Cryptocurrency News

Acala community votes to burn 2.97 billion of erroneously minted aUSD stablecoinAccording to a new post by Acala Network co-founder Bette Chen, the community has voted to burn 2.97 billion worth of Acala USD (aUSD) stablecoin.Acala is a decentralized finance platform built on the Polkadot (DOT) ecosystem. The week prior, the price of aUSD fell to less than $0.01 from its dollar peg after it was di

Bitcoin whales attack sellers at $22.3K as euro drops below USD parityBitcoin (BTC) drifted near $21,000 on the Aug. 22 Wall Street open as the new week began without a rebound.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD failing to summon a comeback after last week’s 11.6% losses.BTC/USD order book chart (Binance).

Shiba Inu (SHIB) Becomes #1 Crypto Among Ethereum (ETH) Whales: Here’s WhyIn spite of Shiba Inu’s (SHIB) boat getting heavily rocked by Ethereum (ETH) whales last week, the top canine coin Shiba Inu (SHIB) became a top hit among the 100 largest whales. This is evident by statistics provided by WhaleStats, claiming a total of $155,613,759, which is almost double the capitalization of $B

. The Decline Of Proof-of-Work Is Here – Big Eyes Coin Could Outperform Bitcoin and DogecoinIn the cryptocurrency market, there are two modes of consensus that the majority of cryptocurrencies abide by. They are Proof-of-Work (PoW) and Proof-of-Stake (PoS). Newer cryptocurrencies often gravitate towards PoS because of its nominal fees, faster speeds, high security, and reduced impact on t

Ethereum advances with standards for smart contract security audits The Ethereum ecosystem continues to witness a flurry of activity that has individuals and organizations deploying token contracts, adding liquidity to pools and deploying smart contracts to support a wide range of business models. While notable, this growth has also been riddled with security exploits, leaving decentralized financ

Summer doldrums? Crypto volumes are down 55%, according to CoinShares Crypto investment products registered minor weekly outflows last week as volumes plunged to their second-lowest levels of the year, signaling weak demand among institutional investors during the tail end of summer.Outflows from digital asset investment products totaled $8.7 million in the week ending Sunday, CoinShares reported

The Sandbox Invests $1.7M in INDEX GAME to Improve Metaverse ExperienceINDEX GAME, a metaverse agency, has received an investment of about $1.7 million from The Sandbox. The announcement was made via Twitter (NYSE:TWTR) and other official social media handles. Marking the occasion of their first anniversary, INDEX GAME received the million-dollar investment. “The Sandbox is investing up to US$1.

Fed Tightening Expectations Still Driving Near-Term Crypto MarketsMorgan StanleyBy Sam BougheddaSpeaking on cryptocurrency markets, Morgan Stanley analyst Sheena Shah said in a note to clients Monday that Fed tightening expectations are still driving near-term crypto markets.Shah added that institutional crypto deleveraging appears to have paused as stablecoin market cap, an indicator of crypto

Voyager creditors oppose $1.9M employee retention proposal Voyager Digital Holdings’ committee of unsecured creditors has filed a motion to object to the firm's proposal to keep its employees by paying them monetary awards for staying in the company. On August 2, Voyager Digital filed a motion to the United States Bankruptcy Court in the Southern District of New York to approve the Key Employee

. Crypto Flipsider News – Market Update; ETH Staking Accelerates; Australia Token Mapping; Hoskinson’s ApologyRead in the Digest:Market update: BTC and ETH consolidate. Today’s biggest gainer and loserEthereum staking speeds up, Ethereum Classic hashrate hits all-time highAustralia will use’ token mapping’ as a framework to regulate cryptoRonin hackers convert stolen ETH funds int

Metaverse is a key factor in long-term NFT success, says new researchA new report from Juniper Research analyzed the trajectory of the nonfungible token (NFT) market over the next five years. According to the study, global transactions related to NFTs will escalate from 24 million in 2022 to nearly 40 million by 2027. One of the top catalysts to push NFT adoption will be those linked to metaverse

. BendDAO Protocol Drained, $55M Worth Of NFTs At Risk Of LiquidationThe crypto grim reaper just can’t get enough of Bored Apes, as the BAYC related lending protocol BendDAO ran out of liquidation overnight. There were warnings last week that the NFT lending contract might summon the ghost of crypto winter, and now, with BendDAO’s balance standing at only 15 Wrapped Ether (wETH), the si

How Does New $4 Million Cryptocurrency GryffinDAO Compare With Blockchain Networks Like Cosmos and Filecoin?Bitcoin introduced several proposals in its whitepaper in 2009 about managing people’s finances more efficiently than the existing traditional system. In reality, however, Bitcoin and many other crypto projects lack the essential features necessary for ensuring price stability.Some of the

