Saturday, December 31, 2022

Bitcoin long-term holders do not lose their grip, on-chain data shows

Bitcoin (BTC) long-term holders are not afraid of the current volatility. Distrust towards centralized crypto service providers continues to drive bitcoin off exchanges.

Blockchain analytics service Glassnode reveals that the amount of bitcoin supply last active ten years ago or more reached a new all-time high of 2,594,574.300 BTC on Dec. 30. On the same day, the number of bitcoin addresses holding at least 100 BTC — worth 1.66 million as of press time — also reached a one-time high of 16,133. The data suggest that the accumulation is ongoing among big holders again.

Bitcoin long-term holders do not lose their grip, on-chain data shows - 1

Friday, December 30, 2022

BMW Revamps Operations With Blockchain Technology From Coinweb And BNB Chain

BMW is relying on blockchain technology to improve its business model. Now, the company is using technology from Coinweb and Binance.

Coinweb, a layer-2 cross-chain computation platform, announced on December 29 that it has entered into a partnership with BMW to integrate blockchain technology into the automaker’s infrastructure in order to improve the efficiency of financial transactions.

Coinweb stated that the primary goal of this partnership is to provide a completely new experience for BMW’s customers in Thailand. To achieve this, the two companies plan to implement two different roadmaps in 2023.

Thursday, December 29, 2022

Fantom Foundation buys back tokens of six projects

The Fantom Foundation, a team that’s dedicated to the growth of Fantom, a Directed Acyclic Graph (DAG) smart contracting platform, will use some of its funds to repurchase tokens of six projects critical to the Fantom ecosystem.

Unconfirmed reports indicate that the foundation has already spent 870,000 FTM to acquire tokens of six Fantom-based projects: BOO, GEIST, BEETS, EQUAL.MMY, and BRUSH.

Terra Classic (LUNC) Drops 8%, Bitcoin Dips to Weekly Lows (Market Watch)

Solana also continues to suffer and currently sits below $10.

Bitcoin continued with minor price declines in the past 24 hours, resulting in a dip to a weekly low of under $16,500.

Most altcoins are also in the red, including substantial losses from Solana and Terra Classic.

Tuesday, December 27, 2022

Stellar protocol reveals 176% increase in payments processed

In its 2022 report, Stellar protocol reveals an increase of 73% in total assets, along with a 176% growth in total payments processed.

The Stellar Development Foundation development team has released the findings of the protocol’s first year of use. Increasing the breadth and calibre of the XLM network, expanding collaborations, especially with MoneyGram, and launching new projects are among its accomplishments.

Monday, December 26, 2022

Bitcoin Exchange Outflow Volume Plunges to 7-Month Lows

Investors might have rebuilt some confidence in CEXs, with BTC exchange outflow volumes hitting a seven-month low record.

Glassnode data shows a decrease in the 7-Day MA of bitcoin leaving centralized exchanges with only 986.237 BTC getting withdrawn in the past week or so.

The declining outflow could signal that investors have restored some faith in CEXs after the gigantic collapse of FTX. Billions of dollars worth of various digital assets were withdrawn from such exchanges amid FTX’s crash.

Sunday, December 25, 2022

Institutions Are Not Interested in Crypto, Says JPMorgan Senior Strategist

Institutional investors feel relieved they stayed away from crypto, said Jared Gross.

Despite the massive bull market in 2020 and 2021, institutions have remained on the crypto sidelines and feel relieved about it.

This is what a JPMorgan senior investment strategist argued recently, indicating that the interest in the asset class from such investors is “effectively nonexistent.”

The most notable bull run in the cryptocurrency market started at the end of 2020 and lasted for about a year, seeing prices explode to new highs. Bitcoin, for one, went from under $10,000 to $69,000 within that timeframe, becoming a trillion-dollar asset at the time.

Saturday, December 24, 2022

FTX claims rights to over $450m worth of Robinhood shares

FTX’s new CEO resorted to the help of the US court to claim his rights to Robinhood shares worth around $450 million. However, the company is not the only solicitor.

In a document submitted on Dec. 23, FTX requests assistance from the court in its fight to retain control of Robinhood shares. The company’s new CEO, John J. Ray III, filed a motion at the US bankruptcy court for the District of Delaware. 

1inch Network Introduces Fusion Update for DeFi Swaps

 Users will be able to choose between three options with the Fusion mode.

The popular DEX aggregator announced the launch of Fusion, which focuses on the 1inch Swap Engine and aims to enhance user experience with DeFi swaps.

The team behind the project promised to deliver “almost limitless” liquidity and maximum user protection.

Friday, December 23, 2022

Coinbase is awarded license to operate in Ireland

Coinbase is now able to operate in Ireland, which enables the company to work with European clients as well.

According to a Dec. 21 announcement, Coinbase won approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). The decision enables the firm to continue providing products and services to individuals and institutions in Europe and internationally from Ireland.

Binance unveils themed gift cards and secret Santa events for Christmas

Binance crypto exchange has launched its Christmas holiday-themed promotions where users can send Binance Gift Cards to friends and family and qualify for Secret Santa and Mystery Box events loaded with juicy rewards.

The Binance Christmas promo

Wednesday, December 21, 2022

Bitcoin Eyes $17K, Ethereum Classic Jumps 5% (Market Watch)

Ethereum Classic is among today’s best performers, while the rest of the market sits quietly.

Bitcoin tried its hand at taking down $17,000 hours ago but was stopped in its tracks and now sits close by.

Most altcoins are with insignificant gains or losses, aside from ETC, which pumped by around 5% in a day.

Tuesday, December 20, 2022

Polygon Founder Sandeep Nailwal Launches Web3 Acceletor Beacon

The founder of Polygon – Sandeep Nailwal – has assembled a team of founders gathered from the entire Web3 ecosystem – and has launched a startup accelerator to power the future growth of the nascent industry.

Enters Beacon
Beacon is a Web3 accelerator built by Web3 founders, including Nailwal and other well-known names in the field, such as:
Uri Stav, former CSO at DCG
Prateek Sharma, former VP at Sequoia Capital
Kenzi Wang, co-founder at Symbolic Capital

Sunday, December 18, 2022

FTX Creditors Could Recover up to 40% of Their Funds, Says Jefferies

 Femenia maintained FTX victims could retrieve between 20% and 40% of their investment.

The global investment banking firm – Jefferies Group – reportedly determined FTX creditors could retrieve as much as 40% of their lost money.

