About $ 125 million was sent to exchanges in the run-up to Genesis’ lending division filing for Chapter 11, and more was moved the next day.
CoinDesk
FTX Arena: Miami-Dade County Ends Partnership With Crypto Company Amid Financial Woes
Miami-Dade, one of the U.S. most populous counties and home to the NBA team Miami Heat, has successfully annulled its partnership with FTX following the company’s collapse in November.
According to a report by the Miami Herald, a federal judge ruled that the naming rights agreement between both parties on the FTX Arena be terminated immediately. In June 2021, the two sides signed a 19-year deal worth $ 135 million for FTX to become the naming-rights partner of the playing ground of the three-time NBA champions, Miami Heat.
Bitcoin Volatility Hits Historic Lows Amid Market Apathy
The brunt of the price-based capitulation has already been felt, while the real pain ahead is a waiting game for the market to finally turn around.
The below is an excerpt from a recent edition of Bitcoin Magazine PRO, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
Crypto Asset Inflows Fall To Three-Year Lows Amid 63% Bitcoin Drawdown
Crypto asset inflows recorded one of their worst years in 2022. The year had been one fraught with market dips and crashes that saw over $ 2 trillion wiped off its market cap. Investors responded to this by pulling their money out of the market, and institutional investors invested the lowest cumulative figure they had done since 2018.
Institutional Crypto Investors Get Wary
A report from CoinShares outlines the year 2022 in review and how the crypto assets being invested in had done. It showed that for the whole of the year, the total inflows came out to $ 433 million. Now, the last time that inflows from these investor classes had been this low was back in 2018 when the figure had come out to $ 233 million.
Defrost Finance Denies Rug Pull Allegations Amid $12M Exploit
The group says it’s retrieved all the funds after offering a bounty to the hacker.
CoinDesk
USDC Issuer Circle Plans To Pour Investment In Circle Reserve Fund Amid Bearish Market
The USDC issuer has started investing funds into its CRF (Circle Reserve Fund) to ensure that holders can redeem their coins when they want.
Many crypto firms faced issues this 2022 due to the market crash. Some downsized, while others filed for bankruptcy. Generally, the entire market felt the impact of the crypto winter, and investors lost billions of capital too.
As a result, those that survived the crash are taking measures to avoid such situations in the future. Also, most firms are aiming better to protect their customers’ funds in times of crisis. On this note, Circle has taken a bold step to prepare itself for such situations.
Wasabi Bitcoin Wallet Releases Update To Restore Services Amid Tor Attack
The bitcoin wallet is using exit nodes that anonymously route traffic, rather than relying on the backend of Tor while raising funds to support the network.
Tor, a privacy network protocol utilized for anonymity services, has been under a distributed denial-of-service (DDoS) attack for months, and Wasabi Wallet has created a solution for its users, per a release sent to Bitcoin Magazine.
A number of projects in the Bitcoin ecosystem use Tor in their infrastructure to provide anonymity to their clients. Thus, as this ongoing attack has made leveraging the platform difficult, many of these projects have struggled to reliably deliver their products, Wasabi being among those who have struggled.
Shiba Inu Active User Count Nosedives Amid Bear Market Blues
Shiba Inu continues to be a prominent presence in the crypto market but that has not helped it escape the onslaught of the crypto bear market. The meme coin has not only taken a beating price-wise, but its active user count has also been on the decline. Data shows that investors are no longer as interested in Shiba Inu as they used to be.
Shiba Inu Active User Count Falls Drastically
McDonald’s In Lugano City Starts Accepting Bitcoin Amid Bear Market
Per the all-time mainstream adoptions of crypto, McDonald’s Fast-food chain has started accepting Bitcoin payments in Lugano. A news outlet shared a video of customers paying for their orders with Bitcoin via McDonald’s electronic kiosk.
Top players in the crypto industry are advocating the mainstream adoption of crypto for local payments, cross-bother payments, and remittance. In response, many crypto use cases have entered the market. From the US down to Australia and more, Crypto firms are developing applications to aid the use of cryptocurrencies for various payment options.
While playing the video, a Tether (USDT) logo appeared on the POS machine, showing that McDonald’s also accepts stablecoins.
European Market Sees Massive Decline Amid Crypto Bear
The crypto bear market has had a significant impact on investing patterns across the space. Where the interest peaked in the bull market of 2021, the reverse was the case during the bear trend of 2022. In light of this, there has been an impact on the download numbers of crypto exchange apps across the space. In particular, the download numbers of crypto apps across the European market.
Crypto App Numbers Fall By Half
Singapore’s Largest Bank To Expand Bitcoin, Crypto Services Amid Bear Market
DBS Group Holdings is looking to expand its digital asset exchange to 300,000 of its wealthiest clients across Asia and build out new products.
- DBS bank in Singapore wants to expand its digital asset offerings to more of its 300,000 users.
- The bank is also looking to upgrade its mobile application to make the process more user-friendly.
- DBS holds $ 488 billion in total assets as of December 31, 2021.
