The Dow Jones Industrial Average has declined for eight consecutive weeks, the first such losing streak since 1923. On May 20, the S&P 500 briefly fell into bear market territory, indicating that traders continue to sell risky assets in fear of a recession. Due to its tight correlation with US equities markets, Bitcoin (BTC) has remained under pressure for many…
Following his release from prison, the former hedge fund manager and convicted felon, Martin Shkreli, discussed cryptocurrencies and using the decentralized exchange (dex) platform Uniswap from a federal penitentiary. The so-called ‘Pharma Bro’ further explained that eventually, a crypto entity could dethrone some of the largest banking giants. Martin Shkreli Talks Defi and Cryptocurrencies Martin Shkreli has been released from…
The memes and classist slurs Terra CEO Do Kwon has slung at critics on Twitter now ring with a hollow irony in the face of severe liquidations and a dollar-based stablecoin now 95 cents below its peg. Some saw it coming. In 2018, Cyrus Younessi, an analyst at crypto investment firm Scalar Capital, saw UST’s white paper and immediately warned…
In 2022, Ethereum appeared as the largest network by DeFi TVL, accounting for over half of the total DeFi volume worldwide. To give some perspective, the Ethereum DeFi network includes just under 500 protocols. It has a TVL of approximately $73 billion, with 64% of the market share, compared with BNB Smart Chain, which is the second-highest TVL at $8.74…
In brief Popular musician and producer Pharrell Williams spoke at the VeeCon NFT conference on Saturday. He described the potential impact of Web3 on creative industries, but also on human rights and the wider world. Musician, producer, and fashion designer Pharrell Williams believes that a revolution is coming that will shake up the music industry, the financial system, and even…
Russian law enforcement officials are investigating a crypto mining operation at Butyrka, Russia’s oldest prison. A deputy warden has been accused of stealing electricity to mint digital coins with the help of unidentified accomplices. Deputy Warden Suspected of Mining Cryptocurrency in Moscow Prison A high-ranking representative of the management of Butyrskaya prison, in the Tverskoy District of central Moscow, is…
Digital artist Beeple’s Twitter account was hacked today as part of a phishing scam that appears to have stolen more than $70,000 in Ethereum. According to the NFT artist and others on Twitter—including Harry Denley, a security expert at cryptocurrency wallet MetaMask—Beeple’s account temporarily shared a phishing link that, if clicked on, would steal users’ crypto. The tweet shared a…
CoinSwitch CEO Ashish Singhal on Sunday called for clearer rules to resolve the regulatory uncertainty in India’s cryptocurrency space. At the World Economic Forum in Davos, Singhal told Reuters: “Users don’t know what will happen with their holdings—is the government going to ban, not ban, how is it going to be regulated? Regulations will bring peace … more certainty” Bengaluru-based CoinSwitch,…
Bitcoin Pizza Day. The fabulous event that takes place once each year on May 22. I won’t bore you with all the details. Laszlo Hanyecz paid 10,000 BTC for two Papa John’s pizzas in what’s widely believed to be the first transaction of bitcoin for a physical good. Let’s put some dollar value on this transaction. The two pizzas together…
Amid the market carnage tied to Terra’s recent fallout, bitcoin sent to exchanges saw a brief spike on May 7, jumping more than 2% higher from 2.481 million to 2.532 million bitcoin. Despite the recent increase of bitcoin sent to trading platforms, the number of bitcoins on exchanges today remains lower than ever before. Bitcoin Continues to be Taken Off…