In an interview for The Block, Joseph Femenia – Global Head of Distressed Debt Trading at Jefferies – said there’s light in the tunnel for FTX creditors who could recover between 20% and 40% of their assets. 

Metaverse to impact vacation planning in 2023

 A new study published on Saturday by revealed that as more borders open up due to easing of the COVID-induced travel restrictions, the metaverse, one of the newest digital ecosystems, will allow tourists to pick and select the regions they want to explore in person.

Better vacation spot selection with the use of metaverse

A study shows that the Metaverse, one of the most recent virtual ecosystems, will help visitors and tourists decide which locations they wish to visit in person.

Saturday, December 17, 2022

Will Bitcoin Price Winter Continue in 2023? 8 Key Considerations

Which way bitcoin’s price will go next is a question with many zeroes on it for many crypto investors as we finish 2022. Who knows? Here are 8 key factors to consider.

In 2022 Bitcoin, Ethereum, and the bevy of altcoins riding on the original gangster cryptocurrency’s very long coattails weathered their most brutal crypto winter to date. Of course, the cryptocurrency industry is eager for an end to the long, drawn-out Bitcoin price winter.

From Bitcoin miners and mining pools to Layer-2 chain developers like the Lightning Network to crypto day traders and crypto investors – confidence is shaken, fear and greed are high, and the metaphorical blood just keeps pouring out into the streets. When will it end?

Demand for crypto assets high despite deep market corrections

 Despite the current crypto winter, US Financial Advisors (FAs) are seeing substantially more investor interest in digital assets. According to Coalition Greenwich survey data by Talos, 92% of high net worth (HNW) and affluent mainstream clientele prefer crypto assets in their portfolios. 30% of the 537 FAs stated they had already recommended or planned to recommend certain digital asset investment products in the next three months.

The crypto winter has yet to affect digital assets demand among high-net-worth investors.

Recent research by Talos showing that digital assets are maintaining demand among HNWs is fascinating, considering it was carried out during the third quarter of 2022, immediately after the collapse of TerraUSD, Luna, and Three Arrows Capital, which rocked the world of digital assets and came before the fall of FTX. 

Crypto Bloodbath: Bitcoin Plummets Below $17K, BNB Crashes 7% (Weekend Watch)

 The cryptocurrency markets took a beating in the past 24 hours, with BTC losing $17K and BNB crashing by around 10%.

The past 24 hours have been tough in the cryptocurrency markets, with the total capitalization dropping by some $40 billion. This comes on the back of major coins charting serious declines and BTC plummeting below $17K.

Bitcoin Goes Below $17K

Wednesday, December 14, 2022

Binance’s ‘fractured administration’ spurs heated debates and FUD

 Binance is under fire again as FUDs regarding its proof of reserves and regulatory uncertainties, are gaining traction. The exchange is also experiencing massive withdrawals following a story by Reuters that details it’s on the US DOJ’s radar. Other reports regarding failed audits are in the air as well. But what’s going on?

Tuesday, December 13, 2022

📈 Bitcoin hurtles toward $18,000 as inflation comes in below expectations, crypto stocks soar

Bitcoin and crypto prices soared following lower-than-expected U.S. inflation data for November. Crypto stocks bounced in line with U.S. stock futures. Bitcoin was hurtling toward $18,000 shortly after U.S. CPI data was released today.

Ether rose 6% following the news, trading at about $1,327. Binance's BNB token was little changed on the information as withdrawal issues continue to hamper the token. Dogecoin and Ripple's XRP jumped over 4%, while Cardano's ADA tacked on 1.7%. Interest rate traders are now pricing in an 81% chance of a 50 basis point increase by the FOMC tomorrow, according to the CME's FedWatch tool. 

💰 Solana Records Biggest Loss on One DeFi Metric As BNB Chain Shows Resilience: DappRadar

DappRadar report finds that last month’s crypto market meltdown caused the total value locked (TVL) on smart contract platform Solana (SOL) to freefall. The data acquisition and analysis firm reports that Solana saw a 71% decrease in TVL month-on-month from October to November, crashing to $366 million.

The TVL of a blockchain represents the total capital held within its smart contracts and is calculated by multiplying the amount of collateral locked into the network by the current value of the assets. SOL is trading for $13.70 at time of writing. The 18th-ranked crypto asset by market cap is down more than 57% since November 1st when it was trading at $32.24.

Monday, December 12, 2022

Bybit Launches Merkle Tree-Verified Proof of Reserves

ByBit has joined the ranks of major crypto exchanges such as Binance to publicly provide its proof of reserves. 

The Dubai-based platform announced the launch of a Merkle Tree-based proof-of-reserve system to enable users to verify their assets deposited into the exchange as well as Bybit’s holdings.

The verification is available in both trading and funding accounts.

Bybit said that the new feature will also allow verification of the exchange’s wallet ownership and that assets are held with a 1:1 ratio.

Bitcoin will find its real price if major crypto exchanges fail, investor says

Former Brighterscope CEO Mike Alfred believes that paper Bitcoin (BTC) trading is what’s keeping the cryptocurrency’s current dollar price in place.

“Counterfeit bitcoin”

In a Dec. 12 tweet, the self-described “value investor” claimed that people were trading Bitcoin that didn’t exist on the chain and that the activity was artificially propping up BTC prices in the interim.

In the tweet, Alfred also contended that Bitcoin would only find its actual market price in the event of the failure of crypto exchanges such as Nexo, KuCoin, and, which serve as fractional reserve platforms for BTC.

Sunday, December 11, 2022

FTX Japan Has Until March 2023 to Cease All Operations

 The Kanto Local Finance Bureau will supposedly halt FTX Japan’s activities on March 9, 2023.

The Japanese authorities reportedly extended the business suspension order to FTX Japan until March 9, 2023.

Initially, the company had to cease all services on December 9.

$51 million Chainlink (LINK) locked in 30 minutes after staking launch December 11, 2022 at 9:25 am by Ifeanyi Egede ALTCOINS

 On Tuesday, Chainlink opened staking options for its users. Statistics show that the oracle provider saw 7 million LINK worth $51 million staked 30 minutes after the option was activated.

Sergey Nazarov, the founder of Chainlink, announced the staking of LINK on the network’s platform on Tuesday. Shortly after the announcement, users locked about 7 million LINK worth $51 million on the platform to provide more liquidity.

According to reports, the amount staked accounted for about 28% of the 25 million stake pool. In addition, the spokesperson said the firm decided to launch the token stake pool as starters to determine how well the operation would fare. He added that they planned to increase the stake pool capacity to accommodate 75 million LINK token in the future.

