Users of decentralized finance lending platform Compound Finance have passed a proposal to restrict the maximum borrowing of 10 tokens on the protocol. The proposal put forth by financial modeling firm Gauntlet passed Nov. 28 by majority vote, although the total turnout amounted to less than 7% of the COMP tokens in circulation. Most notably,
JPMorgan has outlined key changes it expects in the crypto industry and its regulation following the collapse of crypto exchange FTX. The global investment bank envisages several new regulatory initiatives, including those focusing on custody, customer asset protection, and transparency. JPMorgan Expects Major Changes in Crypto Industry Post FTX Meltdown Global investment bank JPMorgan published
Christine Lagarde, president of the European Central Bank, or ECB, has once again called regulation and supervision of crypto an “absolute necessity” for the EU in the wake of the collapse of crypto exchange FTX. At a Nov. 28 hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Lagarde cited Facebook’s
China witnessed a spike in Covid cases and that has resulted in strict lockdown restrictions in several parts of the country. This triggered widespread protests in China and has possibly pulled the global stock markets lower. In addition to the turmoil in China, the cryptocurrency markets, which are already in a bear grip, are reeling
Bitcoin (BTC) hovered above $16,000 on the Nov. 28 Wall Street open as analysts diverged on what to expect from the next market move. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin spot price near key support Data from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining the $16,000 support level at the time of writing
An inside joke about the “insolvency” of Wrapped Ether (wETH) over the weekend has forced influencers to explain it was just a “shitpost” after members of the community took it as real. The wETH insolvency FUD (fear, uncertainty and doubt) seemingly began to make the rounds on Nov. 26, with false rumors alleging that wETH
Cristosal, a Salvadoran nonprofit human rights organization, has filed three lawsuits related to President Nayib Bukele’s management of public funds to purchase bitcoin. The processes are being run before several national and international bodies, and call for the government to offer information on these purchases. President Nayib Bukele Sued by Salvadoran Nonprofit Cristosal On Nov.
The collapse of the now-bankrupt cryptocurrency exchange FTX has raised many concerns over unregulated centralized platforms. Investors are now coming to question how safe it is to keep one’s funds on these exchanges and have voiced grave concerns about centralized decision-making without any checks. FTX held one billion in a customer’s fund and was found
The collapse of the now-bankrupt cryptocurrency exchange FTX has put the Singapore prime minister and the ruling government in a hot seat. Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong are set to face grilling questions for their failure to protect retail investors. The Members of Parliament (MP) from the opposition Workers’
Billionaire entrepreneur Elon Musk has confirmed that he intends to integrate payments into what he describes as Twitter 2.0 — “The Everything App” — fuelling a short-lived 19.4% price surge for meme-inspired cryptocurrency Dogecoin (DOGE). The new Twitter CEO revealed his plans in a Nov. 27 tweet to his 119.2 million followers, in which he
No matter if one analyzes Ether’s (ETH) longer-term or weekly time frame, there is little hope for bulls. Besides the negative 69% year-to-date performance, a descending channel has been pressuring the ETH price while offering resistance at $1,200. Ether/USD 4-hour price index. Source: TradingView Regulatory uncertainty continues to weigh down the sector. For example, Starling,
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes
Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers fall 80% in a year. According to the latest data from on-chain analytics firm Glassnode, there are now just 23,000 wallets with a BTC balance worth $1 million or more. 1 year, 90,000 fewer million-dollar BTC wallets In yet another indication of how far
Billionaire Bill Ackman has warned that the crypto industry needs to self-police or it risks being shut down. He added that regulators need more resources to police the bad actors in the crypto space and will likely take years to catch up. Bill Ackman on Crypto Regulation and the Need for Industry to Self-Police Billionaire
However, the crypto space is notoriously fickle, and the collapse of once-established companies such as Celsius and FTX are stark examples of how people can lose billions of dollars in crypto assets almost overnight. For this reason, celebrity influencers should be thoroughly educated on a crypto product before promoting it. With so much at stake,
Bitcoin (BTC) has been trading in a tight range since Thanksgiving Nov. 24, as traders are uncertain about the next directional move. Usually, in a bear market, analysts tend to become uber-bearish and project targets that tend to scare away investors. The failure of Bitcoin to start a strong recovery has given rise to several
Russian President Vladimir Putin believes a new system for international money transfers is needed to reduce dependence on big banks and third parties. He is convinced that cross-border payments relying on digital currency and distributed ledger technology will be “much more convenient.” Russia’s Head of State Urges for Blockchain-Powered International Payments President of Russia Vladimir
The rising popularity of decentralized autonomous organizations (DAO) reflects the growing tendency toward the creation of community-focused projects within the Web3 ecosystem. At its core, a DAO is an organizational structure that allows decentralized decision-making within a community. Currently, there are over 4,000 of these projects in existence, according to the registration data of DeepDAO.
In October, Toronto-based Coinsquare became the first crypto trading business to get dealer registration from the Investment Industry Regulatory Organization of Canada (IIROC). That means a lot as now Coinsquare investors’ funds enjoy the security of the Canadian Investment Protection Fund in the event of insolvency, while the exchange is required to report its financial
The revenue earned by Bitcoin (BTC) miners fell to two-year lows owing to poor market performance and a heavier computational demand amid rising network difficulty. However, an ongoing downturn in the Bitcoin hash rate over the past month has allowed miners to recoup losses. The total Bitcoin mining revenue — block rewards and transaction fees
