Author: Sollcrypto
The nonfungible token (NFT) marketplace Rarible has witnessed a noteworthy increase in trading volume within a 24-hour period subsequent to a public declaration endorsing the preservation of NFT creator royalties. This development coincides with rival NFT marketplaces like OpenSea retracting their backing for royalties and royalty enforcement, which has subsequently spurred other NFT projects to reconsider their support for OpenSea. According to data from the analytics platform DappRadar, Rarible experienced an impressive surge of almost 585% in its 24-hour fiat trading volume, surpassing $45,000 on August 23rd. Although the numbers may seem modest in comparison to those of its competitors…
In recent times, the crypto market has witnessed a significant decline, as the overall market capitalization dropped by 10% from August 14 to August 23. This decline led the market to its lowest value in more than two months, settling at $1.04 trillion. Consequently, this movement has instigated notable liquidations in futures contracts, marking the largest occurrence since the FTX collapse in November 2022. Numerous economic factors have contributed to this downturn. With interest rates surpassing the 5% threshold and inflation persistently exceeding the targeted 2%, the costs of borrowing have surged for both households and businesses. This situation has…
Former OpenSea product manager Nathaniel Chastain has been sentenced by a federal judge to a three-month prison term due to wire fraud and money laundering associated with insider trading on the platform. According to an announcement from the United States Department of Justice on August 22, U.S. Attorney Damian Williams stated that Chastain has been handed a three-month prison sentence, followed by three months of home confinement, and a three-year period of supervised release. Additionally, Chastain is required to pay a $50,000 fine and forfeit Ether (ETH) obtained through nonfungible token (NFT) trades, which is valued at $1,631 as of…
The lawsuit initiated by the United States Securities and Exchange Commission against Ripple in December 2020 has resulted in a setback of nearly three years for the adoption of the XRP token, currently valued at $0.52. This insight was shared by pro-XRP attorney John Deaton in a recent post on the platform X (formerly known as Twitter). Deaton’s observations emerged in the context of Coinbase’s announcement about acquiring a minority stake in Circle, the issuer of the USD Coin (USDC) valued at $1.00, and their plans to enhance the USDC ecosystem. The attorney contemplated how Ripple and its XRP token…
Binance.US Collaborates with MoonPay to Introduce USD Transactions via USDT Following Two Months of Exclusive Crypto Operations Binance.US, after transitioning into a crypto-exclusive platform for two months, has unveiled a fresh collaboration with MoonPay, a cryptocurrency payments company. This partnership aims to enable users to purchase the U.S. Dollar-pegged stablecoin Tether (USDT), valued at $1.00, for utilization on the Binance.US platform. In an official statement on August 22, the cryptocurrency exchange declared the adoption of USDT as its new “base asset” for all transactions. The integration with MoonPay provides users with a pathway to engage in transactions using USD. This…
Thailand Threatens Legal Action Against Facebook Unless Crypto Scams and Fraudulent Ads Are Addressed Unless substantial measures are taken to counteract alleged investment and cryptocurrency scam advertisements on its platform, Thailand is considering pursuing a court-issued shutdown order against Facebook. According to an announcement made on August 21st by the Ministry of Digital Economy and Society, over 200,000 individuals have fallen victim to deceptive Facebook ads promoting cryptocurrency scams, fraudulent investment opportunities, and fictitious entities masquerading as legitimate government agencies like the Securities and Exchange Commission. Among the tactics employed by these fraudulent parties, the Ministry of Digital Economy and…
Coinbase and Circle Revamp Partnership Following Identical Blog Announcements on August 21st Coinbase and Circle have undertaken a transformative restructuring of their collaboration, as disclosed in synchronized blog posts on August 21st on both companies’ official websites. These two entities had previously collaborated on the creation and management of the USD Coin (USDC), a stablecoin pegged to the value of $1.00, with the token’s governance falling under the purview of the Centre Consortium. In a significant shift, the Centre Consortium will no longer operate as an independent entity, as explained in the blog posts. Instead, internal teams within Coinbase and…
Announcing its closure on Friday, NFT startup Recur revealed that its Web3 platform is gradually winding down, unable to endure the challenges of the crypto downturn. This comes despite the platform’s association with prominent brands like Hello Kitty and Nickelodeon, whose IP it hosted. In the coming months, Recur’s platform will progressively lose its essential functionalities, as detailed in a blog post by the company. This includes the capability for users to retrieve NFTs from Recur, convert stablecoin balances into cash, and engage in collectible trading on marketplaces hosted by Recur. “We recognize that this decision has been a challenging…
Friend.tech, a recently unveiled decentralized social (DeSo) network, achieved an impressive feat by accumulating over $1 million in fees within a 24-hour timeframe on August 19. This performance surpassed that of established players in the cryptocurrency landscape, including Uniswap and the Bitcoin network. The platform, introduced in beta form on August 11, introduces a novel concept where users can tokenize their social networks by buying and selling “shares” of their connections. This enables those who acquire these shares to engage in private messaging with one another. Operating with a 5% transaction fee, the protocol leverages the spread from trades to…
After a sharp 11% decline in Bitcoin’s value, currently at $26,105, trader sentiment has shifted to bearish. Despite finding some support around the $25,000 mark, numerous analysts are anticipating a further downward move, potentially targeting the significant $20,000 level. The downward trend isn’t confined solely to the cryptocurrency markets; the United States equities markets also experienced a week of losses. The S&P 500 Index registered a 2.1% decrease, and the Nasdaq Composite saw a drop of approximately 2.6%. Both indexes are now on a three-week losing streak, indicating that traders are adopting a risk-off approach in the short term. The…