DBS Group Holdings, Singapore’s largest bank, is looking to expand its bitcoin and cryptocurrency services to 300,000 of its wealthiest users, per a report from the Financial Times.
Australian Crypto Exchange Swyftx Cuts Its Workforce By 21% Amid Bear Market
The low prices of cryptocurrencies have lowered crypto services platforms’ income. As a result, it forced many crypto exchanges to lay off their staff to fight the challenging global economic conditions of 2022.
Following the footstep of other companies, Swyftx, an Australian-based crypto exchange, has announced cutting its workforce by 21% to minimize the cost and survive in the bear time. The company’s representative addressed recession, inflation, and the bear market reasons behind their move.
Related Reading: Blood On The Streets As Crypto Market Liquidations Cross $ 600 Million
Brevan Howard Subsidiary Raises $1B For Crypto Investments Amid Bear Market
A recent report noted that BH Digital, a Brevan Howard Asset Management subsidiary, is taking a progressive growth measure in the crypto sector. It has successfully generated over $ 1 billion through institutional investments. The project intends to channel the fund to its crypto strategies and development plans. It is currently accepting more investments in continuation of its achieved stance.
BREAKING: Brevan Howard scores the largest #Crypto hedge fund launch ever.
The firm has raised more than $ 1 billion!#cryptocurrency #cryptofund #CryptoNews
— Satoshi Club (@esatoshiclub) August 4, 2022
Binance Bitcoin Holdings Flips Coinbase Amid Insolvency Rumors
The battle for supremacy among crypto exchanges has often come down to the amount of bitcoin that they hold. This is due to the prestige that comes with the pioneer cryptocurrency and, of course, the value that it commands. For the longest time, Coinbase has maintained its lead in the market when it comes to bitcoin holdings. However, it looks like there is a new king in town as Coinbase’s bitcoin holdings have fallen.
Sri Lanka’s Central Bank Warns Against Crypto Amid Economic Crisis
The Central Bank of Sri Lanka, or CBSL, has cautioned the public against buying cryptocurrencies due to a lack of regulatory monitoring at a time of economic and political upheaval.
Sri Lanka Maintain “Crypto Is Illegal” Stance
A public awareness notice was released by Sri Lanka’s central bank on July 12 in response to “recent developments in relation to virtual currency usage.”
Digital assets were defined as “largely unregulated digital representations of value” that are traded and issued by private companies.
Finblox Imposes $1.5K Monthly Withdrawal Limit Amid Three Arrows Capital Uncertainty
Hong Kong-based interest-earning crypto staking platform Finblox imposed a $ 1,500 daily limit on withdrawals as speculation mounts around Three Arrows Capital.
CoinDesk
FaceApp Thrusts User Privacy into Spotlight amid Russian Ties
The “FaceApp” craze, in which users can use an application to see what they will look like when they are elderly, is experiencing a second wave of popularity. Yet privacy experts point out that FaceApp may just make it that much easier for your privacy to be invaded. Your Data Is Your Concern Nobody ever […]
The post FaceApp Thrusts User Privacy into Spotlight amid Russian Ties appeared first on CCN Markets
Bitcoin Maximalists Celebrate Ethereum’s ‘Demise’ amid Founder’s Scaling Concern
Ethereum developers are having trouble scaling the most prominent smart contract platform in the world. Ethereum and The Bitcoin Cash Gambit It’s that simple. Scaling something worth billions of dollars without breaking it is a monumental task. Development roadmaps have regularly been delayed. Founder and Ethereum developer Vitalik Buterin thinks that the next era of […]
The post Bitcoin Maximalists Celebrate Ethereum’s ‘Demise’ amid Founder’s Scaling Concern appeared first on CCN Markets
‘Bitcoin Inventor’ Craig Wright Allegedly Cries in Court Amid $10B Crypto Lawsuit
Self-proclaimed bitcoin inventor Craig Wright reportedly cried in court during cross-examination in the $ 10 billion crypto lawsuit filed against him by the estate of deceased computer genius Dave Kleiman. On Friday morning, Wright was captured on a Twitter video as he headed into the Paul G. Rogers Federal Building in West Palm Beach, Fla. Estate […]
The post ‘Bitcoin Inventor’ Craig Wright Allegedly Cries in Court Amid $ 10B Crypto Lawsuit appeared first on CCN Markets
Venezuela Issues 50,000 Bolivar Bill Amid Persistent Hyperinflation
Venezuelans are used to their currency costing less than the paper it’s printed on. Economic misfortunes and political upheaval place their country at the bottom of all inflation charts, year after year. The latest incarnation of the national fiat, Bolívar Soberano, has succumbed to the illness of all previous emissions – rapid depreciation. The government has just announced it’s releasing a 50,000 bolivar banknote. This is a little more than the minimum monthly wage but it can hardly buy you a decent meal in Caracas.
Also read: Hotels and Realtors in Venezuela’s Historic Cumaná City Accept Bitcoin Cash
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