Saturday, December 10, 2022

Blockchain Life 2023, Dubai, February 27 – 28

 The 10th Global Forum on blockchain, cryptocurrencies and mining Blockchain Life 2023 takes place on February 27 – 28 in Dubai.

Having started in 2017, the forum quickly became one of the TOP-3 events worldwide in the cryptocurrency industry.

The forum is attended by key industry players, government representatives, heads of international companies and funds, investors, promising startups teams and beginners.

What to expect?

Networking with 4000 attendees from all around the world and meeting  business executives from top companies in the industry

Exhibition area with 100 booths of digital companies

Speeches by world-leading experts  in the conference hall

The greatest AfterParty on the luxury yacht “LOTUS”

Participants will find promising startups to invest in, meet new business partners and learn about all the relevant ways to make money with cryptocurrencies from industry leaders. The event program also includes a discussion about profiting on the latest trends: the metaverse, NFTs, DeFi, P2P trading, cryptocurrency arbitrage and more. 


Beginners in cryptocurrencies will be able to take their first step in the industry, while professionals will significantly expand their network of business contacts and find new business partners. Blockchain Life is a universal platform for development in the industry of cryptocurrencies.

Where and when?

February 27 – 28, Dubai, Atlantis the Palm.

Buy a ticket now: 

Axie Infinty (AXS) Explodes 20% Weekly, Bitcoin Remains Stable Above $17K

 The cryptocurrency market remains calm through the day, but some coins are already pulling ahead on a weekly basis.

The broader cryptocurrency market didn’t see a major change in the past 24 hours, as its total capitalization remains the same.

As we go into the weekend, it becomes clear that some cryptocurrencies performed really well throughout the week, so let’s dive in.

Bitcoin Stable Above $17K

The BTC price didn’t go through any major moves in the past 24 hours and remains above $17K. It’s worth noting, however, that it had increased up to $17,360 in the early afternoon yesterday, but the bulls were unable to continue the push and the price was sent back toward $17,100.

This puts BTC on a 0.4% loss for the past 24 hours and a 0.4% increase for the past week, showcasing the markets’ inability to break away from the current trading range.

Altcoins Stagnate Toward the Downside

The majority of the altcoin market has also been stagnating in the past day, but toward the downside, as seen in the heatmap below.

One of the best performers for the day is OKT, which is 8%, followed by Axie Infinity’s AXS – up 7%. This puts the total gains for AXS upwards of a whopping 20% for the week, which is considerable, given the current market conditions.

On the other hand, XCN seems to be the worst performer for the day, followed by BTSE token, both of which are down by some 4%.

All in all, the day failed to produce any meaningful movements in either direction and it appears that this is reflected in the overall trading volume, which sits at around $38 billion for the past 24 hours. Typically, such periods of calmness and lack of volatility lead to explosive moves in either direction.

Friday, December 9, 2022

Ledger Stax: designed by Tony Fadell, secured and built by Ledger

Paris, France. 6 December 2022 – Ledger, the world leader in critical digital asset security, has teamed up with Tony Fadell, builder of the iPod, to bring clarity and confidence to owning digital value. Ledger Stax™ is a usable way for you to take control of cryptocurrency and digital collectibles. It’s built on uncompromisingly secure architecture, and introduces a unique form designed for unprecedented accessibility and interactivity. 

Ledger Stax has a new E-Ink display, which covers the front and curves around the spine—you can view complete transaction details at a glance. E Ink is always viewable: your favorite art appears on the Ledger Stax screen, even when it is off. It also provides unmatched energy efficiency, so the battery can last for weeks or even months on one battery charge. 

“With the Ledger Nano™ series, we created the most successful digital asset security hardware of all time—with more than 5 million sold and none ever hacked,” says Pascal Gauthier, CEO and Chairman of Ledger. “Digital assets are increasingly about identity and digital ownership, not just crypto like Bitcoin. The time is now for a device for more mainstream users. At the same time, we must not compromise on security. This is Ledger Stax—secure and accessible.” 

Sam Bankman-Fried to Binance CEO: You Won, Stop Lying

Binance and FTX’s bosses have two different accounts of their exchange’s business dealings prior to the latter firm’s collapse. 

Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over Twitter on Friday as each contested the true nature of their private business dealings.

During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy.

CZ’s Story

CZ began with reference to Kevin O’Leary’s latest comments on FTX’s fallout. 

In his interview with CNBC, the Shark Tank star suggested that FTX spent much of its cash attempting to buy back its equity from Binance due to the latter’s “opque” ownership. He also refrained from accusing Bankman-Fried of fraud, as he has done multiple times since FTX’s bankrupcy.

O’Leary was paid $15 million to promote FTX’s brand in August 2021, and was an early investor in the company. CZ believes this has something to do with why he would seemingly run defense for FTX and SBF – even after the exchange’s collapse. 

“Unlike Kevin O’Leary, we continue to do due diligence even after we make an investment,” said CZ. “As an early investor in FTX, we became increasingly uncomfortable with Alameda/SBF and initiated the exit process more than 1.5 years ago.”

According to CZ, Binance began to leave behind its equity position in July 2021 due to worries about SBF and Alameda’s practices. This, per the Binance CEO, set off Bankman-Fried on multiple “unhinged” tirades against Binance team members, wherein the former billionaire threatened to “go to extraordinary lengths” to punish Binance. “We still have those text messages,” said CZ. 

This apparently sparked FTX to launch a mass investment campaign among “friends in high places,” including media, politicans, and celebrities like Kevin O’Leary to steer public opinion in favor of FTX, and against its opponents. 

In early November, CZ implied that FTX was lobbying against other player in the crypto industry in congress. Later that month, congressman Tom Emmer said he’d received reports of SBF conspiring with the SEC to forge a regulatory monopoly for FTX in the exchange business. 

“You don’t have to be a genius to know something don’t smell right at FTX,” continued CZ. “They were 1/10th our size, yet outspent us 100/1 on marketing & “partnerships”, fancy parties in the Bahamas, trips across the globe, and mansions for all of their senior staff.”

CZ boasted in June that his company was especially frugal during the 2021 crypto bull market, and had developed a large “war chest” relative to other more profligate competitors. 

SBF’s Story

Unlike CZ, Bankman-Fried alleged that his company was the one that initiated talks about buying out Binance’s stake in FTX, echoing his word to Kevin O’Leary on the matter. 

He also claimed that Binance never had the right to pull out as an investor unless FTX voluntarily opted for a buyout. 

“But again, none of this is necessary. You won. Why are you lying about this now?” he asked. 

