Author: Sollcrypto
On August 17, Binance, recognized as the world’s largest cryptocurrency exchange, received a notice from payment processor Checkout.com, indicating the termination of their contract due to concerns surrounding regulations. Yet, as detailed in a report by Forbes, Binance expressed dissent over Checkout.com’s grounds for ending the agreement and hinted at the potential pursuit of legal action. Dewi Mustajab, Binance’s spokesperson, remarked, “We have made significant strides in developing a top-tier compliance program and aim to enhance trust with both regulators and partners.” Mustajab additionally emphasized that the contract’s termination by Checkout would not disrupt the services provided by Binance. Checkout.com,…
Global Disparity: Mining 1 BTC in Lebanon Costs 783 Times Less Than Italy, CoinGecko Finds In a striking international divergence, the expenses associated with mining an individual Bitcoin (BTC) show remarkable contrasts across households worldwide. According to a recent report from CoinGecko, the cost of producing one Bitcoin in Italy reaches a staggering $208,500, while in Lebanon, the expense is approximately 783 times lower. CoinGecko’s report, published on August 17, delves into the details, revealing that a mere 65 countries offer profitability for solo Bitcoin miners, exclusively based on household electricity costs. Within this set, 34 countries belong to Asia,…
On August 18, separate attacks targeted two decentralized finance (DeFi) protocols, Exactly and Harbor. These incidents were reported by blockchain security companies, DeDotFi and PeckShield. Detailed blockchain data highlights that a sum of 4323.6 Ether (ETH), equivalent to approximately $7.3 million at the current valuation of $1,669 per ETH, was compromised from Exactly Protocol. Following the breach, the attackers transferred 1490 ETH through the Across Protocol and 2,832.92 ETH to the Ethereum network via the Optimism Bridge. Exactly operates as one of the crypto lenders functioning within the Optimism network. Initial reports indicated a theft of more than 7160 ETH,…
On August 19, the cryptocurrency market continued to experience a decline in price trends, while the total market capitalization aimed to remain above the $1 trillion mark. Bitcoin (BTC), represented by the ticker symbol “BTC,” saw its price decrease to $25,894, and it struggled to maintain the $26,000 level as the market transitioned into the weekend. Bitcoin Takes the Lead in Crypto Market Declines The significant downward movement this week took place on August 17, spurred by reports of Elon Musk’s SpaceX liquidating its Bitcoin holdings and several other significant factors. Bitcoin, holding a dominant share of almost 50% in…
DappRadar has highlighted a significant decline in user engagement with Bitcoin Ordinals nonfungible tokens, noting a remarkable 98% drop in trading volumes since May. According to a report dated August 17, DappRadar’s data revealed that total sales volume for Bitcoin Ordinals had plummeted from its peak of $452 million in May to approximately $3 million by August 14. This decline was mirrored in the number of transactions, which also saw a sharp decrease of about 97% to a total of 20,571 within the same time frame. DappRadar depicted the situation in the Ordinals market as rather bleak. However, the report…
Bored Ape Yacht Club (BAYC) founders, Yuga Labs, are preparing to scale back their involvement with OpenSea, in response to the platform’s imminent discontinuation of its on-chain royalty enforcement feature known as Operator Filter. Introduced in November 2022, the Operator Filter offered creators the ability to limit secondary sales of nonfungible tokens exclusively to marketplaces that upheld creator royalty rules, effectively filtering out platforms like Blur. However, on August 17, OpenSea declared its intention to phase out the tool by the end of August. The decision was attributed to a lack of comprehensive adoption across the ecosystem, platforms finding ways…
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Within a mere 10-minute timeframe, the value of Bitcoin (BTC) witnessed an approximate 8% decline, leading the cryptocurrency to plummet significantly below the $26,000 mark, only to regain some of its losses later. On August 17, at 9:30 pm UTC, BTC was in the vicinity of $27,677 before undergoing a swift descent of slightly over 8% to settle at $25,409, as reported by CoinMarketCap. Bitcoin’s price saw an even lower point on the Bitfinex crypto exchange, reaching a nadir of $24,715, only to subsequently rebound and climb above the $26,000 threshold. Initial responses from the X (Twitter) community have linked…
Bitcoin’s closure below $29,000 on August 16 marked the first occurrence in 56 days. Analysts swiftly attributed this occurrence to the recently released Federal Open Market Committee minutes, which highlighted worries about inflation and the necessity of raising interest rates. Although the immediate catalysts for the decline are clear, the impending expiration of $580 million worth of Bitcoin options on Friday, with a strike price of $26,482, seems to favor the bearish sentiment. This potential scenario could result in a $140 million profit on August 18, further contributing to the downward momentum of Bitcoin. This complicates the cryptocurrency’s pursuit of…
After an extensive testing period involving millions of participants and the creation of 21 million wallets, Shiba Inu introduced the Shibarium mainnet on August 16th. This Ethereum layer-2 scaling solution is a significant step forward for Shiba Inu. Shibarium utilizes a novel consensus mechanism known as proof-of-participation (PoP), which selects validators based on the amount of cryptocurrency they hold, rather than relying on resource-intensive proof-of-work schemes. This innovation aims to mitigate computational expenses. The new layer-2 blockchain, designed to seamlessly interact with the primary Ethereum layer-1 blockchain, presents a more efficient and economical platform for conducting transactions. Shiba Inu, symbolized…