Author: Sollcrypto

PayPal’s New Ethereum-Based Stablecoin PYUSD Sparks Mixed Sentiments in the Crypto Community The recent launch of PayPal’s Ethereum-based stablecoin, PYUSD, has evoked mixed reactions within the crypto community. While some see it as a positive development that could drive Ethereum towards mainstream adoption, others express concerns about its potential impact on decentralization and individual asset control. Launched on August 7 and issued by Paxos Trust Co., the same firm behind Binance USD (BUSD), PayPal USD is built on the Ethereum blockchain and is specifically designed for digital payments and Web3 applications. The stablecoin is expected to be made available to…

Recent Research Reveals Surge in Cryptocurrency Trading via Telegram Bots According to a recent study conducted by Binance, the use of Telegram bots for cryptocurrency trading has witnessed a significant increase in activity over the past few weeks. This trend highlights the growing interest and adoption of automated trading solutions within the crypto community. PayPal Unveils PayPal USD (PYUSD), a USD-Backed Stablecoin In a move to strengthen its presence in the digital currency space, PayPal has introduced a new stablecoin named PayPal USD (PYUSD). The stablecoin is backed by the US dollar and has been issued in collaboration with Paxos…

Blockstream CEO Adam Back, a prominent figure in the early days of cryptocurrency, displays strong belief in Bitcoin’s potential to surge beyond $100,000, setting the stage for an all-time high before the 2024 halving. Back’s confidence is evident as he confidently places a million-dollar wager on this prediction. The bet was struck during an intriguing exchange on X (formerly Twitter) on August 7, where Back engaged with pseudonymous user @Vikingobbitcoin. While Back stands firm on the belief that Bitcoin will reach $100,000 by March 31, 2024, @Vikingobbitcoin holds the opposing view, predicting it won’t happen until 2025. Roughly a month…

XRP Price Falls Short of Expectations Despite Favorable Court Ruling; Pro-XRP Lawyer Deaton Remains Hopeful After a recent court ruling in favor of XRP, the cryptocurrency experienced a brief rally. However, the price failed to reach the anticipated levels. Despite this setback, pro-XRP lawyer John Deaton maintains his optimism and ambitious price targets for the token. Addressing a post from a user named Moon Lambo on X (formerly Twitter), Deaton responded to complaints from some investors about slow price gains in digital currencies year-to-date. Moon Lambo argued that XRP has still grown by 85% this year, implying an overall positive…

According to market cyclist Cole Garner, Bitcoin (BTC) is currently experiencing a downtrend with its ticker down to $29,037. However, he believes that this is just a classic setup for a “full bull” phase in the BTC price. Garner’s social media analysis on August 6 suggests that significant upside potential awaits not only Bitcoin but also the broader cryptocurrency market. In addition to whales, smaller investors, referred to as fish, have also been increasing their exposure to BTC. According to popular technical analyst CryptoCon, whales are being dubbed “diamond hands” due to their resilient behavior in the current cycle. A…

JPEG’d, the Nonfungible token finance (NFT-Fi) protocol, has officially verified the return of 5,495 Ether (ETH), which amounts to approximately $10 million at the current price of $1,829 per ETH. These funds were retrieved from the Curve Finance hacker. As a reward for returning the stolen funds on July 30, the hacker received a bounty of 610.6 ETH, equivalent to $1.1 million. JPEG’d, a decentralized lending protocol facilitating borrowing against collateralized NFTs, suffered a significant loss of $11.6 million worth of crypto during the major hack on Curve Finance. However, in an Aug. 4 Twitter thread, the JPEG’d team confirmed…

In the first half (H1) of 2023, the classic buy and hold strategy for Bitcoin (BTC), represented by the ticker symbol $29,033, outperformed the majority of crypto funds by an impressive 68.8%. Data from Switzerland-based investment adviser, 21e6 Capital AG, revealed that on average, crypto funds generated returns of 15.2% during the same period (Jan. 1 to June 30). In comparison, BTC recorded a substantial price gain of approximately 84%. In an Aug. 2 half-year report, Maximilian Bruckner, the head of marketing at 21e6 Capital AG, emphasized the significance of the findings. He pointed out that crypto funds have historically…

On August 4th, Binance, the crypto exchange, revealed its plan to incorporate 22 new loanable and collateral assets into its Flexible Loan and VIP Loan services. The list of newly disclosed collateral assets includes Shiba Inu (SHIB) at $0.000009, Compound (COMP) at $56.43, and Theta (THETA) at $0.76. This announcement has sparked discussions about the possibility of Bone ShibaSwap (BONE) tokens being listed on Binance, coinciding with the imminent launch of the layer-2 blockchain, Shibarium, expected to occur in August. The exchange is actively expanding its offerings by introducing these 22 cryptocurrencies as loanable collateral assets on its platforms. Binance…

SEC and Binance Respond to Eeon’s Intervention Request in Lawsuit The United States Securities and Exchange Commission (SEC) and Binance have submitted their responses to the entity “Eeon,” which sought to intervene on behalf of customers in the SEC’s case against the cryptocurrency exchange. Both Binance and the SEC objected to Eeon’s request for intervention in the lawsuit, arguing that it does not fulfill the required legal criteria for intervention and consent, as per the U.S. District Court for the District of Columbia. The SEC further contends that Eeon has a track record of multiple unsuccessful attempts at representing itself…

Achieving true decentralization is a goal pursued by many crypto projects. However, the outcomes often prove too intricate for regular users to embrace confidently. So, what could be the remedy? Recent incidents, including the notable downfall of major industry players like the cryptocurrency exchange FTX, have laid bare the excessive centralization prevailing in the crypto realm. Former FTX CEO, Sam Bankman-Fried, is currently facing a series of criminal charges, with allegations suggesting that his decision-making significantly contributed to the exchange’s collapse. Challenges of true decentralization Despite the importance of true decentralization in unleashing the potential of the emerging crypto market,…