CZ contested SBF’s framing of their dealings as a “competition” or “fight,” asserting that “no one won,” as an outcome. 

Thursday, December 8, 2022

Bitcoin Stagnates Below $17K as Extreme Fear Returns to Crypto

The cryptocurrency market has failed to produce any meaningful movements in the past 24 hours and is found more or less where it was yesterday.

This includes Bitcoin, which continues to trade below $17K.

Prolonged periods of diminished volatility are not typical in the cryptocurrency market and are usually a precursor to a big move.

That said, Bitcoin’s price has been trapped within a fairly narrow range over the past couple of weeks, unable to break out in any direction. At the time of this writing, the cryptocurrency trades at $16,800 – exactly where it was yesterday.

The BTC dominance also remains the same as yesterday, highlighting the lack of activity from market participants and the overall state of stagnation.

Overall Market in State of Extreme Fear

Most of the altcoins failed to produce any gains too. On the somewhat bright side – they didn’t decrease either.

The majority of them are charting slight losses or gains but nothing noteworthy, as seen in the heatmap below.

Today’s best performer is FXS, up 8%, followed by Radix (XRD) – up 75.%. On the losing side of the spectrum, ImmutableX (IMX) is down 4.1%, followed by BTSE – down 2.5%.

Data also shows that the overall market sentiment has returned to a state of “extreme fear.” This is based on numerous factors, including volatility (or the lack of it), market momentum and volume, and social media sentiment.

Galaxy Digital gets 60% off Celsius assets after crypto lender’s bankruptcy

 Galaxy Digital, Mike Novogratz’s crypto-focused financial services firm, announced Friday that it had won an auction to purchase GK8 from insolvent cryptocurrency lender Celsius Network.

Price lower than what Celsius spent a year ago

Galaxy spokesperson Michael Wursthorn said the price was significantly lower than what Celsius spent a year ago, though the sale specifics were not released. As previously reported, Celsius paid $115,000,000 to acquire GK8 in November of 2021.

The purchase is part of Galaxy’s strategy to grow its premier brokerage business. About 40 employees, including blockchain developers and cryptographers, will join Galaxy’s team. According to Galaxy, with this deal in place (which is still subject to regulatory approval), they will be able to open a new facility in Tel Aviv, Israel, thus strengthening their presence worldwide.

Taking advantage of important opportunities to expand Galaxy sustainably, as demonstrated by the addition of GK8 to our flagship portfolio at a watershed time for the industry. Michael Novogratz established the firm to provide trading, asset management, and investment banking to businesses in the cryptocurrency industry. 

According to an article from August, San Francisco-based digital payments provider Ripple Labs Inc was considering making an offer to buy the assets of defunct cryptocurrency lender Celsius Network.

Crypto assets crash

In May, the prominent terraUSD and luna coins crashed, while in June, the crypto exchange FTX went down. Galaxy CEO and founder Mike Novogratz made the statement. Due to the decline in the cryptocurrency market, Celsius declared bankruptcy in July and is now selling off some of its assets.

On the other hand, Galaxy has decided against spending $1.2 billion to acquire cryptocurrency custody firm BitGo. Galaxy claimed at the time, in August, that BitGo had missed a July deadline to deliver financial statements. BitGo filed a lawsuit against Galaxy in September, seeking compensation for damages resulting from the termination of the merger.

While the recent valuation of FTX was $32 billion, the implosion of Celsius has not been without its critics. An October court document claims high-level employees stole millions of dollars before the company stopped allowing customers to withdraw their money.

An ex-employee who didn’t want to be identified stated the company’s financials were poorly monitored, which resulted in major deficits. Celsius’s synthetic short, which occurs when an organization’s assets and liabilities don’t match up, was a major issue.

Wednesday, December 7, 2022

Coca-Cola to launch the World Cup-themed NFT collection in partnership with Сrуptо.соm

Coca-Cola has announced the release of a set of FIFA World Cup NFTs based on heatmaps of the games played. The collection of 10,000 NFTs, generated by tracking the in-game movements of players in FIFA World Cup matches, will be developed and hosted on Сrуptо.соm's NFT platform. 

Tuesday, December 6, 2022

Bull Market Signal? Jim Cramer Advises Crypto Investors to Sell

Cramer believes Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) could crash to zero in the future.

The host of CNBC’s Mad Money show – Jim Cramer – said cryptocurrency investors still have time to sell their “awful” positions.

His previous advice has often been inaccurate, prompting numerous participants to anticipate a market surge after the latest comments.

Cramer’s on the Spotlight Again

During his most recent show, Mad Money’s host urged investors to cash out their cryptocurrency at all costs. He thinks “it’s never too late” to exit the market, hinting the crypto winter is nowhere near its end:

“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”

Cramer believes the most speculative cryptocurrencies that could possibly crash to virtually zero are Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC). 

Most digital currencies have lost a significant chunk of their valuation, with bitcoin being down nearly 65% since the beginning of 2022. In addition, investors’ interest has significantly dropped, while multiple companies experiencing liquidity issues. Former giants in the field, including FTX, BlockFi, Three Arrows Capital, and Celsius, even filed for bankruptcy.

However, the market has been through other “winters” in the past, and many digital currencies endured the turbulence, including bitcoin.

Subsequently, Cramer argued that the industry is full of “boosters” who try desperately to inflate the market with considerable financial efforts, giving an example is Tether, the company issuing USDT.

“There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air — not too different from what happened with bad stocks during the dotcom collapse.”

The American has displayed a highly controversial stance on crypto over the years. He predicted in 2017 that bitcoin will surge to $1 million in the future but later changed his mind and labeled it an “outlaw currency.”

Cramer joined the pro-bitcoin team in 2020 again, praising the coin’s maximum supply of 21 million as a significant advantage over the traditional financial system and fiat currencies. He compared BTC to gold at the end of 2020 and even purchased some amounts of the asset when it was trading at around $17,500. 

As bitcoin was heading north, so was Cramer’s support toward it. He even requested his salary to be paid in BTC instead of fiat currency in April 2021. The recent market crash, though, has changed his vision entirely, and he has returned as a crypto critic. 

Many of his crypto predictions have been proven wrong. In September 2021, he advised investors to cash out their holdings, saying the Evergrande debt crisis in China could trigger a market crash. Bitcoin skyrocketed to an all-time high of nearly $69,000 two months later.

He also opined in January 2022 that the correction from BTC and ETH could be over, meaning investors should reconsider entering the market. Contrary to that forecast, the leading cryptocurrencies continued their downfall and are currently trading at $17,000 and $1,250, respectively, down from $47,000 and $3,700 from the beginning of the year.

