The Middle East and North Africa (MENA) lead the world in the adoption of blockchain and cryptocurrencies because governments in the region actively promote digital transformation in their strategic future visions, according to Faisal Al Monai, chairman and co-founder of Droppgroup. This commitment by governments in the region “creates a favourable environment for the growth …
Monthly archives: May 2024
Trader Who Called 2021 Collapse Issues Bitcoin Alert, Says BTC May Be In for More Downside – Here’s His Target
A trader known for several accurate crypto market calls says that Bitcoin (BTC) may not be done correcting after suddenly dropping below $58,000. Pseudonymous analyst Dave the Wave tells his 146,700 followers on the social media platform X that he is closely watching to see if Bitcoin will hold as support at a key Fibonacci …
Over $448,000,000 in Bitcoin, Ethereum, Solana, Dogecoin and Other Coins Liquidated As BTC Crashes Below $58,000
Leverage traders are seeing red after Bitcoin (BTC) suddenly plummeted below $58,000, dragging altcoins down with it. According to crypto data aggregator Coinglass, over $448,490,000 in liquidations have occurred in the last 24 hours – more than 84% from leveraged longs. Leading exchange OKX hosted the largest amount of liquidations at $171.28 million, followed by …
Bitcoin Could Undergo a ‘Little Bit Bigger of a Drop’ if Indicator That’s Acted as Support Flips: Benjamin Cowen
Widely followed analyst Benjamin Cowen is warning that Bitcoin (BTC) could fall further after the flagship crypto asset hit a low last recorded in February. Cowen tells his 801,000 YouTube subscribers in a new video that Bitcoin could experience more downward pressure if the price falls below the 100-day simple moving average (SMA). “In the …
FuturesAI: the Jigsaw Puzzle of Your Crypto Trading
Many traders feel like crypto futures trading is a complex jigsaw puzzle with countless pieces scattered everywhere, where you meticulously research the market, analyze charts, and try to predict trends. However, putting it all together for a winning trade can feel overwhelming. Luckily for you, that’s where FuturesAI comes in, the missing piece you’ve been …
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MicroStrategy decentralized identity solution leveraging Ordinals attracts criticism from core Bitcoin proponents
MicroStrategy’s chairman, Michael Saylor, revealed the firm’s ambitious plan to introduce a decentralized identity solution called MicroStrategy Orange on the Bitcoin network during his Bitcoin For Corporations talk on May 1. Saylor underlined the potential of establishing a universal standard with the distinctive orange checkmark, envisioning it as a global alternative to the commonly recognized …
Attackers Steal $1.6 Million in Digital Assets From Defi Protocol Pike Finance
Unknown attackers recently siphoned digital assets valued at just under $1.6 million from the decentralized finance protocol, Pike Finance. The protocol announced it is offering a 20% reward for the return of the funds, while an ongoing investigation into the incident continues. USDC Vulnerability The decentralized finance (defi) protocol, Pike Finance, said on May 1 …
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Aave Labs Unveils Ambitious Plans for Protocol V4: Enhancing GHO Stability and Cross-Chain Liquidity
Aave Labs proposed a significant upgrade to its protocol, aimed at enhancing features like its stablecoin GHO, introducing a Unified Liquidity Layer for better integration, and improving the protocol’s architecture for cross-chain liquidity across both Ethereum and non-EVM layer-1 platforms. The update also focuses on automatizing interest rates based on market conditions with Chainlink data …
Wyoming Senator Slams DOJ’s Take on Non-Custodial Crypto Software, Vows to Protect User Rights
Wyoming’s Republican Senator Cynthia Lummis has responded to the Department of Justice’s (DOJ) latest argument regarding non-custodial software. Lummis’s remarks follow the DOJ’s reply brief on the indictment against Tornado Cash developer Roman Storm’s motion to dismiss. Senator Lummis Questions DOJ’s Non-Custodial Wallet Stance, Cites Legal Misinterpretations Senator Cynthia Lummis, a staunch advocate of cryptocurrency, …
Here’s When Bitcoin Could Halt the ‘Slide’ and Start To Pump, According to On-Chain Analytics Firm Santiment
The director of marketing at blockchain analytics firm Santiment, Brian Quinlivan, is listing two developments that could ignite a recovery in the price of Bitcoin (BTC). Quinlivan says in a new video that accumulation by whales and sharks (those holding between 10 and 10,000 BTC) as well as widespread fear, uncertainty and doubt (FUD) among …
Uniswap, the SEC and Regulatory Riptide – What DeFi Must Do Next
HodlX Guest Post Submit Your Post DeFi (decentralized finance) has been nothing short of a revolution. Its startling promise – to upend traditional financial systems and usher in an era of unprecedented accessibility, transparency and autonomy. From humble beginnings, this new ecosystem has undergone explosive growth, now boasting a fervent global following and billions in …
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Pike Finance admits to error following $1.7 million exploit, denies fault of USDC
On May 1, DeFi protocol Pike Finance corrected its description of a recent exploit and said it was not caused by a USDC vulnerability, as previously stated. According to the company’s latest statement: “The term ‘USDC vulnerability’ was inaccurate for summarizing last week’s exploit.” Instead, weaknesses in Pike’s contract functions, particularly issues related to the …
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US Coal Miner Uses Excess Power to Mine BTC; Earns 61 Coins in Q1 2024
Alliance Resource Partners (ARLP), a coal mining company in the U.S., recently disclosed its use of underutilized electricity loads for bitcoin mining. Cary Marshall, the company’s CFO, revealed that ARLP concluded the first quarter of 2024 with an approximate total of 425 bitcoins. Marshall also stated that during the first quarter, ARLP mined 61 bitcoins …
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Jack Dorsey’s Block Faces DOJ Probe Over Alleged Transactions With Sanctioned Nations and Terrorist Groups
Department of Justice (DOJ) federal prosecutors from the Southern District of New York are investigating fintech company Block, formerly known as Square, for significant compliance failures in its transaction monitoring systems after a former employee revealed lapses that included processing transactions with sanctioned nations and groups linked to terrorism. Allegations against Block include handling transactions …
Defi’s TVL Declines by $10 Billion in April Despite Growth in Bitcoin and Newer Blockchains
The total value locked (TVL) in decentralized applications (defi) experienced a 7% decrease, dropping $10 billion in April, with defi’s ecosystem ending the month at $138.6 billion despite a widespread outflow of funds from several blockchains, such as a significant drop in Avalance and Solana. Despite the overall downtrend, Bitcoin, Base (a Layer two blockchain …