The Lightning Network is a second-layer solution built on top of the Bitcoin (BTC) blockchain and its primary objective is to address the Bitcoin network’s scalability issues. It also allows for faster and cheaper transactions by facilitating off-chain payments through a network of payment channels. The Lightning Network has gained traction since its launch in
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PayPal’s launch of a U.S. dollar-pegged stablecoin has prompted questions from Democratic members of the House Financial Services Committee, while Republican leadership said the coin showed the potential of regulatory clarity. In an Aug. 9 statement, committee ranking member Maxine Waters said she was “deeply concerned” about the PayPal USD (PYUSD) stablecoin without a regulatory
In the most recent episode of The Market Report, analyst and writer Marcel Pechman delves into the topic of crypto exchange Binance’s proof-of-reserves. This report reveals a significant decline in USD Coin (USDC) balances, plummeting from $3.4 billion on March 1 to a mere $23.9 million by May 1. According to insights from on-chain analyst
Bitcoin (BTC) consolidated at a key flip zone on Aug. 9 as BTC price strength staged a sudden return. BTC/USD 1-hour chart. Source: TradingView BTC price toys with $29,700 “party” level Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $29,800 after a surge during the previous day’s Wall Street trading hours. That
Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureaux De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the Central Bank-licensed Bureaux de Change (BDC).
Renowned analyst Josh Olszewicz has shared some compelling insights on Ethereum’s price trajectory. Drawing parallels from historical patterns, Olszewicz’s analysis suggests that Ethereum might be gearing up for a significant rally in the coming months. Historical Pattern: Ethereum Forms Ascending Triangle Olszewicz starts by highlighting Ethereum’s current price pattern, jokingly stating, “Ethereum: ascending triangle 450
Bitcoin (BTC) recovered above $29,000 on Aug. 8 as one trader eyed a potential breakout already underway. BTC/USD 1-hour chart. Source: TradingView BTC price teases falling wedge breakout Data from Cointelegraph Markets Pro and TradingView followed a modest BTC price rebound after it set local lows of $28,670. Still in a tight range, Bitcoin largely
The United States Federal Reserve is broadening the scope of its supervision program which oversees U.S. banks that engage with the cryptocurrency and blockchain industry. An Aug. 8 announcement by the Federal Reserve Board established the Novel Activities Supervision Program which aims to limit certain crypto-related activities and facilitate a more fair playing field for
The X (Twitter) account of crypto-focused venture capital firm Blockchain Capital has seemingly been taken over by scammers attempting to lure users with the promise of a token claim. On Aug. 9, Blockchain Capital’s account made multiple posts promising a giveaway of “BCAP” tokens and directed users to a copycat website that emulates the appearance
In recent weeks, Ethereum has demonstrated a downtrend in shorter timeframes, where the bulls struggled to maintain the critical $1900 support zone. This allowed the bears to gain dominance. However, there appears to be a change in price sentiment during recent trading sessions. On the daily chart, ETH experienced a 2% climb. A positive movement
The price of Cardano (ADA) risks falling by over 20% in August as it enters a breakdown stage of a classic technical pattern that could be offset by some promising fundamentals. ADA price risks falling to June lows Dubbed Bump-and-Run-Reversal (BARR), the pattern develops when excessive speculation drives the prices higher quickly, eventually leading to
Moon and Brick, two tokens created by users of social media platform Reddit, are up 48% and 443%, respectively, in the past week after being listed on cryptocurrency exchange Kraken. In an Aug. 7 announcement, Kraken announced the listing of Moon and Brick for spot trading and perpetual futures. At the time of publication, users could only deposit
USD Coin (USDC) issuer Circle has released a beta version of a multi-party computation wallet (MPC) service, according to an Aug. 8 announcement. The new service will allow developers of DeFi apps, Web3 video games, e-commerce services, and other blockchain applications to create customized wallets specifically for their users. It will be available initially on
Cryptocurrency exchange Binance released its latest proof-of-reserves (PoR) on Aug. 1, offering transparency into its crypto reserves. However, the movement of its USDC reserves at the time of Silvergte’s collapse caught many people’s attention and became a topic of discussion on X. The latest reserve audit suggests Binance holds more than enough crypto and cash
A partnership between crypto e-commerce platform Bitrefill and eSIM Go enables crypto users to buy eSIMs in 140 countries worldwide. Crypto advocates can now swap crypto for data at the checkout, using Bitcoin (BTC), the Bitcoin Lightning Network, Ether(ETH) and stablecoins like Tether (USDT). The move makes it easier to live on crypto and travel
Less than 16 hours have passed since the launch of PayPal’s new stablecoin (PYUSD), and opportunists, degens and potential scammers are already attempting to cash in on the hype with their own copycat tokens. According to data from decentralized exchange scanner DexScreener, nearly 30 new token pairs sporting the ticker “PYUSD” have cropped up in
Paypal’s new Ethereum-based stablecoin, PYUSD has been seen as bittersweet news for the crypto community. While it could finally see Ethereum find its place in mainstream adoption, it could also spell trouble for decentralization and personal control of assets, warns the community. The new stablecoin, Paypal USD, was launched on Aug. 7 and is issued
Bitcoin (BTC) starts the second week of August with barely a sound as rangebound BTC price behavior continues. After one of its least volatile weekly closes, BTC/USD remains stuck at $29,000 — but can the coming seven days provide what is needed to break the deadlock? Headlining the list of potential volatility catalysts is United
The lower house of India’s parliament voted in approval of a bill that will ease data compliance regulations for Big Tech companies, according to a report from Bloomberg. On Aug. 7, the legislation that was approved by the house will ease storage, processing and transfer standards for major global tech companies like Google, Meta and
Our weekly roundup of news from East Asia curates the industry’s most important developments. Chinese man’s $10M loss as court says Bitcoin lending not protected by law A man in China’s Jiangsu province, identified as Mr. Xu, appears to be out of luck after a court ruled that his 341 Bitcoin loan ($9.9 million) to
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