Nike launches “1st native web3 sneaker”

Nike has formally released its first “native web3 sneaker”, through its NFT and Web3 arm, RTFKT, per an announcement on Monday.

RTFKT revealed details of what can be expected from the new product launch, including a ‘walk-to-earn’ mechanic, utility via authenticity, app connectivity, and more.

However, the thread closes with a keynote that the product will only be shipped to users in the U.S. They noted: “Due to advanced technology and product regulation, products can ONLY be shipped to the US.”

Nike is the industry leader in the sneaker game market and has continued to invest in its infrastructure, emerging technology and web3-related fields.

The major drawback regarding its introduction has far less to do with price and much more to do with accessibility since Nike has only allowed U.S.-based addresses to fulfill orders for its web3 sneakers. 

The lack of clarity and foresight in not sharing this pertinent detail until after outside U.S. money has been contributed to the project has led to an abundance of criticism around another brand with web3 visions and web2 execution. The MONOLITH price dropped substantially, recording averages north of 1.5ETH in recent days and recording sales for less than 0.5 ETH today.

Nike & RTFKT acquisition

Among companies who have entered the NFT industry with a longer time perspective, Nike’s acquisition of RTFKT last year has primarily functioned as the most successful case study from a traditional brand using an NFT platform.

The transaction happened a year ago in the thick of the NFT bull market’s mania. After the acquisition, the company last month also released its specific web3 platform, Swoosh, demonstrating an ongoing commitment to playing in the web3 sandbox.

Monday, December 5, 2022

CryptoCom and Coca Cola Launch NFT Collection Inspired by the FIFA World Cup Qatar 2022

 The NFTs were created by GMUNK in partnership with CryptoCom and Coca-Cola and will explore different moments and aspects of the FIFA World Cup ‘Qatar 2022’

Coca-Cola and have teamed up to launch an NFT collection inspired by the Qatar 2022 FIFA World Cup. The collection, created in collaboration with digital artist GMUNK, is based on “heat maps” that visually represent the movements and highlights of the tournament’s players. GMUNK has created 10,000 NFTs based on these heat maps, which will be available to fans on the NFT platform from May 1 to July 31, 2022.

Twitter Coin: app code suggests a new token may be coming, Dogecoin rallies

 Twitter may be soon getting its own cryptocurrency, with code recently published by the company showing “Twitter Coin” illustrations and a “coin” payment category.

Tweets posted by tech blogger Jane Manchun Wong suggest that Twitter may be about to launch its own cryptocurrency. In one now-deleted tweet still available on Google’s cache, we can see an icon portraying a coin with Twitter’s logo with filename “IconTwitterCoin.svg.”

The code is part of Twitter’s updated web application dedicated to tipping on the platform. Wong explained that there are no indications “as to what “twitter tips” and “twitter coin” are, with nothing indicating any relation to Dogecoin (DOGE).

Dogecoin was long rumored to be headed towards a Twitter integration ever since talks about Elon Musk’s acquisition of the platform started circulating. The tech tycoon himself suggested that the coin may become internet’s native currency and used to describe himself “Dogecoin CEO” on Twitter.

Despite no indication that Dogecoin is actually being integrated into Twitter, the coin sharply rallied earlier today only to sharply fall shortly thereafter. The price increased by 6.45% from $0.1039 to a high of $0.1106 within minutes only to fall down to $0.1062 shortly afterwards.

Twitter’s tipping feature has not rolled out yet, and we may not learn much more about it until it is released. The “Twitter Coin” is be a part of it that appears to be currently planned but may never actually see the light of day.

Wong’s Twitter profile is no longer available. According to a post she published on Macaw — an open source Twitter alternative powered by Mastodon — she decided to deactivate her account by herself. She wrote:

“Since the takeover, I’ve been getting an increased amount of casual racism and sexual harassments on the bird site.”

🟢⚪️ Tether (USDT) will launch Tether Gold (XAU₮) and Euro Tether (EUR₮) on the Huobi exchange on December 8th

Tether, the company issuer of the first and most widely used $USDT stablecoin, has announced its plans to launch Tether Gold (XAU₮) and Euro Tether (EUR₮) on Huobi on 8 December, 2022. After the launch, Huobi's users will get access to the stablecoin that represents ownership of physical gold and the Euro-pegged stablecoin. 

Sunday, December 4, 2022

Ankr issues statement on hacking attack

Following the recent attack that hit the Ankr exchange, the security team has issued an update on the malicious event. They stated that the attacker used a mint bug in the platform’s smart contract code to mint millions of aBNBc while bypassing verification.

Ankr disclosed what happened during the attack

Earlier yesterday, the Ankr centralized exchange discovered malicious activity, leading them to halt some operations temporarily. However, before they could apply prompt security measures, they had already incurred a loss of $5 million in BNB.

After several hours of investigation, the Ankr security team eventually fished out the root cause of the attack. According to them, the attacker maneuvered to access the developer’s private key. He then used it to attack the platform’s aBNBc smart contract via a bug in its code. 

Elon Musk Says SBF Donations to Democrats ‘Probably’ Over $1 Billion

 Elon Musk alleged that SBF had donated over $1 billion to Democrats and asked where did that money go.

Elon Musk has alleged that the former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, has donated over a billion dollars to the Democratic party to support them in the elections.

In a recent discussion on Twitter, Will Manidis, the Chief Executive Office of healthcare AI platform Science, called SBF’s donations to politicians “one of the highest ROI trades of all time” because it allowed him to not go to Jail for stealing over $10 billion.

Taking part in the discussion was Elon Musk, who alleged that SBF’s “actual support of Dem elections is probably over $1 billion.”

Musk also asked where did that money go.

SBF is known to have donated $5.2 million to Joe Biden’s 2020 presidential campaign while also donating $10 million to support Carrick Flynn – a candidate from the Democratic party for a congressional seat in Oregan, who couldn’t win the elections.

Solana-based market maker integrates Stripe for fiat-to-crypto transactions

The Solana-based automated market maker Orca has opened up fiat purchases and fiat-to-crypto transactions through a new integration with Stripe. Solana ecosystem comes back from the aftershocks of the FTX liquidity earthquake, one of its leading automated market makers (AMM).

The AMM revealed an integration with Stripe that will power its new fiat-to-crypto on-ramp, making decentralized finance (DeFi) more accessible to users both in and out of the existing ecosystem. This new integration now enables fiat purchases along with fiat-to-crypto transactions. According to Ori Kawn, the co-founder of Orca, the new integration helps create wider access to economic tools.

