The Ethereum Foundation recently transferred nearly $30 million in Ether (ETH) to the Kraken cryptocurrency exchange, causing concerns among traders about a possible selloff event. This resulted in a 4.8% decline in the price of ETH to $1,900. However, this decrease has been insignificant so far, given the wider recovery trend in the market. Despite
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According to Kommersant, Russia saw seven placements of digital financial assets (DFAs) worth about 1 billion rubles ($13 million) in April. DFAs are a relatively new type of asset defined in Russia’s “On Digital Financial Assets” law, which came into effect in January 2021. Unlike decentralized cryptocurrencies, DFAs represent “digital rights” to securities or utility
Binance, a cryptocurrency exchange, has recently clarified that reports of large volumes of Bitcoin outflows were false. On May 8th, the exchange stated that reported “outflows” were actually just internal movements between hot and cold wallets due to address adjustments. Data from Coinglass showed that Binance experienced outflows of around 180,000 BTC in the last
$SPONGE token has recently experienced a surge of 1,500% in the last 48 hours, leading many investors to speculate that it could be the next $PEPE coin. As a newly launched project, $PEPE debuted in mid-April and quickly gained a market capitalization of over $1 billion, making it one of the fastest-growing projects in the
As of May 6, 2023, the total value locked (TVL) across all defi platforms has reached $49.31 billion. Lido Finance currently leads the pack with a 24.82% share of $12.24 billion. Over the past month, Lido’s TVL has grown by 9%, while posting a moderate 2.42% increase in the preceding week. This growth has helped
The Bitcoin network is currently experiencing a significant traffic jam with an overwhelming number of unconfirmed transactions. As of May 7, 2023, the latest statistics reveal that over 390,000 transfers are currently stuck in limbo, waiting for confirmation. The backlog is a result of the surge in minting and transferring of BRC20 tokens and Ordinal
Bitcoin Cash is set for a network upgrade on May 15 and one of the most discussed improvement proposals is the Cashtokens CHIP. Pro-freedom technologies advocate and software developer, Jason Dreyzehner, believes the upgrade will permit advanced on-chain applications, such as higher-security vaults, decentralized exchanges, and bridged sidechains, making it comparable to ethereum, more scalable,
The SUI token has experienced a significant drop in price after its market debut on leading cryptocurrency exchanges. Just two days after establishing a record high of around $4 on Binance, SUI’s price dropped about 70% to $1.26 per token on May 5. However, on Kraken and other exchanges, its market cap was $1.60 or
The US Justice Department is currently investigating whether Binance Holdings Ltd. was involved in allowing Russians to bypass US sanctions and transfer money via the cryptocurrency exchange. Bloomberg News reported that the Justice Department’s national security division is assessing whether Binance or its officials acted unlawfully when it came to sanctions in relation to Russia’s
A financial analyst has warned that US-based crypto exchange, Coinbase, is facing an “existential risk” as the Securities and Exchange Commission (SEC) continues its crackdown on the crypto industry. This warning follows renewed concerns among Coinbase investors that tokens listed on the exchange could be considered securities under SEC rules, which would bring a host
