bailing out struggling crypto lenders and had his face plastered on billboards, FTX CEO Sam Bankman-Fried still says LedgerX—now renamed FTX US Derivatives—still commands the majority of his attention. The crypto exchange finalized its acquisition of Ledger Holding, the parent company of CFTC-licensed LedgerX, for an undisclosed amount…
The music industry continues to find inventive ways to integrate decentralized technology into new releases to benefit both artists and their fans. Electronic dance music (EDM) artist R3HAB and blockchain-based music community anotherblock released a single on Aug. 19 with the idea of “democratizing music rights.” The nonfungible token (NFT) included in the drop allows holders to earn royalties based on…
Stepn has teamed up with Spanish soccer team Atlético de Madrid and all-in-one crypto exchange Whalefin to release a new collection of 1,001 soccer boot NFTs in Stepn’s “move-to-earn” running app. Since its release at the beginning of the year, Stepn has encouraged crypto fans and “non-crypto natives” alike to lace up their running shoes and hit the asphalt to…
The pressure on crypto is growing swiftly in the Philippines. After a recent series of controversial moves from the state regulators and local think tanks, the country’s central bank published a warning to the citizens, discouraging them from engaging in any operations with unregistered or foreign crypto exchanges. The announcement itself doesn’t sound menacing but taken in the context of…
Many owners of precious Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, who used them as collateral to take out loans in Ether (ETH), have failed to repay their debts. The situation could lead up to the NFT sector’s first massive liquidation event. gm. As a result of the floor dropping to 72, the first BAYC liquidation auction on BendDAO…