Saturday, December 3, 2022

“MEXC’s Changing for you”: The 1st Exchange to Launch a Zero Maker Fee Event for Futures Orders

 In September of this year, blockchain media outlet, CoinTelegraph, reported that cryptocurrency trading platform MEXC has ranked as the world’s top liquidity provider. Recently, MEXC announced the growth of its contract businesses, and its average daily trading volume has reached an increase of 1,200%.

"MEXC's Changing for you": The 1st Exchange to Launch a Zero Maker Fee Event for Futures Orders - 1

“Users first, MEXC’s Changing for you” has always been the service philosophy that MEXC adheres to. The ‘Zero Maker Fee’ Event is set to launch to give back to MEXC’s futures users. The activity starts on December 1st.

It is understood that to date, among the mainstream cryptocurrency trading platforms, MEXC is the only platform in the world that offers zero maker fee for futures pending orders. Andrew Weiner, VP of MEXC, said: “In 2022, we will focus on optimizing futures products and basic liquidity according to users’ needs. Presently, our liquidity has reached rank 1 globally amongst the top 50 trading platforms by market value.”

Since Q4 of 2018, MEXC has consistently launched and upgraded their futures products. In October 2022, MEXC upgraded the futures products and launched the second-level K-line function. These upgrades not only gave users a better trading experience but also met users’ needs for more timely and intuitive transaction information – allowing users to experience real-time prices, trading volume, order depth, and more exciting and technical features.

In terms of consistently engaging with MEXC users, MEXC regularly launches Futures M-Day, Super X-Game, Contract Carnival Week, and other user-friendly activities that bring various rewards and bonuses to their users. This ‘Zero Maker Fee’ Event is a unique and one of many long-lasting and high-level activities featured on the platform.

MEXC’s perpetual contract has launched more than 169 tokens and 179 trading pairs now, covering multiple focuses such as public chain, cross-chain, Layer 2, DeFi, and other sectors. MEXC’s perpetual contract is the fastest performing function run on the entire network. It has the most abundant derivatives that can be traded, providing each user with various and precise choices.

Galaxy Digital Holdings to buy popular custody platform GK8

 Financial services and wealth management pioneer Galaxy Digital Holdings today announced plans to purchase GK8, a secure corporate virtual assets self-custody platform. Subject to court approval and other closing conditions, the transaction will result from a sale procedure following Celsius Networks LLC’s Chapter 11 bankruptcy.

Galaxy Digital buys GK8

Galaxy Digital said it had purchased GK8, a self-custody platform, from its previous owners for an undisclosed fee. The deal is related to Celsius’s Chapter 11 bankruptcy and has yet to be confirmed by the court.

With the purchase of GK8, according to Galaxy Digital CEO Mike Novogratz, Galaxy will be able to provide its customers with a comprehensive suite of cryptocurrency services, including storage options. He also mentioned that the deal represented a significant chance for his business to expand.

GK8 is a leading solution supplier for institutions seeking the highest level of security for their digital asset custody, utilizing proprietary technology to properly secure cryptos and conduct blockchain transactions without an active internet connection. Galaxy plans to back GK8 as it continues to provide its self-custody tech to the top financial institutions worldwide. The company intends to use GK8’s custody technology in developing its flagship product, GalaxyOne. 

GalaxyOne is a new prime solution for investment firms that combines trading, cross-portfolio margining, lending, and derivatives with the Firm’s market-tested risk-management methods, backed by various custodial alternatives, including those provided by GK8.

Mike Novogratz, Galaxy’s founder and CEO, explains that purchasing GK8 is a significant milestone in the company’s efforts to provide a comprehensive financial framework for digital assets. This will allow Galaxy’s customers to store their virtual assets on Galaxy’s servers or elsewhere without limiting the assets’ flexibility or usability. 

This commitment to taking advantage of significant opportunities to develop Galaxy sustainably is exemplified by the fact that we have added GK8 to our primary offering at a time of great significance for our industry. Almost forty employees, comprising cryptographers and blockchain engineers, will join Galaxy due to the deal, speeding up the company’s product creation and development. As a result of the agreement, Galaxy will open a new location in Tel Aviv, increasing its global reach.

Galaxy hires GK8’s former Chief Executive Officer and Chief Technology Officer

Galaxy has hired GK8’s former chief executive officer and chief technology officer to head up its new custodial technology division. Financial institutions like banks, broker-dealers, trust firms and retail platforms will continue to get direct support from GK8 as they work to protect their clients’ digital assets. 

GK8 will continue to provide self-custody solutions for GalaxyOne and institutional investors. GK8 has just announced a relationship with USI Insurance Services, adding another layer of security to its custody solutions by providing institutional clients with access to insurance coverage of up to $1 billion for digital assets held in custody.

When asked about the digital asset ecosystem, Lamesh remarked:

“We have fiercely strived to become the most secured platform of preference for financial institutions engaging in the ecosystem. The opportunity to join a market leader that recognizes the importance of GK8’s custody solution to the development of blockchain technology fills us with enthusiasm.”

Friday, December 2, 2022

Mike Novogratz’s Galaxy Digital Will Acquire Celsius Owned Custody Platform GK8

 The acquisition will expand Galaxy’s headcount, and help build out its GalaxyOne prime offering. 

Galaxy Digital has won the auction for GK8 – a crypto custody platform to be sold as part of bankruptcy proceedings for the insolvent crypto lender Celsius. 

Galaxy will utilize GK8’s custody solution as it develops GalaxyOne – its own institutional prime offering. 

 As announced by Galaxy on Friday, GK8 founders CEO Lior Lamesh and CTO Shahar Shamai will remain to lead Galaxy’s custodial tech business, while providing self-custody solutions for GalaxyOne as well. 

“With the backing of Galaxy, we aim to introduce new and exciting offerings to the industry that showcase a combination of Galaxy’s best-in-class services and GK8’s cryptography, security, and unparalleled R&D skills,” said Lamesh on the deal.

Company CEO Mike Novogratz said on Friday that GK8’s acquisition marked a “crucial cornerstone” for digital asset storage with Galaxy. GalaxyOne already planned to offer crypto trading, lending, margin, and derivatives products for Galaxy’s institutional investors. 

“Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner,”  he said.

The transaction is set to expand Galaxy’s headcount by 40 people, and expand its worldwide reach by adding an office in Tel-Aviv. 