South Korea Plans To Regulate Crypto Airdrops With 10%-50% Gift TaxSouth Korea’s Ministry of Strategy and Finance has issued a statement announcing that virtual asset airdrops can also be subject to the gift tax.According to the interpretation of the Ministry of Finance’s tax law, based on individual cases, gift tax will be applied to free virtual assets when the property value is paid out.The

Cardano’s Ecosystem Developer Says The Testnet Is Now “Better Than Ever”Cardano ecosystem developer Adam Dean, who said in a Friday thread on Twitter (NYSE:TWTR) that Cardano’s testnet was “catastrophically broken,” has asserted that the Vasil hard fork is now “better than ever.” Vasil is Now Better than EverOn Friday, Adam Dean called on Charles Hoskinson to deploy the tooling nee

USDC whale holdings percentage lowest in almost two yearsThe percentage of USD Circle (USDC) stablecoins held by major wallet addresses dropped to its lowest point in almost two years as the cryptocurrency market downturn continues.Cryptocurrency analytics firm Glassnode has released the latest data on USDC metrics, reflecting a recent sell-off of the second biggest U.S. dollar-backed stablecoin b

Stablecoin issuers hold more US debt than Berkshire Hathaway: ReportStablecoin issuers like Tether (USDT) and Circle have accumulated a significant share in the United States Treasury market, outperforming major traditional finance players.Various stablecoin providers collectively held $80 billion worth of short-term U.S. government debt as of May 2022, according to a study by the investment bank

. Ripple (XRP) Back to Red Zone, Lost Monthly GainsThe price of Ripple (XRP) dropped by over 11% over the weekend, signaling the entrance to the correction phase and erasing the gains of the month-long XRP rally.The 7th largest crypto with more than a $16.5 billion market cap, started the new week with a 4.2% fall to $0.3334 on Monday, August 22nd. It is the third time that XRP has tested t

Correlation growing between crypto and equity markets in Asia, says IMFBefore the COVID-19 pandemic in Asia there was a strong division between the crypto and financial markets in general. Now, that border has got thinner and the situation demands additional regulatory measures, the International Monetary Fund (IMF) believes. In a blog post from Aug. 21, a group of IMF economists shared their conc

Profiting in Bear Markets Using Dual Currency ServicesMuch like the rotating seasons of summer, spring, autumn, and winter, bear markets are a recurring aspect of life that cannot be avoided. Bear markets are difficult to predict exactly. We never know when they will come, how long they will last, or how deep they will go. This may seem like a reason to panic. However, bear markets are also filled

Uniglo (GLO) Offers Better Prospects Than Solana (SOL) And Avalanche (AVAX) For The Next Bull RunSolana (SOL) and Avalanche (AVAX) fans are anxiously anticipating the next bull run hoping to double or triple their investment in a matter of months. While these layer-1 competitors are likely to see a pump when traders take profits after the Ethereum merge, it’s expected to be short-lived.

Sam Bankman-Fried’s FTX Revenue Surges Over $1 Billion on 1000% GrowthSam Bankman-Fried’s crypto exchange, FTX, recorded exponential growth in 2021 to see its annual revenue reportedly surge more than 1,000%, from $89 million in 2020 to $1.02 billion in 2021.FTX Revenue Surges Over $1 BillionLeaked internal documents of the financial audits of FTX for the fiscal year 2020-2021 show tha

Bitcoin (BTC) & Beyond: Australia To Start Crypto MappingThe freshly elected Australian government is looking to make the national crypto adoption as smooth as silk. Prime Minister Anthony Albanese’s government is set to become a country like no other with the first crypto mapping system. This means that every cryptocurrency used in Australia will be charted by number, type, and the underlyi

BendDAO contract now has only 15 ETH left to pay lendersLending protocol BendDAO has run out of Wrapped Ether (wETH) in its contract. At the time of writing, the contract only has 15 WETH to pay lenders, and an estimated 15,000 Ether (ETH) left to be paid to lenders. Researcher NFTStatistics.eth dissected the issue in a Twitter (NYSE:TWTR) thread, highlighting that NFT borrowers in the platform sh

BTC to lose $21K despite miners’ capitulation exit? 5 things to know in Bitcoin this weekBitcoin (BTC) starts a new week fresh from a new multi-week low amid a return of highly nervous sentiment.After dipping below $21,000 over the weekend, the largest cryptocurrency is consolidating around 10% lower than a week ago, and the fear across crypto markets is clearly visible.Fed funds rate chart (scr