Celsius acquired GK8 for $115 million last year but went bankrupt in early July as the crashing crypto market pushed its lending margin positions to the limit. FTX considered a rescue deal for Celsius at the time but walked away after seeing the state of its balance sheet. Today, FTX too has gone bankrupt, alongside other crypto lenders like Voyager and BlockFi. 

In the aftermath of Celsius’ collapse, Mike Novogratz admitted that the crypto industry was more leveraged than he thought.

1INCH foundation transfers send asset price tumbling

 The 1INCH Foundation recently transferred a large amount of the 1INCH token causing investor concern. The price has dropped by as much as 3%.

News shock wave

1INCH is the crypto market’s 86th asset by its market capitalization.

An on-chain crypto event tracker, Lookonchain, released reports on Friday after it noticed the activities from 1INCH. Lookonchain announced via Twitter that 1INCH Foundation moved out 15.65 million units of the 1INCH token estimated to be worth $8 million.

Lookonchain made the tweet 18 hours after 1INCH completed the first part of the transaction. It was reported that the assets were moved into Binance 14 hours following the first part of the transactions.

The tweet from Lookonchain stated that 1INCH first moved out the tokens to the tune of 15.56 million and they were moved into Binance 4 hours before the tweet. It equally indicated that the last time 1INCH carried out such a transaction was on the 9th of June when the token lost 25% and the price fell to $0.6 from $0.81. 

Unknown effects to come

Another on-chain data platform, WhaleAlert, also weighed in with its own version of the information. The platform said 15,599,995 1INCH said to be worth about $8,033,795 was transferred from an anonymous wallet into Binance.

WhaleAlert also verified that the last time the 1INCH Foundation executed that kind of transaction was on the 9th of June. Investors are on edge as no one knows what the full extent of the recent sale of 15.56 million tokens into the crypto market will be. The price of 1INCH has hovered near yearly low at $0.50

Thursday, December 1, 2022

FTX Contagion Haunts Yet Another Crypto Trading Firm

 Aurus has not yet officially confirmed the issue but M11 Credit assured working on a joint statement. 

Former FTX CEO Sam Bankman-Fried may have apologized dozen times for the failure of his firm, but there’s no stopping the contagion.

Another casualty came in the name of a crypto trading platform – Aurus Global – which is currently facing a “short-term liquidity issue” due to FTX insolvency.

Aurus Misses Principle Payment Amount of $3M

The algorithmic trading and market-making firm reportedly missed a principal repayment on a 2,400 Wrapped Ether (wETH) decentralized finance loan worth around $3 million. This was revealed by ‘M11 Credit,’ which happens to be an institutional credit underwriter.

Its tweet regarding the same read,

“Auros is experiencing a short-term liquidity issue as a result of the FTX insolvency. This does not mean the loan is in default. We are working with Auros, who have acted promptly and responsibly. Our top priority is to limit the risk for our lenders. We will continue our liaison with the Auros team in regard to all their open loans from our pools.”

M11 Credit further emphasized that the missed payment does not equate to the loan being in default. Rather, the missed deadline has prompted a grace period of 5 days “as per the smart contracts.” Auros is currently working with the credit underwriter to publish a joint statement detailing further information to lenders.

Entities Caught Up in Epic Collapse of FTX Group

FTX filed for bankruptcy on November 11th after suffering a liquidity crisis and failing to honor withdrawals. As a result, many companies in the market bore the brunt of the impact and were directly hit by the storm.

Digital Currency Group (DCG) subsidiary and institutional trading firm Genesis has $175 million in locked funds within the firm’s trading account on FTX. The firm’s creditors hired restructuring lawyers and are exploring ways to avoid filing for bankruptcy.

US-based lender BlockFi filed for bankruptcy earlier this week in a New Jersey court, simultaneously slapping Bankman-Fried with a lawsuit in the same court.

Meanwhile, a hedge fund managed by a subsidiary of German crypto platform Immutable Insight also revealed that it is exposed to FTX’s fallout and is owed $1.6 million.

FTX owes its 50 largest unsecured creditors a total of $3.1 billion, according to a filing at a Delaware court. The identity of the claimants remained unknown, but the filings show that two of its largest customers are owed over $200 million, while all 50 of them are owed $21 million each or more.

Apple blocks Coinbase wallet’s for allowing NFT sales

 Apple has reportedly blocked Coinbase Wallet app update of its iOS version until they disable the feature of sending NFTs. According to Coinbase Wallet, Apple claims that in order for them to be able to earn 30% of the gas fee, the gas fees needed to send NFTs must be paid through their In-App Purchase system.

Solana co-founder predicted Apple’s move

A recent tweet by Degen news reveals that Solana Foundation’s head of communications, Austin Federa, claims co-founder Anatoly Yakovenko had predicted this major move by Apple. Federa in his words says: “Yakovenko had seen this coming shortly after Coinbase revealed that Apple had blocked its app users from sending NFTs since it wants the 30% fees.”

Mr. Federa in response to Coinbase wallet’s recent hold up claims it wouldn’t be a surprise if Google also did the same thing tomorrow while calling for developers to consider an alternative around these bumps.

Coinbase says move puts NFT investors at a disadvantage

Coinbase has openly opposed and criticized Apple’s move. The startup gave the following statement: 

“This isn’t possible, as anyone who is familiar with NFTs and blockchains knows. Even if we wanted to comply, Apple’s exclusive In-App Purchase system does not support crypto.”

The majority of those affected by this policy change are iPhone users who own NFTs. If you have an NFT in your iPhone wallet, Apple has just made it far more difficult to move it to other wallets or give it as a gift to loved ones.

Apple reportedly blocks NFT-supporting apps 

Applications that store or show NFTs are allegedly in violation of the App Store’s terms of service, according to Apple.

Apple says that apps may list, mint, and transfer data as well as allow users to view their own NFTs (Non-Fungible Tokens). NFT ownership, however, shouldn’t enable users to access additional app functionality. Additionally, users of these apps may browse other collections, but no external links, buttons, or calls to action for NFT purchases should be displayed. Users can only buy NFTs using Apple’s in-app purchasing platform.

Apple also forbids apps from using additional mechanisms, like QR codes or cryptocurrency, to grant users exclusive access.

It stated that “apps may not employ their own mechanisms, such as licensing keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets, etc., to unlock content or functionality.

Industry experts made the point that these changes would significantly affect how web3-dependent apps (including games) operate within the Apple ecosystem. They may have used NFTs up until now to avoid paying Apple’s App Store fees while still acting as a token or key to access functionality for customers, but that will no longer be permitted.

Apple will be stringent that apps adhere to rules 

Apple claims that programs that enable access to NFTs through mechanisms other than in-app purchases are in violation of the App Store’s rules 

Apple requires apps to use its in-app purchase system in order to be featured in the App Store, and it takes a 30% commission from downloads, in-app purchases, and subscriptions. After having their most well-known game, Fortnite, removed from the App Store for violating the 30% rule by accepting direct in-game payments, Epic Games filed a lawsuit against Apple for engaging in monopolistic acts. On September 10, Federal Judge Yvonne Gonzalez Rogers issued her decision, which was entirely favorable to Apple.

There’s also speculation of Apple mandating any cryptocurrency apps that provide NFTs (paid digital content) either make the items available to customers of the App Store as in-app purchases or do away with the functionality entirely.

Coinbase wallet and other crypto wallets would need to avoid an NFT sale feature from their iOS apps to be allowed on the Apple store.

Cryptocurrency exchanges crackdown

Apple is also cracking down on cryptocurrency exchanges with the new app store rules.  They require the crypto exchanges to have “enough licenses and authorization to provide a cryptocurrency exchange” in all regions they operate in. Apple now has the authority to ban a cryptocurrency exchange from a particular country’s Software Store if it believes the app to be against local laws.

Telegram to Build a Decentralized Crypto Exchange to Prevent Another FTX Crash, Says CEO

 CEO Durov believes Telegram’s potential decentralized exchange could be a great solution for cryptocurrency investors.

Pavel Durov – Founder and CEO of the messaging application Telegram – thinks the FTX crash occurred because the blockchain industry has recently deviated from its decentralized nature. He argued that a few individuals abused their power, leading to the spectacular collapse.

The Pussian-born entrepreneur said Telegram’s next goal is to create non-custodial wallets and decentralized exchanges so crypto traders could have maximum protection when operating in the sector.

The Main Problem is the ‘Excessive Centralization’

Durov is yet another person to comment on the recent decay of the crypto exchange FTX, saying the entity was entirely centralized, and the control was in the hands of a few people. He believes they “began to abuse their power,” which prompted the crash and the colossal investor losses.

According to Durov, such adverse events will be eliminated if blockchain-based projects go “back to their roots – decentralization.” 

“Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party,” he claimed.

Durov urged developers to establish “fast and easy-to-use decentralized applications for the masses.” He said it took him a small team and only five weeks to build Fragment – a fully decentralized blockchain platform based on The Open Network (TON). Fragment has been quite successful, selling around $50,000 worth of usernames in less than 30 days, he added. 

The Pussian assured that Telegram’s next step is to introduce a variety of decentralized tools, such as non-custodial wallets and decentralized exchange for “millions of people.” 

“This way, we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” he stated.

Telegram’s Brainchild

The Open Network (previously called Telegram Open Network) was designed by the Durov brothers (the creators of the messaging application). The idea of the project was to offer fast blockchain transactions, minimal fees, and cause a minor impact on the environment. 

Nonetheless, the launch in 2018 was not that smooth. CEO Durov had to cope with numerous scammers and fake accounts on Twitter until the US SEC approved the ICO sale. 

The watchdog temporarily restricted the distribution of GRAM tokens (digital assets based on the TON blockchain platform) in October 2019. The Commission argued that the initial buyers of the coin could resale their stash and thus distribute unregistered securities.

The confrontation led to a court case in which Telegram lost and withdrew its participation from the TON network. The messaging app also started a refunding process, repaying early investors $770 million and placing 5-year bonds worth $1 billion to cover its debts. 

The TON platform has its native token called Toncoin. Its market capitalization is over $2 billion, while its current price hovers around $1.80

Canadian state suspends crypto mining activities for 18 months

 As per local media sources, the Canadian state of Manitoba has placed an embargo on new cryptocurrency mining operations for the next 18 months because of concerns that such enterprises will overload the local grid.

Manitoba fear miner’s load will adversely affect local residents

The fear that the miners‘ load would adversely affect residents has prompted several states to halt or delay the approval of new cryptocurrency mining companies. Manitoba attracts customers that require a great deal of electricity, such as those engaged in the electricity extraction of bitcoins, because it has the second-lowest power prices in Canada, behind only Quebec.

The Regional Finance Minister also raised the PCG’s worry that blockchain enterprises might not be very good at adding to the labor force. He explained that it is possible to operate with a small workforce while consuming hundreds of megawatts of electricity.

According to Friesen, “Manitoba Hydro cannot make unilateral decisions regarding who to hook up.” The government is reportedly assessing the extent to which cryptocurrencies have had an economic impact and whether or not a regulatory framework is necessary to allow additional grid connections.

Hydro-Québec, a provincial utility, requested a moratorium on blockchain-related energy allocations from the province’s electrical distribution authority earlier this month. A partial moratorium against PoW mining was recently implemented in the American state of New York, leading to a similar response from Manitoba.

Reports from CTV News and CBC state that Manitoba Hydro minister and MinisterMinister Of finance Cameron Friesen said on Monday. “We can not just say, ‘Well, anybody can take whatever [electricity] they like to take, and then we’ll build dams. 

For the next 18 months, the government will prohibit any new crypto-mining facilities from accessing the grid. The 37 operational mines, however, will remain unaffected.

Manitoba has the second-cheapest energy rates in Canada, behind only Quebec; this has attracted many miners to the province. The Minister has stated that an estimated 17 miners have solicited grid connection, with a combined energy requirement of 371 MW. The Keeyask power plant has been running at total capacity since earlier this year, and 371 MW represents nearly half of its ability.

To finance the construction of the Bipole and Keeyask III transmission line, Manitoba Hydro has taken on a total of CAD 3.7 billion ($2.75 billion) in loans during the past 15 years, double the company’s debt from the previous period. According to Manitoba Hydro, over 40% of customer utility payments are applied toward debt service.

Manitoba hydro paying off debt

Manitoba Hydro is also paying off debt from the latest development projects. The utility’s debt tripled in 15 years as a result of two megaprojects that went $3.7 billion over budget: the Keeyask generating plant and the Bipole III transmission line.

The Vice Chairman of the Canadian Blockchain Alliance, a trade association, has stated that working on the servers is a highly lucrative career option. From Calgary, Jade Alberts said, “Somebody is going to have to repair them, check on them, and make sure they’re running.”

'Groundhog Day' in Crypto as Bitcoin Again Plunges Following New Record

The world's largest crypto briefly rose above $70,000 Friday, but immediately tumbled about 5% to below $67,000 It's deja vu all ove...